Document:

Exhibit 10.1

 

 

 

 

Third Amended and Restated
Loan and Security Agreement

 

 

 

 

Dated as of September 30, 2019

 

 

 

America’s Car-Mart,
Inc., a Texas corporation,

as Parent,

 

 

Colonial Auto Finance, Inc.,
an Arkansas corporation,

America’s Car Mart, Inc., an Arkansas corporation,

Texas Car-Mart, Inc., a Texas corporation,

as Borrowers

 

 

 

Certain Financial Institutions,

as Lenders

 

 

 

BMO Harris Bank N.A.,

as Agent, Lead Arranger and Book Manager

 

 

 

 

     

    

    

 

Table of Contents

 

	Section	Heading	Page

 

	Section 1.   Definitions; Rules of Construction	2
	Section 1.1.   Definitions	2
	Section 1.2.   Accounting Terms	40
	Section 1.3.   Uniform Commercial Code	41
	Section 1.4.   Certain Matters of Construction	41
	Section 1.5.   Time of Day	41
	Section 1.6.   Divisions	42
	Section 2.   Credit Facilities	42
	Section 2.1.   Colonial Revolver Commitment	42
	Section 2.2.   ACM-TCM Revolver Commitment	44
	Section 2.3.   Colonial Letter of Credit Facility	46
	Section 3.   Interest, Fees and Charges	49
	Section 3.1.   Interest	49
	Section 3.2.   Fees	50
	Section 3.3.   Computation of Interest, Fees, Yield Protection	51
	Section 3.4.   Reimbursement Obligations.	51
	Section 3.5.   Illegality	52
	Section 3.6.   Inability to Determine Rates	52
	Section 3.7.   Increased Costs; Capital Adequacy	52
	Section 3.8.   Mitigation	54
	Section 3.9.   Funding Losses	54
	Section 3.10.   Maximum Interest	54
	Section 3.11.   Effect of Benchmark Transition Event	55
	Section 4.   Loan Administration	58
	Section 4.1.   Manner of Borrowing and Funding Revolver Loans	58
	Section 4.2.   Defaulting Lender	60
	Section 4.3.   Number and Amount of LIBOR Loans; Determination of Rate	62
	Section 4.4.   Effect of Termination	62
	Section 5.   Payments	62
	Section 5.1.   General Payment Provisions	62
	Section 5.2.   Repayment of Revolver Loans	63
	Section 5.3.   Payment of Other Obligations	63
	Section 5.4.   Marshaling; Payments Set Aside	63
	Section 5.5.   Application and Allocation of Payments	63
	Section 5.6.   Dominion Account.	65
	Section 5.7.   Loan Account; Account Stated	65

 

    -i-

    

    

 

	Section 5.8.   Taxes	65
	Section 5.9.   Lender Tax Information	67
	Section 5.10.   Nature and Extent of Each Borrower’s Liability	69
	Section 6.   Conditions Precedent/Post Closing Deliverables	72
	Section 6.1.   Conditions Precedent to Initial Revolver Loans	72
	Section 6.2.   Conditions Precedent to All Credit Extensions	73
	Section 6.3.   Post-Closing Deliverables	74
	Section 7.   Collateral	75
	Section 7.1.   Grants of Security Interests	75
	Section 7.2.   Lien on Deposit Accounts; Cash Collateral	78
	Section 7.3.   Contract Legend	78
	Section 7.4.   Other Collateral	78
	Section 7.5.   Limitations	79
	Section 7.6.   Further Assurances	79
	Section 8.   Collateral Administration	79
	Section 8.1.   Collateral Reporting	79
	Section 8.2.   Administration of Contracts	81
	Section 8.3.   Inventory	82
	Section 8.4.   Administration of Equipment	82
	Section 8.5.   Deposit Accounts	83
	Section 8.6.   General Provisions	83
	Section 8.7.   Power of Attorney	84
	Section 8.8.   Agent’s and Lenders’ Rights, Duties and Liabilities	85
	Section 9.   Representations and Warranties	86
	Section 9.1.   General Representations and Warranties	86
	Section 9.2.   Complete Disclosure	92
	Section 10.   Covenants and Continuing Agreements	92
	Section 10.1.   Affirmative Covenants	92
	Section 10.2.   Negative Covenants	97
	Section 10.3.   Financial Covenants	102
	Section 10.4.   Adjustment to EBITDA and Adjusted Tangible Net Worth	102
	Section 11.   Events of Default; Remedies on Default	102
	Section 11.1.   Events of Default	102
	Section 11.2.   Remedies upon Default	104
	Section 11.3.   License	105
	Section 11.4.   Setoff	105
	Section 11.5.   Remedies Cumulative; No Waiver	105

 

    -ii-

    

    

 

	Section 12.   Agent	106
	Section 12.1.   Resignation of Prior Agent and Appointment of Successor Agent	106
	Section 12.2.   Appointment, Authority and Duties of Agent	107
	Section 12.3.   Agreements Regarding Collateral and Field Examination Reports	109
	Section 12.4.   Reliance by Agent	110
	Section 12.5.   Action upon Default	110
	Section 12.6.   Ratable Sharing	110
	Section 12.7.   Indemnification	110
	Section 12.8.   Limitation on Responsibilities of Agent	111
	Section 12.9.   Successor Agent and Co-Agents	111
	Section 12.10.   Due Diligence and Non-Reliance	112
	Section 12.11.   Remittance of Payments and Collections	112
	Section 12.12.   Individual Capacities	113
	Section 12.13.   Titles	113
	Section 12.14.   Bank Product Providers	113
	Section 12.15.   No Third-Party Beneficiaries	113
	Section 12.16.   Certain ERISA Matters	113
	Section 13.   Benefit of Agreement; Assignments and Participations	114
	Section 13.1.   Successors and Assigns	114
	Section 13.2.   Participations	115
	Section 13.3.   Assignments	115
	Section 13.4.   Replacement of Certain Lenders	117
	Section 14.   The Guarantees	117
	Section 14.1.   The Guarantees	117
	Section 14.2.   Guarantee Unconditional	117
	Section 14.3.   Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances	118
	Section 14.4.   Subrogation	119
	Section 14.5.   Subordination	119
	Section 14.6.   Waivers	119
	Section 14.7.   Limit on Recovery	119
	Section 14.8.   Stay of Acceleration	119
	Section 14.9.   Benefit to Guarantors	119
	Section 14.10.   Keepwell	120
	Section 15.   Miscellaneous	120
	Section 15.1.   Consents, Amendments and Waivers	120
	Section 15.2.   Indemnity	121
	Section 15.3.   Notices and Communications	122
	Section 15.4.   Performance of Borrowers’ Obligations	123
	Section 15.5.   Credit Inquiries	123
	Section 15.6.   Severability	123

 

    -iii-

    

    

 

	Section 15.7.   Cumulative Effect; Conflict of Terms	123
	Section 15.8.   Counterparts; Execution	123
	Section 15.9.   Entire Agreement	124
	Section 15.10.   Relationship with Lenders	124
	Section 15.11.   No Advisory or Fiduciary Responsibility	124
	Section 15.12.   Confidentiality	124
	Section 15.13.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions	125
	Section 15.14.   Governing Law	125
	Section 15.15.   Consent to Forum; Judicial Reference	126
	Section 15.16.   Waivers by Borrowers	126
	Section 15.17.   Patriot Act Notice	127
	Section 15.18.   Amendment and Restatement of Original Loan Agreement	127
	Section 15.19.    Removal of Lenders and Assignment of Interests; Equalization of Loans	127
	Section 15.20.    Acknowledgment Regarding any Supported QFCs	128

 

 

 

 

 

    -iv-

    

    

 

	Exhibit A	—	[Form] Colonial Revolver Note
	Exhibit B	—	[Form] ACM-TCM Revolver Note
	Exhibit C	—	[Form] Assignment
	Exhibit D	—	[Form] Assignment Notice
	Exhibit E	—	[Forms] of U.S. Tax Compliance Certificates
	Schedule 1.1	—	Commitments of Lenders
	Schedule 8.5	—	Deposit Accounts
	Schedule 8.6.1	—	Business Locations
	Schedule 9.1.4	—	Names and Capital Structure
	Schedule 9.1.11	—	Patents, Trademarks, Copyrights and Licenses
	Schedule 9.1.14	—	Environmental Matters
	Schedule 9.1.15	—	Restrictive Agreements
	Schedule 9.1.16	—	Litigation
	Schedule 9.1.18	—	Pension Plans
	Schedule 9.1.20	—	Labor Contracts
	Schedule 10.2.2	—	Existing Liens
	Schedule 10.2.17	—	Existing Affiliate Transactions

 

 

 

 

 

 

    -v-

    

    

 

Third Amended and Restated
Loan and Security Agreement

 

This
Third Amended and Restated Loan and Security Agreement (this “Agreement”) is dated as of September 30,
2019, by and among America’s Car-Mart, Inc., a Texas corporation (“Parent”),
Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”),
America’s Car Mart, Inc., an Arkansas corporation (“ACM”),
Texas Car-Mart, Inc., a Texas corporation (“TCM”) (each of Colonial,
ACM and TCM, a “Borrower,” and collectively, “Borrowers”), the financial institutions party
to this Agreement from time to time (“Lenders”), and BMO Harris Bank
N.A., a national banking association (“BMO Harris”) as successor to Bank of America, N.A. (“BAML”;
and BAML as resigning agent being referred to herein as “Resigning Agent”), in its capacity as administrative
agent (in such capacity, “Agent”), book manager, and lead arranger.

 

R e c i t a l s:

 

Whereas,
Parent and Borrowers have previously entered into that certain Second Amended and Restated Loan and Security Agreement dated December 12,
2016, as amended, with various lenders party thereto, the Resigning Agent, as administrative agent, book manager and lead arranger,
pursuant to which Borrowers have obtained revolving lines of credit (the “Original Loan Agreement”);

 

Whereas,
Parent and the Borrowers hereby request that certain amendments be made to the Original Loan Agreement and, for the sake of clarity
and convenience, that the Original Loan Agreement be restated as so amended;

 

Whereas,
BAML will resign as administrative agent, issuing lender, book manager and lead arranger, and the Lenders will appoint BMO Harris
as successor administrative agent, issuing lender, book runner and lead arranger, and certain Lenders to the Original Loan Agreement
shall no longer be Lenders hereunder (the “Departing Lender”) and such Departing Lenders will assign all of
their loans and commitments to the Lenders under this Agreement;

 

Now,
Therefore, in consideration of the recital set forth above, which by this reference is incorporated into this Agreement
set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and
subject to the terms and conditions hereof and on the basis of the representations and warranties herein set forth, Parent and
the Borrowers, the Lenders and the Agent hereby agree that upon satisfaction or waiver of the conditions precedent set forth in
Section 6 hereof, the Original Loan Agreement and all of the Exhibits and Schedules thereto shall be amended and as so amended
shall be restated in their entirety to read as follows:

 

    

    

    

 

Section 1.Definitions;
Rules of Construction.

 

Section 1.1.Definitions. As used herein, the following
terms have the meanings set forth below:

 

“ACM” is defined in the Preamble
to this Agreement.

 

“ACM Insurance” means ACM
Insurance Company, an Arkansas corporation, established under the captive insurance company laws of the State of Arkansas.

 

“ACM-TCM Availability” means
the ACM-TCM Borrowing Base minus the principal balance of all ACM-TCM Revolver Loans.

 

“ACM-TCM Availability Reserve”
means the sum (without duplication) of (a) the portion of the Rent and Charges Reserve relating to ACM and TCM; (b) the
Bank Product Reserve applicable to ACM and TCM as determined by Agent; (c) the aggregate amount of liabilities secured by
Liens upon ACM-TCM Collateral that are senior to Agent’s Liens (but imposition of any such reserve shall not waive an Event
of Default arising therefrom); and (d) such additional reserves, in such amounts and with respect to such matters, as Agent
in its discretion may elect to impose from time to time. Agent shall endeavor to notify Borrowers at or before the time any ACM-TCM
Availability Reserve is to be established, but a failure of Agent to so notify Borrowers shall not be a breach of this Agreement
and shall not cause such reserve to be ineffective.

 

“ACM-TCM Base Rate Revolver Loan”
means any ACM-TCM Revolver Loan that bears interest based on the Base Rate.

 

“ACM-TCM Borrowing Base” means,
on any date of determination, an amount equal to the lesser of (a) the aggregate amount of the ACM-TCM Revolver Commitments;
or (b) the ACM-TCM Inventory Formula Amount, minus the ACM-TCM Availability Reserve.

 

“ACM-TCM Borrowing Base Report”
means a report, in form and substance satisfactory to Agent, by which both ACM and TCM certify calculation of the ACM-TCM Borrowing
Base.

 

“ACM-TCM Collateral” means
all Collateral provided by ACM or TCM.

 

“ACM-TCM Deposit Account Control Agreements”
means the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for ACM or TCM,
in favor of Agent, for the benefit of Secured Parties, as security for the ACM-TCM Obligations.

 

“ACM-TCM Dominion Account” means
a special account established by ACM or TCM at Bank of Arkansas or another bank acceptable to Agent, over which Agent has exclusive
control for withdrawal purposes.

 

“ACM-TCM Inventory Formula Amount”
means 40% of the Actual Cash Value of Eligible Vehicle Inventory owned by ACM or TCM.

 

    	-2-

    

    

 

“ACM-TCM Obligations” means
all (a) principal of and premium, if any, on the ACM-TCM Revolver Loans, (b) interest, expenses, fees and other sums
payable by ACM or TCM under the Loan Documents, (c) obligations of ACM or TCM under any indemnity for Claims, (d) Extraordinary
Expenses of ACM or TCM, (e) Secured Bank Product Obligations of ACM or TCM, and (f) other Debts, obligations and liabilities
of any kind owing by ACM or TCM pursuant to the Loan Documents, including the Guarantee of the Colonial Obligations set forth in
Section 14 hereof, whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in
any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty,
indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary,
or joint or several; provided, that Obligations of ACM or TCM shall not include its Excluded Swap Obligations.

 

“ACM-TCM Overadvance” is
defined in Section 2.2.5.

 

“ACM-TCM Overadvance Loan”
means an ACM-TCM Base Rate Revolver Loan made when an ACM-TCM Overadvance exists or is caused by the funding thereof.

 

“ACM-TCM Protective Advances”
is defined in Section 2.2.6.

 

“ACM-TCM Revolver Commitment”
means, for any Lender, its obligation to make ACM-TCM Revolver Loans up to the maximum principal amount shown on Schedule 1.1,
or as hereafter determined pursuant to each Assignment and Acceptance to which it is a party. “ACM-TCM Revolver Commitments”
means the aggregate amount of such commitments of all Lenders.

 

“ACM-TCM Revolver Loan” means
a loan made pursuant to Section 2.2, and any ACM-TCM Swingline Loan, ACM-TCM Overadvance Loan or ACM-TCM Protective Advance.

 

“ACM-TCM Revolver Note” means
a promissory note to be executed by both ACM and TCM in favor of a Lender in the form of Exhibit B, which shall be in the amount
of such Lender’s ACM-TCM Revolver Commitment and shall evidence the ACM-TCM Revolver Loans made by such Lender, together
with extensions, renewals and changes in form thereof.

 

“ACM-TCM Swingline Loan” means,
with respect to ACM or TCM, any Borrowing of ACM-TCM Base Rate Revolver Loans funded with Agent’s funds, until such Borrowing
is settled among Lenders or repaid by ACM or TCM, as applicable.

 

“Acquisition” means a transaction
or series of transactions resulting in (a) acquisition of a business, division or substantially all assets of a Person; (b) record
or beneficial ownership of 50% or more of the Equity Interests of a Person; or (c) merger, consolidation or combination of
a Borrower or Subsidiary with another Person.

 

“Actual Cash Value” means
the actual price paid by Dealer for the purchase of Vehicles.

 

    	-3-

    

    

 

“Adjusted Tangible Assets” means
all assets of any Person except: (a) deferred assets, other than prepaid items and deferred taxes, (b) patents, copyrights,
trademarks, trade names, franchises, goodwill and other similar intangibles; (c) restricted investments; (d) unamortized
debt discount; (e) assets located and notes and receivables due from obligors domiciled outside the United States of America;
(f) fixed assets to the extent of any write-up in the book value thereof resulting from a revaluation effective after the
Closing Date; and (g) all Right of Use Assets.

 

“Adjusted Tangible Net Worth”
means, with respect to any Person as of any date of measurement, the remainder of (a) the net book value (after deducting
related depreciation, obsolescence, amortization, valuation, and other proper reserves as determined in accordance with GAAP) at
which the Adjusted Tangible Assets would be shown on a balance sheet of such Person at such date prepared in accordance with GAAP,
minus (b) the amount at which such Person’s liabilities would be shown on such balance sheet in accordance with
GAAP as reduced by an amount equal to the Right of Use Assets. For any period of measurement, Adjusted Tangible Net Worth for such
period shall be reduced by (a) an amount by which the loss reserve maintained by Borrower is less than the amount required
under Section 10.4, and (b) the aggregate Gross Contract Payments owed with respect to Contracts which are more than
180 days contractually past due and the applicable Contract has not been charged-off by Borrower.

 

“AFI Note” means that certain
unsecured promissory note issued by Parent in favor of Auto Finance Investors, Inc. in the original principal amount of $475,000.

 

“Affiliate” means with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. “Control” 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 ability to exercise
voting power, by contract or otherwise. “Controlling” and “Controlled” have correlative meanings.

 

“Agent” is defined in the
preamble to this Agreement.

 

“Agent Indemnitees” means
Agent and its officers, directors, employees, Affiliates, agents and attorneys.

 

“Agent Professionals” means
attorneys, accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants, turnaround consultants,
and other professionals and experts retained by Agent.

 

“Agreement” is defined in
the preamble to this Agreement.

 

“Allocable Amount” is defined
in Section 5.10.3.

 

“Annualized Colonial Net Charge-Off
Percent” means, as of the last day of each month, the Average Colonial Net Charge-Offs divided by the Average Colonial
Net Balance multiplied by 12.

 

“Anti-Corruption Laws” means
all laws, rules, and regulations of any jurisdiction applicable to an Obligor or any of their Subsidiaries from time to time concerning
or relating to bribery or corruption.

 

    	-4-

    

    

 

“Anti-Terrorism Law” means
any law relating to terrorism or money laundering, including the Patriot Act.

 

“Applicable Law” means all
laws, rules, regulations and governmental guidelines applicable to the Person or matter in question, including statutory law, common
law and equitable principles, as well as provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees
of Governmental Authorities.

 

“Applicable Margin” means
with respect to any Type of Revolver Loan, until the first Pricing Date, the rates per annum shown opposite Level II below, and
thereafter from one Pricing Date to the next the Applicable Margin means the rates per annum determined in accordance with the
following schedule:

 

	Level	Leverage
    Ratio	Base
    Rate Revolving Loans	LIBOR
    Revolver Loans
	I	< 0.75:1.00	0%	2.25%
	II	≥ 0.75:1.00 and < 1.50:1.00	0%	2.35%
	III	≥ 1.50:1.00 and < 1.75:1.00	0.25%	2.75%
	IV	≥ 1.75:1.00	0.50%	3.00%

 

For purposes hereof, the term “Pricing Date”
means, for any Fiscal Quarter of the Borrowers ending on or after October 31, 2019, the date on which the Agent is in receipt of
the most recent financial statements (and, in the case of year-end financial statements, audit report) for the Fiscal Quarter then
ended, pursuant to Section 10.1.2. The Applicable Margin shall be established based on the Leverage Ratio for the most recently
completed Fiscal Quarter and the Applicable Margin established on a Pricing Date shall remain in effect until the next Pricing
Date. If the Borrowers have not delivered their financial statements by the date such financial statements (and, in the case of
the year-end financial statements, audit report) are required to be delivered under Section 10.1.2, until such financial statements
and audit report are delivered, the Applicable Margin shall be the highest Applicable Margin (i.e., Level IV shall
apply). If the Borrowers subsequently deliver such financial statements before the next Pricing Date, the Applicable Margin shall
be determined on the date of delivery of such financial statements and remain in effect until the next Pricing Date. In all other
circumstances, the Applicable Margin shall be in effect from the Pricing Date that occurs immediately after the end of the Fiscal
Quarter covered by such financial statements until the next Pricing Date. Each determination of the Applicable Margin made by the
Agent in accordance with the foregoing shall be conclusive and binding on the Obligors and the Lenders if reasonably determined.

 

    	-5-

    

    

 

“Approved Fund” means any
Person (other than a natural Person) engaged in making, purchasing, holding or otherwise investing in commercial loans in its ordinary
course of activities.

 

“Asset Disposition” means
a sale, lease, license, consignment, transfer or other disposition of Property of an Obligor, including any disposition in connection
with a sale-leaseback transaction or synthetic lease.

 

“Assignment” means an assignment
agreement between a Lender and Eligible Assignee, in the form of Exhibit C or otherwise satisfactory to Agent.

 

“Average Colonial Net Balance”
means, as of the last day of each month, the sum of the Colonial Net Balances owing under all Vehicle Contracts as of the last
day of each of the prior 6 months then ending divided by 6.

 

“Average Colonial Net Charge-Offs”
means, as of the last day of each month, the Colonial Net Charge-Offs for the 6-month period then ending divided by 6.

 

“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.

 

“Backup Servicing Agreement”
means that certain Backup Servicing Agreement delivered pursuant to Section 6.3 hereof, as the same may be amended, modified or
restated from time to time, and any replacement or substitution thereof with such other backup servicer, in each case entered into
in accordance with Section 10.2.26 hereof.

 

“Bank of Arkansas” means
BOKF, NA d/b/a Bank of Arkansas.

 

“Bank Product” means any
of the following products or services extended to Parent or its Affiliates by a Lender or any of its Affiliates: (a) Cash
Management Services; (b) products under Hedging Agreements; (c) commercial credit card and merchant card services; and
(d) leases and other banking products or services as may be requested by Parent or its Affiliates, other than Letters of Credit.

 

“Bank Product Reserve” means
the aggregate amount of reserves established by Agent from time to time in its discretion with respect to Secured Bank Product
Obligations.

 

“Bankruptcy Code” means Title
11 of the United States Code.

 

“Base Rate” means, for any
day, the rate per annum equal to the greatest of: (a) the Prime Rate, (b) the sum of (i) the Federal Funds Rate
for such day, plus (ii) 1/2 of 1%, or (c) the LIBOR Quoted Rate for such day plus 1.00%; provided
that in no event shall the “Base Rate” be less than 0.50%. As used herein, the term “LIBOR Quoted Rate”
means, for any day, the rate per annum equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to
the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a one-month interest period as reported
on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated
by the Agent from time to time) as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day,
on the immediately preceding Business Day) divided by (ii) one (1) minus the LIBOR loan reserves set forth in Section 3.7.3
hereof, provided that in no event shall the “LIBOR Quoted Rate” be less than 0.50%.

 

    	-6-

    

    

 

“Base Rate Revolver Loan” means
an ACM-TCM Base Rate Revolver Loan or a Colonial Base Rate Revolver Loan.

 

“Beneficial Ownership Certification”
means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

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

 

“Benefit Plan” means any
of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“BMO Harris” means BMO Harris
Bank N.A., and its successors and assigns.

 

“BMO Harris Indemnitees” means
BMO Harris and its officers, directors, employees, Affiliates, agents and attorneys.

 

“Board of Governors” means
the Board of Governors of the Federal Reserve System.

 

“Borrowed Money” means, with
respect to any Obligor, without duplication, its (a) Debt that (i) arises from the lending of money by any Person to
such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues
interest or is a type upon which interest charges are customarily paid (excluding trade payables owing in the Ordinary Course of
Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) letter
of credit reimbursement obligations; and (d) guaranties of any of the foregoing owing by another Person.

 

“Borrower or Borrowers” is
defined in the preamble to this Agreement.

 

“Borrower Materials” means
Borrowing Base Reports, Compliance Certificates and other information, reports, financial statements and other materials delivered
by Borrowers hereunder, as well as other Reports and information provided by Agent to Lenders.

 

“Borrowing” means a group
of Revolver Loans that are made or converted together on the same day and have the same interest option and, if applicable, Interest
Period.

 

    	-7-

    

    

 

“Borrowing Base” means, at
any time the same is to be determined, the sum of (a) the ACM-TCM Inventory Formula Amount, minus the ACM-TCM Availability Reserve,
plus (b) the Colonial Contracts Formula Amount, minus the Colonial Availability Reserve, and references herein to “Borrowing
Base” without a corresponding calculation shall be deemed to be references to the ACM-TCM Borrowing Base and the Colonial
Borrowing Base.

 

“Borrowing Base Report” means
either an ACM-TCM Borrowing Base Report or a Colonial Borrowing Base Report.

 

“Business Day” means any
day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact
closed in, Illinois, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are conducted in
the London interbank market.

 

“Capital Expenditures” means
all liabilities incurred or expenditures made by Parent or its Subsidiaries for the acquisition of fixed assets, or any improvements,
replacements, substitutions or additions thereto with a useful life of more than one year.

 

“Capital Lease” means any
lease required to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Cash Collateral” means cash
delivered to Agent to Cash Collateralize any Obligations, and all interest, dividends, earnings and other proceeds relating thereto.

 

“Cash Collateralize” means
the delivery of cash to Agent for the benefit of the Agent for itself and on behalf of the Secured Parties, as security for the
payment of Obligations, in an amount equal to (a) with respect to LC Obligations, 105% of the aggregate LC Obligations,
and (b) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product Obligations), Agent’s
good faith estimate of the amount due or to become due, including fees, expenses and indemnification hereunder. “Cash
Collateralization” has a correlative meaning.

 

“Cash Equivalents” means
(a) marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the U.S. government,
maturing within 12 months of the date of acquisition; (b) certificates of deposit, time deposits and bankers’ acceptances
maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by BMO Harris,
Bank of Arkansas or a commercial bank organized under the laws of the United States or any state or district thereof, rated A-1
(or better) by S&P or P-1 (or better) by Moody’s at the time of acquisition, and (unless issued by a Lender) not subject
to offset rights; (c) repurchase obligations with a term of not more than 30 days for underlying investments of the types
described in clauses (a) and (b) entered into with any bank meeting the qualifications specified in clause (b); (d) commercial
paper issued by BMO Harris or rated A-1 (or better) by S&P or P-1 (or better) by Moody’s, and maturing within 9 months
of the date of acquisition; and (e) shares of any money market fund that has substantially all of its assets invested continuously
in the types of investments referred to above, has net assets of at least $500,000,000 and has the highest rating obtainable from
either Moody’s or S&P.

 

    	-8-

    

    

 

“Cash Management Services” means
any services provided from time to time by BMO Harris (so long as BMO Harris is a Lender) or Bank of Arkansas (so long as Bank
of Arkansas is a Lender) or any of their Affiliates to Parent or its Subsidiaries relating to operating, collections, payroll,
trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire
transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services.

 

“CERCLA” means the Comprehensive
Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.).

 

“Certificate of Title” means
the certificate of title or other evidence of ownership of any Vehicle issued by the appropriate Division of Motor Vehicles or
its counterpart in the jurisdiction in which the Contract Debtor resides.

 

“Change in Law” means the
occurrence, after the date hereof, of (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority; or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by
any Governmental Authority; provided, however, that “Change in Law” shall include, regardless of the date enacted,
adopted or issued, all requests, rules, guidelines, requirements or directives (i) under or relating to the Dodd-Frank Wall
Street Reform and Consumer Protection Act, or (ii) promulgated pursuant to Basel III by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any similar authority) or any other Governmental Authority.

 

“Change of Control” means
(a) Parent ceases to own and control, beneficially and of record, directly or indirectly, all Equity Interests in the Borrowers;
or (b) a change in the majority of directors of Parent during any 24-month period, unless approved by the majority of directors
serving at the beginning of such period.

 

“Claims” means all claims,
liabilities, obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including
remedial response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment
of the Obligations, resignation or replacement of Agent or replacement of any Lender) incurred by any Indemnitee or asserted against
any Indemnitee by any Obligor or other Person, in any way relating to (a) any Revolver Loans, Letters of Credit, Loan Documents,
Borrower Materials, or the use thereof or transactions relating thereto, (b) any action taken or omitted in connection with
any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral, (d) exercise of
any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any
terms of any Loan Document, in each case including all costs and expenses relating to any investigation, litigation, arbitration
or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not the applicable Indemnitee is
a party thereto.

 

“Closing Date” is defined
in Section 6.1.

 

    	-9-

    

    

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Collateral” means all Property
described in Section 7.1, all Property described in any Security Documents as security for any Obligations, and all other
Property that now or hereafter secures (or is intended to secure) any Obligation.

 

“Colonial” is defined in
the preamble to this Agreement.

 

“Colonial Availability” means
the Colonial Borrowing Base minus the Colonial Revolver Usage.

 

“Colonial Availability Reserve”
means the sum (without duplication) of (a) the portion of the Rent and Charges Reserve relating to Colonial; (b) the
Bank Product Reserve applicable to Colonial as determined by Agent; (c) the aggregate amount of liabilities secured by Liens
upon Colonial Collateral that are senior to Agent’s Liens (but imposition of any such reserve shall not waive an Event of
Default arising therefrom); and (d) such additional reserves, in such amounts and with respect to such matters, as Agent in
its discretion may elect to impose from time to time. Agent shall endeavor to notify Colonial at or before the time any Colonial
Availability Reserve is to be established, but a failure of Agent to so notify Colonial shall not be a breach of this Agreement
and shall not cause such reserve to be ineffective.

 

“Colonial Base Rate Revolver Loan”
means any Colonial Revolver Loan that bears interest based on the Base Rate.

 

“Colonial Borrowing Base”
means, on any date of determination, an amount equal to the lesser of (a) the aggregate amount of Colonial Revolver Commitments;
or (b) the Colonial Contracts Formula Amount, based upon information delivered by Borrowers to Agent pursuant to Section 8.

 

“Colonial Borrowing Base Report”
means a report, in form and substance satisfactory to Agent, by which Colonial certifies calculation of the Colonial Borrowing
Base.

 

“Colonial Collateral” means
all Collateral provided by Colonial.

 

“Colonial Contracts Advance Rate”
means 50% with respect to Long Term Contracts, 55% with respect to Medium Term Contracts and 55% with respect to all other
Vehicle Contracts; provided, however, that the applicable Colonial Contracts Advance Rate shall be adjusted based upon the
most recent Colonial Contracts Advance Rate Adjustment Percent in accordance with the following schedule:

 

    	-10-

    

    

 

	Colonial Contracts Advance Rate Adjustment Percentage	Colonial Advance Rate Long-Term Contracts	Colonial Advance Rate Medium Term Contracts
	≤ 36%	50.00%	55.00%
	>36.00% & ≤ 36.25%	49.75%	54.75%
	>36.25% & ≤ 36.50%	49.50%	54.50%
	>36.50% & ≤ 36.75%	49.25%	54.25%
	>36.75%  & ≤ 37.00%	49.00%	54.00%
	>37.00% & ≤ 37.25%	48.75%	53.75%
	>37.25% & ≤ 37.50%	48.50%	53.50%
	>37.50% & ≤ 37.75%	48.25%	53.25%
	>37.75% & ≤ 38.00%	48.00%	53.00%
	>38.00% & ≤ 38.25%	47.75%	52.75%
	>38.25% & ≤ 38.50%	47.50%	52.50%
	>38.50% & ≤ 38.75%	47.25%	52.25%
	>38.75% & ≤ 39.00%	47.00%	52.00%
	>39.00% & ≤ 39.25%	46.75%	51.75%
	>39.25% & ≤ 39.50%	46.50%	51.50%
	>39.50% & ≤ 39.75%	46.25%	51.25%
	>39.75% & ≤ 40.00%	46.00%	51.00%
	>40.00% & ≤ 40.25%	45.75%	50.75%
	>40.25% & ≤ 40.50%	45.50%	50.50%
	>40.50% & ≤ 40.75%	45.25%	50.25%
	>40.75% & ≤ 41.00%	45.00%	50.00%
	>41.00% & ≤ 41.25%	44.75%	49.75%
	>41.25% & ≤ 41.50%	44.50%	49.50%
	>41.50% & ≤ 41.75%	44.25%	49.25%
	>41.75 % & ≤ 42.00%	44.00%	49.00%

 

The Colonial Contracts Advance Rate Adjustment
Percent shall be computed monthly by Colonial (subject to the review and approval of the Agent) and be included in its Colonial
Borrowing Base Report delivered pursuant to Section 8.1 hereof, at which time any adjustment to the Colonial Contract Advance
Rate based on such computation shall become effective and thereafter remain in effect until delivery of a Colonial Borrowing Base
Report following the end of the next calendar month. If Colonial fails to deliver its Colonial Borrowing Base Report or provide
the Colonial Contracts Advance Rate Adjustment Percentage computation as so required, the Colonial Contracts Advance Rate Adjustment
Percentage shall be deemed to be equal to 42.0% until such Colonial Borrowing Base Report or the Colonial Contracts Advance Rate
Adjustment Percentage is delivered.

 

“Colonial Contracts Advance Rate Adjustment
Percent” means, as of the last day of each month, the sum of (a) the Past Due Percent, plus (b) the Repossession
Percent, plus (c) the Annualized Colonial Net Charge-Off Percent.

 

“Colonial Contracts Formula Amount”
means, as of any date of determination, an amount equal to (a) Colonial Contracts Advance Rate multiplied by the Colonial Net
Eligible Contract Payments, minus (b) the Colonial Availability Reserve; provided, that the aggregate amount of Colonial
Net Eligible Contract Payments attributable to Modified Contracts shall at no time exceed 8.0% of the Colonial Contracts Formula
Amount.

 

    	-11-

    

    

 

“Colonial Deposit Account Control Agreements”
means the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for Colonial, in
favor of Agent, for the benefit of Secured Parties, as security for the Colonial Obligations.

 

“Colonial Dominion Account” means
a special account established by Colonial at Bank of Arkansas or another Lender acceptable to Agent, over which Agent has exclusive
control for withdrawal purposes.

 

“Colonial Loss Reserve Percent”
means Colonial’s then existing allowance for credit losses divided by the Colonial Net Balance.

 

“Colonial Loss Reserve Adjustment Percent”
means, as of the date determination, Colonial TTM Net Charge-Offs Percent at such time, minus the product of Colonial’s
then existing Colonial Loss Reserve Percent multiplied by 120%.

 

“Colonial Net Balance” means,
as of the date of determination, the Gross Contract Payments of Vehicle Contracts less, to the extent included in the calculation
of Gross Contract Payments, all unearned interest and unearned insurance premiums owing by the Contract Debtor.

 

“Colonial Net Charge-Offs” means
for any period as (a) the aggregate amount of all unpaid principal balances (including any service contract amounts included
therein) due under Vehicle Contracts which have been charged off by Colonial during such period, including the principal balances
due under all Vehicle Contracts where the Vehicle has been repossessed by Colonial during such period reduced by the amount of
the wholesale value of each repossessed vehicle as determined in accordance with Colonial’s historical practices and acceptable
to Agent, less (b) recoveries on charged-off Contracts during such period (to the extent applied to the loss reserves).

 

“Colonial Net Eligible Contract Payments”
means, as of the date of determination, the remainder of (a) the Gross Contract Payments owing under all Eligible Vehicle
Contracts (including any service contract amount included therein), minus (b) the sum of (i) the aggregate amount,
to the extent included within the definition of Gross Contract Payments, of all unearned interest, fees, and charges applicable
to the Eligible Vehicle Contracts, and (ii) such other amounts as Agent in its reasonable discretion deems necessary or appropriate.

 

“Colonial Obligations” means
all (a) principal of and premium, if any, on the Colonial Revolver Loans, (b) LC Obligations and other obligations
of Colonial with respect to Letters of Credit, (c) interest, expenses, fees and other sums payable by Colonial under the Loan
Documents, (d) obligations of Colonial under any indemnity for Claims, (e) Extraordinary Expenses of Colonial, (f) Secured
Bank Product Obligations of Colonial, and (g) other Debts, obligations and liabilities of any kind owing by Colonial pursuant
to the Loan Documents, including the Guarantee of the ACM-TCM Obligations set forth in Section to Section 14 hereof, whether now
existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any Insolvency Proceeding, whether
arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise,
and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several; provided,
that Obligations of Colonial shall not include its Excluded Swap Obligations.

 

    	-12-

    

    

 

“Colonial Overadvance” is
defined in Section 2.1.5.

 

“Colonial Overadvance Loan” means
a Colonial Base Rate Revolver Loan made when a Colonial Overadvance exists or is caused by the funding thereof.

 

“Colonial Protective Advances”
is defined in Section 2.1.6.

 

“Colonial Revolver Commitment”
means, for any Lender, its obligation to make Colonial Revolver Loans and to participate in LC Obligations up to the maximum
principal amount shown on Schedule 1.1, or as hereafter determined pursuant to each Assignment and Acceptance to which it is a
party. “Colonial Revolver Commitments” means the aggregate amount of such commitments of all Lenders.

 

“Colonial Revolver Loan” means
a loan made pursuant to Section 2.1, and any Colonial Swingline Loan, Colonial Overadvance Loan or Colonial Protective Advance.

 

“Colonial Revolver Note” means
a promissory note to be executed by Colonial in favor of a Lender in the form of Exhibit A, which shall be in the amount of such
Lender’s Colonial Revolver Commitment and shall evidence the Colonial Revolver Loans made by such Lender, together with extensions,
renewals and changes in form thereof.

 

“Colonial Revolver Usage” means
(a) the aggregate amount of outstanding Colonial Revolver Loans; plus (b) the aggregate Stated Amount of outstanding
Letters of Credit, except to the extent Cash Collateralized by Borrowers.

 

“Colonial Swingline Loan” means,
with respect to Colonial, any Borrowing of Colonial Base Rate Revolver Loans funded with Agent’s funds, until such Borrowing
is settled among Lenders or repaid by Colonial.

 

“Colonial TTM Net Charge-Offs Percent”
means, at any time the same is to be determined, the sum of the Colonial Net Charge-Offs balances for the twelve month period then
ended, divided by average of Colonial Net Balances for the same 12 month period.

 

“Colonial Underwriting” means
Colonial Underwriting, Inc., an Arkansas corporation.

 

“Commodity Exchange Act” means
the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Compliance Certificate” means
a certificate, in form and substance satisfactory to Agent, by which Borrowers certify compliance with Sections 10.2.3 and 10.3,
list all outstanding Bank Products, calculate the applicable Level for the Applicable Margin, and certify that all Vehicle Contracts
are in compliance with all Vehicle Contract Compliance Requirements.

 

    	-13-

    

    

 

“Connection Income Taxes”
means Other Connection Taxes that are imposed on or measured by net income (however denominated), or are franchise or branch profits
Taxes.

 

“Consumer Finance Laws” means
all Applicable Laws governing or relating to the extension of consumer credit, the creation of a security interest in personal
property or a mortgage in real property in connection with the consumer credit, the collection of consumer debt and the protection
of consumers’ interests in connection with consumer credit transactions (including with respect to the advertising, solicitation,
underwriting, origination, assignment, administration, servicing and collection thereof), including without limitation, any usury
laws, any privacy laws, discriminatory lending laws, predatory lending laws, the Federal Consumer Credit Protection Act, the Federal
Fair Credit Reporting Act, and Fair and Accurate Credit Transactions Act, the Equal Credit Opportunity Act and any regulations
related thereto, the Fair Debt Collections Practices Act, RESPA, the Magnuson-Moss Warranty Act, the Service member’s Civil
Relief Act, the Gramm-Leach-Bliley Act, the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Federal Trade
Commission’s Rules and Regulations, the rules and regulations promulgated by the Consumer Financial Protection Bureau (including
Regulations B, M, N, O P, V, X and Z) and Regulations B and Z of the Federal Reserve Board, as any of the foregoing may be amended
from time to time.

 

“Contingent Obligation” means
any obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of any Debt, lease,
dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”)
in any manner, whether directly or indirectly, including any obligation of such Person under any (a) guaranty, endorsement,
co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments
regardless of nonperformance by any other party to an agreement; and (c) arrangement (i) to purchase any primary obligation
or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or
assure working capital, equity capital, net worth or solvency of the primary obligor, (iv) to purchase Property or services
for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure
or hold harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation
shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such
Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum
reasonably anticipated liability with respect thereto.

 

“Contract Debtor” means,
with respect to each Obligor, each Person who is obligated to such Obligor to perform any duty under or to make any payment pursuant
to the terms of a Vehicle Contract.

 

“Contract Security Documents”
means all security agreements, chattel mortgages, deeds of trust, mortgages, or other security instruments, guaranties, sureties,
and agreements of every type and nature (including Certificates of Title) securing the obligations of Contract Debtors under Contracts.

 

“Contracts” means, with respect
to each Obligor, all of such Obligor’s now owned and hereafter acquired loan agreements, Accounts, installment sale contracts,
Instruments, notes, documents, Chattel Paper, and all other forms of obligations owing to such Obligor, including Vehicle Contracts,
and any collateral for any of the foregoing, including all rights under any and all Contract Security Documents and Vehicles or
other merchandise returned to or repossessed by such Obligor.

 

    	-14-

    

    

 

“Contracts Servicing Agreement”
means that certain Servicing Agreement by and between ACM and Colonial pursuant to which ACM has agreed to provide servicing
to Colonial in connection with Vehicle Contracts.

 

“Covenant Trigger Event”
means the occurrence of any of the following: (a) Total Availability is less than 20% of the sum of (y) the amount under
clause (b) of the Colonial Borrowing Base, and (z) the amount under clause (b) of the ACM-TCM Borrowing Base, or
(b) the sum of the Colonial Availability and ACM-TCM Availability is less than 10% of the aggregate Revolver Commitments.

 

“Credit Guidelines” means
Borrowers’ guidelines (delivered to Agent prior to the Closing Date) which state in detail the credit criteria used by Borrowers
in determining the creditworthiness of Contract Debtors and the collection criteria used by Borrowers in collection of amounts
due from Contract Debtors.

 

“Crown” means Crown Delaware
Investments Corp., a Delaware corporation.

 

“CWA” means the Clean Water
Act (33 U.S.C. §§ 1251 et seq.).

 

“Dealer” means ACM or TCM
in its capacity as a dealer that has sold a Vehicle to a Contract Debtor pursuant to a Vehicle Contract.

 

“Dealer Agreement” means
an agreement between Colonial and a Dealer, in form and content satisfactory to Agent, that governs the sale or assignment of Contracts
from such Dealer to Colonial, including any provisions for assignment (whether with or without recourse, a repurchase obligation
by the Dealer, or a guaranty by such Dealer) contained in such agreement.

 

“Debt” means, as applied
to any Person, without duplication, (a) all items that would be included as liabilities on a balance sheet in accordance with
GAAP, including Capital Leases, but excluding trade payables and other non-interest bearing unsecured liabilities incurred and
being paid in the Ordinary Course of Business; (b) all Contingent Obligations; (c) all reimbursement obligations in connection
with letters of credit issued for the account of such Person; and (d) in the case of a Borrower, the Obligations. The Debt
of a Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer.

 

“Default” means an event
or condition that, with the lapse of time or giving of notice, would constitute an Event of Default.

 

“Default Rate” means, for
any Obligation (including, to the extent permitted by law, interest not paid when due), 2% plus the interest rate otherwise applicable
thereto determined as if Level IV of the Applicable Margin were applicable.

 

    	-15-

    

    

 

“Defaulting Lender” means,
subject to Section 4.2(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two
(2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Agent and the
Borrowers in writing that such failure is the result of such Lender’s determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to the Agent, the Issuing Lender, or any other Lender any other amount required
to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business
Days of the date when due, (b) has notified the Borrowers, the Agent or the Issuing Lender in writing that it does not intend
to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business
Days after written request by the Agent or the Borrowers, to confirm in writing to the Agent and the Borrowers that it will comply
with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon receipt of such written confirmation by the Agent and the Borrowers), or (d) has, or has a direct
or indirect parent company that has, at any time after the Closing Date (i) become the subject of an Insolvency Proceeding, (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any
other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Agent that a Lender is a Defaulting
Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be
deemed to be a Defaulting Lender (subject to Section 4.2(b)) upon delivery of written notice of such determination to the
Borrowers, the Issuing Bank, and each Lender.

 

“Deposit Account Control Agreement”
means the Colonial Deposit Account Control Agreements and ACM-TCM Deposit Account Control Agreements.

 

“Designated Jurisdiction”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including the
OFAC SDN List), the United States Department of State, the United Nations Security Council, the European Union, any European Union
member state, Her Majesty’s Treasury of the United Kingdom, or any other relevant sanctions authority, (b) any Person located,
organized or resident in a Designated Jurisdiction or (c) any Person owned or controlled by any such Person or Persons described
in clauses (a) or (b) above.

 

    	-16-

    

    

 

“Disregarded Subsidiaries” means
ACM Insurance, Crown, Colonial Underwriting, AFI and each Immaterial Subsidiary.

 

“Distribution” means any
declaration or payment of a distribution, interest or dividend on any Equity Interest (other than payment-in-kind and for the purpose
of calculating Fixed Charges, net of proceeds from exercise of stock options); distribution, advance or repayment of Debt to a
holder of Equity Interests; or purchase, redemption, or other acquisition or retirement for value of any Equity Interest.

 

“Dollars” means lawful money
of the United States.

 

“Dominion Account” means
a Colonial Dominion Account or an ACM-TCM Dominion Account.

 

“EBITDA” means, determined
on a consolidated basis for Parent and its Subsidiaries, net income determined in accordance with GAAP, plus the sum of interest
expense, depreciation, amortization, income taxes, and other non-cash expenses reasonably acceptable to Agent. For any period of
measurement, EBITDA for such period shall be reduced by (a) an amount by which the loss reserve maintained by Borrower is
less than the amount required under Section 10.4, and (b) the aggregate Gross Contract Payments owed with respect to
Contracts which are more than 180 days contractually past due and the applicable Contract has not been charged-off by Borrower.

 

“EEA Financial Institution” means
(a) any credit institution or investment firm established in an EEA Member Country that is subject to the supervision of an
EEA Resolution Authority; (b) any entity established in an EEA Member Country that is a parent of an institution described
in clause (a) above; or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution
described in the foregoing clauses 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 an EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee” means
(a) any Lender (other than a Defaulting Lender), Affiliate of such Lender or Approved Fund of such Lender; (b) in the
absence of a Default or an Event of Default, an assignee approved by Borrowers (which approval shall not be unreasonably withheld
or delayed, and shall be deemed given if no objection is made within two Business Days after notice of the proposed assignment)
and Agent; or (c) any other Person approved by the Agent in its discretion.

 

    	-17-

    

    

 

“Eligible Vehicle Contracts”
means those Vehicle Contracts which Agent, in its sole discretion, deems eligible and which, without limiting Agent’s
discretionary rights, satisfy at all times all of the following requirements as determined by Agent in its sole and absolute discretion:

 

(a)the Vehicle Contract strictly complies with
all of Colonial’s warranties and representations contained herein;

 

(b)(i) for any Vehicle Contract that requires
weekly payments from the Contract Debtor, no more than 4 payments may be contractually delinquent, and (ii) for any other
Vehicle Contract, no payment due under such Vehicle Contract is more than the lesser of 30 days or 4 weeks contractually delinquent;

 

(c)except as provided in clause (b) of this definition,
neither Colonial nor the Contract Debtor is in default under the terms of the Vehicle Contract;

 

(d)Colonial has not granted to the Contract Debtor
any extension of time for the payment of any sum due under the Vehicle Contract except pursuant to a Contract which has been modified
in a way that Agent, in its reasonable discretion, deems acceptable (which shall be presumed unless Agent expressly states otherwise
from time to time);

 

(e)the Vehicle Contract is not subject to any
asserted defense, counterclaim, offset, discount, or allowance;

 

(f)the terms of the Vehicle Contract and all related
documents and instruments comply in all respects with all requirements of law, including without limitation, the Vehicle Contract
Compliance Requirements;

 

(g)the Contract Debtor is not an Affiliate of
any Borrower (but may be an employee; provided that the aggregate amount of employee debt shall not exceed one half of one
percent (0.5%) of Colonial Net Eligible Contract Payments);

 

(h)the creditworthiness of the Contract Debtor
is acceptable to Agent (which shall be presumed unless Agent expressly states otherwise from time to time) and the Vehicle Contract
and Contract Debtor conform to the Credit Guidelines;

 

(i)the Contract Debtor is not subject to an Insolvency
Proceeding;

 

(j)the Contract Debtor is a resident of the continental
United States;

 

(k)the first scheduled payment pursuant to the
terms of the Vehicle Contract is, or was, due within 45 days following the execution of the Vehicle Contract and all other payments
are scheduled to be made in substantially equal (or greater) weekly, bi-weekly, monthly, or semi-monthly installments in order
to ratably amortize the Vehicle Contract over its scheduled term;

 

    	-18-

    

    

 

(l)(A) the original term of the Vehicle Contract
is not more than 60 months, (B)  the aggregate amount of Colonial Net Eligible Contract Payments attributable to Medium Term
Contracts shall at no time exceed 15% of the Colonial Net Balance, and (C) the aggregate amount of Colonial Net Eligible Contract
Payments attributable to Long Term Contracts shall at no time exceed 5% of the Colonial Net Balance; provided, however, that
the aggregate amount of Colonial Net Eligible Contract Payments attributable to Medium Term Contracts and Long Term Contracts shall
at no time exceed 15% of the Colonial Net Balance;

 

(m)repayment of the Vehicle Contract is either
(i) secured by a first priority, perfected interest in the subject Vehicle, and Colonial has evidence of such perfected lien
available on Colonial’s premises to Agent for inspection in the form of either (1) the most current Certificate of Title
reflecting Colonial, ACM or TCM as the lien holder or owner, or (2) documentation from the appropriate Governmental Authority
reflecting Colonial’s, ACM’s or TCM’s Lien; or (ii) within 45 calendar days of executing a Vehicle Contract,
Colonial shall have in its possession evidence from the appropriate Governmental Authority of perfection by that Governmental Authority
of a first priority lien in favor of Colonial on the Vehicle that is the subject of the Vehicle Contract, and evidence of such
perfected lien shall be on Colonial’s premises available to Agent for inspection in the form of either (1) a Certificate
of Title reflecting Colonial as the lien holder, or owner or (2) documentation from the appropriate Government Authority reflecting
Colonial’s Lien;

 

(n)to the extent that the balance of the Vehicle
Contract includes sums representing the financing of a service contract, such service contract shall be in compliance with all
applicable Consumer Finance Laws;

 

(o)the Vehicle Contract is a Modified Contract,
except to the extent expressly permitted by the limits of the proviso set forth in defined term “Colonial Contracts Formula
Amount”;

 

(p)the Vehicle Contract is originated in the Ordinary
Course of Business;

 

(q)Vehicle Contracts that are secured by Vehicles
which were previously subject to Repossessed Contracts (“Vehicle Contracts Subject to Prior Repossession”) to
the extent that Vehicle Contracts Subject to Prior Repossession exceed 15% of Eligible Vehicle Contracts; and

 

(r)such contracts are not unsecured or not relating
to the financing of mechanical or repair issues.

 

    	-19-

    

    

 

“Eligible Vehicle Inventory”
means the Inventory of ACM and TCM consisting of Vehicles which Agent, in its sole discretion, deems eligible and which, without
limiting Agent’s discretionary rights, satisfies at all times all of the following requirements as determined by Agent:

 

(a)such Vehicles are purchased for Inventory (held
for retail sale) at auction or from third parties and are not Vehicles that have been previously repossessed by a Borrower,

 

(b)such Vehicles are subject to a perfected, first
priority Lien in favor of Agent for the benefit of the Lenders pursuant to the Security Documents, free from any other Lien other
than those acceptable to the Agent in its discretion,

 

(c)in the case of used Vehicles, ACM or TCM physically
holds such Certificates of Title (or either ACM or TCM has, in accordance with its standard policies and procedures, initiated
the process by which the foregoing requirements of this clause (b) will be satisfied);

 

(d)such Vehicles are located at either ACM’s
or TCM’s facilities as set forth in Schedule 8.6.1;

 

(e)such Vehicles are owned by the ACM or TCM for
a period of less than 180 days;

 

(f)such Vehicles were purchased for less than
(i) $15,000 with respect to cars and (ii) $25,000 with respect to trucks and sports utility vehicles; and

 

(g)subject to Section 6.3(b) hereof, such Vehicle
is located at a location set forth on Schedule 8.6.1 and, in the case of any location not owned by an Obligor, such Vehicle shall
at all times be subject to either a Lien Waiver or, in the absence of such Lien Waiver, a Rent and Charge Reserve.

 

“Enforcement Action” means
any action to enforce any Obligations (other than Secured Bank Product Obligations) or Loan Documents or to exercise any rights
or remedies relating to any Collateral, whether by judicial action, self-help, notification of Contract Debtors, setoff or recoupment,
credit bid, deed in lieu of foreclosure, action in an Insolvency Proceeding or otherwise.

 

“Environmental Laws” means
Applicable Laws (including programs, permits and guidance promulgated by regulators) relating to public health (other than occupational
safety and health regulated by OSHA) or the protection or pollution of the environment, including CERCLA, RCRA and CWA.

 

“Environmental Notice” means
a notice (whether written or oral) from any Governmental Authority or other Person of any possible noncompliance with, investigation
of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect
to any Environmental Release, environmental pollution or hazardous materials, including any complaint, summons, citation, order,
claim, demand or request for correction, remediation or otherwise.

 

    	-20-

    

    

 

“Environmental Release” means
a release as defined in CERCLA or under any other Environmental Law.

 

“Equity Interest” means the
interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general, limited, limited liability
or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security
or ownership interest.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate” means any
trade or business (whether or not incorporated) under common control with an Obligor within the meaning of Section 414(b)
or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

“ERISA Event” means (a) a
Reportable Event with respect to a Pension Plan; (b) withdrawal of an Obligor or ERISA Affiliate from a Pension Plan subject
to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) complete
or partial withdrawal of an Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) filing of a notice of intent to terminate, treatment of a Pension Plan amendment as a termination under
Section 4041 or 4041A of ERISA, or institution of proceedings by the PBGC to terminate a Pension Plan; (e) determination
that a Pension Plan is considered an at-risk plan or a plan in critical or endangered status under the Code or ERISA; (f) an
event or condition that constitutes grounds under Section 4042 of ERISA for termination of, or appointment of a trustee to
administer, any Pension Plan; (g) imposition of any liability on an Obligor or ERISA Affiliate under Title IV of ERISA, other
than for PBGC premiums due but not delinquent under Section 4007 of ERISA; or (h) failure by an Obligor or ERISA Affiliate
to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or to
make a required contribution to a Multiemployer Plan.

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association, as in effect from time to time.

 

“Event of Default” is defined
in Section 11.

 

“Excluded Deposit Account”
means a deposit account the balance of which consists exclusively of (and is identified when established as an account established
solely for the purposes of) (a) withheld income Taxes and federal, state, local or foreign employment Taxes in such amounts as
are required in the reasonable judgment of an Obligor to be paid to the Internal Revenue Service or any other U.S., federal, state
or local or foreign government agencies within the following month with respect to employees of such Obligor, (b) amounts required
to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of
any Obligor, (c) amounts which are required to be pledged or otherwise provided as security pursuant to any requirement of any
Governmental Authority, (d) amounts to be used to fund current payroll obligations, and (e) other deposit accounts maintained in
the ordinary course of business containing cash amounts that do not exceed $1,000 at any time, unless requested by the Agent; provided
that each such account under this clause (e) shall be subject to an automatic sweep arrangement whereby any amounts over $1,000
held in such account are automatically swept to a non-Excluded Deposit Account that is subject to a perfected security interest
in favor of the Agent on a daily basis.

 

    	-21-

    

    

 

“Excluded Swap Obligation” means,
with respect to an Obligor, each Swap Obligation as to which, and only to the extent that, such Obligor’s guaranty of or
grant of a Lien as security for such Swap Obligation is or becomes illegal under the Commodity Exchange Act because the Obligor
does not constitute an “eligible contract participant” as defined in the act (determined after giving effect to any
keepwell, support or other agreement for the benefit of such Obligor and all guarantees of Swap Obligations by other Obligors)
when such guaranty or grant of Lien becomes effective with respect to the Swap Obligation. If a Hedging Agreement governs more
than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence shall be Excluded
Swap Obligation(s) for the applicable Obligor.

 

“Excluded Taxes” means (a) Taxes
imposed on or measured by a Recipient’s net income (however denominated), franchise Taxes and branch profits Taxes (i) as
a result of such Recipient being organized under the laws of, or having its principal office or applicable Lending Office located
in, the jurisdiction imposing such Tax, or (ii) constituting Other Connection Taxes; (b) U.S. federal withholding
Taxes imposed on amounts payable to or for the account of a Lender with respect to its interest in a Loan or Commitment pursuant
to a law in effect when the Lender acquires such interest (except pursuant to an assignment request by Borrowers under Section 12.10)
or changes its Lending Office, unless the Taxes were payable to its assignor immediately prior to such assignment or to the Lender
immediately prior to its change in Lending Office; (c) Taxes attributable to a Recipient’s failure to comply with Section 5.9;
and (d) U.S. federal withholding Taxes imposed pursuant to FATCA. In no event shall “Excluded Taxes” include
any withholding Tax imposed on amounts paid by or on behalf of a foreign Obligor to a Recipient that has complied with Section 5.9.2.

 

“Existing BAML Bank Products”
means products or services extended to Parent or its Affiliates by BAML relating to commercial credit card and merchant card
services and other banking products or services (including all investments, earnings, increases and proceeds thereof) as in effect
on the Closing Date.

 

“Existing Letter of Credit”
means that certain Letter of Credit issued by Bank of America, N.A. in the stated face amount of $250,000 as letter of credit number
68103851.

 

“Extraordinary Expenses” means
(i) all costs, expenses or advances that the Agent and Lenders may incur during a Default or Event of Default, or during the
pendency of an Insolvency Proceeding of an Obligor in relation to enforcing their rights under this Agreement or in respect of
the Obligations, including any incurred during any “workout” or restructuring in respect of the Obligations and any
incurred in the preservation, protection or enforcement of any rights of the Agent or any Lender in any Insolvency Proceeding,
and (ii) all costs, expenses or advances that Agent may incur during a Default or Event of Default, or during the pendency
of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair,
appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other preservation of or realization
upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any Lender,
any Obligor, any representative of creditors of an Obligor or any other Person) in any way relating to any Collateral (including
the validity, perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan Documents, Letters
of Credit or Obligations, including any lender liability or other Claims; (c) the exercise of any rights or remedies of Agent
in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of taxes, charges or Liens with respect
to any Collateral; (e) any Enforcement Action; and (f) negotiation and documentation of any modification, waiver, workout,
restructuring or forbearance with respect to any Loan Documents or Obligations. Such costs, expenses and advances include transfer
fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees, legal fees, appraisal fees,
brokers’ and auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages and salaries
paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses.

 

    	-22-

    

    

 

“FATCA” means Sections 1471
through 1474 of the Code (including any amended or successor version if substantively comparable and not materially more onerous
to comply with), and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“Federal Funds Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate
is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward,
if necessary, to a whole multiple of 1/100 of 1%) charged to the Agent on such day on such transactions as determined by the Agent;
provided that in no event shall the Federal Funds Rate be less than 0.50%.

 

“Fee Letter” means the fee
letter agreement dated as of September 30, 2019, among Agent and Borrowers.

 

“Fiscal Quarter” means each
period of 3 months, commencing on the first day of a Fiscal Year.

 

“Fiscal Year” means the fiscal
year of Parent for accounting and tax purposes, ending on April 30 of each year.

 

    	-23-

    

    

 

“Fixed Charge Coverage Ratio”
means the ratio, determined on a consolidated basis for Parent and its Subsidiaries, determined on a trailing 6 month basis,
of (a) EBITDA to (b) Fixed Charges.

 

“Fixed Charges” means the
sum of interest expense and cash income taxes plus scheduled principal payments on Debt, plus Capital Expenditures, plus Distributions
other than Distributions permitted under clause (ii)(a) of the definition of Permitted Distributions.

 

“FLSA” means the Fair Labor
Standards Act of 1938.

 

“Foreign Lender” means any
Lender that is not a U.S. Person.

 

“Fronting Exposure” means,
at any time there is a Defaulting Lender, (a) with respect to Issuing Bank, such Defaulting Lender’s Pro Rata share of the
outstanding LC Obligations with respect to Letters of Credit other than LC Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and
(b) with respect to the Agent, such Defaulting Lender’s Pro Rata share of outstanding Swingline Loans made by the Agent other
than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 

“Full Payment” means, with
respect to any Obligations, (a) the full and indefeasible cash payment thereof, including any interest, fees and other charges
accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); and (b) if such Obligations are LC Obligations
or inchoate or contingent in nature, Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent
in its discretion, in the amount of required Cash Collateral). No Revolver Loans shall be deemed to have been paid in full unless
all Revolver Commitments of all Lenders related to such Revolver Loans are terminated.

 

“GAAP” means generally accepted
accounting principles in effect in the United States from time to time.

 

“Governmental Approvals” means
all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and required reports to, all
Governmental Authorities.

 

“Governmental Authority” means
any federal, state, local, foreign or other agency, authority, body, commission, court, instrumentality, political subdivision,
central bank, or other entity or officer exercising executive, legislative, judicial, taxing, regulatory or administrative powers
or functions for any governmental, judicial, investigative, regulatory or self-regulatory authority (including the Financial Conduct
Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or European Central Bank).

 

“Gross Contract Payments” means,
as of the date of determination, the outstanding principal balance (as referenced on Colonial’s balance statement and general
ledger), including all accrued but unpaid interest, fees, and other charges owing by the Contract Debtor, of all Vehicle Contracts.

 

    	-24-

    

    

 

“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not
include endorsements for collection or deposit in the ordinary course of business.

 

“Guarantor Payment” is defined
in Section 5.10.3.

 

“Guarantors” means Parent,
Colonial, ACM, TCM, each Subsidiary of the Parent (other than Disregarded Subsidiaries) and each other Person that guarantees payment
or performance of Obligations.

 

“Guaranty” means each guaranty
agreement executed by a Guarantor in favor of Agent.

 

“Hedging Agreement” means
a “swap agreement” as defined in Bankruptcy Code Section 101(53B)(A).

 

“Immaterial Subsidiary” means
any Subsidiary of the Parent whose Adjusted Total Assets are less than five percent (5.0%) of the Adjusted Total Assets of the
Parent and its Subsidiaries as reported on a consolidated basis.

 

“Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or relating to any payment of an Obligation; and (b) to the extent not
otherwise described in clause (a), Other Taxes.

 

“Indemnitees” means Agent
Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and BMO Harris Indemnitees.

 

“Insolvency Proceeding” means
any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person
to (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment
law, (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person
or any part of its Property, or (c) an assignment or trust mortgage for the benefit of creditors.

 

“Intellectual Property” means
all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks,
trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments
or fixations thereof and all related documentation, applications, registrations and franchises; all licenses or other rights to
use any of the foregoing; and all books and records relating to the foregoing.

 

    	-25-

    

    

 

“Intellectual Property Claim”
means any claim or assertion (whether in writing, by suit or otherwise) that Parent’s or its Subsidiaries’ ownership,
use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s
Intellectual Property.

 

“Intercompany Assignment Agreement”
means the agreement between ACM and TCM, on the one hand, and Colonial, on the other hand, pursuant to which ACM and TCM sell
all of their right, title and interest in and to Vehicle Contracts to Colonial.

 

“Intercompany Subordinated Debt”
means any Debt between Obligors.

 

“Interest Period” is defined
in Section 3.1.3.

 

“Inventory” is defined in
the UCC, including all Vehicles, goods intended for sale, lease, display or demonstration; all work in process; and all raw materials,
and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping,
advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in ACM or TCM’s business (but excluding
Equipment).

 

“Investment” means an Acquisition,
an acquisition of record or beneficial ownership of any Equity Interests of a Person, or an advance or capital contribution to
or other investment in a Person.

 

“IRS” means the United States
Internal Revenue Service.

 

“Issuing Bank” means BMO
Harris (including any Lending Office of BMO Harris), or any replacement issuer appointed pursuant to Section 2.3.5.

 

“Issuing Bank Indemnitees” means
Issuing Bank and its officers, directors, employees, Affiliates, agents and attorneys.

 

“LC Application” means
an application by a Borrower to Issuing Bank for issuance of a Letter of Credit, in form and substance satisfactory to Issuing
Bank and Agent.

 

“LC Conditions” means,
upon giving effect to issuance of a Letter of Credit, (a) the conditions in Section 6 are satisfied; (b) total LC Obligations
do not exceed the Letter of Credit Subline and Colonial Revolver Usage does not exceed the Colonial Borrowing Base; (c) the
Letter of Credit and payments thereunder are denominated in Dollars or other currency satisfactory to Agent and Issuing Bank; and
(d) the purpose and form of the Letter of Credit are satisfactory to Agent and Issuing Bank in their discretion.

 

    	-26-

    

    

 

“LC Documents” means
all documents, instruments and agreements (including LC Requests and LC Applications) delivered by Colonial or any other
Person to Issuing Bank or Agent in connection with issuance, amendment or renewal of, or payment under, any Letter of Credit.

 

“LC Obligations” means
the sum of (a) all amounts owing by Colonial for any drawings under Letters of Credit; (b) the Stated Amount of all outstanding
Letters of Credit; and (c) all fees and other amounts owing with respect to Letters of Credit.

 

“LC Request” means a
request for issuance of a Letter of Credit, to be provided by Colonial to Issuing Bank, in form satisfactory to Agent and Issuing
Bank.

 

“Lender Indemnitees” means
Lenders and Secured Bank Product Providers, their respective officers, directors, employees, Affiliates, agents and attorneys.

 

“Lenders” means lenders party
to this Agreement (including Agent in its capacity as provider of Swingline Loans) and any Person who hereafter becomes a “Lender”
pursuant to an Assignment, including any Lending Office of the foregoing.

 

“Lending Office” means the
office (including any domestic or foreign Affiliate or branch) designated as such by a Lender or Issuing Bank by notice to Agent
and Borrowers.

 

“Letter of Credit” means
any standby or documentary letter of credit, foreign guaranty, documentary bankers acceptance, indemnity, reimbursement agreement
or similar instrument issued by Issuing Bank for the account or benefit of Colonial or Affiliate of Colonial.

 

“Letter of Credit Subline” means
$3,000,000.

 

“Level Two Regulatory Event”
means the issuance or entering of any stay, order, judgment, cease and desist order, injunction, temporary restraining order,
or other judicial or non-judicial sanction (other than the imposition of a monetary fine), order or ruling against any of Borrower,
Obligor or any of their Affiliates related in any way to the originating, holding, pledging, collecting, servicing or enforcing
of any Vehicle Contract; provided that, in each case, upon the favorable resolution of any action or proceeding, such regulatory
event shall cease to exist. For the avoidance of doubt, the issuance of a civil investigative demand by the Consumer Financial
Protection Bureau shall not, on its own, constitute a Level Two Regulatory Event.

 

“Leverage Ratio” means, at
any time the same is to be determined on a consolidated basis for Parent and its Subsidiaries, the ratio of (a) Total Liabilities
to (b) Adjusted Tangible Net Worth at such time.

 

“LIBOR” means, for an Interest
Period for a Borrowing of LIBOR Loans, (a) the LIBOR Index Rate for such Interest Period, if such rate is available, and (b) if
the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum (rounded upwards, if necessary,
to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds are offered to the Agent at 11:00 a.m.
(London, England time) two (2) Business Days before the beginning of such Interest Period by three (3) or more major banks
in the interbank eurodollar market selected by the Agent for delivery on the first day of and for a period equal to such Interest
Period and in an amount equal or comparable to the principal amount of the LIBOR Loan scheduled to be made as part of such Borrowing,
provided that in no event shall “LIBOR” be less than 0.50%.

 

    	-27-

    

    

 

“LIBOR Index Rate” means,
for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage
point) for deposits in U.S. Dollars for a period equal to such Interest Period, as reported on the applicable Bloomberg screen
page (or such other commercially available source providing such quotations as may be designated by the Agent from time to time)
as of 11:00 a.m. (London, England time) on the day two (2) Business Days before the commencement of such Interest Period.

 

“LIBOR Loan” means each set
of LIBOR Revolver Loans having a common length and commencement of Interest Period.

 

“LIBOR Revolver Loan” means
a Revolver Loan that bears interest based on LIBOR.

 

“License” means any license
or agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution
or disposition of Collateral, any use of Property or any other conduct of its business.

 

“Licensor” means any Person
from whom an Obligor obtains the right to use any Intellectual Property.

 

“Lien” means a Person’s
interest in Property securing an obligation owed to, or a claim by, such Person, including any lien, security interest, pledge,
hypothecation, assignment, trust, reservation, encroachment, easement, right-of-way, covenant, condition, restriction, lease, or
other title exception or encumbrance.

 

“Lien Waiver” means an agreement,
in form and substance satisfactory to Agent, by which (a) for any material Collateral located on leased premises, the lessor
waives or subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove
the Collateral or to use the premises to store or dispose of the Collateral; (b) for any Collateral held by a warehouseman,
processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral,
agrees to hold any Documents in its possession relating to the Collateral as agent for Agent, and agrees to deliver the Collateral
to Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges Agent’s
Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Agent upon request;
and (d) for any Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to Agent the right,
vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral, including the right to dispose of
it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License.

 

    	-28-

    

    

 

“Loan Account” means the
loan account established by each Lender on its books pursuant to Section 5.7.

 

“Loan Documents” means this
Agreement, Other Agreements and Security Documents.

 

“Long Term Contracts” means
any Vehicle Contract with an original term that is greater than 42 months but less than or equal to 60 months.

 

“Margin Stock” is defined
in Regulation U of the Board of Governors.

 

“Material Adverse Effect” means
the effect of any event or circumstance that, taken alone or in conjunction with other events or circumstances, (a) has or
could be reasonably expected to have a material adverse effect on the business, operations, Properties, prospects or condition
(financial or otherwise) of any Obligor, on the value of any material Collateral, on the enforceability of any Loan Documents,
or on the validity or priority of Agent’s Liens on any Collateral; (b) impairs the ability of any Obligor to perform
any obligations under the Loan Documents, including repayment of any Obligations; or (c) otherwise impairs the ability of
Agent or any Lender to enforce or collect any Obligations or to realize upon any Collateral.

 

“Material Contract” means
(i) any agreement or arrangement to which Parent or any of its Subsidiaries are party (other than the Loan Documents) (a) that
is deemed to be a material contract under any securities law applicable to such Person, including the Securities Act of 1933; (b) for
which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect; or
(c) that relates to Subordinated Debt, or to Debt in an aggregate amount of $100,000 or more, or (ii) the Contracts Servicing
Agreement.

 

“Medium Term Contracts” means
any Vehicle Contract with an original term that is greater than 36 months but less than or equal to 42 months.

 

“Minimum Loss Reserve” is
defined in Section 10.1.13.

 

“Modified Contract” means,
at any time the same is to be determined, a Vehicle Contract where the Contract Debtor thereon has made full contractual payments
for at least ninety (90) consecutive days in the amounts called for by the terms of such Vehicle Contract after (a) such Vehicle
Contract has been rewritten, restructured, amended or otherwise modified from its original terms seven (7) or more times, or (b)
the term of such Vehicle Contract has been extended (pursuant to one or more modifications) more than one hundred eighty (180)
days from the original termination date.

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor acceptable to Agent.

 

“Multiemployer Plan” means
any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which an Obligor or ERISA Affiliate makes
or is obligated to make contributions, or during the preceding 5 plan years, has made or been obligated to make contributions.

 

    	-29-

    

    

 

“Multiple Employer Plan” means
a Plan that has two or more contributing sponsors, including an Obligor or ERISA Affiliate, at least two of whom are not under
common control, as described in Section 4064 of ERISA.

 

“Net Proceeds” means with
respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments) received by Obligor in
cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith,
including legal fees and sales commissions; (b) amounts applied to repayment of Debt secured by a Permitted Lien senior to
Agent’s Liens on Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves
are no longer needed.

 

“Notice of Borrowing” means
a request by either Colonial, ACM, or TCM for a Borrowing of Revolver Loans, in form satisfactory to Agent.

 

“Notice of Conversion/Continuation”
means a request by Colonial, ACM or TCM for conversion or continuation of a Revolver Loan as a LIBOR Loan, in form satisfactory
to Agent.

 

“Obligations” means all ACM-TCM
Obligations and Colonial Obligations.

 

“Obligor” means each Borrower,
Guarantor or other Person that is liable for payment of any Obligations or that has granted a Lien on its assets in favor of Agent
to secure any Obligations.

 

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

 

“Ordinary Course of Business”
means the ordinary course of business of Parent or its Subsidiaries, undertaken in good faith and consistent with Applicable
Law and past practices.

 

“Organic Documents” means
with respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of organization, limited liability
agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate
of formation, voting trust agreement, or similar agreement or instrument governing the formation or operation of such Person.

 

“OSHA” means the Occupational
Safety and Hazard Act of 1970.

 

“Other Agreement” means each
Revolver Note; LC Document; Fee Letter; Lien Waiver; Borrowing Base Report; Compliance Certificate; Borrower Materials, or
other note, document, instrument or agreement (other than this Agreement or a Security Document) now or hereafter delivered by
an Obligor or other Person to Agent or a Lender in connection with any transactions relating hereto.

 

“Other Connection Taxes” means
Taxes imposed on a Recipient due to a present or former connection between it and the taxing jurisdiction (other than connections
arising from the Recipient having executed, delivered, become party to, performed obligations or received payments under, received
or perfected a Lien or engaged in any other transaction pursuant to, enforced, or sold or assigned an interest in, any Loan or
Loan Document).

 

    	-30-

    

    

 

“Other Taxes” means all present
or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a Lien under, or otherwise
with respect to, any Loan Document, except Other Connection Taxes imposed with respect to an assignment (other than an assignment
made pursuant to Section 13.4(c)).

 

“Overadvance” means an ACM-TCM
Overadvance or Colonial Overadvance.

 

“Overadvance Loan” means
an ACM-TCM Overadvance Loan or a Colonial Overadvance Loan.

 

“Parent” is defined in the
preamble to this Agreement.

 

“Parent Obligations” means
all (a) principal of and premium, if any, on the Revolver Loans, (b) LC Obligations and other obligations of the
Borrowers, or any one of them, with respect to Letters of Credit, (c) interest, expenses, fees and other sums payable by the
Borrower, or any one of them, under the Loan Documents, (d) obligations of the Borrowers, or any one of them, under any indemnity
for Claims, (e) Extraordinary Expenses of the Borrowers, or any one of them, (f) Secured Bank Product Obligations of
the Borrowers, or any one of them, and (g) other Debts, obligations and liabilities of any kind owing by the Borrowers and
the Parent pursuant to the Loan Documents, including the Guarantee of the ACM-TCM Obligations and the Colonial Obligations set
forth in Section to Section 14 hereof, whether now existing or hereafter arising, whether evidenced by a note or other writing,
whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance,
loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary
or secondary, or joint or several; provided, that Obligations of the Parent shall not include its Excluded Swap Obligations

 

“Participant” is defined
in Section 13.2.

 

“Past Due Percent” means
the percent equal to (a) the sum of the Colonial Net Balances owing under all Vehicle Contracts that are 29 days or more past
due or where the Contract Debtor is subject to an Insolvency Proceeding, calculated as of the last day of the month for each of
the last 2 months, divided by (b) the sum of the Colonial Net Balances owing under all Vehicle Contracts at the end of each
of the last 2 months.

 

“Patriot Act” means the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No.
107-56, 115 Stat. 272 (2001).

 

“Payment Item” means each
check, draft or other item of payment payable to a Borrower, including those constituting proceeds of any Collateral.

 

“PBGC” means the Pension
Benefit Guaranty Corporation.

 

    	-31-

    

    

 

“Pension Funding Rules” means
Code and ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans set forth in, for
plan years ending prior to the Pension Protection Act of 2006 effective date, Section 412 of the Code and Section 302
of ERISA, both as in effect prior to such act, and thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302,
303, 304 and 305 of ERISA.

 

“Pension Plan” means any
employee pension benefit plan (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title
IV of ERISA and is sponsored or maintained by any Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes
or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA,
has made contributions at any time during the preceding 5 plan years.

 

“Permitted Asset Disposition”
means, as long as no Default or Event of Default exists and all Net Proceeds are remitted to Agent for application to the Obligations,
an Asset Disposition that is (a) a sale of Inventory in the Ordinary Course of Business; (b) a disposition of Equipment
that, in the aggregate during any 12-month period, has a fair market or book value (whichever is more) of $100,000 or less; (c) a
disposition of Inventory that is obsolete, unmerchantable or otherwise unsalable in the Ordinary Course of Business; (d) termination
of a lease of real or personal Property that is not necessary for the Ordinary Course of Business, could not reasonably be expected
to have a Material Adverse Effect and does not result from an Obligor’s default; (e) Permitted Sale/Leaseback; (f) a
Permitted Contract Sale; or (g) approved in writing by Agent and Required Lenders.

 

“Permitted Contingent Obligations”
means Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit in the Ordinary Course
of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension
or renewal thereof that does not increase the amount of such Contingent Obligation when extended or renewed; (d) incurred
in the Ordinary Course of Business with respect to surety, appeal or performance bonds, or other similar obligations; (e) arising
from customary indemnification obligations in favor of purchasers in connection with dispositions of Equipment permitted hereunder;
(f) arising under the Loan Documents; or (g) in an aggregate amount of $100,000 or less at any time.

 

“Permitted Contract Sale” means
a sale of Vehicle Contracts to a third party approved Agent (which approval will not be unreasonably withheld) that satisfies the
following conditions:

 

(a)immediately before and after giving effect
to each such sale, no Default or Event of Default exists;

 

(b)each Vehicle Contract disposed pursuant to
such sale is not an Eligible Vehicle Contract or the original term of the Vehicle Contract is in excess of 36 months;

 

(c)the cash consideration received by ACM for
each Vehicle Contract disposed pursuant to such sale is equal to or greater than ACM’s investment plus costs with respect
to such Vehicle Contract and such cash consideration is paid to ACM in full promptly after the consummation of such sale; and

 

    	-32-

    

    

 

(d)each such sale is non-recourse to Borrowers
or their Affiliates except for ACM’s repurchase obligations set forth in the documents evidencing the applicable sale which
is to be exercised solely with respect to Vehicle Contracts which do not satisfy the representations and warranties set forth in
the documents evidencing the applicable sale.

 

“Permitted Distributions” means
Distributions by:

 

(i)the Subsidiaries of Parent to Parent in an
aggregate amount not greater than $50,000 per year in order to provide the funds necessary for Parent to repay its obligations
under the AFI Note, so long as no Default or Event of Default exists immediately before and after giving effect to such Distribution,
and

 

(ii)Parent to its Equity Interest Holders in order
to repurchase Parent’s stock from such holders so long as:

 

(a)(1) immediately before and after giving
effect to such repurchase, the aggregate amount of such repurchases consummated after the Closing Date does not exceed $50,000,000
(net of proceeds received from exercise of stock options),

 

(2)Total Availability is equal to or greater than
20% of the sum of the Borrowing Base, in each case immediately after giving effect to such repurchase, and

 

(3)no Default or Event of Default exists immediately
before and after giving effect to any such repurchase, or

 

(b)if such repurchase is not permitted under clause
(ii)(a) above,

 

(1)immediately before and after giving effect
to such repurchase (net of proceeds received from exercise of stock options), the aggregate amount of such repurchases does not
exceed 75% of the consolidated net income of Parent and its Subsidiaries measured on a trailing twelve month basis, and

 

(2)no Default or Event of Default exists immediately
before and after giving effect to any such repurchase; provided, that no Distributions under clause (ii) above shall be
permitted if immediately before and after giving effect thereto the sum of the Colonial Availability and ACM-TCM Availability is
less than 12.5% of the aggregate Revolver Commitments.

 

“Permitted Lien” is defined
in Section 10.2.2.

 

    	-33-

    

    

 

“Permitted Purchase Money Debt”
means Purchase Money Debt of an Obligor that is unsecured or secured only by a Purchase Money Lien, as long as the aggregate
amount does not exceed $250,000 during each Fiscal Year and its incurrence does not violate Section 10.2.3.

 

“Permitted Sale/Leaseback” means
a sale and leaseback transaction that is in respect of Real Estate and the improvements thereto that is first acquired by Parent
or its Subsidiaries after the Closing Date, so long as:

 

(a)no Default or Event of Default shall exist
or shall result from the consummation of such sale and leaseback,

 

(b)such Person receives fair market value for
the sale of the subject assets,

 

(c)100% of the consideration received is cash
or Cash Equivalents, and

 

(d)such sale and leaseback is consummated within
360 days from the date that Parent or any of its Subsidiaries acquired the subject Real Estate and improvements.

 

“Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization, Governmental
Authority or other entity.

 

“Plan” means an employee
benefit plan (as defined in Section 3(3) of ERISA) maintained for employees of an Obligor or ERISA Affiliate, or to which
an Obligor or ERISA Affiliate is required to contribute on behalf of its employees.

 

“Platform” is defined in
Section 15.3.3.

 

“Prime Rate” means the prime
rate of interest announced or otherwise established by the Agent from time to time as its prime commercial rate as in effect on
such day, with any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date
of the relevant change in said prime commercial rate (it being acknowledged and agreed that such rate may not be the Agent’s
best or lowest rate).

 

“Pro Rata” means, with respect
to any Lender, a percentage (rounded to the ninth decimal place) determined (a) by dividing the amount of such Lender’s
Revolver Commitment by the aggregate outstanding Revolver Commitments; or (b) following termination of the Revolver Commitments,
by dividing the amount of such Lender’s Revolver Loans and LC Obligations by the aggregate outstanding Revolver Loans
and LC Obligations or, if all Revolver Loans and LC Obligations have been paid in full and/or Cash Collateralized, by
dividing such Lender’s and its Affiliates’ remaining Obligations by the aggregate remaining Obligations.

 

“Properly Contested” means,
with respect to any obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the
Obligor’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings
promptly instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP; (d) non-payment
could not have a Material Adverse Effect, nor result in forfeiture or sale of any assets of the Obligor; (e) no Lien is imposed
on assets of the Obligor, unless bonded and stayed to the satisfaction of Agent; and (f) if the obligation results from entry
of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review.

 

    	-34-

    

    

 

“Property” means any interest
in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Protective Advances” means
an ACM-TCM Protective Advance or a Colonial Protective Advance.

