Document:

Form of Sale and Servicing Agreement

 Exhibit 10.1.1 

  
 SALE AND SERVICING 
 AGREEMENT 
  
 among 
  
 UPFC AUTO RECEIVABLES TRUST 2006-__, 

 
 Issuing Entity, 
  
 UPFC AUTO RECEIVABLES CORP., 
  
 Seller, 
  
 UNITED AUTO CREDIT CORPORATION, 
  
 Servicer, 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
  
 Trust Collateral Agent, Custodian and Backup Servicer 
  
 and 
  
 CENTERONE FINANCIAL
SERVICES LLC, 
  
 Designated Backup Subservicer 
  
 Dated as of
                             
  

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page

	ARTICLE I Definitions	  	1
	 SECTION 1.1.
	    	Definitions	  	1
	 SECTION 1.2.
	    	Other Definitional Provisions.	  	17
		
	 ARTICLE II Conveyance of Receivables
	  	18
	 SECTION 2.1.
	    	Conveyance of Receivables	  	18
	 SECTION 2.2.
	    	[Reserved]	  	19
	 SECTION 2.3.
	    	Further Encumbrance of Trust Property	  	19
		
	ARTICLE III The Receivables	  	20
	 SECTION 3.1.
	    	Representations and Warranties with Respect to the Receivables	  	20
	 SECTION 3.2.
	    	Repurchase Upon Breach.	  	21
	 SECTION 3.3.
	    	Custodian Of Receivable Files.	  	21
	 SECTION 3.4.
	    	Rights and Duties of the Custodian.	  	25
		
	ARTICLE IV Administration and Servicing of Receivables	  	26
	 SECTION 4.1.
	    	Duties of the Servicer and the Designated Backup Subservicer	  	26
	 SECTION 4.2.
	    	Collection of Receivable Payments; Modifications of Receivables.	  	27
	 SECTION 4.3.
	    	Realization upon Receivables.	  	28
	 SECTION 4.4.
	    	Insurance	  	30
	 SECTION 4.5.
	    	Maintenance of Security Interests in Vehicles	  	31
	 SECTION 4.6.
	    	Covenants, Representations, and Warranties of Servicer	  	32
	 SECTION 4.7.
	    	Purchase of Receivables Upon Breach of Covenant	  	33
	 SECTION 4.8.
	    	Total Servicing Fee; Payment of Certain Expenses by Servicer	  	34
	 SECTION 4.9.
	    	Servicer’s Certificate	  	34
	 SECTION 4.10.
	    	Annual Statement as to Compliance, Notice of Servicer Termination Event	  	35
	 SECTION 4.11.
	    	Annual Independent Accountants’ Report	  	35
	 SECTION 4.12.
	    	Access to Certain Documentation and Information Regarding Receivables	  	36
	 SECTION 4.13.
	    	Monthly Tape	  	36
	 SECTION 4.14.
	    	Servicer Renewal.	  	38
	 SECTION 4.15.
	    	Fidelity Bond and Errors and Omissions Policy	  	38
		
	ARTICLE V Trust Accounts; Distributions; Statements to Noteholders	  	38
	 SECTION 5.1.
	    	Establishment of Trust Accounts	  	38
	 SECTION 5.2.
	    	[Reserved]	  	41
	 SECTION 5.3.
	    	Certain Reimbursements to the Servicer	  	41
	 SECTION 5.4.
	    	Application of Collections	  	41
	 SECTION 5.5.
	    	Withdrawals from Spread Account	  	41
	 SECTION 5.6.
	    	Additional Deposits	  	42
	 SECTION 5.7.
	    	Distributions	  	42

  

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	 SECTION 5.8.
	    	Note Distribution Account.	  	44
	 SECTION 5.9.
	    	[Reserved]	  	45
	 SECTION 5.10.
	    	Statements to Noteholders.	  	45
	 SECTION 5.11.
	    	Optional Deposits by the Insurer	  	46
		
	 ARTICLE VI The Note Policy
	  	47
	 SECTION 6.1.
	    	Claims Under Note Policy.	  	47
	 SECTION 6.2.
	    	Preference Claims Under Note Policy	  	48
	 SECTION 6.3.
	    	Surrender of Note Policy	  	49
		
	 ARTICLE VII The Seller
	  	49
	 SECTION 7.1.
	    	Representations of Seller	  	49
	 SECTION 7.2.
	    	Corporate Existence	  	51
	 SECTION 7.3.
	    	Liability of UACC; Indemnities	  	51
	 SECTION 7.4.
	    	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	52
	 SECTION 7.5.
	    	Limitation on Liability of Seller and Others	  	52
	 SECTION 7.6.
	    	Ownership of the Certificates or Notes	  	52
		
	 ARTICLE VIII The Servicer
	  	53
	 SECTION 8.1.
	    	Representations of Servicer	  	53
	 SECTION 8.2.
	    	Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities	  	54
	 SECTION 8.3.
	    	Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup Servicer	  	56
	 SECTION 8.4.
	    	Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others	  	57
	 SECTION 8.5.
	    	Delegation of Duties	  	59
	 SECTION 8.6.
	    	Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign	  	60
		
	 ARTICLE IX Default
	  	61
	 SECTION 9.1.
	    	Servicer Termination Event	  	61
	 SECTION 9.2.
	    	Consequences of a Servicer Termination Event	  	62
	 SECTION 9.3.
	    	Appointment of Successor	  	63
	 SECTION 9.4.
	    	Notification to Noteholders	  	64
	 SECTION 9.5.
	    	Waiver of Past Defaults	  	64
		
	 ARTICLE X Termination
	  	65
	 SECTION 10.1.
	    	Optional Purchase of All Receivables	  	65
		
	ARTICLE XI Administrative Duties of the Servicer	  	66
	 SECTION 11.1.
	    	Administrative Duties	  	66
	 SECTION 11.2.
	    	Records	  	68
	 SECTION 11.3.
	    	Additional Information to be Furnished to the Trust	  	68
	 SECTION 11.4.
	    	Reporting Requirements of the Commission and Indemnification	  	68

  

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	 ARTICLE XII Miscellaneous Provisions
	  	69
	 SECTION 12.1.
	    	Amendment	  	69
	 SECTION 12.2.
	    	Protection of Title to Trust	  	71
	 SECTION 12.3.
	    	Notices	  	72
	 SECTION 12.4.
	    	Assignment	  	73
	 SECTION 12.5.
	    	Limitations on Rights of Others	  	73
	 SECTION 12.6.
	    	Severability	  	74
	 SECTION 12.7.
	    	Separate Counterparts	  	74
	 SECTION 12.8.
	    	Headings	  	74
	 SECTION 12.9.
	    	Governing Law	  	74
	 SECTION 12.10.
	    	Assignment to Trustee	  	74
	 SECTION 12.11.
	    	Nonpetition Covenants	  	74
	 SECTION 12.12.
	    	Limitation of Liability of Owner Trustee and Trustee	  	75
	 SECTION 12.13.
	    	Independence of the Servicer	  	76
	 SECTION 12.14.
	    	No Joint Venture	  	76
	 SECTION 12.15.
	    	Benefits of Sale and Servicing Agreement	  	76
	 SECTION 12.16.
	    	State Business Licenses	  	76
	 SECTION 12.17.
	    	Additional Liability.	  	76

  

			
	SCHEDULES	  	 
	Schedule A	  	Schedule of Receivables
	Schedule B	  	Location of Receivables
	Schedule C	  	Schedule of Servicer’s Representations
	Schedule D	  	Terms and Conditions of Designated Backup Subservicer
		
	EXHIBITS	  	 
	Exhibit A	  	[Reserved]
	Exhibit B	  	Form of Servicer’s Certificate
	Exhibit C	  	[Reserved]
	Exhibit D	  	Form of Request for Release

  

 iii 

 SALE AND SERVICING AGREEMENT dated as of
                            , 2006, among UPFC AUTO RECEIVABLES TRUST
2006-    , a Delaware statutory trust (the “Trust”), UPFC AUTO RECEIVABLES CORP., a California corporation (the “Seller”), UNITED AUTO CREDIT CORPORATION, a California corporation (the
“Servicer”) DEUTSCHE BANK TRUST COMPANY AMERICAS, a banking corporation organized under the laws of the State of New York, in its capacity as trust collateral agent (the “Trust Collateral Agent”, in its capacity as
custodian, the “Custodian” and in its capacity as backup servicer, the “Backup Servicer”) and CENTERONE FINANCIAL SERVICES LLC, a Delaware limited liability company (the “Designated Backup Subservicer”). 
  
 WHEREAS the Trust desires to purchase a portfolio of receivables arising in
connection with motor vehicle retail installment sale contracts made by United Auto Credit Corporation or acquired by United Auto Credit Corporation through motor vehicle dealers; 
  
 WHEREAS the Seller has purchased such receivables from United Auto Credit Corporation and is willing to sell such
receivables to the Trust; 
  
 WHEREAS the Servicer is willing to
service all such receivables; 
  
 WHEREAS the Backup Servicer is
willing to provide backup servicing for all such receivables; 
  
 WHEREAS the Designated Backup Subservicer is willing to provide backup subservicing for all such receivables 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
  
 “Accountants’ Report” means the report of a firm of
nationally recognized independent accountants described in Section 4.11. 
  
 “Accounting Date” means, with respect to any Collection Period the last day of such Collection Period. 
  
 “Additional Funds Available” means, with respect to any Distribution Date, the sum of (i) the Spread Account Claim Amount, if any,
received by the Trust Collateral Agent with respect to such Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by the Trust Collateral Agent with respect to such Distribution Date. 

 “Affiliate” means, with respect to any specified Person, any other Person controlling
or controlled by or under common control with such 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 such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Aggregate Principal Balance” means, with respect to any
date of determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased
Receivable prior to the end of the related Collection Period) as of the date of determination. 
  
 “Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time. 
  
 “Amount Financed” means, with respect to a Receivable, the
aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other items
customarily financed as part of retail automobile installment sale contracts or promissory notes, and related costs. 
  
 “Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service
charges, as stated in the related Contract. 
  
 “Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related Collection Period, (ii) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture,
the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture,
(iii) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof, (iv) Investment Earnings with respect to the Trust Accounts for the related Collection Period and (vi) excess amounts released from the Spread
Account. 
  
 “Backup Servicer” means the Trust
Collateral Agent in its capacity as backup servicer. 
  
 “Base Servicing Fee” means, with respect to any Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to the product of the Servicing Fee Rate times the
product of (i) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of such Collection Period multiplied by (ii) one twelfth. 
  
 “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Indenture, the
Spread Account Agreement, the Insurance Agreement, the Sale Agreement and other documents and certificates delivered in connection therewith. 
  

 2 

 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which
the Insurer is closed or (c) a day on which banking institutions in New York City, Newport Beach, California, Wilmington, Delaware or in the city in which the corporate trust office of the Trustee under the Indenture or the Owner Trustee under the
Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
  
 “CenterOne” mean CenterOne Financial Services LLC, a Delaware limited liability company. 
  
 “Certificate” means the trust certificate evidencing the
beneficial interest of the Certificateholder in the Trust. 
  
 “Certificateholder” means the Person in whose name the Certificate is registered. 
  
 “Class” means the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes, as the context requires. 
  
 “Class A-1 Notes” has the meaning assigned to such term in
the Indenture. 
  
 “Class A-2 Notes” has the
meaning assigned to such term in the Indenture. 
  
 “Class A-3 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Closing Date” means
                            , 2006. 
  
 “Collateral Agent” means Deutsche Bank Trust Company Americas, in its capacity as Collateral Agent under
the Spread Account Agreement. 
  
 “Collateral
Insurance” shall have the meaning set forth in Section 4.4(a). 
  
 “Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during such Collection Period, including all
Net Liquidation Proceeds collected during such Collection Period and any Purchase Amounts deposited in the Collection Account with respect to such Collection Period. 
  
 “Collection Account” means the account designated as such, established and maintained pursuant to Section
5.1. 
  
 “Collection Period” means, with respect
to the first Distribution Date, the period beginning on the close of business on
                            , 2006 and ending on the close of business on
                            , 2006. With respect to each subsequent Distribution Date,
“Collection Period” means the immediately preceding calendar month. 
  
 “Collection Records” means all manually prepared or computer generated records relating to collection efforts or payment histories with respect to the Receivables. 
  
 “Commission” means the United States Securities and
Exchange Commission. 
  

 3 

 “Computer Tape” means the computer tapes or other electronic media furnished by the
Servicer to the Trust and the Insurer and its assigns describing certain characteristics of the Receivables as of the Cutoff Date. 
  
 “Contract” means a motor vehicle retail installment sale contract or promissory note. 
  
 “Controlling Party” means the Insurer, so long as no
Insurer Default shall have occurred and be continuing and the Trust Collateral Agent for the benefit of the Noteholders, in the event an Insurer Default shall have occurred and be continuing. 
  
 “Corporate Trust Office” means (i) with respect to the
Owner Trustee, the principal corporate trust office of the Owner Trustee, which at the time of execution of this agreement is 919 Market Street, Suite 700, Wilmington, Delaware 19801, Attention: Corporate Trust Administration, (ii) with respect to
the Trustee, the Trust Collateral Agent and the Collateral Agent, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 60 Wall Street,
26th Floor, New York, New York 10005, Attention: Trust Securities Services/Structured Finance Services and (iii)
with respect to the Custodian, the principal office at which any particular time its custodial business shall be administered, which at the time of execution of this agreement is 1761 East St. Andrew Place, Santa Ana, California 92705, Attention:
Mortgage Custody UPFC5B. 
  
 “Cram Down Loss”
means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise
modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable in a manner that reduces the total principal payable by the obligor, an amount equal to the excess of the principal balance of such Receivable immediately prior
to such order over the principal balance of such Receivable as so reduced. A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order. 
  
 “Custodian” means the Trust Collateral Agent in its capacity as custodian of the Receivable Files.

  
 “Cutoff Date” means
                            , 2006. 
  
 “Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective
Receivable to UACC under a Dealer Agreement or pursuant to a Dealer Assignment. 
  
 “Dealer Agreement” means any agreement between a Dealer and UACC relating to the acquisition of Receivables from a Dealer by UACC. 
  
 “Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer
conveying such Receivable to UACC. 
  
 “Deficiency
Notice” shall have the meaning set forth in Section 5.5. 
  

 4 

 “Delivery” when used with respect to Trust Account Property means: 
  
 (a) with respect to bankers’ acceptances, commercial
paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent or
its nominee or custodian by physical delivery to the Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank, and, with respect to a
certificated security (as defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank to
a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee or
custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by delivery thereof to a “clearing corporation” (as
defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a financial
intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated securities
by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control, the sending of a confirmation by the financial
intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the
Trust Collateral Agent or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Trust Collateral Agent or its nominee or
custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with
changes in applicable law or regulations or the interpretation thereof; 
  
 (b) with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve
System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to
an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or
other written confirmation of such book-entry registration to the Trust Collateral Agent or its nominee or custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of such book-entry securities; the making by such
financial intermediary of entries in its books and records identifying such 
  

 5 

 book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as
belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account Property solely as agent for the Trust Collateral Agent or its nominee or custodian; and such additional or alternative
procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the
interpretation thereof; and 
  
 (c) with respect
to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the Trust thereof in the name of the financial intermediary,
the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records
identifying such uncertificated certificates as belonging to the Trust Collateral Agent or its nominee or custodian. 
  
 “Depositor” shall mean the Seller in its capacity as Depositor under the Trust Agreement. 
  
 “Designated Backup Subservicer” mean the designated backup
subservicer appointed by the Backup Servicer pursuant to Section 8.5(c), initially CenterOne. 
  
 “Determination Date” means, with respect to any Collection Period the third Business Day preceding the Distribution Date in the next calendar month and with respect to the first Distribution Date,
                            , 2006. 
  
 “Distribution Date” means, with respect to each Collection Period, the 15th day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing
                            , 2006. 
  
 “Draw Date” means, with respect to any Distribution Date, the second Business Day immediately preceding
such Distribution Date. 
  
 “Electronic Ledger”
means the electronic master record of the retail installment sales contracts or installment loans of the Servicer. 
  
 “Eligible Deposit Account” means a segregated trust account with the corporate trust department of a depository institution acceptable
to the Insurer organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited
in such account, so long as any of the securities of such depository institution have a credit rating from each Rating Agency in one of its generic rating categories which signifies investment grade. 
  
 “Eligible Investments” mean book-entry securities,
negotiable instruments or securities represented by instruments in bearer or registered form which evidence: 
  
 (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 
  

 6 

 (b) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state
banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the benefit of
the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date), the
commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository institution or
trust company shall have a credit rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  
 (c) commercial paper and demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment
to invest therein, a rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  
 (d) investments in money market funds (including funds for which the Trust Collateral Agent or the Owner Trustee in each of their
individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of Aaa and having been approved by the Insurer,
which approval shall not be unreasonably withheld; 
  
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 
  
 (f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of
America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal)
referred to in clause (b) above; 
  
 (g) any
other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities and which, so long as no Insurer Default shall have occurred and be continuing, has been approved by the Insurer, which approval
shall not be unreasonably withheld, or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; and 
  
 (h) cash denominated in United States dollars. 

 
 Any of the foregoing Eligible Investments may be purchased by or through
the Owner Trustee or the Trust Collateral Agent or any of their respective Affiliates. 
  
 “Eligible Servicer” means, UACC, Deutsche Bank Trust Company Americas, as Backup Servicer, CenterOne Financial Services, LLC, as Designated Backup Subservicer, or 
  

 7 

 another Person which at the time of its appointment as Servicer or Backup Servicer, (i) is servicing a portfolio of motor
vehicle retail installment sale contracts and/or motor vehicle installment loan contracts, (ii) is legally qualified and has the capacity to service the Receivables, (iii) has demonstrated the ability professionally and competently to service a
portfolio of motor vehicle retail installment sale contracts and/or motor vehicle installment loan contracts similar to the Receivables with reasonable skill and care and (iv) is qualified and entitled to use, pursuant to a license or other written
agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under this Agreement or otherwise has available software which is adequate to perform its
duties and responsibilities under this Agreement. 
  
 “FDIC” means the Federal Deposit Insurance Corporation. 
  
 “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the
                            , 2006 Distribution Date, (ii) the Class A-2 Notes, the
                            , 200     Distribution Date and (iii) the Class
A-3 Notes, the                             , 20     Distribution Date.

  
 “Financed Vehicle” means an automobile or
light-duty truck, van or minivan, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 
  
 “Indenture” means the Indenture dated as of
                            , 2006, between the Trust and Deutsche Bank Trust Company Americas, as
Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
  
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such Person or the entry of a decree
or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation or such Person’s
affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator,
assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally
to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
  
 “Insurance Agreement” means the Insurance Agreement, dated as of
                            , 2006, among the Insurer, the Trustee, the Trust Collateral Agent, the
Collateral Agent, the Trust, the Seller, the Servicer and the Backup Servicer, as the same may be amended or supplemented from time to time. 
  

 8 

 “Insurance Agreement Event of Default” means an “Insurance Agreement Event of
Default” as defined in the Insurance Agreement. 
  
 “Insurance Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described in Section 4.4 hereof) benefiting the holder of the Receivable providing loss or physical damage,
credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor. 
  
 “Insurer” means
                                        
        , or any successor thereto, as Trust of the Note Policy. 
  
 “Insurer Default” means the occurrence and continuance of any of the following events: 
  
 (a) the Insurer shall have failed to make a payment required
under the Note Policy in accordance with its terms; 
  
 (b) the Insurer shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy,
rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or (iii) had an order for relief entered against it under the United States Bankruptcy Code or any other similar federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or 
  
 (c) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory authority shall have entered a
final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Insurer or for all or any material portion of its property or (ii) authorizing the taking of possession by a custodian, trustee, agent
or receiver of the Insurer (or the taking of possession of all or any material portion of the property of the Insurer). 
  
 “Insurer Optional Deposit” means, with respect to any Distribution Date, an amount delivered by the Insurer pursuant to Section 5.11, at
its sole option, other than amounts in respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent for deposit into the Collection Account for any of the following purposes: (i) to provide funds in respect of the
payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date; or (ii) to include such amount as part of the Additional Funds Available for such Distribution Date to the extent that without such amount a
draw would be required to be made on the Note Policy. 
  
 “Interest Period” means with respect to any Distribution Date (i) for the Class A-1 Notes, from and including the prior Distribution Date (or in the case of the first Distribution Date, from and including the Closing Date)
to, but excluding, the current Distribution Date, and (ii) with respect to the Class A-2 Notes and the Class A-3 Notes, from and including the 15th day of the preceding calendar month (or, in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the 15th day of the month of the current Distribution Date. 
  

 9 

 “Interest Rate” means, with respect to (i) the Class A-1 Notes,
            % per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period), (ii) the Class A-2 Notes,
            % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), and (iii) the Class A-3 Notes,
            % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
  
 “Investment Earnings” means, with respect to any date of determination and Trust Account, the investment
earnings on amounts on deposit in such Trust Account on such date. 
  
 “Trust” means UPFC Auto Receivables Trust 2006-    . 
  
 “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics’ liens
and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 
  
 “Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other
notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the
original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party. 
  
 “Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, as of the
last day of the Collection Period, (i) 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall 5% or more of a Scheduled Receivables Payment have become 210 or more days delinquent in the
case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received and which is not a Sold Receivable, (iii) 5% or more of a Scheduled
Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that is a Sold Receivable. 
  
 “Liquidation Proceeds” means, with respect to a Liquidated
Receivable, all amounts realized with respect to such Receivable (other than amounts withdrawn from the Spread Account and drawings under the Note Policy), and, with respect to a Sold Receivable, the related Sale Amount. 
  
 “Minimum Sale Price” means (i) with respect to a Receivable
(x) that has become 60 to 210 days delinquent or (y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold at auction, the greater of
(A) 55% multiplied by the Principal Balance of such Receivable and (B) the product of the three month rolling average recovery rate (expressed as a percentage) for the Servicer in its liquidation of all receivables for which it acts as servicer,
either pursuant to this Agreement or otherwise, multiplied by the Principal Balance of such Receivable or (ii) with respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold
at auction and the net Liquidation Proceeds for which have been deposited in the Collection Account, or (y) that has 
  

 10 

 become greater than 210 days delinquent and with respect to which the related Financed Vehicle has not been repossessed
by the Servicer despite the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the Financed Vehicle, $1. 
  
 “Monthly Extension Rate” means, with respect to any Accounting Date, the fraction, expressed as a percentage, the numerator of which is
the aggregate Principal Balance of Receivables whose payments are extended during the related Collection Period and the denominator of which is the aggregate Principal Balance of Receivables as of the immediately preceding Accounting Date.

  
 “Monthly Records” means all records and data
maintained by the Servicer with respect to the Receivables, including the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number;
original Principal Balance; original term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used
classification; collateral description; days currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment; current Insurance Policy expiration date; and past due late charges. 
  
 “Moody’s” means Moody’s Investors Service, or its
successor. 
  
 “Net Liquidation Proceeds” means,
with respect to a Liquidated Receivable Liquidation Proceeds net of (i) reasonable out-of-pocket expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and
(ii) amounts that are required to be refunded to the Obligor on such Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
  
 “Note Distribution Account” means the account designated as
such, established and maintained pursuant to Section 5.1. 
  
 “Note Majority” means a majority by principal amount of the Noteholders. 
  
 “Note Policy” means the financial guaranty insurance policy issued by the Insurer to the Trustee, for the benefit of the Noteholders.

  
 “Note Pool Factor” for each Class of Notes
as of the close of business on any date of determination means a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 
  
 “Noteholders’ First Principal Distributable Amount”
means, for any Distribution Date, an amount equal to the sum of: 
  
 (1) the greater of (i) zero and (ii) (a) the outstanding principal balance of the Notes immediately preceding such Distribution Date; less (b) the Pool Balance as of the end of the preceding calendar month; and 
  

 11 

 (2) (a) in the case of the Final Scheduled Distribution Date for a Class of Notes, the excess of the
outstanding principal balance of that Class of Notes, if any, over the amounts described in clause (1), and (b) in the case of the acceleration of the Notes under the Indenture, the excess of the outstanding principal balance of all classes of the
Notes then outstanding over the amount described in clause (1). 
  
 “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion of the Noteholders’ Interest Distributable Amount for that Class for the
immediately preceding Distribution Date, any of which remains unpaid as of such date of determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective Interest Rate borne by each Class of Notes from such
immediately preceding Distribution Date to but excluding the related Distribution Date. 
  
 “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such
Distribution Date and Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date and such Class. 
  
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date and any Class of Notes, interest
accrued at the related Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing
Date). 
  
 “Noteholders’ Second Principal
Distributable Amount” means for a Distribution Date, an amount equal to the lesser of: 
  
 (1) the excess, if any, of the amount of Available Funds and Additional Funds Available on the Distribution Date over the amounts payable on the
Distribution Date under Section 5.7(b)(i) through (vi); and 
  
 (2) the amount necessary to reduce the principal balance of the notes to the Targeted Note Balance. 
  
 “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the
Receivable. 
  
 “Officers’ Certificate”
means a certificate signed by the chairman of the board, the president, any executive vice president, senior vice president or any vice president, any treasurer, assistant treasurer, secretary or assistant secretary of the Seller or the Servicer, as
appropriate. 
  
 “Opinion of Counsel” means a
written opinion of counsel reasonably acceptable to the Insurer, which opinion is satisfactory in form and substance to the Trust Collateral Agent and, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered
to the Insurer, to the Insurer. 
  

 12 

 “Original Pool Balance” means the Pool Balance as of the Cutoff Date, which equaled
$                    . 
  
 “Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (j) of this
Agreement. 
  
 “Owner Trust Estate” has the
meaning assigned to such term in the Trust Agreement. 
  
 “Owner Trustee” means Wells Fargo Delaware Trust Company, not in its individual capacity but solely as Owner Trustee, acting on behalf of the Trust, under the Trust Agreement, its successors in interest or any successor
Owner Trustee under the Trust Agreement. 
  
 “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or
political subdivision thereof. 
  
 “Physical
Property” has the meaning assigned to such term in the definition of “Delivery” above. 
  
 “Pool Balance” means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding Purchased
Receivables and Liquidated Receivables). 
  