 

“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Purchase Money Debt” means
(a) Debt (other than the Obligations) for payment of any of the purchase price of fixed assets; (b) Debt (other than
the Obligations) incurred within 10 days before or after acquisition of any fixed assets, for the purpose of financing any of the
purchase price thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof.

 

“Purchase Money Lien” means
a Lien that secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease
or a purchase money security interest under the UCC.

 

“Qualified ECP” means an
Obligor with total assets exceeding $10,000,000, or that constitutes an “eligible contract participant” under the Commodity
Exchange Act and can cause another Person to qualify as an “eligible contract participant” under Section 1a(18)(A)(v)(II)
of such act.

 

“RCRA” means the Resource
Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i).

 

“Real Estate” means all right,
title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures, parking areas or other
improvements thereon.

 

“Recipient” means Agent,
Issuing Bank, any Lender or any other recipient of a payment to be made by an Obligor under a Loan Document or on account of an
Obligation.

 

“Refinancing Conditions” means
(a) the Refinancing Debt is in an aggregate principal amount that does not exceed the principal amount of the Debt being extended,
renewed or refinanced; (b) it has a final maturity no sooner than, a weighted average life no less than, and an interest rate
no greater than, the Debt being extended, renewed or refinanced; (c) it is subordinated to the Obligations at least to the
same extent as the Debt being extended, renewed or refinanced; (d) the representations, covenants and defaults applicable
to it are no less favorable to the applicable Obligor than those applicable to the Debt being extended, renewed or refinanced;
(e) no additional Lien is granted to secure it; (f) no additional Person is obligated on such Debt; and (g) upon
giving effect to it, no Default or Event of Default exists.

 

    	-35-

    

    

 

“Refinancing Debt” means
Borrowed Money that is the result of an extension, renewal or refinancing of Debt permitted under Section 10.2.1(b) or (d).

 

“Regulatory Event” means:
(a) a “Level One Regulatory Event”, which shall comprise the formal commencement by written notice by any Governmental
Authority of any legal action or similar adversarial proceeding against any of the Loan Parties or any of their Affiliates challenging
its authority to originate, hold, own, service, collect or enforce any Finance Account, or otherwise alleging any material non-compliance
by any of the Loan Parties or any of their Affiliates with any applicable law related to originating, holding, collecting, servicing
or enforcing such Finance Account, which inquiry, investigation, legal action or proceeding is not released or terminated in a
manner acceptable to the Administrative Agent within sixty (60) calendar days of commencement thereof (or such longer period as
the Required Lenders may agree, in writing, for any specific event); or (b) a Level Two Regulatory Event.

 

“Reimbursement Date” is defined
in Section 2.3.2.

 

“Rent and Charges Reserve” means
as determined by Agent, the aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord, warehouseman,
processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert
a Lien on any Collateral; (b) reserves with respect to Regulatory Events and (c) a reserve at least equal to 3 months rent
and other charges that could be payable to any such Person, unless it has executed a Lien Waiver.

 

“Report” is defined in Section 12.2.3.

 

“Reportable Event” means
any event set forth in Section 4043(c) of ERISA, other than an event for which the 30-day notice period has been waived.

 

“Repossession Percent” means
the percent equal to (a) the sum of the repossession value of all Vehicles which any Borrower has repossessed in the last
2 months and which, as of the last day of the 2-month period then ending, was reflected as assets on any Borrower’s books
divided by (b) the sum of the Colonial Net Balances owing under all Vehicle Contracts at the end of each of the last 2 months.

 

“Repossessed Contracts” means
the Vehicle Contracts with respect to which the merchandise sold in connection with the execution of the Vehicle Contract has been
repossessed or returned.

 

“Required Lenders” means
(i) solely in respect of Section 3.11(a) hereof, Secured Parties holding more than 50% of (a) the aggregate Revolver Commitments
or (b) after termination of the Revolver Commitments, the aggregate outstanding Revolver Loans and LC Obligations, and
(ii) for all provisions herein and in the other Loan Documents, Secured Parties holding more than 67% of (a) the aggregate
Revolver Commitments or (b) after termination of the Revolver Commitments, the aggregate outstanding Revolver Loans and LC Obligations
or, upon Full Payment of all Revolver Loans and LC Obligations, the aggregate remaining Obligations; provided, that
the Revolver Commitments, Revolver Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded
in making such calculation, but any related Fronting Exposure shall be deemed held as a Revolver Loan or LC Obligation by
the Lender that funded the applicable Revolver Loan or issued the applicable Letter of Credit; provided further, that at
any time there are no more than 2 Lenders, “Required Lenders” shall mean all Lenders.

 

    	-36-

    

    

 

“Restricted Investment” means
any Investment by the Parent or any of its Subsidiaries, other than (a) Cash Equivalents that are subject to Agent’s
Lien and control, pursuant to documentation in form and substance satisfactory to Agent; (b) loans and advances permitted
under Section 10.2.7; (c) investments by an Obligor into another Obligor; (d) investments as of the Closing Date by an Obligor
into a Subsidiary that is not an Obligor, and (e) investments by one or more of the Obligors into ACM Insurance in an amount not
to exceed the required funding amount of ACM Insurance under the rules and regulations of the Arkansas Insurance Department.

 

“Restrictive Agreement” means
an agreement (other than a Loan Document) that conditions or restricts the right of Parent, its Subsidiaries or other Obligor to
incur or repay Borrowed Money, to grant Liens on any assets, to declare or make Distributions, to modify, extend or renew any agreement
evidencing Borrowed Money, or to repay any intercompany Debt.

 

“Revolver Commitment” means,
for any Lender, its ACM-TCM Revolver Commitment and its Colonial Revolver Commitment. “Revolver Commitments”
means the aggregate amount of all Revolver Commitments.

 

“Revolver Commitment Termination Date”
means the earliest to occur of (a)  September 30, 2022; (b) the date on which any Borrower terminates its applicable
Revolver Commitments pursuant to Section 2.1.4 or Section 2.2.4; or (c) the date on which any Revolver Commitment is
terminated pursuant to Section 11.2.

 

“Revolver Loan” means any
ACM-TCM Revolver Loan or Colonial Revolver Loan.

 

“Revolver Note” means an
ACM-TCM Revolver Note or a Colonial Revolver Note.

 

“Right of Use Assets” means,
at any time the same to be determined with respect to any Property leased by the Parent or any of its Subsidiaries, the value of
such asset as set forth on the consolidated financial statements of the Parent and its Subsidiaries at such time.

 

“S&P” means Standard
& Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or any successor acceptable to Agent.

 

“Sanctions” means all economic
or financial sanctions, sectoral sanctions, secondary sanctions or trade embargoes imposed, administered or enforced from time
to time by (a) the United States government (including those administered by OFAC or the United States Department of State) or
(b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the
United Kingdom, or any other relevant sanctions authority with jurisdiction over any Obligor or any of their respective Subsidiaries
or Affiliates.

 

    	-37-

    

    

 

“Secured Bank Product Obligations”
means Debt, obligations and other liabilities with respect to Bank Products owing by a Borrower or Affiliate of a Borrower
to a Secured Bank Product Provider; provided, that Secured Bank Product Obligations of an Obligor shall not include its
Excluded Swap Obligations.

 

“Secured Bank Product Provider”
means (a) BMO Harris or any of its Affiliates; (b) BOK Financial Corporation or any of its Affiliates; and (c) any
Lender or Affiliate of a Lender that is providing a Bank Product, provided the provider delivers written notice to Agent,
in form and substance satisfactory to Agent, within 10 days following the later of the Closing Date or creation of the Bank Product,
(i) describing the Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to
be used in calculating such amount, and (ii) agreeing to be bound by Section 12.14.

 

“Secured Parties” means Agent,
Issuing Bank, Lenders and Secured Bank Product Providers.

 

“Security Documents” means
the Guaranties, Deposit Account Control Agreements, and all other documents, instruments and agreements now or hereafter securing
(or given with the intent to secure) any Obligations.

 

“Senior Officer” means the
chairman of the board, president, chief executive officer or chief financial officer of Borrower or, if the context requires, an
Obligor.

 

“Settlement Report” means
a report delivered by Agent to Lenders summarizing the Revolver Loans and participations in LC Obligations outstanding as
of a given settlement date, allocated to Lenders on a Pro Rata basis in accordance with their Revolver Commitments.

 

“Solvent” means, as to any
Person, such Person (a) owns Property whose fair salable value is greater than the amount required to pay all of its debts
(including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable
value (as defined below) is greater than the probable total liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has
capital that is not unreasonably small for its business and is sufficient to carry on its business and transactions and all business
and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32)
of the Bankruptcy Code; and (f) has not incurred (by way of assumption or otherwise) any obligations or liabilities (contingent
or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay or
defraud either present or future creditors of such Person or any of its Affiliates. “Fair salable value” means
the amount that could be obtained for assets within a reasonable time, either through collection or through sale under ordinary
selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase.

 

“Specified Obligor” means
an Obligor that is not then an “eligible contract participant” under the Commodity Exchange Act (determined prior to
giving effect to Section 5.10).

 

    	-38-

    

    

 

“Stated Amount” means the
outstanding amount of a Letter of Credit, including any automatic increase or tolerance (whether or not then in effect) provided
by the Letter of Credit or related LC Documents.

 

“Subordinated Debt” means
unsecured Debt incurred by a Borrower that is expressly subordinate and junior in right of payment to Full Payment of all Obligations,
and is on terms (including maturity, interest, fees, repayment, covenants and subordination) satisfactory to Agent and includes
the Intercompany Subordinated Debt.

 

“Subsidiary” means any entity
at least 50% of whose voting securities or Equity Interests is owned by a Person (including indirect ownership by such Person through
other entities in which the Person directly or indirectly owns 50% of the voting securities or Equity Interests).

 

“Swap Obligations” means
with respect to an Obligor, its obligations under a Hedging Agreement that constitutes a “swap” within the meaning
of Section 1a(47) of the Commodity Exchange Act.

 

“Swingline Loan” means any
ACM-TCM Swingline Loan or Colonial Swingline Loan.

 

“Taxes” means all present
or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“TCM” means Texas Car-Mart,
Inc., a Texas corporation.

 

“Total Availability” means,
at any time the same is to be determined, an amount equal to the sum of (i) the amount under clause (b) of the Colonial Borrowing
Base, plus (ii) the amount under clause (b) of the ACM-TCM Borrowing Base minus (iii) the principal balance of all Revolver Loans
and LC Obligations outstanding at such time.

 

“Total Liabilities” means,
as applied to any Person, without duplication, (a) all items that would be included as liabilities on a balance sheet in accordance
with GAAP, including Capital Leases; (b) all Contingent Obligations; (c) all reimbursement obligations in connection
with letters of credit issued for the account of such Person; and (d) in the case of Borrower, the Obligations, provided,
that Total Liabilities shall be reduced by an amount equal to the Right of Use Assets. The Debt of a Person shall include any
recourse Debt of any partnership in which such Person is a general partner or joint venturer.

 

“Trigger Event” means the
occurrence of (a) an Event of Default or (b) the sum of Colonial Availability and ACM-TCM Availability being less than
10% of the aggregate Revolver Commitments at any time.

 

“Trigger Period” means the
period (a) commencing upon any day that a Trigger Event occurs and (b) ending on the day on which, during the preceding
90 consecutive days (i) no Event of Default has existed and (ii) the sum of ACM-TCM Availability and Colonial Availability
has at all times been greater than 10% of the aggregate Revolver Commitments; provided, that a Trigger Period may commence
but will not be terminated more than 3 times during the term of this Agreement.

 

    	-39-

    

    

 

“UCC” means the Uniform Commercial
Code as in effect in the State of Illinois or, when the laws of any other jurisdiction govern the perfection or enforcement of
any Lien, the Uniform Commercial Code of such jurisdiction.

 

“Unfunded Pension Liability”
means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value
of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to
the Code, ERISA or the Pension Protection Act of 2006 for the applicable plan year.

 

“Unused Line Fee Rate” means
a per annum rate equal to 0.25%.

 

“Upstream Payment” means
a Distribution by a Subsidiary of Parent to an Obligor.

 

“U.S. Person” means
“United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate”
is defined in Section 5.9.2(b)(iii).

 

“Vehicle” means any new or
used, two-axeled, automobile or light-duty truck, together with all accessions, parts and equipment sold or financed in connection
therewith.

 

“Vehicle Contract” means
all Instruments, notes, documents, chattel paper, accounts, installment sale contracts and other payment obligations which arise
from or relate to an installment sale of a Vehicle.

 

“Vehicle Contract Compliance Requirements”
means all Applicable Laws (including Consumer Finance Laws) established from time to time by any local, state or federal agency
with respect to the form and substance of consumer finance contracts.

 

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

 

Section 1.2.Accounting Terms. Under the Loan Documents
(except as otherwise specified therein), all accounting terms shall be interpreted, all accounting determinations shall be made,
and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited
financial statements of Parent delivered to Agent before the Closing Date and using the same inventory valuation method as used
in such financial statements, except for any change required or permitted by GAAP if Parent’s certified public accountants
concur in such change, the change is disclosed to Agent, and all relevant provisions of the Loan Documents are amended in a manner
satisfactory to Required Lenders to take into account the effects of the change. Notwithstanding anything to the contrary contained
herein or in the definition of “Capital Lease” or “Capitalized Lease Obligation”, in the event of an accounting
change requiring all leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in existence
on the date hereof) that would constitute Capital Leases in conformity with GAAP on the date hereof shall be considered Capital
Leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable,
in accordance therewith.

 

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Section 1.3.Uniform Commercial Code. As used herein,
the following terms are defined in accordance with the UCC in effect in the State of Illinois from time to time: “Account,”
“Account Debtor,” “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,”
“Document,” “Equipment,” “General Intangibles,” “Goods,” “Instrument,”
“Inventory,” “Investment Property,” “Letter of Credit Right” and “Supporting Obligation.”

 

Section 1.4.Certain Matters of Construction. The
terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders.
In the computation of periods of time from a specified date to a later specified date, “from” means “from and
including,” and “to” and “until” each mean “to but excluding.” The terms “including”
and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties
agree that the rule of ejusdem generi shall not be applicable to limit any provision. Section titles appear as a matter
of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws include all related
regulations, interpretations, supplements, amendments and successor provisions; (b) any document, instrument or agreement
include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents);
(c) any section means, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules
means, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference;
(e) any Person include successors and assigns; or (f)  discretion of Agent, Issuing Bank or any Lender means the sole
and absolute discretion of such Person exercised at any time. All references to Value, Borrowing Base components, Revolver Loans,
Letters of Credit, Obligations and other amounts herein shall be denominated in Dollars and, unless expressly provided otherwise,
all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents
shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with historical
methods of valuation and calculation, and otherwise satisfactory to Agent (and not necessarily calculated in accordance with GAAP).
Borrowers shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Agent, Issuing Bank
or any Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party by reason of such
party having, or being deemed to have, drafted the provision. Reference to a Borrower’s “knowledge” or similar
concept means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she had engaged
in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and
a good faith attempt to ascertain the matter.

 

Section 1.5.Time of Day. All references to time of
day herein are references to Chicago, Illinois, time unless otherwise specifically provided.

 

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Section 1.6.Divisions. For all purposes under the
Loan Documents, in connection with any division or plan of division (whether under Delaware law or any comparable event under a
different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the
subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the
first date of its existence by the holders of its equity interests at such time.

 

Section 2.Credit Facilities.

 

Section 2.1.Colonial Revolver Commitment.

 

Section 2.1.1.Colonial Revolver Loans. Each Lender
agrees, severally on a Pro Rata basis up to its Colonial Revolver Commitment, on the terms set forth herein, to make Colonial Revolver
Loans to Colonial from time to time through the Revolver Commitment Termination Date. The Colonial Revolver Loans may be repaid
and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for a Colonial Revolver Loan
if Colonial Revolver Usage at such time plus the requested Colonial Revolver Loan would exceed the Colonial Borrowing Base.

 

Section 2.1.2.Colonial Revolver Notes. Colonial Revolver
Loans and interest accruing thereon shall be evidenced by the records of Agent and the applicable Lender. At the request of a Lender,
Colonial shall deliver Colonial Revolver Note(s) to such Lender, evidencing its Colonial Revolver Loans.

 

Section 2.1.3.Use of Proceeds. The proceeds of Colonial
Revolver Loans shall be used by Colonial solely (a) to satisfy existing Debt (including payment on the Closing Date of all
obligations owed to Bank of America, N.A. as “Lender” under the Original Loan Agreement pursuant to that certain Payoff
Confirmation Letter between Obligors and Bank of America, N.A., dated as of even date herewith); (b) to pay fees and transaction
expenses associated with the closing of this credit facility; (c) to pay Colonial Obligations in accordance with this Agreement;
and (d) for lawful corporate purposes of Colonial, including working capital. Colonial shall not, directly or indirectly,
use any Letter of Credit or Colonial Revolver Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of
Credit or Colonial Revolver Loan proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities
of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding
of the Colonial Revolver Loan, is the subject of any Sanction; (ii) in any manner that would result in a violation of a Sanction
by any Person (including any Secured Party or other individual or entity participating in any transaction); or (iii) for any
purpose that would breach the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction.

 

Section 2.1.4.Voluntary Reduction or Termination of Colonial
Revolver Commitments. (a) The Colonial Revolver Commitments shall terminate on the Revolver Commitment Termination Date,
unless sooner terminated in accordance with this Agreement. Upon at least 90 days’ prior written notice to Agent at
any time, Colonial may, at its option, terminate the Colonial Revolver Commitments and the Colonial credit facility. Any notice
of termination given by Colonial shall be irrevocable. On the Revolving Commitment Termination Date, Colonial shall make Full Payment
of all Colonial Obligations and ACM and TCM shall make Full Payment of all ACM-TCM Obligations.

 

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(b)Colonial may permanently reduce the Colonial Revolver
Commitments, on a ratable basis for all Lenders, upon at least 90 days’ prior written notice to Agent, which notice shall
specify the amount of the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount of $10,000,000,
or an increment of $1,000,000 in excess thereof.

 

(c)Concurrently with any reduction in or termination of
the Colonial Revolver Commitments, for whatever reason (including an Event of Default), Colonial shall pay to Agent, for the Pro
Rata benefit of Lenders and as liquidated damages for loss of bargain (and not as a penalty), an amount equal to 0.50% of the Colonial
Revolver Commitments being reduced or terminated. No termination charge shall be payable if termination occurs on the Revolver
Commitment Termination Date.

 

Section 2.1.5.Colonial Overadvances. If Colonial
Revolver Usage exceeds the Colonial Borrowing Base (“Colonial Overadvance”) at any time, the excess shall be
payable immediately and shall constitute a Colonial Obligation secured by the Collateral, entitled to all benefits of the Loan
Documents. Unless its authority has been revoked in writing by Required Lenders, Agent may require Lenders to fund Base Rate Revolver
Loans that cause or constitute a Colonial Overadvance and to forbear from requiring Colonial to cure a Colonial Overadvance as
long as the total Colonial Overadvance does not exceed $500,000 and does not continue for more than 30 consecutive days without
the consent of Required Lenders. In no event shall Colonial Revolver Loans be required that would cause Colonial Revolver Usage
to exceed the aggregate Colonial Revolver Commitments. No funding or sufferance of a Colonial Overadvance shall constitute a waiver
by Agent or Lenders of the Event of Default caused thereby. Neither Parent nor any Obligor shall be a beneficiary of this Section nor
authorized to enforce any of its terms.

 

Section 2.1.6.Colonial Protective Advances. Agent
shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Base Rate
Revolver Loans (“Colonial Protective Advances”) (a) up to an aggregate amount of $1,000,000 outstanding
at any time, if Agent deems such Revolver Loans necessary or desirable to preserve or protect Collateral, or to enhance the collectability
or repayment of Obligations as long as such Colonial Revolver Loans do not cause Colonial Revolver Usage to exceed the aggregate
Colonial Revolver Commitments; or (b) to pay any other amounts chargeable to Obligors under any Loan Documents, including
interest, costs, fees and expenses. Lenders shall participate on a Pro Rata basis in Colonial Protective Advances outstanding from
time to time. Required Lenders may at any time revoke Agent’s authority to make further Colonial Protective Advances by written
notice to Agent. Absent such revocation, Agent’s determination that funding of a Colonial Protective Advance is appropriate
shall be conclusive.

 

Section 2.1.7.Increase in Colonial Revolver Commitments.
At any time after the Closing Date, Colonial may request an increase in Colonial Revolver Commitments from time to time upon notice
to Agent, as long as (a) the requested increase shall be in a minimum amount of $5,000,000 and shall be offered on the same
terms as existing Colonial Revolver Commitments, except for a closing fee specified by Agent and Lenders, (b) total increases
of the Colonial Revolver Commitments shall not exceed $100,000,000 in the aggregate and no more than 3 total increases shall be
made under this Section , and (c) no reduction in Colonial Revolver Commitments pursuant to Section 2.1.4 shall
have occurred prior to the requested increase. Agent shall promptly notify Lenders of the requested increase and, within 10 Business
Days thereafter, each Lender shall notify Agent if and to what extent such Lender commits to increase its Colonial Revolver Commitment.
Any Lender not responding within such period shall be deemed to have declined any increase. If Lenders fail to commit to the full
requested increase, Agent may select Eligible Assignees to issue additional Colonial Revolver Commitments and to become Lenders
hereunder. Agent may allocate, in its discretion, the increased Colonial Revolver Commitments among committing Lenders and, if
necessary, Eligible Assignees. Provided the conditions set forth in Section 6.2 are satisfied and the applicable commitments
have been received, total Colonial Revolver Commitments shall be increased by the requested amount (or such lesser amount committed
by Lenders and Eligible Assignees) on a date agreed upon by Agent and Colonial, which date shall be within 45 days following Colonial’s
increase request. Agent, Colonial, and new and existing Lenders shall execute and deliver such documents and agreements as Agent
deems appropriate to evidence the increase in Colonial Revolver Commitments, and Agent shall be entitled to revise Schedule 1.1
to reflect the increased Colonial Revolver Commitments. Colonial shall prepay and Lenders shall fund Colonial Revolver Loans on
the effective date of the increase as necessary to allocate Colonial Revolver Loans among Lenders in accordance with their adjusted
shares of the Colonial Revolver Commitments. Any Lender with a new or increased Colonial Revolver Commitment shall also be allocated
a Pro Rata share of the ACM-TCM Revolver Commitment so that all Lenders shall hold the ACM-TCM Revolver Commitments and the Colonial
Revolver Commitments on a Pro Rata basis.

 

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Section 2.2.ACM-TCM Revolver Commitment.

 

Section 2.2.1.ACM-TCM Revolver Loans. Each Lender
agrees, severally on a Pro Rata basis up to its ACM-TCM Revolver Commitment, on the terms set forth herein, to make ACM-TCM Revolver
Loans to ACM and TCM from time to time through the Revolver Commitment Termination Date. The ACM-TCM Revolver Loans may be repaid
and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for an ACM-TCM Revolver Loan
if the unpaid balance of ACM-TCM Revolver Loans outstanding at such time (including the requested ACM-TCM Revolver Loan) would
exceed the ACM-TCM Borrowing Base.

 

Section 2.2.2.ACM-TCM Revolver Notes. ACM-TCM Revolver
Loans and interest accruing thereon shall be evidenced by the records of Agent and the applicable Lender. At the request of a Lender,
ACM and TCM shall deliver ACM-TCM Revolver Note(s) to such Lender, evidencing its ACM-TCM Revolver Loans.

 

Section 2.2.3.Use of Proceeds. The proceeds of ACM-TCM
Revolver Loans shall be used by ACM and TCM solely (a) to satisfy existing Debt; (b) to pay fees and transaction expenses
associated with the closing of this credit facility; (c) to pay ACM-TCM Obligations in accordance with this Agreement; and
(d) for lawful corporate purposes of ACM and TCM, including working capital. ACM and TCM shall not, directly or indirectly,
use any Letter of Credit or ACM-TCM Revolver Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of
Credit or ACM-TCM Revolver Loan proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities
of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding
of the ACM-TCM Revolver Loan, is the subject of any Sanction; (ii) in any manner that would result in a violation of a Sanction
by any Person (including any Secured Party or other individual or entity participating in any transaction); or (iii) for any
purpose that would breach the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction.

 

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Section 2.2.4.Termination of ACM-TCM Revolver Commitments.
(a) The ACM-TCM Revolver Commitments shall terminate on the earlier of the Revolver Commitment Termination Date or the date
on which the Colonial Commitments are terminated, unless sooner terminated in accordance with this Agreement. Upon at least 90
days’ prior written notice to Agent at any time, ACM and TCM may, at their option, terminate the ACM-TCM Revolver Commitments
and the ACM-TCM credit facility. Any notice of termination given by ACM or TCM shall be irrevocable. On the Revolving Commitment
Termination Date, Colonial shall make Full Payment of all Colonial Obligations and ACM and TCM shall make Full Payment of all ACM-TCM
Obligations.

 

(b)Concurrently with the termination of the ACM-TCM Revolver
Commitments, for whatever reason (including an Event of Default), ACM and TCM shall pay to Agent, for the Pro Rata benefit of Lenders
and as liquidated damages for loss of bargain (and not as a penalty), an amount equal to 0.50% of the ACM-TCM Revolver Commitments
being terminated. No termination charge shall be payable if termination occurs on the ACM-TCM Revolver Termination Date.

 

Section 2.2.5.ACM-TCM Overadvances. If the aggregate
ACM-TCM Revolver Loans exceed the ACM-TCM Borrowing Base (“ACM-TCM Overadvance”) at any time, the excess shall
be payable immediately and shall constitute an ACM-TCM Obligation secured by the Collateral, entitled to all benefits of the Loan
Documents. Unless its authority has been revoked in writing by Required Lenders, Agent may require Lenders to fund Base Rate Revolver
Loans that cause or constitute an ACM-TCM Overadvance Loans and to forbear from requiring ACM or TCM to cure an ACM-TCM Overadvance
as long as the total ACM-TCM Overadvance does not exceed $500,000 and does not continue for more than 30 consecutive days without
the consent of Required Lenders. In no event shall ACM-TCM Overadvance Loans be required that would cause the outstanding ACM-TCM
Revolver Loans to exceed the aggregate ACM-TCM Revolver Commitments. No funding or sufferance of an ACM-TCM Overadvance shall constitute
a waiver by Agent or Lenders of the Event of Default caused thereby. Neither Parent nor any Obligor shall be a beneficiary of this
Section nor authorized to enforce any of its terms.

 

Section 2.2.6.ACM-TCM Protective Advances. Agent
shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Base Rate
Revolver Loans (“ACM-TCM Protective Advances”) (a) up to an aggregate amount of $1,000,000 outstanding
at any time, if Agent deems such Revolver Loans necessary or desirable to preserve or protect Collateral, or to enhance the collectability
or repayment of Obligations, as long as such ACM-TCM Revolver Loans do not cause the ACM-TCM Revolver Loans to exceed the aggregate
ACM-TCM Revolver Commitments; or (b) to pay any other amounts chargeable to Obligors under any Loan Documents, including interest,
costs, fees and expenses. Lenders shall participate on a Pro Rata basis in ACM-TCM Protective Advances outstanding from time to
time. Required Lenders may at any time revoke Agent’s authority to make further ACM-TCM Protective Advances by written notice
to Agent. Absent such revocation, Agent’s determination that funding of an ACM-TCM Protective Advance is appropriate shall
be conclusive.

 

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Section 2.3.Colonial Letter of Credit Facility.

 

Section 2.3.1.Issuance of Letters of Credit. Issuing
Bank shall issue Letters of Credit from time to time until the Revolver Commitment Termination Date, on the terms set forth herein,
including the following:

 

(a)Colonial acknowledges that Issuing Bank’s
issuance of any Letter of Credit is conditioned upon Issuing Bank’s receipt of a LC Application with respect to the
requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require for issuance
of a letter of credit of similar type and amount. Issuing Bank shall have no obligation to issue any Letter of Credit unless (i) Issuing
Bank receives a LC Request and LC Application at least 3 Business Days prior to the requested date of issuance; (ii) each
LC Condition is satisfied; and (iii) if a Defaulting Lender exists, such Lender or the Borrowers have entered into arrangements
satisfactory to Agent and Issuing Bank to eliminate any funding risk associated with the Defaulting Lender. If, in sufficient time
to act, Issuing Bank receives written notice from Agent or Required Lenders that any LC Condition has not been satisfied,
Issuing Bank shall not issue the requested Letter of Credit. Prior to receipt of any such notice, Issuing Bank shall not be deemed
to have knowledge of any failure of LC Conditions.

 

(b)Letters of Credit may be requested by Colonial
only (i) to support obligations of Colonial or Colonial and any Affiliate of Colonial incurred in the Ordinary Course of Business;
or (ii) for other purposes as Agent and Lenders may approve from time to time in writing. Increase, renewal or extension of
a Letter of Credit shall be treated as issuance of a new Letter of Credit, except that Issuing Bank may require a new LC Application
in its discretion. No Letter of Credit shall be issued with expiration dates later than the earlier of 12 months from the
date of issuance (or which are cancelable not later than 12 months from the date of issuance and each renewal) or thirty (30) days
prior to the Revolver Commitment Termination Date. If the Issuing Bank issues any Letter of Credit with an expiration date that
is automatically extended unless the Issuing Bank gives notice that the expiration date will not so extend beyond its then scheduled
expiration date, unless the Agent or the Required Lenders instruct the Issuing Bank otherwise, the Issuing Bank will give such
notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date: (i) the
expiration date of such Letter of Credit if so extended would be after the Revolver Commitment Termination Date, (ii) the
Colonial Revolver Commitments have been terminated, or (iii) an Event of Default exists and the Required Lenders have given
the Issuing Bank instructions not to so permit the extension of the expiration date of such Letter of Credit. The Issuing Bank
agrees to issue amendments to the Letter(s) of Credit increasing the amount, or extending the expiration date, thereof at the request
of Colonial subject to the conditions of Section 6 and the other terms of this Section. Letters of Credit shall constitute
usage of the Colonial Revolver Commitment.

 

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(c)Colonial assumes all risks of the acts, omissions
or misuses of any Letter of Credit by the beneficiary. In connection with any Letter of Credit, none of Agent, Issuing Bank or
any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods
purported to be represented by any Documents; any differences or variation in the character, quality, quantity, condition, packing,
value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or
legal effect of any Documents or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made;
partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or Documents; any deviation
from instructions, delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any
breach of contract between a shipper or vendor and Colonial; errors, omissions, interruptions or delays in transmission or delivery
of any messages, by mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical
terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any consequences arising from causes
beyond the control of Issuing Bank, Agent or any Lender, including any act or omission of a Governmental Authority. Parent and
each Obligor shall take all action to avoid and mitigate any damages relating to any Letter of Credit or claimed against Issuing
Bank, Agent or any Lender, including through enforcement of any available rights against a beneficiary. Issuing Bank shall be fully
subrogated to the rights and remedies of any beneficiary whose claims against Colonial are discharged with proceeds of a Letter
of Credit. The rights and remedies of Issuing Bank under the Loan Documents shall be cumulative.

 

(d)In connection with its administration of and
enforcement of rights or remedies under any Letters of Credit or LC Documents, Issuing Bank shall be entitled to act, and
shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Issuing
Bank, in good faith, to be genuine and correct and to have been signed, sent or made by a proper Person. Issuing Bank may use legal
counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act
upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such experts. Issuing Bank
may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall
not be liable for the negligence or misconduct of agents and attorneys-in-fact selected with reasonable care.

 

Section 2.3.2.Reimbursement; Participations. (a) If
Issuing Bank honors any request for payment under a Letter of Credit, Borrower shall pay to Issuing Bank, on the same day (“Reimbursement
Date”), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for
Base Rate Revolver Loans from the Reimbursement Date until payment by Colonial. The obligation of Colonial to reimburse Issuing
Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall
be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff,
defense or other right that Colonial may have at any time against the beneficiary. Whether or not Colonial submits a Notice of
Borrowing, Colonial shall be deemed to have requested a Borrowing of Base Rate Revolver Loans in an amount necessary to pay all
amounts due Issuing Bank on any Reimbursement Date and each Lender shall fund its Pro Rata share of such Borrowing whether or not
the Revolver Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are
satisfied.

 

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(b)Each Lender hereby irrevocably and unconditionally purchases
from Issuing Bank, without recourse or warranty, an undivided Pro Rata participation in all LC Obligations outstanding from
time to time. Issuing Bank is issuing Letters of Credit in reliance upon this participation. If Colonial does not make a payment
to Issuing Bank when due hereunder, Agent shall promptly notify Lenders and each Lender shall within one Business Day after such
notice pay to Agent, for the benefit of Issuing Bank, the Lender’s Pro Rata share of such payment. Upon request by a Lender,
Issuing Bank shall provide copies of Letters of Credit and LC Documents in its possession at such time.

 

(c)The obligation of each Lender to make payments to Agent
for the account of Issuing Bank in connection with Issuing Bank’s payment under a Letter of Credit shall be absolute, unconditional
and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance
with this Agreement under all circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any
draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, noncompliant,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing
Bank of a requirement that exists for its protection (and not a Borrower’s protection) or that does not materially prejudice
a Borrower; any honor of an electronic demand for payment even if a draft is required; any payment of an item presented after a
Letter of Credit’s expiration date if authorized by the UCC or applicable customs or practices; or any setoff or defense
that an Obligor may have with respect to any Obligations. Issuing Bank does not assume any responsibility for any failure or delay
in performance or any breach by Borrower or other Person of any obligations under any LC Documents. Issuing Bank does not
make to Lenders any express or implied warranty, representation or guaranty with respect to any Letter of Credit, Collateral, LC Document
or Obligor. Issuing Bank shall not be responsible to any Lender for any recitals, statements, information, representations or warranties
contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any LC Documents; the validity,
genuineness, enforceability, collectability, value or sufficiency of any Collateral or the perfection of any Lien therein; or the
assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor.

 

Section 2.3.3.No Issuing Bank Indemnitee shall be
liable to any Lender or other Person for any action taken or omitted to be taken in connection with any Letter of Credit or LC Document
except as a result of its gross negligence or willful misconduct. Issuing Bank may refrain from taking any action with respect
to a Letter of Credit until it receives written instructions (and in its discretion, appropriate assurances) from the Lenders.

 

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Section 2.3.4.Cash Collateral. Subject to Section 2.1.5,
if at any time (a) an Event of Default exists, (b) the Revolver Commitment Termination Date occurs, (c) the Revolver
Commitment Termination Date is scheduled to occur within 20 Business Days, or (d) the Issuing Bank has any Fronting Exposure, then
Colonial shall, at Issuing Bank’s or Agent’s request, Cash Collateralize all outstanding Letters of Credit. Colonial
shall, at Issuing Bank’s or Agent’s request at any time, Cash Collateralize the Fronting Exposure of any Defaulting
Lender. If Colonial fails to provide any Cash Collateral as required hereunder, Lenders may (and shall upon direction of Agent)
advance, as Revolver Loans, the amount of Cash Collateral required (whether or not the Revolver Commitments have terminated, an
Overadvance exists or the conditions in Section 6 are satisfied).

 

Section 2.3.5.Resignation of Issuing Bank. Issuing
Bank may resign at any time upon notice to Agent and Colonial, and any resignation of Agent hereunder shall automatically constitute
its concurrent resignation as Issuing Bank. From the effective date of such resignation, Issuing Bank shall have no obligation
to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall otherwise continue to have all rights and obligations
of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement
Issuing Bank and, as long as no Default or Event of Default exists, such replacement shall be reasonably acceptable to Colonial.

 

Section 3.Interest,
Fees and Charges.

 

Section 3.1.Interest.

 

Section 3.1.1.Rates and Payment of Interest. (a) The
Obligations shall bear interest (i) if a Base Rate Revolver Loan, at the Base Rate in effect from time to time, plus the Applicable
Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any
other Obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time
to time, plus the Applicable Margin for Base Rate Revolver Loans. If a Revolver Loan is repaid on the same day made, one day’s
interest shall accrue.

 

(b)During an Insolvency Proceeding with respect to any Obligor,
or during any other Event of Default if Agent or Required Lenders in their discretion so elect, Obligations shall bear interest
at the Default Rate (whether before or after any judgment), payable on demand.

 

(c)Interest shall accrue from the date a Loan is advanced
or Obligation is incurred or payable, until paid in full by Borrowers, and shall in no event be less than zero at any time. Interest
accrued on the Revolver Loans shall be due and payable in arrears, (i) on the first day of each month for Base Rate Loans;
(ii) with respect to any LIBOR Loan, the last day of each Interest Period with respect to such LIBOR Loan; provided, that
if the applicable Interest Period is longer than three (3) three months, on each day occurring every three (3) months
after the commencement of such Interest Period; (iii)  on any date of prepayment, with respect to the principal amount being
prepaid; and (iv) on the Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and
payable as provided in the Loan Documents or, if no payment date is specified, on demand.

 

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Section 3.1.2.Application of LIBOR to Outstanding Revolver
Loans. (a) Each Borrower may on any Business Day, elect to convert any portion of the Base Rate Revolver Loans to, or
to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Agent may
(and shall at the direction of Required Lenders) declare that no Revolver Loan may be made, converted or continued as a LIBOR Loan.

 

(b)To convert or continue Revolver Loans as LIBOR Loans,
such Borrower shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least 3 Business Days before the
requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each
Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Revolver Loans to be converted or continued,
the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed
to be 30 days if not specified). If, upon the expiration of any Interest Period for any LIBOR Loan, such Borrower shall have failed
to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected to convert such Revolver Loan into a Base
Rate Revolver Loan. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration,
submission or any other matter related to any rate described in the definition of LIBOR.

 

Section 3.1.3.Interest Periods. In connection with
the making, conversion or continuation of any LIBOR Loans, Colonial, ACM, or TCM, as applicable, shall select an interest period
(“Interest Period”) to apply, which interest period shall be one, two, three, four or six months (if available
from all Lenders); provided, however, that:

 

(a)the Interest Period shall begin on the date
the Revolver Loan is made or continued as, or converted into, a LIBOR Loan, and shall expire on the numerically corresponding day
in the calendar month at its end;

 

(b)if any Interest Period begin on a day for which
there is no corresponding day in the calendar month at its end or if such corresponding day falls after the last Business Day of
such month, then the Interest Period shall expire on the last Business Day of such month; and if any Interest Period would otherwise
expire on a day that is not a Business Day, the period shall expire on the next Business Day; and

 

(c)no Interest Period shall extend beyond the
Revolver Commitment Termination Date.

 

Section 3.1.4.Interest Rate Not Ascertainable. If,
due to any circumstance affecting the London interbank market, Agent determines that adequate and fair means do not exist for ascertaining
LIBOR on any applicable date or that any Interest Period is not available on the basis provided herein, then Agent shall immediately
notify Borrowers of such determination. Until Agent notifies Borrowers that such circumstance no longer exists, the obligation
of Lenders to make affected LIBOR Loans shall be suspended and no further Revolver Loans may be converted into or continued as
LIBOR Loans.

 

Section 3.2.Fees.

 

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Section 3.2.1.LC Facility Fees. Colonial shall
pay (a) to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin in effect for LIBOR Revolver Loans
times the average daily Stated Amount of Letters of Credit, which fee shall be payable monthly in arrears, on the first day of
each month; (b) to Agent, for its own account, a fronting fee equal to 0.125% per annum on the Stated Amount of each Letter
of Credit, which fee shall be payable monthly in arrears, on the first day of each month; and (c) to Issuing Bank, for its
own account, all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration
of Letters of Credit, which charges shall be paid as and when incurred. During an Event of Default, the fee payable under clause
(a) shall be increased by 2% per annum.

 

Section 3.2.2.Colonial Unused Line Fee. Colonial
shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Fee Rate times the amount by which the
Colonial Revolver Commitments exceed the average daily Colonial Revolver Usage during any month. Such fee shall be payable in arrears,
on the first day of each month and on the Revolver Commitment Termination Date.

 

Section 3.2.3.ACM-TCM Unused Line Fee. ACM and TCM
shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Fee Rate times the amount by which the
ACM-TCM Revolver Commitments exceed the average daily balance of ACM-TCM Revolver Loans during any month. Such fee shall be payable
in arrears, on the first day of each month and on the Revolver Commitment Termination Date.

 

Section 3.2.4.Fee Letters. Borrowers shall pay all
fees set forth in the Fee Letter.

 

Section 3.3.Computation of Interest, Fees, Yield Protection.
All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed,
based on a year of 360 days. Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive
and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate,
refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed
to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers
under Section 3.4, 3.6, 3.7, 3.9 or 5.8, submitted to Borrowers by Agent or the affected Lender shall be final, conclusive
and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days
following receipt of the certificate.

 

Section 3.4.Reimbursement Obligations. Borrowers
shall pay all Extraordinary Expenses promptly upon request. Borrowers shall also reimburse Agent for all legal, accounting, appraisal,
consulting, and other fees and expenses (including third party expenses) incurred by it in connection with (a) negotiation
and preparation of any Loan Documents, including any modification thereof; (b) administration of and actions relating to any
Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority of
Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject
to the limits of Section 10.1.1(b), any examination or appraisal with respect to any Obligor or Collateral by Agent’s
personnel or a third party. Borrowers acknowledge that counsel may provide Agent with a benefit (such as a discount, credit or
accommodation for other matters) based on counsel’s overall relationship with Agent, including fees paid hereunder. If, for
any reason (including inaccurate reporting in any Borrower Materials), it is determined that a higher Applicable Margin should
have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Borrowers shall immediately
pay to Agent, for the ratable benefit of Lenders, an amount equal to the difference between the amount of interest and fees that
would have accrued using the proper margin and the amount actually paid. All amounts payable by Borrowers under this Section shall
be due on demand.

 

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Section 3.5.Illegality. If any Lender determines
that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender
to perform any of its obligations hereunder, to make, maintain, fund or charge applicable interest or fees with respect to any
Revolver Loan or Letter of Credit, or to determine or charge interest rates based on LIBOR, or any Governmental Authority has imposed
material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank
market, then, on notice thereof by such Lender to Agent, any obligation of such Lender to perform such obligations, to make, maintain
or fund the LIBOR Loan or participate in the Letter of Credit (or to charge interest or fees with respect thereto), or to continue
or convert Colonial Base Rate Revolver Loans or ACM-TCM Base Rate Revolver Loans to LIBOR Loans shall be suspended until such Lender
notifies Agent that the circumstances giving rise to such determination no longer exist. Upon delivery of such notice, Colonial,
ACM and/or TCM, as applicable, shall prepay the applicable Revolver Loan, Cash Collateralize the applicable LC Obligations
or, if applicable, convert LIBOR Loan(s) of such Lender to Colonial Base Rate Revolver Loan(s) or ACM-TCM Base Rate Revolver Loan(s),
as applicable, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain the LIBOR
Loan to such day, or immediately, if such Lender may not lawfully continue to maintain the LIBOR Loan. Upon any such prepayment
or conversion, Colonial, ACM, and/or TCM, as applicable, shall also pay accrued interest on the amount so prepaid or converted.

 

Section 3.6.Inability to Determine Rates. Agent will
promptly notify Colonial, ACM, or TCM, as applicable, and each Lender if, in connection with any LIBOR Loan or request for a LIBOR
Loan, (a) Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank Eurodollar market
for the applicable amount or Interest Period of such Revolver Loan, or (ii) adequate and reasonable means do not exist for
determining LIBOR for the requested Interest Period, or (b) Agent or Required Lenders determine for any reason that LIBOR
for the Interest Period does not adequately and fairly reflect the cost to Lenders of funding such Revolver Loan. Thereafter, Lenders’
obligations to make or maintain affected LIBOR Loans and utilization of the LIBOR component (if affected) in determining Base Rate
shall be suspended until Agent (upon instruction by Required Lenders) withdraws the notice. Upon receipt of such notice, Borrower
may revoke any pending request for a LIBOR Loan or, failing that, will be deemed to have submitted a request for a Colonial Base
Rate Revolver Loan or ACM-TCM Base Rate Revolver Loan, as applicable.

 

Section 3.7.Increased Costs; Capital Adequacy.

 

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Section 3.7.1.Increased Costs Generally. If any Change
in Law shall:

 

(a)impose modify or deem applicable any reserve,
liquidity, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the
account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in calculating LIBOR)
or Issuing Bank;

 

(b)subject any Recipient to Taxes (other than
(i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (iii) Connection
Income Taxes) with respect to any Revolver Loan, Letter of Credit, Revolver Commitment or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or

 

(c)impose on any Lender or Issuing Bank or the
London interbank market any other condition, cost or expense affecting any Revolver Loan, Loan Document, Letter of Credit or participation
in LC Obligations;

 

and the result thereof shall be to increase the cost to a Lender
of making or maintaining any LIBOR Loan (or of maintaining its obligation to make any such Revolver Loan), or converting to or
continuing any interest option for a Revolver Loan, or to increase the cost to a Lender or Issuing Bank of participating in, issuing
or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to
reduce the amount of any sum received or receivable by a Lender or Issuing Bank hereunder (whether of principal, interest or any
other amount) then, upon request of such Lender or Issuing Bank, Borrower will pay to it such additional amount(s) as will compensate
it for the additional costs incurred or reduction suffered.

 

Section 3.7.2.Capital Requirements. If a Lender or
Issuing Bank determines that a Change in Law affecting such Lender or Issuing Bank or any Lending Office of such Lender or such
Lender’s or Issuing Bank’s holding company, if any, regarding capital or liquidity requirements (unrelated to the financial
condition of such Lender or Issuing Bank) has or would have the effect of reducing the rate of return on such Lender’s, Issuing
Bank’s or holding company’s capital as a consequence of this Agreement, or such Lender’s or Issuing Bank’s
Revolver Commitments, Revolver Loans, Letters of Credit or participations in LC Obligations, to a level below that which such
Lender, Issuing Bank or holding company could have achieved but for such Change in Law (taking into consideration its policies
with respect to capital adequacy), then from time to time Colonial, ACM, or TCM, as applicable, will pay to such Lender or Issuing
Bank, as the case may be, such additional amounts as will compensate it or its holding company for the reduction suffered.

 

Section 3.7.3.LIBOR Loan Reserves. If any Lender
is required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits,
Borrowers shall pay additional interest to such Lender on each LIBOR Loan equal to the costs of such reserves allocated to the
LIBOR Loan by the Lender (as determined by it in good faith, which determination shall be conclusive). The additional interest
shall be due and payable on each interest payment date for the LIBOR Loan; provided, however, that if the Lender notifies
Borrowers (with a copy to Agent) of the additional interest less than 10 days prior to the interest payment date, then such interest
shall be payable 10 days after Borrowers’ receipt of the notice.

 

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Section 3.7.4.Compensation. Failure or delay on the
part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of its right
to demand such compensation, but Colonial, ACM, or TCM, as applicable, shall not be required to compensate a Lender or Issuing
Bank for any increased costs or reductions suffered more than 9 months (plus any period of retroactivity of the Change in
Law giving rise to the demand) prior to the date that the Lender or Issuing Bank notifies Colonial, ACM, or TCM, as applicable,
of the applicable Change in Law and of such Lender’s or Issuing Bank’s intention to claim compensation therefor.

 

Section 3.8.Mitigation. If any Lender gives a notice
under Section 3.5 or requests compensation under Section 3.7, or if any Borrower is required to pay any Indemnified Taxes
or additional amounts with respect to a Lender under Section 5.8, then at the request of Borrowers, such Lender shall use
reasonable efforts to designate a different Lending Office or to assign its rights and obligations hereunder to another of its
offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (a) would eliminate the
need for such notice or reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject the
Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to it. Such Borrower shall pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

Section 3.9.Funding Losses. If for any reason (a) any
Borrowing of, or conversion to or continuation of, a LIBOR Loan does not occur on the date specified therefor in a Notice of Borrowing
or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of a LIBOR Loan occurs on
a day other than the end of its Interest Period, or (c) any Borrower fails to repay a LIBOR Loan when required hereunder,
then such Borrower shall pay to Agent its customary administrative charge and to each Lender all losses, expenses and fees arising
from redeployment of funds or termination of match funding. For purposes of calculating amounts payable under this Section, a Lender
shall be deemed to have funded a LIBOR Loan by a matching deposit or other borrowing in the London interbank market for a comparable
amount and period, whether or not the LIBOR Loan was in fact so funded.

 

Section 3.10.Maximum Interest. Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed
the maximum rate of non-usurious interest permitted by Applicable Law (“maximum rate”). If Agent or any Lender
shall receive interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the
Obligations or, if it exceeds such unpaid principal, refunded to Colonial, ACM, and/or TCM, as applicable. In determining whether
the interest contracted for, charged or received by Agent or a Lender exceeds the maximum rate, such Person may, to the extent
permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather than
interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in
equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

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Section 3.11.Effect of Benchmark Transition Event.

 

(a)Benchmark Replacement. Notwithstanding anything
to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election,
as applicable, the Agent and the Borrowers may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment
with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (Chicago, Illinois time) on the fifth (5th)
Business Day after the Agent has posted such proposed amendment to all Lenders and the Borrowers so long as the Agent has not received,
by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with
respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered
to the Agent written notice that such Required Lenders accept such amendment. No replacement of LIBOR with a Benchmark Replacement
pursuant to this Section will occur prior to the applicable Benchmark Transition Start Date.

 

(b)Benchmark Replacement Conforming Changes. In connection
with the implementation of a Benchmark Replacement, the Agent will have the right to make Benchmark Replacement Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to
this Agreement.

 

(c)Notices; Standards for Decisions and Determinations.
The Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement
or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent or
Lenders pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto,
except, in each case, as expressly required pursuant to this Section titled “Effect of Benchmark Transition Event.”

 

(d)Benchmark Unavailability Period. Upon the Borrowers’
receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowers may revoke any request for a Borrowing
of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period
and, failing that, the Borrowers will be deemed to have converted any such request into a request for a Borrowing of or conversion
to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon LIBOR will not be used in
any determination of Base Rate.

 

(e)Certain Defined Terms. As used in this Section
titled “Effect of Benchmark Transition Event”:

 

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“Benchmark Replacement” means
the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Agent and the Borrowers
giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate
by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest
as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as so determined would be less than 0.50%, the Benchmark Replacement will be
deemed to be 0.50% for the purposes of this Agreement.

 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each applicable Interest Period, the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) that has been selected by the Agent and the Borrowers giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such
time.

 

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

 

“Benchmark Replacement Date”
means the earlier to occur of the following events with respect to LIBOR: (1) in the case of clause (1) or (2) of the definition
of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information
referenced therein and (b) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR;
or (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein.

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to LIBOR: (1) a public statement or publication of
information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will cease to provide
LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide LIBOR; (2) a public statement or publication of information by the regulatory supervisor for
the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for
LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency
or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease
to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide LIBOR; or (3) a public statement or publication of information by the regulatory supervisor
for the administrator of LIBOR announcing that LIBOR is no longer representative.

 

    	-56-

    

    

 

“Benchmark Transition Start Date”
means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if
such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior
to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective
event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the
case of an Early Opt-in Election, the date specified by the Agent or the Required Lenders, as applicable, by notice to the Borrowers,
the Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

“Benchmark Unavailability Period”
means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely
to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such
Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder
in accordance with this Section and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes
hereunder pursuant to this Section.

 

“Early Opt-in Election” means
the occurrence of: (1) (i) a determination by the Agent or (ii) a notification by the Required Lenders to the Agent (with
a copy to the Borrowers) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities
being executed at such time, or that include language similar to that contained in this Section, are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and (2) (i) the election by the
Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision,
as applicable, by the Agent of written notice of such election to the Borrowers and the Lenders or by the Required Lenders of written
notice of such election to the Agent.

 

“Federal Reserve Bank of New York’s
Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

 

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

 

“SOFR” with respect to any
day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator
of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

    	-57-

    

    

 

“Term SOFR” means the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

Section 4.Loan Administration.

 

Section 4.1.Manner of Borrowing and Funding Revolver
Loans.

 

Section 4.1.1.Notice of Borrowing. (a) To request
Revolver Loans, Borrower shall give Agent a Notice of Borrowing by 11:00 a.m. (i) on the requested funding date, in the case
of Base Rate Revolver Loans, and (ii) at least 2 Business Days prior to the requested funding date, in the case of LIBOR Loans.
Notices received by Agent after such time shall be deemed received on the next Business Day. Each Notice of Borrowing shall be
irrevocable and shall specify (A) the Borrowing amount, (B) the requested funding date (which must be a Business Day),
(C) whether the Borrowing is to be made as a Base Rate Revolver Loan or LIBOR Loan, and (D) in the case of a LIBOR Loan,
the applicable Interest Period (which shall be deemed to be 30 days if not specified).

 

(b)Unless payment is otherwise made by Borrowers, the becoming
due of any Obligation (whether principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations,
Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request for a Base Rate Revolver Loan on the due
date in the amount due and the Revolver Loan proceeds shall be disbursed as direct payment of such Obligation. In addition, Agent
may, at its option, charge such amount against any operating, investment or other account of a Borrower maintained with Agent or
any of its Affiliates.

 

(c)If a Borrower maintains a disbursement account with Agent
or any of its Affiliates, then presentation for payment in the account of a Payment Item when there are insufficient funds to cover
it shall be deemed to be a request for a Base Rate Revolver Loan on the date of such presentation date, in the amount of the Payment
Item. Proceeds of the Revolver Loan may be disbursed directly to the account.

 

Section 4.1.2.Fundings by Lenders. Except for Swingline
Loans, Agent shall endeavor to notify Lenders of each Notice of Borrowing (or deemed request for a Borrowing) by 12:00 noon on
the proposed funding date for a Base Rate Revolver Loan or by 3:00 p.m. two Business Days before a proposed funding of a LIBOR
Loan. Each Lender shall fund its Pro Rata share of a Borrowing in immediately available funds not later than 2:00 p.m. on the requested
funding date, unless Agent’s notice is received after the times provided above, in which case Lender shall fund by 11:00
a.m. on the next Business Day. Subject to its receipt of such amounts from Lenders, Agent shall disburse the Borrowing proceeds
in a manner directed by the Borrower and acceptable to Agent. Unless Agent receives (in sufficient time to act) written notice
from a Lender that it will not fund its share of a Borrowing, Agent may assume that such Lender has deposited or promptly will
deposit its share with Agent, and Agent may disburse a corresponding amount to such Borrower. If a Lender’s share of a Borrowing
or of a settlement under Section 4.1.3(b) is not received by Agent, then the applicable Borrower agrees to repay to Agent
on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate applicable
to the Borrowing. A Lender or Issuing Bank may fulfill its obligations under Loan Documents through one or more Lending Offices,
and this shall not affect any obligation of Obligors under the Loan Documents or with respect to any Obligations.

 

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Section 4.1.3.Swingline Loans; Settlement. (a) To
fulfill any request for a Base Rate Revolver Loan hereunder, Agent may in its discretion advance Colonial Swingline Loans to Colonial,
up to an aggregate outstanding amount of $5,000,000. Each Colonial Swingline Loan shall constitute a Colonial Revolver Loan for
all purposes, except that payments thereon shall be made to Agent for its own account until Lenders have funded their participations
therein as provided below.

 

(b)To fulfill any request for a Base Rate Revolver Loan
hereunder, Agent may in its discretion advance ACM-TCM Swingline Loans to ACM and TCM, up to an aggregate outstanding amount of
$1,000,000. Each ACM-TCM Swingline Loan shall constitute an ACM-TCM Revolver Loan for all purposes, except that payments thereon
shall be made to Agent for its own account until Lenders have funded their participations therein as provided below.

 

(c)To facilitate administration of the Revolver Loans, Lenders
and Agent agree (which agreement is solely among them, and not for the benefit of or enforceable by Parent or by any Borrower)
that settlement among them with respect to Swingline Loans and other Revolver Loans may take place on a date determined from time
to time by Agent, which shall occur at least once each week (unless the settlement amount is de minimis), on a Pro Rata basis in
accordance with the Settlement Report delivered by Agent to Lenders. Between settlement dates, Agent may in its discretion apply
payments on Revolver Loans to Swingline Loans, regardless of any designation by the applicable Borrower or anything herein to the
contrary. Each Lender hereby purchases, without recourse or warranty, an undivided Pro Rata participation in all Swingline Loans
outstanding from time to time until settled. If a Swingline Loan cannot be settled among Lenders, whether due to an Obligor’s
Insolvency Proceeding or for any other reason, each Lender shall pay the amount of its participation in each unpaid Swingline Loan
to Agent, in immediately available funds, within one Business Day after Agent’s request therefor. Lenders’ obligations
to make settlements and to fund participations are absolute, irrevocable and unconditional, without offset, counterclaim or other
defense, and whether or not the Revolver Commitments have terminated, an Overadvance exists or the conditions in Section 6
are satisfied.

 

Section 4.1.4.Notices. Each Borrower authorizes Agent
and Lenders to extend, convert or continue Revolver Loans, effect selections of interest rates, and transfer funds to or on behalf
of such Borrower based on telephonic or electronic instructions. Such Borrower shall confirm each such request by prompt delivery
to Agent of a Notice of Borrowing or Notice of Conversion/Continuation, as applicable. Neither Agent nor any Lender shall have
any liability for any loss suffered by a Borrower as a result of Agent or any Lender acting upon its understanding of telephonic
or electronic instructions from a person believed in good faith to be authorized to give such instructions on a Borrower’s
behalf.

 

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Section 4.2.Defaulting Lender. Notwithstanding anything
to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is
no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)Waivers and Amendments. Such Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted
as set forth in the definition of Required Lenders.

 

(ii)Defaulting Lender Waterfall. Any payment
of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary
or mandatory, at maturity, pursuant to Section 5.5 or otherwise) or received by the Agent from a Defaulting Lender pursuant
to Section 11.4 hereto shall be applied at such time or times as may be determined by the Agent as follows: first,
to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata
basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the Agent hereunder for Swingline Loans hereunder;
third, to Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender; fourth,
as the Borrowers may request (so long as no Default exists), to the funding of any Revolving Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined
by the Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Revolving Loans under this Agreement and (y) Cash Collateralize
the Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Agreement; sixth, to the payment of any amounts owing to the Lenders and the Issuing Bank as a result
of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Bank against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained
by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Loans or LC Obligations in respect of which such Defaulting
Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at
a time when the conditions set forth in Section 6.2 were satisfied or waived, such payment shall be applied solely to pay the Loans
of, and LC Obligations owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans
of, or LC Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC
Obligations and Swingline Loans are held by the Lenders Pro Rata without giving effect to Section 4.2(a)(iv) below. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post Cash Collateral pursuant to this Section 4.2(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

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(iii)Certain Fees.

 

(A)No Defaulting Lender shall be entitled to receive
any unused fee for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any
such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(B)Each Defaulting Lender shall be entitled to receive
LC Facility Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Pro Rata amount
of the stated amount of Letters of Credit for which it has provided Cash Collateral.

 

(C)With respect to any unused fee or LC Facility
Fees not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay
to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in LC Obligations or Swingline Loans that has been reallocated to such non-Defaulting Lender
pursuant to clause (iv) below, (y) pay to each Issuing Bank and the Agent with respect to Swingline Loans, as applicable,
the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Bank’s or the
Agent’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

(iv)Reallocation of Participations to Reduce
Fronting Exposure. All or any part of such Defaulting Lender’s participation in LC Obligations and Swingline Loans shall
be reallocated among the non-Defaulting Lenders Pro Rata (calculated without regard to such Defaulting Lender’s Revolver
Commitments) but only to the extent that (x) the conditions set forth in Section 6.2 are satisfied at the time of such reallocation
(and, unless the Borrowers shall have otherwise notified the Agent at such time, the Borrowers shall be deemed to have represented
and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolver
Loans and interests in LC Obligations and Swingline Loans of any non-Defaulting Lender to exceed such non-Defaulting Lender’s
Revolving Credit Commitment. Subject to Section 15.13, no reallocation hereunder shall constitute a waiver or release of any
claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including
any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)Cash Collateral; Repayment of Swingline
Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall,
without prejudice to any right or remedy available to them hereunder or under law, (x) first, prepay Swingline Loans in an amount
equal to the Agent’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Bank’s Fronting Exposure in accordance
with the procedures set forth in Section 2.14.

 

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(b)Defaulting Lender Cure. If
the Borrower, the Agent, the Swingline Lender and each Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender,
the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable,
purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to
be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro
rata by the Lenders in accordance with their respective Percentages of the relevant Revolver Commitments (without giving effect
to Section 2.13(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will
be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.

 

(c)       New
Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, extend, renew
or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

Section 4.3.Number and Amount of LIBOR Loans; Determination
of Rate. Each Borrowing of LIBOR Loans when made shall be in a minimum amount of $1,000,000, plus an increment of $500,000
in excess thereof. No more than 10 Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same
length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose.
Upon determining LIBOR for any Interest Period requested by any Borrower, Agent shall promptly notify such Borrower thereof by
telephone or electronically and, if requested by such Borrower, shall confirm any telephonic notice in writing.

 

Section 4.4.Effect of Termination. On the effective
date of the termination of all Revolver Commitments, the Obligations shall be immediately due and payable, and each Secured Bank
Product Provider may terminate its Bank Products. Until Full Payment of the Obligations, all undertakings of Borrowers contained
in the Loan Documents shall continue, and Agent shall retain its Liens in the Collateral and all of its rights and remedies under
the Loan Documents. Agent shall not be required to terminate its Liens unless it receives Cash Collateral or a written agreement,
in each case satisfactory to it, protecting Agent and Lenders from dishonor or return of any Payment Item previously applied to
the Obligations. Sections 2.3, 3.4, 3.6, 3.7, 3.9, 5.4, 5.8, 5.9, 12, 14.2, this Section, and each indemnity or waiver given by
an Obligor or Lender in any Loan Document, shall survive Full Payment of the Obligations.

 

Section 5.Payments.

 

Section 5.1.General Payment Provisions. All payments
of Obligations shall be made in Dollars, without offset, counterclaim or defense of any kind, free and clear of (and without deduction
for) any Taxes, and in immediately available funds, not later than 12:00 noon on the due date. Any payment after such time shall
be deemed made on the next Business Day. Any payment of a LIBOR Loan prior to the end of its Interest Period shall be accompanied
by all amounts due under Section 3.9. Borrowers agree that Agent shall have the continuing, exclusive right to apply and reapply
payments and proceeds of Collateral against the Obligations, in such manner as Agent deems advisable, but whenever possible, any
prepayment of Loans shall be applied first to Base Rate Revolver Loans and then to LIBOR Revolver Loans.

 

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Section 5.2.Repayment of Revolver Loans. Colonial
Revolver Loans shall be due and payable in full on the Revolver Commitment Termination Date, unless payment is sooner required
hereunder. ACM-TCM Revolver Loans shall be due and payable in full on the Revolver Commitment Termination Date, unless payment
is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Subject to Sections
2.1.5 and 2.2.5, respectively, (a) if a Colonial Overadvance exists at any time, Colonial shall immediately repay the outstanding
Colonial Revolver Loans in an amount sufficient to reduce the Colonial Revolver Usage to the Colonial Borrowing Base and (b) if
a ACM-TCM Overadvance exists, ACM and TCM shall immediately repay the outstanding ACM-TCM Revolver Loans in an amount sufficient
to reduce the principal balance of ACM-TCM Revolver Loans to the ACM-TCM Borrowing Base. If any Asset Disposition includes the
disposition of Contracts or Inventory, then Net Proceeds equal to the greater of (x) the net book value of such Contracts
or Inventory, or (y) the reduction in the applicable Borrowing Base, as applicable, upon giving effect to such disposition,
shall be applied to the Colonial Revolver Loans or ACM-TCM Revolver Loans, as applicable in accordance with Sections 5.5 and 5.6.

 

Section 5.3.Payment of Other Obligations. Obligations
other than Revolver Loans, including LC Obligations and Extraordinary Expenses, shall be paid by Borrowers as provided in
the Loan Documents or, if no payment date is specified, on demand.

 

Section 5.4.Marshaling; Payments Set Aside. None
of Agent or Lenders shall be under any obligation to marshal any assets in favor of any Obligor or against any Obligations. If
any payment by or on behalf of any Borrower is made to Agent, Issuing Bank or any Lender, or if Agent, Issuing Bank or any Lender
exercises a right of setoff, and any of such payment or setoff is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by Agent, Issuing Bank or a Lender in its discretion)
to be repaid to a trustee, receiver or any other Person, then the Obligation originally intended to be satisfied, and all Liens,
rights and remedies relating thereto, shall be revived and continued in full force and effect as if such payment or setoff had
not occurred.

 

Section 5.5.Application and Allocation of Payments.

 

Section 5.5.1.Application. Payments made by Borrowers
hereunder shall be applied (a) first, as specifically required hereby; (b) second, to Obligations then
due and owing; and (c) third, to other Obligations specified by Borrowers.

 

Section 5.5.2.Post-Default Allocation. Notwithstanding
anything in any Loan Document to the contrary, during an Event of Default under Section 11.1(j), or during any other Event
of Default at the discretion of Agent or Required Lenders, monies to be applied to the Obligations, whether arising from payments
by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows:

 

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(a)First,
to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent and Lenders;

 

(b)Second,
to all other amounts owing to Agent, including Swingline Loans, Protective Advances, and Revolver Loans and participations that
a Defaulting Lender has failed to settle or fund;

 

(c)Third,
to all amounts owing to Issuing Bank on LC Obligations;

 

(d)Fourth,
to all Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing
to Lenders;

 

(e)Fifth,
to all Obligations (other than Secured Bank Product Obligations) constituting interest;

 

(f)Sixth,
to Cash Collateralize all LC Obligations;

 

(g)Seventh,
to Revolver Loans, and to Secured Bank Product Obligations arising under Hedge Agreements (including Cash Collateralization
thereof) up to the amount of Reserves existing therefor;

 

(h)Eighth,
to all other Secured Bank Product Obligations; and

 

(i)Last,
to all remaining Obligations.

 

Amounts shall be applied to payment of each category of Obligations
only after Full Payment of amounts payable from time to time under all preceding categories. If amounts are insufficient to satisfy
a category, they shall be paid ratably among outstanding Obligations in the category. Monies and proceeds obtained from an Obligor
shall not be applied to its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained
from other Obligors to preserve the allocations in each category. Agent shall have no obligation to calculate the amount of any
Secured Bank Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider.
If the provider fails to deliver the calculation within five days following request, Agent may assume the amount is zero. The allocations
set forth in this Section are solely to determine the rights and priorities among Secured Parties, and may be changed by agreement
of the affected Secured Parties, without the consent of any Obligor. This Section is not for the benefit of or enforceable
by Parent, any Obligor, and each Borrower irrevocably waives the right to direct the application of any payments or Collateral
proceeds subject to this Section.

 

Section 5.5.3.Erroneous Application. Agent shall
not be liable for any application of amounts made by it in good faith and, if any such application is subsequently determined to
have been made in error, the sole recourse of any Lender or other Person to which such amount should have been paid shall be to
recover the amount from the Person that actually received it (and, if such amount was received by a Secured Party, the Secured
Party agrees to return it).

 

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Section 5.6.Dominion Account.

 

Section 5.6.1.During a Trigger Period, the ledger
balance in the main Colonial Dominion Account as of the end of a Business Day shall be applied to the Colonial Obligations at the
beginning of the next Business Day. Any resulting credit balance shall not accrue interest in favor of Colonial and shall be made
available to Colonial as long as no Default or Event of Default exists.

 

Section 5.6.2.During a Trigger Period, the ledger
balance in the main ACM-TCM Dominion Account as of the end of a Business Day shall be applied to the ACM-TCM Obligations at the
beginning of the next Business Day. Any resulting credit balance shall not accrue interest in favor of ACM or TCM and shall be
made available to ACM or TCM as long as no Default or Event of Default exists.

 

Section 5.7.Loan Account; Account Stated.

 

Section 5.7.1.Loan Account. Agent shall maintain,
in accordance with its customary practices, loan account(s) (“Colonial Loan Account” and “ACM-TCM Loan
Account,” collectively the “Loan Accounts”) evidencing the Debt of each Borrower hereunder. Any failure
of Agent to record anything in the Loan Accounts, or any error in doing so, shall not limit or otherwise affect the obligation
of any Borrower to pay any amount owing hereunder.

 

Section 5.7.2.Entries Binding. Entries made in the
Loan Accounts shall constitute presumptive evidence of the information contained therein. If any information contained in the Loan
Accounts is provided to or inspected by any Person, then the information shall be conclusive and binding on such Person for all
purposes absent manifest error, except to the extent such Person notifies Agent in writing within 30 days after receipt or inspection
that specific information is subject to dispute.

 

Section 5.8.Taxes.

 

Section 5.8.1.Payments Free of Taxes; Obligation to Withhold;
Tax Payment. (a) All payments of Obligations by Obligors shall be made without deduction or withholding for any Taxes,
except as required by Applicable Law. If Applicable Law (as determined by Agent in its discretion) requires the deduction or withholding
of any Tax from any such payment by Agent or an Obligor, then Agent or such Obligor shall be entitled to make such deduction or
withholding based on information and documentation provided pursuant to Section 5.9.

 

(b)If Agent or any Obligor is required by the Code to withhold
or deduct Taxes, including backup withholding and withholding taxes, from any payment, then (i) Agent shall pay the full amount
that it determines is to be withheld or deducted to the relevant Governmental Authority pursuant to the Code, and (ii) to
the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall
be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding
or deduction been made.

 

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(c)If Agent or any Obligor is required by any Applicable
Law other than the Code to withhold or deduct Taxes from any payment, then (i) Agent or such Obligor, to the extent required
by Applicable Law, shall timely pay the full amount to be withheld or deducted to the relevant Governmental Authority, and (ii) to
the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall
be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding
or deduction been made.

 

Section 5.8.2.Payment of Other Taxes. Without limiting
the foregoing, Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at Agent’s
option, timely reimburse Agent for payment of, any Other Taxes.

 

Section 5.8.3.Tax Indemnification. (a) Each
Borrower shall indemnify and hold harmless, on a joint and several basis, each Recipient against any Indemnified Taxes (including
those imposed or asserted on or attributable to amounts payable under this Section) payable or paid by a Recipient or required
to be withheld or deducted from a payment to a Recipient, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. Each Borrower shall indemnify and hold harmless Agent against any amount that a Lender or Issuing Bank fails for any
reason to pay indefeasibly to Agent as required pursuant to this Section. Each Borrower shall make payment within 10 days after
demand for any amount or liability payable under this Section. A certificate as to the amount of such payment or liability delivered
to Borrowers by a Lender or Issuing Bank (with a copy to Agent), or by Agent on its own behalf or on behalf of any Recipient, shall
be conclusive absent manifest error.

 

(b)Each Lender and Issuing Bank shall indemnify and hold
harmless, on a several basis, (i) Agent against any Indemnified Taxes attributable to such Lender or Issuing Bank (but only to
the extent Borrowers have not already paid or reimbursed Agent therefor and without limiting Borrowers’ obligation to do
so), (ii) Agent and Obligors, as applicable, against any Taxes attributable to such Lender’s failure to maintain a Participant
register as required hereunder, and (iii) Agent and Obligors, as applicable, against any Excluded Taxes attributable to such
Lender or Issuing Bank, in each case, that are payable or paid by Agent or an Obligor in connection with any Obligations, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. Each Lender and Issuing Bank shall make payment within 10 days after
demand for any amount or liability payable under this Section. A certificate as to the amount of such payment or liability delivered
to any Lender or Issuing Bank by Agent shall be conclusive absent manifest error.

 

Section 5.8.4.Evidence of Payments. As soon as practicable
after payment by an Obligor of any Taxes pursuant to this Section, Obligors shall deliver to Agent the original or a certified
copy of a receipt issued by the appropriate Governmental Authority evidencing the payment, a copy of any return required by Applicable
Law to report the payment or other evidence of payment reasonably satisfactory to Agent.

 

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Section 5.8.5.Treatment of Certain Refunds. Unless
required by Applicable Law, at no time shall Agent have any obligation to file for or otherwise pursue on behalf of a Lender or
Issuing Bank, nor have any obligation to pay to any Lender or Issuing Bank, any refund of Taxes withheld or deducted from funds
paid for the account of a Lender or Issuing Bank. If a Recipient determines in its discretion that it has received a refund of
Taxes that were indemnified by Borrowers or with respect to which a Borrower paid additional amounts pursuant to this Section,
it shall pay the amount of such refund to Borrowers (but only to the extent of indemnity payments or additional amounts actually
paid by Borrowers with respect to the Taxes giving rise to the refund), net of all out-of-pocket expenses (including Taxes) incurred
by such Recipient and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund).
Borrowers shall, upon request by the Recipient, repay to the Recipient such amount paid over to Borrowers (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) if the Recipient is required to repay such refund to
the Governmental Authority. Notwithstanding anything herein to the contrary, no Recipient shall be required to pay any amount to
Borrowers if such payment would place it in a less favorable net after-Tax position than it would have been in if the Tax subject
to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. In no event shall Agent or any Recipient be required
to make its tax returns (or any other information relating to its taxes that it deems confidential) available to any Obligor or
other Person.

 

Section 5.8.6.Survival. Each party’s obligations
under Sections 5.8 and 5.9 shall survive the resignation or replacement of Agent or any assignment of rights by or replacement
of a Lender or Issuing Bank, the termination of the Revolver Commitments, and the repayment, satisfaction, discharge or Full Payment
of any Obligations.

 

Section 5.9.Lender Tax Information.

 

Section 5.9.1.Status of Lenders. Any Lender that
is entitled to an exemption from or reduction of withholding Tax with respect to payments of Obligations shall deliver to Borrowers
and Agent properly completed and executed documentation reasonably requested by a Borrower or Agent as will permit such payments
to be made without or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by a Borrower or Agent,
shall deliver such other documentation prescribed by Applicable Law or reasonably requested by a Borrower or Agent to enable them
to determine whether such Lender is subject to backup withholding or information reporting requirements. Notwithstanding the foregoing,
such documentation (other than documentation described in Sections 5.9.2(a), (b) and (d)) shall not be required if a Lender reasonably
believes delivery of the documentation would subject it to any material unreimbursed cost or expense or would materially prejudice
its legal or commercial position.

 

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Section 5.9.2.Documentation. Without limiting the
foregoing, if any Borrower is a U.S. Person,

 

(a)Any Lender that is a U.S. Person shall
deliver to Borrowers and Agent on or prior to the date on which such Lender becomes a Lender hereunder (and from time to time thereafter
upon reasonable request of Borrowers or Agent), executed copies of IRS Form W-9, certifying that such Lender is exempt from U.S. federal
backup withholding Tax;

 

(b)Any Foreign Lender shall, to the extent it
is legally entitled to do so, deliver to Borrowers and Agent (in such number of copies as shall be requested by the recipient)
on or prior to the date on which such Foreign Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable
request of Borrowers or Agent), whichever of the following is applicable:

 

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

 

(ii)executed copies of IRS Form W-8ECI;

 

(iii)in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in
the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)
of the Code, a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code,
or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (“U.S. Tax Compliance
Certificate”), and (y) executed copies of IRS Form W-8BEN-E (or W-BEN, as applicable); or

 

(iv)to the extent a Foreign Lender is not the beneficial
owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-BEN, as applicable), a
U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification
documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more
of its direct or indirect partners is claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner;

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(c)any Foreign Lender shall, to the extent it
is legally entitled to do so, deliver to Borrowers and Agent (in such number of copies as shall be requested by the recipient)
on or prior to the date on which such Foreign Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable
request), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable
Law to permit Borrowers or Agent to determine the withholding or deduction required to be made; and

 

(d)if payment of an Obligation to a Lender would
be subject to U.S. federal withholding Tax imposed by FATCA if such Lender 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), such Lender shall deliver to
Borrowers and Agent, at the time(s) prescribed by law and otherwise upon reasonable request, such documentation prescribed by Applicable
Law (including Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be appropriate for Borrowers
or Agent to comply with their obligations under FATCA and to determine that such Lender has complied with its obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (d), “FATCA”
shall include any amendments made to FATCA after the date hereof.

 

Section 5.9.3.Redelivery of Documentation. If any
form or certification previously delivered by a Lender pursuant to this Section expires or becomes obsolete or inaccurate
in any respect, such Lender shall promptly update the form or certification or notify Borrowers and Agent in writing of its inability
to do so.

 

Section 5.10.Nature and Extent of Each Borrower’s
Liability.

 

Section 5.10.1.Joint and Several Liability for ACM and
TCM. Each of ACM and TCM agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees
to Agent and Lenders the prompt payment and performance of, all ACM-TCM Obligations, except its Excluded Swap Obligations. Each
of ACM and TCM agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and not of collection,
that such obligations shall not be discharged until Full Payment of the ACM-TCM Obligations, and that such obligations are absolute
and unconditional, irrespective of (a) the genuineness, validity, regularity, enforceability, subordination or any future
modification of, or change in, any ACM-TCM Obligations or Loan Document, or any other document, instrument or agreement to which
any Obligor is or may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this
Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto;
(c) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty
for the ACM-TCM Obligations or any action, or the absence of any action, by Agent or any Lender in respect thereof (including the
release of any security or guaranty); (d) the insolvency of any Obligor; (e) any election by Agent or any Lender in an
Insolvency Proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of
a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the
disallowance of any claims of Agent or any Lender against any Obligor for the repayment of any ACM-TCM Obligations under Section 502
of the Bankruptcy Code or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor, except Full Payment of all ACM-TCM Obligations.

 

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Section 5.10.2.Waivers. (a) Each of ACM and
TCM expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or otherwise,
to compel Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or security for the payment or performance
of any Obligations before, or as a condition to, proceeding against such Borrower. Each of ACM and TCM waives all defenses available
to a surety, guarantor or accommodation co-obligor other than Full Payment of all Obligations and waives, to the maximum extent
permitted by law, any right to revoke any guaranty of Obligations as long as it is a Borrower. It is agreed among each of ACM and
TCM, Agent and Lenders that the provisions of this Section 5.10 are of the essence of the transaction contemplated by the
Loan Documents and that, but for such provisions, Agent and Lenders would decline to make Loans and issue Letters of Credit. Each
of ACM and TCM acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business,
and can be expected to benefit such business.

 

(b)Agent and Lenders may, in their discretion, pursue such
rights and remedies as they deem appropriate, including realization upon Collateral or any Real Estate by judicial foreclosure
or nonjudicial sale or enforcement, without affecting any rights and remedies under this Section 5.10. If, in taking any action
in connection with the exercise of any rights or remedies, Agent or any Lender shall forfeit any other rights or remedies, including
the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable Laws pertaining
to “election of remedies” or otherwise, each of ACM and TCM consents to such action and waives any claim based upon
it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election
of remedies that results in denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any
Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. Each of ACM and TCM
waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security
for Obligations, even though that election of remedies destroys such Borrower’s rights of subrogation against any other Person.
Agent may bid Obligations, in whole or part, at any foreclosure, trustee or other sale, including any private sale, and the amount
of such bid need not be paid by Agent but shall be credited against the Obligations. The amount of the successful bid at any such
sale, whether Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the
Collateral, and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed
to be the amount of the Obligations guaranteed under this Section 5.10, notwithstanding that any present or future law or
court decision may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise
be entitled but for such bidding at any such sale.

 

Section 5.10.3.Extent of Liability; Contribution.
(a) Notwithstanding anything herein to the contrary, each of ACM and TCM’s liability under this Section 5.10 shall
not exceed the greater of (i) all amounts for which such Borrower is primarily liable, as described in clause (c) below, and
(ii) such Borrower’s Allocable Amount.

 

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(b)If any Borrower makes a payment under this Section 5.10
of any Obligations (other than amounts for which such Borrower is primarily liable) (a “Guarantor Payment”)
that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount
that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments
in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such
Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower
for the amount of such excess, ratably based on their respective Allocable Amounts in effect immediately prior to such Guarantor
Payment. The “Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered from
such Borrower under this Section 5.10 without rendering such payment voidable under Section 548 of the Bankruptcy Code
or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law.

 

(c)Section 5.10.3(a) shall not limit the liability
of any Borrower to pay or guarantee Revolver Loans made directly or indirectly to it (including Revolver Loans advanced hereunder
to any other Person and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations
relating to Letters of Credit issued to support its business, Secured Bank Product Obligations incurred to support its business,
and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily
liable for all purposes hereunder. Agent and Lenders shall have the right, at any time in their discretion, to condition Loans
and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement
and use of Revolver Loans and Letters of Credit to a Borrower based on that calculation.

 

(d)Each Obligor that is a Qualified ECP when its guaranty
of or grant of Lien as security for a Swap Obligation becomes effective hereby jointly and severally, absolutely, unconditionally
and irrevocably undertakes to provide funds or other support to each Specified Obligor with respect to such Swap Obligation as
may be needed by such Specified Obligor from time to time to honor all of its obligations under the Loan Documents in respect of
such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering
such Qualified ECP’s obligations and undertakings under this Section 5.10 voidable under any applicable fraudulent transfer
or conveyance act). The obligations and undertakings of each Qualified ECP under this Section shall remain in full force and
effect until Full Payment of all Obligations. Each Obligor intends this Section to constitute, and this Section shall
be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support or other agreement” for the benefit
of, each Obligor for all purposes of the Commodity Exchange Act.

 

Section 5.10.4.Joint Enterprise. Each of ACM and
TCM has requested that Agent and Lenders make ACM-TCM Revolver Commitments available to ACM and TCM on a combined basis, in order
to finance ACM’s and TCM’s business most efficiently and economically. ACM’s and TCM’s business is a mutual
and collective enterprise, and the successful operation of each such Borrower is dependent upon the successful performance of the
integrated group. ACM and TCM believe that consolidation of their credit facility will enhance the borrowing power of each such
Borrower and ease administration of the facility, all to their mutual advantage. ACM and TCM acknowledge that Agent’s and
Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an
accommodation to ACM and TCM and at ACM’s and TCM’s request.

 

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Section 5.10.5.Subordination. Each Borrower hereby
subordinates any claims, including any rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution,
indemnification or setoff, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of its
Obligations.

 

Section 5.10.6.Cross-Guaranties. Each of Colonial,
on one hand, and ACM and TCM, on the other hand, agrees it shall execute and provide to Agent a Guaranty whereby such Borrower(s)
guarantee all Obligations of the other Borrower(s) and all agreements of the other Borrower(s) under the Loan Documents.

Section 6.Conditions
Precedent/Post Closing Deliverables.