 “Policy
Claim Amount” means, (i) with respect to each Distribution Date, the excess, if any, without duplication, of (a) the Scheduled Payments minus (b) the sum of, without duplication: (w) all amounts of Available Funds for the related Collection
Period, (x) Additional Funds Available, if any, for such Distribution Date, (y) all other funds on deposit in the Collection Account, the Note Distribution Account and the Spread Account available for payment of Scheduled Payments on the Notes on
such Distribution Date and (z) any other amounts available pursuant to the Basic Documents to pay the Scheduled Payments on such Distribution Date, in each case to the extent available in accordance with the priorities set forth in Indenture and
Section 5.7 of this Agreement, and (ii) with respect to any preference payment date, Preference Amounts as defined in the Insurance Agreement; provided, however, that the aggregate amount of all such Preference Amounts will be subject to the
limitations in such definition; provided, further, that in no event will the aggregate amount payable by the Insurer under the Policy exceed the Maximum Insured Amount as defined in the Insurance Agreement. 
  
 “Principal Balance” means, with respect to any Receivable,
as of any date of determination, the Amount Financed minus (i) that portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss accounted for as of
such date in respect of such Receivable. 
  
 “Purchase
Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Purchased Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such
Purchased Receivable, if any as of the date of purchase. 
  

 13 

 “Purchased Receivable” means a Receivable purchased as of the close of business on the
last day of a Collection Period by the Servicer pursuant to Sections 4.2 or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 
  
 “Rating Agency” means Moody’s and Standard & Poor’s. If no such organization or successor
maintains a rating on the Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and acceptable to the Insurer (so long as an Insurer Default
shall not have occurred and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
  
 “Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days (or such shorter
period as shall be acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall have notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee and the Trust in writing that such action will not result
in a reduction or withdrawal of the then current rating of any Class of Notes without regard to the Note Policy. 
  
 “Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of
such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 
  
 “Receivables” means the contracts transferred to the Trust pursuant to this Agreement as listed on Schedule A attached hereto (which
Schedule may be in the form of microfiche or a disk). 
  
 “Receivable Files” means the documents specified in Section 3.3. 
  
 “Record Date” means, with respect to each Distribution Date, the Business Day immediately preceding such Distribution Date, unless otherwise specified in the Agreement. 
  
 “Registrar of Titles” means, with respect to any state, the
governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 
  
 “Requisite Amount” has the meaning specified in the Spread Account Agreement. 
  
 “Sale Agreement” means the means the Sale Agreement between
UACC, as seller and the Seller, as purchaser dated as of                             , 2006, pursuant
to which the Seller acquired the Receivables, as such Agreement may be amended from time to time. 
  
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third–party purchaser as payment for
such Sold Receivable. 
  
 “Schedule of
Receivables” means the schedule of all Receivables originally held as part of the Trust, which schedule is attached as Schedule A, (which Schedule may be in the form of microfiche or a disk). 
  

 14 

 “Schedule of Representations” means the Schedule of Representations and Warranties
attached hereto as Schedule C. 
  
 “Scheduled
Payments” means, with respect to any Distribution Date, an amount equal to the sum of the Noteholders’ Interest Distributable Amount (net of interest shortfalls resulting from the application of Relief Act Shortfalls) and the
Noteholders’ First Principal Distributable Amount (other than the amount specified in clause (2)(b) of the definition thereof) for the related Distribution Date; provided that Scheduled Payments will not include (x) any portion of a
Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Noteholders because the notice in proper form was not timely received by the Insurer or (y) any portion of a Noteholders’ Interest
Distributable Amount due to registered owners of notes representing interest on any Noteholders’ Monthly Interest Distributable Amount. 
  
 “Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable
as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such
Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act, as amended, or (iii) modifications or extensions of the Receivable permitted by Section
4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified. 
  
 “Seller” means UPFC Auto Receivables Corp., a California
corporation, and its successors in interest to the extent permitted hereunder. 
  
 “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle. 
  
 “Servicer” means United Auto Credit Corporation, as the
servicer of the Receivables, and each replacement Servicer pursuant to Section 9.3. 
  
 “Servicer Non-Renewal Notice” has the meaning assigned to it in Section 4.14. 
  
 “Servicer Termination Event” means an event specified in Section 9.1. 
  
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to
Section 4.9(b), substantially in the form of Exhibit B. 
  
 “Servicing Fee” has the meaning specified in Section 4.8. 
  
 “Servicing Fee Rate” means 3.00% per annum. 
  
 “Simple Interest Method” means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to
interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year)
elapsed since the preceding payment under the obligation was made. 
  

 15 

 “Sold Receivable” means a Receivable that was more than 60 days delinquent and was sold
to an unaffiliated third party by the Trust, at the Servicer’s direction, as of the close of business on the last day of a collection period and in accordance with the provisions of Section 4.3(c) hereof. 
  
 “Spread Account” means the account designated as such,
established and maintained pursuant to the Spread Account Agreement. 
  
 “Spread Account Agreement” means the Spread Account Agreement dated as of
                            , 2006, among the Insurer, the Trust, the Trustee, the Trust Collateral
Agent and the Collateral Agent, as the same may be modified, supplemented or otherwise amended in accordance with the terms thereof. 
  
 “Spread Account Claim Amount” means with respect to any Determination Date, after taking into account the application on the related
Distribution Date of the Available Funds for the related Collection Period, an amount equal to any shortfall in the payment of the full amounts described in clauses (i) through (v) of Section 5.7(b) herein. 
  
 “Spread Account Claim Date” means, with respect to any
Distribution Date, the third Business Day immediately preceding such Distribution Date. 
  
 “Spread Account Initial Deposit” means an amount equal to
$                            . 
  
 “Standard & Poor’s” means Standard & Poor’s, a Division of The McGraw-Hill Companies,
Inc., or its successor. 
  
 “Supplemental Servicing
Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection
Period but excluding any fees or expenses related to extensions. 
  
 “Targeted Note Balance” means, for any Distribution Date, the product of             % and the Pool Balance as of the last day of the preceding calendar
month. The Insurer may, in its discretion, permit the Targeted Note Balance to increase. 
  
 “Trigger Event” has the meaning assigned thereto in the Spread Account Agreement. 
  
 “Trust” means the Issuing Entity. 
  
 “Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in
the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 
  

 16 

 “Trust Accounts” has the meaning assigned thereto in Section 5.1. 
  
 “Trust Agreement” means the Trust Agreement dated as of
                            , 2006, between the Seller and the Owner Trustee, as amended and restated
as of                             , 2006, as the same may be amended and supplemented from time to
time. 
  
 “Trust Collateral Agent” means
Deutsche Bank Trust Company Americas or its successors in interest and any successor Trust Collateral Agent hereunder. 
  
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of directors, any
managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer or any other officer of the Trust Collateral Agent customarily performing functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the
corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney (including the Servicer) with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner
Trustee. 
  
 “Trust Property” means the property
and proceeds conveyed pursuant to Section 2.1, together with certain monies paid on or after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Note Distribution Account, the Spread
Account and certain other rights under this Agreement. 
  
 “Trustee” means the Person acting as Trustee under the Indenture, its successors in interest and any successor trustee under the Indenture. 
  
 “UACC” means United Auto Credit Corporation, the initial servicer hereunder. 
  
 “UCC” means the Uniform Commercial Code as in effect in the
relevant jurisdiction on the date of the Agreement. 
  
 “Underwriter’s Information” means solely the information set forth in the table following the second paragraph of text, and the third, fourth, fifth and sixth paragraphs of text under the heading
“Underwriting” in the Prospectus Supplement. 
  
 SECTION
1.2. Other Definitional Provisions. 
  
 (a) Capitalized
terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
  

 17 

 (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument,
certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other
document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 
  
 (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless
otherwise specified; and the term “including” shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as
to the feminine and neuter genders of such terms. 
  
 (f) Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in
the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
  
 ARTICLE II 
  
 Conveyance of Receivables 
  
 SECTION 2.1. Conveyance of Receivables. In consideration of the Trust’s delivery to or upon the order of the Seller on the Closing Date of the
Notes and certificates and the amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Trust, without recourse
(subject to the obligations set forth herein), all right, title and interest of the Seller in and to: 
  
 (a) the Receivables and all moneys received thereon after the Cutoff Date; 
  
 (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest
of the Seller in such Financed Vehicles; 
  
 (c) any proceeds and
the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables;

  

 18 

 (d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result
of a breach of representation or warranty in the related Dealer Agreement; 
  
 (e) all rights under any Service Contracts on the related Financed Vehicles; 
  
 (f) the related Receivable Files; 
  
 (g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Sale Agreement;

  
 (h) all of the Seller’s (a) Accounts, (b) Chattel Paper,
(c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (h); and 
  
 (i) all proceeds and investments with respect to items (a) through (h). 
  
 It is the intention of the Seller that the transfer and assignment contemplated by this Agreement shall constitute a sale
of the Receivables and Other Conveyed Property from the Seller to the Trust and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of the Seller’s estate in the event of the filing of a
bankruptcy petition by or against the Seller under any bankruptcy law. In the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a court of competent jurisdiction not to be a sale, this
Agreement shall constitute a grant of a security interest in the property referred to in this Section for the benefit of the Noteholders and the Insurer. 
  
 SECTION 2.2. [Reserved] 
  
 SECTION 2.3. Further Encumbrance of Trust Property. 
  
 (a) Immediately upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to Section 2.1, all right, title and interest
of the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the
Trust Agreement). 
  
 (a) Immediately upon the vesting of the
Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing
the repayment of the Notes and the Trust’s obligations to the Insurer. The Certificates shall represent the beneficial ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive distributions with respect
thereto as set forth herein. 
  

 19 

 (b) Following the payment in full of the Notes and the release and discharge of the Indenture, all
covenants of the Trust under Article III of the Indenture shall, until payment in full of the Certificates, remain as covenants of the Trust for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as such
covenants were enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in Certificateholders. 
  
 (c) The Trust Collateral Agent shall, at such time as there are no Notes or
Certificates outstanding and all sums due to (i) the Trustee pursuant to the Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this Agreement, have been paid, release any remaining
portion of the Trust Property to the Certificateholder. 
  
 SECTION 2.4. Repurchase of Receivables. The Seller may repurchase Receivables, effective as of the first day of each Collection Period, by giving notice of its exercise of that right to the Indenture Trustee and Owner Trustee no
later than the last Business Day of the immediately preceding Collection Period. The aggregate Principal Balance of Receivables that the Seller may repurchase during any Collection Period shall not exceed 2% of the Original Pool Balance, provided,
however, that Receivables repurchased pursuant to this Section 2.3 shall not include any Receivables repurchased pursuant to Section 3.4. Each repurchase of Receivables shall close on the Distribution Date in the Collection Period in which each such
repurchase is effective. The repurchase price to be paid by the Seller shall equal the aggregate Principal Balance of the repurchased Receivables as of the last day of the immediately preceding Collection Period and shall be deposited into the
Collection Account not later than the Business Day prior to the applicable Distribution Date. The Receivables Files for the repurchased Receivables and any Collections received by the Servicer as to those repurchased Receivables on or after the
effective date of their repurchase shall be delivered to the Seller on the Distribution Date related to that repurchase. 
  
 ARTICLE III 
  
 The Receivables 
  
 SECTION 3.1. Representations and Warranties with Respect to the Receivables. UACC has made the representations and warranties set forth in Section 3.3 of the Sale Agreement, and has consented to the assignment
by Seller to Trust of Seller’s rights with respect thereto. Pursuant to Section 2.1 of this Agreement, Seller has transferred to Trust all of Seller’s right, title and interest, but none of its obligations or burdens, in, to and under the
Sale Agreement, including the representations and warranties of UACC therein and all of UACC’s right, title and interest, but none of its obligations or burdens, in, to and under the Sale Agreement and all of UACC’s right, title and
interest, but none of its obligations or burdens, in, to and under each Dealer Agreement, including the representations and warranties of the Obligors therein, upon which Trust relies in accepting the Receivables, together with all rights of Seller
with respect to any breach thereof, including the right to require UACC to purchase Receivables in accordance with the Sale Agreement. 
  

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 SECTION 3.2. Repurchase Upon Breach. 
  
 (a) Seller, Servicer, Backup Servicer, the Designated Backup Subservicer or
Trust Collateral Agent, as the case may be, shall inform the other parties to this Agreement promptly, in writing, upon actual knowledge of any breach or failure to be true of the representations or warranties made by UACC in Section 3.3 of the Sale
Agreement, which materially and adversely affects the interests of Trust and the Noteholders in any Receivable; provided that the failure to give such notice shall not affect any obligation of UACC; and, provided, further, that
the Designated Backup Subservicer, so long as it has not been appointed Servicer or subservicer, shall have no liability for a failure to give such notice. In consideration of the repurchase of a Receivable hereunder by UACC under Section 3.4 of the
Sale Agreement, UACC shall remit the Purchase Amount of such Receivable, no later than the close of business on the next Determination Date, in the manner specified in Section 5.6. 
  
 (b) With respect to all Receivables repurchased pursuant to this Section 3.2, Trust shall assign to the Seller without
recourse, all of Trust’s right, title and interest in and to such Receivables and all other Trust Property, security and documents, relating solely to such Receivable. 
  
 (c) In addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased by UACC, UACC
shall indemnify the Trust, the Trustee, the Seller, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, Collateral Agent and the officers, directors, agents and employees thereof, the Insurer, and the Noteholders
against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts
giving rise to such breach. 
  
 SECTION 3.3. Custodian Of
Receivable Files. 
  
 (a) CUSTODY. To assure uniform
quality in servicing the Receivables and to reduce administrative costs, Trust, upon the execution and delivery of this Agreement, revocably appoints the Custodian, as agent, and the Custodian accepts such appointment, to act as agent on behalf of
the Trustee (or if no Notes are outstanding, Trust) to maintain custody of the following documents or instruments, which are hereby constructively delivered to Trust with respect to each Receivable (with respect to each Receivable, a
“Receivable File”): 
  
 (i) copies of
(A) the original certificate of title, lien card or application of title, as used in the applicable jurisdiction and/or (B) if the security interest of the applicable Obligor is evidenced with respect to a Financed Vehicle under the Uniform
Commercial Code of a state and the Custodian is given notice of such security interest, the UCC-1 financing statements evidencing the applicable Obligor’s security interest; 
  
 (ii) the fully executed original counterpart of the (a) installment sale contract or (b) note and the
security agreement, as applicable relating to each Receivable and, in the case of promissory notes, endorsements of such notes in blank; 
  

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 (iii) a copy of the credit application of the Obligor; and 
  
 (iv) such other documents that the Servicer causes to be
delivered to the Custodian. 
  
 The Custodian makes no representations as to and
shall not be responsible to verify (A) the validity, legality, enforceability, due authorization, recordability, sufficiency or genuineness of any of the documents contained in each Receivable File or (B) the collectability, insurability,
effectiveness, perfection, priority or suitability of any such Receivable. 
  
 On the Closing Date, UACC shall deliver to the Custodian a delivery certification certifying that the Receivable Files have been delivered to the Custodian as of the Closing Date, with any exceptions as noted thereon,
which certification shall be agreed to and acknowledged by the Custodian. Within fifteen (15) days following the Closing Date, the Custodian will deliver to the Trust, the Insurer and UACC a final certification of the custodian certifying that the
Custodian has received all of the Receivable Files, with any exceptions as noted thereon. 
  
 (b) SAFEKEEPING. The Custodian shall hold the applicable Receivable Files as agent on behalf of Trust and maintain accurate and complete records and computer systems pertaining to each Receivable in accordance
with the terms of this Agreement. In performing its duties as Custodian hereunder, Custodian shall act with reasonable care, exercising the degree of skill, attention and care that Custodian exercises with respect to receivable files relating to
other similar motor vehicle loans which are held by Custodian and that is consistent with industry standards. In accordance with its customary practice with respect to its custody files, Custodian shall maintain the Receivable Files in such a manner
as shall enable the Trust, the Insurer, the Trust Collateral Agent and the Trustee to verify, if the Trust, the Insurer, the Trust Collateral Agent or Trustee so elects, the accuracy of the record keeping of Custodian. Custodian shall promptly
report to the Trust and the Insurer any failure on its part to hold the Receivable Files and maintain its records and computer systems as herein provided, and promptly take appropriate action to remedy any such failure. Custodian hereby acknowledges
receipt of the Receivable File for each Receivable listed on the Schedule of Receivables, except as it may report to the Trust in writing. Nothing herein shall be deemed to require Trust, Owner Trustee or Trustee to verify the accuracy of the record
keeping of the Custodian. 
  
 (c) MAINTENANCE OF AND ACCESS TO
RECORDS. Custodian shall maintain each Receivable File at the locations specified in Schedule B to this Agreement, or at such other offices of Custodian or its Affiliates within the United States (or, in the case of any successor Custodian,
within the state in which its principal place of business is located) as shall be specified to the Trust by 30 days’ prior written notice. Custodian shall make available to the Trust, the Trust Collateral Agent, Trustee, Insurer and their
respective agents (or, when requested in writing by the Trust or Trustee, their respective attorneys or auditors) the Receivable Files and the related records maintained by Custodian at such times as the Trust, Trustee or Insurer shall instruct for
purposes of inspecting, auditing or making copies of abstracts of the same, but only upon two (2) Business Days prior notice and during the normal business hours at the respective offices of Custodian. 
  

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 (d) RELEASE OF DOCUMENTS. Upon written instructions from Servicer (or, if no Notes are then
Outstanding, the Trust), and receipt from the Servicer of a request for release (substantially in the form of Exhibit D), Custodian shall release any document in the Receivable Files to Servicer or the Trust or its respective agent or designee, as
the case may be, at such place or places as Servicer or the Trust may designate, as soon thereafter as is practicable and at the cost of the Trust. Any document so released shall be handled by Servicer or the Trust with due care and returned to
Custodian for safekeeping as soon as Servicer or the Trust or its respective agent or designee, as the case may be, shall have no further need therefor. 
  
 Upon becoming aware of the payment in full of any Receivable, the Servicer shall promptly notify the Custodian, in writing, that such Receivable has been
paid in full and upon such written notice from the Servicer, Custodian shall release the related Receivable File to the Servicer or the Trust or its respective agent or designee, as the case may be, at such place or places as the Servicer or the
Trust may designate, as soon thereafter as is practicable. Upon such release of the Receivable File, the Custodian shall have no further responsibility with regard to such Receivable File. 
  
 (e) TITLE TO RECEIVABLES. Custodian agrees that, in respect of any
Receivable File held by Custodian hereunder, Custodian shall not at any time have or in any way attempt to assert any interest in such Receivable File or the related Receivable, other than solely as Trust Collateral Agent for the purpose of
collecting or enforcing the Receivable for the benefit of Trust and that the entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in Trust. 
  
 (f) INSTRUCTIONS; AUTHORITY TO ACT. Custodian shall be deemed to have
received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by an Authorized Officer of the Trust Collateral Agent or the Trust, as applicable. A certified copy of excerpts of certain resolutions
of the Board of Directors of the Trust Collateral Agent shall constitute conclusive evidence of the authority of any such Trust Officer to act and shall be considered in full force and effect until receipt by Custodian of written notice to the
contrary given by the Trust or the Trust Collateral Agent, as applicable. 
  
 (g) CUSTODIAN’S INDEMNIFICATION. In the event that the Custodian fails to produce an original note or installment contract that was in its possession pursuant to Section 3.3 within five (5) Business Days
after required or requested by the Trustee or Trust under Section 3.3(e), and provided that (i) the Custodian previously notified the Trust that it was in possession of such document; (ii) such document is not outstanding pursuant to a request for
release of documents under Section 3.3(e); and (iii) such document was held by the Custodian on behalf of the Trust (a “Custodian Delivery Failure”), then the Custodian shall indemnify the Trust, Insurer and Trustee in accordance
with the succeeding sentence of this Section 3.3(g). The Custodian shall indemnify and hold harmless Trust, Insurer and Trustee (individually and in its capacity as such), and each of their respective officers, directors, employees and agents from
and against any and all direct liabilities, obligations, losses, payments, costs or expenses (including reasonable legal fees and expenses, if any) of any kind whatsoever that may be imposed on, incurred or asserted against Trust, Trustee, Insurer
or the Holders as the result of such Custodian Delivery Failure. Indemnification under this Subsection (g) shall survive termination of this Agreement and the resignation or removal of the Trustee, as the case may be. 
  

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 If Custodian shall have made any indemnity payments to Trustee or Insurer pursuant to this Section and Trustee or Insurer
thereafter shall collect any of such amounts from Persons other than Custodian, Trust, Trustee or Insurer, as the case may be, shall, as soon as practicable following such receipt thereof, repay such amounts to Custodian, without interest.

  
 (h) EFFECTIVE PERIOD AND TERMINATION. Trust Collateral
Agent’s appointment as Custodian shall become effective as of the date of delivery of the Receivable Files (which shall be a date on or before the Closing Date) and shall continue in full force and effect until terminated pursuant to this
Subsection (h). If Backup Servicer shall resign as Backup Servicer in accordance with Section 8.6, the Custodian hereunder may be terminated by the Insurer (so long as an Insurer Default has not occurred and is continuing), the Owner Trustee,
Trustee or by the Holders of Notes evidencing greater than 25% of the aggregate outstanding principal amount of the Notes (or, if no Notes are then Outstanding, the Holders of Certificates representing greater than 50% of the outstanding percentage
interest of the Certificates), upon the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing) in each case in the same manner as the Trust, Trustee or such Holders may terminate the rights and
obligations of Backup Servicer under Section 9.1. The Trustee, or, if no Notes are then outstanding, the Owner Trustee at the direction of Holders of Certificates evidencing greater than 50% of the outstanding principal interest of the Certificates,
may terminate Trust Collateral Agent’s appointment as Custodian hereunder at any time with cause. As soon as practicable after any termination of such appointment, Trust Collateral Agent shall deliver, or cause to be delivered, the Receivable
Files to Trustee or Owner Trustee, as applicable, or its respective agent or designee at such place or places as Trustee or Owner Trustee, as applicable, may reasonably designate. Notwithstanding any termination of Trust Collateral Agent as
Custodian hereunder, from and after the date of such termination, and for so long as Trust Collateral Agent is acting as such pursuant to this Agreement, Trustee shall provide, or cause the successor Custodian to provide, access to the Receivable
Files to Trust Collateral Agent, at such times as Trust Collateral Agent shall reasonably request, for the purpose of carrying out its duties and responsibilities with respect to the servicing of the Receivables hereunder. 
  
 In addition, the obligations of the Custodian under this Agreement shall
terminate upon the final payment or other liquidation (or advance with respect thereto) of the last Receivable, and the final remittance of all funds due the Owner Trustee under the Trust Agreement and the Indenture Trustee under the Indenture. In
such event, all documents remaining in the Receivable Files shall be released in accordance with the written instructions of the Trustee or the Trust, as applicable. 
  
 (i) DELEGATION. Custodian may, at any time without notice or consent, delegate any or all of its duties under this
Agreement to any Affiliate which is legally qualified and has the capacity to perform such delegated duties hereunder; provided that no such delegation shall relieve Custodian of its responsibility with respect to such duties and Custodian shall
remain obligated and liable to Trust, Insurer and the Holders for its duties hereunder as if Custodian alone were performing such duties. 
  
 (j) LEVEL 2 TRIGGER EVENT. Upon the occurrence of a Level 2 Trigger Event (as defined in the Spread Account Agreement), the Servicer shall within
30 days transfer custody of the original certificates of title to the Custodian. The Custodian shall confirm receipt 
  

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 of each original certificate of title (for up to 25,000 Receivable Files) in writing to the Trust Collateral Agent and
the Insurer within fifteen (15) Business Days of receiving each certificate of title; provided, however, that the Custodian will have an additional five (5) Business Days to confirm receipt for each additional 5,000 Receivable Files transferred in
excess of 25,000 Receivable Files. On and after such transfer, the original certificates of title will constitute part of the Receivable File, and will be held by the Custodian in the manner described hereunder. 
  
 SECTION 3.4. Rights and Duties of the Custodian. 
  
 (a) The Custodian shall have no duties or responsibilities with respect to
the contents of the Receivables Files except as specifically set forth herein. 
  
 (b) The Custodian shall neither be responsible for or under, nor chargeable with knowledge of the terms and conditions of, any other agreement, instrument or document in connection herewith. 
  
 (c) The Custodian may conclusively rely upon, and shall be fully protected
from all liability, loss, cost, damage or expense in acting or omitting to act pursuant to any written notice, instrument, request, consent, certificate, document, letter, telegram, opinion, order resolution or other writing hereunder which it
reasonably believes to be authentic without being required to determine the authenticity of such document, the correctness of any fact stated therein, the propriety of the service thereof of the capacity, identity or authority of any party
purporting to sign or deliver such document. 
  
 (d) This
Agreement expressly sets forth all the duties and obligations of the Custodian with respect to any and all matters pertinent thereto. No implied duties or obligations of the Custodian shall be read into this Agreement. 
  
 (e) No provision of this Agreement shall require the Custodian 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. 
  

(f) In order to comply with its duties under the U.S.A. Patriot Act, the Custodian shall obtain and verify certain information and documentation from
the other parties (except for Deutsche Bank Trust Company Americas) hereto, including, but not limited to, such parties’ names, addresses and other identifying information. 
  
 (g) [Item 1122(b) of Regulation AB compliance] 
  

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 ARTICLE IV 
  
 Administration and Servicing of Receivables 
  
 SECTION 4.1. Duties of the Servicer and the Designated Backup Subservicer 
  
 (a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer
and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of
institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables
that it services for itself or others. In performing such duties, so long as UACC is the Servicer, it shall substantially comply with the policies and procedures generally used to service motor vehicle loans. The Servicer’s duties shall
include, without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting any required tax information to Obligors,
monitoring the collateral, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to
the Financed Vehicles and performing the other duties specified herein. 
  
 The Servicer shall deposit in or credit to the Collection Account within two Business Days of receipt all collections of monthly principal and interest received after the Cut-Off Date by it on or in respect of the
Receivables together with the proceeds of all Prepayments and any accompanying interest. The Servicer shall likewise deposit in the Collection Account within two Business Days of receipt all Net Liquidation Proceeds and Net Insurance Proceeds.

  
 In addition, annually, the Servicer will engage an accounting
firm, acceptable to the Insurer, to complete an operational audit of 12 branches over any consecutive 12 month period. The results of such audit will be delivered to the Insurer. In addition, annually, the Servicer, upon request, will provide to the
Backup Servicer and the Designated Backup Subservicer a list of the addresses of all active branch offices. 
  
 The Servicer, or if UACC is no longer the Servicer, UACC at the request of the Servicer, shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain possession of the Dealer Agreements, to the extent it is necessary to do so), the Dealer Assignments and the Insurance Policies, to the
extent that such Dealer Agreements, Dealer Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the
Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem
necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of
partial or full 
  

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 release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the
Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any
Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor except in accordance with the Servicer’s customary practices. 
  
 The Servicer is hereby authorized, but not required, to commence, in its own name or in the name of the Trust, a legal
proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle.
If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such
proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in
connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary
or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 
  
 (b) The duties of the Designated Backup Subservicer are described in
Schedule D hereto. 
  
 SECTION 4.2. Collection of Receivable
Payments; Modifications of Receivables. 
  
 (a) Consistent
with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall
follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the
Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect thereto, including directing the Trust to sell the Receivables
pursuant to Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 
  
 (b) The Servicer may (A) at any time agree to a modification or amendment of
a Receivable in order to (i) change on one or more occasions the Obligor’s regular monthly due date to a date that shall in no event be later than 30 days in total after the original monthly due date of that Receivable or (ii) re-amortize the
Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures or (B) may direct the Trust to sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in
good faith that such extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the
Trust. 
  

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 (c) The Servicer may grant payment extensions on, or other modifications or amendments to, a Receivable
(in addition to those modifications permitted by Section 4.2(b)) hereof, in accordance with its customary procedures if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default on such
Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided, however, that: 
  
 (i) The aggregate period of all extensions on a Receivable
shall not exceed eight months; 
  
 (ii) In no
event may a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 
  
 (iii) The average Monthly Extension Rate for (A) any three consecutive calendar months, other than the months of December, January and
February, shall not exceed 3.0% and (B) for the calendar months of December, January and February, shall not exceed 3.5%; and 
  
 (iv) So long as an Insurer Default shall not have occurred and be continuing, the Servicer shall not amend or modify a Receivable (except
as provided in Section 4.2(b) and this Section 4.2(c)) without the consent of the Insurer or a Note Majority (if an Insurer Default shall have occurred and be continuing). 
  
 With respect to clause (iii) of this Section 4.2(c), in the event the average of the Monthly Extension Rates calculated
with respect to (A) three consecutive calendar months, other than the months of December, January and February, exceeds 3.0% and (B) for the calendar months of December, January and February, exceeds 3.5% (in each case, which information shall be
set forth in the related Servicer’s Certificate), the Servicer shall, on the third such Accounting Date, purchase from the Trust the Receivables with respect to which payment had been extended (starting with the Receivables most recently so
extended) in an aggregate Principal Balance equal to the product of (i) the difference between such average of Monthly Extension Rates and 3.0% and (ii) the Aggregate Principal Balance, and pay the related Purchase Amount on the related
Determination Date; provided, however, that in the event the Backup Servicer shall be acting as Servicer hereunder, the foregoing sentence shall apply only in respect of Receivables as to which payments had been extended by such Backup
Servicer. 
  
 SECTION 4.3. Realization upon Receivables.

  
 (a) In addition to the Servicer’s ability to direct the
Trust to sell Receivables pursuant to Section 4.3(c) hereof, and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership
of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no event later
than the date on which all or any portion of a Scheduled Receivables Payment has become 91 days 
  

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 delinquent; provided, however, that the Servicer may elect not to repossess a Financed Vehicle within such
time period if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Trust to sell the Receivables pursuant to
Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable
efforts to realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The
foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall
determine in its discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle
shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. The Servicer shall be entitled to recover
all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, including costs to repair the Financed Vehicle, but only out of the cash proceeds of such Financed Vehicle, any deficiency
obtained from the Obligor or any amounts received from the related Dealer, which amounts in reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The
Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable.

  
 (b) If the Servicer, or if UACC is no longer the Servicer,
UACC at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to UACC at the
request of the Servicer, of the rights under such Dealer Agreement or Dealer Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or UACC, as appropriate, may not enforce a
Dealer Agreement or Dealer Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee, at UACC’s expense or the Seller, at the Seller’s
expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Trust
Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(e). 
  
 (c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third party
purchaser that is not affiliated with the Servicer, the Seller or the Trust to purchase from the Trust any Receivable that has become more than 60 days delinquent, and shall have the right to direct the Trust to sell any such Receivable to the
third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Closing Date may be sold by the Trust pursuant to this Section 4.3(c) in the aggregate; provided further, that the
Servicer may elect to not direct the Trust to sell 
  

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 a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the
proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts
to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third party purchasers which is materially adverse to the interest of the Noteholders or
the Insurer. The Trust shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Trust for all Receivables sold to a single third-party purchaser on a single
date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables directly to the Collection Account
without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. 
  
 (d) Upon the occurrence of a Level 2 Trigger Event, the Servicer shall, within 30 Business Days, send notice to the Obligors, provide an updated list of
Obligors a list of active branch offices to the Backup Servicer or the Designated Backup and post payment instruction signage at each branch directing payments to be made to the appropriate post office box. 
  
 (e) Upon the occurrence of a Level 3 Trigger Event (as defined in the Spread
Account Agreement), the Servicer shall (i) within 21 Business Days, send notice to the Obligors that payments must be mailed to the Servicer’s service provider, (ii) within 5 Business Days, send written notice to the Backup Servicer and the
Designated Backup Servicer of the occurrence of such Trigger Event and request that the Designated Backup Subservicer provide the Servicer with revised payment instructions and (iii) post any payment instruction signage provided by the Backup
Servicer or the Designated Backup Subservicer in plain view at each branch. 
  
 SECTION 4.4. Insurance. 
  
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph (cc) of Section 3.3 to
the Sale Agreement and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage
insurance, naming UACC and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If
the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in clause (i)(a) of such Paragraph (cc) of
Section 3.3 to the Purchase Agreement (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may, but is not required to, enforce the rights of the holder of the Receivable under the Receivable to require the
Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The Servicer may, but is not required to, maintain a vendor’s single interest or other collateral protection insurance
policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and 
  

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 damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed
Vehicle. All policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 
  
 (b) [Reserved]. 
  
 (c) [Reserved]. 
  
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies,
in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such
Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a
holder entitled to enforce the Insurance Policy, the Trust and/or the Trust Collateral Agent, at the Servicer’s expense shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name
or the name of the Trust and/or the Trust Collateral Agent for the benefit of the Noteholders. 
  
 (e) The Servicer will cause itself and may cause the Trust Collateral Agent to be named as named insured under all policies of Collateral Insurance.

  
 SECTION 4.5. Maintenance of Security Interests in
Vehicles. 
  
 (a) Consistent with the policies and
procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited
to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security
interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as
necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or
without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that
the Seller’s designation as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 
  
 (b) Upon the occurrence of an Insurance Agreement Event of Default, the Insurer may (so long as an Insurer Default shall not have occurred and be
continuing) instruct the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred, upon the occurrence of a Servicer Termination Event, the Servicer shall take or cause to be taken such action as may, in the opinion of
counsel to the Controlling Party, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other
reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent. 
  

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 UACC hereby agrees to pay all expenses related to such perfection or reperfection and to take all action
necessary therefor. In addition, prior to the occurrence of an Insurance Agreement Event of Default, the Controlling Party may instruct the Servicer to take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party,
be necessary to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents of such Financed Vehicles or by such other reasonable means as may,
in the opinion of counsel to the Controlling Party, be necessary or prudent; provided, however, that if the Controlling Party requests that the title documents be amended prior to the occurrence of an Insurance Agreement Event of
Default, the out-of-pocket expenses of the Servicer in connection with such action shall be reimbursed to the Servicer by the Controlling Party. The Seller hereby appoints the Servicer as its attorney-in-fact to take any and all steps required to be
performed by the Seller pursuant to this Section 4.5(b) (it being understood that and agreed that the Servicer shall have no obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to
which it is a party and to which the Seller has paid all expenses), including execution of certificates of title or any other documents in the name and stead of the Seller and the Trust Collateral Agent hereby accepts such appointment. 

 
 SECTION 4.6. Covenants, Representations, and Warranties of
Servicer. By its execution and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables, on which the Trustee relies in
authenticating the Notes and on which the Insurer relies in issuing the Note Policy. 
  
 (a) The Servicer covenants as follows: 
  
 (i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or
as otherwise contemplated herein; 
  
 (ii) No
Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly
provided herein; 
  
 (iii) No Amendments.
The Servicer shall not extend or otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 
  
 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to
exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Trust
Collateral Agent for the benefit of the Noteholders and Insurer, 
  

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 the Lien imposed by the Spread Account Agreement in favor of the Collateral Agent for the benefit of the
Trust Collateral Agent and Insurer, and the restrictions on transferability imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names the the Servicer as a debtor, or
sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust
Collateral Agent, for the benefit of the Noteholders and the Insurer. 
  
 (b) UACC represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule C are true and correct. 
  
 SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon
discovery by any of the Servicer, the Insurer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer, a Responsible Officer of the Designated Backup Subservicer or a Responsible Officer
of the Trustee of a breach of any of the covenants set forth in Subsections (a), (b), (c) and (j) of Section 3.3 or in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give prompt written notice to the others; provided,
however, that the failure to give any such notice shall not affect any obligation of UACC as Servicer under this Section; provided, further, that the Designated Backup Subservicer, so long as it has not been appointed Servicer
or subservicer, shall have no liability for a failure to give such notice. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 4.5(a) or 4.6(a) which materially and
adversely affects the interests of the Noteholders or the Insurer in any Receivable (including any Liquidated Receivable) (or, at UACC’s election, the first Accounting Date so following) or the related Financed Vehicle, UACC shall, unless such
breach shall have been cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, UACC shall pay the related Purchase Amount. It is understood and agreed that the obligation
of UACC to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against UACC for such breach available to
the Insurer, the Noteholders, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer or the Trust Collateral Agent; provided, however, that UACC shall indemnify the Trust, the Backup Servicer, the Designated Backup
Subservicer, the Collateral Agent, the Custodian, the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees
and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach. Notwithstanding anything to the contrary contained herein, UACC will
not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien
Certificates shall not have been received with respect to Receivables with Principal Balances which total more than 0.25% of the Aggregate Principal Balance as of the 180th day after the Closing Date, in which case UACC shall be required to repurchase a sufficient number of such Receivables to cause the aggregate Principal
Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater than 0.25% of the Aggregate 
  

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 Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the 240th day after the Closing Date. This section shall survive the termination of this Agreement and the earlier removal or
resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup Servicer and/or the Collateral Agent and/or the Custodian and/or the Designated Backup Subservicer. 
  
 SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer
shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be
required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to Noteholders or the
Insurer and all other fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, the Custodian or the Trustee, except taxes levied or assessed against the Trust,
and claims against the Trust in respect of indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for the account of UACC). The Servicer shall be liable for the fees and expenses of the
Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, the Trustee, the Custodian, the Collateral Agent and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be UACC, a
successor to UACC as Servicer including the Backup Servicer or the Designated Backup Subservicer permitted by Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification,
or the fees and expenses referred to above. 
  
 SECTION 4.9.
Servicer’s Certificate. No later than 10:00 a.m. Eastern time on the 10th calendar day of each month,
the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each Rating Agency a
Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and to make
the distributions required by Section 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Trust as of the related Accounting Date, identifying the Receivables so purchased by the Servicer
or sold by the Trust, (iii) all information necessary to enable the Backup Servicer (or the Designated Backup Subservicer, as the case may be) to verify the items specified in Section 4.13(a)(iii), (iv) all information necessary to enable the Trust
Collateral Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash flows, the Collection Account for the related
Collection Period and Distribution Date, including the accounting required by Section 5.10. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was
paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). In addition to the information set forth in the preceding sentence, the Servicer’s Certificate shall also
contain the following information: (a) the Delinquency Ratio, Monthly Extension Rate and Cumulative Net Loss Ratio (as such terms are defined herein or in the Spread Account Agreement) for the related Collection Period; (b) 
  

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 whether any Trigger Event has occurred as of such Determination Date; (c) whether any Trigger Event that may have
occurred as of a prior Determination Date is deemed cured as of such Determination Date; and (d) whether to the knowledge of the Servicer an Insurance Agreement Event of Default has occurred. 
  
 Section 4.10. Annual Statement as to Compliance, Notice of Servicer
Termination Event. 
  
 (a) The Servicer shall deliver to the
Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and the Rating Agencies, on or before February 28 of each year, beginning on February 28, 200__, an officer’s
certificate signed by any Responsible Officer of the Servicer, dated as of December 31 (or other applicable date) of such year, stating (i) its responsibility for assessing compliance with the servicing criteria applicable to it as set forth in Item
1122(d) of Regulation AB (17 CFR 229.1122(d)), (ii) that it used the criteria set forth in Item 1122(d) of Regulation AB (17 CFR 229.1122(d)) to assess compliance with the applicable servicing criteria, (iii) its assessment of compliance with the
applicable servicing criteria as of and for the immediately preceding fiscal year, including a disclosure of any material instance of noncompliance identified by the Servicer, (iv) that a registered public accounting firm has issued an attestation
report on its assessment of compliance with the applicable servicing criteria as of and for the immediately preceding fiscal year; (v) pursuant to Item 1123 of Regulation AB (17 CFR 229.1123), that a review of the activities of the Servicer
during the preceding 12-month period (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and
(vi) pursuant to Item 1123 of Regulation AB (17 CFR 229.1123), to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement in all material respects throughout such
period, or, if there has been a default in the fulfillment of any such obligation in any material respect, specifying each such default known to such officer and the nature and status thereof. 
  
 (b) The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Collateral Agent and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter,
written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1. The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Collateral Agent, the Seller and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days
thereafter, written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any other clause of Section 9.1. 
  
 SECTION 4.11. Annual Independent Accountants’ Report. The
Servicer shall cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each Rating Agency, on or before February 28 of each year, beginning on February 28, 200 , with respect to the twelve months ended the
immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed 
  

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 from the Closing Date to the date of such certificate), an attestation report (the “Accountants’
Report”) in compliance with Item 1122(b) of Regulation AB (17 CFR 229.1122(b)), addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer and to the Insurer, providing information as required by Item 1122(b) of Regulation AB (17 CFR 229.1122(b)), and a statement to the effect that such firm has audited the books and records of the Servicer and that (1) such audit was made
in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the
Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three randomly selected
Servicer’s Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. 
  
 In the event such independent public accountants require the Trust
Collateral Agent, Trustee, the Servicer, Backup Servicer or Designated Backup Subservicer to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 4.11, the Servicer shall direct
the Trust Collateral Agent, Trustee, the Backup Servicer and Designated Backup Subservicer in writing to so agree; it being understood and agreed that the Trust Collateral Agent, Trustee, Backup Servicer and Designated Backup Subservicer will
deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trust Collateral Agent, Trustee, Backup Servicer and Designated Backup Subservicer have not made any independent inquiry or investigation as to, and
shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 
  
 SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of the Trustee,
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Insurer reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but
only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
  
 SECTION 4.13. Monthly Tape. 
  
 (a) On or before the seventh calendar day, of each month, the Servicer will deliver to the Trust Collateral Agent, the Insurer, the Backup Servicer and
the Designated Backup Subservicer a computer tape and a diskette (or any other electronic transmission acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the Trust Collateral Agent, the Insurer
and the Backup Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding Determination Date and
necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup Servicer shall cause the Designated Backup Subservicer to use such tape or diskette (or other electronic 
  

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 transmission acceptable to the Trust Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer’s
Certificate is complete on its face or note discrepancies, (ii) confirm or note discrepancies that such tape, diskette or other electronic transmission is in readable form, (iii) calculate and confirm or note discrepancies regarding (A) the
aggregate amount distributable as principal on the related Distribution Date to each Class of Notes; (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes; (C) any amounts distributable on the
related Distribution Date which are to be paid with funds (y) withdrawn from the Spread Account, or (z) drawn under the Note Policy; (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant
to clause (A), above; (E) the Note Pool Factor for each Class of Notes after giving effect to all distributions made pursuant to clause (A), above; (F) the aggregate Noteholders’ Interest Carryover Amount on such Distribution Date after giving
effect to all distributions made pursuant to clause (B) above; (G) the Monthly Extension Rate; (H) the Delinquency Ratio; and (I) the Cumulative Net Loss Ratio. The Backup Servicer shall cause the Designated Backup Subservicer to provide a letter to
the Controlling Party and to the Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business
Day following the Distribution Date. In the event that the Designated Backup Subservicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date,
but in the absence of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Designated Backup Subservicer and
the Servicer are unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the
Servicer’s Certificate and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the
Servicer’s Certificate for such next succeeding Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any replacement
Servicer its Collection Records and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection
with servicing the Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of
the Servicer. The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer. 
  
 The Designated Backup Subservicer shall have no liability for the failure to perform any duty if such failure results from its failure to receive in a
timely manner the Monthly Tape or any other information reasonably required by it to perform its obligations, and the Designated Backup Subservicer shall have no liability for any error or omission in the Servicer’s Certificate or any other
data confirmed by it, such certificates and data being the sole responsibility of the Servicer or the other Person supplying such data. 
  
 (b) The Servicer shall deliver to the Designated Backup Subservicer the Monthly Tape on or before the seventh calendar day of each month. The Backup
Servicer shall cause such Designated Backup Subservicer to load such Monthly Tapes into its computer system in the 
  

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 format in which they were received (it being understood that such loading shall not include boarding or other
manipulation of the data) and to certify to the Trust Collateral Agent that (i) it can access and read the data and (ii) the summary totals for each category of information provided in such computer tapes conforms with the summary totals for such
categories of information as reflected in the books and records of the Servicer. Other than the duties specifically set forth in this Agreement, the Designated Backup Subservicer shall have no obligations hereunder, including, without limitation, to
supervise, verify, monitor or administer the performance of the Servicer. The Designated Backup Subservicer shall have no liability for any actions taken or omitted by the Servicer. 
  
 SECTION 4.14. Servicer Renewal. 
  
 The Servicer covenants and agrees to act as Servicer until the earlier of (a) the Notes and Certificates are paid in full
or (b) a Servicer Termination Event occurs. 
  
 So long as the
Insurer is the Controlling Party, the Insurer hereby covenants and agrees to appoint the Servicer to act as Servicer under this Agreement for an initial term, commencing on the Closing Date and ending on December 31, 2006, which term shall be
subject to automatic extension for successive quarterly terms ending on each successive March 31, June 30, September 30 and December 31 until the Controlling Party gives a notice to the Indenture Trustee and Trust Collateral Agent that it has
elected not to continue the retention of the Servicer, effective as of the first day of the next following quarterly term (a “Servicer Non-Renewal Notice”). To be effective, a Servicer Non-Renewal Notice must be delivered not later than
fifteen (15) calendar days prior to the first day of the next quarterly term. The Servicer hereby agrees that, as of the date hereof and until the effective date of any Servicer Non-Renewal Notice, the Servicer shall become bound, for the initial
term beginning on the Closing Date and until the effective date of any Servicer Non-Renewal Notice timely delivered, to continue as the Servicer subject to and in accordance with the other provisions of this Agreement. 
  
 SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The
Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables.

  
 ARTICLE V 
  
 Trust Accounts; Distributions; 
 Statements to Noteholders 
  
 SECTION 5.1. Establishment of Trust Accounts. 
  
 (a) (i) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit
Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on behalf of the Noteholders and the Insurer. The
Collection Account shall initially be established with the Trust Collateral Agent. 
  

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 (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own
name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on behalf of the
Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 
  
 (b) Funds on deposit in the Collection Account and the Note Distribution Account (collectively, the “Trust Accounts”) shall be invested
by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall
be held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders and the Insurer, as applicable. Other than as permitted by the Rating Agencies and the Insurer, funds on deposit in any Trust Account shall be invested in
Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Distribution Date. Funds deposited in a Trust Account on the day immediately preceding a
Distribution Date upon the maturity of any Eligible Investments are required to be invested overnight. All Eligible Investments will be held to maturity. 
  
 (c) All investment earnings of moneys deposited in the Trust Accounts shall be deposited (or caused to be deposited), pursuant to the monthly
Servicer’s Certificate, on each Distribution Date by the Trust Collateral Agent in the Collection Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Trust Collateral Agent to
make any investment of any funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person, and, in
connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral
Agent, to such effect. 
  
 (d) The Trust Collateral Agent shall
not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad faith
or its failure to make payments on such Eligible Investments issued by the Trust Collateral Agent, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  
 (e) If (i) the Servicer shall have failed to give investment directions in
writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Trust and Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable
from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in 
  

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 the Trust Accounts in the investment described in clause (d) of the definition of Eligible Investments; provided that the
Trust Collateral Agent shall not be liable for any loss or absence of income resulting from such investments. 
  
 (f) (i) The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all
proceeds thereof for the benefit of the Noteholders and the Insurer and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole
dominion and control of the Trust Collateral Agent for the benefit of the Noteholders, as the case may be, and the Insurer. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Trust Collateral Agent (or the
Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency and the Insurer may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent in
writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. 
  
 (ii) With respect to the Trust Account Property: 
  
 (A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except as
otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature authority with respect thereto; 

 
 (B) any Trust Account Property that constitutes Physical
Property shall be delivered to the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a financial
intermediary (as such term is defined in Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 
  
 (C) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry
regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued book-entry registration of
such Trust Account Property as described in such paragraph; and 
  
 (D) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause (C) above shall be delivered to the Trust Collateral Agent in
accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its
nominee’s) ownership of such security. 
  

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 SECTION 5.2. [Reserved] 
  
 SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on
deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for
insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the
Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such
mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall
have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7,
or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. 
  
 SECTION 5.4. Application of Collections. All collections for the
Collection Period shall be applied by the Servicer as follows: 
  
 With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be
applied to interest and principal in accordance with the method applicable to the Receivable. 
  
 All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(b). 
  
 SECTION 5.5. Withdrawals from Spread Account. 
  
 (a) In the event that the Servicer’s Certificate with respect to any
Determination Date shall state that there is a Spread Account Claim Amount then on the Spread Account Claim Date immediately preceding the related Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner
Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, a written notice (a “Deficiency Notice”) specifying the Spread Account Claim Amount for such Distribution Date and the Spread Account
Claim Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Spread Account Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent
for deposit in the Collection Account on the related Distribution Date. 
  

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 Any Deficiency Notice shall be delivered by 10:00 am, Eastern time, on the second Business Day preceding
such Distribution Date. 
  
 (b) [Reserved]. 
  
 (c) The amounts distributed by the Collateral Agent to the Trust Collateral
Agent pursuant to a Deficiency Notice shall be deposited by the Trust Collateral Agent into the Collection Account pursuant to Section 5.6. 
  
 SECTION 5.6. Additional Deposits. 
  
 (a) The Servicer or the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such
obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. On the Business Day prior to each Distribution Date, the Trust Collateral Agent shall remit to
the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent. 
  
 (b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in the Collection Account.

  
 SECTION 5.7. Distributions. 
  
 (a) [Reserved]. 
  
 (b) On each Distribution Date, the Trust Collateral Agent shall (based
solely on the information contained in the Servicer’s Certificate delivered with respect to the related Determination Date) distribute the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of
funds stated to be available therefor, and in the following order of priority: 
  
 (i) from the Available Funds, to the Servicer (or, if the Designated Backup Subservicer shall be appointed successor servicer or
subservicer to the Servicer, to such Person), the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period and, to any successor Servicer (or, if the Designated Backup Subservicer shall be appointed successor servicer
or subservicer to the Servicer, to such Person), transition fees not to exceed $[500,000] (including boarding fees) in the aggregate; 
  
 (ii) from the Available Funds, to each of the Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer, the Custodian and the Owner Trustee, their respective accrued and unpaid fees and out-of-pocket expenses and any accrued and unpaid fees and out-of-pocket expenses of the Trust Collateral Agent, including the fees and expenses of its
counsel (in each case, to the extent such fees or expenses have not been previously paid by the Servicer and provided that such fees and expenses shall not exceed (w) $[100,000] in the aggregate in any calendar year to the Owner Trustee, (x)
$[175,000] in the aggregate in any calendar year to the Trust Collateral Agent, the Backup Servicer, the Custodian and the Trustee, collectively and (y) $[75,000] in the aggregate in any calendar year to the Designated Backup Subservicer);

  

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 (iii) from the Available Funds to the Note Distribution Account, the Noteholders’
Interest Distributable Amount; 
  
 (iv) from the
Available Funds to the Note Distribution Account, the Noteholders’ First Principal Distributable Amount; 
  
 (v) from the Available Funds, to the Insurer, the Premium (as defined in the Insurance Agreement) and, so long as no Insurer Default has
occurred and is continuing, to the extent of any amounts owing to the Insurer under the Insurance Agreement and not paid; 
  
 (vi) from the Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Spread
Account Initial Deposit; 
  
 (vii) from the
Available Funds to the Note Distribution Account, the Noteholders’ Second Principal Distributable Amount; 
  
 (viii) from Available Funds, to the Insurer, so long as an Insurer Default has occurred and is continuing, the amounts described in
clause (v) above, excluding the Premium, as defined in the Insurance Agreement; 
  
 (ix) from the Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Requisite
Amount; 
  
 (x) from the Available Funds, to
each of the Servicer, the Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Owner Trustee, their respective accrued and unpaid fees and expenses and any accrued and unpaid fees and expenses of the
Trust Collateral Agent (in each case, to the extent such fees or expenses have not been previously paid pursuant to clauses (i) and (ii) above) and any additional fees of a successor servicer; 
  
 (xi) to the Class A-3 Notes, additional amounts as
described in Section 10.1 herein; and 
  
 (xii)
from Available Funds, any remaining Available Funds to the Collateral Agent for deposit in the Spread Account; 
  
 provided, however, that, (A) following an acceleration of the Notes pursuant to the Indenture or, (B) if an Insurer Default shall have occurred and be continuing and an Event of Default pursuant to
Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be continuing, or (C) the receipt of Insolvency Proceeds pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account (including any such
Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6 of the Indenture. 
  

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 (c) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information
contained in the Servicer’s Certificate delivered with respect to the related Determination Date, unless the Insurer shall have notified the Trust Collateral Agent in writing of any errors or deficiencies with respect thereto) distribute from
the Collection Account the Additional Funds Available in accordance with the priorities set forth in Section 5.7(b) or as may be directed by the Insurer in writing on the Business Day prior to such Distribution Date with respect to that portion of
the Additional Funds Available constituting Insurer Optional Deposits and the Trustee shall deposit in the Note Distribution Account any Insured Payments (as defined in the Note Policy) due on such Distribution Date, which amount shall be applied
solely to the payment of amounts then due and unpaid on the Notes in accordance with the priorities set forth in Section 5.8(a) hereof or Section 5.6 of the Indenture, as applicable. 
  