 

Section 6.1.Conditions Precedent to Initial Revolver
Loans. In addition to the conditions set forth in Section 6.2, Lenders shall not be required to fund any requested Revolver
Loan, issue any Letter of Credit, or otherwise extend credit to Borrowers hereunder, until the date (“Closing Date”)
that each of the following conditions has been satisfied:

 

(a)Colonial Revolver Notes and ACM-TCM Revolver
Notes, as applicable, shall have been executed by applicable Borrowers and delivered to each Lender that requests issuance of a
Revolver Note. Each Loan Document required to be delivered on the Closing Date shall have been duly executed and delivered to Agent
by each of the signatories thereto, and each Obligor shall be in compliance with all terms thereof.

 

(b)Agent shall have received acknowledgments of
all filings or recordations necessary to perfect its Liens in the Collateral, as well as UCC and Lien searches and other evidence
satisfactory to Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens.

 

(c)Agent shall have received certificates, in
form and substance satisfactory to it, from a knowledgeable Senior Officer of each Borrower certifying that, after giving effect
to the initial Revolver Loans and transactions hereunder, (i) such Borrower is Solvent; (ii) no Default or Event of Default
exists; (iii) the representations and warranties set forth in this Agreement and the other Loan Documents are true and correct;
and (iv) such Borrower has complied with all agreements and conditions to be satisfied by it under the Loan Documents.

 

(d)Agent shall have received a certificate of
a duly authorized officer of each Obligor, certifying (i) that attached copies of such Obligor’s Organic Documents are
true and complete, and in full force and effect, without amendment except as shown; (ii) that an attached copy of resolutions
authorizing execution and delivery of the Loan Documents is true and complete, and that such resolutions are in full force and
effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this
credit facility; and (iii) to the title, name and signature of each Person authorized to sign the Loan Documents. Agent may
conclusively rely on this certificate until it is otherwise notified by the applicable Obligor in writing.

 

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(e)Agent shall have received copies of the charter
documents of each Obligor, certified by the Secretary of State or other appropriate official of such Obligor’s jurisdiction
of organization. Agent shall have received good standing certificates for each Obligor, issued by the Secretary of State or other
appropriate official of such Obligor’s jurisdiction of organization and each jurisdiction where such Obligor’s conduct
of business or ownership of Property necessitates qualification.

 

(f)Borrowers shall have paid all fees and expenses
to be paid to Agent and Lenders on the Closing Date.

 

(g)Agent shall have received an updated Colonial
Borrowing Base Report and ACM-TCM Borrowing Base Report, each prepared as of the prior month, reflecting changes

incorporated herein.

 

(h)Agent shall have received a written opinion
of counsel, in form and substance and by a law firm satisfactory to Agent, with respect to the Loan Documents.

 

(i)BAML, in its capacity as Resigning Agent, a
resigning Issuing Bank and a Departing Lender, shall have received all amounts due and owing to it, including all (i) outstanding
principal, interest and fees and cash collateral in an amount not less than 105% of the face amount of the Existing Letter of Credit
and (ii) cash collateral in an amount equal to $1,900,000.00 for Existing BAML Bank Products; and

 

(j)(i) Upon the reasonable request of any
Lender made at least 10 days prior to the Closing Date, the Borrowers shall have provided to such Lender the documentation and
other information so requested in connection with applicable “know your customer” and anti-money laundering rules and
regulations, including the Patriot Act, in each case at least 5 days prior to the Closing Date.

 

(ii)At least five (5) days prior to the
Closing Date, any Obligor that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall
deliver a Beneficial Ownership Certification in relation to such Borrower.

 

Section 6.2.Conditions Precedent to All Credit Extensions.
Agent, Issuing Bank and Lenders shall in no event be required to make any credit extension hereunder (including funding any Revolver
Loan, arranging any Letter of Credit, or granting any other accommodation to or for the benefit of any Borrower), if the following
conditions are not satisfied on such date and upon giving effect thereto:

 

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(a)(i) No Default or Event of Default exists,
and (ii) (ii) no Regulatory Event shall have occurred and be continuing;

 

(b)The representations and warranties of each
Obligor in the Loan Documents are true and correct (except for representations and warranties that relate solely to an earlier
date);

 

(c)All conditions precedent in any Loan Document
are satisfied;

 

(d)No event has occurred or circumstance exists
that has or could reasonably be expected to have a Material Adverse Effect;

 

(e)With respect to a Letter of Credit issuance,
all LC Conditions are satisfied; and

 

(f)After giving effect to any ACM-TCM Revolver
Loan there shall be positive ACM-TCM Availability, and after giving effect to Colonial Revolver Loan there shall be positive Colonial
Revolver Availability.

 

Each request (or deemed request) by a Borrower for any credit extension
shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the
date of the credit extension. As an additional condition to a credit extension, Agent may request any other information, certification,
document, instrument or agreement as it deems appropriate.

 

Section 6.3.Post-Closing Deliverables. (a) Within
ninety (90) days after the Closing Date (or such later date as may be determined by the Agent in its sole discretion), the Borrowers
shall deliver an opinion (in form and substance acceptable to the Agent) as to the compliance of Borrowers’ form Contracts
(in each state where such Contract is used) with the applicable Consumer Finance Laws.

 

(b)       Within
ninety (90) days after the Closing Date, the Borrowers shall deliver to the Agent and Lenders a true, complete and correct copy
of the Backup Servicing Agreement, including all exhibits and schedules thereto and all amendments thereto, in form and substance
reasonably satisfactory to Agent.

 

(c)       Within
ninety (90) days after the Closing Date, the Borrowers shall deliver Lien Waivers for the leased locations where Vehicles constituting
Eligible Vehicle Inventory are located, and the Borrowers acknowledge that any Vehicle at a leased location that is not subject
to a Lien Waiver after such ninety (90) day period shall no longer constitute Eligible Vehicle Inventory unless a Rent and Charge
Reserve is established with respect to such leased location.

 

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(d)       Within
thirty (30) days after the Closing Date (or such later date as may be determined by the Agent in its sole discretion), the Agent
shall have received duly executed agreements establishing each Colonial Dominion Account, ACM-TCM Dominion Account and related
lockbox, in form and substance, and with financial institutions, satisfactory to Agent.

(e)       Within
one (1) Business Day after the Closing Date (or such later date as may be determined by the Agent in its sole discretion), the
Agent shall have received copies of

policies or certificates of insurance for the insurance policies carried by Borrower, all in
compliance with the Loan Documents.

 

Section 7.Collateral.

 

Section 7.1.Grants of Security Interests.

 

Section 7.1.1.Colonial Grant of Security Interest.
To secure the prompt payment and performance of the Colonial Obligations, Colonial hereby grants to Agent, for the benefit of Secured
Parties, a continuing security interest in, Lien upon, assignment of and right of set-off against, Colonial’s right, title
and interest in and to all Property and assets of Colonial, including all of the following Property, whether now owned or existing
or hereafter acquired or arising, and wherever located:

 

(a)all Accounts;

 

(b)all Chattel Paper, including electronic chattel
paper;

 

(c)all Commercial Tort Claims, including those
shown on Schedule 9.1.16;

 

(d)all Contracts;

 

(e)all Deposit Accounts;

 

(f)all Documents;

 

(g)all General Intangibles, including Intellectual
Property;

 

(h)all Goods, including Inventory (including Vehicles),
Equipment and fixtures;

 

(i)all Instruments;

 

(j)all Investment Property;

 

(k)all Letter-of-Credit Rights;

 

(l)all Supporting Obligations;

 

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(m)all monies, whether or not in the possession
or under the control of Agent, a Lender, or a bailee or Affiliate of Agent or a Lender, including any Cash Collateral;

 

(n)all accessions to, substitutions for, and all
replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect
to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and

 

(o)all books and records (including customer lists,
files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing.

 

For the avoidance of doubt, Obligors do not
grant a security interest in their respective Real Property.

 

Section 7.1.2.ACM and TCM Grant of Security Interests.
To secure the prompt payment and performance of the ACM-TCM Obligations, ACM and TCM hereby grants to Agent, for the benefit of
Secured Parties, a continuing security interest in, Lien upon, assignment of and right of set-off against, ACM’s and TCM’s
right, title and interest in and to all Property and assets of ACM and TCM, including all of the following Property, whether now
owned or existing or hereafter acquired or arising, and wherever located:

 

(a)all Accounts;

 

(b)all Chattel Paper, including electronic chattel
paper;

 

(c)all Commercial Tort Claims, including those
shown on Schedule 9.1.16;

 

(d)all Contracts;

 

(e)all Deposit Accounts;

 

(f)all Documents;

 

(g)all General Intangibles, including Intellectual
Property;

 

(h)all Goods, including Inventory, Equipment and
fixtures;

 

(i)all Instruments;

 

(j)all Investment Property;

 

(k)all Letter-of-Credit Rights;

 

(l)all Supporting Obligations;

 

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(m)all monies, whether or not in the possession
or under the control of Agent, a Lender, or a bailee or Affiliate of Agent, or a Lender, including any Cash Collateral;

 

(n)all accessions to, substitutions for, and all
replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect
to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and

 

(o)all books and records (including customer lists,
files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing.

 

 

For the avoidance of doubt, Obligors do not
grant a security interest in their respective Real Property.

 

Section 7.1.3.Parent Grant of Security Interests.
To secure the prompt payment and performance of the Parent Obligations, Parent hereby grants to Agent, for the benefit of Secured
Parties, a continuing security interest in, Lien upon, assignment of and right of set-off against, Parent’s right, title
and interest in and to all Property and assets of Parent, including all of the following Property, whether now owned or existing
or hereafter acquired or arising, and wherever located:

 

(a)all Accounts;

 

(b)all Chattel Paper, including electronic chattel
paper;

 

(c)all Commercial Tort Claims, including those
shown on Schedule 9.1.16;

 

(d)all Contracts;

 

(e)all Deposit Accounts;

 

(f)all Documents;

 

(g)all General Intangibles, including Intellectual
Property;

 

(h)all Goods, including Inventory, Equipment and
fixtures;

 

(i)all Instruments;

 

(j)all Investment Property;

 

(k)all Letter-of-Credit Rights;

 

(l)all Supporting Obligations;

 

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(m)all monies, whether or not in the possession
or under the control of Agent, a Lender, or a bailee or Affiliate of Agent, or a Lender, including any Cash Collateral;

 

(n)all accessions to, substitutions for, and all
replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect
to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and

 

(o)all books and records (including customer lists,
files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing.

 

For the avoidance of doubt, Obligors do not
grant a security interest in their respective Real Property.

 

Section 7.2.Lien on Deposit Accounts; Cash Collateral.

 

Section 7.2.1.Deposit Accounts. To further secure
the prompt payment and performance of the Obligations, each Obligor hereby grants to Agent a continuing security interest in and
Lien upon all amounts credited to any Deposit Account of such Obligor, including sums in any blocked, lockbox, sweep or collection
account. Each Obligor hereby authorizes and directs each bank or other depository to deliver to Agent, upon request, all balances
in any Deposit Account maintained for such Obligor, without inquiry into the authority or right of Agent to make such request.

 

Section 7.2.2.Cash Collateral. Cash Collateral may
be invested, at Agent’s discretion, in Cash Equivalents, but Agent shall have no duty to do so, regardless of any agreement
or course of dealing with any Obligor, and shall have no responsibility for any investment or loss. As security for its Obligations,
each Obligor hereby grants to Agent a security interest in and Lien upon all Cash Collateral delivered hereunder from time to time,
whether held in a segregated cash collateral account or otherwise. Agent may apply Cash Collateral to payment of such Obligations,
in such order as Agent may elect, as they become due and payable. All Cash Collateral and related deposit accounts shall be under
the sole dominion and control of Agent. No Obligor nor any other Person claiming through or on behalf of any Obligor shall have
any right to any Cash Collateral until Full Payment of the Obligations.

 

Section 7.3.Contract Legend. Except with respect
to Collateral delivered to Lender, Obligors shall immediately following the execution or receipt of a Contract, Chattel Paper or
Instrument, stamp on the Contract, Chattel Paper or Instrument the following words: “This document is subject to a first
lien security interest in favor of BMO Harris Bank N.A. as collateral agent, and may not be further assigned.”

 

Section 7.4.Other Collateral.

 

Section 7.4.1.Commercial Tort Claims. Obligors shall
promptly notify Agent in writing if any Obligor has a Commercial Tort Claim (other than, as long as no Default or Event of Default
exists, a Commercial Tort Claim for less than $100,000), shall promptly amend Schedule 9.1.16 to include such claim, and shall
take such actions as Agent deems appropriate to subject such claim to a duly perfected, first priority Lien in favor of Agent.

 

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Section 7.4.2.Certain After-Acquired Collateral.
Obligors shall promptly notify Agent in writing if, after the Closing Date, any Obligor obtains any interest in any Collateral
consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit
Rights and, upon Agent’s request, shall promptly take such actions as Agent deems appropriate to effect Agent’s duly
perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien
Waiver. If any Collateral is in the possession of a third party, at Agent’s request, Obligors shall obtain an acknowledgment
that such third party holds the Collateral for the benefit of Agent.

 

Section 7.5.Limitations. The Lien on Collateral granted
hereunder is given as security only and shall not subject Agent or any Lender to, or in any way modify, any obligation or liability
of Obligors relating to any Collateral. In no event shall the grant of any Lien under any Loan Document secure an Excluded Swap
Obligation of the granting Obligor.

 

Section 7.6.Further Assurances. All Liens granted
to Agent under the Loan Documents are for the benefit of Secured Parties. Promptly upon request, Obligors shall deliver such instruments,
assignments, title certificates and other documents and agreements, and shall take such actions, as Agent deems appropriate under
Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement.
Each Obligor authorizes Agent to file any financing statement that describes the Collateral as “all assets” or “all
personal property” of such Obligor, or words to similar effect, and ratifies any action taken by Agent before the Closing
Date to effect or perfect its Lien on any Collateral. Each Obligor shall, at its expense, perform all steps requested by Agent
at any time to perfect, maintain, protect, and enforce the Agent’s Liens, including: (i) executing, delivering and/or
filing and recording of any agreements and filing financing or continuation statements, and amendments thereof, in form and substance
satisfactory to the Agent; and (ii) delivering to the Agent the originals of all Contracts, Instruments, Documents, and tangible
Chattel Paper, and all other Collateral in such Obligor’s possession of which the Agent determines it should have physical
possession in order to perfect or protect the Agent’s Lien therein, duly pledged, endorsed, or assigned to the Agent without
restriction. Each Obligor shall hold all Collateral consisting of negotiable Documents, certificated securities (accompanied by
stock papers executed in blank), Chattel Paper, Contracts and Instruments as a custodian for the benefit of Agent. Each Obligor
shall obtain authenticated control agreements form each issuer of uncertificated securities, securities intermediary or commodities
intermediary issuing or holding any financial assets or commodities to or for such Obligor. Each Obligor shall take all steps necessary
to grant the Agent control of all electronic chattel paper in accordance with the UCC and all “transferable records”
as defined in the Uniform Electronic Transactions Act.

 

Section 8.Collateral
Administration.

 

Section 8.1.Collateral Reporting.

 

Section 8.1.1.Colonial Borrowing Base Reports. By
the 15th day of each month, Colonial shall deliver to Agent (and Agent shall promptly deliver same to Lenders) (a) a Colonial
Borrowing Base Report prepared as of the close of business of the previous month, and at such other times as Agent may request,
calculating the Colonial Contracts Formula Amount arising from Colonial Net Eligible Contract Payments, and including such other
information as Agent may require; (b) the electronic data file for the portfolio; (c) an aging of Colonial’s Contracts,
including a listing of each Vehicle Contract under which any payment is 29 or more days past due, as determined on a contractual
basis and aged in increments of 7 days or less, together with a reconciliation to the previous month’s aging and to Colonial’s
general ledger; (d) a calculation of the Past Due Percent, Repossession Percent, Annualized Colonial Net Charge-Off Percent
and Colonial Contracts Advance Rate Adjustment Percent; (e) cash collection journals; (f) bankruptcy and repossession
journal; (g) reports identifying Vehicle Contracts that (i) are subject to an Insolvency Proceeding, (ii) are Modified
Contracts, (iii) are due from an Affiliate, (iv) have original terms of more than 36 months, (v) were originated
in the prior month, and (vi) percentage of Vehicle Contracts that are secured by Vehicles that were subject to a prior repossession;
(h) a listing of Contract Debtors and their respective loan numbers; (i) such other reports as to the Collateral of Borrowers
as Agent shall reasonably request from time to time; (j) certifying that no Regulatory Event has occurred and is continuing, and
(k) a certificate of an officer of Colonial certifying as to the accuracy and completeness of the foregoing. If any of Colonial’s
records or reports of the Collateral are prepared by an accounting service or other agent, Colonial hereby authorizes such service
or agent to deliver such records, reports, and related documents to Agent. All calculations of Colonial Availability in any Colonial
Borrowing Base Report shall originally be made by Colonial and certified by a Senior Officer, provided that Agent may from
time to time review and adjust any such calculation (a) to reflect its reasonable estimate of declines in value of any Collateral,
due to collections received in a Colonial Dominion Account or ACM-TCM Dominion Account or otherwise; (b) to adjust advance
rates to reflect changes factors affecting Collateral; and (c) to the extent the calculation is not made in accordance with
this Agreement or does not accurately reflect the Colonial Availability Reserve.

 

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Section 8.1.2.ACM-TCM Borrowing Base Reports. By
the 15th day of each month, ACM and TCM shall deliver to Agent (and Agent shall promptly deliver same to Lenders) (a) an ACM-TCM
Borrowing Base Report prepared as of the close of business of the previous month, and at such other times as Agent may request,
calculating the ACM-TCM Inventory Formula Amount, and including such other information as Agent may require; (b) lot status
report; (c) cash collection journals; (d) electronic Inventory report that includes the aggregate Inventory at Vehicle
lots purchased through a third party (i.e., auction or wholesale) valued at actual cash value (or purchase price) and the
repossessed Vehicles from Repossessed Contracts valued at the wholesale fair market value thereof; (e) a monthly report providing
a calculation comparing the actual cash proceeds of repossessed vehicles sold at auction compared to the vehicle’s fair market
value that Borrowers acquired the repossessed vehicles for from Colonial at the time of repossession; (f) such other reports
as to the Collateral of ACM and TCM as Agent shall reasonably request from time to time; and (g) a certificate of an officer
of ACM and TCM certifying as to the accuracy and completeness of the foregoing. If any of ACM or TCM’s records or reports
of the Collateral are prepared by an accounting service or other agent, each of ACM and TCM hereby authorizes such service or agent
to deliver such records, reports, and related documents to Agent. All calculations of ACM-TCM Availability in any ACM-TCM Borrowing
Base Report shall originally be made by ACM and TCM and certified by a Senior Officer of both ACM and TCM, provided that
Agent may from time to time review and adjust any such calculation (a) to reflect its reasonable estimate of declines in value
of any Collateral, due to collections received in a Colonial Dominion Account or ACM-TCM Dominion Account or otherwise; (b) to
adjust advance rates to reflect changes factors affecting Collateral; and (c) to the extent the calculation is not made in
accordance with this Agreement or does not accurately reflect the ACM-TCM Availability Reserve.

 

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Section 8.2.Administration of Contracts.

 

Section 8.2.1.Contracts. (a) Colonial shall
not grant any discount, credit or allowance to any such Contract Debtor without Agent’s prior written consent, except for
discounts, credits and allowances made or given in the Ordinary Course of Business, and settlements of delinquent Contracts which
settlements are made in the Ordinary Course of Business.

 

(b)Colonial shall not accept any note or other instrument
(except a check or other instrument for the immediate payment of money) with respect to any Contract without Agent’s prior
written consent in each instance. If Agent consents to the acceptance of any such instrument, it shall be considered as evidence
of the Contract and not payment thereof and Borrower will promptly deliver such instrument to Agent, endorsed by Colonial to the
Agent in a manner satisfactory in form and substance to Agent. Regardless of the form of presentment, demand, notice of protest
with respect thereto, the Contract Debtor shall remain liable thereon until such Instrument is paid in full.

 

(c)Agent may rely, in determining which Contracts are Eligible
Vehicle Contracts, on all statements and representations made by Colonial with respect thereto.

 

Section 8.2.2.Taxes. If a Contract of Colonial includes
a charge for any Taxes, Agent is authorized, in their discretion, to pay the amount thereof to the proper taxing authority for
the account of Colonial and to charge Colonial therefor; provided, however, that Agent shall not be liable for any Taxes
that may be due from Colonial or with respect to any Collateral.

 

Section 8.2.3.Contract Verification. Whether or not
a Default or Event of Default exists, Agent shall have the right at any time, in the name of Agent, any designee of Agent or Colonial,
to verify the validity, amount or any other matter relating to any Contracts of Colonial by mail, telephone or otherwise. Colonial
shall cooperate fully with Agent in an effort to facilitate and promptly conclude any such verification process.

 

Section 8.2.4.Maintenance of Dominion Account. Each
Obligor shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent. Each Obligor shall obtain
an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s
control over and Lien in the lockbox or Dominion Account, requiring immediate deposit of all remittances received in the lockbox
to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion
Account is not maintained with Agent, Agent may require immediate transfer of all funds in such account to a Dominion Account maintained
with Agent. Agent assumes no responsibility to Obligors for any lockbox arrangement or Dominion Account, including any claim of
accord and satisfaction or release with respect to any Payment Items accepted by any bank.

 

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Section 8.2.5.Proceeds of Collateral. The applicable
Obligor shall request in writing and otherwise take all necessary steps to ensure that all payments on Contracts or otherwise relating
to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Obligor or any Subsidiary
receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than
the next Business Day) deposit same into a Dominion Account.

 

Section 8.3.Inventory.

 

Section 8.3.1.Records and Reports of Inventory. Each
Obligor shall keep accurate and complete records of its Inventory, including costs and daily withdrawals and additions, and shall
submit to Agent inventory and reconciliation reports in form satisfactory to Agent, on such periodic basis as Agent may request.
Each Obligor shall conduct a physical inventory at least once per calendar month (and on a more frequent basis if requested by
Agent when an Event of Default exists) and periodic cycle counts consistent with historical practices, and shall provide to Agent
a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as
Agent may request. Agent may participate in and observe each physical count.

 

Section 8.3.2.Returns of Inventory. No Obligor shall
return any Inventory to a supplier, vendor or other Person other than in the Ordinary Course of Business.

 

Section 8.3.3.Acquisition, Sale and Maintenance.
No Obligor shall acquire or accept any Inventory on consignment or approval. No Obligor shall sell any Inventory on consignment
or approval or any other basis under which the customer may return or require an Obligor to repurchase such Inventory; provided,
that Obligor may accept a return of Inventory or un-wind a sale of Inventory in the Ordinary Course of Business. Obligors shall
use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance
and in conformity with all Applicable Law, and shall make current rent payments (within applicable grace periods provided for in
leases) at all locations where any Collateral is located.

 

Section 8.4.Administration of Equipment.

 

Section 8.4.1.Records and Schedules of Equipment.
Each Obligor shall keep accurate and complete records of its Equipment, including kind, quality, quantity, cost, acquisitions and
dispositions thereof, and shall submit to Agent, on such periodic basis as Agent may request, a current schedule thereof, in form
satisfactory to Agent. Promptly upon request, Obligors shall deliver to Agent evidence of their ownership or interests in any Equipment.
No Obligor will, without the Agent’s prior written consent, alter or remove any identifying symbol or number on any of such
Obligor’s Equipment constituting Collateral.

 

Section 8.4.2.Dispositions of Equipment. No Obligor
shall sell, lease or otherwise dispose of any Equipment, without the prior written consent of Agent, other than (a) a Permitted
Asset Disposition; and (b) replacement of Equipment that is worn, damaged or obsolete with Equipment of like function and
value, if the replacement Equipment is acquired substantially contemporaneously with such disposition and is free of Liens.

 

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Section 8.4.3.Condition of Equipment. The Equipment
is in good operating condition and repair, and all necessary replacements and repairs have been made so that the value and operating
efficiency of the Equipment is preserved at all times, reasonable wear and tear excepted. Each Obligor shall ensure that the Equipment
is mechanically and structurally sound, and capable of performing the functions for which it was designed, in accordance with manufacturer
specifications. Obligors shall not permit any Equipment to become affixed to real Property unless any landlord or mortgagee delivers
a Lien Waiver.

 

Section 8.5.Deposit Accounts. Schedule 8.5 shows
all Deposit Accounts maintained by each Obligor, including Dominion Accounts. Each Obligor shall take all actions necessary to
establish Agent’s first priority Lien on each such Deposit Account except Excluded Deposit Accounts. Each Obligor shall be
the sole account holder of each Deposit Account and shall not allow any Person (other than Agent and the depository bank) to have
control over their Deposit Accounts or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening
or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

 

Section 8.6.General Provisions.

 

Section 8.6.1.Location of Collateral. All tangible
items of Collateral, other than Inventory in transit, shall at all times be kept by Obligors at the business locations set forth
in Schedule 8.6.1, except that Obligors may (a) make sales or other dispositions of Collateral in accordance with Section 10.2.6;
and (b) move Collateral to another location in the United States, upon 30 Business Days prior written notice to Agent.
Each Obligor will not otherwise change or add to any of such locations and will not change the location of its chief executive
office from the location identified on Schedule 8.6.1 unless it gives the Agent at least 30 days’ prior written notice thereof.

 

Section 8.6.2.Insurance of Collateral; Condemnation Proceeds.
(a) Each Obligor shall maintain general liability insurance and may maintain insurance respect to the Collateral, covering
casualty, hazard, theft, malicious mischief, flood and other risks, which in each case, shall be in amounts, with endorsements
and with insurers (with a Best rating of at least A+, unless otherwise approved by Agent in its discretion) acceptable to Agent.
All proceeds under each policy shall be payable to Agent. From time to time upon request, each Obligor shall deliver to Agent the
originals or certified copies of its insurance policies. Unless Agent shall agree otherwise, each policy shall include satisfactory
endorsements (i) showing Agent as loss payee; (ii) requiring 30 days’ prior written notice to Agent in the
event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Agent shall not be
impaired or invalidated by any act or neglect of any Obligor or the owner of the Property, nor by the occupation of the premises
for purposes more hazardous than are permitted by the policy. If any Obligor fails to provide and pay for any insurance, Agent
may, at its option, but shall not be required to, procure the insurance and charge such Obligor therefor. Each Obligor agrees to
deliver to Agent, promptly as rendered, copies of all reports made to insurance companies with respect to individual claims exceeding
$50,000. While no Event of Default exists, each Obligor may settle, adjust or compromise any insurance claim, as long as the proceeds
are delivered to Agent. If an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims.

 

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(b)Any proceeds of insurance (other than proceeds from workers’
compensation or D&O insurance) and any awards arising from condemnation of any Collateral shall be paid to Agent. Any such
proceeds or awards that relate to Collateral shall be applied to payment of the Revolver Loans, and then to other Obligations.

 

(c)If requested by Obligors in writing within 15 days after
Agent’s receipt of any insurance proceeds or condemnation awards relating to any loss or destruction of Equipment or Real
Estate, the applicable Obligor may use such proceeds or awards to repair or replace such Equipment or Real Estate (and until so
used, the proceeds shall be held by Agent as Cash Collateral) as long as (i) no Default or Event of Default exists; (ii) such
repair or replacement is promptly undertaken and concluded, in accordance with plans satisfactory to Agent; (iii) replacement
buildings are constructed on the sites of the original casualties and are of comparable size, quality and utility to the destroyed
buildings; (iv) the repaired or replaced Property is free of Liens, other than Permitted Liens that are not Purchase Money
Liens; (v) such Obligor complies with disbursement procedures for such repair or replacement as Agent may reasonably require;
and (vi) the aggregate amount of such proceeds or awards does not exceed $1,000,000 per Fiscal Year.

 

Section 8.6.3.Protection of Collateral. All expenses
of protecting, storing, warehousing, insuring, handling, maintaining and shipping any Collateral, all Taxes payable with respect
to any Collateral (including any sale thereof), and all other payments required to be made by Agent to any Person to realize upon
any Collateral, shall be borne and paid by the applicable Obligor. Agent shall not be liable or responsible in any way for the
safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in
Agent’s actual possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier,
forwarding agency or other Person whatsoever, but the same shall be at Obligors’ sole risk. The Agent may, in its discretion,
pay any amount or do any act required of any Obligor in order to preserve, protect, maintain or enforce the Obligations, the Collateral
or the Agent’s Liens therein, and which any Obligor fails to pay or do, including payment of any judgment against an Obligor,
any insurance premium, any warehouse charge, any finishing or processing charge, any landlord’s or bailee’s claim,
and any other Lien upon or with respect to the Collateral. Any payment made or other action taken by the Agent under this Section
shall be without prejudice to any right to assert an Event of Default hereunder and to proceed thereafter as herein provided.

 

Section 8.6.4.Defense of Title. Each Obligor shall
defend its title to Collateral and Agent’s Liens therein against all Persons, claims and demands, except Permitted Liens.

 

Section 8.7.Power of Attorney. Each Obligor hereby
irrevocably constitutes and appoints Agent (and all Persons designated by Agent) as such Obligor’s true and lawful attorney
(and agent-in-fact) for the purposes provided in this Section. Agent, or Agent’s designee, may, without notice and in either
its or an Obligor’s name, but at the cost and expense of Obligors:

 

(a)Endorse an Obligor’s name on any Payment
Item or other proceeds of Collateral (including proceeds of insurance) that come into Agent’s possession or control; and

 

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(b)During an Event of Default, (i) notify
any Contract Debtors or account debtors of the assignment of their Contracts or Accounts, demand and enforce payment of Contracts
or Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Contracts and Accounts;
(ii) settle, adjust, modify, compromise, discharge or release any Contract, Account or other Collateral, or any legal proceedings
brought to collect Contract, Account or Collateral; (iii) sell or assign any Contract, Account and other Collateral upon such
terms, for such amounts and at such times as Agent deems advisable; (iv) collect, liquidate and receive balances in Deposit
Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral; (v) prepare, file and sign an
Obligor’s name to a proof of claim or other document in a bankruptcy of an Contract Debtor or account debtor, or to any notice,
assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to an Obligor, and
notify postal authorities to deliver any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document,
Instrument, invoice, freight bill, bill of lading, or other document or agreement relating to any Contract, Account, Inventory
or other Collateral; (viii) use an Obligor’s stationery and sign its name to verifications of Contract, Accounts and
notices to Contract Debtors and account debtors; (ix) use information contained in any data processing, electronic or information
systems relating to Collateral; (x) make and adjust claims under insurance policies; (xi) take any action as may be necessary
or appropriate to obtain payment under any letter of credit, banker’s acceptance or other instrument for which an Obligor
is a beneficiary; and (xii) take all other actions as Agent deems appropriate to fulfill an Obligor’s obligations under
the Loan Documents.

 

Section 8.8.Agent’s and Lenders’ Rights,
Duties and Liabilities. (a) The Obligors assume all responsibility and liability arising from or relating to the use, sale,
license or other disposition of the Collateral. The Obligations shall not be affected by any failure of Agent or any Lender to
take any steps to perfect the Agent’s Liens or to collect or realize upon the Collateral, nor shall loss of or damage to
the Collateral release any Obligor from any of the Obligations. Following the occurrence and during the continuation of an Event
of Default, the Agent may (but shall not be required to), without notice to or consent from any Obligor, sue upon or otherwise
collect, extend the time for payment of, modify or amend the terms of, compromise or settle for cash, credit, or otherwise upon
any terms, grant other indulgences, extensions, renewals, compositions, or releases, and take or omit to take any other action
with respect to the Collateral, any security therefor, any agreement relating thereto, any insurance applicable thereto, or any
Person liable directly or indirectly in connection with any of the foregoing, without discharging or otherwise affecting the liability
of Obligor for the Obligations or under this Agreement or any other agreement now or hereafter existing between the Agent and/or
any Lender and Obligor.

 

(b)It is expressly agreed by each Obligor that,
anything herein to the contrary notwithstanding, such Obligor shall remain liable under each of its contracts and each of its licenses
to observe and perform all the conditions and obligations to be observed and performed by it thereunder. Neither Agent nor any
Lender shall have any obligation or liability under any contract or license by reason of or arising out of this Agreement or the
granting herein of a Lien thereon or the receipt by Agent or any Lender of any payment relating to any contract or license pursuant
hereto. Neither Agent nor any Lender shall be required or obligated in any manner to perform or fulfill any of the obligations
of any Obligor under or pursuant to any contract or license, or to make any payment, or to make any inquiry as to the nature or
the sufficiency of any payment received by it or the sufficiency of any performance by any party under any contract or license,
or to present or file any claims, or to take any action to collect or enforce any performance or the payment of any amounts which
may have been assigned to it or to which it may be entitled at any time or times.

 

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(c)Agent may at any time after a Default or an
Event of Default has occurred and be continuing (or if any rights of set-off (other than set-offs against an Account arising under
the contract giving rise to the same Account) or contra accounts may be asserted with respect to the following), without prior
notice to any Obligor, notify account debtors, and other Persons obligated on the Collateral that Agent has a Lien therein, and
that payments shall be made directly to Agent, for itself and the benefit of Lenders. Upon the request of Agent, the Obligors shall
so notify account debtors and other Persons obligated on Collateral. Once any such notice has been given to any account debtor
or other Person obligated on the Collateral, no Obligor shall give any contrary instructions to such account debtor or other Person
without Agent’s prior written consent.

 

(d)Agent may at any time in Agent’s own
name or in the name of any Obligor communicate with such Obligor’s account debtors, parties to such Obligor’s contracts
and obligors in respect of such Obligor’s Instruments to verify with such Persons, to Agent’s satisfaction, the existence,
amount and terms of such Obligor’s Contracts, Accounts, payment intangibles, Instruments or Chattel Paper. If a Default or
Event of Default shall have occurred and be continuing, each Obligor, at its own expense, shall cause the independent certified
public accountants then engaged by such Obligor to prepare and deliver to Agent and each Lender at any time and from time to time
promptly upon Agent’s request the following reports with respect to such Obligor: (i) a reconciliation of all Accounts
and Contracts; (ii) an aging of all Accounts and Contracts; (iii) trial balances; and (iv) a test verification of
such Accounts and Contracts as Agent may request. Each Obligor, at its own expense, shall deliver to Agent the results of each
physical verification, if any, which such Obligor may in its discretion have made, or caused any other Person to have made on its
behalf, of all or any portion of its Inventory.

 

Section 9.Representations
and Warranties.

 

Section 9.1.General Representations and Warranties.
To induce Agent and Lenders to enter into this Agreement and to make available the Revolver Commitments, Revolver Loans and Letters
of Credit, each Obligor represents and warrants that:

 

Section 9.1.1.Organization and Qualification. Parent
and each of its Subsidiaries are duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization. Parent and its Subsidiaries are duly qualified, authorized to do business and in good standing as a foreign corporation
in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect. No Obligor
is an EEA Financial Institution.

 

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Section 9.1.2.Power and Authority. Each Obligor is
duly authorized to execute, deliver and perform its Loan Documents. The execution, delivery and performance of the Loan Documents
have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity
Interests of any Obligor, except those already obtained; (b) contravene the Organic Documents of any Obligor; (c) violate
or cause a default under any Applicable Law or Material Contract; or (d) result in or require imposition of a Lien (other
than Permitted Liens) on any Obligor’s Property.

 

Section 9.1.3.Enforceability. Each Loan Document
is a legal, valid and binding obligation of each Obligor party thereto, enforceable in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.

 

Section 9.1.4.Capital Structure. Schedule 9.1.4 shows,
for each of Parent and its Subsidiaries, its name and its jurisdiction of organization, and all agreements binding on the Equity
Interest holders of the Obligors with respect to their Equity Interests. Except as disclosed on Schedule 9.1.4, in the 5 years
preceding the Closing Date, (i) no Obligor has acquired any substantial assets from any other Person nor been the surviving entity
in a merger or combination and (ii) no Obligor has been known as or used any corporate, fictitious or trade names. Parent has good
title to its Equity Interests in its Subsidiaries, and all such Equity Interests are duly issued, fully paid and non-assessable.
There are no outstanding purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests, phantom
rights or powers of attorney relating to Equity Interests of any Borrower or other Subsidiaries of Parent.

 

Section 9.1.5.Title to Properties; Priority of Liens.
Each of Parent and its Subsidiaries have good and marketable title to (or valid leasehold interests in) all of its Real Estate,
and good title to all of its personal Property, including all Property reflected in any financial statements delivered to Agent
or Lenders, in each case free of Liens except Permitted Liens. Each of Parent and its Subsidiaries have paid and discharged all
lawful claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Agent in the Collateral
are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Agent’s
Liens.

 

Section 9.1.6.Contracts. Agent may rely, in determining
which Contracts are Eligible Vehicle Contracts, on all statements and representations made by Borrowers with respect thereto. Each
Borrower warrants, with respect to the Contracts, that: (i) each existing Contract represents, and each future Contract will
represent, a bona fide obligation of the Contract Debtor, enforceable in accordance with its terms; (ii) each existing Contract
is, and each future Contract will be, for a liquidated amount payable by the Contract Debtor thereon on the terms set forth in
the Contract therefor or in the schedule thereof delivered to Agent, without any offset, deduction, defense (including the defense
of usury), or counterclaim; (iii) there is only one original counterpart of the Contract executed by the Contract Debtor;
(iv) each Contract correctly sets forth the terms thereof, including the interest rate applicable thereto and correctly describes
the collateral for such Contract; (v) the signatures of all Contract Debtors are genuine and, to the knowledge of such Borrower,
each Contract Debtor had the legal capacity to enter into and execute such documents on the date thereof; (vi) each Contract
complies with all Applicable Law, including all interest rate and disclosure requirements and all Vehicle Contract Compliance Requirements;
(vii) Borrowers have not used illegal, improper, fraudulent or deceptive marketing techniques or unfair business practices
with respect to the Contracts; and (viii) Borrowers have paid to the applicable Dealer, the purchase price for each Contract
purchased from a Dealer, and except as set forth in the Servicing Agreement, the Dealer has no interest in any Contract purchased
by a Borrower.

 

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Section 9.1.7.Financial Statements. The consolidated
and consolidating balance sheets, and related statements of income, cash flow and shareholders equity, of Parent and its Subsidiaries
that have been and are hereafter delivered to Agent and Lenders, are prepared in accordance with GAAP, and fairly present the financial
positions and results of operations of Parent and its Subsidiaries at the dates and for the periods indicated. All projections
delivered from time to time to Agent and Lenders have been prepared in good faith, based on reasonable assumptions in light of
the circumstances at such time. Since April 30, 2019, there has been no change in the condition, financial or otherwise, of Parent
or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect. No financial statement delivered
to Agent or Lenders at any time contains any untrue statement of a material fact, nor fails to disclose any material fact necessary
to make such statement not materially misleading. Parent and its Subsidiaries are Solvent.

 

Section 9.1.8.Surety Obligations. Neither Parent
nor any of its Subsidiaries are obligated as surety or indemnitor under any bond or other contract that assures payment or performance
of any obligation of any Person, except as permitted hereunder.

 

Section 9.1.9.Taxes. Parent and its Subsidiaries
have filed all federal, state and local tax returns and other reports that it is required by law to file, and has paid, or made
provision for the payment of, all Taxes upon it, its income and its Properties that are due and payable, except to the extent being
Properly Contested. The provision for Taxes on the books of Parent and its Subsidiaries are adequate for all years not closed by
applicable statutes, and for its current Fiscal Year.

 

Section 9.1.10.Brokers. There are no brokerage commissions,
finder’s fees or investment banking fees payable in connection with any transactions contemplated by the Loan Documents.

 

Section 9.1.11.Intellectual Property. Parent and
its Subsidiaries own or have the lawful right to use all Intellectual Property necessary for the conduct of their business, without
conflict with any rights of others. There is no pending or, to Parent’s knowledge, threatened Intellectual Property Claim
with respect to Parent, any of Subsidiaries or any of their Property (including any Intellectual Property). Except as disclosed
on Schedule 9.1.11, neither Parent nor any of its Subsidiaries pays or owes any royalty or other compensation to any Person with
respect to any Intellectual Property. All Intellectual Property owned, used or licensed by, or otherwise subject to any interests
of, Parent or its Subsidiaries are shown on Schedule 9.1.11.

 

Section 9.1.12.Governmental Approvals. Parent and
its Subsidiaries have, are in compliance with, and are in good standing with respect to, all Governmental Approvals necessary to
conduct their business and to own, lease and operate its Properties. All necessary import, export or other licenses, permits or
certificates for the import or handling of any goods or other Collateral have been procured and are in effect, and Parent and its
Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral,
except where noncompliance could not reasonably be expected to have a Material Adverse Effect.

 

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Section 9.1.13.Compliance with Laws. Parents and
its Subsidiaries are in compliance in all material respects with all Applicable Laws (including Consumer Finance Laws) and material
to the conduct of its business and operations; each Borrower possesses all the franchises, permits, licenses, certificates of compliance
and approval and grants of authority necessary or required in the conduct of its business and the same are valid, binding, enforceable
and subsisting without any defaults thereunder or enforceable adverse limitations thereon, and are not subject to any proceedings
or claims opposing the issuance, development or use thereof or contesting the validity thereof; and no approvals, waivers or consents,
governmental (federal, state or local) or non-governmental, under the terms of contracts or otherwise, are required by reason of
or in connection with such Borrower’s execution and performance of the Loan Documents.

 

Section 9.1.14.Compliance with Environmental Laws.
Except as disclosed on Schedule 9.1.14, neither Parent’s nor any of its Subsidiaries’ past or present operations,
Real Estate or other Properties are subject to any federal, state or local investigation to determine whether any remedial action
is needed to address any environmental pollution, hazardous material or environmental clean-up. Neither Parent nor any of its Subsidiaries
has received any Environmental Notice. Neither Parent nor any of its Subsidiaries have any contingent liability with respect to
any Environmental Release, environmental pollution or hazardous material on any Real Estate now or previously owned, leased or
operated by it.

 

Section 9.1.15.Burdensome Contracts. Neither Parent
nor any of its Subsidiaries are a party or subject to any contract, agreement or charter restriction that could reasonably be expected
to have a Material Adverse Effect. Neither Parent nor any of its Subsidiaries are party or subject to any Restrictive Agreement,
except as shown on Schedule 9.1.15. No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan
Document by an Obligor.

 

Section 9.1.16.Litigation. Except as shown on Schedule
9.1.16, there are no proceedings or investigations pending or, to Parent’s knowledge, threatened against Parent or any of
its Subsidiaries, or any of their businesses, operations, Properties, prospects or conditions, that (a) relate to any Loan
Documents or transactions contemplated thereby; or (b) could reasonably be expected to have a Material Adverse Effect if determined
adversely to Parent or any of its Subsidiaries. Except as shown on such Schedule, no Obligor has a Commercial Tort Claim (other
than, as long as no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000). Neither Parent nor any
of its Subsidiaries are in default with respect to any order, injunction or judgment of any Governmental Authority.

 

Section 9.1.17.No Defaults. No event or circumstance
has occurred or exists that constitutes a Default or Event of Default. Neither Parent nor any of its Subsidiaries are in default,
and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default,
under any Material Contract or in the payment of any Borrowed Money. There is no basis upon which any party (other than Parent
or its Subsidiaries) could terminate a Material Contract prior to its scheduled termination date.

 

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Section 9.1.18.ERISA. Except as disclosed on Schedule
9.1.18:

 

(a)Each Plan is in compliance in all material
respects with the applicable provisions of ERISA, the Code, and other federal and state laws. Each Plan that is intended to qualify
under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter
is currently being processed by the IRS with respect thereto and, to the knowledge of each Borrower, nothing has occurred which
would prevent, or cause the loss of, such qualification. Each Obligor and ERISA Affiliate has met all applicable requirements under
the Code, ERISA and the Pension Protection Act of 2006, and no application for a waiver of the minimum funding standards or an
extension of any amortization period has been made with respect to any Plan.

 

(b)There are no pending or, to the knowledge of
each Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary
responsibility rules with respect to any Plan that has resulted in or could reasonably be expected to have a Material Adverse Effect.

 

(c)(i) No ERISA Event has occurred or is
reasonably expected to occur; (ii) as of the most recent valuation date for any Pension Plan, the funding target attainment
percentage (as defined in Section 430(d)(2) of the Code) is at least 60%; and no Obligor or ERISA Affiliate knows of any reason
that such percentage could reasonably be expected to drop below 60%; (iii) no Obligor or ERISA Affiliate has incurred any
liability to the PBGC except for the payment of premiums, and no premium payments are due and unpaid; (iv) no Obligor or ERISA
Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA; and (v) no Pension
Plan has been terminated by its plan administrator or the PBGC, and no fact or circumstance exists that could reasonably be expected
to cause the PBGC to institute proceedings to terminate a Pension Plan.

 

Section 9.1.19.Trade Relations. There exists no actual
or threatened termination, limitation or modification of any business relationship between Parent or any of its Subsidiaries and
any customer or supplier, or any group of customers or suppliers, who individually or in the aggregate are material to the business
of Parent or its Subsidiaries. There exists no condition or circumstance that could reasonably be expected to impair the ability
of Parent or any of its Subsidiaries to conduct its business at any time hereafter in substantially the same manner as conducted
on the Closing Date.

 

Section 9.1.20.Labor Relations. Except as described
on Schedule 9.1.20, neither Parent nor any of its Subsidiaries are party to or bound by any collective bargaining agreement, management
agreement or consulting agreement. There are no material grievances, disputes or controversies with any union or other organization
of Parent’s or any of its Subsidiaries’ employees, or, to Parent’s knowledge, any asserted or threatened strikes,
work stoppages or demands for collective bargaining.

 

    	-90-

    

    

 

Section 9.1.21.Payable Practices. Neither Parent
nor any of its Subsidiaries has made any material change in its historical accounts payable practices from those in effect on the
Closing Date.

 

Section 9.1.22.Not a Regulated Entity. No Obligor
is (a) an “investment company” or a “person directly or indirectly controlled by or acting on behalf of
an investment company” within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under
the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority
to incur Debt.

 

Section 9.1.23.Margin Stock. Neither Parent nor any
of its Subsidiaries is engaged, principally or as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying any Margin Stock. No Revolver Loan proceeds or Letters of Credit will be used by any Borrower
to purchase or carry, or to reduce or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose
governed by Regulations T, U or X of the Board of Governors.

 

Section 9.1.24.Disregarded Subsidiaries. The Disregarded
Subsidiaries (excluding ACM Insurance and Colonial Underwriting) have no material assets and conduct no material business. The
Disregarded Subsidiaries have incurred no Debt and have not created or suffered to exist any Liens on any of their Properties.

 

Section 9.1.25.Contract Forms. The forms of Vehicle
Contract used by Borrowers in their business have been previously approved in writing by Agent, and Borrowers have not made any
changes to such forms since approvals were granted.

 

Section 9.1.26.Sanctions. Neither Parent nor any
of its Subsidiaries, or any director, officer, employee, agent, affiliate or representative thereof, is or is owned or controlled
by any individual or entity that is currently the subject or target of any Sanction or is located, organized or resident in a Designated
Jurisdiction.

 

Section 9.1.27.Anti-Corruption Laws. Parent and each
of its Subsidiaries have conducted its business in accordance with applicable Anti-Corruption Laws and has instituted and maintained
policies and procedures designed to promote and achieve compliance with such laws.

 

Section 9.1.28.Backup Servicing Agreement. At
all times after the date that is ninety (90) days after the Closing Date, Colonial is in compliance in all material respects with
its obligations under the Backup Servicing Agreement, and such agreements remain in full force and effect in accordance with their
terms (as such terms may be amended pursuant to Section 10.2.26 below).

 

Section 9.1.29.Collateral. Schedule 8.6.1 is
a correct and complete list of the locations of each Obligor’s chief executive office, the location of its books and records,
the locations of the Collateral, and the locations of all of its other places of business. All Documents, Instruments, Contracts
and Chattel Paper describing, evidencing, or constituting Collateral, and all signatures and endorsements thereon, are and will
be complete, valid and genuine, and all goods evidenced by such Documents, Instruments, Contracts, Letter of Credit Rights and
Chattel Paper are and will be owned by an Obligor, free and clear of all Liens other than Permitted Liens.

 

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Section 9.2.Complete Disclosure. (a) No Loan
Document contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make the statements
contained therein not materially misleading. There is no fact or circumstance that any Obligor has failed to disclose to Agent
in writing that could reasonably be expected to have a Material Adverse Effect.

 

(b)As of the Closing Date, the information included in the
Beneficial Ownership Certification is true and correct in all respects.

 

Section 10.Covenants
and Continuing Agreements.

 

Section 10.1.Affirmative Covenants. As long as any
Revolver Commitments or Obligations are outstanding, Parent and each Obligor shall, and shall cause each of its Subsidiaries to:

 

Section 10.1.1.Inspections; Appraisals. (a) Permit
Agent from time to time, subject (unless a Default or Event of Default exists) to reasonable notice and normal business hours,
to visit and inspect the Properties of Parent or any of its Subsidiaries, inspect, audit and make extracts from Parent’s
or its Subsidiaries’ books and records, and discuss with its officers, employees, agents, advisors and independent accountants
Parent’s or any of its Subsidiaries’ business, financial condition, assets, prospects and results of operations. Lenders
may participate in any such visit or inspection, at their own expense. Secured Parties shall have no duty to any Obligor to make
any inspection, nor to share any results of any inspection, appraisal or report with any Obligor. Parent and Borrowers acknowledge
that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and neither Parent nor any of
its Subsidiaries shall be entitled to rely upon them. The Obligors will deliver to the Agent any instrument necessary for the Agent
to obtain records from any service bureau maintaining records for any Obligor. The Agent may, without expense to the Agent, use
any Obligor’s respective personnel, supplies, and real estate as may be reasonably necessary for maintaining or enforcing
the Agent’s Liens. The Agent shall have the right, at any time, in the Agent’s name or in the name of a nominee of
the Agent, to verify the validity, amount or any other matter relating to the Contracts, Accounts, Inventory or other Collateral,
by mail, telephone or otherwise.

 

(b)Reimburse Agent for all its charges, costs and expenses
in connection with examinations of Obligors’ books and records or any other financial or Collateral matters as it deems appropriate
so long as all such charges, costs and expenses do not exceed $50,000 per calendar year; provided, however, that if an examination
is conducted during a Default or Event of Default, all charges, costs and expenses relating thereto shall be reimbursed by Borrowers
without regard to such limits. Subject to and without limiting the foregoing, Borrowers specifically agree to pay Agent’s
then standard charges for each day that an employee of Agent or its Affiliates is engaged in any examination activities, and shall
pay the standard charges of Agent’s internal appraisal group. This Section shall not be construed to limit Agent’s
right to conduct examinations or to obtain appraisals at any time in its discretion, nor to use third parties for such purposes.

 

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Section 10.1.2.Financial and Other Information. Keep
adequate records and books of account with respect to its business activities, in which proper entries are made in accordance with
GAAP reflecting all financial transactions; and furnish to Agent and Lenders:

 

(a)as soon as available, and in any event within
90 days after the close of each Fiscal Year, balance sheets as of the end of such Fiscal Year and the related statements of income,
cash flow and shareholders equity for such Fiscal Year, on consolidated and consolidating bases for Parent and its Subsidiaries,
which consolidated statements shall be audited and certified (without qualification) by, from a firm of independent certified public
accountants of recognized standing selected by Parent and acceptable to Agent, and shall set forth in comparative form corresponding
figures for the preceding Fiscal Year and other information acceptable to Agent;

 

(b)as soon as available, and in any event within
45 days after the end of each Fiscal Quarter, unaudited balance sheets as of the end of such Fiscal Quarter and the related statements
of income and cash flow for such month and for the portion of the Fiscal Year then elapsed, on consolidated and consolidating bases
for Parent and its Subsidiaries, setting forth in comparative form corresponding figures for the preceding Fiscal Year and certified
by the chief financial officer of Parent as prepared in accordance with GAAP and fairly presenting the financial position and results
of operations for such Fiscal Quarter and period, subject to normal year end adjustments and the absence of footnotes;

 

(c)as soon as available, and in any event within
30 days after the end of each month, unaudited balance sheets as of the end of such month and the related statements of income
and cash flow for such month and for the portion of the Fiscal Year then elapsed, on consolidated and consolidating bases for Parent
and its Subsidiaries, setting forth in comparative form corresponding figures for the preceding Fiscal Year and certified by the
chief financial officer of Parent as prepared in accordance with GAAP and fairly presenting the financial position and results
of operations for such month and period, subject to normal year end adjustments and the absence of footnotes;

 

(d)concurrently with delivery of financial statements
under clauses (a), (b), and (c) above, or more frequently if requested by Agent while a Default or Event of Default exists, a Compliance
Certificate executed by the chief financial officer of Parent;

 

(e)concurrently with delivery of financial statements
under clause (a) above, copies of all management letters and other material reports submitted to Parent by their accountants in
connection with such financial statements;

 

(f)not later than 30 days prior to the end of
each Fiscal Year, projections of Parent’s consolidated balance sheets, results of operations, cash flow, Colonial Availability
and ACM-TCM Availability for the remaining term of the facilities, month by month;

 

    	-93-

    

    

 

(g)as soon as available, within forty-five (45)
days after the end of each Fiscal Quarter, a static pool analysis and a static pool repossession report that identifies the number
of units repossessed in during such Fiscal Quarter in a form satisfactory to the Agent;

 

(h)as soon as available, within forty-five (45)
days after the end of each Fiscal Quarter, a cash collection report for each month during such Fiscal Quarter in a form satisfactory
to the Agent;

 

(i)at Agent’s request, a listing of each
Borrower’s trade payables, specifying the trade creditor and balance due, and a detailed trade payable aging, all in form
satisfactory to Agent;

 

(j)promptly after the sending or filing thereof,
copies of any proxy statements, financial statements or reports that Parent has made generally available to its shareholders; copies
of any regular, periodic and special reports or registration statements or prospectuses that Parent files with the Securities and
Exchange Commission or any other Governmental Authority, or any securities exchange; and copies of any press releases or other
statements made available by Parent to the public concerning material changes to or developments in the business of Parent and
its Subsidiaries;

 

(k)promptly after the sending or filing thereof,
copies of any annual report to be filed in connection with each Plan;

 

(l)such other reports and information (financial
or otherwise) as Agent may request from time to time in connection with any Collateral or Parent’s, any of its Subsidiaries’
or other Obligor’s financial condition or business; and

 

(m)on each anniversary date hereof or on such
other date as reasonably required by Agent, from time to time, a written certification to Agent and the Lenders that the form of
the Vehicle Contracts comply with the Vehicle Contract Compliance Requirements, which certification shall be in form and content
satisfactory to Agent.

 

Section 10.1.3.Notices. Notify Agent and Lenders
in writing, promptly after Parent’s or any Borrower’s obtaining knowledge thereof, of any of the following that affects
an Obligor: (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, if an
adverse determination could have a Material Adverse Effect; (b) any pending or threatened labor dispute, strike or walkout,
or the expiration of any material labor contract; (c) any default under or termination of a Material Contract; (d) the
existence of any Default or Event of Default; (e) any judgment in an amount exceeding $1,000,000; (f) the assertion of
any Intellectual Property Claim, if an adverse resolution could have a Material Adverse Effect; (g) any violation or asserted
violation of any Applicable Law (including ERISA, OSHA, FLSA, or any Environmental Laws), if an adverse resolution could have a
Material Adverse Effect; (h) any Environmental Release by an Obligor or on any Property owned, leased or occupied by an Obligor;
or receipt of any Environmental Notice; (i) the occurrence of any ERISA Event; (j) the discharge of or any withdrawal
or resignation by Parent’s independent accountants; (k) any opening of a new office or place of business, at least 30
days prior to such opening; or (l) the occurrence of any Regulatory Event.

 

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Section 10.1.4.Landlord and Storage Agreements. Upon
request, provide Agent with copies of all existing agreements, and promptly after execution thereof provide Agent with copies of
all future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns
any premises at which any Collateral may be kept or that otherwise may possess or handle any Collateral.

 

Section 10.1.5.Compliance with Laws. (a) Comply
with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism Laws, and laws regarding collection and
payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business,
unless failure to comply (other than failure to comply with Anti-Terrorism Laws) or maintain could not reasonably be expected to
have a Material Adverse Effect. Without limiting the generality of the foregoing, if any Environmental Release occurs at or on
any Properties of Parent or any of its Subsidiaries, it shall act promptly and diligently to investigate and report to Agent and
all appropriate Governmental Authorities the extent of, and to make appropriate remedial action to eliminate, such Environmental
Release, whether or not directed to do so by any Governmental Authority.

 

(b)Comply in all material respects with all Consumer Finance
Laws and Vehicle Contract Compliance Requirements, and the provisions and requirements of all franchises, permits, certificates
of compliance and approval issued by regulatory authorities and other like grants of authority held by Borrowers relating to consumer
credit; and notify Agent immediately (and in detail) of any actual or alleged failure to comply with or perform, breach, violation
or default under any such Consumer Finance Laws or under the terms of any of such franchises or licenses, grants of authority,
or of the occurrence or existence of any facts or circumstances which with the passage of time, the giving of notice or otherwise
could create such a breach, violation or default or could occasion the termination of any of such franchises or grants of authority
(which Agent will thereafter deliver to Lenders).

 

Section 10.1.6.Taxes. Pay and discharge all Taxes
prior to the date on which they become delinquent or penalties attach, unless such Taxes are being Properly Contested.

 

Section 10.1.7.Insurance. All insurance required
hereunder shall be maintained with insurers (with a Best rating of at least A+, unless otherwise approved by Agent in its discretion)
satisfactory to Agent, with respect to the Properties and business of Parent and its Subsidiaries of such type, in such amounts,
and with such coverages and deductibles as are customary for companies similarly situated.

 

Section 10.1.8.Licenses. Keep each License affecting
any Collateral (including the distribution or disposition of Inventory) or any other material Property of Parent and its Subsidiaries
in full force and effect; promptly notify Agent of any proposed modification to any such License, or entry into any new License,
in each case at least 30 days prior to its effective date; pay all royalties and other amounts when due under any License; and
notify Agent of any default or breach asserted by any Person to have occurred under any License.

 

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Section 10.1.9.Future Subsidiaries. Promptly notify
Agent upon any Person becoming a Subsidiary of Parent and cause it to guaranty the Obligations in a manner satisfactory to Agent,
and to execute and deliver such documents, instruments and agreements and to take such other actions as Agent shall require to
evidence and perfect a Lien in favor of Agent on all assets of such Person, including delivery of such legal opinions, in form
and substance satisfactory to Agent, as it shall deem appropriate.

 

Section 10.1.10.Books and Records. (a) Maintain
at all times books and records pertaining to the Collateral in such detail, form and scope as Agent shall reasonably require, including,
but not limited to, records of (a) all payments received and all credits and extensions granted with respect to the Contracts;
and (b) all other dealings affecting the Collateral. By means of appropriate entries, reflect in its books and records, and
in all financial statements, proper liabilities and reserves for all taxes and proper provision for depreciation and amortization
of property and bad debts, all in accordance with GAAP.

 

(b)Maintain a system, satisfactory to Agent, for duplicating
and storing, at a secure location, a duplicate set of books and records concerning the Collateral, and maintain a credit file for
each Contract Debtor, containing financial information reflecting the creditworthiness of each Contract Debtor.

 

Section 10.1.11.Protection of Collateral. Pay all
expenses of protecting, storing, insuring, handling, maintaining, and shipping the Collateral and any and all excise, property,
sales, and use taxes levied by any state, federal or local authority on any of the Collateral or in respect of the sale thereof.

 

Section 10.1.12.Servicing of Contracts. Collect all
payments and other proceeds of the Contracts and other Collateral and deposit the proceeds into a Dominion Account and perform
customary insurance follow-up with respect to each policy of insurance covering the Property which is the subject of the Contracts.

 

Section 10.1.13.Loss Reserves. Maintain loss reserves
(“Minimum Loss Reserve”) at all times during the term of the Agreement and calculated as of the last day of
each month, in an amount not less than an amount which is in accordance with GAAP and pursuant to the recommendations of the independent
certified public accounting firm preparing the financial statements required to be delivered to Agent under this Agreement.

 

Section 10.1.14.Charge-Off Policy. Establish and
implement, in a manner satisfactory to Agent, a policy for charging off the unpaid balance of its delinquent Vehicle Contracts.
Without limiting the generality of the foregoing, such policy shall provide, as a minimum, that on the last day of each month applicable
Borrower shall charge off the unpaid balance of all Vehicle Contracts with respect to which (i) any payment due thereunder
is 180 or more days delinquent on a contractual basis, or (ii) the Vehicle securing such Vehicle Contract was repossessed
more than 30 days prior to such date.

 

Section 10.1.15.Beneficial Ownership, etc. Promptly
following any request therefor, provide information and documentation reasonably requested by the Agent or any Lender for purposes
of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without
limitation, the Patriot Act and the Beneficial Ownership Regulation.

 

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Section 10.1.16.Anti-Corruption Laws; Sanctions.
(a) Conduct its business in compliance with applicable Anti-Corruption Laws and Sanctions and maintain policies and procedures
designed to promote and achieve compliance with such laws.

 

(b)Provide the Agent and the Lenders any information regarding
any Obligor and each of their respective owners, Affiliates, and Subsidiaries necessary for the Agent and each Lender to comply
with all applicable Anti-Corruption Laws and Sanctions.

 

Section 10.2.Negative Covenants. As long as any Revolver
Commitments or Obligations are outstanding, neither Parent nor any Obligor shall cause each of its Subsidiaries not to:

 

Section 10.2.1.Permitted Debt. Create, incur, guarantee
or suffer to exist any Debt, except:

 

(a)the Obligations;

 

(b)Subordinated Debt, including the Intercompany
Subordinated Debt;

 

(c)Permitted Purchase Money Debt;

 

(d)Borrowed Money (other than the Obligations,
Subordinated Debt and Permitted Purchase Money Debt), but only to the extent outstanding on the Closing Date and not

satisfied
with proceeds of the initial Revolver Loans;

 

(e)Debt with respect to Bank Products incurred
in the Ordinary Course of Business;

 

(f)Permitted Contingent Obligations;

 

(g)Refinancing Debt as long as each Refinancing
Condition is satisfied;

 

(h)Debt in connection with the indemnity obligations
of ACM and TCM arising under service contracts on Vehicles sold by either ACM and TCM;

 

(i)Debt consisting of deferred employee compensation
incurred in the Ordinary Course of Business;

 

(j)the Existing Letter of Credit in an amount
not to exceed $262,500 and the Existing BAML Bank Products in an amount not to exceed $1,900,000; and

 

(k)Debt that is not included in any of the preceding
clauses of this Section, is not secured by a Lien and does not exceed $500,000 in the aggregate at any time

 

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Section 10.2.2.Permitted Liens. Create or suffer
to exist any Lien upon any of its Property, except the following (collectively, “Permitted Liens”):

 

(a)Liens in favor of Agent;

 

(b)Purchase Money Liens securing Permitted Purchase
Money Debt;

 

(c)Liens for Taxes not yet due or being Properly
Contested;

 

(d)statutory Liens (other than Liens for Taxes
or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured

thereby
is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property
or materially impair operation of the business

of Parent or any of its Subsidiaries;

 

(e)Liens incurred or deposits made in the Ordinary
Course of Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations,
as long as such Liens are at all times junior to Agent’s Liens and are required or provided by law;

 

(f)Liens arising in the Ordinary Course of Business
that are subject to Lien Waivers;

 

(g)Liens arising by virtue of a judgment or judicial
order against Parent or any of its Subsidiaries, or any Property of Parent or its Subsidiaries, as long as such Liens are (i) in
existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent’s Liens;

 

(h)easements, rights-of-way, restrictions, covenants
or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation
and do not interfere with the Ordinary Course of Business;

 

(i)normal and customary rights of setoff upon
deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; and

 

(j)existing Liens shown on Schedule 10.2.2.

 

Section 10.2.3.Capital Expenditures. Make Capital
Expenditures in excess of $10,000,000 in the aggregate during any Fiscal Year

 

Section 10.2.4.Distributions; Upstream Payments.
Declare or make any Distributions, except Upstream Payments and Permitted Distributions; or create or suffer to exist any encumbrance
or restriction on the ability of a Subsidiary of Parent to make any Upstream Payment, except for restrictions under the Loan Documents,
under Applicable Law or in effect on the Closing Date as shown on Schedule 9.1.15.

 

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Section 10.2.5.Restricted Investments. Make any Restricted
Investment.

 

Section 10.2.6.Disposition of Assets. Make any Asset
Disposition, except a Permitted Asset Disposition, a disposition of Equipment under Section 8.4.2, or a transfer of Property
by a Subsidiary of Parent or any Obligor to a Borrower.

 

Section 10.2.7.Loans. Make any loans or other advances
of money to any Person, except (a) advances to an officer or employee for salary, travel expenses, commissions and similar
items in the Ordinary Course of Business; (b) prepaid expenses and extensions of trade credit made in the Ordinary Course
of Business; (c) deposits with financial institutions permitted hereunder; (d) loans in the Ordinary Course of Business
to Contract Debtors for the repair of the Vehicle subject to the Contract executed by such Contract Debtor (such loans are identified
by Borrowers as “side notes”); and (e) loans and advances from one Obligor to another Obligor in the Ordinary
Course of Business.

 

Section 10.2.8.Restrictions on Payment of Certain Debt.
Make any payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect
to any (a) Subordinated Debt, except (i) Intercompany Subordinated Debt and (ii) with respect to all other Subordinated Debt,
regularly scheduled payments of principal, interest and fees, but only to the extent permitted under any subordination agreement
relating to such Debt (and a Senior Officer of Parent shall certify to Agent, not less than 5 Business Days prior to the date of
payment, that all conditions under such agreement have been satisfied); or (b) Borrowed Money (other than the Obligations)
prior to its due date under the agreements evidencing such Debt as in effect on the Closing Date (or as amended thereafter with
the consent of Agent, including any Refinancing Debt).

 

Section 10.2.9.Fundamental Changes. Change its name
or conduct business under any fictitious name; change its tax, charter or other organizational identification number; change its
form or state of organization; liquidate, wind up its affairs or dissolve itself; or merge, combine or consolidate with any Person,
or liquidate, wind up its affairs or dissolve itself, in each case whether in a single transaction or in a series of related transactions,
except for mergers or consolidations of an Obligor or other Subsidiary of Parent into a Borrower.

 

Section 10.2.10.Subsidiaries. Form or acquire any
Subsidiary after the Closing Date, except in accordance with Sections 10.1.9 or 10.2.5; or permit any existing Subsidiary to issue
any additional Equity Interests except directors’ qualifying shares.

 

Section 10.2.11.Organic Documents. Amend, modify
or otherwise change any of its Organic Documents as in effect on the Closing Date, except amendments, modifications or changes
in any manner that is not adverse to the rights or interests of the Administrative Agent or any Lender thereunder.

 

Section 10.2.12.Tax Consolidation. File or consent
to the filing of any consolidated income tax return with any Person other than Parent and its Subsidiaries.

 

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Section 10.2.13.Accounting Changes. Make any material
change in accounting treatment or reporting practices, except as required by GAAP and in accordance with Section 1.2; or change
its Fiscal Year.

 

Section 10.2.14.Restrictive Agreements. Become a
party to any Restrictive Agreement, except a Restrictive Agreement (a) in effect on the Closing Date; (b) relating to
secured Debt permitted hereunder, as long as the restrictions apply only to collateral for such Debt; or (c) constituting
customary restrictions on assignment in leases and other contracts.

 

Section 10.2.15.Hedging Agreements. Enter into any
Hedging Agreement, except to hedge risks arising in the Ordinary Course of Business and not for speculative purposes.

 

Section 10.2.16.Conduct of Business. Engage in any
business, other than its business as conducted on the Closing Date and any activities incidental thereto.

 

Section 10.2.17.Affiliate Transactions. Enter into
or be party to any transaction with an Affiliate, except (a) transactions expressly permitted by the Loan Documents; (b) payment
of reasonable compensation to officers and employees for services actually rendered, and payment of customary directors’
fees and indemnities; (c) transactions with Affiliates consummated prior to the Closing Date, as shown on Schedule 10.2.17;
(d) payment of a management fee to Parent so long as the aggregate amount of such fees paid in any Fiscal Year does not exceed
$100,000 and no Event of Default exists immediately before and after giving effect to the payment of any such fee; (e) purchase
of Vehicle Contracts by Colonial from ACM and TCM on the last day of each month and on terms disclosed to, and approved by, Agent
as of the Closing Date; provided, that if Borrowing Base Reports are delivered more frequently than on a monthly basis,
immediately prior to the delivery of each Borrowing Base Report, Colonial shall purchase all new Vehicle Contracts originated by
ACM and TCM after the delivery of the prior Borrowing Base Report; (f) transactions provided under the Contracts Servicing
Agreement; (g) charge a management fee to ACM; (h) pay the actual rent, lease and other office expenses of ACM; and (i) transactions
with Affiliates in the Ordinary Course of Business, upon fair and reasonable terms fully disclosed to Agent and no less favorable
than would be obtained in a comparable arm’s-length transaction with a non-Affiliate.

 

Section 10.2.18.Plans. Become party to any Multiemployer
Plan, other than any in existence on the Closing Date.

 

Section 10.2.19.Amendments to Other Debt. Amend,
supplement or otherwise modify any document, instrument or agreement relating to any Subordinated Debt or any documents, instruments
or agreement relating thereto.

 

Section 10.2.20.Reporting Methodology. Amend or modify
the methodology employed by Parent or its Subsidiaries in preparing its accounting and financial reports relating to the presentation
of (i) the delinquency of Vehicle Contracts, (ii) the repossession of Vehicles, (iii) the charge-off of delinquent
Vehicle Contracts, and (iv) the unearned insurance commissions and dealer discounts from the methodology employed by Parent
and its Subsidiaries as of the Closing Date so as to change the consistency of the information with respect to such items, from
time to time, provided to Agent.

 

    	-100-

    

    

 

Section 10.2.21.Contract Forms. Use or acquire in
its business Contracts which are not on the printed forms previously approved in writing by Agent, and Borrowers shall not change
or vary the printed forms of such Contracts without Agent’s prior written consent, unless such change or variation is required
by any requirement of law. Agent may reasonably withhold its consent until Agent receives a satisfactory opinion of Borrowers’
counsel regarding compliance of the revised form of Contract with any Applicable Law.

 

Section 10.2.22.Credit Guidelines. Make any changes
in the Credit Guidelines which were provided to and reviewed by Agent and Lenders prior to the Closing Date without prior written
notice to Agent (it being understood and agreed that Agent may lower advance rates, establish an ACM-TCM Availability Reserve or
a Colonial Availability Reserve, or adjust the criteria of ineligibility in the definition of “Eligible Contracts”
based on (and reasonably related to) such change in the Credit Guidelines).

 

Section 10.2.23.Service Contracts. To the extent
that any Borrower offers so-called “service contracts,” Borrowers shall ensure that the cost of such service contracts
are disclosed to the Contract Debtors and such service contracts are in compliance with all applicable consumer credit laws, including
any and all special laws relating thereto.

 

Section 10.2.24.Purchase of Vehicle Contracts. Colonial
shall not purchase Vehicle Contracts from any Person except ACM and TCM without the prior written consent of Agent.

 

Section 10.2.25.Sale of Vehicle Contract. ACM and
TCM shall not sell any Vehicle Contract to any Person except Colonial without the prior written consent of Agent.

 

Section 10.2.26.Contracts Servicing Agreement; Backup
Servicing Agreement. Modify, amend, or terminate the Contracts Servicing Agreement without consent from the Agent. Amend or
modify the Backup Servicing Agreement in any material respect except to the extent required to comply with applicable law or made
with the prior written consent of the Required Lenders. In the event Colonial intends to enter into a Backup Servicing Agreement
with another backup servicer, Colonial shall give prior written notice thereof to the Agent and the Lenders and the terms and conditions
of such replacement Backup Servicing Agreement, and the replacement backup servicer, shall each be reasonably acceptable to the
Required Lenders. Colonial shall promptly deliver to the Agent and the Lenders (i) copies of any amendment, modification, or waiver
to the Backup Servicing Agreement entered into after the Closing Date and (ii) notice of any default under the Backup Servicing
Agreement which is not timely cured thereunder or of any termination or non-renewal notice delivered thereunder.

 

Section 10.2.27.Disregarded Subsidiaries. The Disregarded
Subsidiaries (excluding ACM Insurance and Colonial Underwriting) shall not own or acquire any material assets or conduct any material
business. The Disregarded Subsidiaries shall not have or incur any Debt or have or create or suffer to exist any Liens on any of
their Properties.

 

    	-101-

    

    

 

Section 10.3.Financial Covenants. As long as any
Revolver Commitments or Obligations are outstanding, Parent shall, on a consolidated basis with its Subsidiaries:

 

Section 10.3.1.Leverage Ratio. Maintain a Leverage
Ratio not greater than 2.50:1.00, determined as of the end of each month.

 

Section 10.3.2.Fixed Charge Coverage Ratio. Maintain
a Fixed Charge Coverage Ratio of at least 1.00:1.00, measured on a trailing 6-month basis as of the end of each month ending during
or immediately before the occurrence of a Covenant Trigger Event.

 

Section 10.3.3.Colonial Contracts Advance Rate Adjustment
Percentage. Not permit the Colonial Contracts Advance Rate Adjustment Percentage to be greater than 42.0% for any two (2) consecutive
months.

 

Section 10.4.Adjustment to EBITDA and Adjusted Tangible
Net Worth. In the event the Colonial TTM Net Charge-Offs Percent is greater than the product of Colonial’s then existing
Colonial Loss Reserve Percent multiplied by 120%, Agent shall deduct the product of the Colonial Loss Reserve Adjustment Percent
multiplied by the Colonial Net Balance from Adjusted Tangible Net Worth and EBITDA for covenant measurement purposes under Section 10.3.
(As an example, if the Colonial TTM Net Charge-Offs Percent equals 22%, the Colonial Loss Reserve Percent would have to be less
than 18.333% (22% divided by 1.2) before any covenant adjustments would be made.)

 

Section 11.Events of
Default; Remedies on Default.

 

Section 11.1.Events of Default. Each of the following
shall be an “Event of Default” if it occurs for any reason whatsoever, whether voluntary or involuntary, by operation
of law or otherwise:

 

(a)Any Obligor fails to pay its Obligations when
due (whether at stated maturity, on demand, upon acceleration or otherwise);

 

(b)Any representation, warranty or other written
statement of an Obligor made in connection with any Loan Documents or transactions contemplated thereby is incorrect or misleading
in any material respect when given;

 

(c)Parent or a Subsidiary of Parent breaches or
fails to perform any covenant contained in Section 6.3, 7.2, 7.4, 7.6, 8.1, 8.2.4, 8.2.5, 8.6.2, 10.1.1, 10.1.2, 10.2 or 10.3;

 

(d)An Obligor breaches or fails to perform any
other covenant contained in any Loan Documents, and such breach or failure is not cured within 15 days after a Senior Officer of
such Obligor has knowledge thereof or receives notice thereof from Agent, whichever is sooner; provided, however, that such
notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period
or is a willful breach by an Obligor;

 

    	-102-

    

    

 

(e)A Guarantor repudiates, revokes or attempts
to revoke its Guaranty; an Obligor or third party denies or contests the validity or enforceability of any Loan Documents or Obligations,
or the perfection or priority of any Lien granted to Agent; any Loan Document ceases to be in full force or effect for any reason
(other than a waiver or release by Agent and Lenders); or the Backup Servicing Agreement is terminated or not renewed (unless a
substitute or replacement thereof is entered into in accordance with the terms of Section 10.2.26 hereof) or any party thereto
is in breach thereof which could reasonably be expected to have a Material Adverse Effect

 

(f)Any breach or default of an Obligor occurs
under any Hedging Agreement, other document, instrument or agreement to which it is a party or by which it or any of its Properties
is bound, relating to any Debt (other than the Obligations and the Intercompany Subordinated Debt) in excess of $2,000,000;

 

(g)Any judgment or order for the payment of money
is entered against an Obligor in an amount that exceeds, individually or cumulatively with all unsatisfied judgments or orders
against all Obligors, $1,000,000 (net of insurance coverage that has not been denied by the insurer), unless a stay of enforcement
of such judgment or order is in effect;

 

(h)A loss, theft, damage or destruction occurs
with respect to any Collateral if the amount not covered by insurance exceeds $1,500,000;

 

(i)An Obligor is enjoined, restrained or in any
way prevented by any Governmental Authority from conducting any material part of its business; an Obligor suffers the loss, revocation
or termination of any material license, permit, lease or agreement necessary to its business; there is a cessation of any material
part of an Obligor’s business for a material period of time; any material Collateral or Property of an Obligor is taken or
impaired through condemnation; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs; or
an Obligor is not Solvent;

 

(j)An Insolvency Proceeding is commenced by an
Obligor; an Obligor makes an offer of settlement, extension or composition to its unsecured creditors generally; a trustee is appointed
to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding
is commenced against an Obligor and the Obligor consents to institution of the proceeding, the petition commencing the proceeding
is not timely contested by the Obligor, the petition is not dismissed within 30 days after filing, or an order for relief
is entered in the proceeding;

 

(k)An ERISA Event occurs with respect to a Pension
Plan or Multiemployer Plan that has resulted or could reasonably be expected to result in liability of an Obligor to a Pension
Plan, Multiemployer Plan or PBGC, or that constitutes grounds for appointment of a trustee for or termination by the PBGC of any
Pension Plan or Multiemployer Plan; an Obligor or ERISA Affiliate fails to pay when due any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan;

 

    	-103-

    

    

 

(l)An Obligor or any of its Senior Officers is
criminally indicted or convicted for (i) a felony committed in the conduct of the Obligor’s business, or (ii) violating
any state or federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal Exportation
of War Materials Act) that could lead to forfeiture of any material Property or any Collateral;

 

(m)A Change of Control occurs; or any event occurs
or condition exists that has a Material Adverse Effect;

 

(n)The failure of any Vehicle Contract to comply
with the Vehicle Contract Compliance Requirements, except with respect to existing Vehicle Contracts which have been received and
reviewed by the Agent and which do not constitute material non-compliance with the Vehicle Contract Compliance Requirements; or

 

(o)A Level Two Regulatory Event occurs and (i)
remains unvacated, undischarged, unbonded or unstayed by appeal or otherwise for a period of sixty (60) days from the date of its
entry or (ii) is reasonably likely to have a Material Adverse Effect.

 

Section 11.2.Remedies upon Default. If an Event of
Default described in Section 11.1(j) occurs with respect to any Obligor, then to the extent permitted by Applicable Law, all
Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Revolver Commitments
shall terminate, without any action by Agent or notice of any kind. In addition, or if any other Event of Default exists, Agent
may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the following from time to time:

 

(a)declare any Obligations (other than Secured
Bank Product Obligations) immediately due and payable, whereupon they shall be due and payable without diligence, presentment,
demand, protest or notice of any kind, all of which are hereby waived by Obligors to the fullest extent permitted by law;

 

(b)terminate, reduce or condition any Revolver
Commitment or adjust the Borrowing Base;

 

(c)require Obligors to Cash Collateralize their
LC Obligations, Secured Bank Product Obligations and other Obligations that are contingent or not yet due and payable, and,
if Obligors fail to deposit such Cash Collateral, Agent may (and shall upon the direction of Required Lenders) advance the required
Cash Collateral as Revolver Loans (whether or not an Overadvance exists or is created thereby, or the conditions in Section 6
are satisfied); and

 

(d)exercise any other rights or remedies afforded
under any agreement, by law, at equity or otherwise, including the rights and remedies of a secured party under the UCC. Such rights
and remedies include the rights to (i) take possession of any Collateral; (ii) require Obligors to assemble Collateral,
at Obligors’ expense, and make it available to Agent at a place designated by Agent; (iii) enter any premises where
Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by an Obligor,
Obligors agree not to charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition,
or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable
Law, in lots or in bulk, at such locations, all as Agent, in its discretion, deems advisable. Each Obligor agrees that 10 days’
notice of any proposed sale or other disposition of Collateral by Agent shall be reasonable and that any sale conducted on the
internet or to a licensor of Intellectual Property shall be commercially reasonable. Agent may conduct sales on any Obligor’s
premises, without charge, and any sale may be adjourned from time to time in accordance with Applicable Law. Agent shall have the
right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Agent may purchase
any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may credit
bid and set off the amount of such price against the Obligations.

 

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Section 11.3.License. Agent is hereby granted an
irrevocable, non-exclusive license or other right to use, license or sub-license (without payment of royalty or other compensation
to any Person) any or all Intellectual Property of Obligors, computer hardware and software, trade secrets, brochures, customer
lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing,
selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any Collateral.
Obligors’ rights and interests under Intellectual Property shall inure to Agent’s benefit.

 

Section 11.4.Setoff. At any time during an Event
of Default, Agent, Issuing Bank, Lenders, and any of their Affiliates are authorized, to the fullest extent permitted by Applicable
Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by Agent, Issuing Bank, such Lender or such Affiliate
to or for the credit or the account of an Obligor against the Obligations, whether or not Agent, Issuing Bank, such Lender or such
Affiliate shall have made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent
or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or such Affiliate different from the branch
or office holding such deposit or obligated on such indebtedness. The rights of Agent, Issuing Bank, each Lender and each such
Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such Person
may have.

 

Section 11.5.Remedies Cumulative; No Waiver.

 

Section 11.5.1.Cumulative Rights. All agreements,
warranties, guaranties, indemnities and other undertakings of Obligors under the Loan Documents are cumulative and not in derogation
of each other. The rights and remedies of Agent and Lenders under the Loan Documents are cumulative, may be exercised at any time
and from time to time, concurrently or in any order, and are not exclusive of any other rights or remedies available by agreement,
by law, at equity or otherwise. All such rights and remedies shall continue in full force and effect until Full Payment of all
Obligations.

 

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Section 11.5.2.Waivers. No waiver or course of dealing
shall be established by (a) the failure or delay of Agent, or any Lender to require strict performance by any Obligor under
any Loan Document, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any Revolver
Loan or issuance of any Letter of Credit during a Default, Event of Default or other failure to satisfy any conditions precedent;
or (c) acceptance by Agent or any Lender of any payment or performance by an Obligor under any Loan Documents in a manner
other than that specified therein. Any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied
by satisfaction of such covenant on a subsequent date.

 

Section 12.Agent.

 

 

Section 12.1.Resignation of Prior Agent and Appointment
of Successor Agent.