 (d) In the event that the Collection Account is not able to be held with the Trust Collateral Agent, the Servicer or the
Trust Collateral Agent shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(b) and 5.7(c) on the related Distribution Date. 
  
 SECTION 5.8. Note Distribution Account. 
  
 (a) On each Distribution Date (based solely on the information contained in the Servicer’s Certificate) the Trust
Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the
following order of priority: 
  
 (i) accrued and
unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes; 
  
 (ii) The Noteholders’ First Principal Distributable Amount and the Noteholders’ Second Principal
Distributable Amount shall be distributed as follows: 
  
 (1) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-1 Notes has been reduced to zero; 
  
 (2) to the Holders of the Class A-2 Notes with the total
amount paid out on each Distribution Date until the outstanding principal amount of the Class A-2 Notes has been reduced to zero; 
  
 (3) to the Holders of the Class A-3 Notes, with the total amount paid out on each Distribution Date until the outstanding principal
amount of the Class A-3 Notes has been reduced to zero. 
  
 (b)
On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date. 
  

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 (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of
income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the
Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its sole discretion withhold such amounts in
accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder
agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred. 
  
 (d) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date
either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate written
instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000 or (ii) by check mailed to such Noteholder at the address of such holder
appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at the
office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
  
 (e) Subject to Section 5.1 and this section, monies received by the Trust Collateral Agent hereunder need not be segregated in any manner except to the
extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon. 
  
 SECTION 5.9. [Reserved] 
  
 SECTION 5.10. Statements to Noteholders. 
  
 (a) On or prior to each Distribution Date, the Trust Collateral Agent shall provide each Noteholder of record (with a copy to the Insurer and the Rating
Agencies) a copy of the Servicer’s Certificate which shall contain the following information as to the Notes to the extent applicable: 
  
 (i) the amount of such distribution allocable to principal of each Class of Notes; 
  

 45 

 (ii) the amount of such distribution allocable to interest on or with respect to each
Class of Notes; 
  
 (iii) the amount of such
distribution payable out of amounts withdrawn from the Spread Account or pursuant to a claim on the Note Policy; 
  
 (iv) the Pool Balance as of the close of business on the last day of the preceding Collection Period; 
  
 (v) the aggregate outstanding principal amount of each
Class of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above; 
  
 (vi) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with
respect to such Collection Period or prior Collection Periods, as the case may be; 
  
 (vii) the Noteholders’ Interest Carryover Amount; 
  
 (viii) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period;

  
 (ix) the aggregate Purchase Amounts for
Receivables, if any, that were repurchased by the Servicer in such period; and 
  
 (x) the aggregate Sale Amounts for Sold Receivables, if any, that were sold by the Trust in such period. 
  
 Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be
expressed as a dollar amount per $1,000 of the initial principal balance of the Notes (or Class thereof). 
  
 (b) The Trust Collateral Agent will make available each month to each Noteholder the statements referred to in Section 5.10(a) above (and certain other
documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s internet website with the use of a password provided by the Trust Collateral Agent. The Trust Collateral
Agent’s internet website will be located at www.tss.db.com/invr or at such other address as the Trust Collateral Agent shall notify the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Trust
Collateral Agent’s Corporate Trust Office at (800) 735-7777. The Trust Collateral Agent shall have the right to change the way the statements referred to in Section 5.10(a) above are distributed in order to make such distribution more
convenient and/or more accessible to the parties entitled to receive such statements. The Trust Collateral Agent shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3
hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 
  
 SECTION 5.11. Optional Deposits by the Insurer. The Insurer shall at any time, and from time to time, with respect to a Distribution Date, have the option (but shall not be 
  

 46 

 required, except in accordance with the terms of the Note Policy) to deliver amounts no later than 12:00 noon Eastern
time on such Distribution Date to the Trust Collateral Agent for deposit into the Collection Account for any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with
respect to such Distribution Date, or (ii) to include such amount to the extent that without such amount a draw would be required to be made on the Note Policy. 
  

ARTICLE VI 
  
 The Note Policy 
  
 SECTION 6.1. Claims Under Note Policy. 
  
 (a) In the event that the Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.5 hereof, the Trust Collateral Agent shall on the related Draw Date
determine the Policy Claim Amount for the related Distribution Date. If the Policy Claim Amount for such Distribution Date is greater than zero, the Trustee shall, to the extent it has received sufficient information to make such determinations,
furnish to the Insurer no later than 10:00 am Eastern time on the related Draw Date a completed Notice of Claim (as defined in (b) below) in the amount of the Policy Claim Amount. Amounts paid by the Insurer pursuant to a claim submitted under this
Section shall be deposited by the Trustee into the Note Distribution Account for payment to Noteholders on the related Distribution Date. 
  
 (b) Any notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a) shall specify
the Policy Claim Amount claimed under the Note Policy and shall constitute a “Notice of Claim” under the Note Policy. In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trustee the Policy
Claim Amount properly claimed thereunder by 12:00 noon., New York time, on the later of (i) the second Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the applicable Distribution Date. Any payment made by the
Insurer under the Note Policy shall be applied solely to the payment of the Notes, and for no other purpose. 
  
 (c) The Trustee shall (i) receive as attorney-in-fact of each Noteholder any Policy Claim Amount from the Insurer and (ii) deposit the same in the Note
Distribution Account for distribution to Noteholders. Any and all Policy Claim Amounts disbursed by the Trustee or the Trust Collateral Agent from claims made under the Note Policy shall not be considered payment by the Trust or from the Spread
Account with respect to such Notes, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall, to the extent it makes any payment with respect to the Notes, become subrogated to the rights of the recipients of such
payments to the extent of such payments. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to
the Notes which are then due for payment to the extent of all payments made by the Insurer, and the Insurer may exercise any option, vote, right, power or the like with respect to the Notes to the extent that it has made payment pursuant to the Note
Policy. To evidence such subrogation, the Note Registrar shall 
  

 47 

 note the Insurer’s rights as subrogee upon the register of Noteholders. The foregoing subrogation shall in all cases
be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the Notes. 
  
 (d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee on behalf of the Insurer
into the Note Distribution Account with respect to the Note Policy and the allocation of such funds to payment of interest on and principal paid in respect of any Note. The Insurer shall have the right to inspect such records at reasonable times
upon seven Business Day’s prior notice to the Trust Collateral Agent or the Trustee. 
  
 (e) The Trustee shall be entitled to enforce on behalf of the Noteholders the obligations of the Insurer under the Note Policy. Notwithstanding any other provision of this Agreement or any Basic Document, the
Noteholders are not entitled to institute proceedings directly against the Insurer. 
  
 SECTION 6.2. Preference Claims Under Note Policy. 
  
 (a) In the event that the Trustee has received a certified copy of a final, non-appealable order of the appropriate court that any payment paid on a Note has been avoided in whole or in part as a preference payment
under applicable bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such
avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms
of the Note Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent or the Trustee and
subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or
trustee in bankruptcy named in the order and not to the Trust Collateral Agent, the Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy,
in which case the Insurer will make such payment to the Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer). 
  
 (b) The Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any proceeding or the institution of any
action (of which a Responsible Officer of the Trust Collateral Agent has actual knowledge) seeking the avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law of any distribution made
with respect to the Notes (a “Note Preference Claim”). Each Noteholder, by its purchase of Notes, the Trustee and the Trust Collateral Agent hereby agree that so long as an Insurer Default shall not have occurred and be continuing,
the Insurer may at any time during the continuation of any proceeding relating to a Note Preference Claim direct all matters relating to such Note Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating
to any Note Preference Claim and (ii) the posting of any surety, supersedeas or 
  

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 performance bond pending any such appeal at the expense of the Insurer, but subject to reimbursement as provided in the
Insurance Agreement. In addition, and without limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest
extent permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect to a Note Preference Claim, including, without limitation, all rights of any party to an adversary proceeding action with respect to
any court order issued in connection with any such Note Preference Claim. 
  
 SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note Policy to the Insurer for cancellation upon payment in full of the Notes. 
  
 ARTICLE VII 
  
 The Seller 
  
 SECTION 7.1. Representations of Seller. The Seller makes the following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Trust is deemed to have relied in acquiring the Receivables and on which the Trustee, Collateral Agent, Trust Collateral Agent and Backup Servicer, the Designated Backup Subservicer may rely.
The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of Receivables, and shall survive the sale of the Receivables to the Trust and the pledge thereof to the Trust Collateral Agent
pursuant to the Indenture. 
  
 (a) [Reserved]. 

 
 (b) Organization and Good Standing. The Seller has been duly
organized and is validly existing as a corporation in good standing under the laws of the State of California, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 
  
 (c) Due Qualification. The Seller is duly qualified to do business as
a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other
Conveyed Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents.

  
 (d) Power and Authority. The Seller has the power and
authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold
and assigned to and deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents
have been duly authorized by the Seller by all necessary corporate action. 
  

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 (e) Valid Sale, Binding
Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the
Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law. 
  
 (f) No Violation. The
consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment of the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or
constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which
it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order,
rule or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 
  
 (g) No Proceedings. There are no proceedings or investigations
pending or, to the Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting
the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the
federal income tax or other federal, state or local tax attributes of the Notes. 
  
 (h) No Consents. The Seller is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau
or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 
  
 (i) True Sale. The Receivables are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of
the Bankruptcy Code, as the same may be amended from time to time. 
  
 (j) Chief Executive Office. The chief executive office of the Seller is at 6525 Morison Boulevard, Suite 318, Charlotte, North Carolina 28211. 
  

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 SECTION 7.2. Corporate Existence. During the term of this Agreement, the Seller will keep in full
force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall
be necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

  
 SECTION 7.3. Liability of UACC; Indemnities. UACC shall
be liable in accordance herewith only to the extent of the obligations specifically undertaken by UACC under this Agreement. 
  
 (a) UACC shall indemnify, defend and hold harmless the Trust, the Owner Trustee, Trustee, Seller, Backup Servicer, Designated Backup Subservicer,
including in its capacity as successor Servicer or as subservicer to the Servicer, Collateral Agent, Insurer, Custodian and Trust Collateral Agent and the officers, directors, employees and agents thereof from and against any taxes that may at any
time be asserted against any such Person with respect to the transactions contemplated in this Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the Trustee
and the Insurer and except any taxes to which the Owner Trustee, the Trust Collateral Agent or the Trustee may otherwise be subject to, without regard to the transactions contemplated hereby), including any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but in the case of the Trust, not including any taxes asserted with respect to federal or other income taxes arising out of distributions on the Notes) and costs and expenses in
defending against the same. 
  
 (b) UACC shall indemnify, defend
and hold harmless the Trust, the Owner Trustee, Trustee, Seller, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Collateral Agent, Insurer, Custodian and Trust
Collateral Agent and the officers, directors, employees and agents thereof and the Noteholders from and against any loss, liability or expense incurred by reason of (i) UACC’s willful misfeasance, bad faith or negligence in the performance of
its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) UACC’s or the Trust’s violation of federal or state securities laws in connection with the offering and sale of
the Notes. 
  
 (c) UACC shall indemnify, defend and hold harmless
the Owner Trustee, Trustee, Seller, Trust Collateral Agent, Collateral Agent, Custodian, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and the officers, directors,
employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set forth herein and in the
Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee, Trustee, Trust Collateral Agent,
Collateral Agent, Custodian, Backup Servicer and Designated Backup Subservicer, respectively. 
  

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 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the
Trustee, the Seller, the Custodian, the Backup Servicer, the Designated Backup Subservicer, the Collateral Agent or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall
include reasonable fees and expenses of counsel and other expenses of litigation. If UACC shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of
such amounts from others, such Person shall promptly repay such amounts to UACC, without interest. 
  
 SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person (a) into which the Seller may be merged or
consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) the Seller shall have received the written consent of the Insurer prior to entering into any such transaction, (ii) immediately after giving effect to such transaction, no Servicer Termination
Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event, shall have happened and be continuing, (iii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Trustee and the Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iv) the Rating Agency Condition shall have been satisfied with respect to such transaction and (v) the Seller shall have delivered to the Owner
Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the interest of the Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action
shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to
the consummation of the transactions referred to in clauses (a), (b) or (c) above. 
  
 SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any director, officer or employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
  
 SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate 
  

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 thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or
such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however, that any Notes or
Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents and will not be entitled to the benefits of the
Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust Collateral Agent and the Insurer with respect to any other transfer of any Certificate. 
  
 ARTICLE VIII 
  
 The Servicer 
  
 SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Trust is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of the
Receivables, and shall survive the sale of the Receivables to the Trust and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (a) [Reserved]; 
  
 (b) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of its
jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power,
authority and legal right to enter into and perform its obligations under this Agreement; 
  
 (c) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership
or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 
  
 (d) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and its
Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate
action; 
  
 (e) Binding Obligation. This Agreement and the
Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other
similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law;

  

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 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the
Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice
or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation
or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the
Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 
  
 (g) No Proceedings. There are no proceedings or investigations
pending or, to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, or (C) seeking
any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect
the federal income tax or other federal, state or local tax attributes of the Notes; 
  
 (h) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau
or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 
  
 SECTION 8.2. Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities. 
  
 (a) The Servicer (in its capacity as such) shall be liable hereunder only
to the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer. 
  
 (b) The Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Seller, the Trust Collateral Agent, the Owner Trustee, the
Custodian, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees, and
the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by
the Servicer or any Affiliate thereof of any Financed Vehicle; 
  
 (c) The Servicer (when the Servicer is UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the Seller, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer,
including in its 
  

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 capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective
officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any
sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables
and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; 
  
 The Servicer (when the Servicer is not UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Custodian,
the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and
employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions contemplated in
this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to,
and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; and 
  
 (d) The Servicer shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities (including reasonable fees and expenses of counsel and expenses of litigation, if
any) to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup
Subservicer, the Collateral Agent, the Insurer or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, willful misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or
by reason of reckless disregard of its obligations and duties under this Agreement. 
  
 (e) UACC shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its
capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by reason of
the violation by Servicer, Seller or Trust of federal or state securities laws in connection with the registration or the sale of the Notes; provided, that UACC shall not indemnify the Insurer for the disclosure under the captions “The
Insurer” and “The Policy” in the Prospectus Supplement; provided, further, that UACC shall not indemnify the Underwriter for the Underwriter’s Information in the Prospectus Supplement. This section shall survive the
termination of this Agreement, or the earlier removal or resignation of the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup Subservicer or the Collateral Agent. 
  

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 (f) UACC shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent, the Custodian, the
Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and the Collateral Agent, and the respective officers, directors, agents and employees thereof against any and all
loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic
Documents other than if such loss, liability or expense was incurred by the Trustee, the Owner Trustee, the Custodian, the Backup Servicer or the Trust Collateral Agent or the Designated Backup Subservicer as a result of any such entity’s
willful misfeasance, bad faith or negligence. 
  
 (g)
Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects
any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest. Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup
Servicer or the Designated Backup Subservicer, to the extent not paid by the Servicer, shall be paid solely from the Spread Account in accordance with the terms of the Spread Account Agreement. 
  
 (h) When the Trustee, the Trust Collateral Agent, the Custodian, the
Collateral Agent, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, or the Backup Servicer incurs expenses after the occurrence of a Servicer Termination Event specified in Section
9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  
 The provisions of this Section 8.2 shall survive the resignation of the
Trustee, Trust Collateral Agent, Collateral Agent, Custodian, Owner Trustee, Backup Servicer and Designated Backup Subservicer and the termination of this Agreement. 
  
 SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer
or Backup Servicer. 
  
 (a) UACC shall not merge or
consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to UACC’s business unless, after the merger, consolidation,
conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of UACC contained in this Agreement and shall be consented to by the Controlling Party in writing, and, if an Insurer Default
shall have occurred and be continuing, shall be an Eligible Servicer. Any corporation (i) into which UACC may be merged or consolidated, (ii) resulting from any merger or consolidation to which UACC shall be a party, (iii) which acquires by
conveyance, transfer, or lease substantially all of the assets of UACC, or (iv) succeeding to the business of UACC, in any of the foregoing cases shall execute an 
  

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 agreement of assumption to perform every obligation of UACC under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to UACC under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding; provided, however, that nothing contained herein shall be deemed to release UACC from any obligation. UACC shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee,
the Trust Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the foregoing, UACC shall not merge or consolidate with any other Person or permit any other Person to become a successor to UACC’s business,
unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the
consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Insurance Agreement Event of Default shall have occurred and be continuing, (y) UACC shall have delivered to the Owner Trustee, the Trust
Collateral Agent, Trustee, Backup Servicer, the Designated Backup Subservicer and Collateral Agent, the Rating Agencies and the Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) UACC shall have delivered to the Owner
Trustee, the Trust Collateral Agent, the Trustee, the Collateral Agent, the Rating Agencies and the Insurer an Opinion of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments
thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve
and protect such interest. 
  
 (b) Any corporation (i) into which
the Backup Servicer or the Designated Backup Subservicer, as the case may be, may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Backup Servicer or the Designated Backup Subservicer respectively shall be a
party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer or the Designated Backup Subservicer, respectively, or (iv) succeeding to the business of the Backup Servicer or the Designated
Backup Subservicer, respectively, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer or the Designated Backup Subservicer, as the case may be, under this Agreement and, whether
or not such assumption agreement is executed, shall be the successor to the Backup Servicer or the Designated Backup Subservicer, respectively, under this Agreement without the execution or filing of any paper or any further act on the part of any
of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Backup Servicer or the Designated Backup Subservicer from any obligation.

  
 SECTION 8.4. Limitation on Liability of Servicer,
Designated Backup Subservicer, Backup Servicer and Others. 
  
 (a) None of UACC, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Backup Servicer nor any of the directors or officers or employees or agents of UACC, the Designated
Backup Subservicer, 
  

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 the Backup Servicer, The Trust Collateral Agent, the Collateral Agent or the Custodian shall be under any liability to
the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect UACC, the
Designated Backup Subservicer, the Backup Servicer or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the
performance of duties; provided further that this provision shall not affect any liability to indemnify the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian, and the Owner Trustee for costs, taxes, expenses, claims,
liabilities, losses or damages paid by the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian and the Owner Trustee, in their individual capacities. UACC, the Designated Backup Subservicer, the Backup Servicer and any director,
officer, employee or agent of UACC, the Designated Backup Subservicer or Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement. 
  
 (b) Unless acting as
Servicer hereunder, the Backup Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the
Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Backup Servicer, the
Designated Backup Subservicer, the Seller and the Insurer and the Noteholders shall look only to the Servicer to perform such obligations. Unless acting as Servicer hereunder, the Designated Backup Subservicer shall not be liable for any obligation
of the Servicer contained in this Agreement or for any error of the Servicer contained in any computer tape, certificate or other data or document delivered in connection with the Basic Documents, and the Owner Trustee, the Trustee, the Trust
Collateral Agent, the Custodian, the Collateral Agent, the Backup Servicer, the Seller, the Insurer and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, Designated Backup Subservicer, including in its
capacity as successor Servicer or as subservicer to the Servicer, Trust Collateral Agent, the Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur any
liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under this Agreement if such failure or delay results from the Backup Servicer or the Designated Backup Subservicer acting in accordance with
information prepared or supplied by a Person other than itself (or contractual agents) or the failure of any such other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and
shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication received by the Backup
Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable,
or (v) the acts or omissions of any successor Backup Servicer. The Designated Backup Subservicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its
contractual agents), including the Servicer (other than when CenterOne is the Servicer), the Backup Servicer, or the Controlling Party, (ii) any inaccuracy or omission in a notice, certificate or communication 
  

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 received by the Designated Backup Subservicer from any third party (whether or not the Designated Backup Subservicer has
confirmed, verified or otherwise reviewed such data), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable or the
Servicer (other than when CenterOne is the Servicer), or (v) the acts or omissions of any other Designated Backup Subservicer. 
  
 SECTION 8.5. Delegation of Duties. 
  
 (a) The Servicer, including the Designated Backup Subservicer as successor Servicer or as subservicer to the Servicer, may delegate duties under this
Agreement to an Affiliate with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent, the Trust, the Designated Backup Subservicer and the Backup Servicer. The
Servicer, including the Designated Backup Subservicer as successor Servicer or as subservicer to the Servicer, also may at any time perform through sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed
Vehicles’ insurance and (iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Insurer and may perform other specific duties through such sub-contractors in accordance
with Servicer’s customary servicing policies and procedures, with the prior consent of the Insurer; provided, however, that no such delegation or sub-contracting duties by the Servicer shall relieve the Servicer of its
responsibility with respect to such duties. So long as no Insurer Default shall have occurred and be continuing neither UACC or any party acting as Servicer hereunder shall appoint any subservicer hereunder without the prior written consent of the
Insurer, the Trustee, the Designated Backup Subservicer and the Backup Servicer. 
  
 (b) If UACC is not the Servicer, such Servicer may delegate any of its duties and obligations hereunder to the Designated Backup Subservicer or one or more other subservicers pursuant to a sub-servicing agreement in
form and substance approved by the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent, the Trust and the Backup Servicer. Notwithstanding the foregoing, the Servicer shall be liable for the fees and
expenses of its delegates (other than the fees and expenses of the Designated Backup Subservicer which are paid under Section 5.7(b)(ii)) and remain primarily liable for the performance of the duties and obligations so delegated and each of the
Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent, the Trust and the Backup Servicer shall have the right to look solely to the Servicer for performance. 
  
 (c) The Backup Servicer may delegate duties under this Agreement to one or
more Designated Backup Subservicers with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent and the Trust. The Backup Servicer hereby appoints CenterOne as the
initial Designated Backup Subservicer, CenterOne hereby accepts such appointment and each of Insurer, the Trust Collateral Agent, the Trust and the Backup Servicer hereby consents to such appointment. Each of the Backup Servicer, the Designated
Backup Subservicer, the Insurer, the Trust Collateral Agent and the Trust acknowledge that in the event that the Backup Servicer becomes the Servicer hereunder, the Backup Servicer may appoint the Designated Backup Subservicer as its subservicer
under 
  

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 this Agreement to service the Receivables and the Designated Backup Subservicer shall service the Receivables, subject to
the terms, conditions and modifications contained in Schedule D, and in that event, the rights, duties, obligations and liabilities of the Designated Backup Subservicer as subservicer or Servicer under this Agreement shall be modified as provided in
Schedule D. The Backup Servicer may terminate the appointment of any Designated Backup Subservicer only upon the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent and
the Trust. 
  
 SECTION 8.6. Servicer, the Designated Backup
Subservicer and Backup Servicer Not to Resign. Subject to the provisions of Section 8.3, neither the Servicer nor the Backup Servicer shall resign from the obligations and duties imposed on it by this Agreement as Servicer, the Designated Backup
Subservicer or Backup Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have
a material adverse effect on the Servicer, the Designated Backup Subservicer or the Backup Servicer, as the case may be, and the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer
Default shall have occurred and be continuing) does not elect to waive the obligations of the Servicer, the Designated Backup Subservicer or the Backup Servicer, as the case may be, to perform the duties which render it legally unable to act or to
delegate those duties to another Person. Any such determination permitting the resignation of the Servicer, the Designated Backup Subservicer or Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to
the Trust Collateral Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation of the Servicer shall become effective until, so long as no Insurer Default shall have occurred and be
continuing, the Backup Servicer or an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Servicer or, if an Insurer Default shall have occurred and be continuing, the Backup Servicer or a replacement
Servicer that is an Eligible Servicer shall have assumed the responsibilities and obligations of the Servicer. No resignation of the Backup Servicer or the Designated Backup Subservicer shall become effective until, so long as no Insurer Default
shall have occurred and be continuing, an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer or, if an Insurer Default shall have occurred and be
continuing, a Person that is an Eligible Servicer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer; provided, however, that (i) in the event a successor Backup Servicer
or Designated Backup Subservicer as the case may be is not appointed within 60 days after the Backup Servicer or the Designated Backup Subservicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section,
the Backup Servicer or the Designated Backup Subservicer as the case may be may petition a court for its removal, and (ii) the Backup Servicer or the Designated Backup Subservicer may resign with the written consent of the Insurer; provided,
however, that, with regard to clause (i) above, the Designated Backup Subservicer, acting solely in its capacity as Designated Backup Subservicer under this Agreement and prior to its being appointed subservicer or Servicer under this
Agreement, may resign as Designated Backup Subservicer rather than petitioning the court for its removal. 
  

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 ARTICLE IX 
  
 Default 
  
 SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination
Event”: 
  
 (a) Any failure by the Servicer to deposit
to the Collection Account any amount required to be deposited therein or to purchase any Receivable required to be purchased by it. 
  
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the
Insurer the Servicer’s Certificate by the Determination Date; 
  
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement or under any other Basic Documents to which it is a party, which failure (i) materially and
adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a
period of 30 days after the earlier of (x) knowledge thereof by the Servicer, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trust Collateral Agent or the
Insurer (or, if an Insurer Default shall have occurred and be continuing, by any Noteholder); 
  
 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer or United Pan Am Financial Corp. in an involuntary case under the federal bankruptcy
laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or United
Pan Am Financial Corp. or of any substantial part of its property or ordering the winding up or liquidation of the affairs of the Servicer or United Pan Am Financial Corp. and the continuance of any such decree or order unstayed and in effect for a
period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not
dismissed within 60 days; or 
  
 (e) The commencement by the
Servicer or United Pan Am Financial Corp. of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer
or United Pan Am Financial Corp. to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by
the Servicer or United Pan Am Financial Corp. of an assignment for the benefit of creditors or the failure by the Servicer or United Pan Am Financial Corp. generally to pay its debts as such debts become due or the taking of corporate action by the
Servicer or United Pan Am Financial Corp. in furtherance of any of the foregoing; or 
  

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 (f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate,
report or other writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse
effect on the Trust, the Insurer or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 
  
 (g) So long as an Insurer Default shall not have occurred and be continuing,
an Insurance Agreement Event of Default occurs; 
  
 (h) So long
as an Insurer Default shall not have occurred and be continuing, the Insurer shall have delivered a Servicer Non-Renewal Notice pursuant to Section 4.14; 
  
 (i) A claim is made under the Note Policy; 
  
 (j) Any failure by the Servicer to deliver to the Trustee for distribution to Noteholders any proceeds or payment required to be so delivered that
continues unremedied for a period of two Business Days (or one Business Day with respect to Purchase Amounts) after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trustee or the
Insurer; or 
  
 (j) The occurrence of a Level 3 Trigger Event, as
defined in the Spread Account Agreement. 
  