 

Upon confirmation by Agent (which may be provided
by e-mail) that the conditions to the effectiveness of this Agreement have been satisfied and payment on the Closing Date of all
obligations owed to Bank of America, N.A., as “Lender” under the Original Loan Agreement pursuant to that certain Payoff
Confirmation Letter between Obligors and Bank of America, N.A., dated as of even date hereof:

 

(a) Resigning Agent hereby resigns as Agent under the Original
Loan Agreement and all of the other Loan Documents pursuant to Section 12.8.1 of the Original Loan Agreement, (b) the
Lenders and the Borrowers hereby accept such resignation and consent to the appointment of BMO Harris to act as successor Agent
under the Original Loan Agreement, which is concurrently herewith being amended and restated pursuant to this Agreement, and the
other Loan Documents to fill the vacancy created by the resignation of the Resigning Agent, such resignation and appointment to
be effective on the Closing Date and (c) Resigning Agent shall be discharged from its duties and obligations under the Original
Loan Agreement an all other Loan Documents.

 

(b)Any requirement set forth in Section 12.8.1 of the
Original Loan Agreement for prior notice to the Lenders and the Borrowers of such resignation is hereby waived by each of the parties
hereto. BMO Harris hereby accepts its appointment as Agent under the Original Loan Agreement, as amended and restated pursuant
to this Agreement, and the other Loan Documents, and accepts and assumes all of the rights, powers, duties and obligations of the
Agent hereunder and under the other Loan Documents effective on the Closing Date, except that Resigning Agent shall disburse any
fees or interest due and owing to Lenders under the Original Loan Agreement on the Closing Date.

 

(c)The Resigning Agent hereby conveys, assigns, delegates
and transfers to BMO Harris, as the successor Agent, and to its successors and assigns, all of the rights, powers, duties and obligations
of the Resigning Agent as Agent under and pursuant to the Loan Documents and all Collateral held by the Resigning Agent in its
capacity as Agent, provided that the parties hereto acknowledge and agree that the provisions of Section 12 of the
Original Loan Agreement and all protective provisions of the Loan Documents shall inure to the benefit of the Resigning Agent as
to any actions taken or omitted to be taken by it while it was Agent. No successor Agent (including BMO Harris as the successor
Agent hereunder) shall in any event be liable or responsible for any actions of its predecessor and Resigning Agent shall in no
event be liable or responsible for any obligations or actions of Successor Agent.

 

    	-106-

    

    

 

(d) The Resigning Agent hereby agrees, upon reasonable request
of the successor Agent and at the Borrowers’ expense, to execute, acknowledge and deliver such further instruments of conveyance
and further assurance and to do such other things as may reasonably be required for more fully and certainly vesting in and confirming
to the successor Agent such rights and powers, including, but not limited to, authorization to file UCC assignments reflecting
BMO Harris as Agent as the secured party of record and the execution of assignment of account control and collateral access agreements
and other security interest assignment instruments if so requested by BMO Harris as Agent. Effective on the Closing Date, all references
in the Original Loan Agreement and other Loan Documents to the Agent shall be deemed references to BMO Harris as the successor
Agent. All notices to the Agent under any Loan Document from and after the Closing Date shall be given to BMO Harris as the successor
Agent as provided for under this Agreement. The Borrowers and Guarantors, for the purpose of more fully and certainly vesting in
and confirming said rights, powers, duties and obligations to BMO Harris as the successor Agent under the Original Loan Agreement,
as the same is being amended and restated pursuant to this Agreement, and the other Loan Documents, hereby join in the execution
hereof to acknowledge their consent to the foregoing. The Borrowers hereby agrees to pay BMO Harris as the successor Agent such
fees as the Borrowers and BMO Harris as the successor Agent may mutually agree to.

 

(e)Nothing in this Agreement shall be deemed a termination
of the provisions of, or any of the Resigning Agent’s rights under, the Loan Documents with respect to actions taken by the
Resigning Agent prior to the Closing Date that are set forth in the Original Loan Agreement or are expressly stated in any section
of any Loan Document (as such term is defined in the Original Loan Agreement) to survive the resignation of the Resigning Agent
or termination of the Original Loan Agreement.

 

Section 12.2.Appointment, Authority and Duties of Agent.

 

Section 12.2.1.Appointment and Authority. Each Secured
Party appoints and designates BMO Harris as Agent under all Loan Documents. Agent may, and each Secured Party authorizes Agent
to, enter into all Loan Documents to which Agent is intended to be a party and accept all Security Documents. Any action taken
by Agent in accordance with the provisions of the Loan Documents, and the exercise by Agent of any rights or remedies set forth
therein, together with all other powers reasonably incidental thereto, shall be authorized by and binding upon all Secured Parties.
Without limiting the generality of the foregoing, Agent shall have the sole and exclusive authority to (a) act as the disbursing
and collecting agent for Lenders with respect to all payments and collections arising in connection with the Loan Documents; (b) execute
and deliver as Agent, each Loan Document, including any intercreditor or subordination agreement, and accept delivery of each Loan
Document; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan
Documents, and for all other purposes stated therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take
any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral or under any Loan Documents,
Applicable Law or otherwise. Agent alone shall be authorized to determine whether any Contracts constitute Eligible Vehicle Contracts,
eligibility and applicable advance rates under the Borrowing Base, whether to impose or release any reserve, or whether any conditions
to funding or issuance of a Letter of Credit have been satisfied, which determinations and judgments, if exercised in good faith,
shall exonerate Agent from liability to any Secured Party or other Person for any error in judgment.

 

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Section 12.2.2.Duties. The title of “Agent”
is used solely as a matter of market custom and the duties of Agent are administrative in nature only. Agent has no duties except
those expressly set forth in the Loan Documents, and in no event does Agent have any agency, fiduciary or implied duty to or relationship
with any Secured Party or other Person by reason of any Loan Document or related transaction. The conferral upon Agent of any right
shall not imply a duty on Agent’s part to exercise such right, unless instructed to do so by Required Lenders in accordance
with this Agreement. The Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise
as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that the Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable
law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Insolvency Proceeding
or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Insolvency
Proceeding. The Agent shall in all cases be fully justified in failing or refusing to act hereunder or under any other Loan Document
unless it first receives any further assurances of its indemnification from the Lenders that it may require, including prepayment
of any related expenses and any other protection it requires against any and all costs, expense, and liability which may be incurred
by it by reason of taking or continuing to take any such action. The Agent shall not, except as expressly set forth herein and
in the other Loan Documents, have any duty or responsibility to disclose, and shall not be liable for the failure to disclose,
any information relating to any Obligor or any of its Affiliates that is communicated to or obtained by the Person serving as the
Agent or any of its Affiliates in any capacity.

 

Section 12.2.3.Agent Professionals. Agent may perform
its duties through agents and employees. Agent may consult with and employ Agent Professionals, and shall be entitled to act upon,
and shall be fully protected in any action taken in good faith reliance upon, any advice given by an Agent Professional. Agent
shall not be responsible for the negligence or misconduct of any agents, employees, or Agent Professionals selected by it with
reasonable care.

 

Section 12.2.4.Instructions of Required Lenders.
The rights and remedies conferred upon Agent under the Loan Documents may be exercised without the necessity of joining of any
other party, unless required by Applicable Law. In determining compliance with a condition for any action hereunder, including
satisfaction of any condition in Section 6, Agent may presume that the condition is satisfactory to a Secured Party unless
Agent has received notice to the contrary from such Secured Party before Agent takes the action. Agent may request instructions
from Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan
Documents or Collateral, and may seek assurances to its satisfaction from Secured Parties of their indemnification obligations
against Claims that could be incurred by Agent. Agent may refrain from any act until it has received such instructions or assurances,
and shall not incur liability to any Person by reason of so refraining. Instructions of Required Lenders shall be binding upon
all Secured Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting or
refraining from acting pursuant to instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent
of specific parties shall be required to the extent provided in Section 15.1.1. In no event shall Agent be required to take
any action that it determines in its discretion is contrary to Applicable Law or any Loan Documents or could subject any Agent
Indemnitee to liability.

 

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Section 12.3.Agreements Regarding Collateral and Field
Examination Reports.

 

Section 12.3.1.Lien Releases; Care of Collateral.
Secured Parties authorize Agent to release any Lien on any Collateral (a) upon Full Payment of the Obligations; (b) that
is the subject of a disposition or Lien that Borrowers certify in writing is a Permitted Asset Disposition or a Permitted Lien
entitled to priority over Agent’s Liens (and Agent may rely conclusively on such certificate without further inquiry); (c) that
does not constitute a material part of the Collateral; or (d) subject to Section 15.1, with the consent of Required Lenders.
Secured Parties authorize Agent to subordinate its Liens to any Purchase Money Lien or other Lien entitled to priority hereunder.
Agent has no obligation to assure that any Collateral exists or is owned by an Obligor, or is cared for, protected or insured,
nor to assure that Agent’s Liens have been properly created, perfected or enforced, or are entitled to any particular priority,
nor to exercise any duty of care with respect to any Collateral.

 

Section 12.3.2.Possession of Collateral. Agent and
Secured Parties appoint each Secured Party as agent (for the benefit of Secured Parties) for the purpose of perfecting Liens in
Collateral held or controlled by it, to the extent such Liens are perfected by possession or control. If a Secured Party obtains
possession or control of any Collateral, it shall notify Agent thereof and, promptly upon Agent’s request, deliver such Collateral
to Agent or otherwise deal with it in accordance with Agent’s instructions.

 

Section 12.3.3.Reports. Agent shall promptly provide
to Lenders, when complete, any field examination, audit or appraisal report prepared for Agent with respect to any Obligor or Collateral
including any such information complied prior to the Closing Date (“Report”). Reports and other Borrower Materials
may be made available to Lenders by providing access to them on the Platform, but Agent shall not be responsible for system failures
or access issues that may occur from time to time. Each Lender agrees (a) that Reports are not intended to be comprehensive
audits or examinations, and that Agent or any other Person performing an audit or examination will inspect only limited information
and will rely significantly upon Borrowers’ books, records and representations; (b) that Agent makes no representation
or warranty as to the accuracy or completeness of any Borrower Materials and shall not be liable for any information contained
in or omitted from any Borrower Materials, including any Report; and (c) to keep all Borrower Materials confidential and strictly
for such Lender’s internal use, not to distribute any Report or other Borrower Materials (or the contents thereof) to any
Person (except to such Lender’s Participants, attorneys and accountants), and to use all Borrower Materials solely for administration
of the Obligations. Each Lender shall indemnify and hold harmless Agent and any other Person preparing a Report from any action
such Lender may take as a result of or any conclusion it may draw from any Borrower Materials, as well as from any Claims arising
as a direct or indirect result of Agent furnishing same to such Lender, via the Platform or otherwise, except for any Claims arising
solely and directly from Agent’s gross negligence or wilful misconduct. As of the Closing Date, the Agent intends to obtain
at least one field audit and examination report per calendar year; provided, that Agent may request more frequent field
audit and examination reports in its discretion.

 

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Section 12.4.Reliance by Agent. Agent shall be entitled
to rely, and shall be fully protected in relying, upon any certification, notice or other communication (including those by telephone,
telex, telegram, telecopy, e-mail or other electronic means) believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person.

 

Section 12.5.Action upon Default. Agent shall not
be deemed to have knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in Section 6,
unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof. If a Lender
acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent and the other Lenders
thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent
of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product
Obligations), or to assert any rights relating to any Collateral. Notwithstanding the foregoing, however, a Secured Party may take
action to preserve or enforce its rights against an Obligor where a deadline or limitation period is applicable that would, absent
such action, bar enforcement of Obligations held by such Secured Party, including the filing of proofs of claim in an Insolvency
Proceeding.

 

Section 12.6.Ratable Sharing. If any Lender obtains
any payment or reduction of any Obligation, whether through setoff or otherwise, in excess of its ratable share of such Obligation,
such Lender shall forthwith purchase from Secured Parties participations in the affected Obligation as are necessary to cause the
purchasing Lender to share the excess payment or reduction on a Pro Rata basis or in accordance with Section 5.5.2, as applicable.
If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the
purchase price restored to the extent of such recovery, but without interest. No Lender shall set off against a Dominion Account
without Agent’s prior consent.

 

Section 12.7.Indemnification. Each
Secured Party shall indemnify and hold harmless Agent Indemnitees and Issuing Bank Indemnitees, to the extent not reimbursed by
Obligors, on a pro rata basis, against all Claims that may be incurred by or asserted against any Agent Indemnitee or Issuing Bank
Indemnitee, provided that any Claim against an Agent Indemnitee relates to or arises from its acting as or for Agent (in
the capacity of Agent), and any Claim against an Issuing Bank Indemnitee relates to or arises from its acting as or for Issuing
Bank (in the capacity of Issuing Bank) and provided that such Claims do not arise directly and solely from Agent Indemnitees’
and/or Bank Indemnitees’ gross negligence or willful misconduct. In Agent’s discretion, it may reserve for any
Claims made against an Agent Indemnitee or Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating
thereto, from proceeds of Collateral prior to making any distribution of Collateral proceeds to Secured Parties. If Agent is sued
by any receiver, trustee or other Person for any alleged preference or fraudulent transfer, then any monies paid by Agent in settlement
or satisfaction of such proceeding, together with all interest, costs and expenses (including attorneys’ fees) incurred in
the defense of same, shall be promptly reimbursed to Agent by each Secured Party to the extent of its Pro Rata share.

 

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Section 12.8.Limitation on Responsibilities of Agent.
Agent shall not be liable to any Secured Party for any action taken or omitted to be taken under the Loan Documents, except for
losses directly and solely caused by Agent’s gross negligence or willful misconduct. Agent does not assume any responsibility
for any failure or delay in performance or any breach by any Obligor, Lender or other Secured Party of any obligations under the
Loan Documents. Agent does not make any express or implied representation, warranty or guarantee to Secured Parties with respect
to any Obligations, Collateral, Liens, Loan Documents or Obligor. No Agent Indemnitee shall be responsible to Secured Parties for
any recitals, statements, information, representations or warranties contained in any Loan Documents or Borrower Materials; the
execution, validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability, collectability,
value, sufficiency, location or existence of any Collateral, or the validity, extent, perfection or priority of any Lien therein;
the validity, enforceability or collectability of any Obligations; or the assets, liabilities, financial condition, results of
operations, business, creditworthiness or legal status of any Obligor or Account Debtor. No Agent Indemnitee shall have any obligation
to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance or performance
by any Obligor of any terms of the Loan Documents, or the satisfaction of any conditions precedent contained in any Loan Documents.

 

Section 12.9.Successor Agent and Co-Agents.

 

Section 12.9.1.Resignation; Successor Agent. Agent
may resign at any time by giving at least 30 days’ written notice thereof to Lenders and Borrowers. Required Lenders may
appoint a successor that is (a) a Lender or Affiliate of a Lender; or (b) a financial institution reasonably acceptable
to Required Lenders and, provided no Default or Event of Default exists, Borrowers. If no successor is appointed by the effective
date of Agent’s resignation, then on such date, Agent may appoint a successor acceptable to it in its discretion (which shall
be a Lender unless no Lender accepts the role) or, in the absence of such appointment, Required Lenders shall automatically assume
all rights and duties of Agent. The successor Agent shall thereupon succeed to and become vested with all the powers and duties
of the retiring Agent without further act. The retiring Agent shall be discharged from its duties hereunder on the effective date
of its resignation, but shall continue to have all rights and protections available to Agent under the Loan Documents with respect
to actions, omissions, circumstances or Claims relating to or arising while it was acting or transferring responsibilities as Agent
or holding any Collateral on behalf of Secured Parties, including the indemnification set forth in Sections 12.6 and 14.2, and
all rights and protections under this Section 12. Any successor to BMO Harris by merger or acquisition of stock or this loan
shall continue to be Agent hereunder without further act on the part of any Secured Party or Obligor.

 

Section 12.9.2.Co-Collateral Agent. If appropriate
under Applicable Law, Agent may appoint a Person to serve as a co-collateral agent or separate collateral agent under any Loan
Document. Each right, remedy and protection intended to be available to Agent under the Loan Documents shall also be vested in
such agent. Every covenant and obligation necessary to the exercise thereof by such agent shall run to and be enforceable by it
as well as Agent. Secured Parties shall execute and deliver any instrument or agreement that Agent may request to effect such appointment.
If any such agent shall die, dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of the
agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent.

 

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Section 12.10.Due Diligence and Non-Reliance. Each
Lender acknowledges and agrees that it has, independently and without reliance upon Agent or any other Lenders, and based upon
such documents, information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own
decision to enter into this Agreement and to fund Revolver Loans and participate in LC Obligations hereunder. Each Secured
Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors. Each Secured Party
acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any Obligor, any Collateral
or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations. Each Secured Party will, independently
and without reliance upon any other Secured Party, and based upon such financial statements, documents and information as it deems
appropriate at the time, continue to make and rely upon its own credit decisions in making Revolver Loans and participating in
LC Obligations, and in taking or refraining from any action under any Loan Documents. Except for notices, reports and other
information expressly requested by a Lender or as otherwise provided herein, Agent not shall have any duty or responsibility to
provide any Secured Party with any notices, reports or certificates furnished to Agent by any Obligor or any credit or other information
concerning the affairs, financial condition, business or Properties of any Obligor (or any of its Affiliates) which may come into
possession of Agent or its Affiliates.

 

Section 12.11.Remittance of Payments and Collections.

 

Section 12.11.1.Remittances Generally. Payments by
any Secured Party to Agent shall be made by the time and date provided herein, in immediately available funds. If no time for payment
is specified or if payment is due on demand and request for payment is made by Agent by 11:00 a.m. on a Business Day, then
payment shall be made by the Secured Party by 2:00 p.m. on such day, and if request is made after 11:00 a.m., then payment shall
be made by 11:00 a.m. on the next Business Day. Payment by Agent to any Secured Party shall be made by wire transfer, in the type
of funds received by Agent. Any such payment shall be subject to Agent’s right of offset for any amounts due from such payee
under the Loan Documents.

 

Section 12.11.2.Failure to Pay. If any Secured Party
fails to deliver when due any amount payable by it to Agent hereunder, such amount shall bear interest, from the due date until
paid in full, at the greater of the Federal Funds Rate or the rate determined by Agent as customary for interbank compensation
for two Business Days and thereafter at the Default Rate for Base Rate Revolver Loans. In no event shall Borrowers be entitled
to credit for any interest paid by a Secured Party to Agent, nor shall a Defaulting Lender be entitled to interest on amounts held
by Agent pursuant to Section 4.2.

 

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Section 12.11.3.Recovery of Payments. If Agent pays
an amount to a Secured Party in the expectation that a related payment will be received by Agent from an Obligor and such related
payment is not received, then Agent may recover such amount from the Secured Party. If Agent determines that an amount received
by it must be returned or paid to an Obligor or other Person pursuant to Applicable Law or otherwise, then Agent shall not be required
to distribute such amount to any Secured Party. If Agent is required to return any amounts applied by it to Obligations held by
a Secured Party, such Secured Party shall pay to Agent, on demand, its share of the amounts required to be returned.

 

Section 12.12.Individual Capacities. As a Lender,
BMO Harris shall have the same rights and remedies under the Loan Documents as any other Lender, and the terms “Lenders,”
“Required Lenders” or any similar term shall include BMO Harris in its capacity as a Lender. Agent, Lenders and their
Affiliates may accept deposits from, maintain deposits or credit balances for, invest in, lend money to, provide Bank Products
to, act as trustee under indentures of, serve as financial or other advisor to, and generally engage in any kind of business with,
Obligors and their Affiliates, as if they were not Agent or Lenders hereunder, without any duty to account therefor (including
any fees or other consideration received in connection therewith) to any Secured Party. In their individual capacities, Agent,
Lenders and their Affiliates may receive information regarding Obligors, their Affiliates and their Account Debtors (including
information subject to confidentiality obligations), and shall have no obligation to provide such information to any Secured Party.

 

Section 12.13.Titles. Each Lender, other than BMO
Harris, that is designated in connection with this credit facility as an “Lead Arranger,” “Bookrunner,”
“Book Manager,” “Administrative Agent” or “Agent” of any kind shall have no right or duty under
any Loan Documents other than those applicable to all Lenders, and shall in no event have any fiduciary duty to any Secured Party.

 

Section 12.14.Bank Product Providers. Each Secured
Bank Product Provider, by delivery of a notice to Agent of a Bank Product, agrees to be bound by the Loan Documents, including
Sections 5.5, 12 and 14.3.3. Each Secured Bank Product Provider shall indemnify and hold harmless Agent Indemnitees, to the extent
not reimbursed by Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in connection with
such provider’s Secured Bank Product Obligations.

 

Section 12.15.No Third-Party Beneficiaries. This
Section 12 is an agreement solely among Secured Parties and Agent, and shall survive Full Payment of the Obligations. This
Section 12 does not confer any rights or benefits upon Borrowers or any other Person. As between Borrower and Agent, any action
that Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized
and directed by Secured Parties.

 

Section 12.16.Certain ERISA Matters. (a) Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of
the Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Obligor,
that at least one of the following is and will be true:

 

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(i)such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Revolver Commitments or this Agreement,

 

(ii)the transaction exemption set forth in one
or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset
managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class
exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain
transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by
in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Revolver Commitments and this Agreement,

 

(iii)(A) such Lender is an investment fund managed
by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional
Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans,
the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the
Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the
knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Revolver Commitments and this Agreement, or

 

(iv)such other representation, warranty and covenant
as may be agreed in writing between the Agent, in its sole discretion, and such Lender.

 

(b)In addition, unless either (1) sub-clause (i) in
the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,
warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents
and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became
a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent, and not, for the
avoidance of doubt, to or for the benefit of, the Borrowers or any other Obligor, that the Agent is not a fiduciary with respect
to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Revolver Commitments and this Agreement (including in connection with the reservation or exercise of any rights
by the Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

 

Section 13.Benefit of
Agreement; Assignments and Participations.

 

Section 13.1.Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of Borrowers, Agent, Lenders, Secured Parties, and their respective successors and
assigns, except that (a) no Borrower shall have the right to assign its rights or delegate its obligations under any Loan
Documents; and (b) any assignment by a Lender must be made in compliance with Section 13.3. Agent may treat the Person
which made any Revolver Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with Section 13.3.
Any authorization or consent of a Lender shall be conclusive and binding on any subsequent transferee or assignee of such Lender.

 

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Section 13.2.Participations.

 

Section 13.2.1.Permitted Participants; Effect. Subject
to Section 13.3.3, any Lender may sell to a financial institution (“Participant”) a participating interest
in the rights and obligations of such Lender under any Loan Documents. Despite any sale by a Lender of participating interests
to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, it shall remain solely responsible
to the other parties hereto for performance of such obligations, it shall remain the holder of its Revolver Loans and Revolver
Commitments for all purposes, all amounts payable by Borrowers shall be determined as if it had not sold such participating interests,
and Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents. Each
Lender shall be solely responsible for notifying its Participants of any matters under the Loan Documents, and Agent and the other
Lenders shall not have any obligation or liability to any such Participant. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 5.8 unless Borrowers agree otherwise in writing.

 

Section 13.2.2.Voting Rights. Each Lender shall retain
the sole right to approve, without the consent of any Participant, any amendment, waiver or other modification of a Loan Document
other than that which forgives principal, interest or fees, reduces the stated interest rate or fees payable with respect to any
Revolver Loan or Revolver Commitment in which such Participant has an interest, postpones the Revolver Commitment Termination Date
or any date fixed for any regularly scheduled payment of principal, interest or fees on such Revolver Loan or Revolver Commitment,
or releases any Borrower, Guarantor or substantially all Collateral.

 

Section 13.2.3.Participant Register. Each Lender
that sells a participation shall, acting as a non-fiduciary agent of Borrowers (solely for tax purposes), maintain a register in
which it enters the Participant’s name, address and interest in Revolver Commitments, Revolver Loans (and stated interest)
and LC Obligations. Entries in the register shall be conclusive, absent manifest error, and such Lender shall treat each Person
recorded in the register as the owner of the participation for all purposes, notwithstanding any notice to the contrary. No Lender
shall have an obligation to disclose any information in such register except to the extent necessary to establish that a Participant’s
interest is in registered form under the Code.

 

Section 13.2.4.Benefit of SetOff. Each Participant
shall have a right of setoff in respect of its participating interest to the same extent as if such interest were owing directly
to a Lender, and each Lender shall also retain the right of setoff with respect to any participating interests sold by it. By exercising
any right of setoff, a Participant agrees to share with Lenders all amounts received through its setoff, in accordance with Section 12.5
as if such Participant were a Lender.

 

Section 13.3.Assignments.

 

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Section 13.3.1.Permitted Assignments. A Lender may
assign to an Eligible Assignee any of its rights and obligations under the Loan Documents, as long as (a) each assignment
is of a constant, and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan Documents
and, in the case of a partial assignment, is in a minimum principal amount of $5,000,000 (unless otherwise agreed by Agent in its
discretion) and integral multiples of $500,000 in excess of that amount; (b) except in the case of an assignment in whole
of a Lender’s rights and obligations, the aggregate amount of the Revolver Commitments retained by the transferor Lender
is at least $10,000,000 (unless otherwise agreed by Agent in its discretion); and (c) the parties to each such assignment
shall execute and deliver an Assignment to Agent for acceptance and recording. Nothing herein shall limit the right of a Lender
to pledge or assign any rights under the Loan Documents to secure obligations of such Lender, including a pledge or assignment
to a Federal Reserve Bank; provided, however, that no such pledge or assignment shall release the Lender from its obligations
hereunder nor substitute the pledge or assignee for such Lender as a party hereto.

 

Section 13.3.2.Effect; Effective Date. Upon delivery
to Agent of an assignment notice in the form of Exhibit D and a processing fee of $3,500 (unless otherwise agreed by Agent in its
discretion), the assignment shall become effective as specified in the notice, if it complies with this Section 13.3. From
such effective date, the Eligible Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all rights
and obligations of a Lender thereunder. Upon consummation of an assignment, the transferor Lender, Agent and Borrowers shall make
appropriate arrangements for issuance of replacement and/or new Revolver Notes, as applicable. The transferee Lender shall comply
with Section 5.9 and deliver, upon request, an administrative questionnaire satisfactory to Agent.

 

Section 13.3.3.Certain Assignees. No assignment or
participation may be made to a Borrower, Affiliate of a Borrower, Defaulting Lender or natural person. Agent shall have no obligation
to determine whether any assignment is permitted under the Loan Documents. Any assignment by a Defaulting Lender must be accompanied
by satisfaction of its outstanding obligations under the Loan Documents in a manner satisfactory to Agent, including payment by
the Defaulting Lender or Eligible Assignee of an amount sufficient upon distribution (through direct payment, purchases of participations
or other methods acceptable to Agent in its discretion) to satisfy all funding and payment liabilities of the Defaulting Lender.
If any assignment by a Defaulting Lender (by operation of law or otherwise) does not comply with the foregoing, the assignee shall
be deemed a Defaulting Lender for all purposes until compliance occurs.

 

Section 13.3.4.Register. Agent, acting as a non-fiduciary
agent of Borrowers (solely for tax purposes), shall maintain (a) a copy (or electronic equivalent) of each Assignment and
Acceptance delivered to it, and (b) a register for recordation of the names, addresses and Revolver Commitments of, and the
Loans, interest and LC Obligations owing to, each Lender. Entries in the register shall be conclusive, absent manifest error,
and Borrowers, Agent and Lenders shall treat each Person recorded in such register as a Lender for all purposes under the Loan
Documents, notwithstanding any notice to the contrary. Agent may choose to show only one Borrower as the borrower in the register,
without any effect on the liability of any Obligor with respect to the Obligations. The register shall be available for inspection
by Borrowers or any Lender, from time to time upon reasonable notice.

 

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Section 13.4.Replacement of Certain Lenders. If a
Lender (a) within the last 120 days failed to give its consent to any amendment, waiver or action for which consent of
all Lenders was required and Required Lenders consented, (b) is a Defaulting Lender, or (c) within the last 120 days
gave a notice under Section 3.5 or requested payment or compensation under Section 3.7 or 5.8 (and has not designated
a different Lending Office pursuant to Section 3.8), then Agent or Borrowers may, upon 10 days notice to such Lender,
require it to assign its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant to appropriate Assignment(s),
within 20 days after the notice. Agent is irrevocably appointed as attorney-in-fact to execute any such Assignment if the
Lender fails to execute it. Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts owed
to it under the Loan Documents through the date of assignment.

 

Section 14.The Guarantees.

 

Section 14.1.The Guarantees. To induce the Lenders
to provide the credits described herein and in consideration of benefits expected to accrue to the Borrowers by reason of the Revolver
Commitments and for other good and valuable consideration, receipt of which is hereby acknowledged, each Obligor party hereto and
the Borrowers (as to the Obligations of another Obligor) hereby unconditionally and irrevocably guarantees jointly and severally
to the Agent, the Lenders, and their Affiliates, the due and punctual payment of all present and future Obligations, including,
but not limited to, the due and punctual payment of principal of and interest on the Loans, and the due and punctual payment of
all other Obligations now or hereafter owed by the Obligors under the Loan Documents and the due and punctual payment of all Secured
Bank Product Obligations, in each case as and when the same shall become due and payable, whether at stated maturity, by acceleration,
or otherwise, according to the terms hereof and thereof (including all interest, costs, fees, and charges after the entry of an
order for relief against the Obligors in a case under the United States Bankruptcy Code or any similar proceeding, whether or not
such interest, costs, fees and charges would be an allowed claim against any Obligor in any such proceeding); provided, however,
that, with respect to any Guarantor, hedging liability guaranteed by such Guarantor shall exclude all Excluded Swap Obligations.
In case of failure by any Obligor to punctually pay any Obligations, Secured Bank Product Obligations or the Obligations guaranteed
hereby, each Obligor hereby unconditionally agrees to make such payment or to cause such payment to be made punctually as and when
the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, and as if such payment were made
by the Obligors.

 

Section 14.2.Guarantee Unconditional. The obligations
of each Guarantor under this Section 14 shall be unconditional and absolute and, without limiting the generality of the foregoing,
shall not be released, discharged, or otherwise affected by:

 

(a)any extension, renewal, settlement, compromise,
waiver, or release in respect of any obligation of any Obligor or of any other guarantor under this Agreement or any other Loan
Document or by operation of law or otherwise;

 

(b)any modification or amendment of or supplement
to this Agreement or any other Loan Document or any agreement relating to Secured Bank Product Obligations;

 

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(c)any change in the corporate existence, structure,
or ownership of, or any insolvency, bankruptcy, reorganization, or other similar proceeding affecting, any Obligor, any other guarantor,
or any of their respective assets, or any resulting release or discharge of any obligation of any Obligor or of any other guarantor
contained in any Loan Document;

 

(d)the existence of any claim, set-off, or other
rights which any Obligor or any other guarantor may have at any time against the Agent, any Lender or any other Person, whether
or not arising in connection herewith;

 

(e)any failure to assert, or any assertion of,
any claim or demand or any exercise of, or failure to exercise, any rights or remedies against any Obligor, any other guarantor,
or any other Person or Property;

 

(f)any application of any sums by whomsoever paid
or howsoever realized to any obligation of any Obligor, regardless of what obligations of any Obligor remain unpaid;

 

(g)any invalidity or unenforceability relating
to or against any Obligor or any other guarantor for any reason of this Agreement or of any other Loan Document or any agreement
relating to Secured Bank Product Obligations or any provision of applicable law or regulation purporting to prohibit the payment
by any Obligor or any other guarantor of the principal of or interest on any Loan or any other Obligations or amount payable under
the Loan Documents or any agreement relating to the Secured Bank Product Obligations; or

 

(h)any other act or omission to act or delay of
any kind by the Agent, any Lender or any other Person or any other circumstance whatsoever that might, but for the provisions of
this subsection, constitute a legal or equitable discharge of the obligations of any Guarantor under this Section 14.

 

Section 14.3.Discharge Only upon Payment in Full;
Reinstatement in Certain Circumstances. Each Guarantor’s obligations under this Section 14 shall remain in full
force and effect until the Revolver Commitments are terminated, all Letters of Credit have expired, and the principal of and interest
on the Loans and all other Obligations and amounts payable by the Borrowers and the other Obligors under this Agreement and all
other Loan Documents and, if then outstanding and unpaid, all Secured Bank Product Obligations shall have been paid in full. If
at any time any payment of the principal of or interest on any Loan or any other Obligations or amount payable by any Obligor or
any guarantor under the Loan Documents or any agreement relating to Secured Bank Product Obligations is rescinded or must be otherwise
restored or returned upon the insolvency, bankruptcy, or reorganization of such Obligor or of any guarantor, or otherwise, each
Guarantor’s obligations under this Section 14 with respect to such payment shall be reinstated at such time as though
such payment had become due but had not been made at such time.

 

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Section 14.4.Subrogation. Each Guarantor agrees
it will not exercise any rights which it may acquire by way of subrogation by any payment made hereunder, or otherwise, until all
the Obligations or Secured Bank Product Obligations shall have been paid in full subsequent to the termination of all the Revolver
Commitments and expiration of all Letters of Credit. If any amount shall be paid to a Guarantor on account of such subrogation
rights at any time prior to the later of (x) the payment in full of the Obligations or Secured Bank Product Obligations and
all other amounts payable by the Loan Parties hereunder and the other Loan Documents and (y) the termination of the Revolver
Commitments and expiration of all Letters of Credit, such amount shall be held in trust for the benefit of the Agent and the other
Secured Parties and shall forthwith be paid to the Agent for the benefit of the Secured Parties or be credited and applied upon
the Obligations or Secured Bank Product Obligations, whether matured or unmatured, in accordance with the terms of this Agreement.

 

Section 14.5.Subordination. Each Guarantor (each
referred to herein as a “Subordinated Creditor”) hereby subordinates the payment of all indebtedness, obligations,
and liabilities of the Borrowers or other Obligor owing to such Subordinated Creditor, whether now existing or hereafter arising,
to the indefeasible payment in full in cash of all Obligations or Secured Bank Product Obligations. During the existence of any
Event of Default, subject to Section 14.4, any such indebtedness, obligation, or liability of the Borrowers or other Obligors
owing to such Subordinated Creditor shall be enforced and performance received by such Subordinated Creditor as trustee for the
benefit of the Agent and the other Secured Parties and the proceeds thereof shall be paid over to the Agent for application to
the Obligations or Secured Bank Product Obligations (whether or not then due), but without reducing or affecting in any manner
the liability of such Guarantor under this Section 14.

 

Section 14.6.Waivers. Each Guarantor irrevocably
waives acceptance hereof, presentment, demand, protest, and any notice not provided for herein, as well as any requirement that
at any time any action be taken by the Agent, any Lender or any other Person against the Borrowers or any other Obligor, another
guarantor, or any other Person.

 

Section 14.7.Limit on Recovery. Notwithstanding
any other provision hereof, the right of recovery against each Guarantor under this Section 14 shall not exceed $1.00 less
than the lowest amount which would render such Guarantor’s obligations under this Section 14 void or voidable under
applicable law, including, without limitation, fraudulent conveyance law.

 

Section 14.8.Stay of Acceleration. If acceleration
of the time for payment of any amount payable by the Borrowers or other Obligors under this Agreement or any other Loan Document,
or under any agreement relating to Secured Bank Product Obligations, is stayed upon the insolvency, bankruptcy or reorganization
of the Borrower or such other Obligor, all such amounts otherwise subject to acceleration under the terms of this Agreement or
the other Loan Documents, or under any agreement relating to Secured Bank Product Obligations, shall nonetheless be payable by
the Guarantors hereunder forthwith on demand by the Agent made at the request or otherwise with the consent of the Required Lenders.

 

Section 14.9.Benefit to Guarantors. The Obligors
are engaged in related businesses and integrated to such an extent that the financial strength and flexibility of the Borrowers
and the other Obligors has a direct impact on the success of each other Obligors. Each Guarantor will derive substantial direct
and indirect benefit from the extensions of credit hereunder, and each Guarantor acknowledges that this guarantee is necessary
or convenient to the conduct, promotion and attainment of its business.

 

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Section 14.10.Keepwell. Each Qualified ECP Guarantor
hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may
be needed from time to time by each other Obligor to honor all of its obligations under this Guaranty in respect of Swap Obligations
(provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability
that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Guaranty, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each
Qualified ECP Guarantor under this Section shall remain in full force and effect until discharged in accordance with Section 14.3.
Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each other Obligor for all purposes of Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act.

 

Section 15.Miscellaneous.

 

Section 15.1.Consents, Amendments and Waivers.

 

Section 15.1.1.Amendment. No modification of any
Loan Document, including any extension or amendment of a Loan Document or any waiver of a Default or Event of Default, shall be
effective without the prior written agreement of Required Lenders and each Obligor party to such Loan Document; provided, however,
that

 

(a)without the prior written consent of Agent,
no modification shall alter any provision in a Loan Document that relates to any rights, duties or discretion of Agent;

 

(b)without the prior written consent of Issuing
Bank, no modification shall alter Section 2.3 or any other provision in a Loan Document that relates to Letters of Credit
or any rights, duties or discretion of Issuing Bank;

 

(c)without the prior written consent of each affected
Lender, no modification shall (i) increase the Revolver Commitment of such Lender; (ii) reduce the amount of, or waive
or delay payment of, any principal, interest or fees payable to such Lender; or (iii) extend the Revolver Commitment Termination
Date;

 

(d)without the prior written consent of all Lenders,
no modification shall (i) alter Section 5.5.2, 7.1 (except to add Collateral) or 14.1.1; (ii) amend the definition
of Borrowing Base (or any defined term used in such definition), Pro Rata or Required Lenders; (iii) increase any advance
rate; (iv) release all or substantially all of the Collateral; or (v) except in connection with a merger, disposition
or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations; and

 

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(e)without the prior written consent of a Secured
Bank Product Provider, no modification shall affect its relative payment priority under Section 5.5.2.

Notwithstanding anything to the contrary herein, (1) no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent
of the applicable Lenders other than Defaulting Lenders), except that (x) the Revolver Commitment of any Defaulting Lender may
not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders
shall require the consent of such Defaulting Lender, (2) if the Agent and the Borrowers have jointly identified an obvious
error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Agent and
the Borrower shall be permitted to amend such provision, (3) guarantees, collateral security documents and related documents executed
by the Borrowers or any other Obligor in connection with this Agreement may be in a form reasonably determined by the Agent and
may be amended, supplemented or waived without the consent of any Lender if such amendment, supplement or waiver is delivered in
order to (x) comply with local law or advice of local counsel, (y) cure ambiguities, omissions, mistakes or defects or
(z) cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other
Loan Documents, and (4) the Borrowers and the Agent may, without the input or consent of any other Lender, effect amendments
to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion of the Borrowers and the Agent to
effect the provisions of Section 2.1.7

 

Section 15.1.2.Limitations. The agreement of Borrowersshall not be required for any modification of a Loan Document that deals solely with the rights and duties of Lenders, Agent and/or
Issuing Bank as among themselves. Only the consent of the parties to any agreement relating to fees or a Bank Product shall be
required for modification of such agreement, and no Bank Product provider (in such capacity) shall have any right to consent to
modification of any Loan Document other than its Bank Product agreement. Any waiver or consent granted by Agent or Lenders hereunder
shall be effective only if in writing and only for the matter specified.

 

Section 15.1.3.Payment for Consents. No Borrower
will, directly or indirectly, pay any remuneration or other thing of value, whether by way of additional interest, fee or otherwise,
to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any
Loan Documents, unless such remuneration or value is concurrently paid, on the same terms, on a Pro Rata basis to all Lenders providing
their consent.

 

Section 15.2.Indemnity. Each
Borrower shall indemnify and hold harmless the Indemnitees against any Claims that may be incurred by or asserted against any Indemnitee,
including Claims asserted by any Obligor or other Person or arising from the negligence of an Indemnitee. In no event shall
any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim
that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the gross negligence
or willful misconduct of such Indemnitee.

 

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Section 15.3.Notices and Communications.

 

Section 15.3.1.Notice Address. Subject to Section 15.3.2,
all notices and other communications by or to a party hereto shall be in writing and shall be given to any Borrower, at such Borrower’s
address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof (or, in
the case of a Person who becomes a Lender after the Closing Date, at the address shown on its Assignment), or at such other address
as a party may hereafter specify by notice in accordance with this Section 15.3. Each such notice or other communication shall
be effective only (a) if given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation
of receipt is received; (b) if given by mail, 3 Business Days after deposit in the U.S. mail, with first-class postage
pre-paid, addressed to the applicable address; (c) if given by a nationally recognized overnight courier service, one (1) Business
Day after being deposited with the overnight courier service, or (d) if given by personal delivery, when duly delivered to
the notice address with receipt acknowledged. Notwithstanding the foregoing, no notice to Agent pursuant to Section 2.1.4,
2.2.4, 2.3, 3.1.2, or 4.1.1 shall be effective until actually received by the individual to whose attention at Agent such notice
is required to be sent. Any written communication that is not sent in conformity with the foregoing provisions shall nevertheless
be effective on the date actually received by the noticed party. Any notice received by any Borrower shall be deemed received by
all Borrowers.

 

Section 15.3.2.Communications. Electronic mail and
telephonic communications (including e-mail, messaging, voice mail and websites) may be used only in a manner acceptable to Agent.
Secured Parties make no assurance as to the privacy or security of electronic or telephonic communications. E-mail and voice mail
shall not be effective notices under the Loan Documents.

 

Section 15.3.3.Platform. Borrower Materials shall
be delivered pursuant to procedures approved by Agent, including electronic delivery (if possible) upon request by Agent to an
electronic system maintained by Agent (“Platform”). Borrowers shall notify Agent of each posting of Borrower
Materials on the Platform and the materials shall be deemed received by Agent only upon its receipt of such notice. Borrower Materials
and other information relating to this credit facility may be made available to Secured Parties on the Platform. The Platform is
provided “as is” and “as available.” Agent does not warrant the accuracy or completeness of any information
on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions
in the Borrower Materials or any issues involving the Platform. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights, or freedom from viruses or other code defects, is made by Agent with respect to Borrower Materials or the Platform.
No Agent Indemnitee shall have any liability to Borrowers, Secured Parties or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) relating to use by any Person of the Platform, including any unintended
recipient, nor for delivery of Borrower Materials and other information via the Platform, internet, e-mail, or any other electronic
platform or messaging system.

 

Section 15.3.4.Public Information. Obligors and Secured
Parties acknowledge that “public” information may not be segregated from material non-public information on the Platform.
Secured Parties acknowledge that Borrower Materials may include Obligors’ material non-public information, and should not
be made available to personnel who do not wish to receive such information or may be engaged in investment or other market-related
activities with respect to an Obligor’s securities.

 

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Section 15.3.5.Non-Conforming Communications. Agent
and Lenders may rely upon any communications purportedly given by or on behalf of any Borrower even if they were not made in a
manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by the recipient, varied
from a later confirmation. Each Borrower shall indemnify and hold harmless each Indemnitee from any liabilities, losses, costs
and expenses arising from any electronic or telephonic communication purportedly given by or on behalf of a Borrower.

 

Section 15.4.Performance of Borrowers’ Obligations.
Agent may, in its discretion at any time and from time to time, at Borrowers’ expense, pay any amount or do any act required
of a Borrower under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect
any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity
or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge,
finishing or processing charge, or landlord claim, or any discharge of a Lien. All payments, costs and expenses (including Extraordinary
Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers, on demand, with interest from the date incurred
until paid in full, at the Default Rate applicable to Base Rate Revolver Loans. Any payment made or action taken by Agent under
this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies
under the Loan Documents.

 

Section 15.5.Credit Inquiries. Agent and Lenders
may (but shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning Parent or any
of its Subsidiaries.

 

Section 15.6.Severability. Wherever possible, each
provision of the Loan Documents shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found
to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions
of the Loan Documents shall remain in full force and effect.

 

Section 15.7.Cumulative Effect; Conflict of Terms.
The provisions of the Loan Documents are cumulative. The parties acknowledge that the Loan Documents may use several limitations
or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided.
Except as otherwise provided in another Loan Document (by specific reference to the applicable provision of this Agreement), if
any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern
and control.

 

Section 15.8.Counterparts; Execution. Any Loan Document
may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties
hereto. Agent may (but shall have no obligation to) accept any signature, contract formation or record-keeping through electronic
means, which shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted
by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the Illinois State Electronic
Commerce Security Act, or any similar state law based on the Uniform Electronic Transactions Act. Upon request by Agent, any electronic
signature or delivery shall be promptly followed by a manually executed or paper document.

 

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Section 15.9.Entire Agreement. Time is of the essence
with respect to all Loan Documents and Obligations. The Loan Documents constitute the entire agreement, and supersede all prior
understandings and agreements, among the parties relating to the subject matter thereof.

 

Section 15.10.Relationship with Lenders. The obligations
of each Lender hereunder are several, and no Lender shall be responsible for the obligations or Revolver Commitments of any other
Lender. Amounts payable hereunder to each Lender shall be a separate and independent debt. It shall not be necessary for Agent
or any other Lender to be joined as an additional party in any proceeding for such purposes. Nothing in this Agreement and no action
of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise shall be deemed to constitute Agent and
any Secured Party to be a partnership, joint venture or similar arrangement, nor to constitute control of any Borrower.

 

Section 15.11.No Advisory or Fiduciary Responsibility.
In connection with all aspects of each transaction contemplated by any Loan Document, Borrowers acknowledges and agrees that (a)(i) this
credit facility and any arranging or other services by Agent, any Lender, any of their Affiliates or any arranger are arm’s-length
commercial transactions between Borrowers and their Affiliates, on one hand, and Agent, any Lender, any of their Affiliates or
any arranger, on the other hand; (ii) Borrowers have consulted their own legal, accounting, regulatory and tax advisors to
the extent they have deemed appropriate; and (iii) Borrowers are capable of evaluating and understanding, and do understand
and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Agent, Lenders,
their Affiliates and any arranger is and has been acting solely as a principal in connection with this credit facility, is not
the financial advisor, agent or fiduciary for Borrowers, their Affiliates or any other Person, and has no obligation with respect
to the transactions contemplated by the Loan Documents except as expressly set forth therein; and (c) Agent, Lenders, their
Affiliates and any arranger may be engaged in a broad range of transactions that involve interests that differ from those of Borrowers
and their Affiliates, and have no obligation to disclose any of such interests to Borrowers or their Affiliates. To the fullest
extent permitted by Applicable Law, each Borrower hereby waives and releases any claims that it may have against Agent, Lenders,
their Affiliates and any arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated by a Loan Document.

 

Section 15.12.Confidentiality. Each of Agent, Lenders
and Issuing Bank shall maintain the confidentiality of all Information (as defined below), except that Information may be disclosed
(a) to its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives
(provided they are informed of the confidential nature of the Information and instructed to keep it confidential); (b) to
the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its
Affiliates; (c) to the extent required by Applicable Law or by any subpoena or other legal process; (d) to any other
party hereto; (e) in connection with any action or proceeding relating to any Loan Documents or Obligations; (f) subject
to an agreement containing provisions substantially the same as this Section, to any actual or potential Eligible Assignee, Participant
or other Person acquiring an interest in any Obligations, or any actual or prospective party (or its advisors) to any Bank Product
or to any swap, derivative or other transaction under which payments are to be made by reference to an Obligor or Obligor’s
obligations; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) is available to Agent, any Lender, Issuing Bank or any of their Affiliates on a nonconfidential
basis from a source other than Borrowers; (h) on a confidential basis to a provider of a Platform; or (i) with the consent
of applicable Borrower. Notwithstanding the foregoing, Agent and Lenders may publish or disseminate general information concerning
this credit facility for league table, tombstone and advertising purposes, and may use Borrowers’ logos, trademarks or product
photographs in advertising materials. As used herein, “Information” means information received from an Obligor or Subsidiary
relating to it or its business that is identified as confidential when delivered. A Person required to maintain the confidentiality
of Information pursuant to this Section shall be deemed to have complied if it exercises a degree of care similar to that
accorded its own confidential information. Each of Agent, Lenders and Issuing Bank acknowledges that (i) Information may include
material non-public information; (ii) it has developed compliance procedures regarding the use of such information; and (iii) it
will handle the material non-public information in accordance with Applicable Law.

 

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Section 15.13.Acknowledgement and Consent to Bail-In
of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement
or understanding among the parties, each party hereto (including each Secured Party) acknowledges that any liability arising under
a Loan Document of any Secured Party that is an EEA Financial Institution, 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 under any Loan Documents which may be payable to it by any Secured Party that is an EEA Financial Institution; and (b) the
effects of any Bail-in Action on any such liability, including (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 issued 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 any Loan 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.

 

Section 15.14.Governing
Law. Unless expressly provided in any Loan Document, this Agreement, the other
Loan Documents and all Claims shall be governed by the laws of the State of Illinois, without giving effect to any conflict of
law principles except federal laws relating to national banks.

 

Section 15.15.Consent to Forum; Judicial Reference.

 

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Section 15.15.1.Forum. Each party hereto hereby irrevocably
and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the United States District Court
for the Northern District of Illinois and of any Illinois State court sitting in the City of Chicago, and any appellate court from
any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of
any judgment, and each party hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such Illinois State court or, to the extent permitted by Applicable Law, in such federal
court. Each party hereto hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. .

 

Section 15.15.2.Other Jurisdiction. Nothing herein
shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor limit the right of
any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement shall be deemed to preclude
enforcement by Agent of any judgment or order obtained in any forum or jurisdiction.

 

Section 15.15.3Each Obligor hereby irrevocably and
unconditionally waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in
any court referred to in Section 15.15.1. Each party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

Section 15.15.4.Each party to this Agreement irrevocably
consents to service of process in any action or proceeding arising out of or relating to any Loan Document, in the manner provided
for notices (other than telecopy or e-mail) in Section 15.3. Nothing in this Agreement or any other Loan Document will affect
the right of any party to this Agreement to serve process in any other manner permitted by applicable law.

 

Section 15.16.Waivers by Borrowers. To the fullest
extent permitted by Applicable Law, each Borrower waives (a) the right to trial by jury (which Agent, Issuing Bank and each
Lender hereby also waive) in any proceeding or dispute of any kind relating in any way to any Loan Documents, Obligations or Collateral;
(b) presentment, demand, protest, notice of presentment, default, non-payment, maturity, release, compromise, settlement,
extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and guaranties at any time held by
Agent on which a Borrower may in any way be liable, and hereby ratifies anything Agent may do in this regard; (c) notice prior
to taking possession or control of any Collateral; (d) any bond or security that might be required by a court prior to allowing
Agent to exercise any rights or remedies; (e) the benefit of all valuation, appraisement and exemption laws; (f) any
claim against Agent, Issuing Bank or any Lender, on any theory of liability, for special, indirect, consequential, exemplary or
punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents
or transactions relating thereto; and (g) notice of acceptance hereof. Each Borrower acknowledges that the foregoing waivers
are a material inducement to Agent, Issuing Bank and Lenders entering into this Agreement and that Agent and Lenders are relying
upon the foregoing in their dealings with Borrowers. Each Borrower has reviewed the foregoing waivers with its legal counsel and
has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of
litigation, this Agreement may be filed as a written consent to a trial by the court.

 

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Section 15.17.Patriot Act Notice. Agent and Lenders
hereby notify Borrowers that pursuant to the Patriot Act, Agent and Lenders are required to obtain, verify and record information
that identifies each Borrower, including its legal name, address, tax ID number and other information that will allow Agent and
Lenders to identify it in accordance with the Patriot Act. Agent and Lenders will also require information regarding any personal
guarantor and may require information regarding Borrowers’ management and owners, such as legal name, address, social security
number and date of birth. Borrowers shall, promptly upon request, provide all documentation and other information as Agent, Issuing
Bank or any Lender may request from time to time in order to comply with any obligations under any “know your customer,”
anti-money laundering or other requirements of Applicable Law.

Section 15.18.Amendment and Restatement of Original Loan
Agreement. Effective from and after the Closing Date, this Agreement constitutes an amendment and restatement of the Original
Loan Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby are not
intended by the parties to be, and shall not constitute, a novation or an accord and satisfaction of the Obligations or any other
obligations owing to any lender under the Original Loan Agreement or any other existing loan document. On the Closing Date, the
credit facilities and the terms and conditions thereof described in the Original Loan Agreement shall be amended and replaced in
their entirety by the credit facilities and the terms and conditions described herein, and all loans and other obligations of Borrowers
outstanding as of such date under the Original Loan Agreement shall be deemed to be Revolver Loans, Letters of Credit and Obligations
outstanding under the corresponding facilities described herein (such that all obligations which are outstanding on the Closing
Date under the Original Loan Agreement shall become Obligations under this Agreement), without further action by any Person.

 

Section 15.19.Removal of Lenders and Assignment
of Interests; Equalization of Loans.

 

(a)Removal of Lenders and Assignment of Interests. Each
of the Lenders listed under the heading “Departing Lenders”, as Departing Lenders, hereby agrees to sell and
assign without representation, recourse, or warranty (except that each Departing Lender represents it has authority to execute
and deliver this Agreement and sell its Obligations contemplated hereby, which Obligations are owned by such Departing Lender free
and clear of all Liens), and upon the satisfaction of the conditions precedent set forth in Section 6.1 hereof (A) the Lenders
hereby agree to purchase, 100% of such Departing Lender’s outstanding Obligations under the Original Credit Agreement and
the Loan Documents (including, without limitation, all of the Obligations held by such Departing Lender, except for cash collateral
relating to the Existing Letter of Credit and the Existing BAML Bank Products) for a purchase price equal to the outstanding principal
balance of Revolver Loans and accrued but unpaid interest and fees owed to such Departing Lender under the Original Credit Agreement
as of the Closing Date, which purchase price shall be paid in immediately available funds on the Closing Date (B) except for the
Existing Letter of Credit, such Departing Lender’s participating interest in any Letters of Credit shall be deemed reduced
to zero and reallocated to the Lenders as contemplated in Section 15.19(b) herein and (C) the Borrowers shall pay to such Departing
Lender any amounts otherwise owing to such Departing Lender not payable by the Lenders pursuant to subclause (A). Such purchases
and sales shall be arranged through the Agent and each Departing Lender hereby agrees to execute such further instruments and documents,
if any, as the Agent may reasonably request in connection therewith. Upon the execution and delivery of this Agreement by the Departing
Lenders, the Lenders, and the Borrowers and the payment of the Obligations owing to the Departing Lenders, each Departing Lender
shall cease to be a Lender under the Credit Agreement and the other Loan Documents and (i) the Lenders shall have the rights
of the Departing Lenders thereunder subject to the terms and conditions hereof and (ii) each Departing Lender shall have relinquished
its rights (other than rights to indemnification and reimbursements referred to in the Original Credit Agreement which survive
the repayment of the Obligations owed to such Departing Lender) and be released from their obligations under the Original Credit
Agreement. The parties hereto agree that, except as provided for in the preceding sentence, all references in the Loan Documents
to the Lenders or any Lender shall from and after the Closing Date no longer include the Departing Lenders and the Departing Lenders
shall have no obligations under this Agreement other than those set out in this Section 15.19.

 

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(b)Equalization of Loans. Upon the satisfaction of
the conditions precedent set forth in Section 6.1 hereof, all loans and letters of credit outstanding under the Original Credit
Agreement shall remain outstanding as the initial Borrowing of Revolver Loans and Letters of Credit under this Agreement and, in
connection therewith, the Borrowers shall be deemed to have prepaid all outstanding LIBOR Loans on the Closing Date. On the Closing
Date, the Lenders each agree to make such purchases and sales of interests in the outstanding Revolver Loans and interests in outstanding
Letters of Credit between themselves so that each Lender is then holding its Pro Rata share of Revolver Loans and LC Obligations.
Such purchases and sales shall be arranged through the Agent and each Lender hereby agrees to execute such further instruments
and documents, if any, as the Agent may reasonably request in connection therewith.

 

Section 15.20.Acknowledgment Regarding any Supported
QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging Agreements or any
other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of
such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any
Supported QFC may in fact be stated to be governed by the laws of the State of Illinois and/or of the United States or any other
state of the United States):

 

(a)In the event a Covered Entity that is party
to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under
such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.A. Special Resolution Regime if the
Supported QFC and the Loan Documents were governed by the laws of the United States of a state of the United States. Without limitation
of the forgoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall
in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

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(b)As used in this Section, the following terms
have the following meanings:

 

“BHC Act Affiliate” of a party means
an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Covered Entity” means any of the following:

 

(i) a “covered entity” as that term
is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b);

 

(ii) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or

 

(iii) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

 

“Default Rights” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable.

 

“QFC” has the meaning assigned
to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

[Signature Pages Follow]

 

 

 

 

 

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In Witness
Whereof, this Agreement has been executed and delivered as of the date set forth above.

 

	 	 	Borrowers:
	 	 	 
	 	 	Colonial Auto
Finance, Inc.,
	 	 	an Arkansas corporation
	 	 	 
	 	 	By: 	/s/ Vickie D. Judy
	 	 	Name:  	Vickie D. Judy
	 	 	Title:	Secretary
	 	 	 
	 	 	Address: 	802 S.E. Plaza Ave., Ste 200
	 	 	 	Bentonville, Arkansas 72712
	 	 	 	Attn: Jeffrey A. Williams
	 	 	 	Telecopy: (479) 250-1221
	 	 	 	 
	 	 	 	 
	 	 	America’s
Car Mart, Inc.,
	 	 	an Arkansas corporation
	 	 	 
	 	 	By:  	/s/ Vickie D. Judy
	 	 	 	Name: Vickie D. Judy
	 	 	 	Title: VP & Secretary
	 	 	 	 
	 	 	Address:	802 S.E. Plaza Ave., Ste 200
	 	 	 	Bentonville, Arkansas 72712
	 	 	 	Attn: Jeffrey A. Williams
	 	 	 	Telecopy: (479) 250-1221
	 	 	 	 
	 	 	 	 
	 	 	Texas Car-Mart,
Inc.,
	 	 	a Texas corporation
	 	 	 
	 	 	By: 	/s/ Vickie D. Judy
	 	 	 	Name: Vickie D. Judy
	 	 	 	Title: VP & Secretary
	 	 	 	 
	 	 	Address:  	802 S.E. Plaza Ave., Ste 200
	 	 	 	Bentonville, Arkansas 72712
	 	 	 	Attn: Jeffrey A. Williams
	 	 	 	Telecopy: (479) 250-1221
	 	 	 	 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

 

 

	 	 	Parent:
	 	 	 
	 	 	America’s
Car-Mart, Inc.,
	 	 	a Texas corporation
	 	 	 
	 	 	By:  	/s/ Vickie D. Judy
	 	 	 	Name: Vickie D. Judy
	 	 	 	Title: CFO
	 	 	 	 
	 	 	Address:   	802 S.E. Plaza Ave., Ste 200
	 	 	 	Bentonville, Arkansas 72712
	 	 	 	Attn: Jeffrey A. Williams
	 	 	 	Telecopy: (479) 250-1221
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

 

	 	 	Agent and Lenders:
	 	 	 
	 	 	BMO Harris Bank
N.A., as Agent and Lender
	 	 	 	 
	 	 	By: 	/s/ Guadalupe Marquez
	 	 	 	Name: Guadalupe Marquez
	 	 	 	Title: Director
	 	 	 	 
	 	 	Address:  	BMO Harris Bank N.A.
	 	 	 	111 West Monroe Street
	 	 	 	Chicago, Illinois 60603
	 	 	 	Attn:	America’s Car-Mart Portfolio Manager Guadalupe Marquez
	 	 	 	Telecopy: (___) ___-____
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

 

	 	 	BOKF, NA D/B/A Bank
of Arkansas,
	 	 	as Lender
	 	 	 
	 	 	By: 	/s/ Jacob Hudson
	 	 	 	Name: Jacob Hudson
	 	 	 	Title: Senior Vice President
	 	 	 	 
	 	 	Address:   	3500 N. College Avenue
	 	 	 	P.O. Box 1407
	 	 	 	Fayetteville, Arkansas 72702
	 	 	 	Attn: Jacob Hudson
	 	 	 	Telecopy: (918) 280-4156
	 	 	 

 

 
 

 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

 

	 	 	Commerce Bank,
as Lender
	 	 	 
	 	 	By:	/s/ Adam Hensley
	 	 	 	Name: Adam Hensley
	 	 	 	Title: Vice President
	 	 	 
	 	 	Address:  	1000 Walnut Street, BB17-1
	 	 	 	Kansas City, Missouri 64106
	 	 	 	Attn: Adam Hensley
	 	 	 	Telecopy: _________________
	 	 	 	 

 

 

 

 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

 

	 	 	Arvest Bank, as
Lender
	 	 	 
	 	 	By:	/s/ Robert E. Bresnahan
	 	 	 	Name: Robert E. Bresnahan
	 	 	 	Title: Assistant Vice President
	 	 	 	 
	 	 	Address:	502 S. Main Street
	 	 	 	Tulsa, Oklahoma 74103
	 	 	 	Attn: Robert Bresnahan
	 	 	 	Telecopy: _________________
	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

	 	 	First Tennessee
Bank, National 

Association, as Lender
	 	 	 
	 	 	By:	/s/ Blake Chandler
	 	 	 	Name: Blake Chandler
	 	 	 	Title: Vice President
	 	 	 	 
	 	 	Address:	165 Madison Avenue
	 	 	 	Memphis, Tennessee 38103
	 	 	 	Attn: Blake Chandler
	 	 	 	Telecopy: ________________
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

	 	 	Wells Fargo Bank,
N.A., as Lender
	 	 	 
	 	 	By:	/s/ William M. Laird
	 	 	 	Name: William M. Laird
	 	 	 	Title: Senior Vice President
	 	 	 	 
	 	 	Address:	123 South Broad Street, 5th Floor
	 	 	 	Philadelphia, Pennsylvania 19109
	 	 	 	Attention: William M. Laird
	 	 	 	Telecopy: (215) 670-6120
	 	 	 
	 	 	 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

The undersigned is executing this Agreement
solely in its capacity (i) as the Resigning Agent for purposes of Section 12.1 of the Agreement and (ii) as a Departing Lender
for purposes of Section 15.19 of the Agreement.

 

 

	 	 	Bank of America,
N.A. 
	 	 	 
	 	 	By:	/s/ Carlos Gil
	 	 	 	Name: Carlos Gil
	 	 	 	Title: Senior Vice President
	 	 	 	 
	 	 	Address:	333 S. Hope Street, 19th Floor
	 	 	 	Los Angeles, CA 90071
	 	 	 	Attn: Asset Based Portfolio Manager (CarMart)
	 	 	 	Telecopy: (877) 207-2399
	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

 

[Signature Page to Third Amended and Restated Loan and Security Agreement]

    

    

    

 

Exhibit A

Colonial Revolver Note

 

	[Date]	$_____________	Bentonville, Arkansas

 

Colonial
Auto Finance, Inc., an Arkansas corporation (“Borrower”), for value received, hereby unconditionally
promise to pay to the order of _______________________ (“Lender”), the principal sum of ______________________
Dollars ($___________), or such lesser amount as may be advanced by Lender as Colonial
Revolver Loans and owing as LC Obligations from time to time under the Loan Agreement described below, together with all accrued
and unpaid interest thereon. Terms are used herein as defined in the Third Amended and Restated Loan and Security Agreement dated
as of September __, 2019, among Borrower, America’s Car Mart, Inc., an Arkansas corporation, Texas Car-Mart, Inc., a
Texas corporation, America’s Car-Mart, Inc., a Texas corporation, BMO Harris Bank N.A., as Agent, Lead Arranger and Book
Manager, Lender, and certain other financial institutions, as such agreement may be amended, modified, renewed or extended from
time to time (the “Loan Agreement”).

 

Principal of and interest on this Note from
time to time outstanding shall be due and payable as provided in the Loan Agreement. This Note is issued pursuant to and evidences
Colonial Revolver Loans and LC Obligations under the Loan Agreement, to which reference is made for a statement of the rights
and obligations of Lender and the duties and obligations of Borrower. The Loan Agreement contains provisions for acceleration of
the maturity of this Note upon the happening of certain stated events, and for the borrowing, prepayment and reborrowing of amounts
upon specified terms and conditions.

 

The holder of this Note is hereby authorized
by Borrower to record on a schedule annexed to this Note (or on a supplemental schedule) the amounts owing with respect to Colonial
Revolver Loans and LC Obligations, and the payment thereof. Failure to make any notation, however, shall not affect the rights
of the holder of this Note or any obligations of Borrower hereunder or under any other Loan Documents.

 

Time is of the essence of this Note. Borrower
and all endorsers, sureties and guarantors of this Note hereby severally waive demand, presentment for payment, protest, notice
of protest, notice of intention to accelerate the maturity of this Note, diligence in collecting, the bringing of any suit against
any party, and any notice of or defense on account of any extensions, renewals, partial payments, or changes in any manner of or
in this Note or in any of its terms, provisions and covenants, or any releases or substitutions of any security, or any delay,
indulgence or other act of any trustee or any holder hereof, whether before or after maturity. Borrower agrees to pay, and to save
the holder of this Note harmless against, any liability for the payment of all costs and expenses (including without limitation
reasonable attorneys’ fees) if this Note is collected by or through an attorney-at-law.

 

In no contingency or event whatsoever shall
the amount paid or agreed to be paid to the holder of this Note for the use, forbearance or detention of money advanced hereunder
exceed the highest lawful rate permitted under Applicable Law. If any such excess amount is inadvertently paid by Borrower or inadvertently
received by the holder of this Note, such excess shall be returned to Borrower or credited as a payment of principal, in accordance
with the Loan Agreement. It is the intent hereof that Borrower not pay or contract to pay, and that holder of this Note not receive
or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrower
under Applicable Law.

 

    

    

    

 

This Note shall be governed by the laws of the
State of Illinois, without giving effect to any conflict of law principles (but giving effect to federal laws relating to national
banks).

 

This Note is executed in renewal, amendment
and restatement of, but not in novation, extinguishment, discharge or satisfaction of the indebtedness evidenced by, all prior
Colonial Revolver Note(s) made by Colonial Auto Finance, Inc., an Arkansas corporation, payable to the order of [___________]
(as such note(s) has been amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the
“Prior Note(s)”). All amounts outstanding under the Prior Note(s) as of the date hereof are outstanding under
the Loan Agreement and due and payable in accordance with the terms of the Loan Agreement and this Note.

 

 

 

 

 

 

 

    	-2-

    

    

 

In Witness
Whereof, this Note is executed as of the date set forth above.

 

	 	 	Colonial Auto
Finance, Inc.,
	 	 	an Arkansas corporation
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 

 

 

 

 

 

 

[Signature Page to Colonial Revolver Note]

    

    

    

 

Exhibit B

 

ACM-TCM Revolver Note

 

	[Date]	$_____________	Bentonville, Arkansas

 

America’s
Car Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., a Texas
corporation (separately and collectively, “Borrower”), for value received, hereby unconditionally jointly and
severally promise to pay to the order of _____________________ (“Lender”), the principal sum of ________________________
Dollars ($___________), or such lesser amount as may be advanced by Lender as ACM-TCM
Revolver Loans from time to time under the Loan Agreement described below, together with all accrued and unpaid interest thereon.
Terms are used herein as defined in the Third Amended and Restated Loan and Security Agreement dated as of September __, 2019,
among Borrower, Colonial Auto Finance, Inc., America’s Car-Mart, Inc., a Texas corporation, BMO Harris Bank N.A., as Agent,
Lead Arranger and Book Manager, Lender, and certain other financial institutions, as such agreement may be amended, modified, renewed
or extended from time to time (the “Loan Agreement”).

 

Principal of and interest on this Note from
time to time outstanding shall be due and payable as provided in the Loan Agreement. This Note is issued pursuant to and evidences
ACM-TCM Revolver Loans under the Loan Agreement, to which reference is made for a statement of the rights and obligations of Lender
and the duties and obligations of Borrower. The Loan Agreement contains provisions for acceleration of the maturity of this Note
upon the happening of certain stated events, and for the borrowing, prepayment and reborrowing of amounts upon specified terms
and conditions.

 

The holder of this Note is hereby authorized
by Borrower to record on a schedule annexed to this Note (or on a supplemental schedule) the amounts owing with respect to ACM-TCM
Revolver Loans and the payment thereof. Failure to make any notation, however, shall not affect the rights of the holder of this
Note or any obligations of Borrower hereunder or under any other Loan Documents.

 

Time is of the essence of this Note. Borrower
and all endorsers, sureties and guarantors of this Note hereby severally waive demand, presentment for payment, protest, notice
of protest, notice of intention to accelerate the maturity of this Note, diligence in collecting, the bringing of any suit against
any party, and any notice of or defense on account of any extensions, renewals, partial payments, or changes in any manner of or
in this Note or in any of its terms, provisions and covenants, or any releases or substitutions of any security, or any delay,
indulgence or other act of any trustee or any holder hereof, whether before or after maturity. Borrower agrees to pay, and to save
the holder of this Note harmless against, any liability for the payment of all costs and expenses (including without limitation
reasonable attorneys’ fees) if this Note is collected by or through an attorney-at-law.

 

In no contingency or event whatsoever shall
the amount paid or agreed to be paid to the holder of this Note for the use, forbearance or detention of money advanced hereunder
exceed the highest lawful rate permitted under Applicable Law. If any such excess amount is inadvertently paid by Borrower or inadvertently
received by the holder of this Note, such excess shall be returned to Borrower or credited as a payment of principal, in accordance
with the Loan Agreement. It is the intent hereof that Borrower not pay or contract to pay, and that holder of this Note not receive
or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrower
under Applicable Law.

 

    

    

    

 

This Note shall be governed by the laws of the
State of Illinois, without giving effect to any conflict of law principles (but giving effect to federal laws relating to national
banks).

 

This Note is executed in renewal, amendment
and restatement of, but not in novation, extinguishment, discharge or satisfaction of the indebtedness evidenced by all prior ACM-TCM
Revolver Note(s) made by America’s Car Mart, Inc., an Arkansas corporation and Texas Car-Mart, Inc., a Texas corporation,
payable to the order of [_____________________] (as such note(s) has been amended, restated, supplemented or otherwise modified
from time to time prior to the date hereof, the “Prior Note(s)”). All amounts outstanding under the Prior Note(s)
as of the date hereof are outstanding under the Loan Agreement and due and payable in accordance with the terms of the Loan Agreement
and this Note.

 

[Signature Page Follows]

 

 

 

 

 

 -2-

    

    

    

 

 

In Witness
Whereof, this Note is executed as of the date set forth above.

 

 

	 	 	America’s
Car Mart, Inc., an Arkansas corporation
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	Texas Car-Mart,
Inc., a Texas corporation
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

[Signature Page to ACM-TCM Revolver Note]

    

    

    

 

Exhibit C

 

Assignment

 

Reference is made to the Third Amended and Restated
Loan and Security Agreement dated as of September __, 2019 (as amended, restated, amended and restated, modified, renewed
or extended from time to time, the “Loan Agreement”), among America’s
Car-Mart, Inc., a Texas corporation (“Parent”), Colonial Auto
Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) each of Colonial, ACM and TCM, a “Borrower,” and
collectively, “Borrowers”), BMO Harris Bank N.A., as agent (“Agent”),
lead arranger and book manager for the financial institutions from time to time party to the Loan Agreement (“Lenders”),
and such Lenders. Terms are used herein as defined in the Loan Agreement.

 

__________________________________ (“Assignor”)
and ______________________ (“Assignee”) agree as follows:

 

1.Assignor hereby assigns to Assignee and Assignee
hereby purchases and assumes from Assignor (a) a principal amount of $______________ of Assignor’s outstanding Revolver
Loans and $__________ of Assignor’s participations in LC Obligations, and (b) the amount of $______________ of
Assignor’s Revolver Commitment (which represents _______% of the total Revolver Commitments) (the foregoing items being,
collectively, the “Assigned Interest”), together with an interest in the Loan Documents corresponding to the
Assigned Interest. This Agreement shall be effective as of the date (“Effective Date”) indicated in the corresponding
Assignment Notice delivered to Agent, provided such Assignment Notice is executed by Assignor, Assignee, Agent and Borrower,
if applicable. From and after the Effective Date, Assignee hereby expressly assumes, and undertakes to perform, all of Assignor’s
obligations in respect of the Assigned Interest, and all principal, interest, fees and other amounts which would otherwise be payable
to or for Assignor’s account in respect of the Assigned Interest shall be payable to or for Assignee’s account, to
the extent such amounts accrue on or after the Effective Date.

 

2.Assignor (a) represents that as of the
date hereof, prior to giving effect to this assignment, its Revolver Commitment is $_____________, the outstanding balance of its
Revolver Loans and participations in LC Obligations is $____________; (b) makes no representation or warranty and assumes
no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Agreement
or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Agreement or any other instrument
or document furnished pursuant thereto, other than that Assignor 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; and (c) makes no representation or warranty
and assumes no responsibility with respect to the financial condition of Borrower or the performance by Borrower of their obligations
under the Loan Documents. [Assignor is attaching the Revolver Note[s] held by it and requests that Agent exchange such Revolver
Note[s] for new Revolver Notes payable to Assignee [and Assignor].]

 

    

    

    

 

3.Assignee (a) represents and warrants
that it is legally authorized to enter into this Assignment; (b) confirms that it has received copies of the Loan Agreement
and such other Loan Documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into this Assignment; (c) agrees that it shall, independently and without reliance upon Assignor 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 Loan Documents; (d) confirms that it is an Eligible Assignee; (e) appoints and authorizes Agent to take such
action as agent on its behalf and to exercise such powers under the Loan Agreement as are delegated to Agent by the terms thereof,
together with such powers as are incidental thereto; (f) agrees that it will observe and perform all obligations that are
required to be performed by it as a “Lender” under the Loan Documents; and (g) represents and warrants that the
assignment evidenced hereby will not result in a non-exempt “prohibited transaction” under Section 406 of ERISA.

 

4.This Agreement shall be governed by the laws
of the State of Illinois. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent
of such invalidity and the remaining provisions of this Agreement shall remain in full force and effect.

 

5.Each notice or other communication hereunder
shall be in writing, shall be sent by messenger, by telecopy or facsimile transmission, or by first-class mail, shall be deemed
given when sent and shall be sent as follows:

 

(a)If to Assignee, to the following address (or
to such other address as Assignee may designate from time to time):

______________________

______________________

______________________

 

(b)If to Assignor, to the following address (or
to such other address as Assignor may designate from time to time):

______________________

______________________

______________________

 

 

 

 

-2-

     

    

    

 

Payments hereunder shall be made by wire transfer
of immediately available Dollars as follows:

 

If to Assignee, to the following account
(or to such other account as Assignee may designate from time to time):

 

______________________

ABA No. ______________

______________________

Account No. ___________

Reference: ____________

 

If to Assignor, to the following account (or
to such other account as Assignor may designate from time to time):

 

______________________

______________________

ABA No. ______________

______________________

Account No. ___________

Reference: ____________

 

[Signature Page Follows]

 

 

 

 

 

-3-

     

    

    

 

 

In Witness
Whereof, this Assignment is executed as of ___________________.

 

 

 

	 	 	Assignee:
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	Assignor:
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

     

    

    

 

Exhibit D

 

Assignment Notice

 

Reference is made to (1) the Third Amended
and Restated Loan and Security Agreement dated as of September __, 2019 (as amended, restated, amended and restated, modified,
renewed or extended from time to time, the “Loan Agreement”), among America’s
Car-Mart, Inc., a Texas corporation (“Parent”), Colonial Auto
Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) (each of Colonial, ACM and TCM, a “Borrower,” and
collectively, “Borrowers”), BMO Harris Bank N.A., as agent (“Agent”),
lead arranger and book manager for the financial institutions from time to time party to the Loan Agreement (“Lenders”),
and such Lenders; and (2) the Assignment dated as of ____________, 20___ (“Assignment Agreement”), between
_________________ (“Assignor”) and ___________________ (“Assignee”). Terms are used herein
as defined in the Loan Agreement.

 

Assignor hereby notifies Borrower and Agent
of Assignor’s intent to assign to Assignee pursuant to the Assignment Agreement (a) a principal amount of $____________
of Assignor’s outstanding Revolver Loans and $________________ of Assignor’s participations in LC Obligations,
and (b) the amount of $_______________ of Assignor’s Revolver Commitment (which represents _____% of the total Revolver
Commitments) (the foregoing items being, collectively, the “Assigned Interest”), together with an interest in
the Loan Documents corresponding to the Assigned Interest. This Agreement shall be effective as of the date (“Effective
Date”) indicated below, provided this Assignment Notice is executed by Assignor, Assignee, Agent and Borrower, if applicable.
Pursuant to the Assignment Agreement, Assignee has expressly assumed all of Assignor’s obligations under the Loan Agreement
to the extent of the Assigned Interest, as of the Effective Date.

 

For purposes of the Loan Agreement, Agent shall
deem Assignor’s Revolver Commitment to be reduced by $_____________, and Assignee’s Revolver Commitment to be increased
by $_____________.

 

The address of Assignee to which notices and
information are to be sent under the terms of the Loan Agreement is:

 

______________________

______________________

______________________

 

The address of Assignee to which payments are
to be sent under the terms of the Loan Agreement is shown in the Assignment and Acceptance.

 

     

    

    

 

This Notice is being delivered to Borrower and
Agent pursuant to Section 13.3 of the Loan Agreement. Please acknowledge your acceptance of this Notice by executing and returning
to Assignee and Assignor a copy of this Notice.

 

[Signature Page Follows]

 

 

 

 

 

 

-2-

     

    

    

 

In Witness
Whereof, this Assignment Notice is executed as of _______________.

 

	 	 	Assignee:
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	Assignor:
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 

 

 

[Signature Page to Assignment Notice]

     

    

    

Acknowledged and Agreed, as of the date set forth above:

 

Borrowers:*

 

Colonial Auto
Finance, Inc.,

an Arkansas corporation

 

	By: 	 	 	 
	 	Name: 	 	 	 
	 	Title: 	 	 	 

 

Acknowledged and Agreed to by:

America’s
Car Mart, Inc.,

an Arkansas corporation

 

	By: 	 	 	 
	 	Name: 	 	 	 
	 	Title: 	 	 	 

 

Texas Car-Mart,
Inc.,

a Texas corporation

 

	By: 	 	 	 
	 	Name: 	 	 	 
	 	Title: 	 	 	 

 

BMO Harris Bank
N.A.,

as Agent

 

	By: 	 	 	 
	 	Name: 	 	 	 
	 	Title: 	 	 	 

 

 

 

______________

*        No signature required if Assignee
is a Lender, U.S.-based Affiliate of a Lender or Approved Fund, or if an Event of Default exists.