 SECTION 9.2.
Consequences of a Servicer Termination Event. If a Servicer Termination Event shall occur and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing either the Trust Collateral Agent (to the extent it has
knowledge thereof) or a Note Majority), by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer under this Agreement.
On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the
Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of the Backup Servicer, which shall cause the Designated Backup Subservicer to assume the duties pursuant
to Section 8.5(c), (or such other replacement Servicer appointed by the Controlling Party); provided, however, that the replacement Servicer shall have no liability with respect to any obligation which was required to be performed by
the terminated Servicer prior to the date that the replacement Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The replacement Servicer is authorized and empowered by
this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to 
  

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 complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show
the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the Controlling Party and the replacement Servicer in effecting the termination of the responsibilities and
rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the replacement Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or
have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the replacement Servicer of all Receivable Files, Monthly Records and Collection Records and a
computer tape in readable form as of the most recent Business Day containing all information necessary to enable the replacement Servicer or a replacement Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer
shall grant the Trust Collateral Agent, the replacement Servicer and the Controlling Party reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 
  
 SECTION 9.3. Appointment of Successor. 
  
 (a) On and after the time the Servicer receives a notice of termination
pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.6; (i) the Backup Servicer (unless the Controlling Party shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate replacement Servicer)
shall be the successor in all respects to the Servicer, in its capacity as servicer under this Agreement and the Insurance Agreement and the transactions set forth or provided for in this Agreement, and shall be subject to all the rights,
responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement or the Insurance Agreement except as otherwise stated herein. The Trust Collateral
Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a replacement Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2
upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
  
 (b) The Controlling Party may exercise at any time its right to appoint as Backup Servicer or Designated Backup Subservicer or as successor to the Servicer a Person other than the Person serving as Backup Servicer or
the Designated Backup Subservicer at the time, and (without limiting its obligations under the Note Policy) shall have no liability to the Trust Collateral Agent, the Servicer, the Seller, the Person then serving as Backup Servicer, the Designated
Backup Subservicer, any Noteholders or any other Person if it does so; provided, however, that at the time of such transfer, the outstanding fees, expenses and indemnities of the current Backup Servicer and the Designated Backup Subservicer shall be
paid in full. Notwithstanding the above, if the Backup Servicer or the Designated Backup Subservicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred and be continuing, the Backup Servicer, the
Designated Backup Subservicer, the Trust Collateral Agent or a Note Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer. Pending appointment pursuant to the preceding sentence,
the Backup Servicer shall act as replacement Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section
8.6, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as 
  

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 replacement Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer
pursuant to Section 8.6. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6, the Controlling Party appoints a replacement Servicer other than the Backup Servicer, the Backup
Servicer shall not be relieved of its duties as Backup Servicer hereunder. 
  
 (c) Any replacement Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not
resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing. If any replacement Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as
Servicer although it is legally able to do so, the Insurer and such replacement Servicer may agree on reasonable additional compensation to be paid to such replacement Servicer; provided, however, it being understood and agreed that
the Insurer shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if any. If, any replacement Servicer is appointed for any reason other than the Backup
Servicer’s refusal to act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any Servicing Fee, additional compensation or other amounts to be paid to such replacement Servicer in connection with its
assumption and performance of the servicing duties described herein. 
  
 (d) Notwithstanding anything contained in this Agreement to the contrary, the Backup Servicer is authorized to accept and rely on all of the accounting records (including computer records) and work of the prior Servicer relating to the
Receivables (collectively, the “Predecessor Servicer Work Product”) without any audit or other examination thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior
Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should
cause or materially contribute to the Backup Servicer making or continuing any Errors (collectively, “Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors;
provided, however, that the Backup Servicer agrees to use its best efforts to prevent further Continuing Errors. In the event that the Backup Servicer becomes aware of Errors or Continuing Errors, it shall, with the prior consent of
the Controlling Party use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be entitled to recover
its costs thereby expended in accordance with Section 3.03 of the Spread Account Agreement. 
  
 SECTION 9.4. Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer, the Designated Backup Subservicer or the Backup Servicer, the Trust Collateral Agent shall give
prompt written notice thereof to each Noteholder and to the Rating Agencies. 
  
 SECTION 9.5. Waiver of Past Defaults. So long as no Insurer Default shall have occurred and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing, the Note Majority) may,
on behalf of all Noteholders, waive any default by the 
  

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 Servicer, the Designated Backup Subservicer or the Backup Servicer in the performance of its obligations hereunder and
its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents. No
such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
  
 ARTICLE X 
  
 Termination 
  
 SECTION 10.1. Optional Purchase
of All Receivables. 
  
 (a) On the last day of any
Collection Period as of which the Pool Balance shall be less than or equal to 10% of the Original Pool Balance, the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the Insurer if
such purchase would result in a claim on the Note Policy or would result in any amount owing to the Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set forth
in the following sentence) shall be sufficient to pay the full amount of principal and interest then due and payable on the Class A-3 Notes then outstanding, and amounts due and unpaid to the Insurer under the Insurance Agreement and amounts due to
the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Custodian, the Designated Backup Subservicer and the Owner Trustee hereunder or under the Trust Agreement. To exercise such option, the Servicer shall deposit
pursuant to Section 5.6 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, such value to be determined
by an appraiser mutually agreed upon by the Servicer, the Insurer (as the Controlling Party) and the Trust Collateral Agent or such amount as the Servicer, Insurer and Trust Collateral Agent may mutually agree, and shall succeed to all interests in
and to the Trust. 
  
 If the Servicer does not exercise its
rights with respect to the optional purchase on the first Distribution Date that the optional purchase is permitted, the Class A-3 Notes will be paid additional amounts on future Distribution Dates, equal to the product of (i) one twelfth, (ii)
0.50% and (iii) the outstanding principal balance on the Class A-3 Notes as of such Distribution Date pursuant to clause (xi) under Section 5.7 herein. The Policy does not guarantee payment of any additional amounts that become due to the Class A-3
Notes pursuant to the immediately preceding sentence. 
  
 (b)
Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses
of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account. 
  
 (c) Notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the Designated Backup
Subservicer, the Trust Collateral Agent, the Collateral Agent, the Custodian, the Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  

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 (d) Following the satisfaction and discharge of the Indenture and the payment in full of the principal
of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder. 
  
 ARTICLE XI 
  
 Administrative Duties of the Servicer 
  
 SECTION
11.1. Administrative Duties. 
  
 (a) Duties with
Respect to the Indenture. The Servicer shall perform all its duties and the duties of the Trust under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the
Trust under the Indenture. The Servicer shall monitor the performance of the Trust and shall advise the Owner Trustee when action is necessary to comply with the Trust’s duties under the Indenture. The Servicer shall prepare for execution by
the Trust or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Indenture. In
furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Trust to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3,
9.2, 9.3, 11.1 and 11.15 of the Indenture. 
  
 (b) Duties with
Respect to the Trust. 
  
 (i) In addition to
the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution or shall cause the timely preparation by other appropriate Persons and it shall
execute all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and
federal tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the
duty of the Trust to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Trust or the Owner Trustee, the
Servicer shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the
Trust or the Owner Trustee and are reasonably within the capability of the Servicer. 
  
 (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for
promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is 
  

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 imposed on the Trust’s payments (or allocations of income) to an Owner (as defined in the Trust
Agreement) as contemplated by this Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision. 
  
 (iii) Notwithstanding anything in this Agreement or the
Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Trust set forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as
defined in the Trust Agreement); provided, however, that once prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the Schedule K-1s necessary to enable the Certificateholder to prepare its
federal and state income tax returns. 
  
 (iv)
The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be
performed by the Servicer under this Agreement or any of the Basic Documents. 
  
 (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Servicer may enter into transactions
with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Trust and shall be, in the Servicer’s opinion,
no less favorable to the Trust in any material respect. 
  
 (c)
Tax Matters. The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Trust as are necessary for
preparation of tax reports, including without limitation forms 1099. All tax returns will be signed by the Seller. 
  
 (d) Non-Ministerial Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not
take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the Owner Trustee, the Trustee and the Insurer of the proposed action and the Owner Trustee and, with respect
to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 
  
 (A) the amendment of or any supplement to the Indenture;

  
 (B) the initiation of any claim or lawsuit
by the Trust and the compromise of any action, claim or lawsuit brought by or against the Trust (other than in connection with the collection of the Receivables); 
  
 (C) the amendment, change or modification of this Agreement or any of the Basic Documents; 
  
 (D) the appointment of successor Note Registrars, successor
Paying Agents and successor Trustees pursuant to the Indenture or the 
  

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 appointment of replacement Servicers or the consent to the assignment by the Note Registrar, Paying
Agent or Trustee of its obligations under the Indenture; and 
  
 (E) the removal of the Trustee or the Trust Collateral Agent. 
  
 (e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated
to, and shall not, (1) make any payments to the Noteholders or Certificateholders under the Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5 of the Indenture, (3) take any other action that the Trust directs the Servicer not to
take on its behalf or (4) in connection with its duties hereunder assume any indemnification obligation of any other Person. Notwithstanding that UACC may no longer be the Servicer hereunder, UACC shall continue to perform the duties and obligations
of the Servicer under this Section 11.1. 
  
 (f) The Backup
Servicer, the Designated Backup Subservicer (including in its capacity as successor Servicer or subservicer) or any replacement Servicer shall not be responsible for any obligations or duties of the servicer under this Section 11.1. 
  
 SECTION 11.2. Records. The Servicer shall maintain appropriate books
of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for inspection by the Trust and the Insurer at any time during normal business hours. 
  
 SECTION 11.3. Additional Information to be Furnished to the Trust. The
Servicer shall furnish to the Trust and the Insurer from time to time such additional information regarding the Collateral as the Trust and the Insurer shall reasonably request. 
  
 SECTION 11.4. Reporting Requirements of the Commission and Indemnification. 
  
 (a) In order to comply with any rules adopted by the Securities and
Exchange Commission, notwithstanding any other provision of this Agreement, the Servicer shall (i) agree to such modifications and enter into such amendments to this Agreement as may be necessary, in the judgment of the Seller and its counsel, to
comply with any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission (collectively, “SEC Rules”) and (ii) promptly upon request provide to the Seller for inclusion in any periodic report
required to be filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) such items of information regarding this Agreement and matters related to the Servicer, including as applicable (by way of example and not
limitation), a description of any material litigation or governmental action or proceeding involving the Servicer or its affiliates (collectively, the “Servicer Information”), provided, that such information shall be required to be
provided by the Servicer only to the extent that such shall be determined by the Seller and its counsel to be necessary to comply with any SEC Rules. 
  
 (b) The Servicer hereby agrees to indemnify and hold harmless the Seller, its respective officers and directors and each person, if any, who controls the
Seller within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Act”), or Section 20 of the Exchange Act, from and against any and all losses, claims, expenses, damages or liabilities to 
  

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 which the Seller, its respective officers or directors and any such controlling person may become subject under the Act
or otherwise, as and when such losses, claims, expenses, damages or liabilities are incurred, insofar as such losses, claims, expenses, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in the Servicer Information or arise out of, or are based upon, the omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse the Seller, its respective officers and directors and any such controlling person for any legal or other expenses reasonably incurred by
it or any of them in connection with investigating or defending any such loss, claim, expense, damage, liability or action, as and when incurred; provided, however, that the Servicer shall be liable only insofar as such untrue statement or alleged
untrue statement or omission or alleged omission relates solely to the information in the Servicer Information furnished to the Seller by or on behalf of the Servicer specifically in connection with this Agreement. 
  
 (c) The Servicer (for so long as UACC is the Servicer) shall, at its
expense, timely execute and cause to be prepared and filed with the Commission all periodic reports required to be filed with respect to the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder.
The Seller shall cooperate in any reasonable request made by the Servicer in connection with such filings. 
  
 ARTICLE XII 
  
 Miscellaneous Provisions 
  
 SECTION 12.1.
Amendment. 
  
 (a) This Agreement may be amended from
time to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), with the prior written consent of the Insurer (so long as no Insurer Default has occurred and is continuing) but without the
consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this
Agreement which shall not be inconsistent with the provisions of this Agreement or the Insurance Agreement; provided, however, that if an Insurer Default has occurred and is continuing, such action shall not materially adversely affect
the interests of the Insurer. 
  
 This Agreement may also be
amended from time to time by the parties hereto, with the consent of the Insurer, the consent of the Trustee, and, if an Insurer Default has occurred and is continuing, with the consent of the Holders of Notes evidencing not less than a majority of
the outstanding principal amount of the Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided,
however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the
Noteholders or (b) reduce the aforesaid percentage of the outstanding principal 
  

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 amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the
Holders of all the outstanding Notes of each class affected thereby; provided, further, that if an Insurer Default has not occurred and is continuing, such action shall not materially adversely affect the interest of the Insurer.

  
 In order to comply with any rules adopted by the Commission,
this Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee and the Insurer, so long as an Insurer Default has not occurred and is occurring (which consent may not be unreasonably withheld), without the
consent of any of the Noteholders, as may be necessary, in the judgment of the Seller and its counsel, pursuant to Section 11.4, to comply with any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission.

  
 Promptly after the execution of any such amendment or
consent, the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Rating Agencies. No such amendment will be permitted if, as a result, any Rating Agency would lower its
publicly issued rating on any class of the Notes then outstanding. 
  
 It shall not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner
Trustee, as applicable, may prescribe. 
  
 Prior to the execution
of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral Agent, Collateral Agent, Designated Backup Subservicer and Backup Servicer shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating
that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1) has been delivered. The Owner Trustee, the Trust Collateral Agent, the Designated Backup Subservicer, the
Backup Servicer and the Trustee may, but shall not be obligated to, enter into any such amendment which affects the Trust’s, the Owner Trustee’s, the Trust Collateral Agent’s, the Designated Backup Subservicer’s, the Backup
Servicer’s or the Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 
  
 (b) Notwithstanding anything to the contrary contained in Section 12.1(a) above, the provisions of the Agreement relating to (i) the Spread Account
Agreement, the Spread Account, the Specified Spread Account Requirement, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be added to the Spread Account or uses of funds on deposit in
the Spread Account may be amended in any respect by the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment that does not adversely affect the Collateral Agent) without
the consent of, or notice to, the Noteholders. 
  

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 SECTION 12.2. Protection of Title to Trust. 
  
 (a) The Seller shall execute and file such financing statements and cause
to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Trust and the interests of the Trust Collateral Agent in the
Receivables and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as
soon as available following such filing. 
  
 (b) Neither the
Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within
the meaning of 9-506 of the UCC, unless it shall have given the Insurer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days’ prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably
satisfactory to the Insurer, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the
Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (c) Each of the Seller and the Servicer shall have an obligation to give the
Insurer, the Owner Trustee, the Trust Collateral Agent and the Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall
at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to each Receivable
accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or
recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
  
 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Trust, the
Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such Receivable is owned by the Trust. Indication of the Trust’s
interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or repurchased. 
  

 71 

 (f) If at any time the Seller or the Servicer shall propose to sell, grant a security interest in or
otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any
restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust. 
  
 (g) Upon request, the Servicer shall furnish to the Insurer, the Owner Trustee or to the Trustee, within five Business
Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such
request indicating removal of Receivables from the Trust. 
  
 (h)
UACC shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and the Trustee: 
  
 (1) promptly after the execution and delivery of this Agreement and, if required pursuant to Section 12.1, of each amendment, an Opinion
of Counsel stating that, in the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve
and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and
protect such interest; and 
  
 (2) within 90
days after the beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such
counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such
opinion) to be taken in the following year to preserve and protect such interest. 
  
 SECTION 12.3. Notices. All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies under this Agreement shall be in writing, personally
delivered, or mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt 
  

 72 

	(a)	in the case of the Seller to UPFC Auto Receivables Corp., 3990 Westerly Place, Suite 200, Newort Beach, California 92660, Attention: Garland Koch; 

  

	(b)	in the case of the Servicer to United Auto Credit Corporation, 3990 Westerly Place, Suite 200, Newport Beach, California 92660, Attention: Garland Koch; 

  

	(c)	in the case of the Trust or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee; 

  

	(d)	in the case of the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent, at the Corporate Trust Office; 

  

	(e)	in the case of the Designated Backup Subservicer, CentreOne Financial Services LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Attention: President;

  

	(f)	in the case of the Insurer,
                                        
                ,
                                        
            ,
                                , Attention:
                            ; email:
                                        
                         (in each case in which notice or other communication to the Insurer refers to a claim on the Note
Policy, a Deficiency Notice pursuant to Section 5.5 of this Agreement or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication
should also be sent to the attention of each of the General Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); 

  

	(g)	in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; and 

  

	(h)	in the case of Standard & Poor’s, to Standard & Poor’s Ratings Group, 55 Water Street, New York, New York 10041, Attention: Asset Backed Transaction Oversight
Department, servicer_reports@sandp.com 

  
 Any notice required or
permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed
to have been duly given, whether or not the Noteholder shall receive such notice. 
  
 SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written
consent of the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trustee and the Insurer (or if an Insurer Default shall have occurred and be continuing the Holders of Notes evidencing not less
than 66 2/3% of the principal amount of the outstanding Notes). 
  
 SECTION 12.5. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the parties hereto, the Trustee, the Insurer and the 
  

 73 

 Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a third-party beneficiary
to the provisions of this Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Agreement so long as no Insurer Default shall have occurred and be continuing. Except as expressly stated otherwise herein, any
right of the Insurer to direct, appoint, consent to, approve of, or take any action under this Agreement, shall be a right exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its rights and powers under this
Agreement (but not its duties and obligations under the Note Policy) upon delivery of a written notice to the Owner Trustee. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 SECTION 12.6. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 
  
 SECTION 12.7. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

  
 SECTION 12.8. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN
ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security interest by the Trust to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Trust in, to and under
the Receivables listed in Schedule A hereto and/or the assignment of any or all of the Trust’s rights and obligations hereunder to the Trust Collateral Agent. 
  
 SECTION 12.11. Nonpetition Covenants. 
  
 (a) Notwithstanding any prior termination of this Agreement, the Servicer, Backup Servicer, Designated Backup Subservicer
and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Trust under 
  

 74 

 any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 
  
 (b) Notwithstanding any prior termination of this Agreement, the Servicer, Backup Servicer, Designated Backup Subservicer
shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the
Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
  
 SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee. 
  
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wells Fargo
Delaware Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Trust and in no event shall Wells Fargo Delaware Trust Company in its individual capacity or, except as expressly provided in the Trust
Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which
recourse shall be had solely to the assets of the Trust. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Trust hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
  
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Deutsche Bank Trust Company Americas,
not in its individual capacity but solely as Trust Collateral Agent, Custodian and Backup Servicer and in no event shall Deutsche Bank Trust Company Americas, have any liability for the representations, warranties, covenants, agreements or other
obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. 
  
 (c) In no event shall Deutsche Bank Trust Company Americas, in any of its
capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
  

 75 

 SECTION 12.13. Independence of the Servicer. For all purposes of this Agreement, the Servicer
shall be an independent contractor and shall not be subject to the supervision of the Trust, the Trust Collateral Agent, Designated Backup Subservicer and Backup Servicer or the Owner Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by this Agreement or the Trust Agreement, the Servicer shall have no authority to act for or represent the Trust or the Owner Trustee in any way and shall not otherwise be deemed
an agent of the Trust or the Owner Trustee. 
  
 SECTION 12.14.
No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Servicer and either of the Trust or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other
separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

  
 SECTION 12.15. Benefits of Sale and Servicing
Agreement. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Sale and Servicing Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Sale and Servicing
Agreement so long as no Insurer Default shall have occurred and be continuing. 
  
 SECTION 12.16. State Business Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under
applicable state law without further consent or instruction from the Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking,
Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation. 
  
 SECTION 12.17. Additional Liability. In no event shall the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer and the
Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost
profits, even if the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, have been advised of the likelihood
of such loss or damage and regardless of the form of action. 
  
 In no event shall the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be
liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement. 
  

 76 

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

			
	UPFC AUTO RECEIVABLES TRUST 2006-    
		
	By:	 	 WELLS FARGO DELAWARE TRUST
 COMPANY, not in its
individual capacity but
 solely as Owner Trustee on behalf of the Trust

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	UPFC AUTO RECEIVABLES CORP., Seller
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 UNITED AUTO CREDIT CORPORATION,
 Servicer

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS,

	
	not in its individual capacity but solely as Trust Collateral Agent, Custodian and Backup Servicer
		
	By:	 	  

	Name:	 	 
	Title:	 	 

			
	 CENTERONE FINANCIAL SERVICES LLC,
 Designated
Backup Subservicer

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 [Sale and
Servicing Agreement] 

 SCHEDULE A 
  

SCHEDULE OF RECEIVABLES 
  

 Sch-A-1 

 SCHEDULE B 
  

Location of Receivables Files 
 _______________________________ 
  
 The Receivables are
located at the offices of the Custodian listed below. 
  
 1761 East
St. Andrew Place 
 Santa Ana, California 92705 
  

 Sch-B-1 

 SCHEDULE C 
  

Schedule of Servicer’s Representations 
  
 Representations and Warranties Regarding the Receivables: 
  
 1. Security Interest in Financed Vehicle. To the extent that the transfer under this Agreement is deemed to be other than a sale, this Agreement,
and all filings under this Agreement, creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which security interest is prior to all other Liens, and is
enforceable as such as against creditors of and purchasers from the Seller. The Trust owns and has good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or
encumbrance of any Person. 
  
 2. All Filings Made. The
Trust has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Trust will cause, within ten days of the Closing
Date, the filing of all appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder.

  
 3. No Impairment. The Trust has not done anything to
convey any right to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Security Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any
Receivable or the proceeds thereof. Other than the security interest granted to the Trust Collateral Agent pursuant to this Indenture, the Trust has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the
Receivables. The Trust has not authorized the filing of and is not aware of any financing statements against the Trust that include a description of collateral covering the Receivables other than any financing statement relating to the security
interest granted to the Trust Collateral Agent hereunder or that has been terminated. The Trust is not aware of any judgment or tax lien filings against it. The Receivables do not have any marks or notations indicating that they have been pledged by
the Seller to any person other than the Trust. 
  
 4. Chattel
Paper. The Receivables constitute tangible chattel paper within the meaning of the applicable UCC as in effect in the States of California, Florida, New York, Delaware, Nevada and Minnesota. 
  
 5. Good Title. Immediately prior to the pledge of the Receivables to
the Trust Collateral Agent pursuant to this Indenture, the Trust was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible
title to and will be the sole 
  

 Sch-C-1 

 owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or
other right to receive, proceeds of any Receivable. The Trust has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies or the related Dealer
Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
  
 6. Possession of Original Copies. The Servicer, as custodian on behalf of the Trust, has in its possession all original copies of the contracts
that constitute or evidence the Receivable. 
  

 Sch-C-2 

 SCHEDULE D 
  

TERMS AND CONDITIONS OF 
 DESIGNATED
BACKUP SUBSERVICER 
  
 In the event that the Backup Servicer shall be
appointed the successor Servicer or CenterOne shall be appointed the successor Servicer or as subservicer of the Servicer, the following terms, conditions, and modifications to the Sale and Servicing Agreement shall apply; provided, that all
modifications made to the Sale and Servicing Agreement on behalf of CenterOne shall apply to the Backup Servicer unless otherwise noted: 
  
 CenterOne shall submit a written transition and servicing plan to the Insurer (that is acceptable to the Insurer) by December 31, 2006. Upon the notice to
CenterOne that it shall be appointed as Servicer or subservicer, CenterOne shall develop a reasonable transition plan and shall be granted a reasonable period of time, which shall not exceed 90 days, to implement such plan and assume the obligations
of the Servicer and the servicing of the Receivables in accordance with its customary servicing procedures, including a reasonable period of time to hire required personnel, load and configure the necessary information onto its computer systems,
establish necessary cash management procedures, locate and contact the obligors to redirect payments, and any other transition related item required or reasonably necessary to perform its obligations as Servicer or subservicer. 
  
 CenterOne shall service the Receivables in its own name from centralized
locations using its own personnel and properties and shall have no liability arising from or responsibility for the personnel or properties of any other or predecessor Servicer. All powers, rights and authorities granted to the Servicer are hereby
granted to CenterOne and each of its Affiliates and agents as are necessary, appropriate or convenient to perform its functions as Servicer or subservicer. If CenterOne shall be a subservicer, the Servicer shall deliver to CenterOne copies of all
information delivered to or by it in its capacity as Servicer, and CenterOne’s obligations and liabilities shall be solely to the Servicer and not to any other party or Person. Any provision requiring CenterOne to use best efforts shall require
only reasonable efforts with respect thereto. 
  
 The level of
servicing performance provided by CenterOne is based on and subject to CenterOne maintaining an average of not greater than 375 collection accounts per dedicated full-time equivalent collection associate, together with attendant supervisory
personnel ratios in accordance with CenterOne’s customary servicing policies. In the event that the Controlling Party desires to decrease the minimum average number of accounts per dedicated full-time equivalent servicing associate, the Base
Servicing Fee and Supplemental Servicing Fee or other compensation to CenterOne will be adjusted by the mutual agreement of CenterOne and the Controlling Party. In the event that CenterOne is appointed Servicer or subservicer to the Servicer, its
obligations under the Agreement as Designated Backup Subservicer shall terminate. 
  
 “Base Servicing Fee” means, with respect to CenterOne as Servicer or subservicer, with respect to any Collection Period, the sum of (1) the aggregate for each Receivable of the greater of (a) the Servicing
Fee Rate times the Principal Balance of that Receivable as of the opening of business on the first day of such Collection Period times one twelfth and (b) $15.00 and (2) the expenses of CenterOne incurred in that Collection Period. 

 “Additional Base Servicing Fee” means, the excess, if any, of the Base Servicing Fee calculated
using $20.00 in clause (b) of the definition thereof over the Base Servicing Fee calculated using $15.00 in clause (b) thereof. The Additional Base Servicing Fee will be paid pursuant to clause (x) of Section 5.7(b) of the Agreement. 
  
 Notwithstanding Section 4.1, CenterOne shall not be required to service the
Receivables in accordance with the second sentence of Section 4.1, but rather CenterOne shall service the Receivables with reasonable care, using that degree of skill and attention that CenterOne exercises with respect to all comparable automobile
receivables that it services for itself and others. CenterOne shall have no obligation to monitor the status of any Insurance Policy. 
  
 Notwithstanding Section 4.2(a) or any other provision of the Basic Documents, CenterOne shall have no responsibility or obligation with respect to any
Dealer Agreement or Dealer Assignment, and shall have no obligation to enforce any provisions of those agreements. 
  
 CenterOne shall have no obligation or purchase any Receivables pursuant to Section 4.2(c) or any other provision of the Basic Documents; provided,
however, that CenterOne shall indemnify the Trust in an amount equal to the outstanding principal balance of the applicable Receivable or Receivables plus accrued and unpaid interest thereon which would have otherwise been repurchased
pursuant to Section 4.2(c); provided, further, that any future payments made on such Receivable or Receivables and any proceeds with respect to such Receivables, including any Liquidation Proceeds with respect to the related Financed
Vehicles, shall be used to reimburse CenterOne for any such indemnities paid pursuant to this clause. 
  
 Notwithstanding Section 4.3(a) or any other provision of the Basic Documents, CenterOne shall have no obligation to pursue any Dealer to realize upon a
Receivable, and the reimbursement of CenterOne’s fees and expenses incurred in repossessing, liquidating or repairing a Financed Vehicle will not be limited to the cash proceeds of such Financed Vehicle and shall be reimbursed on a monthly
basis similar to other expenses of CenterOne. In the event that CenterOne shall pay any personal property taxes assessed on repossessed Financed Vehicles, it shall be entitled to reimbursement of such amount on a monthly basis similar to other
expenses of CenterOne. Notwithstanding the foregoing, reimbursements under this paragraph shall be limited to Liquidation Proceeds received in the aggregate. 
  
 Section 4.3(b), (c), (d) and (e) shall not apply to CenterOne. 
  
 Annually and upon the occurrence of a Level 2 Trigger Event, the Designated Backup Subservicer shall be required to: (1) conduct a site visit at
UACC’s main office and (2) refresh its data mapping of the servicing system. 
  
 Within 5 Business Days after receiving notice from the Servicer of the occurrence of a Level 3 Trigger Event, the Designated Backup Subservicer shall provide to UACC revised payment instructions. 

 Section 4.4(a) and (e) shall not apply to CenterOne. Notwithstanding Section 4.4(d), in the event that
CenterOne shall sue to enforce or collect upon any Insurance Policy and it is held that CenterOne may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, any
action taken by the Owner Trustee, the Trust Collateral Agent or any other person to enforce such Insurance Policy shall be the expense of the Trust and not the expense of CenterOne, CenterOne being entitled to reimbursement for any such expenses.

  
 Section 4.5(b) shall not apply to CenterOne. 
  
 Section 4.6(b) shall not apply to CenterOne. 
  
 Notwithstanding Section 4.8 or any other provision of the Basic Documents,
CenterOne shall be entitled to reimbursement for the expense incurred by it in connection with its activities under the Sale and Servicing Agreement, including taxes (other than taxes on its own income) and expenses incurred in connection with
distributions and reports made by the Servicer as described in Exhibit A to this Schedule D. CenterOne shall not be liable for any of the fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer, the Trust Collateral Agent, the Trustee, the Custodian, the Collateral Agent, any Independent Accountant or any other Person other than its personnel. 
  
 With respect to the annual independent accountants report pursuant to Section 4.11, the report (A) shall relate only to the
Receivables and CenterOne’s servicing of those Receivables, (B) the fees and expenses related thereto shall be reimbursable expenses of CenterOne, and (C) the independence of the accountants will be with respect to only CenterOne and its
affiliates, not the Seller or UACC. 
  
 Notwithstanding Section
5.1 or any other provision of the Basic Documents, CenterOne shall have no obligation or liability for failure to direct the form of investment in any account, establish any new Trust Account or notify any party if a Trust Account shall not be an
Eligible Trust Account. 
  
 Section 5.7(d) shall not apply to
CenterOne. 
  
 CenterOne hereby makes the representation and
warranty in Section 8.1(b); provided, that such representation and warranty in Section 8.1(b) shall be limited to those licenses and approvals the failure of which to maintain would have a material adverse effect on the ability of CenterOne to
perform its obligations under the Agreement, and representation and warranty contained in Section 8.1(g)(D) shall not apply to CenterOne. 
  
 CenterOne shall have no obligation or liability under Section 8.2(c). 
  
 Notwithstanding Section 8.6, in the event that (a) CenterOne is removed as Servicer or subservicer of the Servicer unless a
Servicer Termination Event with respect to CenterOne has occurred and is continuing or (b) all or substantially all of the Receivables are sold by the trust in connection with an Event of Default, CenterOne shall be entitled to a termination fee,
immediately payable in cash as part of the Base Servicing Fee, in an amount equal to six times the average monthly fee of CenterOne over the preceding four Collection Periods. 

 Notwithstanding Section 9.1, in the event that CenterOne shall be appointed the successor Servicer or
subservicer of the Servicer, each of the following shall constitute a “Servicer Termination Event” with respect to CenterOne: 
  

	 	1.	Any failure by CenterOne to deposit to the Collection Account any amount required to be deposited therein that continues unremedied for a period of two Business Days after knowledge
thereof by CenterOne or after written notice thereof shall have been given to CenterOne by the Trustee or the Insurer. 

  

	 	2.	Failure by CenterOne to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s
Certificate by the Determination Date that continues unremedied for a period of two Business Days; 

  

	 	3.	Failure on the part of CenterOne duly to observe or perform any other covenants or agreements of CenterOne set forth in this Agreement which failure (i) materially and adversely
affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a period of 30
days after the earlier of (x) knowledge thereof by CenterOne, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to CenterOne by the Trust Collateral Agent or the Insurer (or, if an
Insurer Default shall have occurred and be continuing, by any Noteholder); 

  

	 	4.	The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of CenterOne in an involuntary case under the federal bankruptcy laws, as
now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial
part of its property or ordering the winding up or liquidation of the affairs of CenterOne and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under
the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; 

  

	 	5.	The commencement by CenterOne of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy,
insolvency or similar 

 law, or the consent by CenterOne to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial part of its property or the making by CenterOne of an assignment for the benefit of creditors or the failure by CenterOne generally to pay its
debts as such debts become due or the taking of corporate action by CenterOne in furtherance of any of the foregoing; or 
  

	 	6.	Any representation, warranty or statement of CenterOne made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in
any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust, the Insurer or the Noteholders and, within 30 days after
knowledge thereof by CenterOne or after written notice thereof shall have been given to CenterOne by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or
condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured in all material respects. 

  
 Article X shall not apply to CenterOne. 
  
 Section 11.4(a) shall not apply to CenterOne; provided, however, that CenterOne shall provide any information or
certificates to the Seller which the Seller is required to provide to the Commission. 

 EXHIBIT A TO SCHEDULE D 
  
 FEE SCHEDULE OF THE 
 DESIGNATED BACKUP SUBSERVICER 
  
 Fees 

 

					
	 Back-up Servicing
	  	 	    	 
			
	 Set-Up Fee:
	  	 	    	$2,500
			
	 Monthly Fee:
	  	the greater of	    	2.0 bsp or
	 	  	 	    	$1,000
			
	 Successor Servicing
	  	 	    	 
			
	 Boarding Fee/Expense
	  	 	    	$5.00 per contract
			
	 Monthly Fee:
	  	the greater of	    	300 bsp or
	 	  	 	    	$20.00 per contract
			
	 Monthly Servicing Fee:
	  	 	    	$5,000

  
 PASS THRU EXPENSES:

  
 Pass through expenses listed include but, are not limited
to the following items: 
  
 Back-up Servicing 
  

	 	•	 	Costs associated with due-diligence effort, including travel 

  

	 	•	 	Legal fees 

  
 Transition Period Servicing – (items related to the transfer of servicing from the branch offices to CenterOne’s centralized approach) 
  

	 	•	 	Travel 

  

	 	•	 	Document packaging and shipments 

  

	 	•	 	Obligor letters (welcome and good-bye) and mailing costs 

  
 Successor Servicing 
  

	 	•	 	Third party insurance or insurance tracking 

  

	 	•	 	Third-party audit fees 

  

	 	•	 	Legal fees 

  

	 	•	 	Statement and mailing costs 

  

	 	•	 	Costs related to repossession and liquidation processes (including the replevin process) 

  

	 	•	 	Costs related to the collection or preservation of active accounts (including third-party skip tracing and field calls) 

  

	 	•	 	Bankruptcy fees 

  

	 	•	 	Lockbox fees and bank charges 

  

	 	•	 	Boarding fee/expense 

 ASSUMPTIONS: 
  

	 	•	 	After the transition period, all administrative fees including but, not limited to late fees, NSF and Phone Pay fee income will be retained by CenterOne. 

 

	 	•	 	Monthly duties are limited to receiving a month-end file from UPFC and comparing the summarized results to the month-end servicer statement/certificate. 

  

	 	•	 	The Successor Servicing fee assumes a 375 to one collection account to collection associate ratio. Any additional presence required would need to be addressed through a different
fee arrangement. 

  

	 	•	 	CenterOne also recognizes that $5 of the $20 minimum servicing fee may be paid in a later spot in waterfall. 

 EXHIBIT A 
  

[RESERVED] 

 EXHIBIT B 
  

SERVICER’S CERTIFICATE 

 EXHIBIT C 
  

[Reserved] 

 EXHIBIT D 
  

FORM OF REQUEST FOR RELEASE 
  
 DATE: 
  
 TO: 
  

	RE:	REQUEST FOR RELEASE OF DOCUMENTS 

  
 In connection with your administration of the Receivables, we request the release of the Receivable File(s) described below. 
  
 Agreement Dated: 
 Series #: 
 Loan #: 
 Borrower
Name(s): 

	
	Reason for Document Request:________________________________________________________________________________________________________
	__________________________________________________________________________________________________________________________________

 __________________________________________________________________________________________________________________________________ 

	
	
	PLEASE DELIVER THE RECEIVABLE FILE(S) TO ___________________________________________________________________________________
	____________________________________________________________________________________________________________________________________

  
 “We hereby certify that all
amounts received or to be received in connection with such payments which are required to be deposited have been deposited as provided in the Sale and Servicing Agreement.” 
  

	
	  

	[Name of Servicer]
	Authorized Signature

  
 ******************************************************************************************************** 
  
 TO CUSTODIAN: Please acknowledge this request, and check off documents being enclosed with a copy of this form. You should retain this form for your files in accordance
with the terms of the Sale and Servicing Agreement. 
  

	Enclosed	Documents: 

  

	
	 Name
  

	
 Title
  

	
 DateForm of Credit Agreement

 Exhibit 4.3 
 CREDIT AGREEMENT 
 Dated as of
                , 2006 
 Among 
 EMBARQ CORPORATION 
 as
Borrower 
 THE INITIAL LENDERS NAMED HEREIN 
 as Initial Lenders 
 CITIBANK, N.A. 
 as Administrative Agent 
 JPMORGAN CHASE BANK, N.A. 
 as Syndication Agent 
 BANK OF AMERICA, N.A. 
 DEUTSCHE BANK
SECURITIES INC. 
 MITSUBISHI UFJ FINANCIAL GROUP, INC. 
 THE ROYAL BANK OF SCOTLAND PLC 
 UBS LOAN FINANCE LLC 
 and 
 WACHOVIA BANK, NATIONAL ASSOCIATION

 as Co-Documentation Agents 
 and 
 CITIGROUP GLOBAL MARKETS INC. 
 and 
 J.P. MORGAN SECURITIES INC. 
 as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 
  

			
	 ARTICLE I
	  	
		
	 SECTION 1.01. Certain Defined Terms
	  	2
		
	 SECTION 1.02. Computation of Time Periods
	  	13
		
	 SECTION 1.03. Accounting Terms
	  	13
		
	 ARTICLE II
	  	
		
	 SECTION 2.01. The Advances and Letters of Credit
	  	13
		
	 SECTION 2.02. Making the Advances
	  	14
		
	 SECTION 2.03. Issuance of and Drawings and Reimbursement Under Letters of Credit
	  	15
		
	 SECTION 2.04. Fees
	  	16
		
	 SECTION 2.05. Termination or Reduction of the Commitments
	  	17
		
	 SECTION 2.06. Repayment of Advances and Letter of Credit Drawings
	  	17
		
	 SECTION 2.07. Interest on Advances
	  	18
		
	 SECTION 2.08. Interest Rate Determination
	  	18
		
	 SECTION 2.09. Optional Conversion of Advances
	  	19
		
	 SECTION 2.10. Prepayments of Advances
	  	20
		
	 SECTION 2.11. Increased Costs
	  	20
		
	 SECTION 2.12. Illegality
	  	20
		
	 SECTION 2.13. Payments and Computations
	  	21
		
	 SECTION 2.14. Taxes
	  	21
		
	 SECTION 2.15. Sharing of Payments, Etc.
	  	23
		
	 SECTION 2.16. Evidence of Debt
	  	23
		
	 SECTION 2.17. Use of Proceeds
	  	24
		
	 SECTION 2.18. Increase in the Aggregate Revolving Credit Commitments
	  	24
		
	 SECTION 2.19. Extension of Termination Date
	  	25

  

 i 

			
	 ARTICLE III
	  	
		
	 SECTION 3.01. Conditions Precedent to Effectiveness of Section 2.01
	  	27
		
	 SECTION 3.02. Conditions Precedent to Initial Borrowing
	  	28
		
	 SECTION 3.03. Conditions Precedent to Each Borrowing, Issuance, Commitment Increase and Extension Date
	  	28
		
	 SECTION 3.04. Determinations Under Section 3.01
	  	29
		
	 ARTICLE IV
	  	
		
	 SECTION 4.01. Representations and Warranties of the Borrower
	  	29
		
	 ARTICLE V
	  	
		
	 SECTION 5.01. Affirmative Covenants
	  	31
		
	 SECTION 5.02. Negative Covenants
	  	33
		
	 SECTION 5.03. Financial Covenants
	  	35
		
	 ARTICLE VI
	  	
		
	 SECTION 6.01. Events of Default
	  	35
		
	 SECTION 6.02. Actions in Respect of the Letters of Credit upon Default
	  	37
		
	 ARTICLE VII
	  	
		
	 SECTION 7.01. Authorization and Action
	  	37
		
	 SECTION 7.02. Agent’s Reliance, Etc.
	  	37
		
	 SECTION 7.03. Citibank and Affiliates
	  	38
		
	 SECTION 7.04. Lender Credit Decision
	  	38
		
	 SECTION 7.05. Indemnification
	  	38
		
	 SECTION 7.06. Successor Agent
	  	39
		
	 SECTION 7.07. Other Agents
	  	39
		
	 ARTICLE VIII
	  	
		
	 SECTION 8.01. Amendments, Etc.
	  	39
		
	 SECTION 8.02. Notices, Etc.
	  	40

  

 2 

			
		
	 SECTION 8.03. No Waiver; Remedies
	  	40
		
	 SECTION 8.04. Costs and Expenses
	  	40
		
	 SECTION 8.05. Right of Set-off
	  	41
		
	 SECTION 8.06. Binding Effect
	  	42
		
	 SECTION 8.07. Assignments and Participations
	  	42
		
	 SECTION 8.08. Confidentiality
	  	43
		
	 SECTION 8.09. Governing Law
	  	44
		
	 SECTION 8.10. Execution in Counterparts
	  	44
		
	 SECTION 8.11. Jurisdiction, Etc.
	  	44
		
	 SECTION 8.12. No Liability of the Issuing Banks
	  	44
		
	 SECTION 8.13. Patriot Act Notice
	  	45
		
	 SECTION 8.14. Waiver of Jury Trial
	  	46

  

 3 

 Schedules 
 Schedule I - List of Applicable Lending Offices 
 Schedule 2.01(b) - Existing Letters of Credit 
 Schedule 5.02(a) - Existing Liens 
 Schedule 5.02(d) - Existing Debt 
 Exhibits 
  

					
	Exhibit A-1	  	-	  	Form of Revolving Credit Note
	Exhibit A-2	  	-	  	Form of Term Note
	Exhibit B	  	-	  	Form of Notice of Borrowing
	Exhibit C	  	-	  	Form of Assignment and Acceptance
	Exhibit D	  	-	  	Form of Opinion of Counsel for the Borrower

  

 1 

 CREDIT AGREEMENT 
 Dated as of                 , 2006 
 EMBARQ CORPORATION, a Delaware corporation (the “Borrower”), the banks, financial institutions and other institutional lenders (the “Initial Lenders”) and issuers of letters of credit (“Initial
Issuing Banks”) listed on Schedule I hereto, and CITIBANK, N.A. (“Citibank”), as administrative agent (the “Agent”) for the Lenders (as hereinafter defined), agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS

 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Advance”
means a Revolving Credit Advance or a Term Advance. 
 “Affiliate” means, as to any Person, any other Person
that, directly or indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to vote 10% or more of the Voting Stock of such Person or to direct or cause the
direction of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise. 
 “Agent’s Account” means the account of the Agent maintained by the Agent at Citibank at its office at 388 Greenwich Street, New York, New York 10013, Account No. 36852248, Attention: Bank Loan Syndications.

 “Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office
in the case of a Base Rate Advance and such Lender’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance. 
 “Applicable Margin” means, as of any date, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: 
  

					
	 Public Debt Rating
 S&P/Moody’s/Fitch
	  	 Applicable Margin for
 Base Rate Advances
	 	 Applicable Margin for
 Eurodollar Rate Advances

	 Level 1
 BBB+ or Baa1 or BBB+
	  	 0.000%
	 	0.320%
	 Level 2
 BBB or Baa2 or BBB
	  	 0.000%
	 	0.425%
	 Level 3
 BBB- and Baa3 and BBB-
	  	 0.000%
	 	0.500%
	 Level 4
 BBB- or Baa3 or BBB-
	  	 0.000%
	 	0.600%
	 Level 5
 BB+ or Ba1 or BB+
	  	 0.000%
	 	0.700%

  

 2 

					
	 Level 6
 BB or Ba2 or BB
	  	0.000%	  	0.900%
	 Level 7
 Lower than Level 6
	  	0.200%	  	1.200%

 “Applicable Percentage” means, as of any date, a percentage per
annum determined by reference to the Public Debt Rating in effect on such date as set forth below: 
  

			
	 Public Debt Rating
 S&P/Moody’s/Fitch
	  	 Applicable
 Percentage

	 Level 1
 BBB+ or Baa1 or BBB+
	  	0.080%
	 Level 2
 BBB or Baa2 or BBB
	  	0.100%
	 Level 3
 BBB- and Baa3 and BBB-
	  	0.125%
	 Level 4
 BBB- or Baa3 or BBB-
	  	0.150%
	 Level 5
 BB+ or Ba1 or BB+
	  	0.175%
	 Level 6
 BB or Ba2 or BB
	  	0.225%
	 Level 7
 Lower than Level 6
	  	0.300%

 “Appropriate Lender” means, at any time, with respect to either of
the Term Facility or Revolving Credit Facility, a Lender that has a Commitment with respect to such Facility at such time. 
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee, and accepted by the Agent, in substantially the form of Exhibit C hereto. 
 “Assuming Lender” has the meaning specified in Section 2.18(d). 
 “Assumption Agreement” has the meaning specified in Section 2.18(d)(ii). 
 “Available Amount” of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter
of Credit at such time (assuming compliance at such time with all conditions to drawing). 
 “Base Rate”
means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the highest of: 
 (a) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank’s base rate; 
 (b) the sum (adjusted to the nearest 1/4 of 1% or, if there is no nearest 1/4 of 1%, to the next higher 1/4 of 1%) of (i)  1/2 of 1% per annum, plus (ii) the rate obtained by dividing (A) the latest three-week moving
average of secondary market morning offering rates in the United States for three-month certificates of deposit of major United States money market banks, such three-week moving average (adjusted to the basis of a year of 360 days) being determined
weekly on each Monday (or, if such day is not a Business Day, on the next succeeding Business Day) for 

  

 3 

 
the three-week period ending on the previous Friday by Citibank on the basis of such rates reported by certificate of deposit dealers to and published by the
Federal Reserve Bank of New York or, if such publication shall be suspended or terminated, on the basis of quotations for such rates received by Citibank from three New York certificate of deposit dealers of recognized standing selected by
Citibank, by (B) a percentage equal to 100% minus the average of the daily percentages specified during such three-week period by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve
requirement (including, but not limited to, any emergency, supplemental or other marginal reserve requirement) for Citibank with respect to liabilities consisting of or including (among other liabilities) three-month U.S. dollar non-personal time
deposits in the United States, plus (iii) the average during such three-week period of the annual assessment rates estimated by Citibank for determining the then current annual assessment payable by Citibank to the Federal Deposit
Insurance Corporation (or any successor) for insuring U.S. dollar deposits of Citibank in the United States; and 
 (c)  1/2 of one percent per annum above the Federal Funds Rate. 
 “Base Rate Advance” means an Advance that bears interest as provided in Section 2.07(a)(i). 
 “Borrower Information” has the meaning specified in Section 8.08. 
 “Borrowing” means a Revolving Credit Borrowing or a Term Borrowing. 
 “Business Day” means a day of the year on which banks are not required or authorized by law to close in New York
City and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market. 
 “Commitment” means a Revolving Credit Commitment, a Letter of Credit Commitment or a Term Commitment. 
 “Commitment Date” has the meaning specified in Section 2.18(b). 
 “Commitment Increase” has the meaning specified in Section 2.18(a). 
 “Consenting
Lender” has the meaning specified in Section 2.19(b). 
 “Consolidated” refers to the
consolidation of accounts in accordance with GAAP. 
 “Convert”, “Conversion” and
“Converted” each refers to a conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.08 or 2.09. 
 “Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or
services (other than trade payables not overdue by more than 60 days incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments,
(d) all obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capital leases and under synthetic, off-balance sheet or tax retention leases (excluding, however, operating leases),
(e) all obligations, contingent or otherwise, of such Person in respect of acceptances, standby letters of credit or similar extensions of credit, (f) all net payment obligations of such Person in respect of Hedge Agreements, (g) all
obligations outstanding to Persons that are not Affiliates of the Borrower in connection with a receivables securitization program, (h) all Debt of others referred to in clauses (a) through (g) above or clause (i) below
(collectively, “Guaranteed Debt”) guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (1) to pay or purchase such Guaranteed Debt or
to advance or supply funds for the payment or purchase of such Guaranteed Debt, (2) to purchase, sell or lease (as lessee or 

  

 4 

 
lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Guaranteed Debt or to assure the
holder of such Guaranteed Debt against loss, (3) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are
rendered) or (4) otherwise to assure a creditor against loss, and (i) all Debt referred to in clauses (a) through (h) above (including Guaranteed Debt) secured by (or for which the holder of such Debt has an existing right,
contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Debt. 
 “Debt for Borrowed Money” means all items that, in accordance with GAAP, would be classified as debt on the
Borrower’s Consolidated balance sheet and including, without duplication, whether or not reflected as debt of the Borrower’s Consolidated balance sheet, all obligations outstanding to Persons that are not Affiliates of the Borrower in
connection with a receivables securitization program. 
 “Default” means any Event of Default or any event
that would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 
 “Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assumption Agreement or the
Assignment and Acceptance pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent. 
 “EBITDA” means, for any period, net income (or net loss) (before discontinued operations for such period and exclusive
of, without duplication, (x) the income or loss resulting from extraordinary items, (y) the income of any Person accounted for by the Borrower on the equity method and (z)non-cash, one time charges) plus the sum of (a) interest
expense, (b) income tax expense, (c) depreciation expense and (d) amortization expense, in each case determined in accordance with GAAP for such period. 
 “Effective Date” has the meaning specified in Section 3.01. 
 “Eligible Assignee” means (i) a Lender; (ii) an Affiliate of a Lender that is a bank or other financial
institution; and (iii) any other bank or financial institution approved by the Agent, each Issuing Bank (in the case of any assignment of Revolving Credit Commitments) and, unless an Event of Default has occurred and is continuing at the time
any assignment is effected in accordance with Section 8.07, the Borrower, such approval not to be unreasonably withheld or delayed; provided, however, that neither the Borrower nor an Affiliate of the Borrower shall qualify as an
Eligible Assignee. 
 “Environmental Action” means any action, suit, demand, demand letter, claim, notice of
non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising from alleged
injury or threat of injury to health, safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by
any governmental or regulatory authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance
relating to pollution or protection of the environment, health, safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous
Materials. 
  

 5 

 “Environmental Permit” means any permit, approval, identification
number, license or other authorization required under any Environmental Law. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the Borrower’s controlled group, or under common control with the Borrower, within the meaning of Section 414 of the
Internal Revenue Code. 
 “ERISA Event” means (a) (i) the occurrence of a reportable event, within the
meaning of Section 4043 of ERISA, with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived by the PBGC, or (ii) the requirements of subsection (1) of Section 4043(b) of ERISA
(without regard to subsection (2) of such Section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of
Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the administrator of any
Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a
facility of the Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by the Borrower or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a
substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for the imposition of a lien under Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the adoption of an amendment to a
Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or
condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, a Plan. 
 “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Eurodollar Lending Office” means, with respect to any Lender, the office of such Lender specified as its
“Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assumption Agreement or the Assignment and Acceptance pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office),
or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent. 
 “Eurodollar Rate” means, for any Interest Period for each Eurodollar Rate Advance comprising part of the same Borrowing, an interest rate per annum equal to the rate per annum obtained by dividing (a) the rate per
annum (rounded upward to the nearest whole multiple of 1/16 of 1% per annum) appearing on Moneyline Telerate Markets Page 3750 (or any successor page) as the London interbank offered rate for deposits in U.S. dollars at approximately 11:00 A.M.
(London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period or, if for any reason such rate is not available, the average (rounded upward to the nearest whole multiple of 1/16 of
1% per annum, if such average is not such a multiple) of the rate per annum at which deposits in U.S. dollars are offered by the principal office of each of the Reference Banks in London, England to prime banks in the London interbank market at
11:00 A.M. (London time) two Business Days before the first day of such Interest Period in an amount substantially equal to such Reference Bank’s Eurodollar Rate Advance comprising part of such Borrowing to be outstanding during such
Interest Period and for a period equal to such Interest Period by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period. If the Moneyline Telerate Markets Page 3750 (or any successor page) is
unavailable, the Eurodollar Rate for any Interest Period for each Eurodollar Rate Advance comprising part of the same Borrowing shall be determined by the Agent on the basis of applicable rates furnished to and received by 

  

 6 

 
the Agent from the Reference Banks two Business Days before the first day of such Interest Period, subject, however, to the provisions of
Section 2.08. 
 “Eurodollar Rate Advance” means an Advance that bears interest as provided in
Section 2.07(a)(ii). 
 “Eurodollar Rate Reserve Percentage” for any Interest Period for all Eurodollar
Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve
System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with
respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined)
having a term equal to such Interest Period. 
 “Events of Default” has the meaning specified in
Section 6.01. 
 “Extension Date” has the meaning specified in Section 2.19(b). 
 “Facility” means the Revolving Credit Facility, the Letter of Credit Facility or the Term Facility. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds
brokers of recognized standing selected by it. 
 “Fitch” means Fitch, Inc. 
 “GAAP” has the meaning specified in Section 1.03. 
 “Hazardous Materials” means (a) petroleum and petroleum products, byproducts or breakdown products, radioactive
materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any
Environmental Law. 
 “Hedge Agreements” means interest rate swap, cap or collar agreements, interest rate
future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements. 
 “Increase Date” has the meaning specified in Section 2.18(a). 
 “Increasing
Lender” has the meaning specified in Section 2.18(b). 
 “Information Memorandum” means the
information memorandum dated April 7, 2006 used by the Agent in connection with the syndication of the Commitments. 
 “Insignificant Subsidiary” means any Subsidiary of the Borrower that (i) has assets aggregating $1,000,000 or less and (ii) does not have any creditor that is the beneficiary of a guaranty of the Borrower or any
of its Subsidiaries. 
  