 

 

[Signature Page to Assignment Notice]

     

    

    

 

Exhibit E-1

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders that are not Partnerships for U.S. Federal
Income Tax Purposes)

 

Reference is hereby made to the Third Amended
and Restated Loan and Security Agreement dated as of September __, 2019 (as amended, restated, amended and restated, modified,
renewed or extended from time to time, the “Loan Agreement”), among America’s
Car-Mart, Inc., a Texas corporation (“Parent”), Colonial Auto
Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) (each of Colonial, ACM and TCM, a “Borrower,” and
collectively, “Borrowers”), BMO Harris Bank N.A., as agent (“Agent”),
lead arranger and book manager for the financial institutions from time to time party to the Loan Agreement (“Lenders”),
and such Lenders. Pursuant to the provisions of Section 5.9 of the Loan Agreement, the undersigned hereby certifies that (a) it
is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it
is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it
is not a ten percent shareholder of the Borrowers within the meaning of Section 871(h)(3)(B) of the Code, and (d) it
is not a controlled foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Agent and
the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN as applicable). By executing
this certificate, the undersigned agrees that (a) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Borrowers and the Agent, and (b) the undersigned shall have at all times furnished the Borrowers
and the Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

 

	 	 	[Name of Foreign
Lender]
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	Date: ____________, ____

 

 

 

 

     

    

    

 

Exhibit E-2

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders that are not Partnerships for U.S. Federal
Income Tax Purposes)

 

Reference is hereby made to the Third Amended
and Restated Loan and Security Agreement dated as of September __, 2019 (as amended, restated, amended and restated, modified,
renewed or extended from time to time, the “Loan Agreement”), among America’s
Car-Mart, Inc., a Texas corporation (“Parent”), Colonial Auto
Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) (each of Colonial, ACM and TCM, a “Borrower,” and
collectively, “Borrowers”), BMO Harris Bank N.A., as agent (“Agent”),
lead arranger and book manager for the financial institutions from time to time party to the Loan Agreement (“Lenders”),
and such Lenders. Pursuant to the provisions of Section 5.9 of the Loan Agreement, the undersigned hereby certifies that (a) it
is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (b) it
is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the
Borrowers within the meaning of Section 871(h)(3)(B) of the Code, and (d) it is not a controlled foreign corporation
related to the Borrowers as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN as applicable). By executing this
certificate, the undersigned agrees that (a) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (b) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

	 	 	[Name of Participant]
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	Date: ____________, ____

 

 

 

 

     

    

    

 

 

Exhibit E-3

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders that are not Partnerships for U.S. Federal
Income Tax Purposes)

 

Reference is hereby made to the Third Amended
and Restated Loan and Security Agreement dated as of September __, 2019 (as amended, restated, amended and restated, modified,
renewed or extended from time to time, the “Loan Agreement”), among America’s
Car-Mart, Inc., a Texas corporation (“Parent”), Colonial Auto
Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) (each of Colonial, ACM and TCM, a “Borrower,” and
collectively, “Borrowers”), BMO Harris Bank N.A., as agent (“Agent”),
lead arranger and book manager for the financial institutions from time to time party to the Loan Agreement (“Lenders”),
and such Lenders. Pursuant to the provisions of Section 5.9 of the Loan Agreement, the undersigned hereby certifies that (a) it
is the sole record owner of the participation in respect of which it is providing this certificate, (b) its direct or indirect
partners/members are the sole beneficial owners of such participation, (c) with respect such participation, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct
or indirect partners/members is a ten percent shareholder of the Borrowers within the meaning of Section 871(h)(3)(B) of the
Code, and (e) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrowers
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (a) an IRS Form W-8BEN-E (or W-8BEN as applicable) or (b) an IRS Form W-8IMY accompanied by an IRS
Form W-8BEN-E (or W-8BEN as applicable) from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (i) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender and (ii) the undersigned shall have at all
times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

     

    

    

 

Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

 

	 	 	[Name of Participant]
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	Date: ____________, ____

 

 

-2-

     

    

    

 

Exhibit E-4

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders that are not Partnerships for U.S. Federal
Income Tax Purposes)

 

Reference is hereby made to the Third Amended
and Restated Loan and Security Agreement dated as of September __, 2019 (as amended, restated, amended and restated, modified,
renewed or extended from time to time, the “Loan Agreement”), among America’s
Car-Mart, Inc., a Texas corporation (“Parent”), Colonial Auto
Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) (each of Colonial, ACM and TCM, a “Borrower,” and
collectively, “Borrowers”), BMO Harris Bank N.A., as agent (“Agent”),
lead arranger and book manager for the financial institutions from time to time party to the Loan Agreement (“Lenders”),
and such Lenders. Pursuant to the provisions of Section 5.9 of the Loan Agreement, the undersigned hereby certifies that (a) it
is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)
evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to this Loan Agreement or any other Loan Document,
neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none
of its direct or indirect partners/members is a ten percent shareholder of the Borrowers within the meaning of Section 871(h)(3)(B)
of the Code and (e) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Agent and
the Borrowers with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming
the portfolio interest exemption: (a) an IRS Form W-8BEN-E (or W-8BEN as applicable) or (b) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN-E (or W-8BEN as applicable) from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (i) if the information provided
on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Agent, and (ii) the undersigned
shall have at all times furnished the Borrowers and the Agent with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

     

    

    

 

Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

	 	 	[Name of Participant]
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	Date: ____________, ____

 

 

 

 

-2-

     

    

    

 

Schedule 1.1

Revolver Commitments
of Lenders

 

	Lender	Colonial
    Revolver Commitment	ACM-TCM Revolver
    Commitment	Total Revolver
    Commitment
	BMO Harris Bank N.A.	$68,053,942	$2,946,058	$71,000,000
	BOKF, NA d/b/a Bank of Arkansas	$ 47,925,311	$2,074,689	$50,000,000
	First Tennessee Bank	$ 38,340,249	$1,659,751	$40,000,000
	Arvest Bank	$28,755,187	$1,244,813	$30,000,000
	Wells Fargo Bank, N.A.	$28,755,187	$1,244,813	$30,000,000
	Commerce Bank	$19,170,124	$829,876	$20,000,000
	Total	$231,000,000	$10,000,000	$241,000,000

 

 

 

 

 

     

    

    

 

Schedule 8.5

to

Third Amended and Restated

Loan and Security Agreement

Deposit Accounts

 

	Location	Bank Name	Bank Address	City	State	Zip Code	Bank Routing	Account
	Ada	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0032790786
	Albertville	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911934
	Altus	First State Bank of Altus	2500 N Main St	Altus	OK	73521	111302846	151718
	Anniston	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911454
	Ardmore	BancFirst	1915 N Commerce St	Ardmore	OK	73401	103003632	5320058566
	Arkadelphia	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0250409018
	Athens	Regions Bank	5050 Northgate Road	Rogers	AR	72758	062000019	0075209268
	Bartlesville	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0026689308
	Batesville	Centennial Bank	1895 Harrison St	Batesville	AR	72501	082902757	0501019832
	Benton	Bank of the Ozarks	1700 Military Rd	Benton 	AR	72015	082901871	1500007024
	Berryville	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596193
	Bixby	Arvest	502 S Main St	Tulsa	OK	74103	082900872	16704837
	Bowling Green	South Central Bank	2710 Nashville Rd	Bowling Green 	KY	42101	083905012	6300309011
	Bowling Green East	South Central Bank	2710 Nashville Rd	Bowling Green 	KY	42101	083905013	4700025459
	Broken Arrow	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26689285
	Brunswick	Bank of the Ozarks	3344 Cypress Mill Rd	Brunswick	GA	31520	082907273	2172102911
	Bryant	Arvest	502 S Main St	Tulsa	OK	74103	082900872	27705702
	Burlington	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803487447
	Camden	Farmers Bank & Trust	116 Jefferson St SW	Camden	AR	71701	082901635	1002395
	Cape Girardeau	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0250409026
	Carrollton	Bank of the Ozarks	201 Maple St	Carrollton	GA	30117	082907273	2114822030
	Carrollton	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0236207500
	Carthage	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596261
	Centerton	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0030662007
	Claremore	IBC  Bank	1050 N Lynn Riggs Blvd	Claremore	OK	74017	303072793	1600776841
	Clarksville AR 	Arvest	502 S Main St	Tulsa	OK	74103	082900872	35321084
	Clarksville, TN	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911845
	Columbia TN	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0250409034
	Columbia, MO	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788805

 

     

    

    

 

	Columbus, MS	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788384
	Conway	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26689298
	Conway South	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0027705980
	Corinth MS 132	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0185486655
	Corsicana	Prosperity Bank 	100 S Main St	Corsicana	TX	75110	113122655	6291621
	Covington GA 146	BB&T	3110 US-278	Covington 	GA	30014	061113415	5243726346
	Cullman	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0236207675
	DA Siloam Springs	Arvest	502 S Main St	Tulsa	OK	74103	82900872	30661914
	Dalton	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0250409042
	Decatur	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0185486647
	Dothan	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911950
	Duncan	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596203
	Durant	First United	2025 W University Blvd	Durant	OK	74701	103100881	3134385
	El Dorado	Southern Bancorp	1615 W Hillsboro St	El Dorado	AR	71730	082901334	565078
	Elizabethtown	WesBanco	111 Towne Dr	Elizabethtown	KY	42701	83900619	8096937
	Enid	Bank of Oklahoma	One Williams Center	Tulsa	OK	74172	103900036	813000374
	Enterprise	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0185486574
	Evansville	Old National Bank	961 Washington Ave	Evansville	IN	47713	086300012	128259540
	Farmington	US Bank	102 W Pointer Trail	Van Buren	AR	72956	081000210	152311871676
	Fayetteville	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0035320917
	Fayetteville College	Arvest	502 S Main St	Tulsa	OK	74103	082900872	18487136
	Florence	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911853
	Fort Smith	Arvest	502 S Main St	Tulsa	OK	74103	082900872	570382879
	Gadsden	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0096704853
	Glasgow	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108191
	Greenville	ANB	5809 Wesley St	Greenville	TX	75402	111901519	2000017075
	Grove	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26106865
	Harrison	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0035320836
	Harrisonville	Country Club Bank	1703 MO-291	Harrisonville	MO	64701	101001306	746945396
	Henderson	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108530
	Hixson	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0250409050
	Hope	Farmers Bank & Trust	200 E 3rd St	Hope 	AR	71801	082901635	077275
	Hopkinsville	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108159
	Hot Springs	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26689272
	Jackson	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0236207667
	Jonesboro	Arvest	502 S Main St	Tulsa	OK	74103	082900872	25615043
	Joplin	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0026688862
	Kirksville	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108175
	Lawton	Arvest	502 S Main St	Tulsa	OK	74103	082900872	35320894
	Lebanon	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26688875
	Lexington	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108522
	Little Rock	Simmons Bank	5601 S University Ave	Little Rock 	AR	72209	082001247	105988
	Longview	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788392

 

    	-2-

    

    

 

	Lufkin	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788422
	Macon	Bank of the Ozarks	501 Walnut St	Macon	GA	31201	082907273	2114819473
	Madison	Regions Bank	5050 Northgate Road	Rogers	AR	72758	062005690	0235000384
	Madisonville	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108506
	Magnolia	Farmers Bank & Trust	100 E University St	Magnolia 	AR	71753	082901635	40072951
	Malvern AR 120	Bank of the Ozarks	1608 Martin Luther King Blvd	Malvern	AR	72104	082901871	2114806736
	McAlester	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23223929
	Meridian	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0236208167
	Miami	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596229
	Milledgeville GA	SunTrust	2501 N Columbia St	Milledgeville	GA	31061	061000104	1000190810589
	Moberly MO	Central Bank of Moberly	1801 N Morley St	Moberly	MO	65270	081500749	7019404
	Montgomery AL	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0250408984
	Morrilton	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0026688888
	Mountain Home	Arvest	502 S Main St	Tulsa	OK	74103	082900872	35320904
	Mt Pleasant	ANB	301 S Madison St	Mt Pleasant	TX	75455	111908208	0016462
	Muscle Shoals	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0185486264
	Muskogee	Bank of Oklahoma	One Williams Center	Tulsa	OK	74172	103900036	880003552
	Nacogdoches	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788430
	Neosho	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26688901
	North Little Rock	Arvest	502 S Main St	Tulsa	OK	74103	082900872	79468961
	Okmulgee	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596232
	Opelika	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0236208094
	Owasso	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0021843796
	Owensboro	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108498
	Oxford	Regions Bank	5050 Northgate Road	Rogers	AR	72758	065305436	0196396261
	Paducah	Regions Bank	5050 Northgate Road	Rogers	AR	72758	083901744	8700044832
	Palestine	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788406
	Paragould	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	4707915
	Paris	Peoples Bank	35 South Plaza	Paris	TX	75460	111916656	1211200
	Phenix City AL	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911551
	Pine Bluff	Simmons Bank	501 S Main St	Pine Bluff	AR	71601	082900432	0000242802
	Ponca City	RCB Bank	2901 N 14th St	Ponca City 	OK	74601	103112594	110846331
	Poplar Bluff	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803487454
	Poteau	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0077606563
	Prattville	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0232590822
	Pryor	Arvest	502 S Main St	Tulsa	OK	74103	082900872	14239993
	Richmond	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803487850
	Rogers	Arvest	502 S Main St	Tulsa	OK	74103	082900872	10129285
	Rogers North	Arvest	502 S Main St	Tulsa	OK	74103	082900872	21933033
	Rolla	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803487785
	Rome	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0236208159

 

    	-3-

    

    

 

	Russellville	Arvest	502 S Main St	Tulsa	OK	74103	082900872	35321097
	Russellville South	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596274
	Sapulpa	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0035320920
	Searcy	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911837
	Sedalia	US Bank	102 W Pointer Trail	Van Buren	AR	72956	082000549	151803108274
	Shawnee	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596245
	Sherman	Bank Of Texas	307 W Washington 	Sherman	TX	75090	111014325	8094586978
	Siloam Springs	Arvest	502 S Main St	Tulsa	OK	74103	082900872	16004867
	Springdale West	Arvest	502 S Main St	Tulsa	OK	74103	082900872	11112644
	Springdale East	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0015804301
	Springfield North	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26688914
	Springfield South	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26688927
	St. Joseph	US Bank	102 W Pointer Trail	Van Buren	AR	72956	101000187	145572379280
	Stillwater	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23596258
	Stilwell	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0018436158
	Sulphur Springs	Alliance Bank	1226 S Broadway St	Sulphur Springs	TX	75482	111901975	1070077
	Tahlequah	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0083612431
	Texarkana	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0273788414
	Troy	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911810
	Tullahoma	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911942
	Tulsa North	Arvest	502 S Main St	Tulsa	OK	74103	082900872	23538821
	Tulsa South	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0021902190
	Tupelo MS	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0185486566
	Tuscaloosa	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0239911829
	Tyler	Regions Bank	5050 Northgate Road	Rogers	AR	72758	82000109	0273788791
	Valdosta	Bank of the Ozarks	3102 N Oak Street Extension	Valdosta	GA	31602	082907273	2661000493
	Van Buren	Arvest	502 S Main St	Tulsa	OK	74103	082900872	0017310217
	Warrensburg	US Bank	102 W Pointer Trail	Van Buren	AR	72956	101200453	152315441674
	West Memphis	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	8021096842
	West Plains	Arvest	502 S Main St	Tulsa	OK	74103	082900872	26689269
	Wichita Falls	Pilgrim Bank	4301 Old Jacksboro Hwy	Wichita Falls	TX	76302	111911091	8902089
	Winchester	BB&T	825 Bypass Rd	Winchester	KY	40391	083900680	0005185597441
	Woodstock	Regions Bank	5050 Northgate Road	Rogers	AR	72758	082000109	0185486531
	 	 	 	 	 	 	 	 
	Corporate Account	Bank Name	Bank Address	City	State	Zip Code	Bank Routing	Account
	Funding Account	Bank of America	P.O. Box 25118	Tampa	FL	33622	540710106	487004171972
	Merchant Depository Account	Bank Of America	P.O. Box 25118	Tampa	FL	33622	540710106	487004335556
	America’s Car Mart 	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	4867003147
	America’s Car Mart Payroll	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	209090468
	America’s Car Mart Accts Payable	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	209090523

 

    	-4-

    

    

 

	America’s Car Mart Depository Account 	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	4867003136
	Auto Finance Investors Inc 	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	4868011011
	Colonial Auto Finance Inc	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	4869007325
	Colonial Underwriters Inc	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	4869007336
	America's Car-Mart Inc A Texas Corp	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	8090212256
	ACM Purchase Account - Smart Auction	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	8093576672
	ACM Purchase Agent	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	8093576683
	ACM Missouri Titles	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	8095023183
	ACM Insurance Company	Bank of Arkansas	One Williams Center	Tulsa	OK 	74172	82901392	8095023953

 

 

 

 

 

 

 

    	-5-

    

    

 

Schedule 8.6.1

Business Locations

		1.	Each Borrower currently has the following business locations:

 

Chief Executive Office:     802 S.E. Plaza Ave., Ste. 200

Bentonville, Arkansas  72712

 

Other Locations:      None

 

		2.	Each Subsidiary currently has the following business locations:

 

Colonial:

 

Chief Executive Office:     P.O. Box 1594

Bentonville, Arkansas  72712

 

Other Locations:      None

 

ACM and TCM:

 

Chief Executive Office:      802 S.E. Plaza Ave., Ste.
200

Bentonville, Arkansas  72712

 

Other Locations:      See list of ACM and TCM lot locations
below

 

		3.	In the five years preceding the Closing Date, each Borrower and its Subsidiaries have had the following
business locations in addition to those set forth above:

 

None

 

		4.	The following bailees, warehouseman, similar parties and consignees hold inventory of a Borrower
or Subsidiary:

 

	Name and

    Address of Party	Nature of Relationship	Amount of Inventory	Owner of

    Inventory
	Various independent repair shops and auto auctions are in possession of inventory from time to time	 	 	ACM & TCM

 

 

 

 

 

    

    

    

 

ACM & TCM Lot Locations

 

	Lot Description	Address	City	State	Zip
	Ada, OK - 154	1212 N Broadway Ave	Ada	OK	74820-2041
	Albertville, AL - 126	4081 US Highway 431	Albertville	AL	35950-0244
	Altus, OK - 150	1601 E Broadway St	Altus	OK	73521-5709
	Anniston, AL - 095	1200 S Quintard Ave	Anniston	AL	36201-8245
	Ardmore, OK - 044	2205 N Commerce St	Ardmore	OK	73401-1442
	Arkadelphia, AR - 034	2916 Pine St	Arkadelphia	AR	71923-5323
	Athens, AL - 075	823 US Highway 72 W	Athens	AL	35611-4215
	Bartlesville, OK - 092	3291 SE Washington Blvd	Bartlesville	OK	74006-7609
	Batesville, AR - 024	2820 Harrison St	Batesville	AR	72501-7429
	Benton, AR - 003	1301 Military Rd	Benton	AR	72015-2910
	Berryville, AR - 073	1202 Trimble Ave	Berryville	AR	72616-5177
	Bixby, OK - 172	13101 S Memorial Dr	Bixby	OK	74008-3107
	Bowling Green East, KY - 169	5250 Scottsville Rd	Bowling Green	KY	42104-7905
	Bowling Green, KY - 043	1930 Russellville Rd	Bowling Green	KY	42101-3755
	Broken Arrow, OK - 086	406 E Kenosha St	Broken Arrow	OK	74012-1919
	Brunswick, GA - 164	3480 Cypress Mill Rd	Brunswick	GA	31520-2856
	Bryant, AR - 175	3200 N Reynolds Rd	Bryant	AR	72022-9039
	Burlington, IA - 160	1233 N Roosevelt Ave	Burlington	IA	52601-2046
	Camden, AR - 115	635 California Ave SW	Camden	AR	71701-4603
	Cape Girardeau, MO - 032	1455 N Kingshighway St	Cape Girardeau	MO	63701-2116
	Carrollton, GA - 158	1560 Bankhead Hwy	Carrollton	GA	30116-6155
	Carthage, MO - 119	2807 S Grand Ave	Carthage	MO	64836-7905
	Centerton, AR - 163	350 W Centerton Blvd	Centerton	AR	72719-8716
	Claremore, OK - 071	821 N Lynn Riggs Blvd	Claremore	OK	74017-4018
	Clarksville, AR - 109	905 S Rogers St	Clarksville	AR	72830-4330
	Clarksville, TN - 090	1630 Wilma Rudolph Blvd	Clarksville	TN	37040-6782
	Columbia, MO - 066	200 W Business Loop 70	Columbia	MO	65203-3247
	Columbia, TN - 096	2207 Carmack Blvd	Columbia	TN	38401-4412
	Columbus, MS - 125	2325 Highway 45 N	Columbus	MS	39705-1744
	Conway South, AR - 174	2740 Dave Ward Dr	Conway	AR	72034
	Conway, AR - 004	1220 E Oak St	Conway	AR	72032-5944
	Corinth, MS - 132	2402 Highway 72 E	Corinth	MS	38834-6711
	Corsicana, TX - 058	711 S 7th St	Corsicana	TX	75110-7319
	Covington, GA - 146	4198 Highway 278	Covington	GA	30014
	Cullman, AL - 076	1634 Brantley Ave NW	Cullman	AL	35055-5823
	DA Siloam Springs, AR - 162	651 Highway 412 W	Siloam Springs	AR	72761-4674
	Dalton, GA - 152	936 N Glenwood Ave	Dalton	GA	30721-2617
	Decatur, AL - 081	3511A Highway 31 S	Decatur	AL	35603-1413
	Dothan, AL - 147	3171 S Oates St	Dothan	AL	36301-5663
	Duncan, OK - 046	612 N Highway 81	Duncan	OK	73533-2313

 

    	-2-

    

    

 

	Durant, OK - 151	376 Bryan Dr	Durant	OK	74701-3413
	El Dorado, AR - 018	1610 W Hillsboro St	El Dorado	AR	71730-6920
	Elizabethtown, KY - 042	5730 N Dixie Hwy	Elizabethtown	KY	42701-7804
	Enid, OK - 027	4802 W Owen K Garriott Rd	Enid	OK	73703-4646
	Enterprise, AL - 141	1230 Rucker Blvd	Enterprise	AL	36330-3625
	Evansville, IN - 136	1223 E Riverside Dr	Evansville	IN	47714-4149
	Farmington, MO - 088	222 W Karsch Blvd	Farmington	MO	63640-2105
	Fayetteville College, AR - 170	3244 N College Ave	Fayetteville	AR	72703-3508
	Fayetteville, AR - 002	2724 W Martin Luther King Blvd	Fayetteville	AR	72704-7623
	Florence, AL - 139	1221 Florence Blvd	Florence	AL	35630-2724
	Fort Smith, AR - 006	4006 Towson Ave	Fort Smith	AR	72901-7540
	Gadsden, AL - 131	625 W Meighan Blvd	Gadsden	AL	35901-3303
	Glasgow, KY - 159	801 Happy Valley Rd	Glasgow	KY	42141-1305
	Greenville, TX - 087	5107 Interstate Highway 30	Greenville	TX	75402-7812
	Grove, OK - 144	3618 US Highway 59	Grove	OK	74344-3704
	Harrison, AR - 005	424 HWY 62-65 NORTH	Harrison	AR	72601-2506
	Harrisonville, MO - 133	2506 N State Route 291	Harrisonville	MO	64701-1103
	Henderson, KY - 036	2749 US Highway 41 N	Henderson	KY	42420-2046
	Hixson, TN - 148	4517 Hixson Pike	Hixson	TN	37343-5035
	Hope, AR - 097	1616 N Hervey St	Hope	AR	71801-2521
	Hopkinsville, KY - 041	2010 Walnut St	Hopkinsville	KY	42240-4661
	Hot Springs, AR - 084	1604 Albert Pike Rd	Hot Springs	AR	71913-4019
	Jackson, TN - 064	1089 S Highland Ave	Jackson	TN	38301-7303
	Jonesboro, AR - 013	1315 Red Wolf Blvd	Jonesboro	AR	72401-4580
	Joplin, MO - 019	3404 E 7th St	Joplin	MO	64801-5663
	Kirksville, MO - 143	2015 N Baltimore St	Kirksville	MO	63501-5108
	Lawton, OK - 028	202 SW Sheridan Rd	Lawton	OK	73505-1519
	Lebanon, MO - 083	1600 W Elm St	Lebanon	MO	65536-3923
	Lexington, KY - 074	399 E New Circle Rd	Lexington	KY	40505-2616
	Little Rock, AR - 007	5900 S University Ave	Little Rock	AR	72209-2152
	Longview, TX - 050	4207 W Marshall Ave	Longview	TX	75604-4808
	Lufkin, TX - 055	1517 N Timberland Dr	Lufkin	TX	75901-2313
	Macon, GA - 166	1711 Key Street	Macon	GA	31204
	Madison, TN - 134	729 Gallatin Pike N	Madison	TN	37115-2810
	Madisonville, KY - 039	342 S Main St	Madisonville	KY	42431-2560
	Magnolia, AR - 015	203 Highway 79 N	Magnolia	AR	71753-3203
	Malvern, AR - 120	2174 Oliver Lancaster Blvd	Rockport	AR	72104-2332
	McAlester, OK - 045	810 S George Nigh Expy	McAlester	OK	74501-7279
	Meridian, MS - 142	1629 S Frontage Rd	Meridian	MS	39301-6126
	Miami, OK - 155	1616 N Main St	Miami	OK	74354-2721
	Milledgeville, GA - 165	131 Roberson Mill Rd NE	Milledgeville	GA	31061-4914
	Moberly, MO - 128	512 E Highway 24	Moberly	MO	65270-3622
	Montgomery, AL - 173	2911 Eastern Blvd	Montgomery	AL	36116-1023

 

    	-3-

    

    

 

	Morrilton, AR - 121	510 E Harding St	Morrilton	AR	72110-2244
	Mount Pleasant, TX - 057	2300 W Ferguson Rd	Mt Pleasant	TX	75455-2932
	Mountain Home, AR - 122	2077 Highway 62 E	Mountain Home	AR	72653-6606
	Muscle Shoals, AL - 067	1017 Highway 72 East	Tuscumbia	AL	35674-4561
	Muskogee, OK - 020	1501 W Shawnee St	Muskogee	OK	74401-3431
	Nacogdoches, TX - 052	2819 South St	Nacogdoches	TX	75964-6669
	Neosho, MO - 056	311 S Neosho Blvd	Neosho	MO	64850-1649
	North Little Rock, AR - 008	6601 Warden Rd.	Sherwood	AR	72120-5039
	Okmulgee, OK - 082	1509 S Wood Dr	Okmulgee	OK	74447-7842
	Opelika, AL - 091	501 Columbus Pkwy	Opelika	AL	36801-5901
	Owasso, OK - 085	8051 N Owasso Expy	Owasso	OK	74055-3625
	Owensboro, KY - 040	512 Triplett St	Owensboro	KY	42303-3557
	Oxford, MS - 137	2612 Jackson Ave W	Oxford	MS	38655-5405
	Paducah, KY - 035	3921 Clarks River Rd	Paducah	KY	42003-0804
	Palestine, TX - 060	5000 N. LOOP 256	Palestine	TX	75801
	Paragould, AR - 023	2213 E Kingshighway	Paragould	AR	72450-9202
	Paris, TX - 051	1140 N Main St	Paris	TX	75460-2971
	Phenix City, AL - 124	1301 Highway 280 Byp	Phenix City	AL	36867-5401
	Pine Bluff, AR - 016	520 S Blake St	Pine Bluff	AR	71601-3626
	Ponca City, OK - 078	3314 N 14th St	Ponca City	OK	74601-1036
	Poplar Bluff, MO - 038	804 S Westwood Blvd	Poplar Bluff	MO	63901-6104
	Poteau, OK - 123	2607 N Broadway St	Poteau	OK	74953-5400
	Prattville, AL - 118	1026 S Memorial Dr	Prattville	AL	36067-6217
	Pryor, OK - 171	6105 S Mill St	Pryor	OK	74361-6848
	Richmond, KY - 130	290 Eastern Byp	Richmond	KY	40475-2331
	Rogers North, AR - 112	2620 W Hudson Rd	Rogers	AR	72756-2028
	Rogers, AR - 012	2007 S 8th St	Rogers	AR	72758-6425
	Rolla, MO - 157	1310 East Highway 72	Rolla	MO	65401
	Rome, GA - 145	1401 Martha Berry Blvd NW	Rome	GA	30165-1617
	Russellville South, AR - 021	3502 S Arkansas Ave	Russellville	AR	72802-7376
	Russellville, AR - 009	2300 E Main St	Russellville	AR	72802-9615
	Saint Joseph, MO - 135	2504 S Belt Hwy	Saint Joseph	MO	64503-1644
	Sapulpa, OK - 017	20 E Taft Ave	Sapulpa	OK	74066-5602
	Searcy, AR - 029	801 E Beebe Capps Expy	Searcy	AR	72143-6890
	Sedalia, MO - 068	3303 S Limit Ave	Sedalia	MO	65301-0897
	Shawnee, OK - 026	4020 N Harrison St	Shawnee	OK	74804-1429
	Sherman, TX - 048	4308 Texoma Pkwy	Sherman	TX	75090-1934
	Siloam Springs, AR - 010	351 Highway 412 E	Siloam Springs	AR	72761-4776
	Springdale East, AR - 089	1866 E Robinson Ave	Springdale	AR	72764-5700
	Springdale West, AR - 053	3733 W Sunset Ave	Springdale	AR	72762-4957
	Springfield North, MO - 025	2120 N Glenstone Ave	Springfield	MO	65803-4646
	Springfield South, MO - 079	3245 W Sunshine St	Springfield	MO	65807-1047
	Stillwater, OK - 072	2617 N Perkins Rd	Stillwater	OK	74075-2206
	Stilwell, OK - 110	471254 Hwy 51	Stilwell	OK	74960-4242

 

    	-4-

    

    

 

	Sulphur Springs, TX - 059	1237 S Broadway St	Sulphur Springs	TX	75482-4841
	Tahlequah, OK - 077	2900 S Muskogee Ave	Tahlequah	OK	74464-5463
	Texarkana, TX - 011	3015 Summerhill Rd	Texarkana	TX	75503-3963
	Troy, AL - 149	217 US Highway 231 North	Troy	AL	36081-1795
	Tullahoma, TN - 093	2116 N Jackson St	Tullahoma	TN	37388-2208
	Tulsa North, OK - 014	6519 E 11th St	Tulsa	OK	74112-4617
	Tulsa South, OK - 033	4810 S Peoria Ave	Tulsa	OK	74105-4531
	Tupelo, MS - 129	1703 S Gloster St	Tupelo	MS	38801-6513
	Tuscaloosa, AL - 080	6210 University Blvd E	Cottondale	AL	35453-1632
	Tyler, TX - 054	128 NNW LOOP 323	Tyler	TX	75702-8724
	Valdosta, GA - 156	3270 N Valdosta Rd	Valdosta	GA	31602-1110
	Van Buren, AR - 070	2400 Fayetteville Rd	Van Buren	AR	72956-6520
	Warrensburg, MO - 153	100 W Young Ave	Warrensburg	MO	64093-1103
	West Memphis, AR - 030	1600 E Broadway St	West Memphis	AR	72301-3455
	West Plains, MO - 069	1702 Porter Wagoner Blvd	West Plains	MO	65775-1808
	Wichita Falls, TX - 049	2710 Old Jacksboro Hwy	Wichita Falls	TX	76302-1015
	Winchester, KY - 094	1020 Bypass Rd	Winchester	KY	40391-1003
	Woodstock, GA - 138	7336 Highway 92	Woodstock	GA	30189-3480

 

 

 

 

 

 

 

    	-5-

    

    

 

Schedule 9.1.4

Names and Capital Structure

		1.	The corporate names, jurisdictions of incorporation, and authorized and issued Equity Interests
of Parent and its Subsidiaries are as follows:

 

	Name	Jurisdiction	Number and
    Class of Authorized Shares	Number and
    Class of Issued Shares
	America’s Car-Mart, Inc.	Texas	Preferred – 1,000,000

Common – 50,000,000	Preferred – None

Common – 12,849,768
	Colonial Auto Finance, Inc.	Arkansas	Common – 3,000,000	Common – 1,220.351
	America’s Car Mart, Inc.	Arkansas	Common – 3,000,000	Common – 970.351
	Texas Car-Mart, Inc.	Texas	Common – 1,000,000	Common – 1,000
	Colonial Underwriting, Inc.	Arkansas	Common – 3,000,000	Common – 1,000
	Auto Finance Investors, Inc.	Texas	Preferred – 10,000,000

Common – 1,000,000	Preferred – 9,703,000
	Crown Delaware Investments Corp.	Delaware	Common – 10,000	Common – 1,000
	ACM Insurance Company	Arkansas	Common – 1,000,000 	Common – 100,000

 

		2.	The record holders of Equity Interests of the Subsidiaries of Parent are as follows:

 

	Name	Class of
    Stock	Number of
    Shares	Record Owner
	Colonial Auto Finance, Inc.	Common

Common	964.078

256.273	Parent

Auto Finance Investors, Inc.
	America’s Car-Mart, Inc. (ACM)	Common	970.351	Parent
	Texas Car-Mart, Inc.	Common	1,000	ACM
	Colonial Underwriting, Inc.	Common	1,000	Colonial Auto Finance, Inc.
	Crown Delaware Investments, Inc.	Common	1,000	Parent
	Auto Finance Investors, Inc.	Series A Preferred 

Series C Preferred 

Series C Preferred

Common	9,203,000

100,000

400,000

10,000	Parent

T.J. Falgout, III 

Jeannie Fleeman

Revocable Trust, Bank of Oklahoma, N.A., Agent 

Parent
	ACM Insurance Company	Common	100,000	Parent

 

    

    

    

 

		3.	All agreements binding on holders of Equity Interests of Parent and its Subsidiaries with respect
to such interests are as follows:

 

There are no such agreements

 

		4.	In the five years preceding the Closing Date, no Obligor has acquired any substantial assets from
any other Person nor been the surviving entity in a merger or combination, except:

 

None

 

 

 

 

 

-2-

    

    

    

 

Schedule 9.1.11

 

Patents, Trademarks,
Copyrights and Licenses

 

		1.	Parent and its Subsidiaries’ patents:

 

None

 

		2.	Parent and its Subsidiaries’ trademarks:

 

	Trademark	Owner	Status in
    Trademark Office	Federal Registration
    No.	Registration
    Date
	Car-Mart
    Committed to You!	ACM	Registered, Active	2941129	4/19/2005
	America’s Car-Mart	ACM	Registered, Active	2941128	4/19/2005
	America’s
    Car-Mart	ACM	Registered, Active	2941130	4/19/2005
	Automobile Loan Information System	ACM	Registered, Cancelled	2755300	8/26/2003
	America’s Car-Mart Drive
    Easy	ACM	Registered, Cancelled	3186636	12/19/2006
	Automobile
    Loan Information System	ACM	Registered, Cancelled	2861739	7/6/2004
	America’s Car-Mart Drive
    Easy	ACM	Registered, Active	5400464	2/13/2018

 

		3.	Parent and its Subsidiaries’ copyrights:

 

	Copyright	Owner	Status in
    Copyright Office	Federal Registration
    No.	Registration
    Date
	Automobile Loan Information System	ACM	Registered, Active	TX0001146243	6/24/2002

 

		4.	Parent and its Subsidiaries’ licenses (other than routine business licenses, authorizing
them to transact business in local jurisdictions):

 

	Application	Number of installations	Term of License	Royalties Payable
	Adobe Acrobat DC	15	Perpetual	No
	Active Xperts	1	Perpetual	No
	AD Bridge	1	Perpetual	No

 

    

    

    

 

	Adobe Creative Cloud	11	Perpetual	No
	Adobe Reader	1310	Perpetual	No
	ALIS 3	1534	Perpetual	No
	Asset Keeper	2	Perpetual	No
	BMC Track-It Remote	1366	Perpetual	No
	BMC Track-It Technician	35	Perpetual	No
	Chromium Browser Control	1534	Perpetual	No
	Cisco Jabber	1534	Perpetual	No
	Cisco WebEx	1449	Perpetual	No
	Citrix Receiver 4.9	6	Perpetual	No
	Credit Manager 4	6	Perpetual	No
	Decisions Services	3	Perpetual	No
	Doors.NET	1	Perpetual	No
	Dorman TransponderKey	31	Perpetual	No
	FIS	1534	Perpetual	No
	FIS Reporter	48	Perpetual	No
	Folder Mill	1	Perpetual	No
	Google Chrome	1402	Perpetual	No
	Kaspersky Endpoint Security	1534	Perpetual	No
	Kendo UI	1534	Perpetual	No
	Kutools for Excel	5	Perpetual	No
	LexisNexis Bridger Insight XG	11	Perpetual	No
	Log 4 View	15	Perpetual	No
	Microsoft SQL Server 2005	1	Perpetual	No
	Microsoft SQL Server 2008R2	2	Perpetual	No
	Microsoft SQL Server 2012	3	Perpetual	No
	Microsoft Office	1441	Perpetual	No
	Microsoft SQL Server 2016	8	Perpetual	No
	Microsoft SQL Server 2017	5	Perpetual	No
	Microsoft Visio	14	Perpetual	No
	Microsoft Visual Studio	26	Perpetual	No
	Microsoft VSS Writer for SQL Server 2016	26	Perpetual	No
	NewtonSoft	1534	Perpetual	No
	Nlog	1534	Perpetual	No
	OpenOffice 4.1.6	1344	Perpetual	No
	PaymentMate	490	Perpetual	No
	PDFTron	1534	Perpetual	No
	Putty	20	Perpetual	No
	Red Gate Software LTD	18	Perpetual	No
	Sage 100 2016 Workstation	2	Perpetual	No
	SigPlus	1534	Perpetual	No
	Tableau	8	Perpetual	No

 

    	-2-

    

    

 

	Telerik	1534	Perpetual	No
	Telerik Fiddler	18	Perpetual	No
	VintaSoft	1534	Perpetual	No
	World Sharp	2	Perpetual	No
	Castle Windsor For CENT	17	Perpetual	No
	Crystal Quartz  For CENT	17	Perpetual	No
	Component One For CENT	17	Perpetual	No
	Mailjet For CENT	17	Perpetual	No
	FLURL For CMAPI	17	Perpetual	No
	Swagger For CMAPI	17	Perpetual	No
	CSVHelper For CENT and CMAPI	17	Perpetual	No
	OpenPOP For CENT and CMAPI	17	Perpetual	No
	SSH.net For CENT and CMPAI	17	Perpetual	No
	DevOPS	2	Perpetual	No
	Windows 10 Enterprise	17	Perpetual	No
	Windows 10 Pro	148	Perpetual	No
	Windows 10 Pro for Workstations	3	Perpetual	No
	Windows 7 Professional	1366	Perpetual	No
	Windows Server 2003	2	Perpetual	No
	Windows Server 2008 R2 Standard	5	Perpetual	No
	Windows Server 2008 Standard	1	Perpetual	No
	Windows Server 2012 Datacenter	2	Perpetual	No
	Windows Server 2012 R2 Datacenter	1	Perpetual	No
	Windows Server 2012 R2 Standard	59	Perpetual	No
	Windows Server 2012 Standard	35	Perpetual	No
	Windows Server 2016 Datacenter	3	Perpetual	No
	Windows Server 2016 Standard	105	Perpetual	No
	Windows Server 2019 Standard	11	Perpetual	No
	 	 	 	 

 

 

 

    	-3-

    

    

 

Schedule 9.1.14

 

Environmental Matters

 

NO ENVIRONMENTAL MATTERS

 

 

 

 

 

 

 

    

    

    

 

Schedule 9.1.15

 

Restrictive Agreements

 

No Restrictive Agreements

 

 

 

 

 

    

    

    

 

Schedule 9.1.16

 

Litigation

 

		1.	Proceedings and investigations pending against Parent or its Subsidiaries:

 

Parent and Subsidiaries become involved
in disputes in its day-to-day business which may result in a claim or legal proceeding, but there are currently no such claims
or proceedings that are of a material nature, either individually or related claims in the aggregate.

 

		2.	Threatened proceedings or investigations of which Parent or its Subsidiaries are aware:

 

Parent and Subsidiaries are not aware of any threatened
proceedings or investigations.

 

		3.	Pending Commercial Tort Claim of any Obligor:

 

No pending commercial tort claims are pending at this
time.

 

 

 

 

 

    

    

    

 

Schedule 9.1.18

 

Pension Plan Disclosures

 

There are no pension plan disclosures

 

 

 

 

 

 

 

    

    

    

 

Schedule 9.1.20

 

Labor Contracts

 

Parent and its Subsidiaries are party to the
following collective bargaining agreements, management agreements and consulting agreements:

 

No Labor
Contracts

 

 

 

 

 

    

    

    

 

Schedule 10.2.2

 

Existing Liens

 

1.       Parent
and its Subsidiaries are subject to one Promissory Note for the purchase of the Car-Mart of Tulsa South location:

 

		Borrower:	ACM

		Payee:	Mary Jo Samuel Living Trust Dated March 24, 1998

Original
Indebtedness:$550,000.00

Current
Indebtedness:$146,687.92 as of 9/18/2019

 

2.       ACM
purchased the real property located at 4810 S. Peoria Ave., Tulsa, OK 74105 on December 15, 2015. Said real property secures
the Promissory Note and Mortgage payable to the Payee on a five-year amortization.

 

3.       Cash
collateral relating to the Existing Letter of Credit and the Existing BAML Bank Products.

 

 

 

 

 

    

    

    

 

Schedule 10.2.17

 

Existing Affiliate Transactions

 

	Lot Name	Account ID	Special Status	Principal Owed as of september 17,
    2019

	Ada OK 154	115402001561	Associate/Affiliate	$109.71
	Ada OK 154	115401001593	Associate/Affiliate	$5,205.43
	Ada OK 154	115402001712	Associate/Affiliate	$8,629.96
	Ada OK 154	115404001802	Associate/Affiliate	$3,448.03
	Ada OK 154	115400001866	Associate/Affiliate	$4,242.79
	Albertville AL 126	112600004875	Associate/Affiliate	$1,863.42
	Albertville AL 126	112601004901	Associate/Affiliate	$5,741.18
	Altus OK 150	115001001629	Associate/Affiliate	$4,664.35
	Ardmore OK 044	104400009416	Associate/Affiliate	$7,371.73
	Ardmore OK 044	104400009576	Associate/Affiliate	$9,104.83
	Arkadelphia AR 034	103400009883	Associate/Affiliate	$7,844.63
	Arkadelphia AR 034	103400010060	Associate/Affiliate	$4,123.72
	Arkadelphia AR 034	103407009455	Associate/Affiliate	$3,979.25
	Arkadelphia AR 034	103402009633	Associate/Affiliate	$10,313.01
	Arkadelphia AR 034	103400009653	Associate/Affiliate	$5,041.09
	Arkadelphia AR 034	103400009670	Associate/Affiliate	$5,548.31
	Athens AL 075	107502003424	Associate/Affiliate	$8,086.50
	Athens AL 075	107504003553	Associate/Affiliate	$7,373.98
	Athens AL 075	107501003209	Associate/Affiliate	$2,511.54
	Batesville AR 024	102400036626	Associate/Affiliate	$9,382.06
	Batesville AR 024	102401036274	Associate/Affiliate	$5,233.34
	Batesville AR 024	102400036373	Associate/Affiliate	$10,205.58
	Benton AR 003	100302023237	Associate/Affiliate	$9,475.80
	Benton AR 003	100300021800	Associate/Affiliate	$6,178.50
	Benton AR 003	100300021896	Associate/Affiliate	$6,018.14
	Benton AR 003	100300022116	Associate/Affiliate	$6,488.21
	Benton AR 003	100301022337	Associate/Affiliate	$6,776.60
	Berryville AR 073	107300028203	Associate/Affiliate	$535.77
	Berryville AR 073	107300028332	Associate/Affiliate	$7,680.18
	Bixby OK 172	117200000129	Associate/Affiliate	$8,386.05
	Bixby OK 172	117202000180	Associate/Affiliate	$9,416.49
	Bowling Green East KY 169	116900000484	Associate/Affiliate	$8,441.08
	Bowling Green East KY 169	116901000500	Associate/Affiliate	$2,606.00
	Bowling Green East KY 169	116901000536	Associate/Affiliate	$12,540.38

 

    

    

    

	Bowling Green East KY 169	116901000146	Associate/Affiliate	$10,508.10
	Bowling Green East KY 169	116908000203	Associate/Affiliate	$6,267.44
	Bowling Green KY 043	104302006816	Associate/Affiliate	$14,388.39
	Bowling Green KY 043	104300006885	Associate/Affiliate	$9,452.45
	Bowling Green KY 043	104300005563	Associate/Affiliate	$3,575.55
	Broken Arrow OK 086	108601005427	Associate/Affiliate	$5,015.22
	Broken Arrow OK 086	108600005668	Associate/Affiliate	$6,956.16
	Burlington IA 160	116003001235	Associate/Affiliate	$5,571.50
	Burlington IA 160	116000001355	Associate/Affiliate	$4,324.41
	Camden AR 115	111500056826	Associate/Affiliate	$10,972.77
	Camden AR 115	111500055864	Associate/Affiliate	$1,227.36
	Camden AR 115	111500056128	Associate/Affiliate	$13,156.86
	Cape Girardeau MO 032	103201009570	Associate/Affiliate	$2,240.68
	Cape Girardeau MO 032	103204009625	Associate/Affiliate	$3,751.77
	Cape Girardeau MO 032	103200010249	Associate/Affiliate	$6,047.92
	Cape Girardeau MO 032	103204010291	Associate/Affiliate	$2,372.95
	Carrollton GA 158	115805001672	Associate/Affiliate	$9,430.24
	Carthage MO 119	111901009404	Associate/Affiliate	$8,908.26
	Carthage MO 119	111901009462	Associate/Affiliate	$9,018.83
	Carthage MO 119	111900009544	Associate/Affiliate	$8,205.52
	Carthage MO 119	111900009577	Associate/Affiliate	$16,094.90
	Centerton AR 163	116302000810	Associate/Affiliate	$5,307.80
	Centerton AR 163	116301000167	Associate/Affiliate	$1,357.03
	Claremore OK 071	107104061105	Associate/Affiliate	$6,832.83
	Claremore OK 071	107100059672	Associate/Affiliate	$3,054.92
	Claremore OK 071	107100059889	Associate/Affiliate	$3,791.19
	Claremore OK 071	107100060384	Associate/Affiliate	$6,815.35
	Claremore OK 071	107102060493	Associate/Affiliate	$6,137.18
	Columbia MO 066	106601004060	Associate/Affiliate	$5,222.93
	Columbia MO 066	106603004094	Associate/Affiliate	$5,923.22
	Columbia TN 096	109600003944	Associate/Affiliate	$8,278.53
	Columbia TN 096	109601004099	Associate/Affiliate	$11,052.17
	Columbia TN 096	109601002707	Associate/Affiliate	$2,859.56
	Columbia TN 096	109600002804	Associate/Affiliate	$1,448.82
	Conway AR 004	100400022914	Associate/Affiliate	$7,183.30
	Conway AR 004	100400024856	Associate/Affiliate	$9,683.85
	Conway AR 004	100401024897	Associate/Affiliate	$6,447.72
	Conway AR 004	100403025386	Associate/Affiliate	$14,449.80
	Conway AR 004	100400025532	Associate/Affiliate	$3,041.24
	Corinth MS 132	113200003379	Associate/Affiliate	$9,671.36
	Corinth MS 132	113204001718	Associate/Affiliate	$687.85

 

-3-

    

    

    

 

	Corinth MS 132	113202002180	Associate/Affiliate	$3,556.33
	Corinth MS 132	113200002466	Associate/Affiliate	$3,556.22
	Corinth MS 132	113200002612	Associate/Affiliate	$6,329.26
	Corsicana TX 058	105802004452	Associate/Affiliate	$7,399.28
	Covington GA 146	114602006185	Associate/Affiliate	$4,685.33
	Covington GA 146	114601006438	Associate/Affiliate	$12,824.46
	Covington GA 146	114603005290	Associate/Affiliate	$5,820.45
	Covington GA 146	114612005405	Associate/Affiliate	$7,684.64
	Cullman AL 076	107604004159	Associate/Affiliate	$8,331.67
	Cullman AL 076	107600004181	Associate/Affiliate	$7,797.58
	Cullman AL 076	107601003097	Associate/Affiliate	$864.77
	DA NWA AR 140	114000026221	Associate/Affiliate	$3,119.39
	DA NWA AR 140	114001097825	Associate/Affiliate	$2,794.80
	DA Siloam Springs AR 162	116200000801	Associate/Affiliate	$5,906.79
	DA Siloam Springs AR 162	116204000247	Associate/Affiliate	$1,690.39
	Dalton GA 152	115202002748	Associate/Affiliate	$6,759.26
	Dothan AL 147	114701002043	Associate/Affiliate	$10,874.72
	Duncan OK 046	104603006147	Associate/Affiliate	$7,217.20
	Durant OK 151	115100002724	Associate/Affiliate	$12,864.01
	Durant OK 151	115109002773	Associate/Affiliate	$11,782.93
	Durant OK 151	115104002985	Associate/Affiliate	$11,631.36
	Durant OK 151	115102003044	Associate/Affiliate	$5,620.84
	Durant OK 151	115105001629	Associate/Affiliate	$2,998.02
	Durant OK 151	115100002233	Associate/Affiliate	$6,624.24
	Durant OK 151	115102002351	Associate/Affiliate	$10,457.65
	El Dorado AR 018	101801057359	Associate/Affiliate	$6,010.50
	Enid OK 027	102700008809	Associate/Affiliate	$7,447.35
	Evansville IN 136	113601005196	Associate/Affiliate	$3,575.43
	Farmington MO 088	108802002823	Associate/Affiliate	$319.48
	Fayetteville AR 002	100207025169	Associate/Affiliate	$9,243.73
	Fayetteville AR 002	100201025586	Associate/Affiliate	$6,443.88
	Fayetteville AR 002	100204022589	Associate/Affiliate	$1,979.93
	Fayetteville AR 002	100202023743	Associate/Affiliate	$3,556.32
	Fayetteville AR 002	100200023809	Associate/Affiliate	$13,284.52
	Fayetteville AR 002	100202024354	Associate/Affiliate	$12,215.77
	Fayetteville AR 002	100203024673	Associate/Affiliate	$3,106.44
	Fayetteville AR 002	100200024781	Associate/Affiliate	$6,013.88
	Fayetteville College AR 170	117001000077	Associate/Affiliate	$11,153.62
	Fayetteville College AR 170	117005000089	Associate/Affiliate	$4,615.16
	Fayetteville College AR 170	117004000253	Associate/Affiliate	$5,859.53
	Fayetteville College AR 170	117001000344	Associate/Affiliate	$7,061.77

 

-4-

    

    

    

 

	Fayetteville College AR 170	117002000723	Associate/Affiliate	$3,629.93
	Forrest City AR 047	104700006196	Associate/Affiliate	$4,802.36
	Fort Smith AR 006	100602018062	Associate/Affiliate	$5,926.53
	Fort Smith AR 006	100601018300	Associate/Affiliate	$4,912.33
	Gadsden AL 131	113101002995	Associate/Affiliate	$4,578.05
	Gadsden AL 131	113101002160	Associate/Affiliate	$4,307.61
	Glasgow KY 159	115902001843	Associate/Affiliate	$8,936.21
	Greenville TX 087	108703003465	Associate/Affiliate	$8,299.69
	Grove OK 144	114400006636	Associate/Affiliate	$10,573.62
	Grove OK 144	114403006751	Associate/Affiliate	$4,714.12
	Grove OK 144	114403006833	Associate/Affiliate	$9,109.91
	Grove OK 144	214403006335	Associate/Affiliate	$246.64
	Grove OK 144	114401006335	Associate/Affiliate	$1,094.96
	Harrison AR 005	100503015381	Associate/Affiliate	$4,112.88
	Harrison AR 005	100503015752	Associate/Affiliate	$10,325.57
	Harrisonville MO 133	113301002154	Associate/Affiliate	$7,641.51
	Harrisonville MO 133	113301002334	Associate/Affiliate	$5,514.77
	Harrisonville MO 133	113306000901	Associate/Affiliate	$2,886.10
	Harrisonville MO 133	113303002102	Associate/Affiliate	$4,968.40
	Henderson KY 036	103600005497	Associate/Affiliate	$7,131.25
	Henderson KY 036	103601005781	Associate/Affiliate	$8,293.44
	Henderson KY 036	103601005814	Associate/Affiliate	$9,959.67
	Henderson KY 036	103601004709	Associate/Affiliate	$2,282.37
	Henderson KY 036	103603004759	Associate/Affiliate	$2,792.40
	Henderson KY 036	103604005322	Associate/Affiliate	$13,968.91
	Hope AR 097	109702008503	Associate/Affiliate	$2,269.50
	Hope AR 097	109700009292	Associate/Affiliate	$4,688.76
	Hopkinsville KY 041	104100005362	Associate/Affiliate	$3,867.30
	Hopkinsville KY 041	104103005820	Associate/Affiliate	$6,473.01
	Hopkinsville KY 041	104100005976	Associate/Affiliate	$5,315.95
	Hot Springs AR 084	108402017685	Associate/Affiliate	$4,899.49
	Jackson TN 064	106403005876	Associate/Affiliate	$8,744.92
	Jackson TN 064	106400006003	Associate/Affiliate	$13,536.73
	Jackson TN 064	106411004043	Associate/Affiliate	$1,902.23
	Joplin MO 019	101903011415	Associate/Affiliate	$10,420.32
	Joplin MO 019	101904011532	Associate/Affiliate	$7,387.75
	Joplin MO 019	101901011692	Associate/Affiliate	$8,716.95
	Joplin MO 019	101903009507	Associate/Affiliate	$2,909.68
	Joplin MO 019	101901010178	Associate/Affiliate	$6,439.56
	Joplin MO 019	101900010888	Associate/Affiliate	$8,235.32
	Kirksville MO 143	114300002263	Associate/Affiliate	$6,528.87

 

-5-

    

    

    

 

	Kirksville MO 143	114302002314	Associate/Affiliate	$9,335.57
	Lawton OK 028	102809099196	Associate/Affiliate	$11,196.89
	Lawton OK 028	102800098899	Associate/Affiliate	$3,622.95
	Lebanon MO 083	108304004976	Associate/Affiliate	$7,873.47
	Lebanon MO 083	108301003085	Associate/Affiliate	$1,863.22
	Lebanon MO 083	108302003765	Associate/Affiliate	$2,243.94
	Lebanon MO 083	108302004240	Associate/Affiliate	$5,776.43
	Lebanon MO 083	108301004416	Associate/Affiliate	$10,476.35
	Lexington KY 074	107404006137	Associate/Affiliate	$9,715.15
	Lexington KY 074	107400005113	Associate/Affiliate	$3,178.71
	Little Rock AR 007	100702020984	Associate/Affiliate	$7,230.71
	Little Rock AR 007	100706018289	Associate/Affiliate	$1,022.85
	Little Rock AR 007	100700018613	Associate/Affiliate	$3,905.31
	Little Rock AR 007	100706019162	Associate/Affiliate	$4,519.72
	Little Rock AR 007	100702019164	Associate/Affiliate	$1,278.00
	Little Rock AR 007	100707019532	Associate/Affiliate	$7,328.56
	Little Rock AR 007	100701019768	Associate/Affiliate	$6,876.88
	Little Rock AR 007	100705019783	Associate/Affiliate	$3,666.03
	Little Rock AR 007	100703019830	Associate/Affiliate	$6,059.39
	Little Rock AR 007	100704019967	Associate/Affiliate	$11,347.82
	Longview TX 050	105001004041	Associate/Affiliate	$2,042.62
	Longview TX 050	105006004773	Associate/Affiliate	$9,224.52
	Longview TX 050	105000004818	Associate/Affiliate	$6,267.78
	Macon GA 166	116600001538	Associate/Affiliate	$5,908.16
	Macon GA 166	116608001556	Associate/Affiliate	$7,307.00
	Madison TN 134	113400002866	Associate/Affiliate	$7,919.25
	Madisonville KY 039	103901006692	Associate/Affiliate	$6,366.69
	Magnolia AR 015	101503093055	Associate/Affiliate	$4,891.76
	Magnolia AR 015	101502093094	Associate/Affiliate	$12,190.21
	Magnolia AR 015	101502093281	Associate/Affiliate	$7,938.02
	Magnolia AR 015	101501092509	Associate/Affiliate	$3,982.59
	Malvern AR 120	112004019875	Associate/Affiliate	$7,894.13
	Malvern AR 120	112000019923	Associate/Affiliate	$9,372.02
	Malvern AR 120	112000019287	Associate/Affiliate	$5,837.29
	Malvern AR 120	112000019340	Associate/Affiliate	$5,390.28
	Malvern AR 120	112001019401	Associate/Affiliate	$7,241.14
	McAlester OK 045	104501007530	Associate/Affiliate	$6,196.17
	Meridian MS 142	114203001080	Associate/Affiliate	$542.29
	Meridian MS 142	114215001195	Associate/Affiliate	$946.29
	Meridian MS 142	114201001751	Associate/Affiliate	$4,243.70
	Miami OK 155	115501002248	Associate/Affiliate	$8,832.05

 

-6-

    

    

    

 

	Miami OK 155	115500002267	Associate/Affiliate	$6,103.01
	Milledgeville GA 165	116503000670	Associate/Affiliate	$2,064.03
	Milledgeville GA 165	116502000875	Associate/Affiliate	$3,291.49
	Moberly MO 128	112803002829	Associate/Affiliate	$5,428.75
	Moberly MO 128	112800002910	Associate/Affiliate	$9,114.99
	Morrilton AR 121	112100021948	Associate/Affiliate	$5,334.13
	Morrilton AR 121	112100021486	Associate/Affiliate	$3,186.38
	Morrilton AR 121	112100021717	Associate/Affiliate	$7,130.05
	Morrilton AR 121	212102021717	Associate/Affiliate	$129.91
	Mount Pleasant TX 057	105701004266	Associate/Affiliate	$1,579.61
	Mount Pleasant TX 057	105700004427	Associate/Affiliate	$3,550.38
	Mount Pleasant TX 057	105704004914	Associate/Affiliate	$4,915.39
	Mount Pleasant TX 057	105710005056	Associate/Affiliate	$7,396.53
	Mountain Home AR 122	112200015301	Associate/Affiliate	$9,745.92
	Mountain Home AR 122	112200015365	Associate/Affiliate	$1,830.70
	Muscle Shoals AL 067	106702004634	Associate/Affiliate	$4,400.92
	Muskogee OK 020	102004011885	Associate/Affiliate	$7,322.92
	Muskogee OK 020	102007009443	Associate/Affiliate	$3,720.38
	Muskogee OK 020	102003009579	Associate/Affiliate	$788.11
	Muskogee OK 020	102000011367	Associate/Affiliate	$4,440.78
	Muskogee OK 020	102000011700	Associate/Affiliate	$13,076.93
	Nacogdoches TX 052	105200005383	Associate/Affiliate	$6,642.43
	Nacogdoches TX 052	105200005652	Associate/Affiliate	$8,662.78
	Nacogdoches TX 052	105203004033	Associate/Affiliate	$1,152.97
	Nacogdoches TX 052	105200004447	Associate/Affiliate	$4,161.14
	Nacogdoches TX 052	105202004953	Associate/Affiliate	$4,970.69
	Nacogdoches TX 052	105205005170	Associate/Affiliate	$6,378.97
	Neosho MO 056	105600007710	Associate/Affiliate	$12,888.54
	Neosho MO 056	105600005397	Associate/Affiliate	$275.48
	Neosho MO 056	105600006558	Associate/Affiliate	$2,624.74
	North Little Rock AR 008	100812019547	Associate/Affiliate	$8,368.65
	Okmulgee OK 082	108200003940	Associate/Affiliate	$6,869.07
	Okmulgee OK 082	108203004293	Associate/Affiliate	$9,433.97
	Okmulgee OK 082	108200003175	Associate/Affiliate	$9,170.44
	Owasso OK 085	108500061010	Associate/Affiliate	$8,680.35
	Owasso OK 085	108503061415	Associate/Affiliate	$7,525.25
	Owasso OK 085	108500059815	Associate/Affiliate	$3,641.57
	Owasso OK 085	108500060108	Associate/Affiliate	$598.97
	Owasso OK 085	108500060273	Associate/Affiliate	$254.41
	Owasso OK 085	108504060718	Associate/Affiliate	$6,470.32
	Owasso OK 085	108500060869	Associate/Affiliate	$5,663.82

 

-7-

    

    

    

 

	Owensboro KY 040	104001009661	Associate/Affiliate	$7,742.66
	Owensboro KY 040	104011009515	Associate/Affiliate	$4,895.98
	Oxford MS 137	113700002853	Associate/Affiliate	$11,469.01
	Oxford MS 137	113701003116	Associate/Affiliate	$8,119.64
	Palestine TX 060	106000005120	Associate/Affiliate	$4,402.66
	Paragould AR 023	102302020818	Associate/Affiliate	$6,539.83
	Paragould AR 023	102301020901	Associate/Affiliate	$8,844.18
	Paragould AR 023	102303021038	Associate/Affiliate	$10,672.04
	Paragould AR 023	102301019970	Associate/Affiliate	$2,681.70
	Paragould AR 023	102301020228	Associate/Affiliate	$5,298.20
	Phenix City AL 124	112401001986	Associate/Affiliate	$2,202.51
	Pine Bluff AR 016	101601089867	Associate/Affiliate	$7,820.99
	Pine Bluff AR 016	101602087173	Associate/Affiliate	$2,119.68
	Ponca City OK 078	107802006394	Associate/Affiliate	$10,550.95
	Ponca City OK 078	107805006444	Associate/Affiliate	$6,928.18
	Poplar Bluff MO 038	103805015770	Associate/Affiliate	$7,731.22
	Poplar Bluff MO 038	103801016168	Associate/Affiliate	$8,232.97
	Poplar Bluff MO 038	103800016360	Associate/Affiliate	$9,576.53
	Poplar Bluff MO 038	103804014539	Associate/Affiliate	$7,741.41
	Poplar Bluff MO 038	103802015550	Associate/Affiliate	$5,185.46
	Poteau OK 123	112303015941	Associate/Affiliate	$3,708.20
	Poteau OK 123	112300017844	Associate/Affiliate	$4,749.31
	Poteau OK 123	112301018107	Associate/Affiliate	$3,212.31
	Poteau OK 123	112300018212	Associate/Affiliate	$8,265.04
	Prattville AL 118	111803003220	Associate/Affiliate	$2,899.91
	Prattville AL 118	111800003640	Associate/Affiliate	$4,079.17
	Prattville AL 118	111803003720	Associate/Affiliate	$6,299.45
	Pryor OK 171	117101000182	Associate/Affiliate	$5,111.40
	Richmond KY 130	113000003162	Associate/Affiliate	$7,559.78
	Richmond KY 130	113001003225	Associate/Affiliate	$7,265.46
	Richmond KY 130	113001003406	Associate/Affiliate	$9,153.29
	Richmond KY 130	113000001508	Associate/Affiliate	$5,861.28
	Richmond KY 130	113004002901	Associate/Affiliate	$6,567.22
	Rogers AR 012	101202100081	Associate/Affiliate	$6,810.53
	Rogers AR 012	101201100202	Associate/Affiliate	$7,323.42
	Rogers AR 012	101202101010	Associate/Affiliate	$9,456.95
	Rogers AR 012	101201099397	Associate/Affiliate	$6,506.58
	Rogers AR 012	101201099755	Associate/Affiliate	$8,580.72
	Rogers North AR 112	111202001377	Associate/Affiliate	$1,032.74
	Rogers North AR 112	111201026821	Associate/Affiliate	$1,523.33
	Rogers North AR 112	111200027754	Associate/Affiliate	$2,891.11

 

-8-

    

    

    

 

	Rolla MO 157	115700000674	Associate/Affiliate	$1,512.03
	Rolla MO 157	115701001359	Associate/Affiliate	$8,262.01
	Rome GA 145	114500002550	Associate/Affiliate	$4,911.46
	Russellville South AR 021	102101058153	Associate/Affiliate	$12,565.51
	Russellville South AR 021	102102056006	Associate/Affiliate	$1,544.04
	Russellville South AR 021	102102056898	Associate/Affiliate	$4,572.96
	Saint Joseph MO 135	113500002563	Associate/Affiliate	$4,387.84
	Sapulpa OK 017	101703050124	Associate/Affiliate	$8,394.43
	Sapulpa OK 017	101702048168	Associate/Affiliate	$7,391.87
	Sapulpa OK 017	101700048512	Associate/Affiliate	$2,642.78
	Sapulpa OK 017	101702048549	Associate/Affiliate	$889.79
	Sapulpa OK 017	101702049533	Associate/Affiliate	$6,609.40
	Searcy AR 029	102906019736	Associate/Affiliate	$6,568.48
	Searcy AR 029	102911019792	Associate/Affiliate	$12,957.25
	Searcy AR 029	102901020383	Associate/Affiliate	$9,116.13
	Searcy AR 029	102901018599	Associate/Affiliate	$2,427.71
	Searcy AR 029	102902019047	Associate/Affiliate	$4,025.21
	Searcy AR 029	102901019059	Associate/Affiliate	$1,266.55
	Searcy AR 029	102900019167	Associate/Affiliate	$6,910.16
	Searcy AR 029	102901019189	Associate/Affiliate	$2,447.06
	Searcy AR 029	102901019442	Associate/Affiliate	$4,546.93
	Sedalia MO 068	106802006536	Associate/Affiliate	$5,673.67
	Sedalia MO 068	106801006552	Associate/Affiliate	$10,658.12
	Sedalia MO 068	106803005681	Associate/Affiliate	$8,405.53
	Sedalia MO 068	106801006185	Associate/Affiliate	$9,154.50
	Shawnee OK 026	102601014386	Associate/Affiliate	$5,146.64
	Shawnee OK 026	102605013465	Associate/Affiliate	$2,127.28
	Sherman TX 048	104802004367	Associate/Affiliate	$352.35
	Sherman TX 048	104802004474	Associate/Affiliate	$433.81
	Sherman TX 048	104801004669	Associate/Affiliate	$1,045.60
	Sherman TX 048	104800004806	Associate/Affiliate	$1,699.30
	Siloam Springs AR 010	101001095162	Associate/Affiliate	$3,983.85
	Siloam Springs AR 010	101005095313	Associate/Affiliate	$5,154.55
	Siloam Springs AR 010	101000095377	Associate/Affiliate	$5,695.48
	Siloam Springs AR 010	101001095636	Associate/Affiliate	$5,685.61
	Siloam Springs AR 010	101001091336	Associate/Affiliate	$1,168.03
	Siloam Springs AR 010	101004093056	Associate/Affiliate	$10,293.97
	Siloam Springs AR 010	101005093130	Associate/Affiliate	$4,319.11
	Siloam Springs AR 010	101002093182	Associate/Affiliate	$4,390.02
	Siloam Springs AR 010	101002093860	Associate/Affiliate	$3,190.33
	Siloam Springs AR 010	101000094184	Associate/Affiliate	$8,968.36

 

-9-

    

    

    

 

	Siloam Springs AR 010	101002094381	Associate/Affiliate	$4,190.45
	Siloam Springs AR 010	101001094432	Associate/Affiliate	$5,930.44
	Springdale East AR 089	108907002232	Associate/Affiliate	$453.04
	Springdale East AR 089	108900098173	Associate/Affiliate	$3,789.95
	Springdale East AR 089	108901098268	Associate/Affiliate	$5,384.33
	Springdale East AR 089	108900098365	Associate/Affiliate	$4,320.73
	Springdale East AR 089	108901098538	Associate/Affiliate	$8,754.10
	Springdale West AR 053	105301093632	Associate/Affiliate	$7,423.18
	Springdale West AR 053	105301093663	Associate/Affiliate	$2,904.35
	Springdale West AR 053	105301093693	Associate/Affiliate	$8,660.01
	Springdale West AR 053	105304093702	Associate/Affiliate	$7,059.81
	Springdale West AR 053	105302093802	Associate/Affiliate	$10,803.99
	Springdale West AR 053	105301092317	Associate/Affiliate	$6,065.52
	Springdale West AR 053	105300092523	Associate/Affiliate	$6,380.81
	Springdale West AR 053	105302092626	Associate/Affiliate	$7,575.40
	Springdale West AR 053	105301092877	Associate/Affiliate	$5,227.76
	Springdale West AR 053	105302093306	Associate/Affiliate	$10,855.69
	Springfield North MO 025	102506017917	Associate/Affiliate	$6,909.66
	Springfield North MO 025	102502016149	Associate/Affiliate	$3,997.79
	Springfield North MO 025	102500016855	Associate/Affiliate	$2,618.17
	Springfield North MO 025	102503017237	Associate/Affiliate	$10,164.53
	Springfield South MO 079	107901016203	Associate/Affiliate	$3,276.80
	Springfield South MO 079	107901016880	Associate/Affiliate	$8,198.55
	Springfield South MO 079	107902017089	Associate/Affiliate	$7,108.61
	Stillwater OK 072	107205006624	Associate/Affiliate	$9,407.99
	Stillwater OK 072	107205007238	Associate/Affiliate	$1,376.47
	Stilwell OK 110	111006016503	Associate/Affiliate	$807.49
	Stilwell OK 110	111005016637	Associate/Affiliate	$5,895.22
	Stilwell OK 110	111000017174	Associate/Affiliate	$6,362.54
	Stilwell OK 110	111000017405	Associate/Affiliate	$5,136.39
	Stilwell OK 110	111002017843	Associate/Affiliate	$8,409.01
	Stilwell OK 110	111003017964	Associate/Affiliate	$4,823.07
	Sulphur Springs TX 059	105902005205	Associate/Affiliate	$9,739.16
	Sulphur Springs TX 059	105902005237	Associate/Affiliate	$11,169.72
	Sulphur Springs TX 059	105903004457	Associate/Affiliate	$6,875.72
	Sulphur Springs TX 059	105900004659	Associate/Affiliate	$477.32
	Tahlequah OK 077	107702004416	Associate/Affiliate	$7,477.45
	Tahlequah OK 077	107700004532	Associate/Affiliate	$3,661.85
	Tahlequah OK 077	107703003141	Associate/Affiliate	$524.39
	Tahlequah OK 077	107700003246	Associate/Affiliate	$454.48
	Tahlequah OK 077	107703003699	Associate/Affiliate	$3,386.26

 

-10-

    

    

    

 

	Tahlequah OK 077	107700003765	Associate/Affiliate	$8,032.41
	Texarkana TX 011	101103016747	Associate/Affiliate	$2,914.52
	Texarkana TX 011	101101016936	Associate/Affiliate	$714.62
	Texarkana TX 011	101106093520	Associate/Affiliate	$5,957.01
	Troy AL 149	114902002362	Associate/Affiliate	$11,153.64
	Troy AL 149	114902001466	Associate/Affiliate	$3,812.65
	Troy AL 149	114901001760	Associate/Affiliate	$704.00
	Tullahoma TN 093	109301003444	Associate/Affiliate	$11,428.70
	Tullahoma TN 093	109301003503	Associate/Affiliate	$13,446.53
	Tullahoma TN 093	109304001323	Associate/Affiliate	$5,816.19
	Tullahoma TN 093	109300002485	Associate/Affiliate	$531.39
	Tullahoma TN 093	109300002557	Associate/Affiliate	$1,220.06
	Tullahoma TN 093	109302002567	Associate/Affiliate	$2,708.54
	Tullahoma TN 093	109302002645	Associate/Affiliate	$7,374.29
	Tulsa South OK 033	103301011107	Associate/Affiliate	$8,179.31
	Tulsa South OK 033	103300004344	Associate/Affiliate	$835.75
	Tupelo MS 129	112901005022	Associate/Affiliate	$3,249.25
	Tupelo MS 129	112903005279	Associate/Affiliate	$9,827.69
	Tupelo MS 129	112903003468	Associate/Affiliate	$4,390.71
	Tupelo MS 129	112903004455	Associate/Affiliate	$6,857.26
	Tupelo MS 129	112902004694	Associate/Affiliate	$6,437.11
	Tuscaloosa AL 080	108004004477	Associate/Affiliate	$5,655.55
	Valdosta GA 156	115601000912	Associate/Affiliate	$3,206.70
	Valdosta GA 156	115601001214	Associate/Affiliate	$5,938.56
	Van Buren AR 070	107002016065	Associate/Affiliate	$4,975.22
	Van Buren AR 070	107001016258	Associate/Affiliate	$5,564.55
	Van Buren AR 070	107003016441	Associate/Affiliate	$2,868.77
	Van Buren AR 070	107001016507	Associate/Affiliate	$12,674.28
	Warrensburg MO 153	115301001526	Associate/Affiliate	$11,803.10
	West Memphis AR 030	103004013526	Associate/Affiliate	$4,013.20
	West Plains MO 069	106900004700	Associate/Affiliate	$7,735.42
	West Plains MO 069	106900004737	Associate/Affiliate	$11,878.70
	Wichita Falls TX 049	104905003168	Associate/Affiliate	$323.66
	Winchester KY 094	109401003350	Associate/Affiliate	$8,462.83
	Winchester KY 094	109400001611	Associate/Affiliate	$1,311.77
	Winchester KY 094	109405001860	Associate/Affiliate	$3,488.24
	Winchester KY 094	109400002814	Associate/Affiliate	$1,388.62
	Woodstock GA 138	113802003545	Associate/Affiliate	$9,310.33
	Woodstock GA 138	113804003628	Associate/Affiliate	$15,881.81
	Woodstock GA 138	113803002559	Associate/Affiliate	$4,240.58
	Woodstock GA 138	113800002605	Associate/Affiliate	$2,479.69

 

-11-

    

    

    

 

Intercompany Debts are reflected on the Balance Sheets

 

 

 

  

 

 

 

 

-12-EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

MARRIOTT OWNERSHIP RESORTS, INC., 

as Issuer, 
 The GUARANTORS party
hereto 
 and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 

INDENTURE 
 Dated as of
October 1, 2019 
 4.750% Senior Notes due 2028 
  

 
  

 TABLE OF CONTENTS 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
  

							
	 	  	 	  	Page	 
	 Section 1.01
	  	Definitions	  	 	1	 
	 Section 1.02
	  	Other Definitions	  	 	44	 
	 Section 1.03
	  	Incorporation by Reference of Trust Indenture Act	  	 	45	 
	 Section 1.04
	  	Rules of Construction	  	 	45	 
	 Section 1.05
	  	Limited Condition Transactions; Measuring Compliance	  	 	46	 

 ARTICLE 2 

THE NOTES 
  

							
	 Section 2.01
	  	Amount of Notes	  	 	47	 
	 Section 2.02
	  	Form and Dating	  	 	48	 
	 Section 2.03
	  	Execution and Authentication	  	 	48	 
	 Section 2.04
	  	Registrar and Paying Agent	  	 	49	 
	 Section 2.05
	  	Paying Agent to Hold Money in Trust	  	 	49	 
	 Section 2.06
	  	Noteholder Lists	  	 	50	 
	 Section 2.07
	  	Replacement Notes	  	 	50	 
	 Section 2.08
	  	Outstanding Notes	  	 	50	 
	 Section 2.09
	  	Treasury Notes	  	 	50	 
	 Section 2.10
	  	Temporary Notes	  	 	50	 
	 Section 2.11
	  	Cancellation	  	 	51	 
	 Section 2.12
	  	Defaulted Interest	  	 	51	 
	 Section 2.13
	  	CUSIP or ISIN Numbers	  	 	51	 
	 Section 2.14
	  	Authentication Agent	  	 	51	 

 ARTICLE 3 

REDEMPTION 
  

							
	 Section 3.01
	  	Notices to Trustee	  	 	52	 
	 Section 3.02
	  	Selection of Notes to be Redeemed	  	 	52	 
	 Section 3.03
	  	Notice of Redemption	  	 	53	 
	 Section 3.04
	  	Effect of Notice of Redemption	  	 	53	 
	 Section 3.05
	  	Deposit of Redemption Price	  	 	54	 
	 Section 3.06
	  	Notes Redeemed in Part	  	 	54	 
	 Section 3.07
	  	[Reserved]	  	 	54	 
	 Section 3.08
	  	Optional Redemption	  	 	54	 
	 Section 3.09
	  	Mandatory Redemption; Sinking Fund; Open Market Purchases	  	 	55	 

  
 i 

 ARTICLE 4 

COVENANTS 
  

							
	 Section 4.01
	  	Covenant Suspension	  	 	55	 
	 Section 4.02
	  	Payment of Notes	  	 	57	 
	 Section 4.03
	  	Reports	  	 	57	 
	 Section 4.04
	  	Limitation on Debt	  	 	58	 
	 Section 4.05
	  	Limitation on Restricted Payments	  	 	63	 
	 Section 4.06
	  	Limitation on Liens	  	 	68	 
	 Section 4.07
	  	Limitation on Asset Sales	  	 	68	 
	 Section 4.08
	  	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	 	72	 
	 Section 4.09
	  	Limitation on Transactions with Affiliates	  	 	73	 
	 Section 4.10
	  	Designation of Restricted and Unrestricted Subsidiaries	  	 	76	 
	 Section 4.11
	  	Change of Control	  	 	76	 
	 Section 4.12
	  	Additional Note Guarantees	  	 	78	 
	 Section 4.13
	  	Maintenance of Office or Agency	  	 	78	 
	 Section 4.14
	  	Existence	  	 	79	 
	 Section 4.15
	  	Annual Officers’ Certificate as to Compliance	  	 	79	 

 ARTICLE 5 

SUCCESSORS 
  

							
	 Section 5.01
	  	When Issuer May Merge or Transfer Assets	  	 	79	 
	 Section 5.02
	  	When Parent Guarantor May Merge or Transfer Assets	  	 	80	 
	 Section 5.03
	  	When Subsidiary Guarantors May Merge or Transfer Assets	  	 	81	 

 ARTICLE 6 

DEFAULTS AND REMEDIES 
  

							
	 Section 6.01
	  	Events of Default	  	 	81	 
	 Section 6.02
	  	Acceleration	  	 	83	 
	 Section 6.03
	  	Other Remedies	  	 	85	 
	 Section 6.04
	  	Waiver of Past Defaults	  	 	85	 
	 Section 6.05
	  	Control by Majority	  	 	85	 
	 Section 6.06
	  	Limitation on Suits	  	 	86	 
	 Section 6.07
	  	Rights of Holders to Receive Payment	  	 	86	 
	 Section 6.08
	  	Collection Suit by Trustee	  	 	86	 
	 Section 6.09
	  	Trustee May File Proofs of Claim	  	 	86	 
	 Section 6.10
	  	Priorities	  	 	86	 
	 Section 6.11
	  	Undertaking for Costs	  	 	87	 
	 Section 6.12
	  	Restoration of Rights and Remedies	  	 	87	 
	 Section 6.13
	  	Rights and Remedies Cumulative	  	 	87	 
	 Section 6.14
	  	Delay or Omission Not Waiver	  	 	87	 

  
 ii 

 ARTICLE 7 

TRUSTEE 
  

							
	 Section 7.01
	  	Duties of Trustee	  	 	87	 
	 Section 7.02
	  	Rights of Trustee	  	 	89	 
	 Section 7.03
	  	Individual Rights of Trustee	  	 	90	 
	 Section 7.04
	  	Trustee’s Disclaimer	  	 	90	 
	 Section 7.05
	  	Notice of Defaults	  	 	90	 
	 Section 7.06
	  	Reports by Trustee to Holders	  	 	90	 
	 Section 7.07
	  	Compensation and Indemnity	  	 	90	 
	 Section 7.08
	  	Replacement of Trustee	  	 	91	 
	 Section 7.09
	  	Successor Trustee by Merger	  	 	92	 
	 Section 7.10
	  	Eligibility; Disqualification	  	 	92	 
	 Section 7.11
	  	Preferential Collection of Claims Against Issuer	  	 	92	 

 ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 
  

							
	 Section 8.01
	  	Discharge of Liability on Notes; Defeasance	  	 	92	 
	 Section 8.02
	  	Conditions to Defeasance	  	 	93	 
	 Section 8.03
	  	Application of Trust Money	  	 	94	 
	 Section 8.04
	  	Repayment to Issuer	  	 	94	 
	 Section 8.05
	  	Indemnity for Government Obligations	  	 	95	 
	 Section 8.06
	  	Reinstatement	  	 	95	 

 ARTICLE 9 

AMENDMENTS 
  

							
	 Section 9.01
	  	Without Consent of Holders	  	 	95	 
	 Section 9.02
	  	With Consent of Holders	  	 	96	 
	 Section 9.03
	  	Compliance with Trust Indenture Act	  	 	97	 
	 Section 9.04
	  	Revocation and Effect of Consents and Waivers	  	 	97	 
	 Section 9.05
	  	Notation on or Exchange of Notes	  	 	98	 
	 Section 9.06
	  	Trustee to Sign Amendments	  	 	98	 

 ARTICLE 10 

GUARANTEES 
  

							
	 Section 10.01
	  	The Guarantees	  	 	98	 
	 Section 10.02
	  	Guarantee Unconditional	  	 	98	 
	 Section 10.03
	  	Discharge; Reinstatement	  	 	99	 
	 Section 10.04
	  	Waiver by the Guarantors	  	 	99	 
	 Section 10.05
	  	Subrogation and Contribution	  	 	99	 
	 Section 10.06
	  	Stay of Acceleration	  	 	99	 
	 Section 10.07
	  	Limitation on Amount of Guarantee	  	 	99	 
	 Section 10.08
	  	Execution and Delivery of Guarantee	  	 	100	 
	 Section 10.09
	  	Benefits Acknowledged	  	 	100	 
	 Section 10.10
	  	Release of Guarantee	  	 	100	 

  
 iii 

 ARTICLE 11 

[RESERVED] 
 ARTICLE 12 

MISCELLANEOUS 
  

							
	 Section 12.01
	  	Trust Indenture Act Controls	  	 	100	 
	 Section 12.02
	  	Notices	  	 	101	 
	 Section 12.03
	  	Communication by Holders with Other Holders	  	 	102	 
	 Section 12.04
	  	Certificate and Opinion as to Conditions Precedent	  	 	102	 
	 Section 12.05
	  	Statements Required in Certificate or Opinion	  	 	102	 
	 Section 12.06
	  	Rules by Trustee, Paying Agents and Registrar	  	 	102	 
	 Section 12.07
	  	Business Days	  	 	102	 
	 Section 12.08
	  	Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction	  	 	102	 
	 Section 12.09
	  	No Recourse Against Others	  	 	103	 
	 Section 12.10
	  	Successors	  	 	103	 
	 Section 12.11
	  	Severability	  	 	103	 
	 Section 12.12
	  	Multiple Originals	  	 	103	 
	 Section 12.13
	  	Table of Contents; Headings	  	 	103	 
	 Section 12.14
	  	Force Majeure	  	 	103	 
	 Section 12.15
	  	U.S.A. Patriot Act	  	 	104	 
	 Section 12.16
	  	FATCA	  	 	104	 

 Appendix A - Provisions Relating to Initial Notes and Exchange Notes 

EXHIBIT INDEX 
  

					
	Exhibit A	 	-    	 	Form of Initial Note
	Exhibit B	 	-    	 	Form of Supplemental Indenture
	Exhibit C	 	-    	 	Form of Transferee Letter of Representation

  
 iv 

 CROSS-REFERENCE TABLE 

 

									
	TIA Section	  	Indenture Section
					
	310	  	(a)(1)	  		  		  	7.10
		  	(a)(2)	  		  		  	7.10
		  	(a)(3)	  		  		  	N.A.
		  	(a)(4)	  		  		  	N.A.
		  	(b)	  		  		  	7.08; 7.10
		  	(c)	  		  		  	N.A.
	311	  	(a)	  		  		  	7.11
		  	(b)	  		  		  	7.11
		  	(c)	  		  		  	N.A.
	312	  	(a)	  		  		  	2.06
		  	(b)	  		  		  	12.03
		  	(c)	  		  		  	12.03
	313	  	(a)	  		  		  	7.06
		  	(b)(1)	  		  		  	N.A.
		  	(b)(2)	  		  		  	7.06
		  	(c)	  		  		  	7.06; 12.02
		  	(d)	  		  		  	7.06
	314	  	(a)(1)	  		  		  	4.03
		  	(a)(2)	  		  		  	4.03
		  	(a)(3)	  		  		  	4.03; 12.02
		  	(a)(4)	  		  		  	4.15
		  	(b)	  		  		  	N.A.
		  	(c)(1)	  		  		  	12.04
		  	(c)(2)	  		  		  	12.04
		  	(c)(3)	  		  		  	N.A.
		  	(d)	  		  		  	N.A.
		  	(e)	  		  		  	12.05
	315	  	(a)	  		  		  	7.01
		  	(b)	  		  		  	7.05
		  	(c)	  		  		  	7.01
		  	(d)	  		  		  	7.01
		  	(e)	  		  		  	6.11
	316	  	(a) (last sentence)	  		  		  	2.09
		  	(a)(1)(A)	  		  		  	6.05
		  	(a)(1)(B)	  		  		  	6.04
		  	(a)(2)	  		  		  	N.A.
		  	(b)	  		  		  	6.07
	317	  	(a)(1)	  		  		  	6.08
		  	(a)(2)	  		  		  	6.09
		  	(b)	  		  		  	2.05
	318	  	(a)	  		  		  	12.01

 N.A. means not applicable. 

Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

  
 v 

 INDENTURE, dated as of October 1, 2019, among MARRIOTT OWNERSHIP RESORTS, INC., a
Delaware corporation (the “Issuer”), MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (the “Parent Guarantor”), the other GUARANTORS party hereto from time to time and THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Trustee (the “Trustee”). 
 RECITALS 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $350,000,000
aggregate principal amount of the Issuer’s 4.750% Senior Notes due 2028 (the “Original Notes”), together with any Exchange Notes (as defined in Appendix A hereto) issued therefor as provided herein (the Original Notes, any
Additional Notes (as defined below) and the Exchange Notes, together referred to herein as the “Notes”). All things necessary to make this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done, and
the Issuer has done all things necessary to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee and duly issued by the Issuer, the valid obligations of the Issuer as hereinafter provided. 

In addition, the Guarantors party hereto have duly authorized the execution and delivery of this Indenture as guarantors of the Notes. All
things necessary to make this Indenture a valid agreement of each Guarantor, in accordance with its terms, have been done, and each Guarantor has done all things necessary to make the Guarantees, when the Notes are executed by the Issuer and
authenticated and delivered by the Trustee and duly issued by the Issuer, the valid obligations of such Guarantor as hereinafter provided. 