 7 

 “Interest Coverage Ratio” means, for any period of four fiscal quarters
(or, if fewer, the number of full fiscal quarters subsequent to the Effective Date), a ratio of Consolidated EBITDA of the Borrower and its Subsidiaries for such period to interest expense on, including amortization of debt discount in respect of,
Consolidated Debt for Borrowed Money of the Borrower and its Subsidiaries during such period. 
 “Interest
Period” means, for each Eurodollar Rate Advance comprising part of the same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate
Advance and ending on the last day of the period selected by the Borrower pursuant to the provisions below and, thereafter, with respect to Eurodollar Rate Advances, each subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one, two, three or six months, and subject to clause (c) of this definition,
nine months, as the Borrower may, upon notice received by the Agent not later than 12:00 noon (New York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that:

 (a) the Borrower may not select any Interest Period for any Revolving Credit Borrowing that ends after the Termination Date
or for any Term Borrowing that ends after the Maturity Date; 
 (b) Interest Periods commencing on the same date for
Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration; 
 (c) the Borrower shall not be
entitled to select an Interest Period having duration of nine months unless, by 2:00 P.M. (New York City time) on the third Business Day prior to the first day of such Interest Period, each Lender notifies the Agent that such Lender will be
providing funding for such Borrowing with such Interest Period (the failure of any Lender to so respond by such time being deemed for all purposes of this Agreement as an objection by such Lender to the requested duration of such Interest Period);
provided that, if any or all of the Lenders object to the requested duration of such Interest Period, the duration of the Interest Period for such Borrowing shall be one, two, three or six months, as specified by the Borrower requesting such
Revolving Credit Borrowing in the applicable Notice of Borrowing as the desired alternative to an Interest Period of nine months; 
 (d) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however,
that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and 
 (e) whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically
corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar
month. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and
the regulations promulgated and rulings issued thereunder. 
 “Issuance” with respect to any Letter of Credit
means the issuance, amendment, renewal or extension of such Letter of Credit. 
 “Issuing Bank” means an
Initial Issuing Bank or any Eligible Assignee to which a portion of the Letter of Credit Commitment hereunder has been assigned pursuant to Section 8.07 or any other Revolving 

  

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Credit Lender so long as such Eligible Assignee or other Revolving Credit Lender expressly agrees to perform in accordance with their terms all of the
obligations that by the terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Agent of its Applicable Lending Office (which information shall be recorded by the Agent in the Register), for so long as such
Initial Issuing Bank, Eligible Assignee or other Revolving Credit Lender, as the case may be, shall have a Letter of Credit Commitment. 
 “L/C Cash Deposit Account” means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be
satisfactory to the Agent. 
 “L/C Related Documents” has the meaning specified in Section 2.06(b)(i).

 “Lenders” means each Initial Lender, each Issuing Bank, each Assuming Lender that shall become a party
hereto pursuant to Section 2.18 or 2.19 and each Person that shall become a party hereto pursuant to Section 8.07. 
 “Letter of Credit” has the meaning specified in Section 2.01(b). 
 “Letter of Credit
Agreement” has the meaning specified in Section 2.03(a). 
 “Letter of Credit Commitment”
means, with respect to each Issuing Bank, the obligation of such Issuing Bank to issue Letters of Credit for the account of the Borrower and its Subsidiaries in (a) the Dollar amount set forth opposite the Issuing Bank’s name on Schedule I
hereto under the caption “Letter of Credit Commitment” or (b) if such Issuing Bank has entered into one or more Assignment and Acceptances, the Dollar amount set forth for such Issuing Bank in the Register maintained by the Agent
pursuant to Section 8.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, in each case as such amount may be reduced prior to such time pursuant to Section 2.05. 
 “Letter of Credit Facility” means, at any time, an amount equal to the least of (a) the aggregate amount of the
Issuing Banks’ Letter of Credit Commitments at such time, (b) $200,000,000 and (c) the aggregate amount of the Revolving Credit Commitments, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

 “Leverage Ratio” means, for any date, a ratio of Consolidated Debt for Borrowed Money of the Borrower and
its Subsidiaries on such date to Consolidated EBITDA of the Borrower and its Subsidiaries for the period of four fiscal quarters most recently ended, provided that Consolidated EBITDA shall be calculated (a) for the period ended
September 30, 2006, as Consolidated EBITDA for the fiscal quarter then ended multiplied by 400%, (b) for the period ended December 31, 2006, as Consolidated EBITDA for the period of two fiscal quarters then ended multiplied by 200%,
(c) for the period ended March 31, 2007, as Consolidated EBITDA for the period of three fiscal quarter then ended multiplied by 133.33% and (d) for the period ended June 30, 2007 and thereafter, for the four consecutive fiscal
quarters then most recently ended. 
 “Lien” means any lien, security interest or other charge or encumbrance
of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 
 “Material Adverse Change” means any material adverse change in the business, condition (financial or otherwise),
operations or prospects of the Borrower and its Subsidiaries taken as a whole. 
 “Material Adverse Effect”
means a material adverse effect on (a) the business, condition (financial or otherwise), operations or prospects of the Borrower and its Subsidiaries taken as a whole, (b) the rights 

  

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and remedies of the Agent or any Lender under this Agreement or any Note or (c) the ability of the Borrower to perform its obligations under this
Agreement or any Note. 
 “Maturity Date” means May 8, 2011. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Borrower or
any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is
maintained for employees of the Borrower or any ERISA Affiliate and at least one Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or any ERISA Affiliate could have liability
under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Non-Consenting
Lender” has the meaning specified in Section 2.19(b). 
 “Note” means a Revolving Credit Note
or a Term Note. 
 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 
 “Notice of Issuance” has the meaning specified in Section 2.03(a). 
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001. 
 “PBGC” means the
Pension Benefit Guaranty Corporation (or any successor). 
 “Permitted Liens” means such of the following as
to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens for taxes, assessments and governmental charges or levies to the extent not required to be paid under Section 5.01(b)
hereof; (b) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that are not
overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings and as to which appropriate reserves are being maintained; (c) pledges or deposits to secure obligations under workers’
compensation laws or similar legislation or to secure public or statutory obligations; (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business; and (e) easements, rights of way and other encumbrances on title to real property that do not render title to the property encumbered thereby
unmarketable or materially adversely affect the use of such property for its present purposes. 
 “Person”
means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency
thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan. 
 “Public Debt Rating” means, as of any date, the rating that has been most recently announced by any of S&P,
Moody’s or Fitch, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Borrower or, if any such rating agency shall have issued more than one such 

  

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rating, the lowest such rating issued by such rating agency. For purposes of the foregoing, (a) if only one of S&P, Moody’s and Fitch shall
have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage shall be determined by reference to the available rating; (b) if none of S&P, Moody’s or Fitch shall have in effect a Public Debt Rating, the
Applicable Margin and the Applicable Percentage will be set in accordance with Level 7 under the definition of “Applicable Margin” or “Applicable Percentage”, as the case may be; (c) unless Level 3 applies, if
only two of S&P, Moody’s and Fitch shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage shall be determined by reference to the higher rating unless there is a split in such ratings of more than one
level, in which case the level that is one level higher than the level of the lower such ratings shall apply, (d) unless Level 3 applies, if all three have established ratings and the ratings established by S&P, Moody’s and Fitch shall
fall within two different levels, the Applicable Margin and the Applicable Percentage shall be based upon the rating assigned by two of such agencies, or if the ratings established by S&P, Moody’s and Fitch shall fall within three different
levels, the Applicable Margin and the Applicable Percentage shall be based upon the middle rating; (e) if any rating established by S&P, Moody’s or Fitch shall be changed, such change shall be effective as of the date on which such
change is first announced publicly by the rating agency making such change; and (f) if S&P, Moody’s or Fitch shall change the basis or system on which ratings are established, each reference to the Public Debt Rating announced by
S&P, Moody’s or Fitch, as the case may be, shall refer to the then equivalent rating by S&P, Moody’s or Fitch, as the case may be. 
 “Ratable Share” of any amount means, with respect to any Revolving Credit Lender at any time, the product of such amount multiplied by a fraction the numerator of which is the amount of such
Lender’s Revolving Credit Commitment at such time (or, if the Revolving Credit Commitments shall have been terminated pursuant to Section 2.05 or 6.01, such Lender’s Revolving Credit Commitment as in effect immediately prior to such
termination) and the denominator of which is the aggregate amount of all Revolving Credit Commitments at such time (or, if the Revolving Credit Commitments shall have been terminated pursuant to Section 2.05 or 6.01, the aggregate amount of all
Revolving Credit Commitments as in effect immediately prior to such termination). 
 “Reference Banks” means
Citibank, JPMorgan Chase Bank, N.A. and Bank of America, N.A. 
 “Register” has the meaning specified in
Section 8.07(d). 
 “Required Lenders” means at any time Lenders owed or holding at least a majority of
the sum of (a) the aggregate principal amount of the Advances outstanding at such time, (b) the aggregate unused Commitments under the Term Facility at such time, (c) the aggregate amount of participations in undrawn Letters of Credit
and (d) the aggregate Unused Revolving Credit Commitments at such time. 
 “Required Revolving Credit
Lenders” means at any time Revolving Credit Lenders owed or holding at least a majority of the aggregate principal amount of the Revolving Credit Advances outstanding at such time or, if no Revolving Credit Advances are then outstanding,
Revolving Credit Lenders holding at least a majority in interest of the Revolving Credit Commitments at such time. 
 “Revolving Credit Advance” means an advance by a Lender to the Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Advance (each of which shall be a
“Type” of Revolving Credit Advance). 
 “Revolving Credit Borrowing” means a borrowing
consisting of simultaneous Revolving Credit Advances of the same Type made by each of the Revolving Credit Lenders. 
 “Revolving Credit Commitment” means as to any Lender (a) the amount set forth opposite such Lender’s name on the signature pages hereof as such Lender’s “Revolving Credit Commitment”, (b) if
such Lender has become a Lender hereunder pursuant to an Assumption Agreement, the amount set forth in such Assumption Agreement or (c) if such Lender has entered into an Assignment and Acceptance, the amount set forth for such Lender in the
Register maintained by the Agent pursuant to Section 8.07(d) as such 

  

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Lender’s “Revolving Credit Commitment”, as such amount may be reduced pursuant to Section 2.05 or increased pursuant to
Section 2.18. 
 “Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving
Credit Lenders’ Revolving Credit Commitments. 
 “Revolving Credit Lender” means any Lender that has a
Revolving Credit Commitment. 
 “Revolving Credit Note” means a promissory note of the Borrower payable to
the order of any Revolving Credit Lender, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-1 hereto, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the
Revolving Credit Advances made by such Lender. 
 “S&P” means Standard & Poor’s, a division
of The McGraw-Hill Companies, Inc. 
 “Single Employer Plan” means a single employer plan, as defined in
Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any ERISA Affiliate and no Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or
any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Solvent” and “Solvency” mean, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities,
including, without limitation, contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts
as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person
is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be
computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate
of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any other
class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) the beneficial
interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Term Advance” has the meaning specified in Section 2.01(c). 
 “Term Borrowing” means a borrowing consisting of simultaneous Term Advances of the same Type made by the Term Lenders.

 “Term Commitment” means as to any Lender (a) the amount set forth opposite such Lender’s name on
Schedule I hereto as such Lender’s “Term Commitment” or (b) if such Lender has entered into any Assignment and Acceptance, the amount set forth for such Lender in the Register maintained by the Agent pursuant to
Section 8.07(d) as such Lender’s “Term Commitment”, as such amount may be reduced pursuant to Section 2.05. 
  

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 “Term Facility” means, at any time, the aggregate amount of the Term
Lenders’ Term Commitments at such time. 
 “Term Lender” means any Lender that has a Term Commitment.

 “Term Note” means a promissory note of the Borrower payable to the order of any Term Lender, delivered
pursuant to a request made under Section 2.17 in substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of the Borrower to such Lender resulting from the Term Advances made by such Lender. 
 “Termination Date” means the earlier of (a) May 8, 2011, subject to the extension thereof pursuant to
Section 2.19 and (b) the date of termination in whole of the Commitments pursuant to Section 2.05 or 6.01; provided, however, that the Termination Date of any Lender that is a Non-Consenting Lender to any requested
extension pursuant to Section 2.19 shall be the Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement. 
 “Unissued Letter of Credit Commitment” means, with respect to any Issuing Bank at any time, the obligation of such
Issuing Bank to issue Letters of Credit for the account of the Borrower or its Subsidiaries in an amount equal to the excess of (a) the amount of its Letter of Credit Commitment at such time over (b) the aggregate Available Amount of all
Letters of Credit issued and outstanding by such Issuing Bank at such time. 
 “Unused Revolving Credit
Commitment” means, with respect to each Revolving Credit Lender at any time, (a) such Lender’s Revolving Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving
Credit Advances made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s Ratable Share of (A) the aggregate Available Amount of all the Letters of Credit outstanding at such time
and (B) the aggregate principal amount of all Advances made by each Issuing Bank pursuant to Section 2.03(c) that have not been ratably funded by such Lender and outstanding at such time. 
 “Voting Stock” means capital stock issued by a corporation, or equivalent interests in any other Person, the holders of
which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency.

 SECTION 1.02. Computation of Time Periods. In this Agreement in the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 
 SECTION 1.03. Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles consistent with those applied in the
preparation of the financial statements referred to in Section 4.01(e) (“GAAP”). 
 ARTICLE II 
 AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT 
 SECTION 2.01. The Advances and Letters of Credit. (a) Revolving Credit Advances. Each Revolving Credit Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving
Credit Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount not to exceed at any time outstanding such Lender’s Revolving Credit Commitment.
Each Revolving Credit Borrowing shall be in an aggregate amount equal to the lesser of (i) the aggregate Unused Revolving Credit Commitments and (ii) $25,000,000 or an integral multiple of $1,000,000 in excess thereof and shall consist of
Revolving Credit Advances of the same Type made on the same day by the 

  

 13 

 
Lenders ratably according to their respective Revolving Credit Commitments. Within the limits of each Lender’s Revolving Credit Commitment, the Borrower
may borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a). 
 (b)
Letters of Credit. Each Issuing Bank agrees, on the terms and conditions hereinafter set forth, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Agreement, to issue letters of credit (each, a
“Letter of Credit”) denominated in Dollars for the account of the Borrower and its Subsidiaries from time to time on any Business Day during the period from the Effective Date until 30 days before the Termination Date in an
aggregate Available Amount (i) for all Letters of Credit issued by each Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment
at such time and (ii) for each such Letter of Credit not to exceed an amount equal to the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Unless otherwise agreed by the applicable Issuing Bank in its sole
discretion, no Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than 10 Business Days before the Termination Date, provided that no Letter of Credit may expire
after the Termination Date of any Non-Consenting Lender if, after giving effect to such Issuance, the aggregate Revolving Credit Commitments of the Consenting Lenders (including any replacement Lenders) for the period following such Termination Date
would be less than the Available Amount of the Letters of Credit expiring after such Termination Date. Within the limits referred to above, the Borrower may from time to time request the Issuance of Letters of Credit under this Section 2.01(b).
Each letter of credit listed on Schedule 2.01(b) shall be deemed to constitute a Letter of Credit issued hereunder, and each Lender that is an issuer of such a Letter of Credit shall, for purposes of Section 2.03, be deemed to be an Issuing
Bank for each such letter of credit, provided than any renewal or replacement of any such letter of credit shall be issued by an Issuing Bank pursuant to the terms of this Agreement. 
 (c) The Term Advances. Each Term Lender severally agrees, on the terms and conditions hereinafter set forth, to make advances (each, a
“Term Advance”) to the Borrower on any single Business Day during the period from the Effective Date until the twentieth Business Day thereafter in an amount not to exceed such Lender’s Term Commitment at such time. The Term
Borrowing shall consist of Term Advances made on the same day by the Term Lenders ratably according to their Term Commitments. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed. 
 SECTION 2.02. Making the Advances. (a) Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given
not later than (x) 12:00 noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances or (y) 12:00 noon (New York City
time) on the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by the Borrower to the Agent, which shall give to each Appropriate Lender prompt notice thereof by telecopier. Each such notice of a Borrowing
(a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing, (ii) Type of
Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing, and (iv) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Advance. Each Appropriate Lender shall, before
2:00 P.M. (New York City time) on the date of such Borrowing make available for the account of its Applicable Lending Office to the Agent at the Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing.
After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower at the Agent’s address referred to in Section 8.02.

 (b) Each Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of
Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such
Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of Applicable Margin), cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. 
  

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 (c) Unless the Agent shall have received notice from an Appropriate Lender prior to the time of any
Borrowing that such Lender will not make available to the Agent such Lender’s ratable portion of such Borrowing, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Borrowing in accordance with
subsection (a) of this Section 2.02 and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion
available to the Agent, such Lender and the Borrower severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until
the date such amount is repaid to the Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to Advances comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender
shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. 
 (d) The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any,
hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. 
 SECTION 2.03. Issuance of and Drawings and Reimbursement Under Letters of Credit. (a) Request for Issuance. (i) Each Letter of
Credit shall be issued upon notice, given not later than 1:00 P.M. (New York City time) on the fifth Business Day prior to the date of the proposed Issuance of such Letter of Credit (or on such shorter notice as the applicable Issuing Bank
may agree), by the Borrower to any Issuing Bank, and such Issuing Bank shall give the Agent, prompt notice thereof. Each such notice by the Borrower of Issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telecopier
or telephone, confirmed immediately in writing, specifying therein the requested (A) date of such Issuance (which shall be a Business Day), (B) Available Amount of such Letter of Credit, (C) expiration date of such Letter of Credit,
(D) name and address of the beneficiary of such Letter of Credit and (E) form of such Letter of Credit and such Letter of Credit shall be issued pursuant to such application and agreement for letter of credit as such Issuing Bank and the
Borrower shall agree for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”). If the requested form of such Letter of Credit is acceptable to such Issuing Bank in its reasonable discretion (it
being understood that any such form shall have only explicit documentary conditions to draw and shall not include discretionary conditions), such Issuing Bank will, upon fulfillment of the applicable conditions set forth in Section 3.03, make
such Letter of Credit available to the Borrower at its office referred to in Section 8.02 or as otherwise agreed with the Borrower in connection with such Issuance. In the event and to the extent that the provisions of any Letter of Credit
Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern. 
 (b) Participations. By the Issuance of
a Letter of Credit (or an amendment to a Letter of Credit increasing or decreasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Revolving Credit Lenders, such Issuing Bank hereby grants to each
Revolving Credit Lender, and each Revolving Credit Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Ratable Share of the Available Amount of such Letter of Credit. The Borrower
hereby agrees to each such participation. In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to the Agent, for the account of such Issuing Bank, such Lender’s
Ratable Share of each drawing made under a Letter of Credit funded by such Issuing Bank and not reimbursed by the Borrower on the date made, or of any reimbursement payment required to be refunded to the Borrower for any reason, which amount will be
advanced, and deemed to be a Revolving Credit Advance to the Borrower hereunder, regardless of the satisfaction of the conditions set forth in Section 3.03. Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
and continuance of a Default or reduction or termination of the Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Credit Lender further
acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s Ratable Share of the Available Amount of such Letter of Credit at each time such Lender’s Revolving Credit
Commitment is amended pursuant to a Commitment Increase in accordance with Section 2.18, an assignment in accordance with Section 8.07 or otherwise pursuant to this Agreement, provided, that with respect to any Letter of 
  

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 Credit that has an expiration date after the date that is later than 10 Business Days prior to the
Termination Date (as most recently extended pursuant to Section 2.19), the participation of each Lender shall terminate on such Termination Date. 
 (c) Drawing and Reimbursement. The payment by an Issuing Bank of a draft drawn under any Letter of Credit which is not reimbursed on the date made shall constitute for all purposes of this Agreement the making
by any such Issuing Bank of a Revolving Credit Advance to the Borrower, which shall be a Base Rate Advance, in the amount of such draft, without regard to whether the making of such Advance would exceed such Issuing Bank’s Unused Revolving
Credit Commitment. Each Issuing Bank shall give prompt notice of each drawing under any Letter of Credit issued by it to the Borrower and the Agent. Upon written demand by such Issuing Bank, with a copy of such demand to the Agent and the Borrower,
each Revolving Credit Lender shall pay to the Agent such Lender’s Ratable Share of such outstanding Advance pursuant to Section 2.03(b). Each Revolving Credit Lender acknowledges and agrees that its obligation to make Revolving Credit
Advances pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Promptly after receipt thereof, the Agent shall
transfer such funds to such Issuing Bank. Each Revolving Credit Lender agrees to fund its Ratable Share of an outstanding Revolving Credit Advance on (i) the Business Day on which demand therefor is made by such Issuing Bank, provided
that notice of such demand is given not later than 12:00 noon (New York City time) on such Business Day, or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. If and to the
extent that any Revolving Credit Lender shall not have so made the amount of such Advance available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date of
demand by any such Issuing Bank until the date such amount is paid to the Agent, at the Federal Funds Rate for its account or the account of such Issuing Bank, as applicable. If such Lender shall pay to the Agent such amount for the account of any
such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Revolving Credit Advance made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the
Revolving Credit Advance made by such Issuing Bank shall be reduced by such amount on such Business Day. 
 (d) Letter of Credit
Reports. Each Issuing Bank shall furnish (A) to the Agent and each Revolving Credit Lender (with a copy to the Borrower) on the first Business Day of each month a written report summarizing Issuance and expiration dates of Letters of Credit
issued by such Issuing Bank during the preceding month and drawings during such month under all Letters of Credit and (B) to the Agent and each Revolving Credit Lender (with a copy to the Borrower) on the first Business Day of each calendar
quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank. 
 (e) Failure to Make Advances. The failure of any Lender to make the Advance to be made by it on the date specified in Section 2.03(c) shall
not relieve any other Lender of its obligation hereunder to make its Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on such date. 
 SECTION 2.04. Fees. (a) Facility Fee. The Borrower agrees to pay to the Agent for the account of each Revolving Credit Lender and each
Term Lender a facility fee on the aggregate amount of such Lender’s Revolving Credit Commitment or Term Commitment, as the case may be, from the date hereof in the case of each Initial Lender and from the effective date specified in the
Assumption Agreement or in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until (i) in the case of the Revolving Credit Lenders, the later of the Termination Date and the date the Revolving
Credit Advances are paid in full and (ii) in the case of the Term Lenders, the date the Term Advances are paid in full, in each case at a rate per annum equal to the Applicable Percentage in effect from time to time, payable in arrears
quarterly on the last day of each March, June, September and December, commencing June 30, 2006, and on the date specified in clause (i) or (ii) above, as applicable. 
 (b) Letter of Credit Fees. (i) The Borrower shall pay to the Agent for the account of each Lender a commission on such Lender’s Ratable
Share of the average daily aggregate Available Amount of all 

  

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Letters of Credit issued for the account of the Borrower and outstanding from time to time at a rate per annum equal to the Applicable Margin for
Eurocurrency Rate Advances in effect from time to time during such calendar quarter, payable in arrears quarterly on the last day of each March, June, September and December, commencing with the quarter ended June 30, 2006, and on the
Termination Date; provided that the Applicable Margin shall be 2% above the Applicable Margin in effect upon the occurrence and during the continuation of an Event of Default if the Borrower is required to pay default interest pursuant to
Section 2.07(b). 
 (ii) The Borrower shall pay to each Issuing Bank, for its own account, a fronting fee and such other
commissions, issuance fees, transfer fees and other fees and charges in connection with the Issuance or administration of each Letter of Credit as the Borrower and such Issuing Bank shall agree. 
 (c) Agent’s Fees. The Borrower shall pay to the Agent for its own account such fees as may from time to time be agreed between the Borrower
and the Agent. 
 SECTION 2.05. Termination or Reduction of the Commitments. (a) Optional. The Borrower shall have the
right, upon at least three Business Days’ notice to the Agent, to terminate in whole or permanently reduce ratably in part the unused Term Commitments, the Unused Revolving Credit Commitments or the Unissued Letter of Credit Commitments of the
Lenders; provided that each partial reduction of a Facility (i) shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii) shall be made ratably among the Appropriate Lenders in
accordance with their Commitments under such Facility. 
 (b) Mandatory. (i) On the date of the Term Borrowing, and from time to
time thereafter upon each prepayment of the Term Advances, the Term Commitments of the Term Lenders shall be automatically and permanently reduced on a pro rata basis by an amount equal to the amount by which (x) the aggregate Term Commitments
immediately prior to such reduction exceeds (y) the aggregate unpaid principal amount of all Term Advances outstanding at such time. (ii) On the date of the date that the obligations of the Lenders to make Advances are terminated in
accordance with Section 6.01, and from time to time thereafter upon each repayment or prepayment of the Revolving Credit Advances, the Revolving Credit Commitments of the Revolving Credit Lenders shall be automatically and permanently reduced
on a pro rata basis by an amount equal to the amount by which (x) the aggregate Revolving Credit Commitments immediately prior to such reduction exceeds (y) the aggregate unpaid principal amount of all Revolving Credit Advances
outstanding at such time. 
 SECTION 2.06. Repayment of Advances and Letter of Credit Drawings. (a) Revolving Credit
Advances. The Borrower shall repay to the Agent for the ratable account of the Revolving Credit Lenders on the Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding. 
 (b) Letter of Credit Drawings. The obligations of the Borrower under any Letter of Credit Agreement and any other agreement or instrument relating
to any Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including,
without limitation, the following circumstances (it being understood that any such payment by the Borrower is without prejudice to, and does not constitute a waiver of, any rights the Borrower might have or might acquire as a result of the payment
by any Lender of any draft or the reimbursement by the Borrower thereof): 
 (i) any lack of validity or enforceability of
this Agreement, any Note, any Letter of Credit Agreement, any Letter of Credit or any other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”); 
 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the Borrower in
respect of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related Documents; 
 (iii) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary
or any such transferee may be acting), any Issuing Bank, the Agent, any Lender or any other 

  

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Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction; 
 (iv) any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect; 
 (v) payment by any Issuing Bank under a
Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; 
 (vi) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any guarantee, for all or any of the obligations of the Borrower in respect of the
L/C Related Documents; or 
 (vii) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including, without limitation, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor. 
 (c) Term Advances. The Borrower shall repay to the Agent for the ratable account of the Term Lenders on the Maturity Date the aggregate principal amount of the Term Advances then outstanding. 
 SECTION 2.07. Interest on Advances. (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each
Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 
 (i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the
Applicable Margin in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be Converted or paid in full. 
 (ii) Eurodollar Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all
times during each Interest Period for such Advance to the sum of (x) the Eurodollar Rate for such Interest Period for such Advance plus (y) the Applicable Margin in effect from time to time, payable in arrears on the last day of
such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurodollar Rate
Advance shall be Converted or paid in full. 
 (b) Default Interest. Upon the occurrence and during the continuance of an Event of
Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each
Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or
(a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable
in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above,
provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent. 
 SECTION 2.08. Interest Rate Determination. (a) Each Reference Bank agrees to furnish to the Agent timely information for the purpose of
determining each Eurodollar Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Agent for the purpose of determining any such interest rate, the Agent shall determine such interest rate on the basis of
timely information furnished by the remaining Reference 

  

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Banks. The Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Agent for purposes of
Section 2.07(a)(i) or (ii), and the rate, if any, furnished by each Reference Bank for the purpose of determining the interest rate under Section 2.07(a)(ii). 
 (b) If, with respect to any Eurodollar Rate Advances under any Facility, the Lenders owed at least a majority of the aggregate principal amount thereof notify the Agent that the Eurodollar Rate for any Interest Period
for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their respective Eurodollar Rate Advances for such Interest Period, the Agent shall forthwith so notify the Borrower and the Appropriate
Lenders, whereupon (i) each Eurodollar Rate Advance under that Facility will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and (ii) the obligation of the Appropriate Lenders
to make, or to Convert Advances under that Facility into, Eurodollar Rate Advances shall be suspended until the Agent shall notify the Borrower and the Appropriate Lenders that the circumstances causing such suspension no longer exist. 