This Indenture is subject to, and shall be governed by, the provisions of the TIA (as defined below) that are required to be a part of and
govern indentures qualified under the TIA. 
 THIS INDENTURE WITNESSETH 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the
equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. 

“Acquired Debt” means Debt (1) of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such Person or (3) of a Person at the time such Person merges or amalgamates with or into or consolidates or otherwise combines with the Parent Guarantor
or any Restricted Subsidiary, in each case whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary of the Parent Guarantor or such acquisition. Acquired Debt shall be deemed to have been Incurred, with
respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets and, with respect
to clause (3) of the preceding sentence, on the date of the relevant merger, amalgamation, consolidation or other combination. 

 “Acquired EBITDA” means, with respect to any Acquired Entity or Business or
any Converted Restricted Subsidiary (each as defined in the definition of Consolidated EBITDA) for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable,
all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable. 

“Acquired Entity or Business” shall have the meaning assigned to such term in the definition of “Consolidated
EBITDA” in this Section 1.01. 
 “Additional Assets” means: 

(a)    any property or asset (other than cash, Cash Equivalents and securities), including any improvements
thereto through capital expenditures or otherwise, to be used, or that is useful, in a Permitted Business; 

(b)    Capital Stock of (i) a Person that becomes a Restricted Subsidiary as a result of the
acquisition of such Capital Stock by the Parent Guarantor or another Restricted Subsidiary or (ii) any Person that at such time is a Restricted Subsidiary; provided, however, that, in the case of this clause (b), the Restricted
Subsidiary is primarily engaged in a Permitted Business; or 
 (c)    all or substantially all of the
assets of a Permitted Business. 
 “Additional Interest” means the interest payable as a consequence of the failure to
effectuate in a timely manner the exchange offer and/or shelf registration procedures set forth in the Registration Rights Agreement. 

“Additional Notes” means any Notes issued under this Indenture in addition to the Original Notes, including any Exchange
Notes issued in exchange for such Additional Notes, but excluding (i) any Exchange Notes in respect of the Original Notes and (ii) any Notes issued pursuant to Section 2.07, 2.08, 2.10 or 3.06 or Appendix A in respect of the Original
Notes. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by
or under direct or indirect common control with that specified Person. 
 For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management and policies of that 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. 
 “Applicable
Premium” means, with respect to any Note on any redemption date, as determined by the Issuer, the greater of: 

(a)    1.0% of the principal amount of such Note; and 

(b)    the excess, if any, of (i) the present value on such redemption date of (A) the redemption
price of such Note on September 15, 2022 (such redemption price being that set forth in Section 3.08(b)), plus (B) all required remaining scheduled interest payments due on such Note through September 15, 2022 computed
using a discount rate equal to the Treasury Rate plus 50 basis points over (ii) the principal amount of such Note. 

“Asset Sale” means any direct or indirect sale, lease, transfer, issuance or other disposition (or series of related sales,
leases, transfers, issuances or dispositions that are part of a common plan) by the Parent Guarantor or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the
purposes of this definition as a “disposition”), of: 

  
 2 

 (a)    any shares of Capital Stock of a Restricted
Subsidiary (other than directors’ qualifying shares), 
 (b)    all or substantially all the assets
of any division or line of business of the Parent Guarantor or any Restricted Subsidiary, or 

(c)    any other property or asset of the Parent Guarantor or any Restricted Subsidiary, other than, in the
case of clause (a), (b) or (c) above, 
 (i)    any disposition by a Restricted Subsidiary to the
Parent Guarantor or by the Parent Guarantor or a Restricted Subsidiary to a Restricted Subsidiary; 

(ii)    any disposition that constitutes a Permitted Investment or Restricted Payment permitted by
Section 4.05; 
 (iii)    any disposition effected in compliance with Section 5.01 or 5.02 or
any disposition that constitutes a Change of Control; 
 (iv)    any disposition that does not (together
with all related dispositions) involve assets having a Fair Market Value or consideration in excess of the greater of (i) $45.0 million and (ii) 5.0% of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to
the date of such disposition for which financial statements are required to be filed pursuant to Section 4.03; 

(v)    any disposition of Cash Equivalents; 

(vi)    the creation or Incurrence of a Permitted Lien or any other Lien created or Incurred in compliance
with Section 4.06 and dispositions in connection therewith; 
 (vii)    the issuance by a Restricted
Subsidiary of Preferred Stock or Disqualified Stock that is permitted by Section 4.04; 

(viii)    a surrender or waiver of contractual rights and leases or a settlement, waiver, release or
surrender of contractual or litigation claims in the ordinary course of business; 
 (ix)    dispositions
of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and dispositions of property no longer used or useful in the conduct of the business of the Parent Guarantor and its Restricted
Subsidiaries; 
 (x)    dispositions of inventory (including Time Share Inventory) and immaterial assets
in the ordinary course of business (including allowing any registrations or any applications for registration of any immaterial IP rights to lapse or be abandoned in the ordinary course of business); 

  
 3 

 (xi)    dispositions of property to the extent that
(i) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement
property (which replacement property is actually promptly purchased); 
 (xii)    leases (including any
Capitalized Lease or operating lease), subleases, licenses or sublicenses, in each case in the ordinary course of business; 

(xiii)    transfers of property subject to Casualty Events or via eminent domain; 

(xiv)    dispositions of Investments in JV Entities or non-Wholly
Owned Restricted Subsidiaries to the extent required by, or made pursuant to, customary buy/sell arrangements between the parties to such JV Entity or shareholders of such non-Wholly Owned Restricted
Subsidiaries set forth in the shareholder agreements, joint venture agreements, organizational documents or similar binding agreements relating to such JV Entity or non-Wholly Owned Restricted Subsidiary; 

(xv)    dispositions of accounts receivable in the ordinary course of business in connection with the
collection or compromise thereof; 
 (xvi)    the unwinding of any Swap Contract pursuant to its terms;

 (xvii)    Permitted Sale and Leaseback Transactions; 

(xviii)    dispositions of assets (including Capital Stock) acquired in connection with Investments
permitted by Section 4.05 or Permitted Investments, which assets are obsolete or not used or useful to the core or principal business of the Parent Guarantor and the Restricted Subsidiaries or which dispositions are made to obtain the approval
of any applicable antitrust authority in connection with such Investment or Permitted Investment; 

(xix)    any swap of assets in exchange for services or other assets of comparable or greater Fair Market
Value useful to the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, as determined in good faith by the Parent Guarantor; 

(xx)    any disposition of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary;

 (xxi)    (i) dispositions of Securitization Assets (including the disposition of disputed or written
down Time Share Receivables in a manner determined to be prudent by the Parent Guarantor), or participations therein, in connection with any Qualified Securitization Transaction and (ii) the disposition of Time Share Receivables by Foreign
Subsidiaries for Fair Market Value; 
 (xxii)    any “fee in lieu” or other disposition of
assets to any Governmental Authority that continue in use by the Parent Guarantor or any Restricted Subsidiary, so long as the Parent Guarantor or any Restricted Subsidiary may obtain title to such assets upon reasonable notice by paying a nominal
fee; 
 (xxiii)    dispositions made in connection with the Transactions; 

  
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 (xxiv)    dispositions of Deferred Compensation Plan
Assets, the proceeds of which are used (i) to acquire other Deferred Compensation Plan Assets, (ii) to make payments to current and former employees and non-employee directors of the Parent Guarantor
and its Subsidiaries pursuant to any deferred compensation plan or (iii) as otherwise permitted by the Deferred Compensation Plan Trust in which such Deferred Compensation Plan Assets are held; 

(xxv)    the disposition in the ordinary course of business of interests in any resort operating as part of
the European business of the Parent Guarantor or its Restricted Subsidiaries to an independent trustee after all or substantially all of the Time Share Inventory attributable to such resort have been sold to third parties; and 

(xxvi)    the disposition in the ordinary course of business of interests in the entities which hold the
interests in inventory used in the operation of the Marriott Vacation Club, Asia Pacific business to an independent trustee or administrative third parties subject to regulatory provisions of the laws of the jurisdictions governing such entities.

 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at any date of determination, 

(a)    if the Sale and Leaseback Transaction is a Capital Lease Obligation, the amount of Debt represented
thereby according to the definition of “Capital Lease Obligation” and 
 (b)    in all other
instances, the greater of: 
 (1)    the Fair Market Value of the property or asset subject to the Sale
and Leaseback Transaction, and 
 (2)    the present value (discounted at the interest rate implicit in
the transaction, as reasonably determined by the Parent Guarantor) of the total obligations of the lessee for rental payments during the remaining term of the lease included in the Sale and Leaseback Transaction (including any period for which the
lease has been extended). 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors. 
 “Beneficial Owner” means a beneficial owner as defined in Rule 13d-3
under the Exchange Act, except that: 
 (a)    a Person shall be deemed to be the Beneficial Owner of all
shares that the Person has the right to acquire, whether that right is exercisable immediately or only after the passage of time, and 

(b)    for purposes of clause (a) of the definition of “Change of Control,” any
“person” or “group” (as those terms are defined in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including any group acting for the purpose of acquiring, holding, voting or
disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, shall be deemed to be the Beneficial Owners of any Voting Stock of a corporation or other legal entity held by any other
corporation or legal entity (the “parent corporation”), so long as that person or group Beneficially Owns, directly or indirectly, in the aggregate a majority of the total voting power of the Voting Stock of that parent corporation.

  
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 The term “Beneficially Own” shall have a corresponding meaning. 

“Board of Directors” means: (1) with respect to a corporation, the board of directors of the corporation or a duly
authorized committee of the board of directors; (2) with respect to a partnership, the board of directors of the general partner of the partnership; (3) with respect to a limited liability company, the managing member or members or any
controlling committee or board of managers of such company or the Board of Directors of the sole member or the managing member thereof; and (4) with respect to any other Person, the board or committee of such Person serving a similar function.

 “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York or the city in which the Corporate Trust Office of the Trustee is located are authorized or required by law to close. 

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 

“Capital Stock” means, with respect to any Person, any shares or other equivalents (however designated) of any class of
corporate stock or partnership interests or any other participation, rights, warrants, options or other interests in the nature of an equity interest in that Person, including Preferred Stock, but excluding any debt security convertible or
exchangeable into that equity interest. 
 “Capital Stock Sale Proceeds” means the aggregate proceeds (including the Fair
Market Value of property other than cash) received by the Parent Guarantor from the issuance or sale (other than to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established by the Parent Guarantor or
any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary unless such loans have
been repaid with cash on or prior to the date of determination) by the Parent Guarantor of its Capital Stock (other than Disqualified Stock) or contributions to the equity capital of the Parent Guarantor (other than contributions utilized to make
Investments pursuant to clause (z) of the definition of “Permitted Investment”) after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’, initial purchasers’ or placement agents’ fees,
discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance, sale or contribution and net of taxes paid or payable as a result thereof (after taking into account any available tax credit or
deductions and any tax sharing arrangements). 
 “Capitalized Leases” means all leases that are required to be, in
accordance with GAAP, recorded as capitalized or financing leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with
GAAP; provided that all obligations of the Parent Guarantor and its Restricted Subsidiaries that are or would be characterized as an operating lease as determined in accordance with GAAP (whether or not such operating lease was in effect on
August 23, 2018) shall continue to be accounted for as an operating lease (and not as a Capitalized Lease) for purposes of this Indenture regardless of any change in GAAP following August 23, 2018 (or any change in the implementation in
GAAP for future periods that are contemplated as of August 23, 2018) that would otherwise require such obligation to be recharacterized as a Capitalized Lease. 

  
 6 

 “Cash Equivalents” means any of the following: 

(a)    (i) U.S. Dollars, Canadian dollars, euro or any national currency of any member state of the
European Union or (ii) any other foreign currency held by the Parent Guarantor or any of its Restricted Subsidiaries from time to time in the ordinary course of business; 

(b)    securities issued or directly and fully guaranteed or insured by the United States or Canadian
governments, a member state of the European Union or, in each case, any agency or instrumentality thereof (provided that the full faith and credit of such country or member state is pledged in support thereof) having maturities of not more
than 24 months from the date of acquisition; 
 (c)    certificates of deposit, time deposits, eurodollar
time deposits, overnight bank deposits or bankers’ acceptances with maturities of one year or less from the date of acquisition, with any domestic or foreign commercial bank having capital and surplus of not less than $500.0 million in the
case of U.S. banks and $100.0 million (or the Dollar Equivalent as of the date of determination) in the case of non-U.S. banks; 

(d)    repurchase obligations for underlying securities of the types described in clauses (b), (c) and
(g) of this definition entered into with any financial institution meeting the qualifications specified in clause (c) above; 

(e)    commercial paper rated at least “P-2” by
Moody’s or at least “A-2” by S&P, and in each case maturing within 24 months after the date of creation thereof and Debt or Preferred Stock issued by Persons with an Investment Grade Rating
from S&P or Moody’s, with maturities of 24 months or less from the date of acquisition; 

(f)    marketable short-term money market and similar securities having a rating of at least “P-2” or “A-2” from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency), and in each case maturing within 24 months after the date of creation or acquisition thereof; 

(g)    readily marketable direct obligations issued by any state, commonwealth or territory of the United
States or any political subdivision or taxing authority thereof having an Investment Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(h)    readily marketable direct obligations issued by any foreign government or any political subdivision
or public instrumentality thereof, in each case having an Investment Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(i)    Investments with average maturities of 12 months or less from the date of acquisition in money
market funds rated within the top three ratings category by S&P or Moody’s; 
 (j)    with
respect to any Foreign Subsidiary: (i) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the
Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (ii) certificates of deposit of, bankers acceptances of, or time deposits with, any

  
 7 

 
commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business,
provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from S&P is at least “A-1” or the equivalent
thereof or from Moody’s is at least “P-1” or the equivalent thereof (any such bank being an “Approved Foreign Bank”), and in each case with maturities of not more than 270 days
from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank; 

(k)    bills of exchange issued in the United States, Canada, a member state of the European Union or Japan
eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); 

(l)    Cash Equivalents of the types described in clauses (a) through (k) above denominated in U.S.
Dollars; and 
 (m)    investment funds investing at least 90% of their assets in Cash Equivalents of the
types described in clauses (a) through (l) above. 
 “Cash Management Agreement” means any agreement to provide cash
management services, including treasury, depository, overdraft, netting services, cash pooling arrangements, credit or debit card, purchasing card, electronic funds transfer, foreign exchange facilities and other cash management arrangements. 

“Cash Management Obligations” means the obligations owed by the Parent Guarantor or any of its Restricted Subsidiaries under
any Cash Management Agreement. 
 “Casualty Event” means any event that gives rise to the receipt by the Parent Guarantor
or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

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

(a)    the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d)
of the Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including any
group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, becomes the Beneficial Owner, directly or indirectly, of 50%
or more of the total voting power of the Voting Stock of the Parent Guarantor (or any of its direct or indirect parent entities or their successors by merger, consolidation or purchase of all or substantially all of their assets); 

(b)    the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of
all or substantially all the properties and assets of the Parent Guarantor (or any of its direct or indirect parent entities or their successors by merger, consolidation or purchase of all or substantially all of their assets), the Issuer and the
Restricted Subsidiaries, considered as a whole (other than a disposition of assets as an entirety or virtually as an entirety to a Wholly Owned Restricted Subsidiary), shall have occurred; 

  
 8 

 (c)    except where the Parent Guarantor has become the
Surviving Issuer or the Issuer has become the Surviving Parent, in each case in compliance with Article 5, the Parent Guarantor ceases to own, directly or indirectly, 100% of the voting power of the Voting Stock of the Issuer; or 

(d)    the shareholders of Parent Guarantor shall have approved any plan of liquidation or dissolution of
Parent Guarantor (except in a transaction that complies with Article 5). 
 Notwithstanding the foregoing, a transaction shall not be deemed to involve
a Change of Control solely as a result of the Parent Guarantor becoming a direct or indirect Wholly Owned Subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of the Voting Stock of the Parent Guarantor immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the
requirements of this sentence) is the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the Voting Stock of such holding company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of
original issue discount resulting from the issuance of Debt at less than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person, its Restricted Subsidiaries and Consolidated Joint Ventures for such period on a
consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person for such period: 
 (a)    increased
(without duplication) by the following: 
 (i)    provision for taxes based on income or profits or
capital, including state franchise, excise and similar taxes, property taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to any tax examinations, deducted (and not
added back) in computing Consolidated Net Income; plus 
 (ii)    (w) Consolidated Interest
Expense of such Person for such period, (x) net losses or any obligations under any Swap Contracts or other derivative instruments entered into for the purpose of hedging interest rate, currency or commodities risk, (y) bank fees and
(z) costs of surety bonds in connection with financing activities, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus 

(iii)    Consolidated Depreciation and Amortization Expense of such Person for such period to the extent
the same were deducted (and not added back) in computing Consolidated Net Income; plus 

  
 9 

 (iv)    any expenses or charges (other than depreciation
or amortization expense) related to any equity offering, Investment, acquisition, disposition or recapitalization or the Incurrence of Debt (including a refinancing thereof) (in each case, whether or not successful), including (A) such fees,
expenses or charges (including rating agency fees and related expenses) related to the offering or Incurrence of the loans under the Credit Agreement and any other credit facilities or the Incurrence of the Notes and any other debt securities and
any Securitization Fees and (B) any amendment or other modification of the Credit Agreement, this Indenture, any Securitization Facility and any other credit facilities or any other debt securities, in each case, deducted (and not added back)
in computing Consolidated Net Income; plus 
 (v)    (i) the amount of any restructuring charge,
accrual or reserve (and adjustments to existing reserves), integration cost or other business optimization expense or cost (including charges directly related to the implementation of cost-savings initiatives) that is deducted (and not added back)
in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions or divestitures after the Issue Date, including those related to any severance,
retention, signing bonuses, relocation, recruiting and other employee-related costs, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement employment benefit plans (including any
settlement of pension liabilities), systems development and establishment costs, future lease commitments and costs related to the opening and closure and/or consolidation of facilities and to exiting lines of business and consulting fees incurred
with any of the foregoing and (ii) fees, costs and expenses associated with acquisition-related litigation and settlements thereof; plus 

(vi)    any other non-cash charges, write-downs, expenses, losses
or items reducing Consolidated Net Income for such period, including any impairment charges or the impact of purchase accounting (provided that if any such non-cash charges represent an accrual or
reserve for potential cash items in any future period, (A) the Parent Guarantor may elect not to add back such non-cash charge in the current period and (B) to the extent the Parent Guarantor elects
to add back such non-cash charge, the cash payment in respect thereof in such future period shall be deducted from Consolidated EBITDA to such extent) or other items classified by the Parent Guarantor as
special items less other non-cash items increasing Consolidated Net Income (excluding any such non-cash item to the extent it represents a receipt of cash in any
future period); plus 
 (vii)    without duplication of any amounts added back pursuant to clause
(xiii) below, the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly Owned Subsidiary; plus 

(viii)    the amount of (A) pro forma “run rate” cost savings, operating expense reductions
and other synergies (in each case, net of amounts actually realized) related to the Transactions that are reasonably identifiable, factually supportable and projected by the Parent Guarantor in good faith to result from actions (x) that have
been taken, (y) with respect to which substantial steps have been taken or that are expected to be taken (in the good faith determination of the Parent Guarantor) within 24 months after the Issue Date or (B) pro forma adjustments,
including pro forma “run rate” cost savings, operating expense reductions, and other synergies (in each case net of amounts actually realized) related to acquisitions, dispositions and other Specified Transactions, or related to
restructuring initiatives, cost savings initiatives and other initiatives that are reasonably identifiable, factually supportable and projected by the Parent Guarantor in 

  
 10 

 
good faith to result from actions that have either been taken, with respect to which substantial steps have been taken or are that are expected to be taken (in the good faith determination of the
Parent Guarantor) within 24 months after the date of consummation of such acquisition, disposition or other Specified Transaction or the initiation of such restructuring initiative, cost savings initiative or other initiatives; provided that
the aggregate amount added back in the calculation of Consolidated EBITDA for any such period pursuant to this clause (viii)(B) shall not exceed 15% of Consolidated EBITDA (calculated prior to giving effect to any
add-backs pursuant to this clause (viii)(B)); plus 

(ix)    (x) any costs or expense incurred by the Parent Guarantor or any Restricted Subsidiary pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are
non-cash costs or expenses and/or otherwise funded with cash proceeds contributed to the capital of the Parent Guarantor or Capital Stock Sale Proceeds of an issuance of Capital Stock (other than Disqualified
Stock) of the Parent Guarantor and (y) the amount of expenses relating to payments made to option holders of the Parent Guarantor in connection with, or as a result of, any distribution being made to equityholders of the Parent Guarantor, which
payments are being made to compensate such option holders as though they were equityholders at the time of, and entitled to share in, such distribution, to the extent permitted under this Indenture; plus 

(x)    with respect to any JV Entity, an amount equal to the proportion of those items described in clauses
(i) and (iii) above relating to such JV Entity corresponding to the Parent Guarantor’s and its Restricted Subsidiaries’ proportionate share of such JV Entity’s Consolidated Net Income (determined as if such JV Entity were a
Restricted Subsidiary) to the extent the same was deducted (and not added back) in calculating Consolidated Net Income; plus 

(xi)    earnout and contingent consideration obligations (including to the extent accounted for as bonuses
or otherwise) and adjustments thereof and purchase price adjustments; plus 
 (xii)    cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income
were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (b) below for any previous period and not added back; plus 

(xiii)    any net loss included in Consolidated Net Income attributable to
non-controlling interests pursuant to the application of FASB Accounting Standards Codification (“ASC”) Topic
810-10-45; plus 

(xiv)    realized foreign exchange losses resulting from the impact of foreign currency changes on the
valuation of assets or liabilities on the balance sheets of the Parent Guarantor and its Restricted Subsidiaries; plus 

(xvi)    net realized losses from Swap Contracts or embedded derivatives that require similar accounting
treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; plus 

  
 11 

 (xvii)    the amount of loss or discount on sales of
Securitization Assets and related assets in connection with a Qualified Securitization Transaction; plus 

(xvii)    the amount of any charges, expenses, costs or other payments in respect of (x) facilities no
longer used or useful in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries, (y) abandoned, closed, disposed or discontinued operations and (z) any losses on disposal of abandoned, closed or discontinued
operations; plus 
 (xviii)    any non-cash losses
realized in such period in connection with adjustments to any employee benefit plan due to changes in actuarial assumptions, valuation or studies; plus 

(xix)    any net pension or other post-employment benefit costs representing amortization of unrecognized
prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of the initial application of ASC 715, and any other
items of a similar nature; plus 
 (xx)    adjustments and addbacks set forth in any quality of
earnings analysis prepared by independent registered public accountants of recognized national standing in connection with any Permitted Acquisition or Investment that is permitted under this Indenture; plus 

(xxi)    (A) any costs or expenses associated with the Transactions or (B) any costs or expenses
associated with any equity offering, Investment or Incurrence of Debt permitted hereunder (whether or not consummated or incurred, as applicable); plus 

(xxii)    losses from dispositions of real estate that are not to traditional consumer purchasers; and 

(b)    decreased (without duplication) by the following: 

(i)    non-cash gains increasing Consolidated Net Income of such
Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or cash reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and
any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus 

(ii)    realized foreign exchange income or gains resulting from the impact of foreign currency changes on
the valuation of assets or liabilities on the balance sheet of the Parent Guarantor and its Restricted Subsidiaries; plus 

(iii)    any net realized income or gains from any obligations under any Swap Contracts or embedded
derivatives that require similar accounting treatment and the application of ASC Topic 815 and related pronouncements; plus 

(iv)    any net gain included in Consolidated Net Income of such Person for such period attributable to non-controlling interests (other than a Consolidated Joint Venture) pursuant to the application of ASC Topic 810-10-45; plus

  
 12 

 (v) gains from dispositions of real estate that are not to traditional
consumer purchasers; plus 
 (vi) any gains on disposal of abandoned, closed or discontinued operations; plus

 (vii) any gains with respect to any JV Entity, in an amount equal to the proportion of those items described in clauses
(a)(i) and (a)(iii) above relating to such JV Entity corresponding to the Parent Guarantor’s and its Restricted Subsidiaries’ proportionate share of such JV Entity’s Consolidated Net Income (determined as if such JV Entity were a
Restricted Subsidiary) to the extent the same was added (and not deducted) in calculating Consolidated Net Income; plus 

(viii)    the amount of gains on sales of Securitization Assets and related assets in connection with a
Qualified Securitization Transaction; 
 (c)    increased or decreased (without duplication) by, as
applicable, any adjustments resulting from the application of ASC Topic 460 or any comparable regulation; and 

(d)    increased or decreased (to the extent not already included in determining Consolidated EBITDA) by
any Pro Forma Adjustment. 
 There shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the
Acquired EBITDA of any Person, property, business or asset acquired by the Parent Guarantor or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so
acquired), to the extent not subsequently sold, transferred or otherwise disposed of by the Parent Guarantor or such Restricted Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed
of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”), based on
the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition) and (B) an adjustment in respect of each Acquired Entity or
Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a certificate executed by an Officer of the
Parent Guarantor and delivered to the Trustee (upon which the Trustee may conclusively rely). For purposes of determining Consolidated EBITDA for any period, there shall be excluded the Disposed EBITDA of any Person, property, business or asset
(other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Parent Guarantor or any Restricted Subsidiary during such period (each such Person, property, business or
asset so sold or disposed of, a “Sold Entity or Business”) and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each a “Converted Unrestricted
Subsidiary”), based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer or disposition). Any adjustments in
the calculation of Consolidated Net Income shall be without duplication of any adjustment to Consolidated EBITDA, and any adjustments to Consolidated EBITDA shall be without duplication of any adjustments to Consolidated Net Income. 

Unless otherwise specified, all references herein to “Consolidated EBITDA” shall refer to the Consolidated EBITDA of the Parent
Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

  
 13 

 “Consolidated Fixed Charges” means, for any period, with respect to any
Person and its Restricted Subsidiaries on a consolidated basis, the sum, without duplication, of: 

(a)    Consolidated Interest Expense for such period; plus 

(b)    Disqualified Stock Dividends paid, accrued or scheduled to be paid or accrued during such period,
excluding dividends paid in Qualified Capital Stock; plus 
 (c)    Preferred Stock Dividends
paid, accrued or scheduled to be paid or accrued during such period, excluding dividends paid in Qualified Capital Stock. 

“Consolidated Fixed Charges Coverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated EBITDA
for such Test Period to (b) Consolidated Fixed Charges for such Test Period; provided, however, that if: 

(1)    since the beginning of that period the Parent Guarantor or any Restricted Subsidiary has Incurred
any Debt that remains outstanding or repaid any Debt, or 
 (2)    the transaction giving rise to the
need to calculate the Consolidated Fixed Charges Coverage Ratio involves an Incurrence or repayment of Debt, 
 Consolidated Fixed Charges for that period
shall be calculated after giving effect on a Pro Forma Basis to that Incurrence or repayment as if the Debt was Incurred or repaid on the first day of that period; provided that, in the event of any repayment of Debt, Consolidated EBITDA for
that period shall be calculated as if the Parent Guarantor or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to repay such Debt. 

If any Debt bears a floating rate of interest and is being given Pro Forma Effect, the interest expense on that Debt shall be calculated as if
the base interest rate in effect for the floating rate of interest on the date of determination had been the applicable base interest rate for the entire period (taking into account any Swap Contract applicable to that Debt if the applicable Swap
Contract has a remaining term in excess of 12 months). In the event the Capital Stock of any Restricted Subsidiary is sold during the period, the Parent Guarantor shall be deemed, for purposes of the proviso in the first paragraph of this
definition, to have repaid during such period the Debt of that Restricted Subsidiary to the extent the Parent Guarantor and its continuing Restricted Subsidiaries are no longer liable for that Debt after the sale. 

“Consolidated Interest Expense” means, for any period, with respect to any Person and its Restricted Subsidiaries on a
consolidated basis, the amount of interest expense (including that attributable to capital leases, but excluding that attributable to indebtedness in respect of any Qualified Securitization Transaction), net of cash interest income of such Person
and its Restricted Subsidiaries, with respect to all outstanding Debt of such Person and its Restricted Subsidiaries, including all commissions, discounts and other cash fees and charges owed with respect to letter of credit and bankers’
acceptance financing and net cash costs (less net cash payments) under Swap Contracts, but excluding (a) the amortization of original issue discount resulting from the issuance of indebtedness at less than par, (b) amortization of deferred
financing costs, debt issuance costs, commissions, fees and expenses, (c) any expenses resulting from discounting of indebtedness in connection with the application of recapitalization accounting or purchase accounting, (d) penalties or
interest related to taxes and any other amounts of non-cash interest resulting from the effects of acquisition method accounting or pushdown accounting, (e) the accretion or accrual of, or accrued
interest on, discounted liabilities (other than Debt) during such period, (f) non-cash interest expense attributable to the movement of the
mark-to-market valuation of obligations under Swap 

  
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Contracts or other derivative instruments pursuant to ASC Topic 815, Derivatives and Hedging, (g) any one-time cash costs associated with
breakage in respect of hedging agreements for interest rates, (h) any payments with respect to make whole premiums or other breakage costs of any Debt, (i) all non-recurring interest expense
consisting of liquidated damages for failure to timely comply with registration rights obligations, and (j) expensing of bridge, arrangement, structuring, commitment, consent or other financing fees, all as calculated on a consolidated basis in
accordance with GAAP. 
 For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest
rate reasonably determined by such Person to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. Unless otherwise specified, all references herein to a “Consolidated Interest Expense” shall refer to
the Consolidated Interest Expense of the Parent Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

“Consolidated Joint Venture” means a corporation, partnership, limited liability company or other business entity selected by
the Parent Guarantor in its discretion (x) of which 50% or less of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, directly, or indirectly through one or more intermediaries, or both, by the Parent Guarantor and (y) that is consolidated with the Parent Guarantor and
its Subsidiaries in accordance with GAAP in an amount not to exceed the greater of (x) $45.0 million and (y) 5.0% of Consolidated EBITDA. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (loss) of such Person and its
Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP and including the net income (loss) of Consolidated Joint Ventures; provided, however, that there shall not be included in such
Consolidated Net Income: 
 (1)    any net income (loss) of any Person if such Person is not a Restricted Subsidiary
other than the net income (loss) of Consolidated Joint Ventures, except that the Parent Guarantor’s equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash
or Cash Equivalents actually distributed (or, so long as such Person is not (x) a joint venture with outstanding third-party Debt for borrowed money or (y) an Unrestricted Subsidiary, that (as reasonably determined by the Parent Guarantor)
could have been distributed by such Person during such period to the Parent Guarantor a Restricted Subsidiary) as a dividend or other distribution or return on investment, subject, in the case of a dividend or other distribution or return on
investment to a Restricted Subsidiary, to the limitations contained in clause (2) below; 
 (2)    solely for the
purpose of determining the amount available for Restricted Payments under clause (c)(i) of the first paragraph of Section 4.05, any net income (loss) of any Restricted Subsidiary (other than any Guarantor) if such Subsidiary is subject to
restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer or a Guarantor by operation of the terms of such Restricted Subsidiary’s
charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released and
(b) restrictions pursuant to the Credit Agreement or this Indenture), except that the Parent Guarantor’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the
aggregate amount of cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such period to the Parent Guarantor or another Restricted Subsidiary as a dividend or other distribution
(subject, in the case of a dividend to another Restricted Subsidiary, to the limitations contained in this clause (2)); 

  
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 (3)    any net gain (or loss) from disposed, abandoned or discontinued
operations and any net gain (or loss) on disposal of disposed, discontinued or abandoned operations; 
 (4)    any net
gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Parent Guarantor or any Restricted Subsidiary (including pursuant to any sale/ leaseback transaction) which is not sold or otherwise disposed of in
the ordinary course of business (as determined in good faith by an Officer or the Board of Directors of the Parent Guarantor); 

(5)    any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense (including relating to the
Transaction Expenses), or any charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense, new product introductions or one-time compensation charges; 

(6)    the cumulative effect of a change in accounting principles; 

(7)    any (i) non-cash compensation charge or expense arising from any grant
of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions and (ii) income (loss) attributable to deferred
compensation plans or trusts; 
 (8)    all deferred financing costs written off and premiums paid or other expenses
incurred directly in connection with any early extinguishment of Debt and any net gain (loss) from any write-off or forgiveness of Debt; 

(9)    any unrealized gains or losses in respect of any obligations under any Swap Contracts or any ineffectiveness
recognized in earnings related to hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify for hedge accounting, in each case, in respect of any obligations under any Swap Contracts; 

(10)    any unrealized foreign currency translation gains or losses in respect of Debt of any Person denominated in a
currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies; 

(11)    any unrealized foreign currency translation or transaction gains or losses in respect of Debt or other obligations
of the Parent Guarantor or any Restricted Subsidiary owing to the Parent Guarantor or any Restricted Subsidiary; 

(12)    any recapitalization accounting or purchase accounting effects, including adjustments to inventory, property and
equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Parent Guarantor and the
Restricted Subsidiaries), as a result of any consummated acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process
research and development); 
 (13)    any impairment charge, write-down or
write-off, including impairment charges, writedowns or write-offs relating to goodwill, intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or
regulation; 
 (14)    any effect of income (loss) from the early extinguishment or cancellation of Debt or any
obligations under any Swap Contracts or other derivative instruments; 

  
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 (15)    accruals and reserves that are established within twelve months
after the Issue Date that are so required to be established as a result of the Transactions in accordance with GAAP; 

(16)    any net unrealized gains and losses resulting from Swap Contracts or embedded derivatives that require similar
accounting treatment and the application of ASC Topic 815 and related pronouncements; 
 (17)    any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures and any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions,
or the release of any valuation allowances related to such item; 
 (18)    any unrealized or realized gain or loss due
solely to fluctuations in currency values and the related tax effects, determined in accordance with GAAP; 

(19)    the net interest income, if any, generated during any Specified Turbo Period by the Time Share Receivables subject
to any Qualified Securitization Transaction, as the case may be, giving rise to such Specified Turbo Period; and 

(20)    effects of adjustments to accruals and reserves during a period relating to any change in the methodology of
calculating reserves for returns, rebates and other chargebacks. 
 In addition, to the extent not already excluded (or included, as
applicable) from the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, and without duplication, Consolidated Net Income shall (1) be increased by business
interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within the next four fiscal
quarters (it being understood that to the extent not actually received within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated Net Income for such fiscal quarters)) and (2) not include (i) any expenses and
charges that are reimbursed by indemnification or other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture or other contractual reimbursement
obligations of a third party, (ii) to the extent covered by insurance (including business interruption insurance) and actually reimbursed, or, so long as the Parent Guarantor has made a determination that there exists reasonable evidence that
such amount shall in fact be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence
(with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or Casualty Events or business interruption, (iii) any net
after-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of Debt, (iv) any non-cash charges
resulting from mark-to-market accounting relating to Capital Stock, (v) any unrealized net gain or loss resulting from currency translation or unrealized
transaction gains or losses impacting net income (including currency re-measurements of Debt) and any unrealized foreign currency translation or transaction gains or losses shall be excluded, including those
resulting from intercompany Debt and any unrealized net gains and losses resulting from obligations in respect of any Swap Contracts in accordance with GAAP or any other derivative instrument pursuant the application of ASC Topic 815, Derivatives
and Hedging and (vi) any non-cash impairment charges resulting from the application of ASC Topic 350, Intangibles—Goodwill and Other and the amortization of intangibles including
those arising pursuant to ASC Topic 805, Business Combinations, and, provided, further, that solely for purposes of determining the amount available for Restricted Payments under clause (c)(i) of the first paragraph of
Section 4.05, the income or loss of any Person accrued prior to the date on which such Person becomes a Restricted Subsidiary of such Person or is merged into or consolidated with such Person or any Restricted

  
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Subsidiary of such Person or the date that such other Person’s assets are acquired by such Person or any Restricted Subsidiary of such Person, in each case, shall be excluded in calculating
Consolidated Net Income. 
 Unless otherwise specified, all references herein to a “Consolidated Net Income” shall refer to the
Consolidated Net Income of the Parent Guarantor and its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

“Consolidated Secured Debt” means, as to the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis at any
date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on property or assets of the Parent Guarantor or any Restricted Subsidiary minus Debt in respect of any
Qualified Securitization Transaction. 
 “Consolidated Total Assets” means, as to the Parent Guarantor and its Restricted
Subsidiaries on a consolidated basis at any date of determination, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of the applicable
Person as of the last day of the most recently ended Test Period. 
 “Consolidated Total Debt” means, as to the Parent
Guarantor and its Restricted Subsidiaries on a consolidated basis at any date of determination, the aggregate principal amount of all third-party Debt for borrowed money, Capitalized Leases and purchase money Debt (but excluding, for the avoidance
of doubt, undrawn letters of credit, banker’s acceptances, surety bonds and/or bank guarantees); provided that “Consolidated Total Debt” shall be calculated (i) net of the Unrestricted Cash Amount, (ii) excluding any
obligation, liability or indebtedness of any such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment,
redemption or satisfaction of such obligation, liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of Unrestricted Cash
Amount and (iii) based on the initial stated principal amount of any Debt that is issued at a discount to its initial stated principal amount without giving effect to any such discounts; provided, further, that
“Consolidated Total Debt” shall not include (x) letters of credit, bankers’ acceptances, surety bonds and bank guarantees, except to the extent of unreimbursed amounts thereunder, (y) obligations under Swap Contracts entered
into and (z) Debt in respect of any Qualified Securitization Transaction. 
 “Converted Restricted Subsidiary” shall
have the meaning assigned to such term in the definition of “Consolidated EBITDA” in this Section 1.01. 
 “Converted
Unrestricted Subsidiary” shall have the meaning assigned to such term in the definition of “Consolidated EBITDA” in this Section 1.01. 

“Corporate Trust Office” means the designated office of the Trustee at which its corporate trust business shall be
administered at any time, and such office at the date hereof is located at 10161 Centurion Parkway North, 2nd Floor, Jacksonville, Florida 32256, Attention: Corporate Trust. The Trustee may designate a different office address from time to time by
notice to the Holders and the Issuer. Upon any succession by a successor Trustee, the address shall be the designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by
notice to the Holders and the Issuer). 
 “Credit Agreement” means that certain Credit Agreement, dated as of
August 31, 2018, by and among the Issuer, as the borrower, the Parent Guarantor, certain subsidiaries of the Parent Guarantor party thereto, the lenders and agents party thereto and JPMorgan Chase Bank, N.A., as administrative agent and

  
 18 

 
collateral agent, as amended, restated, supplemented, modified, renewed, refunded, replaced (whether at maturity or thereafter) or refinanced in whole or in part from time to time in one or more
agreements (in each case, with the same or new agents, lenders or institutional investors). 
 “Credit Facilities” means,
with respect to the Parent Guarantor or any Restricted Subsidiary, one or more debt facilities (including the Credit Agreement) or commercial paper facilities with banks or other lenders providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or bankers’ acceptances or issuances of debt securities
evidenced by notes, debentures, bonds or similar instruments, in each case, as amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole
or in part from time to time (and whether or not with the original trustee, administrative agent, holders and lenders or another trustee, administrative agent or agents or other holders or lenders and whether provided under the Credit Agreement or
any other credit agreement or other agreement or indenture). 
 “Custodian” means the Trustee, as custodian with respect to
the Notes in global form, or any successor entity thereto. 
 “Debt” means, with respect to any Person on any date of
determination (without duplication), whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by
bonds, debentures, notes, loan agreements or other similar instruments to the extent the same would appear as a liability on a balance sheet (excluding footnotes thereto) of such Person in accordance with GAAP; 

(b)    the maximum amount (after giving effect to any prior drawings or reductions which may have been
reimbursed) of all letters of credit (including standby and commercial), banker’s acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

(c)    net obligations of such Person under any Swap Contracts (with the amount of such net obligations
being deemed to be the aggregate Swap Termination Value thereof as of such date); 
 (d)    all
obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business, (ii) any earn-out obligation until
such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid within thirty (30) days after becoming due and payable, (iii) any other obligation that appears in the liabilities section of
the balance sheet of such Person, to the extent (A) such Person is indemnified for the payment thereof by a solvent Person (as reasonably determined by the Parent Guarantor) or (B) amounts to be applied to the payment therefor are in
escrow and (iv) liabilities associated with customer prepayments and deposits); 

(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being
purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall
have been assumed by such Person or is limited in recourse; 

  
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 (f)    all Capital Lease Obligations of the Person and
all Attributable Debt in respect of Sale and Leaseback Transactions entered into by the Person; 

(g)    all obligations of such Person in respect of Disqualified Stock; and 

(h)     all obligations of the type referred to in clauses (a) through (g) of other Persons and all
dividends of other Persons for the payment of which, in either case, the Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 

provided that (i) in no event shall any obligations under any Swap Contracts be deemed “Debt” for any calculation of any financial ratio
under this Indenture, (ii) the amount of Debt of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Debt and (B) the Fair Market Value of the property
or asset encumbered thereby as determined by such Person in good faith and (iii) the Debt of any Person shall, except for purposes of calculating the Consolidated Fixed Charges Coverage Ratio to the extent the interest expense in respect
thereof is not covered by proceeds held in escrow or in connection with any test date of any Limited Condition Transaction or any test related to a subsequent transaction, exclude Debt incurred in advance of, and the proceeds of which are to be
applied in connection with, the consummation of a transaction solely to the extent the proceeds thereof are and continue to be held in an escrow and are not otherwise made available to such person. 

For all purposes hereof, the Debt of any Person shall (A) include the Debt of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Debt is otherwise limited and only to the extent such Debt would be included in the
calculation of Consolidated Total Debt, (B) in the case of the Parent Guarantor and its Restricted Subsidiaries, exclude intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans,
advances or Debt having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice, (C) exclude (i) deferred or prepaid revenue, (ii) purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller and (iii) Debt of any direct or indirect parent company appearing on the balance sheet of the Parent
Guarantor and/or the Issuer solely by reason of push down accounting under GAAP and (D) exclude obligations under or in respect of a Qualified Securitization Transaction. Notwithstanding anything herein to the contrary, Debt shall not include
any payment obligation or other liability of such Person under any deferred compensation plan. 
 “Default” means any event
which is, or after notice or passage of time or both would be, an Event of Default. 
 “Deferred Compensation Plan Assets”
means assets acquired by the Parent Guarantor or its Subsidiaries specifically for the purpose of satisfying the obligations of the Parent Guarantor and its Subsidiaries under any deferred compensation plan, together with earnings or gains on such
assets, all of which shall be held in a Deferred Compensation Plan Trust. 
 “Deferred Compensation Plan Trust” means any
trust established by the Parent Guarantor, as grantor, to support the Parent Guarantor’s ability to make payments to participants in accordance with the terms of a deferred compensation plan. 

  
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 “Derivative Instrument” with respect to a Person, means any contract,
instrument or other right to receive payment or delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other
than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or
the creditworthiness of the Issuer and/or any one or more of the Guarantors (the “Performance References”). 

“Designated Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Parent Guarantor or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash
Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale of such Designated
Non-Cash Consideration. 
 “Disposed EBITDA” means, with respect to any Sold Entity
or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold
Entity or Business or such Converted Unrestricted Subsidiary. 
 “Disqualified Stock” means any Capital Stock that, by its
terms (or by the terms of any security or other Capital Stock into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for
Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Capital Stock and/or cash in lieu of fractional shares of such Capital Stock),
in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Debt or any other Capital Stock that would constitute Disqualified Stock, in each case, prior to
the date that is 91 days after the maturity date of the Notes; provided that (x) Capital Stock of any Person that would constitute Disqualified Stock but for terms thereof giving holders thereof the right to require such Person to redeem
or purchase such Capital Stock upon the occurrence of an “asset sale,” a “change of control” or similar event shall not constitute Disqualified Stock if any such requirement becomes operative only after compliance by the Issuer
with Section 4.07 and Section 4.11 of this Indenture and (y) if Capital Stock of any Person is issued pursuant to any plan for the benefit of employees of the Parent Guarantor (or any direct or indirect parent thereof) or any of its
Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute a Disqualified Stock solely because it may be required to be repurchased by the Parent Guarantor (or any direct or indirect parent company thereof) or any of
its Subsidiaries in order to satisfy applicable statutory or regulatory obligations of such Person. 
 “Disqualified Stock
Dividends” means all dividends with respect to Disqualified Stock of the Parent Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or a Wholly Owned Restricted Subsidiary. The amount of any dividend of
this kind shall be equal to the quotient of the dividend divided by the difference between one and the maximum statutory consolidated federal, state and local income tax rate (expressed as a decimal number between 1 and 0) then applicable to the
issuer of the Disqualified Stock. 
 “Dollar Equivalent” means, with respect to any monetary amount in a currency other
than U.S. Dollars, at any time for the determination thereof, the amount of U.S. Dollars obtained by converting such foreign currency involved in such computation into U.S. Dollars at the spot rate for the purchase of U.S. Dollars with the
applicable foreign currency as published by the Federal Reserve Board on the date of such determination. 
 “Domestic
Subsidiary” means any Restricted Subsidiary that is organized under the laws of the United States, any State thereof or the District of Columbia. 

  
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 “Equity Offering” means any offering for cash of Qualified Capital Stock of
the Parent Guarantor or any direct or indirect parent company of the Parent Guarantor (but only to the extent such cash proceeds are contributed to the Parent Guarantor), other than (i) any public offering registered on Form S-4 or S-8, (ii) any issuance to any Subsidiary of the Parent Guarantor or (iii) any offering of Capital Stock issued in connection with a transaction that constitutes a
Change of Control. 
 “Event of Default” has the meaning set forth in Section 6.01. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated by the SEC thereunder. 
 “Exchange Notes” means Notes issued in a Registered Exchange Offer
pursuant to the Registration Rights Agreement. 
 “Existing Exchange Notes” means the 5.625% Senior Notes due 2023 issued
by the Issuer and ILG, LLC. 
 “Existing MORI Notes” means the Issuer’s 6.500% Senior Notes due 2026. 

“Fair Market Value” means, with respect to any asset or liability, the fair market value of such asset or liability, as
determined by the Issuer in good faith. 
 “Foreign Subsidiary” means any Restricted Subsidiary of the Parent Guarantor
that is not a Domestic Subsidiary. 
 “Foreign Time Share Receivable” means a note receivable held by a Foreign Subsidiary
arising from the financing of the sale of timeshare intervals and fractional products to a retail customer outside of the United States. 

“GAAP” means generally accepted accounting principles in the United States as in effect on August 23, 2018, except with
respect to any reports or financial information required to be delivered pursuant to Section 4.03, which shall be prepared in accordance with GAAP as in effect from time to time. At any time after the Issue Date, the Parent Guarantor may elect,
upon notice to the Trustee, to apply International Financial Reporting Standards, as adopted in the European Union (“IFRS”), accounting principles in lieu of GAAP and, upon any such election, references in this Indenture to GAAP
shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture); provided that (i) any such election, once made, shall be irrevocable, (ii) any calculation or determination under this Indenture that
requires the application of GAAP for periods that include fiscal quarters ended prior to such election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP and (iii) the Parent Guarantor shall only make such
an election if it also reports any subsequent financial reports required to be made pursuant to Section 4.03 in accordance with IFRS. 

“Global Note” means a Note in registered global form without interest coupons. 

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

  
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 “Government Obligations” means securities that are (1) direct
obligations of the United States for the timely payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment
of which is unconditionally Guaranteed as a full faith and credit obligation of the United States, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a
bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Obligations or a specific payment of principal of or interest on any such Government Obligations held by such custodian for the account
of the holder of such depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the Government Obligations or the specific payment of principal of or interest on the Government Obligations evidenced by such depositary receipt. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt of any
other Person and any obligation, direct or indirect, contingent or otherwise, of that Person: 

(a)    to purchase or pay (or advance or supply funds for the purchase or payment of) the Debt of such
other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or
to maintain financial statement conditions or otherwise), or 
 (b)    entered into for the purpose of
assuring in any other manner the obligee of the payment thereof or to protect such obligee against loss in respect of such Debt (in whole or in part); 

provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantors” means the Parent
Guarantor and the Subsidiary Guarantors. 
 “Holder” or “Noteholder” means the Person in whose name the
Note is registered on the Note register described in Section 2.04. 
 “ILG” means ILG, Inc., a Delaware corporation,
and any of its successors. 
 “ILG Acquisition” means the acquisition by the Parent Guarantor of all of the Capital Stock
of ILG pursuant to the Merger Agreement. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to
create, issue, incur (by merger, conversion, exchange or otherwise), extend, assume, Guarantee or become liable in respect of that Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any Debt or obligation on the
balance sheet of that Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing). 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Financial Advisor” means an accounting or investment banking firm of national standing or any third-party
appraiser of national standing; provided that the firm or appraiser is not an Affiliate of the Issuer. 

  
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 “Intercompany Agreements” means collectively, the Marriott License
Agreement, the Ritz-Carlton License Agreement, the Marriott Rewards Affiliation Agreement, the Marriott Comfort Letter and the Ritz-Carlton Comfort Letter. 

“interest” with respect to the Notes means interest with respect thereto and Additional Interest, if any. 

“Interest Payment Date” means March 15 and September 15 of each year to the Stated Maturity of the Notes. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Capital Stock or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee with respect to any obligation of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Parent Guarantor and its Restricted Subsidiaries, intercompany loans,
advances, or Debt having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of
all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment, but in each case, without duplication of any adjustments to the amount of such Investment permitted under Section 4.05,
including the definition of “Permitted Investment” (other than clause (m) of the second paragraph of Section 4.05 or clause (w) of the definition of “Permitted Investment”), net of any return in respect thereof,
including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
 “Issue Date” means October 1, 2019. 

“Issuer” shall have the meaning assigned to such term in the preamble hereto until a successor Person or successor Persons
shall have become such in compliance with the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person or successor Persons. 

“JV Entity” means any joint venture of the Parent Guarantor or any of its Restricted Subsidiaries that is not a Subsidiary.

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, assignment (by way of security or otherwise), deemed trust, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any Capital Lease Obligation or Sale and Leaseback Transaction having substantially the same economic effect as any of the foregoing). 

“Limited Condition Acquisition” means any acquisition, including by way of merger, amalgamation or consolidation, by one or
more of the Parent Guarantor and its Restricted Subsidiaries of any assets, business or Person, the consummation of which is not conditioned on the availability of, or on obtaining, third-party acquisition financing. 

  
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 “Limited Condition Transaction” means (i) a Limited Condition
Acquisition, (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment and/or
(iii) any dividends or distributions on, or redemptions of the Parent Guarantor’s Capital Stock requiring irrevocable notice in advance thereof. 

“Long Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the
payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase,
with negative changes to the Performance References. 
 “Market Capitalization” means an amount equal to (i) the total
number of issued and outstanding shares of common stock or common equity interests of the Parent Guarantor or its direct or indirect parent on the date of the declaration of a Restricted Payment multiplied by (ii) the arithmetic mean of the
closing prices per share of such common stock or common equity interests on the principal securities exchange on which such common stock or common equity interests are traded for the 30 consecutive trading days immediately preceding the date of
declaration of such Restricted Payment. 
 “Marriott Comfort Letter” means the letter agreement, dated November 21,
2011, executed and delivered by Marriott International Inc., and Marriott Worldwide Corporation, as licensors, the Parent Guarantor, as licensee, and the administrative agent under the Credit Agreement. 

“Marriott License Agreement” means the License, Services and Development Agreement by Marriott International Inc. and
Marriott Worldwide Corporation, as licensors, and the Parent Guarantor, as licensee, effective as of November 19, 2011. 

“Marriott Rewards Affiliation Agreement” means the Marriott Rewards Affiliation Agreement, effective as of November 21,
2011, by and among Marriott International Inc., Marriott Rewards, LLC, the Parent Guarantor and the Issuer. 
 “Material Adverse
Effect” means a material adverse effect on the (a) business, results of operations or financial condition of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, (b) ability of the Issuer and the Guarantors to
perform their payment obligations under this Indenture, the Notes or the Note Guarantees or (c) rights and remedies of the Trustee or the Holders under this Indenture, the Notes or the Note Guarantees. 

“Merger Agreement” means the Agreement and Plan of Merger, dated as of April 30, 2018, among the Parent Guarantor, ILG,
Ignite Holdco, Inc., Ignite Holdco Subsidiary, Inc., Volt Merger Sub, Inc. and Volt Merger Sub, LLC. 
 “Moody’s”
means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Available Cash”
from any Asset Sale means cash payments received therefrom (including any cash payments received upon the sale or other disposition of any Designated Non-Cash Consideration received in any Asset Sale, any cash
payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of
Debt or other obligations relating to the properties or assets that are the subject of that Asset Sale or received in any other non-cash form), in each case net of: 

(a)    all legal, title and recording tax expenses, commissions and other fees (including, without
limitation, brokers’ or investment bankers’ commissions or fees) and expenses incurred, and all federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of the Asset Sale, 

  
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 (b)    all payments made on any Debt that is secured by
any property or asset subject to the Asset Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to that property or asset, or which must by its terms, or in order to obtain a necessary consent to
the Asset Sale, or by applicable law, be repaid out of the proceeds from the Asset Sale, 
 (c)    all
distributions and other payments required to be made to noncontrolling interest holders in Subsidiaries or joint ventures as a result of the Asset Sale, and 

(d)    the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP,
against any liabilities associated with the properties or assets disposed in the Asset Sale and retained by the Issuer or any Restricted Subsidiary after the Asset Sale; 

provided that, to the extent that any portion of the consideration for an Asset Sale is required by contract to be held in a separate escrow or deposit
account to support indemnification, adjustment of purchase price or similar obligations, such portion of the consideration shall become Net Available Cash only at such time as it is released to the Parent Guarantor or a Restricted Subsidiary from
the escrow or deposit account. 
 “Net Cash Proceeds” means the aggregate proceeds (including the Fair Market Value of
property other than cash) received by the Parent Guarantor or any Restricted Subsidiary in connection with such issuance or sale (other than to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established
by the Parent Guarantor or any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary
unless such loans have been repaid with cash on or prior to the date of determination) by the Parent Guarantor or any Restricted Subsidiary after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’, initial
purchasers’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance or sale and net of taxes paid or payable as a result thereof (after taking into
account any available tax credit or deductions and any tax sharing arrangements). 
 “Net Short” means, with respect to a
Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such
date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the
Issuer or any Guarantor immediately prior to such date of determination. 
 “Non-Recourse
Debt” means Debt of a Person: (a) as to which neither the Issuer nor any Guarantor provides any Guarantee or credit support of any kind or is directly or indirectly liable and (b) which does not provide any recourse against any of
the assets of the Issuer or any Guarantor. Notwithstanding the foregoing, (i) the provision of Standard Securitization Undertakings in connection with a Qualified Securitization Transaction shall not invalidate the status of the Debt of such
Time Share SPV that is otherwise classified as Non-Recourse Debt pursuant to the terms of this definition and (ii) Debt shall not be considered to be recourse to a Person if recourse is contingent upon
the occurrence of specified events that have not yet occurred in circumstances in which the occurrence of such events is within the control of such Person (e.g., provisions commonly known as “bad boy” provisions). 

  
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 “Note Guarantee” means, individually, any Guarantee of payment of the Notes
and the Issuer’s other obligations under this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. 

“Offering Memorandum” means the offering memorandum, dated September 17, 2019, related to the offer and sale of the
Notes. 
 “Officer” means, with respect to any Person, (1) the Chief Executive Officer, the Chief Financial Officer,
Vice Chairman, any President, the Chief Accounting Officer, any Executive Vice President, any Senior Vice President or Vice President, the Treasurer or the Secretary of (a) such Person or (b) if such Person is owned or managed by a single
entity, of such entity, or (2) any other individual designated as an “officer” by the Board of Directors of such Person or any other body or Person authorized by the organizational documents or by the members of such Person to act for
it. 
 “Officers’ Certificate” means a certificate signed by two Officers of the Issuer, at least one of whom shall be
the principal executive officer, principal financial officer or the principal accounting officer of the Issuer, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion from legal counsel which is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer. 
 “Original Notes” has the meaning assigned to such term in the recitals to the
Indenture. 
 “Parent Guarantor” shall have the meaning assigned to such term in the preamble hereto until a successor
Person shall have become such in compliance with the applicable provisions of this Indenture, and thereafter “Parent Guarantor” shall mean such successor Person. 

“Performance References” has the meaning set forth in the definition of “Derivative Instrument.” 

“Permitted Acquisition” means the purchase or other acquisition of property and assets or businesses of any Person or of
assets by the Parent Guarantor or any Restricted Subsidiary, or Capital Stock in a Person that, upon the consummation thereof, shall be a Restricted Subsidiary of the Parent Guarantor (including as a result of a merger or consolidation); provided
that such purchase or acquisition is permitted under this Indenture. 
 “Permitted Bond Hedge Transaction” means any
call or capped call option (or substantively equivalent derivative transaction) relating to the Parent Guarantor’s common stock (or other securities or property following a merger event or other change of the common stock of the Parent
Guarantor) purchased by the Parent Guarantor in connection with the issuance of any convertible Debt; provided that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by the Parent Guarantor from the sale
of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Parent Guarantor from the sale of such convertible Debt issued in connection with such Permitted Bond Hedge Transaction. 

“Permitted Business” means (a) any businesses, services or activities engaged in by the Parent Guarantor or its
Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Parent Guarantor or any of its Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing or are
extensions or developments of any thereof. 

  
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 “Permitted Investment” means any Investment by the Parent Guarantor or a
Restricted Subsidiary in: 
 (a)    any Restricted Subsidiary or any Person that will, upon the making of such
Investment, become a Restricted Subsidiary; provided that the primary business of the Restricted Subsidiary is a Permitted Business; 

(b)    any Person if as a result of the Investment that Person is merged or consolidated with or into, or transfers or
conveys all or substantially all its properties and assets to, the Parent Guarantor or a Restricted Subsidiary; provided that such Person’s primary business is a Permitted Business; 

(c)    cash and Cash Equivalents; 

(d)    loans or advances to officers, directors, managers, partners and employees of the Parent Guarantor (or any direct
or indirect parent thereof) and its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase
of Capital Stock of the Parent Guarantor (provided that the proceeds of any such loans and advances shall be contributed to the Parent Guarantor in cash as common equity and provided, further, that such contribution shall not
constitute an equity contribution that may be utilized for other baskets (including for the purpose of determining the amount available for Restricted Payments under clause (c)(ii) of the first paragraph of Section 4.05) and (iii) for
purposes not described in the foregoing clauses (i) and (ii), in an aggregate principal amount outstanding not to exceed $45.0 million; 

(e)    asset purchases, acquisitions, licenses or leases (in each case including inventory (including Time Share
Inventory), supplies, materials and equipment) and the licensing or contribution of intellectual property or other rights, in each case in the ordinary course of business; 

(f)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising
from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

 (g)    Investments consisting of Liens permitted under Section 4.06 and Debt (including Guarantees) permitted
under Section 4.04; 
 (h)    Investments consisting of any modification, replacement, renewal, reinvestment or
extension of any Investment existing on the Issue Date hereof; provided that the amount of any Investment permitted pursuant to this clause (h) is not increased from the amount of such Investment on the Issue Date except pursuant to the
terms of such Investment as of the Issue Date or as otherwise permitted by Section 4.05 or under any clause of this definition of “Permitted Investment”; 

(i)    Investments in Swap Contracts permitted under clause (xvi) of the second paragraph of Section 4.04; 

(j)    promissory notes and other non-cash consideration received in connection
with dispositions permitted under Section 4.07; 

  
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 (k)    the Transactions; 

(l)    Investments in the ordinary course of business consisting of prepayment of expenses, endorsements for collection or
deposit and customary trade arrangements with customers consistent with past practice; 
 (m)    Investments (including
debt obligations and Capital Stock) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers from financially troubled
account debtors or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(n)    advances of payroll payments to employees in the ordinary course of business; 

(o)    Investments held by the Parent Guarantor or a Restricted Subsidiary acquired after the Issue Date or of a
corporation or company merged into the Parent Guarantor or merged or consolidated with a Restricted Subsidiary in accordance with Article 5 after the Issue Date to the extent that such Investments were not made in contemplation of or in
connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(p)    Guarantees by the Parent Guarantor or any of its Restricted Subsidiaries in respect of leases (other than Capital
Lease Obligations) or of other obligations that do not constitute Debt, in each case entered into in the ordinary course of business; 

(q)    Investments to the extent that payment for such Investments is made with Qualified Capital Stock of the Parent
Guarantor; provided that, any amounts used for such an Investment or other acquisition that are not Qualified Capital Stock shall otherwise be permitted under Section 4.05 or pursuant to any clause of this definition of “Permitted
Investment”; 
 (r)    other Investments in an aggregate amount, as valued at cost at the time each such Investment
is made and including all related commitments for future Investments, not exceeding the greater of (x) $350.0 million and (y) 45.0% of Consolidated EBITDA for the Test Period; 

(s)    Investments (i) in connection with a Qualified Securitization Transaction (including Investments in
(x) Time Share SPVs and (y) Time Share Receivables in the ordinary course of business) and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets in connection with a Qualified Securitization
Transaction; 
 (t)    Investments in JV Entities and Unrestricted Subsidiaries in an aggregate amount, as valued at
cost at the time each such Investment is made and including all related commitments for future Investments, not exceeding (i) the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the Test Period; 

(u)    Investments made by the Parent Guarantor and its Subsidiaries in Deferred Compensation Plan Assets (including
contributions to a “rabbi” trust for the benefit of employees or non-employee directors or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Parent Guarantor);

 (v)    Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is
redesignated as a Restricted Subsidiary pursuant to Section 4.10; provided that such Investments were not entered into in contemplation of such redesignation; 

  
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 (w)    other Investments; provided that, at the time of such
Investment, the Total Leverage Ratio as of the end of the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00; 

(x)    Investments existing or contemplated on the Issue Date and any modification, replacement, renewal, reinvestment or
extension thereof; provided that the amount of any Investment permitted by Section 4.05 or pursuant to any clause of this definition of “Permitted Investment” is not increased from the amount of such Investment on the Issue
Date except pursuant to the terms of such Investment as of the Issue Date or as otherwise permitted by any clause of this definition of “Permitted Investment”; 

(y)    Investments in connection with tax planning and reorganization activities; provided that, after giving
effect to, any such activities, the value of the Note Guarantees in favor of the Holders, taken as a whole, would not (and shall not) be materially impaired; 

(z)    Investments in a Permitted Business in an aggregate amount for all such Investments not to exceed, at the time such
Investment is made and after giving effect to such Investment, the sum of (i) an amount equal to the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the Test Period plus (ii) the aggregate amount of any
cash repayment of or return on such Investments theretofore received by the Parent Guarantor or any Restricted Subsidiary after the Issue Date; 

(aa) the forgiveness or conversion to equity of any intercompany Debt owed to the Parent Guarantor or any of its Restricted Subsidiaries or
the cancellation or forgiveness of any Debt owed to the Parent Guarantor (or any direct or indirect parent of the Parent Guarantor) or a Subsidiary from any members of management of the Parent Guarantor (or any direct or indirect parent of the
Parent Guarantor) or any Subsidiary, in each case permitted by Section 4.04; 
 (bb) loans or advances or other similar transactions
with customers, distributors, clients, developers, suppliers or purchasers or sellers of goods or services, in each case, in the ordinary course of business; 

(cc) advances in the ordinary course of business to secure developer contracts of the Parent Guarantor and its Restricted Subsidiaries; 

(dd) Investments in any captive insurance companies that are Restricted Subsidiaries in an aggregate amount not to exceed 150% of the minimum
amount of capital required under the laws of the jurisdiction in which such captive insurance companies is formed (plus any excess capital generated as a result of any such prior investment that would result in a materially unfavorable tax or
reimbursement impact if distributed), and other Investments in any captive insurance companies that are Restricted Subsidiaries to cover reasonable general corporate and overhead expenses of such captive insurance companies; 

(ee) Investments by any captive insurance companies that are Restricted Subsidiaries; 

(ff) Investments in any captive insurance companies that are Restricted Subsidiaries in connection with a push down by the Parent Guarantor or
the Issuer of insurance reserves; 
 (gg) Investments in Time Share Development Property in the ordinary course of business; provided
that at the time of making such Investment, no Default or Event of Default shall have occurred and be continuing; and 

  
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 (hh) Investments by any Foreign Subsidiary in debt securities issued by any nation in which
such Foreign Subsidiary has cash which is the subject of restrictions on export, or any agency or instrumentality of such nation or any bank or other organization organized in such nation, in an aggregate amount not to exceed $75.0 million at
any time outstanding. 
 For purposes of determining compliance with this definition of “Permitted Investment,” in the event that
a Permitted Investment meets the criteria of more than one of the categories described above in clauses (a) through (hh) of “Permitted Investments,” the Parent Guarantor shall be permitted, in its sole discretion, (x) to classify
such Permitted Investment on the date of such Permitted Investment and may later reclassify such Permitted Investment in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the
amount of such Permitted Investment among more than one of such clauses and (z) shall only be required to include such Permitted Investment in one of any such clauses. 

“Permitted Liens” means: 

(a)    Liens to secure Debt in an aggregate principal amount not to exceed the amount permitted to be Incurred under
clause (ii) of the second paragraph of Section 4.04, regardless of whether the Parent Guarantor and the Restricted Subsidiaries are actually subject to Section 4.04 at the time the Lien is Incurred; 

(b)    Liens existing on the Issue Date and any modifications, replacements, refinancings, renewals or extensions thereof;
provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and
(ii) the modification, replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens (if such obligations constitute Debt) is permitted by Section 4.04; 

(c)    Liens for taxes, assessments or governmental charges (i) which are not overdue for a period of more than 30
days, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with
GAAP or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(d)    statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction
contractors or other like Liens arising in the ordinary course of business (i) which secure amounts not overdue for a period of more than 60 days or if more than 60 days overdue, are unfiled (or if filed have been discharged or stayed) and no
other action has been taken to enforce such Lien, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person
to the extent required in accordance with GAAP or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(e)(i) pledges, deposits or Liens arising as a matter of law in the ordinary course of business in connection with workers’ compensation,
payroll taxes, unemployment insurance, general liability or property insurance and/or other social security legislation; (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Parent Guarantor or any of its Restricted Subsidiaries; and
(iii) over bank accounts pursuant to the general terms and conditions of banks; 

  
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 (f)    Liens to secure the performance of bids, trade contracts,
governmental contracts and leases (other than Debt for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and
environmental obligations), in each case incurred in the ordinary course of business, and obligations in respect of letters of credit, bank guarantee or similar instruments that have been posted to support the same; 

(g)    easements, rights-of-way,
restrictions, covenants, conditions, encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business
of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole; 
 (h)    Liens securing judgments or awards
for the payment of money not constituting an Event of Default; 
 (i)    Liens securing Debt Incurred permitted under
clause (xiii) of the second paragraph of Section 4.04; provided that (i) such Liens attach within 270 days after the acquisition, construction, repair, replacement or improvement (as applicable) of the property subject to such
Liens, (ii) such Liens do not at any time encumber any property other than the property financed by such Debt, replacements thereof and additions and accessions to such property and the proceeds and the products thereof and customary security
deposits, and (iii) with respect to Capital Lease Obligations, such Liens do not at any time extend to or cover any assets (except for additions and accessions to such assets, replacements and products thereof and customary security deposits)
other than the assets subject to such Capitalized Leases; provided that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; 

(j)    leases, licenses, subleases or sublicenses and Liens on the property covered thereby which do not
(i) interfere in any material respect with the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, or (ii) secure any Debt; 

(k)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (l)    Liens (i) of a collection
bank (including those arising under Section 4-210 of the Uniform Commercial Code) on the items in the course of collection, (ii) in favor of a banking or other financial institution or entities
and/or credit card processors or other electronic payment service providers arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of
set-off) and which are within the general parameters customary in the banking industry and (iii) arising by the terms of documents of banks or other financial institutions in relation to the maintenance
or administration of deposit accounts, securities accounts, commodity accounts or cash management arrangements; 

(m)    Liens (i) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an
Investment permitted by Section 4.05 to be applied against the purchase price for such Investment or otherwise in connection with any letter of intent, purchase agreement or escrow arrangements with respect to any such Investment or an Asset
Sale permitted by Section 4.07 and (ii) consisting of an agreement to dispose of any property in an Asset Sale permitted under Section 4.07, in each case, solely to the extent such Investment or Asset Sale, as the case may be, would
have been permitted on the date of the creation of such Lien; 

  
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 (n)    Liens with respect to property or assets of the Parent Guarantor
and its Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of timeshare collection
accounts, operating accounts and reserve accounts; 
 (o)    Liens existing on property at the time of its acquisition
or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 4.10), in each case after the Issue Date; provided that
(i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and
other than after-acquired property subjected to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted under this Indenture that require, pursuant to their terms at such time, a
pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition); 

(p)    any interest or title of a lessor or sublessor under leases or subleases entered into by the Parent Guarantor or
any of its Restricted Subsidiaries in the ordinary course of business; 
 (q)    Liens arising out of conditional sale,
title retention, consignment or similar arrangements for sale of goods entered into by the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(r)    Liens that are contractual rights of set-off (i) relating to the
establishment of depository relations with banks or other financial institutions not given in connection with the Incurrence of Debt, (ii) relating to pooled deposit or sweep accounts of the Parent Guarantor or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Parent Guarantor or its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into
with customers of the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(s)    Liens arising from precautionary Uniform Commercial Code financing statement filings or any equivalent filings in
respect of any leases; 
 (t)    Liens securing insurance policies and the proceeds thereof securing financing of the
premiums with respect thereto; 
 (u)(i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which
the normal operation of the business complies and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property; 

(v)    Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s
obligations in respect of documentary letters of credit issued for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 

(w)    the modification, replacement, renewal or extension of any Lien permitted by clauses (b), (i) and (o) of this
definition; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products
thereof and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 4.04; 

  
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 (x)    ground leases in respect of real property on which facilities
owned or leased by the Parent Guarantor or any of its Restricted Subsidiaries are located; 
 (y)    Liens on property
of a non-Guarantor Restricted Subsidiary securing Debt that is permitted by Section 4.04 or other obligations of such non-Guarantor Restricted Subsidiary; 

(z)    Liens solely on any cash earnest money deposits made by the Parent Guarantor or any Restricted Subsidiary in
connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Indenture; 
 (aa) Liens
granted in the ordinary course of business securing obligations that do not constitute Debt; 
 (bb) Liens securing Debt permitted under
clause (vi) of the second paragraph of Section 4.04; 
 (cc) other Liens; provided that at the time of Incurrence of the
obligations secured thereby, the aggregate outstanding principal amount of obligations secured by Liens existing in reliance on this clause shall not exceed the greater of (x) $275.0 million and (y) 35.0% of Consolidated EBITDA for the Test
Period; 
 (dd) Liens to secure Debt or other obligations, so long as, on a Pro Forma Basis, after giving effect to such Liens, the Secured
Leverage Ratio does not exceed 3.00 to 1.00; 
 (ee) Liens on property of a non-Guarantor Restricted
Subsidiary securing Debt permitted under clause (viii) of the second paragraph of Section 4.04; 
 (ff) with respect to property
of any Foreign Subsidiary, other Liens and privileges arising mandatorily by law; 
 (gg) Liens on receivables (including Time Share
Receivables) and related assets arising in connection with a Qualified Securitization Transaction; 
 (hh) Liens on (i) Foreign Time
Share Receivables securing Debt permitted under clause (xxii) of the second paragraph of Section 4.04 and (ii) the monetized notes underlying hypothecations of, or Qualified Securitization Transactions with respect to, Time Share
Receivables permitted under clause (xxii) of the second paragraph of Section 4.04; 
 (ii) Liens created or deemed to exist by the
establishment of trusts for the purpose of satisfying government reimbursement program costs and other actions or claims pertaining to the same or related matters or other medical reimbursement programs; 

(jj) Liens on cash and Cash Equivalents (or specific property securing such Debt) used to satisfy or discharge Debt; provided that such
satisfaction or discharge is permitted under this Indenture; 
 (kk) receipt of progress payments and advances from customers in the
ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof; 
 (ll) Liens on cash or
Investments permitted by Section 4.05 securing Swap Contracts in the ordinary course of business submitted for clearing in accordance with requirements of law; 

  
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 (mm) the prior rights of consignees and their lenders under consignment arrangements entered
into in the ordinary course of business; 
 (nn) Liens on Capital Stock of Unrestricted Subsidiaries; 

(oo) Liens arising as a result of a Permitted Sale and Leaseback Transaction or any other Sale and Leaseback Transaction permitted by
Section 4.04; 
 (pp) Liens deposits of cash with the owner or lessor of premises leased and operated by the Parent Guarantor or any of
its Restricted Subsidiaries to secure the performance of the Parent Guarantor’s or such Restricted Subsidiary’s obligations under the terms of the lease for such premises; 

(qq) Liens with respect to property or assets of the Parent Guarantor and its Restricted Subsidiaries (including accounts receivable or other
revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of timeshare collection accounts, operating accounts and reserve accounts; and 

(rr) Liens in favor of the Parent Guarantor, the Issuer or any Restricted Subsidiary. 

For purposes of determining compliance with Section 4.06 and this definition of “Permitted Liens,” in the event that a Lien
meets the criteria of more than one of the categories described above in clauses (a) through (rr) of “Permitted Liens,” the Parent Guarantor shall be permitted, in its sole discretion, (x) to classify such Lien on the date of
Incurrence and may later reclassify such Lien in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the amount of such Lien among more than one of such clauses and
(z) shall only be required to include such Lien in one of any such clauses; provided that all Liens of the category described above in clause (a) of Permitted Liens shall be deemed to be Incurred pursuant to clause (a) of
Permitted Liens and shall not later be reclassified, and the amount of such Liens shall not be divided or later redivided among any other clause of Permitted Liens. 

“Permitted Refinancing Debt” means any Debt that Refinances any other Debt, including any successive Refinancings, so long
as: 
 (a)    the new Debt is in an aggregate principal amount not in excess of the sum of: 

(1)    the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted
value) then outstanding of the Debt being Refinanced, and 
 (2)    an amount necessary to pay any fees
and expenses, premiums (including tender premiums) and defeasance costs, underwriting discounts, accrued and unpaid interest, upfront fees and original issue discount related to the Refinancing, 

(b)    the Weighted Average Life to Maturity of the new Debt is equal to or greater than the Weighted
Average Life to Maturity of the Debt being Refinanced, 
 (c)    the Stated Maturity of the new Debt is
no earlier than the Stated Maturity of the Debt being Refinanced, and 
 (d)    the new Debt shall not be
senior in right of payment to the Debt that is being Refinanced; 

  
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 provided, however, that Permitted Refinancing Debt shall not include (x) Debt of a
Restricted Subsidiary that is not a Subsidiary Guarantor that Refinances Debt of the Parent Guarantor, the Issuer or any Subsidiary Guarantor, or (y) Debt of the Parent Guarantor or a Restricted Subsidiary that Refinances Debt of an
Unrestricted Subsidiary. 
 “Permitted Sale and Leaseback Transaction” means any Sale and Leaseback Transaction consummated
by the Parent Guarantor or any of its Restricted Subsidiaries after the Issue Date for Fair Market Value as determined at the time of consummation in good faith by (i) the Parent Guarantor or a Restricted Subsidiary and (ii) in the case of
any Sale and Leaseback Transaction (or series of related Sale and Leaseback Transactions) the aggregate proceeds of which exceed the greater of (x) $90.0 million and (y) 12.5% of Consolidated EBITDA for the Test Period, the Board of Directors
of the Parent Guarantor or such Restricted Subsidiary. 
 “Permitted Warrant Transaction” means any call option, warrant or
right to purchase (or substantively equivalent derivative transaction) relating to the Parent Guarantor’s common stock (or other securities or property following a merger event or other change of the common stock of the Parent Guarantor) and/or
cash (in an amount determined by reference to the price of such common stock) sold by the Parent Guarantor substantially concurrently with any purchase by the Parent Guarantor of a Permitted Bond Hedge Transaction. 

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

“Post-Acquisition Period” means, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary
into a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the last day of the fourth full consecutive fiscal quarter immediately following the date on which such Permitted
Acquisition or conversion is consummated. 
 “Preferred Stock” means any Capital Stock of a Person, however designated,
which entitles the holder thereof to a preference with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of that Person, over shares of any other class of Capital
Stock issued by that Person. 
 “Preferred Stock Dividends” means all dividends with respect to Preferred Stock of the
Parent Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided by the difference
between one and the maximum statutory consolidated federal, state and local income rate (expressed as a decimal number between 1 and 0) then applicable to the issuer of the Preferred Stock. 

“Productive Assets” means assets (other than cash, Cash Equivalents, securities and inventory) that are used or usable by the
Parent Guarantor and its Restricted Subsidiaries in Permitted Businesses. 
 “Pro Forma Adjustment” means, for any Test
Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA,
(a) the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that is expected to have a continuing impact and (b) additional good faith pro forma adjustments arising out of cost savings
initiatives attributable to such transaction and additional costs associated with the 

  
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combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Parent Guarantor and its Restricted Subsidiaries, in each case
being given pro forma effect, which actions (i) have been taken or (ii) shall be taken or implemented within the succeeding 24 months following such transaction and, in each case, including, but not limited to, (w) reduction in
personnel expenses, (x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and streamlining of corporate
overhead, taking into account, for purposes of determining such compliance, the historical financial statements of the Acquired Entity or Business or Converted Restricted Subsidiary and the consolidated financial statements of the Parent Guarantor
and its Restricted Subsidiaries, assuming such Permitted Acquisition or conversion, and all other Permitted Acquisitions or conversions that have been consummated during the period, and any Debt or other liabilities repaid in connection therewith
had been consummated and Incurred or repaid at the beginning of such period (and assuming that such Debt to be Incurred bears interest during any portion of the applicable measurement period prior to the relevant acquisition or conversion at the
interest rate which is or would be in effect with respect to such Debt as at the relevant date of determination); provided that, so long as such actions are initiated during such Post-Acquisition Period or such costs are incurred during such
Post-Acquisition Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed that such cost savings shall be realizable during the
entirety of such Test Period, or such additional costs, as applicable, shall be incurred during the entirety of such Test Period; provided, further, that at the election of the Parent Guarantor, such Pro Forma Adjustment shall not be
required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate consideration paid in connection with such acquisition was less than $25.0 million. 

“Pro Forma Basis” and “Pro Forma Effect” mean, with respect to compliance with any covenant under this
Indenture as of an applicable date or period of measurement, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith that
have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of
measurement (or as of the last date of such period in the case of a balance sheet item): (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of
a disposition of all or substantially all Capital Stock in any Restricted Subsidiary of the Parent Guarantor or any division, product line or facility used for the operations of the Parent Guarantor or any of its Restricted Subsidiaries, shall be
excluded, and (ii) in the case of a Permitted Acquisition or other Investment described in the definition of “Specified Transaction,” shall be included, (b) any retirement of Debt and (c) any Debt Incurred by the Parent
Guarantor or any of its Restricted Subsidiaries in connection therewith and, if such Debt has a floating or formula rate, such Debt shall have an implied rate of interest for the applicable period for purposes of this definition determined by
utilizing the rate which is or would be in effect with respect to such Debt as at the relevant date of determination; provided that, (1) without limiting the application of the Pro Forma Adjustment pursuant to clause (A) above, the
foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of “Consolidated EBITDA” and give effect to events (including cost savings, synergies and
operating expense reductions) that are (as determined by the Parent Guarantor in good faith) (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Parent Guarantor and its Restricted
Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of “Pro Forma Adjustment” and (2) in connection with any Specified Transaction that is the Incurrence of Debt in respect of which
compliance with any specified leverage ratio test is by the terms of this Indenture to be calculated on a Pro Forma Basis, the proceeds of such Debt shall not be netted from Debt in the calculation of the applicable leverage ratio test. 

  
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 “Qualified Capital Stock” means any Capital Stock that is not Disqualified
Stock. 
 “Qualified Securitization Transaction” means any Securitization Facility that meets the following conditions:
(i) the Parent Guarantor shall have determined in good faith that such Securitization Facility is in the aggregate economically fair and reasonable to the Parent Guarantor and its Restricted Subsidiaries, (ii) all sales of Securitization
Assets and related assets by the Parent Guarantor or any of its Restricted Subsidiaries to the Securitization Subsidiary or any other Person are made for fair consideration (as determined in good faith by the Parent Guarantor) and (iii) the
financing terms, covenants, termination events and other provisions thereof shall be fair and reasonable terms (as determined in good faith by the Parent Guarantor) and may include Standard Securitization Undertakings, it being understood that the
revolving warehouse credit facility evidenced by that certain Third Amended and Restated Indenture and Servicing Agreement, dated as of September 1, 2014, by and among Marriott Vacations Worldwide Owner Trust
2011-1, as issuer, the Issuer, as servicer, and Wells Fargo Bank, National Association, as indenture trustee and as back-up servicer, and the other Facility Documents
(as defined therein) shall constitute a Qualified Securitization Transaction for all purposes hereunder. 
 “Rating
Agencies” means Moody’s and S&P. 
 “Record Date” for the interest or Additional Interest, if any,
payable on any applicable Interest Payment Date means the March 1 or September 1 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

“Refinance” means, in respect of any Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or
retire, or to issue other Debt, in exchange or replacement for, that Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Registration Rights Agreement” means that certain registration rights agreement dated as of the Issue Date by and among the
Issuer, the Guarantors named therein and J.P. Morgan Securities LLC, as representative of the initial purchasers named therein. 

“Reorganization” means any reorganization of any of the Parent Guarantor, the Issuer and/or their respective Subsidiaries
implemented in order to optimize the tax position of such entities or any parent thereof (as reasonably determined by the Issuer in good faith) so long as such reorganization does not materially impair any Note Guarantee and is otherwise not
materially adverse to the Holders in their capacity as such, taken as a whole. 
 “Restricted Investment” means an
Investment other than a Permitted Investment. 
 “Restricted Payment” means: 

(a)    any dividend or distribution (whether made in cash, securities or other property or assets) declared
or paid on or with respect to any shares of Capital Stock of the Parent Guarantor or any Restricted Subsidiary (including any payment in connection with any merger or consolidation with or into the Parent Guarantor or any Restricted Subsidiary),
except for (i) any dividend or distribution that is made by a Restricted Subsidiary, so long as, in the case of any dividend or distribution payable on or in respect of any Capital Stock issued by a Restricted Subsidiary that is not a Wholly
Owned Restricted Subsidiary, the Parent Guarantor or the Restricted Subsidiary holding such Capital Stock received at least its pro rata share of such dividend or distribution or (ii) any dividend or distribution payable solely in shares of
Capital Stock (other than Disqualified Stock) of the Parent Guarantor; 

  
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 (b)    the purchase, repurchase, redemption, acquisition
or retirement for value, including in connection with any merger or consolidation, of any Capital Stock of the Parent Guarantor or any direct or indirect parent of the Parent Guarantor (other than from the Parent Guarantor or a Restricted
Subsidiary); 
 (c)    any principal payment on, or the purchase, repurchase, redemption, acquisition or
retirement for value, prior to the date for any scheduled maturity, sinking fund or amortization or other installment payment, of any Subordinated Obligation (other than (i) any Subordinated Obligation Incurred under clause (iii) of the
second paragraph of Section 4.04 and (ii) the purchase, repurchase, redemption, acquisition or retirement for value of any Subordinated Obligation purchased in anticipation of satisfying a scheduled maturity, sinking fund or amortization
or other installment obligation, in each case under this clause (ii) due within one year of the date of purchase, repurchase, redemption, acquisition or retirement); or 

(d)    any Investment (other than Permitted Investments) in any Person. 

“Restricted Subsidiary” means any Subsidiary of the Parent Guarantor (including the Issuer) other than an Unrestricted
Subsidiary. 
 “Ritz-Carlton Comfort Letter” means the letter agreement, dated November 21, 2011, executed and
delivered by The Ritz-Carlton Hotel Company, L.L.C., as licensor, the Parent Guarantor, as licensee, and the administrative agent under the Credit Agreement. 

“Ritz-Carlton License Agreement” means the License, Services and Development Agreement by The Ritz-Carlton Hotel Company,
L.L.C., as licensor and the Parent Guarantor, as licensee, effective as of November 19, 2011. 
 “S&P” means
S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business thereof. 
 “Sale and
Leaseback Transaction” means any direct or indirect arrangement relating to property or an asset now owned or hereafter acquired whereby the Parent Guarantor or a Restricted Subsidiary transfers that property or asset to another Person and
the Parent Guarantor or a Restricted Subsidiary leases it from that other Person, together with any Refinancings thereof. 

“Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder
and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens
prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in
connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such Holders in connection with
its investment in the Notes. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured Debt as of the
last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 

  
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 “Securities Act” means the U.S. Securities Act of 1933, as amended, or any
successor statute, and the rules and regulations promulgated by the SEC thereunder. 
 “Securitization Asset” means
(a) any Time Share Receivables, (b) any accounts receivable, mortgage receivables, loan receivables, receivables or loans relating to the financing of insurance premiums, royalty, patent or other revenue streams and other rights to payment
or related assets and the proceeds thereof and (c) all collateral securing such receivable or asset (including Time Share Receivables), all contracts and contract rights, purchase orders, guarantees or other obligations in respect of such
receivable or asset, lockbox accounts and records with respect to such account or asset and any other assets customarily transferred (or in respect of which security interests are customarily granted) together with accounts or assets in connection
with a securitization, factoring or receivable sale transaction. 
 “Securitization Facility” means any of one or more
securitization, bank conduit receivables or warehouse financing, factoring or sales transactions, hypothecation facility and/or receivables purchase agreements, pursuant to which the Parent Guarantor or any of its Restricted Subsidiaries sells,
assigns, transfers, pledges, participates, contributes to capital or otherwise conveys any Securitization Assets (including Time Share Receivables) (whether now existing or arising in the future) to a Securitization Subsidiary or any other Person.

 “Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any
Securitization Asset or participation interest therein issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid in connection with, any Qualified Securitization Transaction. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Transaction to repurchase or otherwise make payments with respect to Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion
thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means any Time Share SPV and any other Subsidiary of the Parent Guarantor formed for the purpose
of and that solely engages in one or more Qualified Securitization Transactions and other activities reasonably related thereto or another Person formed for such purpose. 

“Separation and Distribution Agreement” means the Separation and Distribution Agreement, effective as of November 21,
2011, between Marriott International, Inc., the Parent Guarantor, the Issuer, Marriott Resorts Hospitality Corporation, MVCI Asia Pacific Pte. Ltd. and MVCO Series LLC. 

“Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease,
with negative changes to the Performance References. 
 “Significant Subsidiary” means any Subsidiary (other than any
Securitization Subsidiary) that would be a “Significant Subsidiary” of the Parent Guarantor within the meaning of Rule 1-02(w) under Regulation S-X promulgated
by the SEC. 

  
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 “Sold Entity or Business” shall have the meaning assigned to such term in
the definition of “Consolidated EBITDA” in this Section 1.01. 
 “Specified Transaction” means any
Investment, disposition (including any disposition that results in a Restricted Subsidiary ceasing to be a Subsidiary of the Parent Guarantor or any asset sale of a business unit, line of business or division), Incurrence or repayment of Debt,
Restricted Payment or Restricted Subsidiary redesignation that by the terms of this Indenture requires any test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect.” 

“Specified Turbo Period” means, with respect to any Debt Incurred in respect of any Qualified Securitization Transaction,
such period of time (as determined in accordance with the definitive documentation governing such Debt (the “Indebtedness Documentation”)) for which the collected receivables and other payments generated by the Time Share
Receivables subject to such Qualified Securitization Transaction are not available for distribution to the obligor of such Debt (or to an affiliate of such obligor to which such distributions are to be made) pursuant to the terms of the relevant
Indebtedness Documentation, including as the result of (i) the occurrence of an event analogous to a “Trigger Event,” as defined in the Indenture and Servicing Agreement, dated as of July 27, 2016, by and among MVW Owner Trust 2016-1, as issuer, the Issuer, as servicer, Wells Fargo Bank, National Association, as trustee and back-up servicer (as in effect on the Issue Date), or (ii) an Event of
Default (under and as defined in the relevant Indebtedness Documentation); provided that with respect to such an Event of Default, a Specified Turbo Period shall not commence until such time as payment of such Debt has been accelerated. 

“Standard Securitization Undertakings” means representations, warranties, covenants, guarantees and indemnities entered into
by the Parent Guarantor or any Subsidiary of the Parent Guarantor which the Parent Guarantor has determined in good faith to be customary in a Securitization Facility, including those relating to the servicing of the assets of a Securitization
Subsidiary and the provision of cash or Cash Equivalents to pay fees and expenses reasonably related thereto, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking or, in the
case of a factoring facility, a non-credit related recourse account receivable factoring arrangement. 

“Stated Maturity” means, with respect to any security, the date specified in the security as the fixed date on which the
payment of principal of the security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the redemption or repurchase of the security at the option of the holder thereof upon the
happening of any contingency beyond the control of the issuer unless that contingency has occurred). 
 “Subordinated
Obligation” means any Debt of the Issuer or the Guarantors (whether outstanding on the Issue Date or thereafter Incurred) that is subordinate or junior in right of payment to the Notes or the Note Guarantees pursuant to a written agreement
to that effect. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or
other business entity of which a majority of the Capital Stock or other interests (including partnership interests) having ordinary voting power for the election of directors, managers or other governing body (other than securities or interests
having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 

  
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 “Subsidiary Guarantor” means all existing Subsidiaries of the Parent
Guarantor that Guarantee the Notes and any future Subsidiaries that Guarantee the Notes, until such Note Guarantees are released in accordance with the terms of this Indenture. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement
or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement, (c) any Permitted Bond Hedge
Transaction and (d) any Permitted Warrant Transaction. 
 “Swap Termination Value” means, in respect of any one or
more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined by the Parent Guarantor, in accordance with the terms thereof and in accordance with customary methods for
calculating mark-to-market values under similar arrangements. 

“Test Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Parent
Guarantor ending on or prior to such date for which financial statements have been or are required to be delivered pursuant to Section 4.03. 

“TIA” or “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended, or any successor
statute, and the rules and regulations promulgated by the SEC thereunder. 
 “Time Share Development Property” means any
portion of any existing hotel or resort property acquired by the Parent Guarantor or any of its Restricted Subsidiaries, which has not been dedicated to any time share arrangement, plan, scheme or similar device and which the Parent Guarantor or
such Restricted Subsidiary intends primarily to convert into Time Share Inventory. For the avoidance of doubt, any real property interest that qualifies as Time Share Development Property shall be deemed not to qualify as Time Share Inventory. 

“Time Share Inventory” means (i) inventory available to occupy as a dwelling or accommodation and which may be coupled
with an estate in real estate or limited to a right to use real estate without an estate or ownership interest, pursuant to any time share arrangement, plan, scheme or similar device, in any legal form or structure (including trusts or associations)
(including units physically located within a project that are currently used for sales and/or administrative purposes and that have received certificates of occupancy for such use) or (ii) any real property interest completed and available to
occupy as a dwelling or accommodation and intended by the Parent Guarantor or a Restricted Subsidiary to be dedicated to any such time share arrangement (including units physically located within a project that are currently used for sales and/or
administrative purposes and that have received certificates of occupancy for such use). 

  
 42 

 “Time Share Receivables” means notes receivable arising from the financing
of the sale of timeshare intervals and fractional products to a retail customer, together with any assets related thereto, including, without limitation, all contracts and contract rights, purchase orders, security interests, financing statements or
other documentation in respect of such notes receivable. 
 “Time Share SPV” means an entity intended to be
bankruptcy-remote and which is formed for the purpose of engaging in the financing transactions under a Securitization Facility with respect to Time Share Receivables and the Debt of which is Non-Recourse
Debt. 
 “Total Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of
the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 
 “Transaction Expenses” means any
fees and expenses incurred or paid by the Parent Guarantor or any Restricted Subsidiary in connection with the Transactions. 

“Transactions” means, collectively, (a) the borrowing of funds under the Credit Agreement on the closing date of the ILG
Acquisition, (b) the issuance of the Existing MORI Notes, (c) the issuance of the Existing Exchange Notes, (d) the issuance of the Notes on the Issue Date, (e) the refinancing of Debt of the Parent Guarantor and its subsidiaries
and ILG, LLC and its subsidiaries, respectively, under existing credit facilities on the closing date of the ILG Acquisition, (f) the ILG Acquisition, (g) the consummation of any other transaction in connection with the foregoing and
(h) the payment of Transaction Expenses. 
 “Treasury Rate” means, as obtained by the Issuer, as of any
Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available
at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to
September 15, 2022; provided, however, that if the period from such Redemption Date to September 15, 2022 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year shall be used. 
 “Trust Officer” means, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice president, senior associate, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
 “Trustee” means the party named as such in this Indenture until a successor replaces
it and, thereafter, means the successor. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in
effect from time to time. 
 “United States” means the United States of America (including the states and the District of
Columbia) and its territories, possessions and other areas subject to its jurisdiction. 
 “Unrestricted Cash Amount”
means, as to any Person on any date of determination, the amount of (a) unrestricted cash and Cash Equivalents of such Person in excess of $50.0 million and (b) cash and Cash Equivalents of such Person restricted in favor of the
Credit Agreement (which may also include cash 

  
 43 

 
and Cash Equivalents securing other Debt secured by a Lien on any collateral along with the Credit Agreement), in each case as determined in accordance with GAAP, it being understood and agreed
that proceeds subject to an escrow, trust, collateral or similar account or arrangement holding proceeds of Debt solely for the benefit of an unaffiliated third party shall be deemed to constitute “restricted cash” for purposes of the
Unrestricted Cash Amount. 
 “Unrestricted Subsidiary” means: 

(a)    any Subsidiary of the Parent Guarantor (other than the Issuer) that is designated after the Issue
Date as an Unrestricted Subsidiary pursuant to Section 4.10 and is not thereafter redesignated as a Restricted Subsidiary pursuant to Section 4.10; and 

(b)    any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Dollar” or “$” means the lawful currency of the United States. 

“Voting Stock” of any Person means all classes of Capital Stock or other interests (including partnership interests) of that
Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or other governing body thereof. 

“Weighted Average Life to Maturity” means, when applied to any Debt at any date, the number of years obtained by dividing:

 (1)    the sum of the products obtained by multiplying (a) the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that
shall elapse between such date and the making of such payment, by 
 (2)    the then outstanding principal amount of
such Debt. 
 “Wholly Owned” means a Subsidiary all the Voting Stock of which (except directors’ qualifying shares) is
at that time owned, directly or indirectly, by the Parent Guarantor and its other Wholly Owned Restricted Subsidiaries. 

Section 1.02    Other Definitions. 
  

			
	 Term
	  	Defined in Section
	 “Affiliate Transaction”
	  	4.09
	 “Agent”
	  	2.04
	 “Allocable Excess Proceeds”
	  	4.07
	 “Applicable Law”
	  	12.16
	 “Applicable Premium Deficit”
	  	8.02(a)
	 “Authentication Agent”
	  	2.14
	 “Change of Control Offer”
	  	4.11(a)
	 “Change of Control Purchase Date”
	  	4.11(b)
	 “Change of Control Purchase Price”
	  	4.11(a)
	 “covenant defeasance option”
	  	8.01
	 “Definitive Note”
	  	Appendix A
	 “Depositary”
	  	Appendix A

  
 44 

			
	 “Directing Holder”
	  	6.02
	 “DTC”
	  	2.04
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.07
	 “Exchange Notes”
	  	Appendix A
	 “Increased Amount”
	  	4.06
	 “Initial Default”
	  	6.04
	 “LCT Election”
	  	1.05
	 “LCT Test Date”
	  	1.05
	 “legal defeasance option”
	  	8.01
	 “Noteholder Direction”
	  	6.02
	 “Notes Custodian”
	  	Appendix A
	 “Notice of Default”
	  	6.01
	 “Offer Amount”
	  	4.07(d)(2)
	 “Offer Period”
	  	4.07(d)(2)
	 “Original Notes”
	  	Recitals hereto
	 “Paying Agent”
	  	2.04
	 “Permitted Debt”
	  	4.04
	 “Position Representation”
	  	6.02
	 “Prepayment Offer”
	  	4.07
	 “Public Offer”
	  	1.05(a)
	 “Redemption Date”
	  	3.03
	 “Registered Exchange Offer”
	  	Appendix A
	 “Registrar”
	  	2.04
	 “Reversion Date”
	  	4.01
	 “Surviving Issuer”
	  	5.01(a)
	 “Surviving Parent”
	  	5.02(a)
	 “Suspended Covenants”
	  	4.01
	 “Suspension Date”
	  	4.01
	 “Suspension Period”
	  	4.01
	 “Verification Covenant”
	  	6.02

 Section 1.03    Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA as applicable to this Indenture, the provision is incorporated by reference in and made a part of this Indenture upon and after, but not before, the qualification of this Indenture under the
TIA. The following TIA terms have the following meanings: 
 “indenture securities” means the Notes and the
Guarantees. 
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture
securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by SEC rules have the meanings assigned to them by such definitions. 
 Section 1.04    Rules of
Construction. Unless the context otherwise requires: 
 (a)    a term has the meaning assigned to it;

 (b)    an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 

  
 45 

 (c)    “or” is not exclusive; 

(d)    “including” means “including, without limitation”; 

(e)    words in the singular include the plural, and words in the plural include the singular; 

(f)    unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of
its nature as unsecured Debt; 
 (g)    the principal amount of any
non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Parent Guarantor dated such date prepared in accordance with
GAAP; 
 (h)    the principal amount of any Preferred Stock shall be the greater of (i) the maximum
liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock; 

(i)    references to any contract, agreement or instrument shall mean the same as amended, modified,
supplemented or amended and restated from time to time, in each case, in accordance with any applicable restrictions contained in this Indenture; 

(j)    the terms “property,” “properties,” “asset” and “assets”
shall have the same meaning; and 
 (k)    for the avoidance of doubt, the terms “dissolution and
“liquidation” do not include a merger, amalgamation or similar transaction. 
 Section 1.05    Limited
Condition Transactions; Measuring Compliance. 
 (a)    In connection with any action being taken in connection with
a Limited Condition Transaction, for purposes of (i) determining compliance with any provision of this Indenture that requires the calculation of any other financial ratio or (ii) testing availability under baskets set forth in this
Indenture (including baskets measured as a percentage of Consolidated Total Assets or Consolidated EBITDA), in each case, at the option of the Issuer (the Issuer’s election to exercise such option in connection with any Limited Condition
Transaction, an “LCT Election”), the date of determination of whether any such transaction is permitted hereunder shall be deemed to be the date (the “LCT Test Date”) (x) the definitive agreement for such Limited
Condition Transaction is entered into (or, in respect of any transaction described in clauses (ii) and (iii) of the definition of “Limited Condition Transaction,” delivery of irrevocable notice, declaration of dividend or similar
event), and not at the time of consummation of such Limited Condition Transaction or (y) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies (or similar law in another jurisdiction),
the date on which a “Rule 2.7 announcement” of a firm intention to make an offer (or equivalent announcement in another jurisdiction) (a “Public Offer”) is issued in respect of a target of such acquisition, and if, after
giving pro forma effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) as if they had occurred at the beginning of the
most recent Test Period ending prior to the LCT Test Date, the Parent Guarantor and the Restricted Subsidiaries could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed
to have been complied with. 

  
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 (b)    For the avoidance of doubt, if the Issuer has made an LCT
Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets or
Consolidated EBITDA on a consolidated basis or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios shall not be deemed to have been exceeded as a
result of such fluctuations solely for purposes of determining whether the relevant transaction or action is permitted to be consummated or taken; provided that if such ratios or baskets improve as a result of such fluctuations, such improved
ratios and/or baskets may be utilized. If the Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the Incurrence of Debt or
Liens, or the making of Restricted Payments or Permitted Investments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of a Person, the prepayment, redemption, purchase, defeasance or other satisfaction of
Debt, or the designation of an Unrestricted Subsidiary on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement for such Limited Condition
Transaction is terminated or expires (or, if applicable, the irrevocable notice, declaration of dividend or similar event is terminated or expires or, as applicable, the offer in respect of a Public Offer for, such acquisition is terminated) without
consummation of such Limited Condition Transaction, any such ratio or basket shall be tested by calculating the availability under such ratio or basket on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in
connection therewith have been consummated (including any Incurrence of Debt and any associated Lien and the use of proceeds thereof; provided that Consolidated Interest Expense for purposes of the Consolidated Fixed Charges Coverage Ratio
shall be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Debt or, if no such indicative interest margin exists, as reasonably determined by
the Issuer in good faith). 
 (c)    In connection with any action being taken in connection with a Limited Condition
Transaction, for purposes of determining compliance with any provision of this Indenture which requires that no Default or Event of Default has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the
option of the Issuer, be deemed satisfied, so long as no Default or Event of Default exists on the date the definitive agreements for such Limited Condition Transaction are entered into. For the avoidance of doubt, if the Issuer has exercised its
option to make an LCT Election and any Default or Event of Default occurs following the date the definitive agreements for the applicable Limited Condition Transaction were entered into and prior to the consummation of such Limited Condition
Transaction, any such Default or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition Transaction is permitted under this
Indenture. 
 ARTICLE 2 

THE NOTES 

Section 2.01    Amount of Notes. The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture is unlimited, subject to compliance with Sections 2.03 and 4.04. All Notes shall be identical in all respects other than issue prices, issuance dates, first Interest Payment Dates and first dates from which interest
shall accrue. 
 Subject to Section 2.03, the Trustee shall authenticate the Original Notes for original issue on the Issue Date. With
respect to any Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, Original Notes pursuant to Sections 2.07, 2.08, 2.10 or 3.06 or Appendix A), the
Issuer may issue such Notes but only in compliance with Section 2.03. 

  
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 Section 2.02    Form and Dating. Provisions relating to the
Initial Notes and the Exchange Notes are set forth in Appendix A, which is hereby incorporated in and expressly made part of this Indenture. The Notes and the certificate of authentication included therein shall be substantially in the form of
Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage,
provided that any such notation, legend or endorsement is in a form reasonably acceptable to the Issuer. Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture.
The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.03    Execution and Authentication. One Officer shall sign the Notes for the Issuer by manual or
facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the
Note, the Note shall be valid nevertheless. 
 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 Trustee for authentication. The Trustee shall authenticate and deliver: 

(i)    Original Notes for original issue in the aggregate principal amount not to exceed
$350.0 million; 
 (ii)    Additional Notes from time to time for original issue in aggregate
principal amounts specified by the Issuer, the terms of which Additional Notes shall be set forth in either (1) a resolution of the Board of Directors of the Issuer, (2) an Officers’ Certificate or (3) one or more indentures
supplemental hereto; provided that the Issuer’s ability to issue Additional Notes shall be subject to the Company’s compliance with Section 4.04; and 

(iii)    Exchange Notes from time to time for issue in exchange for a like principal amount of Initial
Notes (including any Additional Notes issued as Initial Notes), 
 in each case, after the following conditions have been met: 

(1)    Receipt by the Trustee of an Officers’ Certificate specifying: 

(A)    the amount of Notes to be authenticated pursuant to this Indenture and the date on which the Notes
are to be authenticated, 
 (B)    whether the Notes are to be Initial Notes, Additional Notes or
Exchange Notes, and 
 (C)    whether the Notes are to be issued as one or more Global Notes or
Definitive Notes. 
 (2)    In the case of Additional Notes that are not fungible with the Original Notes
for federal income tax purposes, such Additional Notes shall bear a different CUSIP number and ISIN. 

  
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 (3)    In the case of Exchange Notes, effectiveness of a
Registration Statement and consummation of a Registered Exchange Offer thereunder, Initial Notes exchanged for Exchange Notes shall be cancelled by the Trustee. 

A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Initial Notes, the Additional Notes
and the Exchange Notes shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Initial Notes, the Additional Notes and the Exchange Notes shall vote and consent together on all matters to which such
Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes, the Additional Notes or the Exchange Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are
entitled to vote or consent. 
 Section 2.04    Registrar and Paying Agent. The Issuer shall maintain an
office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall
keep a register of the Notes and of their transfer and exchange. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any
additional paying agent. 
 The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes. The Issuer has entered into a letter of representations with DTC in the form provided by DTC and the Trustee and each Registrar, co-registrar, Paying Agent, additional paying agent
or custodian (“Agent”) is hereby authorized to act in accordance with such letter and applicable procedures of DTC. Neither the Trustee nor any Agent shall have responsibility for any actions taken or not taken by the Depositary.

 The Issuer shall enter into an appropriate agency agreement with any Registrar, Paying Agent or
co-registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such
agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer, the Parent Guarantor or any of its domestically
incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar, co-registrar or transfer agent. 

Initially, the Trustee shall act as Registrar and Paying Agent with regard to the Notes. 

Section 2.05    Paying Agent to Hold Money in Trust. No later than 11:00 a.m. (Eastern time) on each due date
of the principal and interest on any Note, the Issuer shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in
writing that the Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any default by the
Issuer in making any such payment. If the Issuer, the Parent Guarantor or a Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. Upon any bankruptcy or
reorganization proceedings relating to the Parent Guarantor or any of its Subsidiaries, the Trustee shall serve as the Paying Agent. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed by the Paying Agent. Upon complying with this Section 2.05, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

  
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 Section 2.06    Noteholder Lists. The Registrar shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in writing at least five
Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders. 

Section 2.07    Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a
Note claims that such Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note; provided the Holder satisfies the reasonable requirements of the Trustee and/or the
Authentication Agent, as applicable. If required by the Trustee or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee (and the Paying Agent, Registrar and Authentication Agent, if not the
Trustee) to protect the Issuer, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the
Holder for their expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Issuer. The provisions of this
Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.08    Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee
(or an Authentication Agent), except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding
because the Issuer or an Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient
to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date, such Notes (or portions thereof) cease to be outstanding and interest
on them ceases to accrue. 
 Section 2.09    Treasury Notes. In determining whether the Holders of
the requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in actually relying on any such direction, waiver or consent, only Notes that a Trust Officer of the Trustee knows are so owned shall be so disregarded. Notes so owned that have been pledged in good
faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuer or any obligor
upon the Notes or any Affiliate of the Issuer or of such other obligor. 
 Section 2.10    Temporary Notes.
Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuer considers
appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive Notes and deliver them in exchange for temporary Notes. 

  
 50 

 Section 2.11    Cancellation. The Issuer at any time may
deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of
all Notes surrendered for registration of transfer, exchange, payment or cancellation in its customary manner. The Issuer may not issue new Notes to replace Notes that have been redeemed, paid or delivered to the Trustee for cancellation, except
pursuant to the terms of this Indenture. 
 Section 2.12    Defaulted Interest. If the Issuer defaults in a
payment of interest on the Notes, the Issuer shall pay the defaulted interest (plus interest on such defaulted interest to the extent lawful) at the rate borne by the Notes in any lawful manner. The Issuer may pay the defaulted interest to the
persons who are Noteholders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly deliver to each Noteholder a
notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 2.13    CUSIP or ISIN Numbers. The Issuer in issuing the Notes may use “CUSIP” or
“ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, however, that neither the Issuer nor
the Trustee shall have any responsibility for any defect in the “CUSIP” or “ISIN” number that appears on any Note, check, advice of payment or redemption notice, and any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in such numbers. 

Section 2.14    Authentication Agent. The Trustee may appoint an authentication agent (the
“Authentication Agent”) reasonably acceptable to the Issuer that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and
transfers and exchanges of Notes hereunder, including under Sections 2.03, 2.07 and 2.10 and Appendix A as fully to all intents and purposes as though the Authentication Agent had been expressly authorized by this Indenture and those Sections to
authenticate and deliver Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer. For all purposes of this Indenture, the authentication and delivery of Notes by the
Authentication Agent shall be deemed to be authentication and delivery of such Notes “by the Trustee,” and a certificate of authentication executed on behalf of the Trustee by an Authentication Agent shall be deemed to satisfy any
requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such Authentication Agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.10. 

Any corporation or other entity into which any Authentication Agent may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, consolidation or conversion to which any Authentication Agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any Authentication Agent, shall
be the successor of the Authentication Agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 2.14, without the execution or filing of any paper or any further act on the part of the parties
hereto or the Authentication Agent or such successor corporation or other entity. 

  
 51 

 Any Authentication Agent may at any time resign by giving written notice of resignation to
the Trustee and to the Issuer. The Trustee may at any time terminate the agency of any Authentication Agent by giving written notice of termination to such Authentication Agent and to the Issuer. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time any Authentication Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Authentication Agent (which may be the Trustee), shall give written notice of such appointment to
the Issuer and shall deliver notice of such appointment to all Holders. 
 The Issuer agrees to pay to the Authentication Agent from time to
time reasonable compensation for its services as agreed upon in writing. 
 The provisions of Sections 7.02, 7.03, 7.04 and this
Section 2.14 shall be applicable to any Authentication Agent. 
 If an Authentication Agent is appointed pursuant to this
Section 2.14, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

                       
                                 , 

as Authentication Agent, certifies that this is one of the Notes described 

in the within-named Indenture. 

By:
                                         
    
       Authorized Officer 

ARTICLE 3 
 REDEMPTION 

Section 3.01    Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.08, the
Issuer shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: (1) the redemption date, (2) the principal amount of Notes to be redeemed, (3) the
redemption price, if then ascertainable, and (4) that such redemption is being made pursuant to Section 3.08. 
 Any optional
redemption referenced in such Officers’ Certificate may be cancelled by the Issuer at any time prior to notice of redemption being sent to any Holder and thereafter shall be null and void. 

Section 3.02    Selection of Notes to be Redeemed. In the case of any partial redemption, the Notes shall be
selected for redemption, with respect to Global Notes, in accordance with the applicable procedures of DTC and, with respect to certificated Notes, by lot, pro rata or by such method as the Trustee shall deem fair and appropriate; provided
that no Note of $2,000 in principal amount or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. Upon
the request of the Issuer, a new Note in principal amount equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note. Provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuer in writing promptly of the Notes or portions of Notes to be redeemed. 

  
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 Section 3.03    Notice of Redemption. At least 30 days but
not more than 60 days before a date for redemption of Notes (such date, a “Redemption Date”), the Issuer shall mail, or cause to be mailed, a notice of redemption by first-class mail, and in the case of Notes held in book-entry
form, by electronic transmission or otherwise in accordance with the applicable procedures of DTC, to each Holder of Notes to be redeemed. 

The notice shall identify the Notes to be redeemed (including any CUSIP or ISIN numbers) and shall state: 

(a)    the redemption date; 

(b)    the redemption price or the information specified in Section 3.08(d); 

(c)    the name and address of the applicable Paying Agent; 

(d)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (e)    if fewer than all the outstanding Notes are to be redeemed, the portion of the principal
amounts of the particular Notes to be redeemed; 
 (f)    that, unless the Issuer defaults in making such
redemption payment, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(g)    if such redemption or notice is subject to satisfaction of one or more conditions precedent, such
notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date so delayed; and 

(h)    that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if
any, listed in such notice or printed on the Notes. 
 At the Issuer’s written request, the Trustee shall give the notice of redemption
in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section at least two Business Days before notice of redemption is required to be sent or caused to
be sent to Holders pursuant to this Section 3.03, unless the Trustee consents to a shorter period. 
 Any notice to Holders of such a
redemption pursuant to Section 3.08(d) shall include the appropriate calculation of the redemption price, but does not need to include the redemption price itself. 

Section 3.04    Effect of Notice of Redemption. Once notice of redemption is sent, Notes called for redemption
become due and payable on the redemption date and at the redemption price stated in the notice (except as provided for pursuant to Section 3.08(f)). Upon surrender to the applicable Paying Agent, such Notes shall be paid at the redemption price
stated in the notice, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the related Interest Payment Date that is on or prior to
the date of redemption). Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

  
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 Section 3.05 Deposit of Redemption Price. At or prior to 11:00 a.m. New York
City time on the redemption date, the Issuer shall deposit with the applicable Paying Agent (or, if the Issuer, the Parent Guarantor or any of its Wholly Owned Subsidiaries is acting as the Paying Agent, shall segregate and hold in trust) money in
U.S. Dollars sufficient to pay the redemption price of and accrued interest (subject to the right of Holders of record on the relevant Record Date to receive interest due on the related Interest Payment Date that is on or prior to the date of
redemption) on all Notes to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Trustee for cancellation. The Paying Agent shall promptly distribute to each Holder whose
Notes are to be redeemed the applicable redemption price thereof and accrued and unpaid interest thereon. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in
excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 
 If the
Issuer complies with the provisions of this Section 3.05, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption whether or not such Notes are presented for payment, and the
Holders of such Notes shall have no further rights with respect to such Notes except the right to receive such payment of the redemption price and accrued and unpaid interest, if any, on such Notes upon surrender of such Notes. If a Note is redeemed
on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption date in respect of such Note shall be paid on such redemption date to the Person in whose name such Note is
registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption by the Issuer. 

Section 3.06 Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee
shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered; provided that each new Note shall be in a principal amount $2,000 or an integral multiple
of $1,000 in excess thereof. Notwithstanding the foregoing, in the case of a Global Note, upon surrender of a Note that is redeemed in part, an appropriate notation shall be made on such Note to decrease the principal amount thereof to an amount
equal to the unredeemed portion thereof. 
 Section 3.07 [Reserved]  

Section 3.08 Optional Redemption. 

(a) Except as set forth in clauses (c) and (d) of this Section 3.08 and Section 4.11(g), the Notes shall not be redeemable at
the option of the Issuer prior to September 15, 2022. 
 (b) On or after September 15, 2022, the Issuer may, at its option, redeem
all or any portion of the Notes, on any one or more occasions, upon not less than 30 days’ nor more than 60 days’ prior notice. The Notes may be redeemed at the redemption prices set forth below, plus accrued and unpaid interest, if any,
to, but not including, the redemption date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date). The following prices are for Notes redeemed during the 12-month period commencing on September 15 of the years set forth below, and are expressed as percentages of principal amount: 
  

					
	 Redemption Year
	  	Price	 
	 2022
	  	 	102.375	% 
	 2023
	  	 	101.188	% 
	 2024 and thereafter
	  	 	100.000	% 

  
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 (c) At any time and from time to time, prior to September 15, 2022, the Issuer may, on
any one or more occasions, redeem up to a maximum of 40% of the original aggregate principal amount of the Notes (including Additional Notes, if any) with the Net Cash Proceeds of one or more Equity Offerings, at a redemption price equal to 104.750%
of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the redemption date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date); provided, however, that immediately after giving effect to any such redemption, at least 50% of the original aggregate principal amount of Notes (including Additional Notes, if any) remains outstanding. Any such
redemption shall be made within 90 days of such Equity Offering upon not less than 30 and no more than 60 days’ prior notice. 
 (d) In
addition, the Issuer may choose to redeem all or any portion of the Notes, on any one or more occasions, prior to September 15, 2022, upon not less than 30 days’ nor more than 60 days’ prior notice, at a redemption price equal to the
sum of: 
 (i) 100% of the principal amount of the Notes to be redeemed, plus 

(ii) the Applicable Premium, 

plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders on the relevant Record Date to
receive interest due on the relevant Interest Payment Date). Any notice to Holders of such a redemption shall set forth the manner of the calculation of the redemption price, but need not set forth the redemption price itself. The actual redemption
price, calculated as described above, must be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the redemption date. 

(e) If the optional redemption date is on or after a Record Date and on or before the related Interest Payment Date, the accrued and unpaid
interest, if any, shall be paid to the Person in whose name the Note is registered at the close of business on such Record Date; provided that if the Notes are in global form, such accrued and unpaid interest shall be paid in accordance with
the applicable procedures of DTC. 
 (f) Any redemption notice may, at the Issuer’s discretion, be subject to one or more conditions
precedent, including the completion of an Equity Offering, an Incurrence of Debt or other corporate transaction. 
 Section 3.09
Mandatory Redemption; Sinking Fund; Open Market Purchases. The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the Issuer may be required
to offer to purchase the Notes pursuant to Section 4.07 and Section 4.11 of this Indenture. The Issuer and its Affiliates may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated
transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Covenant Suspension. On and after the first day (such date, the “Suspension Date”) that: 

  
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 (a) the Notes have Investment Grade Ratings from both Rating Agencies, and 

(b) no Default or Event of Default has occurred and is continuing under this Indenture, 

the Parent Guarantor and the Restricted Subsidiaries shall not be subject to the following Sections of this Indenture: Section 4.04, Section 4.05,
Section 4.07, Section 4.08, Section 4.09, Section 4.12 (but only with respect to any Person that would be required to become a Guarantor after the date of the commencement of the applicable Suspension Period) and clause
(d) of Section 5.02 (collectively, the “Suspended Covenants”). In the event that the Parent Guarantor and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the
preceding sentence and, subsequently, one or both of the Rating Agencies withdraws its ratings or downgrades the ratings assigned to the Notes below the required Investment Grade Ratings or a Default or Event of Default occurs and is continuing (the
date of such ratings withdrawal or downgrade or the occurrence of such Default or Event of Default, the “Reversion Date”), then the Parent Guarantor and the Restricted Subsidiaries shall thereafter again be subject to the Suspended
Covenants for all periods after that withdrawal, downgrade, Default or Event of Default; provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note
Guarantees with respect to the Suspended Covenants based on, and none of the Parent Guarantor or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined below), regardless
of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the Suspension Date and the Reversion Date is referred to as the “Suspension
Period.” 
 The Issuer shall give the Trustee written notice of any such suspension of covenants and in any event not later than
five Business Days after such suspension has occurred. In the absence of such notice, the Trustee shall assume that the Suspended Covenants are in full force and effect. 

Compliance with the provisions of Section 4.05 with respect to Restricted Payments made after the Reversion Date shall be calculated in
accordance with the terms of Section 4.05 as though such section had been in effect during the entire Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as
Restricted Payments under the first paragraph of Section 4.05. 
 Solely for the purpose of determining the amount of Permitted Liens
under Section 4.06 during any Suspension Period and without limiting the Parent Guarantor’s or any Restricted Subsidiary’s ability to Incur Debt during any Suspension Period, to the extent that calculations in Section 4.06 refer
to Section 4.04, such calculations shall be made as though Section 4.04 remains in effect during the Suspension Period. On the Reversion Date, all Debt Incurred during the Suspension Period shall be classified to have been Incurred
pursuant to clause (a) of the first paragraph of Section 4.04 or one of the clauses of the second paragraph of Section 4.04 (to the extent such Debt would be permitted to be Incurred thereunder as of the Reversion Date and after
giving effect to Debt Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Debt would not be permitted to be Incurred pursuant to clause (a) of the first paragraph of Section 4.04 or one of the
clauses of the second paragraph of Section 4.04, such Debt shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (x) of the second paragraph of Section 4.04. For purposes of
determining compliance with Section 4.07, on the Reversion Date, the Net Available Cash from all Asset Sales not applied in accordance with Section 4.07 shall be deemed to be reset to zero. No Subsidiaries may be designated as Unrestricted
Subsidiaries during any Suspension Period. 

  
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 The Issuer shall give the Trustee written notice of any occurrence of a Reversion Date not
later than five Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume that the Suspended Covenants apply and are in full force and effect. 

Section 4.02 Payment of Notes. The Issuer shall promptly pay, or cause to be paid, the principal of, premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if, as of 11:00 a.m. New York City time on such date, the Trustee or the
applicable Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due. 

The Issuer shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights
Agreement. In the event the Issuer is required to pay Additional Interest, the Issuer shall provide written notice to the Trustee of the Issuer’s obligation to pay Additional Interest no later than three Business Days prior to the next Interest
Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Issuer. 
 The Issuer shall pay interest
on overdue principal at the rate specified therefor in the Notes, and they shall pay interest on overdue installments of interest at the rate borne by the Notes to the extent lawful. 

Section 4.03 Reports. Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the
Issuer shall furnish to the Holders or cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations that are then applicable to the Parent Guarantor (or, if the Parent Guarantor is then not
subject to the reporting requirements of the Exchange Act, within the time periods specified in the SEC’s rules and regulations for non-accelerated filers): 

(1) all quarterly and annual reports that would be required to be filed by the Parent Guarantor with the SEC on Forms 10-Q and 10-K if the Parent Guarantor were required to file such reports; and 

(2) all current reports required to be filed by the Parent Guarantor with the SEC on Form
8-K if the Parent Guarantor were required to file such reports; 
 provided that the electronic filing of the
foregoing reports by the Parent Guarantor on the SEC’s EDGAR system (or any successor system) shall be deemed to satisfy the Issuer’s delivery obligations to the Trustee and any Holder, it being understood that the Trustee shall have no
responsibility to determine whether any reports have been filed on the SEC’s EDGAR system (or any successor system). 
 All such
reports shall be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K shall include a report on the Parent
Guarantor’s consolidated financial statements by the Parent Guarantor’s certified independent accountants. In addition, unless the SEC shall not accept such a filing, the Parent Guarantor shall file a copy of each of the reports referred
to in clauses (1) and (2) of this Section 4.03 on the SEC’s EDGAR system (or any successor system) within the time periods specified above, and the Issuer or the Parent Guarantor shall post the reports on its website within those time
periods. 
 If, at any time, the Parent Guarantor is no longer subject to the periodic reporting requirements of the Exchange Act for any
reason, the Parent Guarantor shall nevertheless continue filing the reports 

  
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specified in the preceding paragraphs of this Section 4.03 with the SEC within the time periods specified above, unless the SEC shall not accept such a filing. Neither the Issuer nor the
Parent Guarantor shall take any action reasonably expected to cause the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC shall not accept the Parent Guarantor’s filings for any reason, the Issuer or the Parent
Guarantor shall post the reports referred to in the preceding paragraphs on a website within the time periods specified above (which may be nonpublic and may be maintained by the Issuer, the Parent Guarantor or a third party) to which access shall
be given to Holders, prospective purchasers of the Notes (which prospective purchasers shall be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act) or
non-U.S. persons (as defined in Regulation S under the Securities Act), securities analysts and market making institutions that certify their status as such to the reasonable satisfaction of the Issuer or the
Parent Guarantor. 
 If the Parent Guarantor has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Unrestricted
Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary, then the quarterly and annual financial information required by the preceding paragraphs shall include a presentation, either on the face of the
financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations of the Parent Guarantor and its
Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Parent Guarantor. In addition, the Issuer agrees that, if at any time it is not required to file with the SEC the reports
required by the preceding paragraphs, it shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

To the extent any information is not provided within the time periods specified in this Section 4.03 and such information is subsequently
provided, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured. 

The Issuer shall be deemed to have furnished such reports to the Trustee and the Holders of the Notes if any direct or indirect parent of the
Parent Guarantor has filed such reports (including, in the case of any annual report on Form 10-K, reports by the certified independent accountants of such direct or indirect parent on such direct or indirect
parent’s consolidated financial statements) with the SEC using the EDGAR filing system (or any successor thereto) within the time periods specified above; provided that (i) such direct or indirect parent has become a Guarantor and
(ii) such reports provide selected financial information that show any material differences between the financial condition and results of operations of the Parent Guarantor and its consolidated subsidiaries, on the one hand, and such direct or
indirect parent and its consolidated subsidiaries, on the other hand. 
 The Trustee shall not be obligated to monitor or confirm, on a
continuing basis or otherwise, the Issuer’s, any Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports or other documents filed under this Indenture. 

Section 4.04 Limitation on Debt. The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary to, Incur,
directly or indirectly, any Debt (including Acquired Debt) unless, after giving effect to the application of the proceeds thereof and either: 

(a) the Debt is Debt (in each case, including Acquired Debt) of the Parent Guarantor or a Restricted Subsidiary and after giving Pro Forma
Effect to the Incurrence of the Debt and the application of the proceeds thereof, the Consolidated Fixed Charges Coverage Ratio would be at least 2.00 to 1.00; provided that the aggregate principal amount of Debt permitted to be Incurred
pursuant to this clause (a) by non-Guarantor Restricted Subsidiaries may not exceed, at the time of the Incurrence thereof, the greater of (i) $75.0 million and (ii) 10% of Consolidated EBITDA for
the Test Period, or 

  
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 (b) the Debt is Permitted Debt. 

“Permitted Debt” means: 

(i) Debt of the Issuer or any Guarantor evidenced by the Notes and the Note Guarantees (including Exchange Notes issued
pursuant to the Registration Rights Agreement and the Guarantees thereof, but excluding any Additional Notes); 
 (ii) Debt
of the Parent Guarantor or a Restricted Subsidiary Incurred under Credit Facilities up to an aggregate principal amount (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof)
outstanding at any one time not to exceed (1) $1,500.0 million plus (2) the greater of (x) $750.0 million and (y) 100.0% of Consolidated EBITDA for the Test Period plus (3) an additional amount of Debt such that, on a Pro Forma
Basis, after giving effect to such Debt the Secured Leverage Ratio does not exceed 3.00 to 1.00 (and for purposes of this clause (3), any amount Incurred pursuant to this clause (3) shall be treated as if such amount is Consolidated Secured
Debt, regardless of whether such amount is actually secured); 
 (iii) Debt of the Parent Guarantor owing to and held by any
Restricted Subsidiary and Debt of a Restricted Subsidiary owing to and held by the Parent Guarantor or any Restricted Subsidiary; provided, however, that (1) any subsequent issue or transfer of Capital Stock or other event that
results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of that Debt (except to the Parent Guarantor or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of that Debt
by the issuer thereof, and (2) if the Issuer or a Guarantor is the obligor on that Debt and the Debt is owed to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor, the Debt is expressly subordinated to the prior payment in
full in cash of all obligations with respect to the Notes or the applicable Note Guarantee; 
 (iv) Debt Incurred by the
Parent Guarantor or any of its Restricted Subsidiaries in a Permitted Acquisition, any other Investment permitted under this Indenture or any disposition, in each case to the extent constituting indemnification obligations or obligations in respect
of purchase price (including earn-outs) or other similar adjustments; 
 (v) Debt consisting of obligations of the Parent
Guarantor (or any direct or indirect parent of the Parent Guarantor) or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions and Permitted
Acquisitions or any other Investment permitted under this Indenture; 
 (vi) Cash Management Obligations and other Debt in
respect of netting services, automatic clearinghouse arrangements, overdraft protections, cash pooling arrangements, purchase card and similar arrangements in each case incurred in the ordinary course; 

(vii) Debt supported by a letter of credit under the Credit Agreement in a principal amount not to exceed the face amount of
such letter of credit; 
 (viii) Debt Incurred by a non-Guarantor Restricted
Subsidiary, and Guarantees thereof by any non-Guarantor Restricted Subsidiary, (x) in an aggregate principal amount not to exceed, 

  
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at the time of the Incurrence thereof, the greater of (i) $175.0 million and (ii) 22.5% of Consolidated EBITDA for the Test Period and (y) under working capital lines, lines of credit
or overdraft facilities (to the extent such Debt is non-recourse to the Issuer and the Guarantors); 

(ix) obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar
obligations provided by the Parent Guarantor or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent
with past practice; 
 (x) Debt of the Parent Guarantor and its Restricted Subsidiaries outstanding on the Issue Date (other
than Debt described in clauses (i) and (ii) above); 
 (xi) Debt of the Parent Guarantor or any Restricted Subsidiary
(a) Incurred and outstanding on the date of any acquisition of any assets (including through the acquisition of a Person that becomes or is merged with and into the Parent Guarantor or a Restricted Subsidiary) or secured by a Lien on any assets
(including the assets of the Parent Guarantor or any such Restricted Subsidiary) on or prior to the acquisition thereof and (b) Incurred to provide all or any portion of the funds utilized to consummate the transaction or series of related
transactions in connection with, or in contemplation of, any acquisition of any assets (including through the acquisition of a Person that becomes or is merged with and into the Parent Guarantor or a Restricted Subsidiary) or secured by a Lien on
any assets (including the assets of the Parent Guarantor or any such Restricted Subsidiary) prior to the acquisition thereof; provided, however, that at the time of any such transaction in clauses (a) and (b) above, either (A) the
Parent Guarantor would have been able to Incur $1.00 of additional Debt pursuant to clause (a) of the first paragraph of this Section 4.04 after giving Pro Forma Effect to the Incurrence of such Debt pursuant to this clause (xi) or
(B) on a Pro Forma Basis, either (x) the Consolidated Fixed Charges Coverage Ratio for the Parent Guarantor and its Restricted Subsidiaries would be greater than or equal to such ratio for the Parent Guarantor and its Restricted Subsidiaries or
(y) the Total Leverage Ratio for the Parent Guarantor and its Restricted Subsidiaries would be less than or equal to such ratio for the Parent Guarantor and its Restricted Subsidiaries, in each case, immediately prior to such transaction; 

(xii) (A) additional Debt in an aggregate principal amount not to exceed, at the time of the Incurrence thereof, the greater of
(x) $275.0 million and (y) 35.0% of Consolidated EBITDA for the Test Period or (B) after giving Pro Forma Effect to the Incurrence of the Debt and the application of the proceeds thereof, the Total Leverage Ratio would not exceed 4.25 to
1.00; 
 (xiii) (1) Attributable Debt and other Debt (including Capital Lease Obligations) financing the acquisition,
construction, repair, replacement or improvement of fixed or capital assets (provided that such Debt is Incurred within 270 days after the applicable acquisition, construction, repair, replacement or improvement), (2) Attributable Debt arising out
of Permitted Sale and Leaseback Transactions and (3) any Permitted Refinancing Debt with respect to any Debt set forth in the clauses (1) and (2); provided that the aggregate principal amount of Debt (including Attributable Debt,
but excluding Attributable Debt Incurred pursuant to clause (2)) does not exceed, at the time of the Incurrence thereof, the greater of (x) $175.0 million and (y) 3.0% of Consolidated Total Assets as of the last day of the most recently ended
Test Period; 
 (xiv) Debt of the Parent Guarantor or any Restricted Subsidiary consisting of Guarantees of Debt of the
Parent Guarantor or any Restricted Subsidiary permitted to be Incurred under any other clause of this Section 4.04; provided that in the event such Debt being 

  
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Guaranteed is a Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, to the same extent as the
Debt being Guaranteed; 
 (xv) obligations of non-Wholly Owned Foreign Subsidiaries
in respect of Disqualified Stock in an aggregate principal amount outstanding at any one time not to exceed $12.5 million; 

(xvi) Debt (i) in respect of Swap Contracts that are Incurred in the ordinary course of business (and not for speculative
purposes) or (ii) consisting of any Permitted Bond Hedge Transaction or any Permitted Warrant Transaction; 
 (xvii) Non-Recourse Debt with respect to any Qualified Securitization Transaction and Guarantees constituting Standard Securitization Undertakings in respect of Qualified Securitization Transactions; 

(xviii) Debt Incurred by the Parent Guarantor or any of its Restricted Subsidiaries in respect of letters of credit, bank
guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance or other Debt with respect to reimbursement-type obligations regarding workers compensation claims; 

(xix) Debt consisting of (i) the financing of insurance premiums or (ii) take or pay obligations contained in supply
arrangements, in each case, in the ordinary course of business; 
 (xx) Debt representing deferred compensation to employees
of the Parent Guarantor (or any direct or indirect parent of the Parent Guarantor) and its Restricted Subsidiaries incurred in the ordinary course of business; 

(xxi) Debt to future, present or former directors, officers, members of management, employees or consultants of the Parent
Guarantor or any of its Subsidiaries or their respective estates, heirs, family members, spouses or former spouses to finance the purchase or redemption of Capital Stock of the Parent Guarantor (or any direct or indirect parent of the Parent
Guarantor) permitted by clause (h) of the second paragraph of Section 4.05; 
 (xxii) Debt of the Parent Guarantor
and its Restricted Subsidiaries relating to the Parent Guarantor’s European or Asia Pacific businesses Incurred under, and Guarantees of the Parent Guarantor or a Restricted Subsidiary Incurred in connection with, hypothecations of or Qualified
Securitization Transactions with respect to Time Share Receivables relating to resorts within the Parent Guarantor’s European or Asia Pacific businesses; 

(xxiii) Guarantees under the Separation and Distribution Agreement or the Intercompany Agreements; 

(xxiv) Permitted Refinancing Debt of Debt Incurred pursuant to clause (a) of the first paragraph of this Section 4.04
or clauses (i), (x), (xi) or this clause (xxiv) of this second paragraph of Section 4.04; and 
 (xxv) all premiums
(if any), interest (including post-petition interest, capitalized interest or interest otherwise payable in kind), fees, expenses, charges and additional or contingent interest on obligations described in the foregoing clauses of this second
paragraph of Section 4.04. 

  
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 For purposes of determining compliance with any restriction on the Incurrence of Debt in
U.S. Dollars where Debt is denominated in a different currency, the amount of such Debt shall be the Dollar Equivalent determined on the date of such determination. 

For purposes of determining compliance with this Section 4.04: 

(A) in the event that an item of Debt meets the criteria of more than one of the types of Debt described in the first and
second paragraphs of this Section 4.04, the Parent Guarantor, in its sole discretion, shall classify such item of Debt at the time of Incurrence and only be required to include the amount and type of such Debt in one of the above clauses of the
first or second paragraphs of this Section 4.04; 
 (B) the Parent Guarantor shall be entitled to divide and classify
and reclassify an item of Debt in more than one of the types of Debt described in this Section 4.04; provided that Debt outstanding under the Credit Agreement on the Issue Date shall at all times be treated as Incurred under clause
(ii) of the second paragraph of this Section 4.04 and may not be reclassified; 
 (C) Guarantees of, or obligations
in respect of letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens securing, Debt that is otherwise included in the determination of a particular amount of Debt shall not be included; 

(D) if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred
pursuant to any Credit Facility and are being treated as Incurred pursuant to any clause of the second paragraph of this Section 4.04 or the first paragraph of this Section 4.04 and the letters of credit, bankers’ acceptances or other
similar instruments relate to other Debt, then such other Debt shall not be included; 
 (E) the principal amount of any
Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary, shall be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or
repurchase premium) or the liquidation preference thereof; 
 (F) in the event that the Parent Guarantor or a Restricted
Subsidiary enters into or increases commitments under a revolving credit facility, the Consolidated Fixed Charges Coverage Ratio or the Total Leverage Ratio, as applicable, for borrowings and reborrowings thereunder (and including issuance and
creation of letters of credit and bankers’ acceptances thereunder) will, at the Issuer’s option as elected on the date the Parent Guarantor or a Restricted Subsidiary, as the case may be, enters into or increases such commitments, either
(a) be determined on the date of such revolving credit facility or such increase in commitments (assuming that the full amount thereof has been borrowed as of such date), and, if such Consolidated Fixed Charges Coverage Ratio or Total Leverage
Ratio, as applicable, test is satisfied with respect thereto at such time, any borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) shall be permitted under this covenant
irrespective of the Consolidated Fixed Charges Coverage Ratio or the Total Leverage Ratio, as applicable, at the time of any borrowing or reborrowing (or issuance or creation of letters of credit or bankers’ acceptances thereunder) or
(b) be determined on the date such amount is borrowed pursuant to any such facility or increased commitment; and 

  
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 (G) the amount of Debt issued at a price that is less than the principal
amount thereof shall be equal to the amount of the liability in respect thereof determined on the basis of GAAP. 
 Accrual of interest,
accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Debt, the payment of dividends in the form of additional shares of Preferred Stock or
Disqualified Stock or the reclassification of commitments or obligations not treated as Debt due to a change in GAAP shall not be deemed to be an Incurrence of Debt for purposes of this Section 4.04. 

If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Debt of such Subsidiary shall be deemed to be Incurred by such
Subsidiary as of such date (and, if such Debt is not permitted to be Incurred as of such date under this Section 4.04, the Issuer shall be in default of this Section 4.04). 

For purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Debt, the Dollar Equivalent principal
amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term debt, or first committed, in the case of revolving credit debt;
provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such U.S. Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does not exceed (a) the principal amount of
such Debt being refinanced plus (b) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums (including, without limitation, tender premiums) and other costs and expenses (including, without limitation,
original issue discount, upfront fees or similar fees) Incurred in connection with such refinancing. 
 Notwithstanding any other provision
of this Section 4.04, the maximum amount of Debt that the Parent Guarantor or a Restricted Subsidiary may Incur pursuant to this Section 4.04 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of
currencies. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
Refinancing Debt is denominated that is in effect on the date of such refinancing. 
 The Parent Guarantor shall not, and shall not permit
the Issuer or any Subsidiary Guarantor to, directly or indirectly, Incur any Debt that is subordinated or junior in right of payment to any Debt of the Parent Guarantor, the Issuer or such Subsidiary Guarantor, as the case may be, unless such Debt
is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Debt is subordinated to other Debt of the Issuer or such Guarantor, as the case may be. 

This Indenture shall not treat (1) unsecured Debt as subordinated or junior to secured Debt merely because it is unsecured or
(2) senior Debt as subordinated or junior to any other senior Debt merely because it has a junior priority with respect to the same collateral or is secured by different collateral or because it is guaranteed by different obligors. 

Section 4.05 Limitation on Restricted Payments. The Parent Guarantor shall not make, and shall not permit any Restricted
Subsidiary to make, directly or indirectly, any Restricted Payment unless at the time of, and after giving effect to, the proposed Restricted Payment, 

  
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 (a) no Default or Event of Default shall have occurred and be continuing (or
would result therefrom), 
 (b) the Parent Guarantor could Incur at least $1.00 of additional Debt pursuant to clause
(a) of the first paragraph of Section 4.04, or 
 (c) the aggregate amount of such Restricted Payment and all other
Restricted Payments (including Restricted Payments made pursuant to clause (d) (without duplication) and clause (l) of the next succeeding paragraph of this Section 4.05, but excluding all other Restricted Payments made pursuant to other
clauses of the next succeeding paragraph of this Section 4.05) declared or made after the Issue Date (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would not exceed an amount equal to the
sum of (without duplication): 
 (i) 50% of the aggregate amount of Consolidated Net Income accrued during the period
(treated as one accounting period) from July 1, 2018 to the end of the most recent fiscal quarter of the Parent Guarantor ending prior to the date of such Restricted Payment (or if the aggregate amount of Consolidated Net Income for such period
shall be a deficit, minus 100% of such deficit); provided that such amount shall not be less than zero, plus 

(ii) 100% of the aggregate Capital Stock Sale Proceeds received after August 23, 2018, plus 

(iii) the sum of: 

(A) the aggregate Net Cash Proceeds received by the Parent Guarantor or any Restricted Subsidiary from the issuance or sale
after August 23, 2018 of convertible or exchangeable Debt that has been converted into or exchanged for Capital Stock (other than Disqualified Stock) of the Parent Guarantor, and 

(B) the aggregate amount by which Debt of the Parent Guarantor or any Restricted Subsidiary is reduced on the Parent
Guarantor’s consolidated balance sheet on or after August 23, 2018 upon the conversion or exchange of any Debt issued or sold on or prior to August 23, 2018 that is convertible or exchangeable for Capital Stock (other than
Disqualified Stock) of the Parent Guarantor, excluding, in the case of clause (A) or (B): 
 (x) any Debt issued or
sold to the Parent Guarantor or a Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established by the Parent Guarantor or any such Subsidiary for the benefit of their employees, and 

(y) the aggregate amount of any cash or other property distributed by the Parent Guarantor or any Restricted Subsidiary upon
any such conversion or exchange, plus 
 (iv) 100% of the aggregate amount (including the Fair Market Value of
property other than cash) received by the Parent Guarantor or any Restricted Subsidiary by means of: 

  
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 (A) the sale or other disposition (other than to the Parent Guarantor or a
Restricted Subsidiary) of, or other returns on Investments from, Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Parent Guarantor or its
Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries, in each case, after August 23, 2018, less the cost
associated with any such sale, disposition or other return, and 
 (B) the sale or other disposition (other than to the
Parent Guarantor or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary or a dividend or distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary
constituted a Permitted Investment), in each case, after August 23, 2018, less the cost associated with any such sale or disposition, plus 

(v) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or
consolidation of an Unrestricted Subsidiary into the Parent Guarantor or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Parent Guarantor or a Restricted Subsidiary after
August 23, 2018, the Fair Market Value of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger,
amalgamation, consolidation or transfer of assets, other than to the extent the Investment constituted a Permitted Investment, plus 

(vi) the greater of (x) $350.0 million and (y) 45.0% of Consolidated EBITDA for the Test Period. 

Notwithstanding the foregoing, the limitations in the preceding paragraph shall not prohibit: 

(a) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock or
Subordinated Obligations of the Parent Guarantor, the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent contribution to the Capital Stock of the Parent Guarantor or the substantially
concurrent sale of, Capital Stock of the Parent Guarantor (other than Disqualified Stock and other than Capital Stock issued or sold to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established by the
Parent Guarantor or any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary unless
such loans have been repaid with cash on or prior to the date of determination); provided, however, that the Capital Stock Sale Proceeds from such sale of Capital Stock shall be excluded from clause (c)(ii) of the preceding paragraph;

 (b) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the
Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Parent Guarantor or any purchase, repurchase, redemption, defeasance or other acquisition or retirement of
Subordinated Obligations of the Issuer of any Subsidiary Guarantor made by exchange for or out of the proceeds of the substantially concurrent sale of Subordinated Obligations of the Issuer or a Subsidiary Guarantor, so long as such refinancing
Subordinated Obligations are permitted to be Incurred pursuant to Section 4.04 and constitute Permitted Refinancing Debt; 

  
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 (c) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Disqualified Stock of the Parent Guarantor or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Parent Guarantor or such Restricted Subsidiary, as the
case may be, so long as such refinancing Disqualified Stock is permitted to be Incurred pursuant to Section 4.04 and constitutes Permitted Refinancing Debt; 

(d) the payment of any dividend or distribution on its Capital Stock or the consummation of any irrevocable redemption,
repurchase or defeasance payment within 60 days after the date of declaration of such dividend, distribution or payment or the giving of irrevocable notice if, on the date of declaration or the giving of the irrevocable notice, such dividend,
distribution, payment or redemption could have been made in compliance with this Indenture; 
 (e) the payment of any
dividend or distribution on Disqualified Stock issued pursuant to and in compliance with clause (xv) of the second paragraph of Section 4.04; 

(f) (i) the payment of cash in lieu of fractional shares of Capital Stock in connection with any dividend, split or combination
thereof or any Permitted Acquisition and (ii) the honoring of any conversion request by a holder of convertible Debt and any cash payments in lieu of fractional shares in connection with any such conversion and any payments on convertible Debt
in accordance with its terms; 
 (g) repurchases of Capital Stock in the ordinary course of business of the Parent Guarantor
or any Restricted Subsidiary deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants; 

(h) the repurchase, retirement or other acquisition or retirement for value, in good faith, of Capital Stock of the Parent
Guarantor held by any future, present or former employee, director, manager, officer or consultant (or any Affiliates, spouses, former spouses, other immediate family members, successors, executors, administrators, heirs, legatees or distributees of
any of the foregoing) of the Parent Guarantor or any of its Subsidiaries or holding companies pursuant to any employee, management, director or manager equity plan, employee, management, director or manager stock option plan or any other employee,
management, director or manager benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, director, manager, officer or consultant of the Parent Guarantor or any Subsidiary or holding company;
provided that such payments do not exceed the greater of (x) $37.5 million and (y) 5.0% of Consolidated EBITDA for the Test Period in any calendar year; provided that any unused amounts for any calendar year may be carried forward
to the next succeeding calendar year, so long as the aggregate amount of all Restricted Payments made pursuant to this clause (h) in any calendar year (after giving effect to such carry-forwards) shall not exceed the greater of (x)
$75.0 million and (y) 10.0% of Consolidated EBITDA for the Test Period; provided, further, that cancellation of Debt owing to the Parent Guarantor or any of its Subsidiaries from members of management of the Parent Guarantor or
any of its Restricted Subsidiaries or holding companies in connection with a repurchase of Capital Stock of the Parent Guarantor shall not be deemed to constitute a Restricted Payment for purposes of this Section 4.05 or any other provision of
this Indenture; 

  
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 (i) payments made or expected to be made in respect of withholding or
similar taxes payable by any future, present or former employee, director, manager or consultant and any repurchases of Capital Stock in consideration of such payments, including deemed repurchases in connection with the exercise of stock options or
warrants and the vesting of restricted stock and restricted stock units; 
 (j) purchase, defease or otherwise acquire or
retire for value any Subordinated Obligations upon a Change of Control or following an Asset Sale, to the extent required by any agreement pursuant to which such Subordinated Obligations were issued, but only if the Issuer has previously made the
offer to purchase Notes required under Section 4.07 or Section 4.11, as applicable, and has repurchased all Notes validly tendered and not withdrawn in connection with such offer to purchase Notes pursuant to the applicable provisions of
Section 4.07 or Section 4.11; 
 (k) the Parent Guarantor or any of its Restricted Subsidiaries may make additional
Restricted Payments in an amount not to exceed an amount equal to the greater of (x) $300.0 million and (y) 40.0% of Consolidated EBITDA for the Test Period; provided that no Default or Event of Default has occurred and is continuing or
would result therefrom; 
 (l) Restricted Payments not to exceed 6.0% per annum of the Market Capitalization of the Parent
Guarantor; 
 (m) additional Restricted Payments; provided that, at the time of such Restricted Payment, the Total
Leverage Ratio as of the end of the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00 and no Default or Event of Default shall have occurred and be continuing or would result therefrom; 

(n) the distribution, by dividend or otherwise, of Capital Stock of an Unrestricted Subsidiary or Debt owed to the Parent
Guarantor or a Restricted Subsidiary by an Unrestricted Subsidiary (or a Restricted Subsidiary that owns an Unrestricted Subsidiary; provided that such Restricted Subsidiary has no independent operations or business and owns no assets other
than Capital Stock of such Unrestricted Subsidiary); 
 (o) Restricted Payments made in connection with Transactions; 

(p) distributions or payments of Securitization Fees, sales contributions and other transfers of Securitization Assets and
purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation, in each case in connection with a Qualified Securitization Transaction; 

(q) payments of the premium in respect of, and other performance by the Parent Guarantor of its obligations under, any
Permitted Bond Hedge Transaction; 
 (r) any Restricted Payments and/or payments or deliveries required by the terms of, and
other performance by the Parent Guarantor of its obligations under, any Permitted Warrant Transaction (including making payments and/or deliveries due upon exercise and settlement or termination thereof); 

(s) distributions or payments by dividend or otherwise, among the Parent Guarantor and its Restricted Subsidiaries in
connection with a Reorganization; and 

  
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 (t) any Restricted Payments and/or payments or deliveries in shares of
common stock (or other securities or property following a merger event or other change of the common stock of the Parent Guarantor) (and cash in lieu of fractional shares) and/or cash required by the terms of, and other performance by the Parent
Guarantor of its obligations under, any convertible Debt (including payments of interest and principal thereon, payments due upon required repurchase thereof and/or payments and deliveries due upon conversion thereof). 

For purposes of determining compliance with this Section 4.05, in the event that a Restricted Payment meets the criteria of more than one
of the exceptions described in clauses (a) through (t) of the preceding paragraph, meets any of the criteria of any of the clauses of the definition of “Permitted Investment,” or is permitted pursuant to the first paragraph of this
Section 4.05, the Parent Guarantor, in its sole discretion, (x) shall classify such Restricted Payment on the date of such Restricted Payment and may later reclassify such Restricted Payment in any manner that complies with this
Section 4.05 (based on circumstances existing at the time of reclassification), (y) may divide and later redivide the amount of a Restricted Payment among more than one of such clauses or the first paragraph of this Section 4.05 and
(z) shall only be required to include such Restricted Payment or any portion thereof in one of such clauses or the first paragraph of this Section 4.05. 

The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the asset(s)
or securities proposed to be paid, transferred or issued by the Parent Guarantor or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The Fair Market Value of any cash Restricted Payment shall be its face amount,
and the Fair Market Value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by the Issuer acting in good faith. 

Section 4.06 Limitation on Liens. The Parent Guarantor shall not, and shall not permit the Issuer or any Subsidiary Guarantor to,
directly or indirectly, Incur or permit to exist, any Lien (other than Permitted Liens), upon any of its properties or assets (including Capital Stock of a Restricted Subsidiary), whether owned on the Issue Date or thereafter acquired, or any
interest therein or any income or profits therefrom unless either (i) it has made or shall make effective provision whereby the Notes and the Note Guarantees shall be secured by that Lien equally and ratably with (or prior to) all other Debt of
the Issuer or any Guarantor secured by that Lien or (ii) in the case of Liens securing Subordinated Obligations of the Issuer or any Guarantor, the Notes and the Note Guarantees are secured by a Lien on such property, assets or proceeds that is
senior to such Liens. 
 Any Lien created for the benefit of the Holders pursuant to this Section 4.06 shall be automatically and
unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (i) and (ii) of the first paragraph of this Section 4.06. 

With respect to any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien shall also
be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt shall mean any increase in the amount of such Debt due to any accrual of interest, the accretion of accreted value, the accretion of
original issue discount or liquidation preference, the payment of interest in the form of additional Debt with the same terms and increases in the amount of Debt outstanding solely as a result of fluctuations in the exchange rate of currencies or
increases in the value of property securing Debt. 
 Section 4.07 Limitation on Asset Sales. 

(a) The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale
unless: 

  
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 (i) the Issuer or such Restricted Subsidiary receives consideration
(including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at the time of the Asset Sale at least equal to the Fair Market Value of the properties and assets subject to that Asset
Sale (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale); and 
 (ii) at least
75% of the consideration paid to the Parent Guarantor or the Restricted Subsidiary in connection with the Asset Sale is in the form of cash or Cash Equivalents. 

For the purposes of this Section 4.07, the following shall be considered to be cash: 

(1) the assumption by the purchaser of Debt or other liabilities of the Parent Guarantor or any Restricted Subsidiary (other
than Debt or other liabilities that are by their terms subordinated in right of payment to the Notes or the Note Guarantees) and from which the Parent Guarantor and the Restricted Subsidiaries have been unconditionally released; 

(2) securities or other assets received by the Issuer or any Restricted Subsidiary from the transferee that are converted by
the Issuer or such Restricted Subsidiary into cash within 180 days after the closing of such Asset Sale shall be considered to be cash to the extent of the cash received in that conversion; 

(3) the assumption by the purchaser of Debt of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result
of such Asset Sale, to the extent that the Parent Guarantor and each other Restricted Subsidiary are unconditionally released from any Guarantee of payment of such Debt in connection with such Asset Sale; 

(4) Productive Assets received by the Parent Guarantor or any Restricted Subsidiary in connection with such Asset Sale; and

 (5) any Designated Non-Cash Consideration received by the Issuer or any Restricted
Subsidiary in connection with the Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received in respect of Asset Sales that is at that time
outstanding, not to exceed the greater of (i) $75.0 million and (ii) 10.0% of Consolidated EBITDA for the Test Period. 
 (b) The Net
Available Cash (or any portion thereof) from Asset Sales may be applied by the Parent Guarantor or a Restricted Subsidiary, to the extent the Parent Guarantor or the Restricted Subsidiary elects (or is required by the terms of any Debt): 

(i) to repay secured Debt of the Parent Guarantor, the Issuer or a Subsidiary Guarantor (and if the secured Debt being repaid
is revolving credit Debt, to correspondingly permanently reduce commitments with respect thereto), or any Debt of a non-Guarantor Restricted Subsidiary (excluding, in any such case, any Debt owed to the Parent
Guarantor or any Restricted Subsidiary); 
 (ii) to repay other Debt (and if the Debt being repaid is revolving credit Debt,
to correspondingly permanently reduce commitments with respect thereto) of the Parent Guarantor or a Restricted Subsidiary (excluding (A) Subordinated Obligations and (B) Debt owed to the Parent Guarantor or any Restricted Subsidiary) so
long as the Issuer shall equally and ratably reduce obligations under the Notes (I) on a pro rata basis as provided under Section 3.08, (II) through open-market purchases (to the extent such purchases are at or above 100% of the

  
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principal amount thereof) or (III) by making an offer (in accordance with the procedures set forth below for a Prepayment Offer) to all Holders to purchase their Notes at or above 100% of
the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including the date of repurchase; 

(iii) to reinvest in Additional Assets (including by means of an Investment in Additional Assets by a Restricted Subsidiary
with Net Available Cash received by the Parent Guarantor or another Restricted Subsidiary); or 
 (iv) any combination of the
foregoing; 
 provided, however, that pending the final application of any such Net Available Cash in accordance with clauses (i), (ii), (iii)
or (iv) above, the Parent Guarantor and its Restricted Subsidiaries may temporarily reduce Debt or otherwise invest such Net Available Cash in any manner not prohibited by this Indenture. 

(c) Any Net Available Cash from an Asset Sale not applied in accordance with Section 4.07(b) within 365 days from the date of the receipt
of that Net Available Cash constitutes “Excess Proceeds”; provided, however, that a binding commitment to reinvest in Additional Assets pursuant to Section 4.07(b)(iii) shall be treated as a permitted application
of the Net Available Cash from the date of such commitment; provided that (i) such reinvestment is consummated within 180 days of the end of the 365-day period referred to in this sentence, and
(ii) if such reinvestment is not consummated within the period set forth in subclause (i) of this clause (c) or such binding commitment is terminated, the Net Available Cash not so applied shall be deemed to be Excess Proceeds. 

When the aggregate amount of Excess Proceeds not previously subject to a Prepayment Offer (as defined below) exceeds $50.0 million, the
Issuer shall be required to make an offer to purchase the Notes (the “Prepayment Offer”), which offer shall be in the amount of the Allocable Excess Proceeds (as defined below), on a pro rata basis according to principal amount, at
a purchase price of at least 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the purchase date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date), in accordance with the procedures (including prorating in the event of oversubscription) set forth in this Indenture; provided that if the Notes are in global form, interests in such Global Notes shall be selected for
redemption in accordance with the applicable procedures of DTC, although no Note of $2,000 in principal amount or less shall be purchased in part. To the extent that any portion of the amount of Net Available Cash remains after compliance with the
preceding sentence and provided that all Holders have been given the opportunity to tender their Notes for purchase in accordance with this Indenture, the Parent Guarantor or such Restricted Subsidiary may use the remaining amount for any
purpose permitted by this Indenture and the amount of Excess Proceeds shall be reset to zero. 
 The term “Allocable Excess
Proceeds” shall mean the product of: 
 (1) the Excess Proceeds, and 

(2) a fraction, 

(i) the numerator of which is the aggregate principal amount of the Notes outstanding on the date of the Prepayment Offer, and

 (ii) the denominator of which is the sum of the aggregate principal amount of the Notes outstanding on

  
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the date of the Prepayment Offer and the aggregate principal amount of other Debt of the Issuer and the Guarantors outstanding on the date of the Prepayment Offer that is pari passu in
right of payment with the Notes and the Note Guarantees and subject to terms and conditions in respect of Asset Sales similar in all material respects to the covenant described hereunder and requiring the Issuer or any Guarantor to make an offer to
purchase that Debt at substantially the same time as the Prepayment Offer. 
 (d) (1) Not later than ten Business Days after the Issuer is
obligated to make a Prepayment Offer pursuant to Section 4.07(c), the Issuer shall send, or cause to be sent, a written notice, by first-class mail (or electronic transmission in the case of Notes held in book-entry form), to the Holders (with
a copy to the Trustee) with respect to that Prepayment Offer. The notice shall state, among other things, the purchase price and the purchase date, which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier
than 30 days and no later than 60 days from the date the notice is delivered. 
 (2) At or before 11:00 a.m. New York City
time on the purchase date with respect to any Prepayment Offer, the Issuer shall irrevocably deposit with the Trustee or with the Paying Agent (or, if the Parent Guarantor, the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate
and hold in trust) an amount equal to the amount of the Prepayment Offer (the “Offer Amount”) to be held for payment in accordance with the provisions of this Section 4.07. Upon the expiration of the period for which the
Prepayment Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered and are to be accepted by the Issuer. The Trustee or the
Paying Agent shall, on the purchase date, mail or, in the case of Global Notes, deliver in accordance with the applicable procedures of DTC payment to each tendering Holder in the amount of its pro rata share of the Offer Amount. In the event that
the aggregate purchase price of the Notes delivered by the Issuer to the Trustee is less than the Offer Amount, the Trustee or the Paying Agent shall deliver the excess to the Issuer immediately after the expiration of the Offer Period for
application in accordance with this Section 4.07. 
 (3) Unless otherwise provided by the policies and procedures of
DTC, Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed and attached to the Note, or transfer by book-entry transfer, to the Issuer or its agent at the address specified in the
notice at least three Business Days prior to the purchase date. Unless otherwise provided by the policies and procedures of DTC, Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than two Business
Days prior to the purchase date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to
have such Note purchased. If at the expiration of the Offer Period the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuer shall select the Notes to be purchased on a pro rata basis for all Notes
(with such adjustments as may be deemed appropriate by the Issuer so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased). Holders whose Notes are purchased only in part shall be issued
new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry). 

(4) A Note shall be deemed to have been accepted for purchase at the time the Trustee or the applicable Paying Agent mails or,
in the case of Global Notes, delivers payment therefor to the surrendering Holder. 

  
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 (e) Subject to Section 9.02(i), the Issuer’s obligation to make a Prepayment Offer
may be waived or modified with the written consent of the Holders of a majority in principal amount of the outstanding Notes. 
 (f) The
Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.07. To the extent
that the provisions of any securities laws or regulations conflict with provisions of this Section 4.07, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
this Section 4.07 by virtue thereof. 
 Section 4.08 Limitation on Restrictions on Distributions from Restricted
Subsidiaries. The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor to, directly or indirectly, create or otherwise cause or suffer to exist any consensual restriction on
the right of any Restricted Subsidiary to: 
 (a) pay dividends, in cash or otherwise, or make any other distributions on or
in respect of its Capital Stock, or pay any Debt or other obligation owed, to the Parent Guarantor or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions
prior to the dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock), 

(b) make any loans or advances to the Parent Guarantor or any other Restricted Subsidiary (it being understood that the
subordination of loans or advances made to the Issuer or any Restricted Subsidiary to other Debt Incurred by the Parent Guarantor or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances), or 

(c) sell, lease or transfer any of its properties or assets to the Parent Guarantor or any other Restricted Subsidiary (it
being understood that such transfers shall not include any type of transfer described in clause (a) or (b) above). 
 The foregoing
limitations shall not apply to restrictions: 
 (A) in effect on the Issue Date, including pursuant to the Credit Agreement;

 (B) relating to Debt of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary if such restriction
was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which that Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Parent Guarantor; 

(C) that result from any amendment, restatement, modification, renewal, supplement, extension or replacement of an agreement
referred to in clauses (A), (B), (F), (G), (J) or this clause (C) in this second paragraph of Section 4.08 (including, in each case, in connection with the Refinancing of Debt Incurred thereunder); provided that the restriction
contained in such amendment, restatement, modification, renewal, supplement, extension, replacement or Refinancing is not materially more restrictive (as determined in good faith by the Parent Guarantor), taken as a whole, than the restrictions of
the same type contained in the agreements or instruments referred to in clauses (A), (B), (F), (G) or (J) or this clause (C) in this second paragraph of Section 4.08, as applicable; 

  
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 (D) resulting from the Incurrence of any Permitted Debt as defined in the
second paragraph of Section 4.04; provided that if the obligor of such Debt is the Issuer or a Subsidiary Guarantor, the restriction is no less favorable to the Holders in any material respect (as determined in good faith by the Parent
Guarantor) than the restrictions of the same type contained in this Indenture; 
 (E) existing by reason of applicable law,
rule, regulation or order; 
 (F) with respect to clause (c) set forth in the first paragraph of this Section 4.08
only, relating to Debt that is permitted to be Incurred and secured without also securing the Notes pursuant to Section 4.04 and Section 4.06 that limit the right of the debtor to dispose of the properties or assets securing that Debt;

 (G) encumbering properties or assets at the time the properties and assets were acquired by the Parent Guarantor or any
Restricted Subsidiary, so long as the restriction relates solely to the properties and assets so acquired and was not created in connection with or in anticipation of the acquisition; 

(H) resulting from customary provisions restricting subletting or assignment of leases or customary provisions in other
agreements (including, without limitation, intellectual property licenses entered into in the ordinary course of business) that restrict assignment of the agreements or rights thereunder; 

(I) which are customary restrictions contained in asset sale agreements limiting the transfer of property or assets pending the
closing of the sale; 
 (J) existing by reason of this Indenture, the Notes, the Note Guarantees, the Exchange Notes and the
related Note Guarantees; 
 (K) any Debt or contractual requirements Incurred with respect to a Qualified Securitization
Transaction relating exclusively to a Securitization Subsidiary that, as determined in good faith by the Parent Guarantor or the relevant Restricted Subsidiary, as applicable, are necessary to effect such Qualified Securitization Transaction; and

 (L) which are customary provisions limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Parent Guarantor’s Board of Directors and otherwise permitted under this Indenture, which
limitation is applicable only to the assets that are the subject of such agreements. 
 Section 4.09 Limitation on Transactions with
Affiliates. The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, conduct any business or enter into or suffer to exist any transaction or series of transactions (including the purchase, sale,
transfer, assignment, lease, conveyance or exchange of any property or asset or the rendering of any service) with, or for the benefit of, any Affiliate of the Parent Guarantor (an “Affiliate Transaction”) involving aggregate
consideration in excess of the greater of (i) $50.0 million and (ii) 7.5% of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to the date of such disposition for which financial statements are required to be
filed pursuant to Section 4.03, unless: 
 (a) the terms of such Affiliate Transaction are materially no less favorable
to the Parent Guarantor or that Restricted Subsidiary, as the case may be, taken as a whole, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an
Affiliate of the Parent Guarantor, and 

  
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 (b) if the Affiliate Transaction involves aggregate consideration in excess
of the greater of (i) $100.0 million and (ii) 15.0% of Consolidated EBITDA for the Test Period, the Board of Directors (including a majority of the disinterested members of the Board of Directors) approves the Affiliate Transaction and, in its
good faith judgment, determines that the Affiliate Transaction complies with clause (a) of this paragraph as evidenced by a resolution of the Board of Directors promptly delivered to the Trustee. 

Notwithstanding the foregoing limitation, the Parent Guarantor or any Restricted Subsidiary may enter into or suffer to exist the following:

 (a) any transaction or series of transactions between the Parent Guarantor and one or more Restricted Subsidiaries or
between two or more Restricted Subsidiaries; 
 (b) any Restricted Payment permitted to be made pursuant to Section 4.05
or any Permitted Investment; 
 (c) employment and severance arrangements between the Parent Guarantor or any of its
Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements; 

(d) any issuance, sale or grant of securities or other payments, awards or grants in cash, securities or otherwise pursuant to,
or the funding of employment arrangements, stock options and stock ownership plans approved by the Board of Directors of the Parent Guarantor or any parent company of the Parent Guarantor or any Restricted Subsidiary; 

(e) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors,
managers, officers, employees and consultants of the Parent Guarantor and its Restricted Subsidiaries or any direct or indirect parent of the Parent Guarantor in the ordinary course of business to the extent attributable to the ownership or
operation of the Parent Guarantor and its Restricted Subsidiaries; 
 (f) any issuance, repurchase, redemption, retirement or
other acquisition or retirement of shares of Capital Stock (other than Disqualified Stock) of the Parent Guarantor; 
 (g)
any agreement as in effect on the Issue Date or any amendment, modification, supplement, extension or renewal thereto (so long as such amendment, modification, supplement, extension or renewal is not materially adverse to the interests of the
Holders) or any transaction contemplated thereby; 
 (h) any agreement between any Person and an Affiliate of such Person
existing at the time such Person is acquired by or merged or consolidated with or into the Parent Guarantor or a Restricted Subsidiary, as such agreement may be amended, modified, supplemented, extended or renewed from time to time; provided
that such agreement was not entered into contemplation of such acquisition, merger or consolidation, and so long as any such amendment, modification, supplement, extension or renewal, when taken as a whole, is not materially more disadvantageous
to the Holders, as determined in good faith by the Parent Guarantor, than the applicable agreement as in effect on the date of such acquisition, merger or consolidation; 

  
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 (i) transactions with customers, clients, suppliers, joint ventures,
purchasers or sellers of goods or services or providers of employees or other labor entered into in the ordinary course of business, which are fair to the Parent Guarantor and/or the applicable Restricted Subsidiary in the good faith determination
of the Board of Directors of the Parent Guarantor or the senior management of the Parent Guarantor, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(j) transactions in which the Parent Guarantor or any Restricted Subsidiary delivers to the Trustee a letter or opinion from an
Independent Financial Advisor stating that such transaction is fair to the Parent Guarantor or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, than those
that might reasonably have been obtained by the Parent Guarantor or such Restricted Subsidiary in a comparable transaction at such time on an arms-length basis from a Person that is not an Affiliate; 

(k) the Transactions and the payment of Transaction Expenses; 

(l) transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation of such Unrestricted
Subsidiary as a Restricted Subsidiary pursuant to Section 4.10; provided that such transactions were not entered into in contemplation of such redesignation; 

(m) the payment of reasonable out-of-pocket
costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement; 

(n) (i) any collective bargaining, employment or severance agreement or compensatory (including profit sharing) arrangement
entered into by the Parent Guarantor or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any parent company
of the Parent Guarantor, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of management,
managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or
former officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement; 

(o) any transaction pursuant to the Separation and Distribution Agreement and the Intercompany Agreements; 

(p) timeshare and fractional sales commissioned services provided through operations in Mexico, Latin America or the Caribbean;

 (q) owner services activities provided through Promociones Marriott, S.A. de C.V.; and 

(r) (i) any transaction with a Securitization Subsidiary effected as part of a Qualified Securitization Transaction, any
disposition or repurchase of Securitization Assets or related assets in connection with any Qualified Securitization Transaction and (ii) any sale or other transfer of Time Share Receivables and other related assets or other transactions
customarily effected as part of a Qualified Securitization Transaction (including servicing agreements and other similar arrangements customary in Qualified Securitization Transactions). 

  
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 Section 4.10 Designation of Restricted and Unrestricted Subsidiaries. The Issuer
may designate any Restricted Subsidiary (other than the Issuer) or other Subsidiary (including any newly acquired or newly formed Subsidiary) of the Parent Guarantor to be an Unrestricted Subsidiary if: 

(a) the Subsidiary to be so designated does not own any Capital Stock or Debt of, or own or hold any Lien on any property or
asset of, the Issuer or any other Restricted Subsidiary; 
 (b) such designation would not cause a Default; 

(c) all of the Debt of such Subsidiary and its Subsidiaries shall, at the date of designation and at all times thereafter,
consist of Non-Recourse Debt; and 
 (d) either (1) the Subsidiary to be so
designated has total assets of $10,000 or less or (2) if the Subsidiary has consolidated assets greater than $10,000, then the designation would be permitted under Section 4.05. 

The Issuer may redesignate any Unrestricted Subsidiary of the Parent Guarantor to be a Restricted Subsidiary if, immediately after giving pro
forma effect to the designation, 
 (x) (i) the Parent Guarantor would be able to Incur at least $1.00 of additional Debt
under clause (a) of the first paragraph of Section 4.04 or (ii) the Consolidated Fixed Charges Coverage Ratio of the Parent Guarantor and its Restricted Subsidiaries would be greater than or equal to such ratio immediately prior to
such redesignation; 
 (y) all Liens of such Unrestricted Subsidiary outstanding immediately following such redesignation
would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and 
 (z) no Default
or Event of Default shall have occurred and be continuing or would result therefrom. 
 Any designation of a Subsidiary of the Parent
Guarantor as an Unrestricted Subsidiary or redesignation as a Restricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee an Officers’ Certificate certifying that such designation or redesignation complies with the
foregoing provisions and gives the effective date of the designation or redesignation. 
 Section 4.11 Change of Control. 

(a) Upon the occurrence of a Change of Control, each Holder shall have the right to require the Issuer to repurchase all or any part of such
Holder’s Notes pursuant to the offer described in this Section 4.11 (the “Change of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to, but not including, the purchase date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b) Within 30 days following any Change of Control, the Issuer shall send or cause to be sent by first-class mail (or electronic transmission
in the case of Notes held in book-entry form), with a copy 

  
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to the Trustee, to each Holder, at such Holder’s address appearing in the Note register, a notice stating (as applicable): (A) that a Change of Control has occurred and a Change of Control
Offer is being made pursuant to this Section 4.11 and that all Notes properly tendered shall be accepted for purchase; (B) the Change of Control Purchase Price and the purchase date, which shall be, subject to any contrary requirements of
applicable law, a Business Day no earlier than 30 days nor later than 60 days from the date such notice is delivered (the “Change of Control Purchase Date”); (C) if such notice is delivered prior to the occurrence of a Change of
Control, that the Change of Control Offer is conditioned upon the occurrence of such Change of Control and setting forth a brief description of the definitive agreement for the Change of Control; and (D) the procedures that Holders must follow
in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 

(c) Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed and attached to
the Note, or transfer by book-entry transfer, to the Issuer or its agent at the address specified in the notice at least three Business Days prior to the Change of Control Purchase Date. Holders shall be entitled to withdraw their election if the
Trustee or the Issuer receives not later than the second Business Day prior to the Change of Control Purchase Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for
purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. 
 (d) Prior to 11:00 a.m.
New York City time on the Change of Control Purchase Date, the Issuer shall irrevocably deposit with either the Trustee or with the Paying Agent (or, if the Issuer, the Parent Guarantor or any of its Wholly Owned Subsidiaries is acting as the Paying
Agent, segregate and hold in trust) in cash an amount equal to the Change of Control Purchase Price payable to the Holders entitled thereto, to be held for payment in accordance with the provisions of this Section 4.11. On the Change of Control
Purchase Date, the Issuer shall deliver to the Trustee the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer for payment. The Trustee or the Paying Agent shall, on the Change of Control Purchase Date,
mail or, in the case of Global Notes, deliver in accordance with the applicable procedures of DTC payment to each tendering Holder of the Change of Control Purchase Price. In the event that the aggregate Change of Control Purchase Price is less than
the amount delivered by the Issuer to the Trustee or the Paying Agent, the Trustee or the Paying Agent, as the case may be, shall deliver the excess to the Issuer immediately after the Change of Control Purchase Date. 

(e) The Issuer shall not be required to make a Change of Control Offer if (i) a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control
Offer or (ii) notice of redemption has been given pursuant to Section 3.08 to redeem all of the Notes, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained
herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is
made. 
 (f) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations in connection with the purchase of Notes pursuant to this Section 4.11. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.11, the
Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.11 by virtue thereof. 

  
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 (g) If Holders of not less than 90% in aggregate principal amount of the then outstanding
Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such
Holders, the Issuer shall have the right, upon not less than 30 nor more than 60 days’ prior written notice, given not more than 30 days following the Change of Control Purchase Date, to redeem all Notes that remain outstanding following such
purchase at a redemption price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including the date of redemption (subject to the right of Holders on the relevant Record Date to receive interest due
on the relevant Interest Payment Date). 
 (h) Subject to Section 9.02(g) and (h), the obligation of the Issuer to make a Change of
Control Offer pursuant to this Section 4.11 may be waived or modified at any time prior to the occurrence of a Change of Control with the written consent of the holders of a majority in principal amount of the Notes. 

Section 4.12 Additional Note Guarantees. The Parent Guarantor shall not permit any of its Restricted Subsidiaries (other than any
Securitization Subsidiary or Foreign Subsidiary) that is a Wholly Owned Subsidiary (and any Domestic Subsidiary that is a non-Wholly Owned Subsidiary if such non-Wholly
Owned Subsidiary guarantees other capital markets debt securities of the Issuer or a Guarantor), other than the Issuer or the Subsidiary Guarantors, to guarantee the payment of any Debt of the Issuer or any other Guarantor incurred under any Credit
Facility or other capital markets debt securities unless: 
 (1) such Restricted Subsidiary within 30 days executes and
delivers a supplemental indenture to this Indenture providing for a Note Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Debt of the Issuer or any Guarantor, if such Debt is by its express terms subordinated in
right of payment to the Notes or such Guarantor’s Note Guarantee, any such Note Guarantee by such Restricted Subsidiary with respect to such Debt shall be subordinated in right of payment to such Note Guarantee substantially to the same extent
as such Debt is subordinated to the Notes; and 
 (2) such Restricted Subsidiary waives and shall not in any manner
whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee;

 provided that this Section 4.12 shall not be applicable to any Note Guarantee of any Restricted Subsidiary that existed at the time such
Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. Each Guarantee shall be released in accordance with the provisions of Section 10.10. 

Section 4.13 Maintenance of Office or Agency. The Issuer shall maintain an office or agency (which may be an office of the Trustee
or an Affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer and the Guarantors in
respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate additional offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or
agency of the Issuer in accordance with Section 2.04. 
 Section 4.14 Existence. Except as otherwise provided in this
Article 4, Article 5 and Section 10.10 and subject to the ability of the Parent Guarantor or any Restricted Subsidiary to convert (or similar action) to another form of legal entity under the laws of the jurisdiction under which the Parent
Guarantor or such Restricted Subsidiary then exists, the Parent Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries, and the
material rights, licenses and franchises of the Parent Guarantor and each Restricted Subsidiary; provided that the Parent Guarantor is not required to preserve any such right, license or franchise, or the existence of any Restricted
Subsidiary, if the maintenance or preservation thereof is no longer desirable in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole. 

Section 4.15 Annual Officers’ Certificate as to Compliance. Not later than one hundred and twenty (120) days after the
end of each fiscal year of Parent Guarantor, beginning with respect to the fiscal year ended December 31, 2019, the Issuer shall deliver to the Trustee a certificate (which need not comply with Section 12.05 of this Indenture) indicating
whether the Officers signing such certificate know of any Default that occurred during the previous year. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01
When Issuer May Merge or Transfer Assets. The Issuer shall not merge, consolidate or amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets
in any one transaction or series of transactions unless: 
 (a) the Issuer shall be the surviving Person (the
“Surviving Issuer”) or the Surviving Issuer (if other than the Issuer) formed by that merger, consolidation or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition is made shall be an entity
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and if such entity is not a corporation, a co-obligor of the Notes is a corporation
organized and existing under such laws; 
 (b) the Surviving Issuer (if other than the Issuer) expressly assumes, by
supplemental indenture executed and delivered to the Trustee by that Surviving Issuer, the due and punctual payment of the principal of, and premium, if any, and interest on, the Notes, and the due and punctual performance and observance of all the
covenants and conditions of this Indenture and the Registration Rights Agreement to be performed by the Issuer; 
 (c)
immediately after giving effect to that transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred and be continuing; and 

(d) the Surviving Issuer shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory
to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply with this Section 5.01 and that all conditions precedent herein
provided for relating to the transaction have been satisfied. 

  
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 The Surviving Issuer shall succeed to, and be substituted for, and may exercise every right
and power of the Issuer, under this Indenture, but the predecessor Issuer in the case of: 
 (a) a sale, transfer,
assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other disposition is of all or substantially all the assets of the Issuer), or 

(b) a lease, 
 shall not be
released from any obligation to pay the principal of, premium, if any, and interest on, the Notes. 
 Section 5.02 When Parent
Guarantor May Merge or Transfer Assets. The Parent Guarantor shall not merge, consolidate or amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and
assets in any one transaction or series of transactions unless: 
 (a) the surviving Person (the “Surviving
Parent”) formed by that merger, consolidation or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition is made shall be an entity organized and existing under the laws of the United States of America,
any State thereof or the District of Columbia; 
 (b) the Surviving Parent (if other than Parent Guarantor) expressly
assumes, by supplemental indenture executed and delivered to the Trustee by that Surviving Parent, all of the obligations of the Parent Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and
conditions of this Indenture and the Registration Rights Agreement to be performed by Parent Guarantor; 
 (c) immediately
after giving effect to that transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred and be continuing; 

(d) immediately after giving effect to that transaction or series of transactions on a pro forma basis, the Surviving Parent
(i) would be able to Incur at least $1.00 of additional Debt under clause (a) of the first paragraph of Section 4.04 or (ii) the Consolidated Fixed Charges Coverage Ratio of the Surviving Parent would be greater than or equal to
such ratio immediately prior to such transaction; provided, however, that this clause (d) shall not be applicable to the Parent Guarantor (or any Surviving Parent) merging, consolidating or amalgamating with or into an Affiliate
incorporated solely for the purpose of reincorporating the Parent Guarantor (or any Surviving Parent) in another State of the United States or the District of Columbia so long as the amount of Debt of the Parent Guarantor and the Restricted
Subsidiaries is not increased thereby; and 
 (e) the Surviving Parent shall deliver, or cause to be delivered, to the
Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply with this
Section 5.02 and that all conditions precedent herein provided for relating to the transaction have been satisfied. 

  
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 The Surviving Parent shall succeed to, and be substituted for, and may exercise every right
and power of the Parent Guarantor under this Indenture, but the predecessor Parent Guarantor in the case of (i) a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other
disposition is of all or substantially all the assets of the Parent Guarantor), or (ii) a lease, shall not be released from any obligation under its Note Guarantee. 

Section 5.03 When Subsidiary Guarantors May Merge or Transfer Assets. No Subsidiary Guarantor may merge, consolidate or amalgamate
with or into any other Person, or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in any one transaction or series of transactions unless: 

(a) (i) either (x) such Subsidiary Guarantor is the continuing Person or (y) the resulting, surviving or transferee
Person expressly assumes by supplemental indenture all of the obligations of such Subsidiary Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and conditions of this Indenture and the
Registration Rights Agreement to be performed by such Subsidiary Guarantor; (ii) immediately after giving effect to the transaction, no Default has occurred and is continuing; and (iii) the surviving Person shall deliver, or cause to be
delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section 5.03 and that all conditions precedent herein provided for relating to the transaction have been satisfied; or 

(b) the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the Subsidiary
Guarantor or the sale or disposition of all or substantially all the properties and assets of the Subsidiary Guarantor (in each case other than to the Parent Guarantor or a Restricted Subsidiary) in compliance with Section 4.07 and otherwise
permitted by this Indenture. 
 Notwithstanding the foregoing, any Subsidiary Guarantor may merge, consolidate or amalgamate with or into or
sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets to the Issuer, the Parent Guarantor or another Subsidiary Guarantor or merge with a Restricted Subsidiary of the Parent Guarantor, so
long as the resulting entity remains or becomes a Subsidiary Guarantor. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. Each of the following is an “Event of Default”: 

(a) failure to make the payment of any interest or Additional Interest (as required by the Registration Rights Agreement) on
the Notes when the same becomes due and payable, and that failure continues for a period of 30 days; 
 (b) failure to make
the payment of any principal of, or premium, if any, on, any Note when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; 

(c) failure to comply with Article 5; 

  
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 (d) failure to comply with any other covenant or agreement in the Notes or
in this Indenture (other than a failure that is the subject of the foregoing clauses (a), (b) or (c)) and such failure continues for 60 days after written notice is given to the Issuer as specified in this Section 6.01; 

(e) (i) a default under any Debt by the Parent Guarantor or any Restricted Subsidiary (other than Debt owed to the Parent
Guarantor or a Restricted Subsidiary or Debt in respect of any Qualified Securitization Transaction) that results in the acceleration of the maturity of that Debt, or (ii) failure to pay principal, premium, if any, or interest on any Debt prior
to the expiration of the grace period provided in such Debt and, in each case, the principal amount of such Debt, together with the principal amount of any other such Debt the maturity of which has been accelerated or under which there has been a
payment default, is in an aggregate amount in excess of $75.0 million (or its Dollar Equivalent at the time); provided that clause (e)(i) shall not apply to secured Debt that becomes due (or requires an offer to purchase) as a result of
the voluntary sale or transfer of the property or assets securing such Debt, if such sale or transfer is permitted under this Indenture and under the documents governing such Debt; and provided, further, that clause (e)(i) shall not
apply to any convertible Debt to the extent such default occurs as a result of (x) the satisfaction of a conversion contingency, (y) the exercise by a holder of such convertible Debt of a conversion right resulting from the satisfaction of
a conversion contingency or (z) a required repurchase under such convertible Debt; 
 (f) any judgment or judgments for
the payment of money in an aggregate amount in excess of $75.0 million (or its Dollar Equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Parent Guarantor or any Restricted Subsidiary and
that shall not be waived, satisfied, annulled, discharged or rescinded for any period of 60 days or more after such judgment becomes final; 

(g) the Issuer, the Parent Guarantor, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a
voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a Custodian of it or for any material part of its property; or 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) takes any comparable action under any foreign laws relating to insolvency; 

(h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer, the Parent Guarantor, any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 

  
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 (ii) appoints a Custodian of any of the Issuer, the Parent Guarantor, any
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for any material part of its property; 

(iii) orders the winding up or liquidation of the Issuer, the Parent Guarantor, any Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 
 (iv) grants any similar relief
under any foreign laws, 
 and in each such case the order or decree remains unstayed and in effect for 60 days; and 

(i) the Note Guarantee of the Parent Guarantor or any Significant Subsidiary or any group of Subsidiary Guarantors that, taken
together, would constitute a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of this Indenture), or the Parent Guarantor or any Significant Subsidiary or any group of Subsidiary Guarantors that,
taken together, would constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Note Guarantee. 

A Default under clause (d) is not an Event of Default until the Trustee or the Holders of not less than 25% in aggregate principal amount
of the Notes then outstanding notify the Issuer of the Default and the Issuer does not cure that Default within the time specified in clause (d) after receipt of such notice (the “Notice of Default”); provided that a
Notice of Default may not be given with respect to any action taken or omitted to be taken, and reported publicly or to holders, if such action or omission was so reported more than two years prior to such Notice of Default. The notice must specify
the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 
 The Issuer shall deliver to the
Trustee, within 10 Business Days of the date on which the Issuer has become aware of the occurrence or received notice thereof, written notice in the form of an Officers’ Certificate of any Default, its status and what action the Issuer is
taking or proposes to take with respect thereto. 
 The Trustee shall be under no obligation to determine whether any Event of Default or
potential Event of Default has occurred. 
 Following an Event of Default or potential Event of Default, the Trustee shall have the right to
notify the Issuer to make all payments following an Event of Default or potential Event of Default to or to the order of the Trustee. Any time period in this Indenture to cure any actual or alleged Default or Event of Default may be extended or
stayed by a court of competent jurisdiction. 
 Section 6.02 Acceleration. If an Event of Default with respect to the Notes
(other than an Event of Default specified in Sections 6.01(g) or 6.01(h)) shall have occurred and be continuing, the Trustee (at the written direction of, and as indemnified by, the registered Holders of not less than 25% in aggregate principal
amount of Notes) or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, by notice to the Issuer and the Trustee, declare the principal, premium, if any, and accrued and unpaid interest on all the Notes
to be immediately due and payable. If an Event of Default specified in Sections 6.01(g) or 6.01(h) shall occur, the principal, premium, if any, and accrued and unpaid interest on all the Notes shall be due and payable immediately without any
declaration or other act by the Trustee or the Holder of the Notes. 

  
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 Any Notice of Default, notice of acceleration or instruction to the Trustee to provide a
Notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written representation from each
such Holder delivered to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that, to such Holder’s knowledge, it is being instructed by beneficial owners that are not) Net Short (a
“Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of a Notice of Default shall be deemed a continuing representation until the resulting Event of Default is cured or
otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Issuer upon written request with such other information as the Issuer
may reasonably request from time to time in order to verify the accuracy of such Noteholder’s Position Representation within five Business Days of the request therefor (a “Verification Covenant”). In any case in which the
Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee and DTC shall be entitled to conclusively rely on such
Position Representation and Verification Covenant in delivering its direction to the Trustee. 
 If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Notes, the Issuer determines in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an
Officers’ Certificate stating that the Issuer has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to
invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically
reinstituted and any remedy stayed pending a final and nonappealable determination of a court of competent jurisdiction on such matter if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided
such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction. 
 If, following the delivery of a
Noteholder Direction, but prior to acceleration of the Notes, the Issuer, acting in good faith, provides to the Trustee an Officers’ Certificate stating that in its reasonable determination a Directing Holder failed to satisfy its Verification
Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy
stayed, until such time as the Issuer provides the Trustee with an Officers’ Certificate that the Verification Covenant has been satisfied, if, without the participation of such Holders, the percentage of Notes held by the remaining Holders
that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction. Any breach of the Position Representation (as evidenced by the delivery to the Trustee of an Officer’s Certificate stating that a
Directing Holder failed to satisfy its Verification Covenant) shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holders, the percentage of Notes held by the
remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never
to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default. 

Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the
pendency of an Event of Default under the bankruptcy provisions shall not require compliance with the foregoing paragraphs. 

  
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 For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any
Noteholder Direction or Officers’ Certificate delivered to it in accordance with the Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant,
verify any statements in any Officers’ Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments
or otherwise. The Trustee shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on a Noteholder Direction or Officers’ Certificate. 

In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(e) has occurred and is
continuing, the declaration of acceleration of the Notes shall be automatically annulled if the default triggering such Event of Default pursuant to Section 6.01(e) shall be remedied or cured by the Parent Guarantor or a Restricted Subsidiary
or waived by the Holders of the relevant Debt within 30 days after the declaration of acceleration with respect to the Notes and its consequences if (1) such annulment would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) all existing Events of Default, other than the nonpayment of the principal, premium, if any, or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 

Section 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. The Holders of a majority in principal
amount of the outstanding Notes may waive all past defaults (except with respect to nonpayment of principal, premium or interest) and rescind any such acceleration with respect to the Notes and its consequences if (1) such rescission would not
conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment of the principal, premium, if any, and interest on the Notes that became due solely by such declaration
of acceleration, have been cured or waived. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. If a Default is deemed to occur solely as a consequence of
the existence of another Default (the “Initial Default”), then, at the time such Initial Default is cured (including the payment of default interest, if any), the Default that resulted solely because of that Initial Default shall
also be cured without any further action. 
 Section 6.05 Control by Majority. The Holders of a majority in aggregate principal
amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Notes. However, the
Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would involve the Trustee in personal liability; provided,
however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Subject to Section 7.01, in case an Event of Default shall occur and be continuing, the Trustee shall be under
no obligation to exercise any of its rights or powers hereunder at the request or direction of any of the Holders, unless the Holders shall have offered to the Trustee reasonable security and/or indemnity satisfactory to it. 

  
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 Section 6.06 Limitation on Suits. A Noteholder shall not have any right to
institute any proceeding with respect to this Indenture or the Notes, or for the appointment of a receiver or Trustee, or for any remedy thereunder, unless: 

(a) such Holder shall have previously given to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made a written request
and offered indemnity reasonably satisfactory to the Trustee to institute such proceeding as trustee; and 
 (c) the Trustee
shall not have received from the Holders of a majority in aggregate principal amount of the Notes then outstanding a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days after such notice. 

The foregoing limitations shall not apply to a suit instituted by a Holder for the enforcement of payment of the principal of, and premium, if
any, or interest on such Note on or after the applicable due date specified in such Note. A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.07 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
to institute suit for the enforcement of payment of principal of, or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, shall not be impaired or affected without the consent of such Holder;
provided that for the avoidance of doubt, the amendment, supplement or modification in accordance with the terms of this Indenture of Articles 4 and 5 and Sections 6.01(c), (d), (e) and (i) and the related definitions shall be deemed not
to impair the right of any Holder to institute suit for the enforcement of payment of principal of or interest on the Notes held by such Holder. 

Section 6.08 Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or 6.01(b) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided
for in this Indenture. 
 Section 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors or its property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for such compensation as agreed upon in writing by the parties hereto, expenses, disbursements
and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under this Indenture, or in connection with the transactions contemplated hereunder. 

Section 6.10 Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money
or property in the following order: 
 FIRST: to the Trustee, its agents and counsel for amounts due under this Indenture;

  
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 SECOND: to the other agents as may be appointed under this Indenture; 

THIRD: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

FOURTH: to the Issuer. 

The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.10. At least 15 days before
such record date, the Issuer shall send to each Noteholder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit (other than the Trustee), having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Notes. 

Section 6.12 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding to enforce any right or
remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the Issuer, the Guarantors, the
Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Issuer, the Guarantors, the Trustee and the Holders shall continue as though no such proceeding
had been instituted. 
 Section 6.13 Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and
all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or exercise of any other right or remedy. 
 Section 6.14 Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing 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 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

ARTICLE 7 
 TRUSTEE 

Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied duties, covenants or obligations shall be read into this Indenture against the Trustee, where duties and obligations shall be determined solely by the express provisions of this Indenture; and 

(ii) in the absence of willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein; provided, that the Trustee shall not be responsible for the content
of legal opinion letters, whether delivered to it or on its behalf. 
 (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph
(c) does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable
for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the 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 Section 6.05; and 
 (iv) no provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall not be liable for interest or payment of interest on any money received by it except as the
Trustee may agree in writing with the Issuer, and the Trustee disclaims any obligation to otherwise manage such money. 
 (f) Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) The Trustee shall not be deemed to
have notice of a Default or an Event of Default unless a Trust Officer of the Trustee has received written notice thereof (in accordance with the notice provisions of this Indenture) from the Issuer or any Holder and such notice references the Notes
and this Indenture. 

  
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 (h)    The Trustee shall not be precluded from entering into
transactions with any other party hereto that are separate from those contemplated under this Indenture. 

Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely on any document (whether in its original or facsimile form) believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. The Trustee may, however, in its discretion make such further inquiry or investigation into such facts or
matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Issuer, personally
or by agent or attorney at the expense of the Issuer, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officers’ Certificate
and/or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and/or attorneys and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within its rights or powers. 
 (e)    The Trustee may
consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f)    The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty
unless so specified herein. 
 (g)    The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by the Trustee in compliance with such request or direction. 
 (h)    In no event
shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action. 
 (i)    The rights, privileges, protections, immunities
and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act
hereunder. 
 (j)    The Trustee shall not be required to give any bond or surety in respect of the performance of its
powers and duties hereunder. 

  
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 (k)    The Trustee may request that the Issuer deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(l)    Delivery of any reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of their
covenants hereunder (as to which the Trustee may conclusively rely on an Officers’ Certificate). 

Section 7.03    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates or any other party hereto with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or
co-registrar may do the same with like rights. Notwithstanding the foregoing, the Trustee must comply with Sections 7.10 and 7.11. 

Section 7.04    Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity, priority or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this
Indenture or in any other document other than the certificate of authentication executed by the Trustee. 

Section 7.05    Notice of Defaults. If a Default or Event of Default occurs and is continuing and if a written
notice of a Default or Event of Default is received by a Trust Officer, the Trustee shall send to each Noteholder notice of the Default or Event of Default within 90 days after written notice of it is received by a Trust Officer of the Trustee.
Except in the case of a Default or Event of Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is
in the interests of Noteholders. 
 Section 7.06    Reports by Trustee to Holders. As promptly as
practicable after each December 31 beginning with December 31, 2019, and in any event prior to February 28 in each year, the Trustee shall send to each Noteholder a brief report dated as of December 31 each year that complies
with TIA § 313(a), if and to the extent required by such subsection. The Trustee shall also comply with TIA § 313(b). 
 A copy of
each report at the time it is sent to Noteholders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Issuer agrees to notify promptly the Trustee whenever the Notes become listed on any stock exchange and
of any delisting thereof. 
 Section 7.07    Compensation and Indemnity. The Issuer and the Guarantors shall
pay to the Trustee from time to time such reasonable compensation for its services as agreed upon in writing by the parties hereto. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Issuer and Guarantors, jointly and severally, shall reimburse the Trustee upon request for all reasonable, documented out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and reasonable, documented
out-of-pocket expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer and Guarantors, jointly and severally,
shall indemnify the Trustee and every receiver, attorney, manager, agent or other person appointed by the Trustee hereunder against any and all loss, liability, claim, damage, penalty, action, suit, cost and expense (including reasonable
attorneys’ fees and out-of-pocket expenses and taxes (other than taxes based upon, measured by or determined by the income of the Trustee)) incurred by it in
connection with the 

  
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acceptance or administration of the trust hereunder and/or the transactions contemplated under this Indenture, and the Trustee shall have no liability or responsibility for any action or inaction
on the part of any Paying Agent, Registrar, Authentication Agent or any successor trustee. The Trustee shall notify the Issuer and the Guarantors promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer
and the Guarantors shall not relieve the Issuer or any of the Guarantors of their respective obligations hereunder except to the extent that the Issuer or any of the Guarantors shall have been actually prejudiced as a result of such failure. The
Issuer and the Guarantors shall defend the claim and the Trustee may participate in the defense and have separate counsel, and the Issuer and the Guarantors shall pay the fees and expenses of such counsel. None of the Issuer or any of the Guarantors
shall be required to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. None of the Issuer or any of the Guarantors shall be required to
pay for any settlement made by the Trustee without the Issuer’s consent, such consent not to be unreasonably withheld. All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors,
employees, agents, successors and assigns. 
 To secure the Issuer’s and Guarantors’ payment obligations in this
Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 

The Issuer’s and Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the resignation or removal of the
Trustee and the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Sections 6.01(g) or 6.01(h) with respect to the Issuer, the expenses are intended to constitute expenses of administration
under the Bankruptcy Law. 
 The provisions of this Section 7.07 shall survive the satisfaction and discharge or termination, for any
reason, of this Indenture and the resignation or removal of the Trustee. 
 Section 7.08    Replacement of
Trustee. The Trustee may resign at any time by so notifying the Issuer in writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in aggregate principal amount of the Notes then outstanding may
remove the Trustee by so notifying the Trustee in writing not less than 30 days prior to the effective date of such removal and may appoint a successor Trustee with the Issuer’s written consent. The Issuer shall remove the Trustee if: 

(a)    the Trustee fails to comply with Section 7.10; 

(b)    the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law; 
 (c)    a receiver or other public officer takes charge of the
Trustee or its property; or 
 (d)    the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Issuer or by the Holders of a majority in aggregate principal amount of the Notes then outstanding
and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a
successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.
Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The Issuer shall send a notice of any proposed
succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

  
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 If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, at the reasonable expense of the Issuer, or the Holders of 10% in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
 If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided
in TIA Section 310(b), any Noteholder who has been a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement or resignation of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under
Section 7.07 shall continue for the benefit of the Trustee and survive the termination of this Indenture. 

Section 7.09    Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or
transfers 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
Trustee. 
 Section 7.10    Eligibility; Disqualification. The Trustee shall at all times satisfy the
requirements of TIA § 310(a). The Trustee shall have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least $25.0 million as set
forth in its (or its related bank holding company’s) most recent published annual report of condition. The Trustee shall comply with TIA § 310(b), subject to the penultimate paragraph thereof; provided, however, that there
shall be excluded from the operation of TIA § 310(b)(i) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11    Preferential Collection of Claims
Against Issuer. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

ARTICLE 8 
 DISCHARGE OF
INDENTURE; DEFEASANCE 
 Section 8.01    Discharge of Liability on Notes; Defeasance. 

(a)    When (i) all outstanding Notes (other than Notes replaced pursuant to Section 2.07) have been delivered
to the Trustee for cancellation and the Issuer has paid or caused to be paid all sums payable by them hereunder, or (ii) (A) all outstanding Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable by
reason of the making of a notice of redemption or otherwise or (2) mature within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of redemption,
(B) the Issuer irrevocably deposits with the Trustee cash in U.S. Dollars, Government Obligations or a combination thereof, sufficient, as confirmed, certified or attested by an Independent Financial Advisor, without consideration of any
reinvestment of interest, to pay at maturity or upon redemption principal of, premium, if any, and 

  
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interest on all outstanding Notes, including interest thereon to maturity or such redemption date (other than Notes replaced pursuant to Section 2.07), (C) no Default (other than that
resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder has occurred and is continuing on the date of the deposit, (D) the
deposit shall not result in a breach or violation of, or constitute default under any other material agreement or instrument (other than this Indenture) to which the Issuer is a party or by which the Issuer is bound, and (E) the Issuer pays or
causes to be paid all other sums payable hereunder by the Issuer, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on written demand
of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer. 

(b)    Subject to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of their obligations and
the obligations of the Guarantors under the Notes, the Note Guarantees and this Indenture, as applicable (“legal defeasance option”) or (ii) the obligations under Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11
and 4.12 and the limitations contained in Section 5.02(d) (“covenant defeasance option”). If the Issuer exercises its legal defeasance option, the Note Guarantees in effect at such time shall be automatically released. If the
Issuer exercises its covenant defeasance option, the Note Guarantees (other than the Note Guarantee of the Parent Guarantor) in effect at such time shall be automatically released. The Issuer may exercise its legal defeasance option notwithstanding
its prior exercise of its covenant defeasance option. 
 If the Issuer exercises its legal defeasance option, payment of the Notes may not
be accelerated because of an Event of Default. If the Issuer exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(d) (only with respect to the covenants of
Article 4 identified in the immediately preceding paragraph), 6.01(e), 6.01(f), 6.01(g) (with respect only to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary),
6.01(h) (with respect only to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) or 6.01(i) (other than with respect to the Note Guarantee of the Parent Guarantor) or
because of the failure of the Parent Guarantor to comply with the limitations contained in Section 5.02(d). 
 Upon satisfaction of the
conditions set forth herein and upon request of the Issuer, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the defeasance contemplated have been
complied with, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 

(c)    Notwithstanding clauses (a) and (b) in this Section 8.01, the Issuer’s obligations in Sections 2.04,
2.05, 2.06, 2.07, 7.07, 7.08, 8.05 and 8.06 shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07 and 8.05 shall survive such satisfaction or discharge. 

Section 8.02    Conditions to Defeasance. The Issuer may exercise its legal defeasance option or their
covenant defeasance option only if: 
 (a)    the Issuer irrevocably deposits in trust with the Trustee,
for the benefit of the Holders, cash in U.S. Dollars, Government Obligations or a combination thereof, sufficient, as confirmed, certified or attested by an Independent Financial Advisor, without consideration of any reinvestment of interest, for
the payment of principal of and premium, if any, and interest on the Notes to maturity or redemption; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of
this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable 

  
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Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be
irrevocably deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium
Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(b)    no Default or Event of Default has occurred and is continuing on the date of the deposit and after
giving effect thereto (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in
connection therewith), and the deposit shall not result in a breach or violation of, or constitute a default under, the Credit Agreement or any other material agreement or material instrument (other than this Indenture) to which the Issuer or any
Guarantor is a party or by which the Issuer or any Guarantor is bound; 
 (c)    in the case of the legal
defeasance option, the Issuer delivers to the Trustee an Opinion of Counsel stating that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the Issue Date there has been a
change in the applicable federal income tax law, to the effect, in either case, that, and based thereon the Opinion of Counsel shall confirm that, the Holders of the Notes shall not recognize income, gain or loss for federal income tax purposes as a
result of such legal defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the defeasance had not occurred; 

(d)    in the case of the covenant defeasance option, the Issuer delivers to the Trustee an Opinion of
Counsel to the effect that the Holders of the Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and shall be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if that covenant defeasance had not occurred; 

(e)    the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent to the legal defeasance or covenant defeasance, as applicable, as contemplated by this Article 8, have been complied with; and 

(f)    the Issuer delivers irrevocable instructions to the Trustee to apply the deposited money toward the
payment of the Notes at maturity or the redemption date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in clause (e) above). 

Simultaneous with a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in
accordance with Article 3. 
 Section 8.03    Application of Trust Money. The Trustee shall hold in
trust money or Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of
principal of, premium, if any, and interest on the Notes. 
 Section 8.04    Repayment to Issuer. The
Trustee and the Paying Agent shall promptly turn over to the Issuer upon written request any excess money or securities held by them upon satisfaction of the conditions and occurrence of the events set forth in this Article 8. 

  
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 Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Issuer upon request any money held by them for the payment of principal, premium, if any, or interest that remains unclaimed for two years after such principal, premium, if any, or interest has become due and payable, and, thereafter,
Noteholders entitled to the money must look to the Issuer for payment as general creditors. 

Section 8.05    Indemnity for Government Obligations. The Issuer shall pay and shall indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against deposited Government Obligations or the principal and interest received on such Government Obligations pursuant to Section 8.02, which by law is for the account of the Holders.

 Section 8.06    Reinstatement. If the Trustee or Paying Agent is unable to apply any money or Government
Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and
the Guarantors’ obligations under this Indenture, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to
apply all such money or Government Obligations in accordance with this Article 8; provided, however, that, if the Issuer has made any payment of interest on or principal of any Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Obligations held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENTS 

Section 9.01    Without Consent of Holders. Notwithstanding Section 9.02, the Issuer, the Trustee and
(with respect to any amendment or supplement to the Note Guarantees) the Guarantors may amend or supplement this Indenture, the Notes or the Note Guarantees without notice to or consent of any Noteholder: 

(a)    to cure any ambiguity, omission, defect, mistake, error or inconsistency; 

(b)    to provide for the assumption by a successor of the obligations of the Issuer or any Guarantor under
this Indenture; 
 (c)    to provide for uncertificated Notes in addition to or in place of certificated
Notes; provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; 

(d)    to comply with the rules of any applicable depositary; 

(e)    to add Guarantors with respect to the Notes or release Guarantors from their Note Guarantees in
accordance with the applicable terms of this Indenture; 
 (f)    to secure the Notes and the Note
Guarantees (and, thereafter, provide for releases of collateral in accordance with the security documents entered into in connection therewith), to add to the covenants of the Issuer and the Guarantors for the benefit of the Holders or to surrender
any right or power conferred upon the Issuer or the Guarantors; 

  
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 (g)    to make any change that does not adversely affect
the rights of any Noteholder in any material respect; 
 (h)    to comply with any requirements of the
SEC in connection with qualifying, or maintaining the qualification of, this Indenture under the TIA; 

(i)    to make such provisions as necessary (as determined in good faith by the Issuer) to provide for the
issuance of Additional Notes in accordance with this Indenture; 
 (j)    to provide for the issuance of
Exchange Notes or other exchange securities that shall have terms substantially identical in all respects to the Notes (except that the transfer restrictions contained in the Notes shall be modified or eliminated, as appropriate) and which shall be
treated, together with any outstanding Notes, as a single class of securities; 
 (k)    to provide for
the appointment of a successor trustee; provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; 

(l)    to make any amendment to the provisions of this Indenture relating to the transfer and legending of
Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being
transferred in violation of the Securities Act or any other applicable securities laws and (ii) such amendment does not adversely affect the rights of Holders to transfer Notes in any material respect; or 

(m)    to conform any provision of this Indenture, the Notes or the Note Guarantees to the
“Description of Notes” contained in the Offering Memorandum, to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note
Guarantees. 
 Section 9.02    With Consent of Holders. Except as provided in Section 9.01, the Issuer,
the Trustee and (with respect to any amendment or supplement to the Note Guarantees) the Guarantors may amend or supplement this Indenture, the Notes or the Note Guarantees without notice to any Noteholder but with the written consent of the Holders
of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Notes) and any past Default or compliance with any provisions may also be waived with
the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including waivers obtained in connection with a tender offer or exchange offer for the Notes), except a Default in the payment of principal,
premium, if any, or interest and particular covenants and provisions of this Indenture which cannot be amended without the consent of each Holder of an outstanding Note, as specified in this Section 9.02. However, without the consent of each
Noteholder affected thereby, an amendment, supplement or waiver (with respect to any Notes held by a non-consenting Holder) may not: 

(a)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or
waiver; 
 (b)    reduce the stated rate of or extend the stated time for payment of interest on any such
Note; 
 (c)    reduce the principal of or extend the Stated Maturity of any Note; 

(d)    make any Note payable in money other than U.S. Dollars; 

  
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 (e)    impair the right of any Holder to institute suit
for the enforcement of any payment of principal of and interest on such Holder’s Notes on or after the due dates therefor; 

(f)    subordinate the Notes or the Note Guarantees to any other obligation of the Issuer or any Guarantor,
as applicable; 
 (g)    reduce the premium payable upon the redemption of any Note or change the time at
which any Note may be redeemed, as set forth in Section 3.08 or (at any time after a Change of Control has occurred) under Section 4.11(g); 

(h)    (i) other than as provided in Section 4.11(g), reduce the premium payable upon a Change of
Control or (ii) at any time after a Change of Control has occurred, change the time at which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased pursuant to that Change of Control Offer; 

(i)    at any time after the Issuer is obligated to make a Prepayment Offer with the Excess Proceeds from
Asset Sales, change the time at which the Prepayment Offer must be made or at which the Notes must be repurchased pursuant thereto; 

(j)    make any change in this Section 9.02; or 

(k)    release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except
in accordance with the terms of this Indenture. 
 The consent of the Holders is not necessary to approve the particular form of any
proposed amendment, supplement or waiver. It is sufficient if such consent approves the substance of the proposed amendment, supplement or waiver. A consent to any amendment, supplement or waiver under this Indenture by any Holder given in
connection with a tender or exchange of such Holder’s Notes shall not be rendered invalid by such tender or exchange. After an amendment, supplement or waiver becomes effective, the Issuer is required to deliver to each Holder at the
Holder’s address appearing in the Note register a notice briefly describing the amendment. However, the failure to give this notice to Holders, or any defect therein, shall not impair or affect the validity of the amendment. 

Section 9.03    Compliance with Trust Indenture Act. Upon and after, but not before, the qualification of this
Indenture under the TIA, every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

Section 9.04    Revocation and Effect of Consents and Waivers. A consent to an amendment, supplement or a
waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note.
However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. After an amendment or waiver becomes effective, it shall bind every Noteholder. An amendment, supplement or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Noteholders entitled to give their consent
or take any other action described in this Section 9.04 or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Noteholders at
such 

  
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record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.05    Notation on or Exchange of Notes. If an amendment or supplement changes the terms of a Note,
the Trustee may require the Holder of the Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return such Note to the Holder. Alternatively, if the Issuer or the Trustee
so determines, the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such
amendment or supplement. 
 Section 9.06    Trustee to Sign Amendments. The Trustee shall sign any amendment
or supplement authorized pursuant to this Article 9 if such amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such
amendment or supplement the Trustee shall receive and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of
Counsel each stating that the execution of such amendment or supplement is authorized or permitted by this Indenture and an Opinion of Counsel stating that such amendment or supplement is the legal, valid and binding obligation of the Issuer,
enforceable in accordance with its terms. 
 ARTICLE 10 

GUARANTEES 

Section 10.01    The Guarantees. Subject to the provisions of this Article 10, each Guarantor hereby
irrevocably and unconditionally guarantees, jointly and severally, on a senior unsecured basis, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an offer to purchase required under Section 4.07 or
Section 4.11 or acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Issuer under this
Indenture. Upon failure by the Issuer to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this Indenture. 

Section 10.02    Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and
absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(1)    any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of
the Issuer under this Indenture or any Note, by operation of law or otherwise; 
 (2)    any modification
or amendment of or supplement to this Indenture or any Note; 
 (3)    any change in the corporate
existence, structure or ownership of the Issuer, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Issuer or its assets or any resulting release or discharge of any obligation of the Issuer contained in this
Indenture or any Note; 

  
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 (4)    the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Issuer, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions; provided that
nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

(5)    any invalidity or unenforceability relating to or against the Issuer for any reason of this
Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Issuer of the principal of or interest on any Note or any other amount payable by the Issuer under this Indenture; or 

(6)    any other act or omission to act or delay of any kind by the Issuer, the Trustee or any other Person
or any other circumstance whatsoever which might, but for the provisions of this Section 10.02, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

Section 10.03    Discharge; Reinstatement. Subject to Section 10.10, each Guarantor’s obligations
hereunder shall remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Issuer under this Indenture have been paid in full. If at any time any payment of the principal
of, premium, if any, or interest on any Note or any other amount payable by the Issuer under this Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, each
Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 

Section 10.04    Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment,
demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Issuer or any other Person. 

Section 10.05    Subrogation and Contribution. Upon making any payment with respect to any obligation of the
Issuer under this Article 10, the Guarantor making such payment shall be subrogated to the rights of the payee against the Issuer with respect to such obligation; provided that the Guarantor may not enforce either any right of subrogation, or
any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Issuer hereunder or under the Notes remains unpaid. 

Section 10.06    Stay of Acceleration. If acceleration of the time for payment of any amount payable by the
Issuer under this Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Issuer, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Guarantors
hereunder forthwith on demand by the Trustee or the Holders. 
 Section 10.07    Limitation on Amount of
Guarantee. Notwithstanding anything to the contrary in this Article 10, each Guarantor and, by its acceptance of Notes, each Holder hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not
constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the Bankruptcy Law or
any comparable provision of state law. 

  
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 Section 10.08    Execution and Delivery of Guarantee. The
execution by each Guarantor of this Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at
the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor. 

Section 10.09    Benefits Acknowledged. Each Guarantor acknowledges that it shall receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 

Section 10.10    Release of Guarantee. The Note Guarantee of a Subsidiary Guarantor shall terminate, and the
Note Guarantee shall be automatically and unconditionally released and discharged, upon: 
 (1)    a sale
or other disposition (including by way of consolidation or merger) of Capital Stock of the Subsidiary Guarantor following which such Subsidiary Guarantor ceases to be a Subsidiary or the sale or disposition of all or substantially all the properties
and assets of the Subsidiary Guarantor (other than to the Issuer or a Guarantor) otherwise permitted by this Indenture, 

(2)    the release or discharge of such Subsidiary Guarantor’s obligations under the Credit Agreement
and any other Credit Facility and such Subsidiary Guarantor’s guarantee in respect of other capital markets debt securities of the Issuer or any Guarantor, as applicable, that resulted in the creation of such Note Guarantee other than, in each
case, a release or discharge through payment thereon, 
 (3)    the designation in accordance with this
Indenture of the Subsidiary Guarantor as an Unrestricted Subsidiary, or 
 (4)    defeasance or discharge
of the Notes, as provided in Article 8. 
 The Note Guarantee of the Parent Guarantor shall terminate, and the Note Guarantee shall be
automatically and unconditionally released and discharged, upon legal defeasance or discharge of the Notes, as provided in Article 8. 

Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee
shall execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under its Note Guarantee. 

ARTICLE 11 
 [RESERVED] 

ARTICLE 12 
 MISCELLANEOUS

 Section 12.01    Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by TIA Section 318(c) in respect of Sections of the TIA that are incorporated by reference in this Indenture pursuant to Section 1.03, the imposed duties shall control upon and after, but not before, the
qualification of this Indenture under the TIA. 

  
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 Section 12.02    Notices. Any notice or communication shall
be in writing in English and delivered in person, mailed by first-class mail or sent by facsimile or electronic transmission and addressed as follows: 

if to the Issuer: 
 c/o Marriott
Vacations Worldwide Corporation 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Fax:
(407) 513-6680 
 Attention: James H Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Fax: (212) 446-4900 

Attention: Richard Aftanas, P.C. 

E-mail: richard.aftanas@kirkland.com 

if to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 10161 Centurion Parkway North, 2nd Floor 

Jacksonville, Florida 32256 

Attention: Corporate Trust 

Facsimile: (904) 645-1921 

Telephone: (904) 998-4747 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication sent to a Noteholder shall be sent or delivered to the Noteholder at the Noteholder’s address as it
appears on the registration books of the Registrar and shall be sufficiently given if so sent within the time prescribed. 
 Failure to send
or deliver a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is sent or delivered in the manner provided in this Section 12.02, it is
duly given, whether or not the addressee receives it. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to
this Indenture sent by e-mail, pdf, facsimile transmission or other similar unsecured electronic methods. If the Issuer elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable
for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions 

  
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notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods to
submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 12.03    Communication by Holders with Other Holders. Noteholders may communicate pursuant to TIA
§ 312(b) with other Noteholders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 12.04    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 

(a)    an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in
the opinion of such counsel, all such conditions precedent have been complied with. 

Section 12.05    Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a covenant or condition provided for in this Indenture shall include: 
 (a)    a
statement that the individual making such certificate or opinion has read such covenant or condition; 

(b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in
the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)    a statement as to whether or not, in the opinion of such individual, such covenant or condition has
been fully complied with. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or
on certificates of public officials. 
 Section 12.06    Rules by Trustee, Paying Agents and Registrar. The
Trustee may make reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agents or co-registrar may make reasonable rules for their functions. 

Section 12.07    Business Days. If a payment date, a redemption date or a repurchase date is not a Business
Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 

Section 12.08    Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction. THIS INDENTURE, THE NOTES
AND THE NOTE GUARANTEES AND ANY CLAIM, CONTROVERSY 

  
 102 

 
OR DISPUTE RELATING TO OR ARISING OUT OF THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE
PARTIES HERETO AND EACH HOLDER BY ITS ACCEPTANCE THEREOF IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 The parties hereto irrevocably submit to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the
parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 12.09    No Recourse Against Others. No past, present or future director, officer, employee,
incorporator, member, partner or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or any Guarantor (other than the Issuer in respect of the Notes and each Guarantor in respect of its
Note Guarantee) under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. This waiver
and release are part of the consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under the federal securities law. 

Section 12.10    Successors. All agreements of the Issuer and the Guarantors in this Indenture and the Notes
shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 12.11    Severability. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 Section 12.12    Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. Delivery of an executed signature page by facsimile or electronic transmission (e.g.
“pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. 

Section 12.13    Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the
Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 12.14    Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 103 

 Section 12.15    U.S.A. Patriot Act. The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and 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 Trustee. The parties to this Indenture agree that they shall provide the Trustee with such information as may be available that the
Trustee may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 12.16    FATCA. In order to assist the Trustee with its compliance with Sections 1471 through 1474 of
the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time, collectively, the “Applicable Law”) the Issuer agrees (i) to provide to the Trustee reasonably available information
regarding the Issuer or the Holders of Notes (solely in their capacity as such) and which is necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and (ii) that the Trustee shall be
entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law and shall have not liability in connection therewith other than as a result of its negligence or willful
misconduct. Nothing in the immediately preceding sentence shall be construed as obligating the Issuer or the Trustee to make any “gross up” payment or similar reimbursement in connection with a payment in respect of which amounts are so
withheld or deducted. 
 [Remainder of Page Intentionally Left Blank] 

  
 104 

 IN WITNESS WHEREOF, the parties have executed this Indenture to be duly executed as of the
date first written above. 
  

					
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	 MARRIOTT VACATIONS WORLDWIDE

            CORPORATION, as Guarantor

		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President

  
 [Signature Page
to the Indenture] 

 
			
	MH KAPALUA VENTURE, LLC
	MORI MEMBER (KAUAI), LLC
	MORI GOLF (KAUAI), LLC
	KAUAI LAGOONS HOLDINGS LLC
	MVW US HOLDINGS, INC.
	MVW SSC, INC.
	MARRIOTT RESORTS SALES COMPANY, INC.
	MARRIOTT KAUAI OWNERSHIP RESORTS, INC.
	THE RITZ-CARLTON DEVELOPMENT COMPANY, INC.
	THE LION & CROWN TRAVEL CO., LLC
	THE RITZ-CARLTON TITLE COMPANY, INC.
	THE RITZ-CARLTON SALES COMPANY, INC.
	RCDC 942, L.L.C.
	RCC (GP) HOLDINGS LLC
	MORI RESIDENCES, INC.
	MTSC, INC.,
		 	as Guarantors
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page
to the Indenture] 

 
					
	MARRIOTT RESORTS HOSPITALITY CORPORATION
	VOLT MERGER SUB, LLC,
		 	as Guarantors
		
	By:    	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Vice President

  
 [Signature Page
to the Indenture] 

 
					
	MVW OF HAWAII, INC.,
		 	as Guarantor
		
	By:	 	 /s/ Marcus O’Leary

		 	Name:	 	Marcus O’Leary
		 	Title:	 	President

  
 [Signature Page
to the Indenture] 

 
					
	MVW US SERVICES, LLC, as Guarantor
		
	By:	 	 MVW SSC, Inc., a Delaware corporation,

            its sole member

		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

 [Signature Page to the Indenture] 

 
					
	 MARRIOTT OWNERSHIP RESORTS

PROCUREMENT, LLC

	MORI WAIKOLOA HOLDING COMPANY, LLC,

 
					
		 	as Guarantors
		
	By:	 	Marriott Ownership Resorts, Inc.,
		 	a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

 [Signature Page to the Indenture] 

 
					
	RBF, LLC
	THE COBALT TRAVEL COMPANY, LLC
	THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.
	RCDC CHRONICLE LLC
	RCC (LP) HOLDINGS L.P.
	RCC (GP) HOLDINGS LLC
	R.C. CHRONICLE BUILDING, L.P.,

 
					
		 	as Guarantors
		
	By:	 	The Ritz-Carlton Development
		 	Company, Inc., a Delaware corporation,
		 	its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

 [Signature Page to the Indenture] 

 
			
		 	AQUA HOTELS AND RESORTS, INC.
		 	AQUA-ASTON HOLDINGS, INC.
		 	CDP GP, INC.
		 	CERROMAR DEVELOPMENT PARTNERS GP, INC.
		 	COCONUT PLANTATION PARTNER, INC.
		 	DATA MARKETING ASSOCIATES EAST, INC.
		 	FLEX COLLECTION, LLC
		 	FOH HOSPITALITY, LLC
		 	GRAND ASPEN HOLDINGS, LLC
		 	GRAND ASPEN LODGING, LLC
		 	HAWAII VACATION TITLE SERVICES, INC.
		 	HPC DEVELOPER, LLC
		 	HT-HIGHLANDS, INC.
		 	HTS-BC, L.L.C.
		 	HTS-BEACH HOUSE PARTNER, L.L.C.
		 	HTS-BEACH HOUSE, INC.
		 	HTS-COCONUT POINT, INC.
		 	HTS-GROUND LAKE TAHOE, INC.
		 	HTS-KEY WEST, INC.
		 	HTS-KW, INC.
		 	HTS-LAKE TAHOE, INC.
		 	HTS-LOAN SERVICING, INC.
		 	HTS-MAIN STREET STATION, INC.
		 	HTS-MAUI, L.L.C.
		 	HTS-SAN ANTONIO, INC.
		 	HTS-SAN ANTONIO, L.L.C.
		 	HTS-SEDONA, INC.
		 	HTS-SUNSET HARBOR PARTNER, L.L.C.
		 	HTS-WINDWARD POINTE PARTNER, L.L.C.
		 	HV GLOBAL GROUP, INC.
		 	HV GLOBAL MANAGEMENT CORPORATION
		 	HV GLOBAL MARKETING CORPORATION
		 	HVO KEY WEST HOLDINGS, LLC
		 	IIC HOLDINGS, INCORPORATED
		 	ILG, LLC
		 	ILG SHARED OWNERSHIP, INC.
		 	INTERVAL HOLDINGS, INC.
		 	INTERVAL INTERNATIONAL, INC.
		 	INTERVAL RESORT & FINANCIAL SERVICES, INC.
		 	INTERVAL SOFTWARE SERVICES, LLC
		 	KAUAI BLUE, INC.
		 	LAGUNAMAR CANCUN MEXICO, INC.
		 	MANAGEMENT ACQUISITION HOLDINGS, LLC
		 	RESORT SALES SERVICES, INC.
		 	SCOTTSDALE RESIDENCE CLUB, INC.
		 	SHERATON FLEX VACATIONS, LLC
		 	ST. REGIS NEW YORK MANAGEMENT, INC.
		 	ST. REGIS RESIDENCE CLUB, NEW YORK INC.
		 	VACATION OWNERSHIP LENDING GP, INC.

 [Signature Page to the Indenture] 

 
					
	VACATION TITLE SERVICES, INC.
	VCH COMMUNICATIONS, INC.
	VCH CONSULTING, INC.
	VCH SYSTEMS, INC.
	VISTANA ACCEPTANCE CORP.
	VISTANA AVENTURAS, INC.
	VISTANA DEVELOPMENT, INC.
	VISTANA HAWAII MANAGEMENT, INC.
	VISTANA MANAGEMENT, INC.
	VISTANA MB MANAGEMENT, INC.
	VISTANA PORTFOLIO SERVICES, INC.
	VISTANA PSL, INC.
	VISTANA RESIDENTIAL MANAGEMENT, INC.
	VISTANA SIGNATURE EXPERIENCES, INC.
	VISTANA SIGNATURE NETWORK, INC.
	VISTANA VACATION OWNERSHIP, INC.
	VISTANA VACATION REALTY, INC.
	VISTANA VACATION SERVICES HAWAII, INC.
	VOL GP, INC.
	VSE DEVELOPMENT, INC.
	VSE EAST, INC
	VSE MEXICO PORTFOLIO SERVICES, INC.
	VSE MYRTLE BEACH, LLC
	VSE PACIFIC, INC.
	VSE TRADEMARK, INC.
	VSE VISTANA VILLAGES, INC.
	VSE WEST, INC.
	WESTIN SHERATON VACATION SERVICES, INC.
	WINDWARD POINTE II, L.L.C.
	WORLDWIDE VACATION & TRAVEL, INC.
	WVC RANCHO MIRAGE, INC.,
		 	 as Guarantors

		
	 By:
	 	 /s/ John E. Geller, Jr.

		 	 Name:
	 	 John E. Geller, Jr.

		 	 Title:
	 	 Executive Vice President

	
	INTERVAL ACQUISITION CORP.
	S.O.I. ACQUISITION CORP.,
		 	 as Guarantors

		
	 By:
	 	 /s/ John E. Geller, Jr.

		 	 Name:
	 	 John E. Geller, Jr.

		 	 Title:
	 	 Executive Vice President and Chief

		 	 Financial Officer

 [Signature Page to the Indenture] 

 
					
	FOH HOLDINGS, LLC,
		 	as Guarantor
		
	By:	 	 /s/ Angela K. Halladay

		 	Name:	 	Angela K. Halladay
		 	Title:	 	Assistant Secretary

 [Signature Page to the Indenture] 

 
					
	RESORT MANAGEMENT FINANCE SERVICES, INC.,
		 	as Guarantor
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Secretary

 [Signature Page to the Indenture] 

 
					
	AQUA-ASTON HOSPITALITY, LLC,
		 	as Guarantor
		
	By:	 	 /s/ Denis Ebrill

		 	Name:	 	Denis Ebrill
		 	Title:	 	Manager

 [Signature Page to the Indenture] 

 
					
	REP HOLDINGS, LTD.,
		 	as Guarantor
		
	By:	 	 /s/ Denis Ebrill

		 	Name:	 	Denis Ebrill
		 	Title:	 	President

 [Signature Page to the Indenture] 

 
					
	AQUA HOSPITALITY LLC
	ASTON HOTELS & RESORTS FLORIDA, LLC
	MAUI CONDO AND HOME, LLC
	RQI HOLDINGS, LLC
	ILG MANAGEMENT, LLC,
		 	as Guarantor
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

 [Signature Page to the Indenture] 

 
					
	AQUA HOTELS & RESORTS, LLC
	DIAMOND HEAD MANAGEMENT LLC
	HOTEL MANAGEMENT SERVICES LLC
	KAI MANAGEMENT SERVICES LLC,
		 	as Guarantors
	
	By: Aqua Hospitality, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

 [Signature Page to the Indenture] 

 
					
	AQUA HOTELS AND RESORTS OPERATOR LLC,
		 	as Guarantor
	
	By: Aqua Hospitality, LLC, a Delaware limited liability company, its managing member
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

 [Signature Page to the Indenture] 

 
					
	AQUA LUANA OPERATOR LLC,
		 	as Guarantor
	
	By: Aqua Hospitality, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

 [Signature Page to the Indenture] 

 
					
	BEACH HOUSE DEVELOPMENT PARTNERSHIP,
		 	as Guarantor
	
	By:     HTS-BEACH HOUSE, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	CDP INVESTORS, L.P.,
		 	as Guarantor
	
	By:     CDP GP, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.,
		 	as Guarantor
	
	By:    CERROMAR DEVELOPMENT PARTNERS GP, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	HTS-SAN ANTONIO, L.P.,
		 	as Guarantor
	
	By:     HTS-SAN ANTONIO, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	KEY WESTER LIMITED,
		 	as Guarantor
	
	By:     HTS-KW, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	PELICAN LANDING TIMESHARE VENTURES LIMITED PARTNERSHIP,
		 	as Guarantor
	
	By:    HTS-COCONUT POINT, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	VACATION OWNERSHIP LENDING, L.P.,
		 	as Guarantor
	
	By:    VACATION OWNERSHIP LENDING GP, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

 [Signature Page to the Indenture] 

 
					
	VOL INVESTORS, L.P.,
		 	as Guarantor
		
	  By:	 	VOL GP, INC., a Delaware corporation, its general partner
		
	  By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Vice President

 [Signature Page to the Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Karen Yu

 
			
	Name:	 	Karen Yu
	Title:	 	Vice President

 [Signature Page to the Indenture] 

 Appendix A 

PROVISIONS RELATING TO INITIAL NOTES 

AND EXCHANGE NOTES 

1.    Definitions 

1.1    Definitions 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Clearstream” means Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 

“Definitive Note” means a certificated Initial Note or Exchange Note bearing, if required, the restricted
securities legend set forth in Section 2.3(d) of this Appendix A. 
 “Depositary” means with respect to the Notes, The
Depository Trust Company, its nominees and their respective successors. 
 “Distribution Compliance Period” means, with
respect to any Notes, the period of 40 consecutive days beginning on the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the
issue date with respect to such Notes. 
 “Euroclear” means Euroclear Bank S.A./N.Y., as operator of Euroclear Clearance
System or any successor securities clearing agency. 
 “Exchange Notes” means the 4.750% Senior Notes due 2028 to be issued
pursuant to the Indenture in connection with a Registered Exchange Offer pursuant to the Registration Rights Agreement. 

“IAI” means an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under
the Securities Act. 
 “Initial Notes” means the 4.750% Senior Notes due 2028, to be issued from time to time, as provided
for in the Indenture in transactions exempt from registration under the Securities Act pursuant to resales under Rule 144A or Regulation S. 

“Initial Purchasers” means J.P. Morgan Securities LLC, BofA Securities, Inc., SunTrust Robinson Humphrey, Inc., Wells Fargo
Securities, LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third Securities, Inc. HSBC Securities (USA) Inc. and MUFG Securities Americas Inc. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depositary) or any successor person
thereto, who shall initially be the Trustee. 
 “Original Notes” has the meaning assigned to such term in the recitals to
the Indenture. 

 “Purchase Agreement” means the Purchase Agreement, dated September 17,
2019, among the Issuer, the Guarantors named therein and J.P. Morgan Securities LLC, as representative of the Initial Purchasers, relating to the Original Notes, or any similar agreement relating to any future sale of Initial Notes by the Issuer.

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

“Registered Exchange Offer” means an offer by the Issuer, pursuant to the Registration Rights Agreement, to certain Holders
of Initial Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 

“Shelf Registration Statement” means a registration statement issued by the Issuer in connection with the offer and sale of
Initial Notes pursuant to the Registration Rights Agreement. 
 “Transfer Restricted Notes” means Definitive Notes and any
other Notes that bear or are required to bear the legend set forth in Section 2.3(d) hereto. 
 1.2    Other
Definitions 
  

			
	Term	  	Defined in Section:
	“Agent Members”	  	2.1(b)
	“Global Note”	  	2.1(a)
	“IAI Global Note”	  	2.1(a)
	“Regulation S”	  	2.1
	“Regulation S Global Note”	  	2.1(a)
	“Rule 144A”	  	2.1
	“Rule 144A Global Note”	  	2.1(a)

 Terms otherwise used herein and not otherwise defined herein shall have the meaning ascribed thereto in the Indenture. 

2.    The Notes 

2.1    Form and Dating 

The Initial Notes shall be offered and sold by the Issuer, from time to time, pursuant to one or more Purchase Agreements. The Initial Notes
shall be resold initially only to QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and other purchasers in reliance on Regulation S under the Securities Act (“Regulation S”). Initial Notes may
thereafter be transferred to, among others, QIBs and other purchasers in reliance on Regulation S and IAIs under Rule 501(a)(1), (2), (3) or (7) under the Securities Act, subject to the restrictions on transfer set forth herein. 

(a)    Global Notes. Initial Notes initially resold pursuant to Rule 144A shall be issued initially in the form of
one or more permanent Global Notes in registered form (collectively, the “Rule 144A Global Note”) with the global securities legend and the applicable restricted securities legend set forth in Exhibit A to the Indenture, and
Initial Notes initially resold pursuant to Regulation S shall be issued initially in the form of one or more permanent Global Notes in registered form with the global securities legend and the applicable restricted securities legend set forth in
Exhibit A to the Indenture (collectively, the “Regulation S Global Note”) or with such other legends as may be appropriate. Except as set forth in this Section 2.1(a) and Section 2.3(c) hereof, beneficial ownership
interest in a Regulation S Global Note 

 
shall be exchangeable for interests in a Rule 144A Global Note or a Definitive Note in registered certificated form only after the expiration of the Distribution Compliance Period and then only
(i) upon certification that beneficial ownership interests in such Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not
require registration under the Securities Act and (ii) in the case of an exchange for a Definitive Note, in compliance with the requirements described in Section 2.4 and, subject to Section 2.4 hereof, Initial Notes transferred
subsequent to the initial resale thereof to IAIs shall be issued initially in the form of one or more permanent global securities in registered form (collectively, the “IAI Global Note”), in each case without interest coupons and
with the global securities legend and the applicable restricted securities legend set forth in Exhibit A to the Indenture, which shall be deposited on behalf of the purchasers of the Initial Notes represented thereby with the Notes Custodian,
and registered in the name of the applicable Depositary or a nominee of the applicable Depositary, duly executed by the Issuer and authenticated by the Trustee or the Authentication Agent as provided in the Indenture. The Rule 144A Global Note, IAI
Global Note and Regulation S Global Note are collectively referred to herein as “Global Notes.” The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the applicable Depositary or its nominee as hereinafter provided. 
 (b)    Book-Entry
Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the applicable Depositary. 
 The
Issuer shall execute and the Trustee shall, in accordance with this Section 2.1(b) and pursuant to an order of the Issuer, authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the
applicable Depositary for such Global Note or Global Notes or the nominee of such Depositary and (b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Notes
Custodian. 
 Members of, or participants, in the Depositary (“Agent Members”) shall have no rights under the Indenture
with respect to any Global Note held on their behalf by the Depositary or by the Trustee as Notes Custodian or under such Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any
Global Note. 
 (c)    Definitive Notes. Except as provided in Section 2.3 or 2.4 hereof, owners of
beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
 2.2    
Authentication. The Trustee or Authentication Agent shall authenticate and deliver Notes in accordance with Section 2.03 and, if applicable, Section 2.14 of the Indenture. 

2.3    Transfer and Exchange. 

(a)    Transfer and Exchange of Definitive Notes for Definitive Notes. When Definitive Notes are presented to the
Registrar or a co-registrar with a request: 
 (i)    to register the transfer
of such Definitive Notes; or 

 (ii)    to exchange such Definitive Notes for an equal principal amount
of Definitive Notes of other authorized denominations, the Registrar or co-registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the
Definitive Notes surrendered for transfer or exchange: 
 (1)    shall be duly endorsed or accompanied by
a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar or co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(2)    if such Definitive Notes bear a restricted securities legend, they are being transferred or
exchanged pursuant to an effective registration statement under the Securities Act or pursuant to clause (A), (B), (C) or (D) below, and are accompanied by the following additional information and documents, as applicable: 

(A)    if such Definitive Notes are being delivered to the Registrar by a Holder for registration in the
name of such Holder, without transfer, a certification from such Holder to that effect; or 
 (B)    if
such Definitive Notes are being transferred to the Issuer, a certification to that effect; 
 (C)    if
such Definitive Notes are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act, (i) a certification to that effect (such certification to be in the form set forth on the reverse of
the Initial Note) and (ii) an opinion of counsel or other evidence reasonably satisfactory to the Issuer and the Trustee as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(d)(i); or 

(D)    if such Definitive Notes are being transferred pursuant to another available exemption from the
registration requirements of the Securities Act, (i) the appropriate certification in the form set forth on the reverse of the Initial Note) and (ii) as applicable, delivery of such legal opinions, certifications and other information as
may be requested pursuant thereto (including, in the case of a transfer to an IAI, a signed letter to the Trustee containing certain representations and agreements in the form of Exhibit D to the Indenture). 

(b)    Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A
Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Issuer and the Registrar or co-registrar, together with: 

(i) a certification from the transferor in the form provided on the reverse of the Initial Notes for exchange or
registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto; and 

(ii) written instructions directing the Trustee to make, or to direct the Custodian to make, an adjustment on its books
and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the Depositary account to be credited with such
increase, 

 
the Trustee shall cancel such Definitive Note and cause, or direct the Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the
Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If the applicable Global Note is not then outstanding, the Issuer shall issue and the Trustee shall
authenticate a new applicable Global Note in the appropriate principal amount at the Registrar’s or co-registrar’s request. 

(c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the applicable
Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver a written order
given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Note and such account shall be credited in accordance with
such instructions with a beneficial interest in the Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred. In the case of a transfer of a
beneficial interest in a Global Note to an IAI, the transferee must furnish a signed letter to the Trustee containing certain representations and agreements in the form of Exhibit D to the Indenture. 

(ii)    If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in
another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest to
be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii)    Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in
Section 2.4), a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. 
 (iv)    In the event that a Global Note
is exchanged for Definitive Notes pursuant to Section 2.4 prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance
with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A,
Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Issuer. 

(v)    Restrictions on Transfer of Regulation S Global Notes. 

(A)    During the Distribution Compliance Period, beneficial ownership interests in Regulation S Global
Notes may only be sold, pledged or transferred directly or indirectly through Euroclear or Clearstream in accordance with the applicable procedures of Euroclear, Clearstream or the Depositary (i) to the Issuer, (ii) in an offshore
transaction in accordance with Rule 904 of 

 
Regulation S, (iii) to QIBs pursuant to Rule 144A who take delivery in the form of a beneficial interest in the Rule 144A Global Note or (iv) pursuant to an effective registration
statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States; and 

(B)    Beneficial interests in a Rule 144A Global Note may be transferred to a Person who takes delivery in
the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being
made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 
 (c)    Legends. 

(i)    Except as permitted by the following paragraphs (ii), (iii) and (iv), each certificate evidencing the Global Notes
and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (the “Restricted Notes Legend”): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF
ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN
ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS
SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS 

 
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED
TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER ANY CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE
MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 
 Each Global Note shall also bear the following additional legend
(the “Global Notes Legend): 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 Each Definitive Note shall also bear the following
additional legend (the “Definitive Notes Legend”): 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

Each Global Notes and Definitive Note shall also bear the following additional legend (the “ERISA Legend”): 

“BY ITS ACQUISITION OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF
THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER 

 
ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS”
(WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE PURCHASE AND HOLDING OF THIS NOTE AND ANY
INTEREST HEREIN DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.” 

(ii)    Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a
Global Note) pursuant to Rule 144 under the Securities Act: 
 (A)    in the case of any Transfer
Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer
Restricted Note; and 
 (B)    in the case of any Transfer Restricted Note that is represented by a
Global Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Note, 

in either case, if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to
be in the form set forth on the reverse of the Initial Note). 
 (iii)    After a transfer of any Initial Notes during
the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Notes, all requirements pertaining to restricted legends on such Initial Note shall cease to apply and an Initial Note in global form without restricted
legends shall be available to the transferee of the beneficial interests of such Initial Notes. Upon the occurrence of any of the circumstances described in this paragraph (iii), the Issuer shall deliver an Officers’ Certificate to the Trustee
instructing the Trustee to issue Notes without restricted legends. 
 (iv)    Upon the consummation of a Registered
Exchange Offer with respect to the Initial Notes pursuant to which certain Holders of such Initial Notes are offered Exchange Notes in exchange for their Initial Notes, Exchange Notes in global form without the restricted legends shall be available
to Holders or beneficial owners that exchange such Initial Notes (or beneficial interests therein) in such Registered Exchange Offer. Upon the occurrence of any of the circumstances described in this paragraph (iv), the Issuer shall deliver the
Exchange Notes accompanied by an Officers’ Certificate to the Trustee instructing the Trustee to authenticate the Exchange Notes without restricted legends. 

(d)    Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have
either been exchanged for Definitive Notes, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation pursuant to its customary practice. 

 At any time prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for Definitive Notes, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes
Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 

(e)    Obligations with Respect to Transfers and Exchanges of Notes. 

(i)    To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate
Definitive Notes and Global Notes at the Registrar’s or co-registrar’s request. 

(ii)    No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment
of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to
Sections 3.06 and 9.05 of the Indenture). 
 (iii)    The Registrar or
co-registrar shall not be required to register the transfer of or exchange of any Note selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed)
or to transfer or exchange any Note for a period beginning 15 days before the notice of redemption or an offer to repurchase Notes is sent or 15 days before an Interest Payment Date. 

(iv)    Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent,
the Registrar or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such
Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the
contrary. 
 (v)    All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence
the same debt and shall be entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange. 

(f)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depositary with respect to its members, participants and any beneficial owners. 
 (ii)    The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with 

 
respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial owners in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 2.4    Definitive Notes 

(a)    A Global Note deposited with the Depositary or with the Trustee as Notes Custodian pursuant to Section 2.1
shall be transferred (or, in the case of clause (ii) below, shall be transferrable) to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange
for such Global Note, only if such transfer complies with Section 2.3 and (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases to be
a “clearing agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Issuer within 90 days of such notice, (ii) a Default or an Event of Default has occurred and is continuing or (iii) the
Issuer, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes under the Indenture. 

(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be
surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate
principal amount of Definitive Notes of authorized denominations. Definitive Notes issued in exchange for any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations
of $2,000 and any integral multiples of $1,000 in excess thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in the Global Note shall, except as otherwise provided by
Section 2.3(e), bear the restricted securities legend set forth in Section 2.3(d)(i). 
 (c)    The registered
Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under the Indenture or the Notes.

 (d)    In the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii), the
Issuer shall promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. 

 EXHIBIT A 

[FORM OF FACE OF INITIAL NOTE] 

[Restricted Notes Legend] 

[Global Notes Legend] 

[Definitive Notes Legend] 
 [ERISA
Legend] 

 [FORM OF FACE OF INITIAL NOTE] 

4.750% Senior Notes due 2028 
 No. [RA-[    ]] [RS-[    ]]] 

[CUSIP: [    ]] 

MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, promises to pay to [Cede & Co.]1 [                    ], or its registered assigns, the principal sum [of
[                ] Dollars ($)]2 [as revised by the Schedule of Increases and Decreases annexed hereto]3 on January 15, 2028. 
 Interest Payment Dates: March 15 and September 15. 

Record Dates: March 1 and September 1. 
  

 

	1 	 Insert for Global Notes 

	2 	 Insert for Definitive Notes 

	3 	 Insert for Global Notes 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee, certifies that this is one of the Notes referred to in the Indenture.
		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 

4.750% Senior Notes due 2028 
  

	1.	 Interest 

(a)    MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (such corporation, and its successors and assigns under the
Indenture (as defined below) hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this 4.750% Senior Note due 2028 (this “Note” and, together with any other
4.750% Senior Notes due 2028, the “Notes”) at the rate per annum shown above. The Issuer shall pay interest semiannually in arrears on March 15 and September 15 of each year. Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be [March 15,
2020][                    ]. 

Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The Issuer shall pay interest on overdue
principal at the rate specified herein. 
 (b)    Special Interest. The holder of this Note is entitled to the
benefits under the terms of the Registration Rights Agreement, dated as of October 1, 2019, among the Issuer, the Guarantors named therein and J.P. Morgan Securities LLC, as representative of the Initial Purchasers (the “Registration
Rights Agreement”). 
  

	2.	 Method of Payment 

The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on the March 1 or September 1 immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Issuer shall pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global
Note (including principal, premium and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Issuer shall make all payments in respect of a Definitive Note (including
principal, premium and interest), by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal
amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating
such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	 Paying Agent and Registrar 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) shall act as Paying Agent and Registrar. The Issuer
may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Issuer, the Parent Guarantor or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent,
Registrar or co-registrar. 

	4.	 Indenture; Note Guarantee 

The Issuer issued the Notes under an Indenture, dated as of October 1, 2019 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuer, the Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”); provided, however, that, in the event the TIA is amended after such date, “TIA”
means, to the extent required by any such amendments, the Trust Indenture Act of 1939 as so amended. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms,
and Noteholders are referred to the Indenture and the TIA for a statement of those terms. This Note is guaranteed, as set forth in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 The Indenture imposes certain limitations on the ability of the Parent
Guarantor and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Debt, enter into consensual restrictions upon the payment of certain dividends and
distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes
limitations on the ability of the Issuer and the Guarantors to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of the property and assets of the Issuer or
the Guarantors. 
  

	5.	 Redemption and Repurchase  

The Notes are subject to optional redemption, and may be the subject of an offer to purchase upon a Change of Control or an Asset Sale, as
further described in the Indenture. The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 
  

	6.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may
transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to
transfer or exchange any Notes beginning 15 days before the notice of redemption or an offer to repurchase Notes is sent or 15 days before an Interest Payment Date. 
  

	7.	 Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	8.	 Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Issuer at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to the Trustee for payment. 

	9.	 Discharge and Defeasance 

Subject to certain conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if the
Issuer deposits or cause to be deposited with the Trustee money in U.S. dollars or Government Obligations for the payment of principal of and interest (including premium, if any) on the Notes, in each case to redemption or maturity. 

 

	10.	 Amendment, Waiver 

The Indenture, the Note Guarantees and the Notes may be amended and supplemented as provided in the Indenture. 

 

	11.	 Defaults and Remedies 

The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the
rights and obligations of the Issuer, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 
  

	12.	 Trustee Dealings with the Issuer 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 

 

	13.	 No Recourse Against Others 

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor, as such,
shall have any liability for any obligations of the Issuer or any Guarantor (other than the Issuer in respect of the Notes and each Guarantor in respect of its Note Guarantee) under the Notes, the Note Guarantees or this Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. This waiver and release are part of the consideration for issuance of the Notes. This waiver may
not be effective to waive liabilities under the federal securities law. 
  

	14.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an Authentication Agent) manually signs the certificate of
authentication on the other side of this Note. 
  

	15.	 Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	16.	 Governing Law/Waiver of Trial by Jury 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ITS ACCEPTANCE THEREOF IRREVOCABLY WAIVES, TO 

 
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

	17.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to
be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. To the extent such numbers have been issued, the Issuer has caused ISIN numbers to be similarly printed on the Notes
and has similarly instructed the Trustee. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 
 The Issuer shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture
which has in it the text of this Note. 
 All capitalized terms used but not defined in this Note shall have the meanings assigned to
them in the Indenture. 

 MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

4.750% Senior Notes due 2028 

ASSIGNMENT FORM 
 To assign this Note, fill in
the form below: 
  

	
	 I or we assign and transfer this Note to

 

	 (Print or type assignee’s name, address and zip code)

 

	  

	 (Insert assignee’s soc. sec. or tax I.D. No.)

 and irrevocably appoint agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for
him. 
  

							
	Date:    	  		  	Your Signature:    	  	
				
		  	  

        
	  		  	  
 Sign exactly as your name
appears on the other side of this Note

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is a Transfer
Restricted Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

 

					
	(1)	  	☐	  	To the Issuer; or
			
	(2)	  	☐	  	Pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(3)	  	☐	  	Inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is
given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	(4)	  	☐	  	Outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act (and if the transfer is being made prior to the expiration of the
Distribution Compliance Period, the Notes shall be held immediately thereafter directly or indirectly through Euroclear or Clearstream);
			
	(5)	  	☐	  	In a principal amount of not less than $250,000 to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) and (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which letter can be obtained from the Trustee or the Issuer); or

					
	(6)	  	☐	  	Pursuant to another available exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act.

 Unless one of the above boxes is checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate
in the name of any person other than the registered holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 

 

									
		 		  		  	  
 Your
Signature

				
	Signature Guarantee:	  		  		  	
				
		 		  	  
 Signature must be
guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee
	  	
					
	Date:    	 		  		  		  	
			
		 	  

    
	  	  
 Signature of
Signature Guarantor

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	 Date:        
	  		    	
			
		  	  

        
	    	  

NOTICE: To be executed by an executive officer

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $[        ]. The following increases or decreases
in this Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of increase

in Principal
 Amount of
this
 Global Note
	  	 Principal amount

of this Global Note

following such
 decrease
or
 increase
	  	 Signature of

authorized

signatory
 of Trustee
or
 Notes Custodian

 MARRIOTT OWNERSHIP RESORTS, INC. 

4.750% Senior Notes due 2028 

OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.07 (Limitation on Asset Sales) or Section 4.11
(Change of Control) of the Indenture, check this box:  ☐ 
 If you want to elect to have only part of this Note purchased by
the Issuer pursuant to Section 4.07 or Section 4.11 of the Indenture, state the amount: 
 $
                                 

 

							
	 Date:        
  
	 		    	
		 	  

    
	    	  
 (Sign exactly as your name
appears on the other side of the Note)

	
	Signature Guarantee:    
		 		  	  
 Signature must be guaranteed by a
participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee

			
	 Date:
  
	 		    	
		 	  

    
	    	  
 Signature of Signature
Guarantor

 EXHIBIT B 

SUPPLEMENTAL INDENTURE 
 dated as
of        , 
 among 

MARRIOTT OWNERSHIP RESORTS, INC. 

[                       
 ] 
 THE GUARANTORS PARTY HERETO 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee 

4.750% Senior Notes due 2028 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of [            , 20    ], among MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (the “Issuer”), [insert each Guarantor
executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the Issuer,
the Guarantors party thereto and the Trustee entered into an Indenture, dated as of October 1, 2019 (the “Indenture”), relating to the Issuer’s 4.750% Senior Notes due 2028 (the “Notes”); 

WHEREAS, as a condition to the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause any Restricted
Subsidiary (with certain exceptions) that guarantees certain indebtedness of the Issuer or any Guarantor following the Issue Date to provide a Note Guarantee. 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1.    Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 Section 2.    Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under
the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 

Section 3.    This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State
of New York. 
 Section 4.    This Supplemental Indenture may be signed in various counterparts which together
shall constitute one and the same instrument. 
 Section 5.    This Supplemental Indenture is an amendment
supplemental to the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read together. 

Section 6.    The recitals and statements herein are deemed to be those of the Issuer and the Undersigned and not the
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Guarantees provided by the Guarantors party to this Supplemental Indenture. 

  
 B-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	MARRIOTT OWNERSHIP RESORTS, INC., as Issuer

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	[GUARANTOR(S)]

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-4 

 EXHIBIT C 

Form of 
 Transferee Letter of
Representation 
 Marriott Ownership Resorts, Inc. 
 c/o
Marriott Vacations Worldwide Corporation 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Fax: (407)
513-6680 
 Attention: James H Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

In care of: 
 The Bank of New York Mellon Trust Company, N.A.

 10161 Centurion Parkway North, 2nd Floor 
 Jacksonville,
Florida 32256 
 Attention: Corporate Trust 
 Facsimile: (904) 645-1921 
 Telephone: (904) 998-4747 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[            ] principal amount of the 4.750% Senior Notes due 2028 [CUSIP Number] (the “Notes”) of Marriott Ownership
Resorts, Inc. (the “Issuer”). 
 Upon transfer, the Notes would be registered in the name of the new beneficial owner as
follows: 
 Name: 
 Address:

 Taxpayer ID Number: 
 The
undersigned represents and warrants to you that: 
 1.     We are an institutional “accredited investor”
(within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited
investor,” and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase notes similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of
our or its investment. 
 2.     We understand that the Notes have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise

  
 C-1 

 
transfer such Notes prior to the date that is six months after the later of the date of original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such
Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuer, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a
transaction complying with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing for
its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the
Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional
“accredited investor,” or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or
the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale shall not apply subsequent to the Resale Restriction
Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior
to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee. 

 

			
	 TRANSFEREE:

			
		
	 By:
	 	  

  
 D-2

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