(c) If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions
contained in the definition of “Interest Period” in Section 1.01, the Agent will forthwith so notify the Borrower and the Appropriate Lenders and such Advances will automatically, on the last day of the then existing Interest Period
therefor, Convert into Base Rate Advances. 
 (d) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances
comprising any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $25,000,000, such Advances shall automatically Convert into Base Rate Advances. 
 (e) Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), (i) each Eurodollar Rate Advance will
automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended. 

(f) If Moneyline Telerate Markets Page 3750 is unavailable and fewer than two Reference Banks furnish timely information to the Agent for determining
the Eurodollar Rate for any Eurodollar Rate Advances, 
 (i) the Agent shall forthwith notify the Borrower and the Lenders
that the interest rate cannot be determined for such Eurodollar Rate Advances, 
 (ii) each such Advance will automatically,
on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance (or if such Advance is then a Base Rate Advance, will continue as a Base Rate Advance), and 
 (iii) the obligation of the Lenders to make Eurodollar Rate Advances or to Convert Advances into Eurodollar Rate Advances shall be
suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 
 SECTION 2.09. Optional Conversion of Advances. The Borrower may on any Business Day, upon notice given to the Agent not later than 12:00 noon (New York City time) on the third Business Day prior to the date of the proposed
Conversion and subject to the provisions of Sections 2.08 and 2.12, Convert all or any portion of Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that any Conversion of
Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the
minimum amount specified in Section 2.01(a). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted and (iii) if such Conversion
is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower. 
  

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 SECTION 2.10. Prepayments of Advances. (a) Optional. The Borrower may, upon notice at
least two Business Days’ prior to the date of such prepayment, in the case of Eurodollar Rate Advances, and not later than 12:00 noon (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent
stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part,
together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $10,000,000 or an integral multiple of
$1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c). 
 (b) Mandatory. (i) If, on any date, the Agent notifies the Borrower that, on any interest payment date, the sum of the aggregate principal
amount of all Revolving Credit Advances plus the aggregate Available Amount of all Letters of Credit then outstanding exceeds 100% of the aggregate Revolving Credit Commitments of the Lenders on such date, the Borrower shall, as soon as practicable
and in any event within two Business Days after receipt of such notice, prepay the outstanding principal amount of any Revolving Credit Advances in an aggregate amount sufficient to reduce such sum to an amount not to exceed 100% of the aggregate
Revolving Credit Commitments of the Lenders on such date. 
 (ii) Each prepayment made pursuant to this
Section 2.10(b) shall be made together with any interest accrued to the date of such prepayment on the principal amounts prepaid and, in the case of any prepayment of a Eurodollar Rate Advance on a date other than the last day of an Interest
Period or at its maturity, any additional amounts which the Borrower shall be obligated to reimburse to the Lenders in respect thereof pursuant to Section 8.04(c). The Agent shall give prompt notice of any prepayment required under this
Section 2.10(b) to the Borrower and the Lenders. 
 SECTION 2.11. Increased Costs. (a) If, due to either (i) the
introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance with any guideline or request from any central bank or other governmental authority (whether or not having the force of law) after the
date hereof, there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Advances or of agreeing to issue or of issuing or maintaining or participating in Letters of Credit (excluding
for purposes of this Section 2.11 any such increased costs resulting from (i) Taxes or Other Taxes (which shall be governed exclusively by Section 2.14) and (ii) changes in the basis of taxation of overall net income or overall
gross income by the United States or by the foreign jurisdiction or state under the laws of which such Lender is organized or has its Applicable Lending Office or any political subdivision thereof), then the Borrower shall from time to time, upon
demand by such Lender (with a copy of such demand to the Agent), pay to the Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate as to the amount of such increased cost,
submitted to the Borrower and the Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error. 
 (b) If
any Lender determines that compliance with any law or regulation or any guideline or request from any central bank or other governmental authority (whether or not having the force of law) affects or would affect the amount of capital required or
expected to be maintained by such Lender or any corporation controlling such Lender and that the amount of such capital is increased by or based upon the existence of such Lender’s commitment to lend or to issue or participate in Letters of
Credit hereunder and other commitments of such type or the issuance or maintenance of or participation in the Letters of Credit (or similar contingent obligations), then, upon demand by such Lender (with a copy of such demand to the Agent), the
Borrower shall pay to the Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent that such
Lender reasonably determines such increase in capital to be allocable to the existence of such Lender’s commitment to lend or to issue or participate in Letters of Credit hereunder or to the issuance or maintenance of or participation in any
Letters of Credit. A certificate as to such amounts submitted to the Borrower and the Agent by such Lender shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.12. Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify the Agent that the introduction of or
any change in or in the interpretation of any law or regulation 

  

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makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for such Lender or its Eurodollar Lending Office to
perform its obligations hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar Rate Advances hereunder, (a) each Eurodollar Rate Advance under the applicable Facility will automatically, upon such demand, Convert into a
Base Rate Advance and (b) the obligation of the Appropriate Lenders to make Eurodollar Rate Advances or to Convert Advances into Eurodollar Rate Advances shall be suspended until the Agent shall notify the Borrower and the Appropriate Lenders
that the circumstances causing such suspension no longer exist. 
 SECTION 2.13. Payments and Computations. (a) The Borrower
shall make each payment hereunder, irrespective of any right of counterclaim or set-off, not later than 12:00 noon (New York City time) on the day when due in U.S. dollars to the Agent at the Agent’s Account in same day funds. The Agent will
promptly thereafter cause to be distributed like funds relating to the payment of principal or interest, fees or commissions fees ratably (other than amounts payable pursuant to Section 2.04, 2.11, 2.14 or 8.04(c)) to the Lenders for the
account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with
the terms of this Agreement. Upon any Assuming Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant to Section 2.18 or an extension of the Termination Date pursuant to Section 2.19, and upon the Agent’s
receipt of such Lender’s Assumption Agreement and recording of the information contained therein in the Register, from and after the applicable Increase Date or Extension Date, as the case may be, the Agent shall make all payments hereunder and
under any Notes issued in connection therewith in respect of the interest assumed thereby to the Assuming Lender. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to
Section 8.07(c), from and after the effective date specified in such Assignment and Acceptance, the Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and
the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. 
 (b) All computations of interest based on clause (a) of the definition of Base Rate shall be made by the Agent on the basis of a year of 365 or 366
days, as the case may be, and all computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of facility fees and Letter of Credit commissions shall be made by the Agent on the basis of a year of 360 days, in each case for
the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or facility fees or commissions are payable. Each determination by the Agent of an interest rate hereunder shall be
conclusive and binding for all purposes, absent manifest error. 
 (c) Whenever any payment hereunder or under the Notes shall be stated to
be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or facility fee, as the case may be;
provided, however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.

 (d) Unless the Agent shall have received notice from the Borrower prior to the time on which any payment is due to the Lenders hereunder
that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such
due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made such payment in full to the Agent, each Lender shall repay to the Agent forthwith on demand such amount distributed to such Lender
together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Rate. 
 SECTION 2.14. Taxes. (a) Any and all payments by the Borrower to or for the account of any Lender or the Agent hereunder or under the Notes
or any other documents to be delivered hereunder shall be made, in accordance with Section 2.13 or the applicable provisions of such other documents, free and clear of and without deduction for any and all present or future taxes, levies,
imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the Agent, taxes imposed on its overall net 

  

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income, and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction under the laws of which such Lender or the Agent (as the case may
be) is organized or any political subdivision thereof and, in the case of each Lender, taxes imposed on its overall net income, and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction of such Lender’s Applicable
Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or under the Notes being hereinafter referred to as
“Taxes”). If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or any other documents to be delivered hereunder to any Lender or the Agent, (i) the sum
payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.14) such Lender or the Agent (as the case may be) receives an amount
equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in
accordance with applicable law. 
 (b) In addition, the Borrower shall pay any present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies that arise from any payment made hereunder or under the Notes or any other documents to be delivered hereunder or from the execution, delivery or registration of, performing under, or otherwise
with respect to, this Agreement or the Notes or any other documents to be delivered hereunder (hereinafter referred to as “Other Taxes”). 
 (c) The Borrower shall indemnify each Lender and the Agent for and hold it harmless against the full amount of Taxes or Other imposed on or paid by such Lender or the Agent (as the case may be) and any liability
(including penalties, interest and expenses but excluding items specifically excluded from the definition of “Taxes” in subsection (a) above) arising therefrom or with respect thereto. This indemnification shall be made within 30 days
from the date such Lender or the Agent (as the case may be) makes written demand therefor. 
 (d) Within 30 days after the date of any
payment of Taxes, the Borrower shall furnish to the Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing such payment to the extent such a receipt is issued therefor, or other written proof
of payment thereof that is reasonably satisfactory to the Agent. In the case of any payment hereunder or under the Notes or any other documents to be delivered hereunder by or on behalf of the Borrower through an account or branch outside the United
States or by or on behalf of the Borrower by a payor that is not a United States person, if the Borrower determines that no Taxes are payable in respect thereof, the Borrower shall furnish, or shall cause such payor to furnish, to the Agent, at such
address, an opinion of counsel acceptable to the Agent stating that such payment is exempt from Taxes. For purposes of this subsection (d) and subsection (e), the terms “United States” and “United States
person” shall have the meanings specified in Section 7701 of the Internal Revenue Code. 
 (e) Each Lender organized under the
laws of a jurisdiction outside the United States, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender and on the date of the Assumption Agreement or the Assignment and Acceptance pursuant to
which it becomes a Lender in the case of each other Lender, and from time to time thereafter as reasonably requested in writing by the Borrower (but only so long as such Lender remains lawfully able to do so), shall provide each of the Agent and the
Borrower with two (or such other number as may be prescribed by applicable laws or regulations) original, duly completed Internal Revenue Service Forms W-8BEN, W-8ECI, or W-8IMY, as appropriate, or any successor or other form prescribed by the
Internal Revenue Service, certifying that such Lender is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or the Notes. If the form provided by a Lender at the time such Lender first
becomes a party to this Agreement indicates a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from Taxes unless and until such Lender provides the appropriate forms certifying
that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed by such form; provided, however, that, if at the date of the Assignment and Acceptance pursuant
to which a Lender assignee becomes a party to this Agreement, the Lender assignor was entitled to payments under subsection (a) in respect of United States withholding tax with respect to interest paid at such date, then, to such extent, the
term Taxes shall include United States withholding tax at a rate equal to the lesser of (i) the rate of United States withholding tax, if any, included in Taxes in respect of the Lender assignor on such date or (ii) the rate of United
States withholding tax, if any, applicable with respect to the Lender assignee on such date. If any form or document referred to in this subsection (e) requires the disclosure of 

  

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information, other than information necessary to compute the tax payable and information required by Internal Revenue Service form W-8BEN, W-8ECI, or W-8IMY,
or any successor or other forms prescribed by the Internal Revenue Service, that the Lender reasonably considers to be confidential, the Lender shall give notice thereof to the Borrower and shall not be obligated to include in such form or document
such confidential information. 
 (f) For any period with respect to which a Lender has failed to provide the Borrower with the appropriate
form, certificate or other document described in Section 2.14(e) (other than if such failure is due to a change in law, or in the interpretation or application thereof, occurring subsequent to the date on which a form, certificate or
other document originally was required to be provided, or if such form, certificate or other document otherwise is not required under subsection (e) above), such Lender shall not be entitled to indemnification under Section 2.14(a) or
(c) with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a form, certificate or other document required
hereunder, the Borrower shall take such steps as the Lender shall reasonably request to assist the Lender to recover such Taxes. 
 (g) Any
Lender claiming any additional amounts payable pursuant to this Section 2.14 agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Eurodollar Lending
Office if the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 (h) If any Lender receives a refund or credit of any Taxes or Other Taxes paid or reimbursed by the Borrower pursuant to subsection
(a) or (c) above in respect of payments under this Agreement or any Notes, such Lender shall pay to the Borrower, with reasonable promptness following the date on which it actually realizes such refund or credit, an amount equal to the
amount of such refund or credit, net of all out-of-pocket expenses in securing such refund or credit. The foregoing shall not be construed to require any Lender to make available its tax returns (or any other information relating to its taxes that
it deems confidential) to the Borrower or any other Person. 
 SECTION 2.15. Sharing of Payments, Etc. If any Lender shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the Advances owing to it (other than pursuant to Section 2.11, 2.14 or 8.04(c)) in excess of its ratable share of payments on
account of the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment
ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the
purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered; provided further that, so long as the obligations under this Agreement shall not
have been accelerated, any excess payment received by any Appropriate Lender shall be shared on a pro rata basis only with the other Appropriate Lenders. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant
to this Section 2.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the
amount of such participation. 
 SECTION 2.16. Evidence of Debt. (a) Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder in respect of Advances. The Borrower agrees that upon notice by any Lender to the Borrower (with a copy of such notice to the Agent) to the effect that a Note is required or appropriate in order for such Lender to evidence (whether
for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a Revolving Credit Note or a Term Note payable to the order of such Lender in a
principal amount up to the Revolving Credit Commitment or Term Commitment, as the case may be, of such Lender. 
  

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 (b) The Register maintained by the Agent pursuant to Section 8.07(d) shall include a control
account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest
Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and Acceptance delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iv) the amount of any sum received by the Agent from the Borrower hereunder and each Lender’s share thereof. 
 (c) Entries made in good faith by the Agent in the Register pursuant to subsection (b) above, and by each Lender in its account or accounts pursuant to subsection (a) above, shall be prima
facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this
Agreement, absent manifest error; provided, however, that the failure of the Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise
affect the obligations of the Borrower under this Agreement. 
 SECTION 2.17. Use of Proceeds. The proceeds of the Advances shall be
available (and the Borrower agrees that it shall use such proceeds) solely for general corporate purposes of the Borrower and its Subsidiaries and to fund a one-time transfer to Sprint Nextel Corporation (“Sprint Nextel”) made in
connection with the separation of the Borrower from Sprint Nextel. 
 SECTION 2.18. Increase in the Aggregate Revolving Credit
Commitments. (a) The Borrower may, at any time but in any event not more than once in any calendar year prior to the Termination Date, by notice to the Agent, request that the aggregate amount of the Revolving Credit Commitments be
increased by an amount of $25,000,000 or an integral multiple thereof (each a “Commitment Increase”) to be effective as of a date that is at least 90 days prior to the scheduled Termination Date then in effect (the “Increase
Date”) as specified in the related notice to the Agent; provided, however that (i) in no event shall the aggregate amount of the Revolving Credit Commitments at any time exceed $2,000,000,000 and (ii) on the date of
any request by the Borrower for a Commitment Increase and on the related Increase Date, the applicable conditions set forth in Article III shall be satisfied. 
 (b) The Agent shall promptly notify the Revolving Credit Lenders of a request by the Borrower for a Commitment Increase, which notice shall include (i) the proposed amount of such requested Commitment Increase,
(ii) the proposed Increase Date and (iii) the date by which Revolving Credit Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their respective Revolving Credit Commitments (the
“Commitment Date”). Each Revolving Credit Lender that is willing to participate in such requested Commitment Increase (each an “Increasing Lender”) shall, in its sole discretion, give written notice to the Agent on
or prior to the Commitment Date of the amount by which it is willing to increase its Revolving Credit Commitment. If the Increasing Lenders notify the Agent that they are willing to increase the amount of their respective Revolving Credit
Commitments by an aggregate amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Revolving Credit Lenders willing to participate therein in such amounts as are agreed
between the Borrower and the Agent. 
 (c) Promptly following each Commitment Date, the Agent shall notify the Borrower as to the amount, if
any, by which the Revolving Credit Lenders are willing to participate in the requested Commitment Increase. If the aggregate amount by which the Revolving Credit Lenders are willing to participate in any requested Commitment Increase on any such
Commitment Date is less than the requested Commitment Increase, then the Borrower may extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase that has not been committed to by the Revolving
Credit Lenders as of the applicable Commitment Date; provided, however, that the Commitment of each such Eligible Assignee shall be in an amount of $10,000,000 or more. 
 (d) On each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in accordance with
Section 2.18(c) (each such Eligible Assignee and each Eligible Assignee that agrees to an extension of the Termination Date in accordance with Section 2.19(c), an “Assuming Lender”) shall become a Lender party to this
Agreement as of such Increase Date and the Revolving Credit 

  

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Commitment of each Increasing Lender for such requested Commitment Increase shall be so increased by such amount (or by the amount allocated to such Lender
pursuant to the last sentence of Section 2.18(b)) as of such Increase Date; provided, however, that the Agent shall have received on or before such Increase Date the following, each dated such date: 
 (i) (A) certified copies of resolutions of the Board of Directors of the Borrower or the Executive Committee of such Board approving
the entering into this Agreement (and the amount to be borrowed hereunder after giving effect to any Commitment Increase) and (B) an opinion of counsel for the Borrower (which may be in-house counsel), in substantially the form of Exhibit D
hereto; 
 (ii) an assumption agreement from each Assuming Lender, if any, in form and substance satisfactory to the Borrower
and the Agent (each an “Assumption Agreement”), duly executed by such Eligible Assignee, the Agent and the Borrower; and 
 (iii) confirmation from each Increasing Lender of the increase in the amount of its Revolving Credit Commitment in a writing satisfactory to the Borrower and the Agent. 
 On each Increase Date, upon fulfillment of the conditions set forth in the immediately preceding sentence of this Section 2.18(d), the Agent shall notify the
Revolving Credit Lenders (including, without limitation, each Assuming Lender) and the Borrower, on or before 1:00 P.M. (New York City time), by telecopier, of the occurrence of the Commitment Increase to be effected on such Increase Date and shall
record in the Register the relevant information with respect to each Increasing Lender and each Assuming Lender on such date. Each Increasing Lender and each Assuming Lender shall, before 2:00 P.M. (New York City time) on the Increase Date, make
available for the account of its Applicable Lending Office to the Agent at the Agent’s Account, in same day funds, in the case of such Assuming Lender, an amount equal to such Assuming Lender’s ratable portion of the Revolving Credit
Borrowings then outstanding (calculated based on its Revolving Credit Commitment as a percentage of the aggregate Revolving Credit Commitments outstanding after giving effect to the relevant Commitment Increase) and, in the case of such Increasing
Lender, an amount equal to the excess of (i) such Increasing Lender’s ratable portion of the Revolving Credit Borrowings then outstanding (calculated based on its Revolving Credit Commitment as a percentage of the aggregate Revolving
Credit Commitments outstanding after giving effect to the relevant Commitment Increase) over (ii) such Increasing Lender’s ratable portion of the Revolving Credit Borrowings then outstanding (calculated based on its Revolving Credit
Commitment (without giving effect to the relevant Commitment Increase) as a percentage of the aggregate Revolving Credit Commitments (without giving effect to the relevant Commitment Increase). After the Agent’s receipt of such funds from each
such Increasing Lender and each such Assuming Lender, the Agent will promptly thereafter cause to be distributed like funds to the other Lenders for the account of their respective Applicable Lending Offices in an amount to each other Lender such
that the aggregate amount of the outstanding Revolving Credit Advances owing to each Lender after giving effect to such distribution equals such Lender’s ratable portion of the Revolving Credit Borrowings then outstanding (calculated based on
its Revolving Credit Commitment as a percentage of the aggregate Revolving Credit Commitments outstanding after giving effect to the relevant Commitment Increase). 
 SECTION 2.19. Extension of Termination Date. (a) At least 45 days but not more than 60 days prior to each anniversary of the Effective Date, the Borrower, by written notice to the Agent, may request an
extension of the Termination Date in effect at such time by one year from its then scheduled expiration. The Agent shall promptly notify each Revolving Credit Lender of such request, and each Revolving Credit Lender shall in turn, in its sole
discretion, not later than 20 days prior to such anniversary date, notify the Borrower and the Agent in writing as to whether such Lender will consent to such extension. If any Revolving Credit Lender shall fail to notify the Agent and the Borrower
in writing of its consent to any such request for extension of the Termination Date at least 20 days prior to the applicable anniversary date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request. The Agent shall
notify the Borrower not later than 15 days prior to the applicable anniversary date of the decision of the Revolving Credit Lenders regarding the Borrower’s request for an extension of the Termination Date. 
 (b) If all the Revolving Credit Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.19, the
Termination Date in effect at such time shall, effective as at the 

  

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applicable anniversary date (the “Extension Date”), be extended for one year; provided that on each Extension Date the applicable
conditions set forth in Article III shall be satisfied. If less than all of the Revolving Credit Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.19, the Termination Date in effect at such
time shall, effective as at the applicable Extension Date and subject to subsection (d) of this Section 2.19, be extended as to those Revolving Credit Lenders that so consented (each a “Consenting Lender”) but shall not be
extended as to any other Revolving Credit Lender (each a “Non-Consenting Lender”). To the extent that the Termination Date is not extended as to any Lender pursuant to this Section 2.19 and the Commitment of such Revolving
Credit Lender is not assumed in accordance with subsection (c) of this Section 2.19 on or prior to the applicable Extension Date, the Commitment of such Non-Consenting Lender shall automatically terminate in whole on such unextended
Termination Date without any further notice or other action by the Borrower, such Lender or any other Person; provided that such Non-Consenting Lender’s rights under Sections 2.11, 2.14 and 8.04, and its obligations under
Section 7.05, shall survive the Termination Date for such Lender as to matters occurring prior to such date. It is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made by the Borrower for any
requested extension of the Termination Date. 
 (c) If less than all of the Revolving Credit Lenders consent to any such request pursuant to
subsection (a) of this Section 2.19, the Agent shall promptly so notify the Consenting Lenders, and each Consenting Lender may, in its sole discretion, give written notice to the Agent not later than 10 days prior to the Extension Date of
the amount of the Non-Consenting Lenders’ Commitments for which it is willing to accept an assignment. If the Consenting Lenders notify the Agent that they are willing to accept assignments of Revolving Credit Commitments in an aggregate amount
that exceeds the amount of the Revolving Credit Commitments of the Non-Consenting Lenders, such Revolving Credit Commitments shall be allocated among the Consenting Lenders willing to accept such assignments in such amounts as are agreed between the
Borrower and the Agent. If after giving effect to the assignments of Revolving Credit Commitments described above there remains any Revolving Credit Commitments of Non-Consenting Lenders, the Borrower may arrange for one or more Consenting Lenders
or other Eligible Assignees as Assuming Lenders to assume, effective as of the Extension Date, any Non-Consenting Lender’s Revolving Credit Commitment and all of the obligations of such Non-Consenting Lender under this Agreement thereafter
arising, without recourse to or warranty by, or expense to, such Non-Consenting Lender; provided, however, that the amount of the Revolving Credit Commitment of any such Assuming Lender as a result of such substitution shall in no
event be less than $10,000,000 unless the amount of the Revolving Credit Commitment of such Non-Consenting Lender is less than $10,000,000, in which case such Assuming Lender shall assume all of such lesser amount; and provided further
that: 
 (i) any such Consenting Lender or Assuming Lender shall have paid to such Non-Consenting Lender (A) the
aggregate principal amount of, and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Revolving Credit Advances, if any, of such Non-Consenting Lender plus (B) any accrued but unpaid facility fees
owing to such Non-Consenting Lender as of the effective date of such assignment; 
 (ii) all additional costs reimbursements,
expense reimbursements and indemnities payable to such Non-Consenting Lender, and all other accrued and unpaid amounts owing to such Non-Consenting Lender hereunder, as of the effective date of such assignment shall have been paid to such
Non-Consenting Lender; and 
 (iii) with respect to any such Assuming Lender, the applicable processing and recordation fee
required under Section 8.07(a) for such assignment shall have been paid; 
 provided further that such Non-Consenting Lender’s rights
under Sections 2.11, 2.14 and 8.04, and its obligations under Section 7.05, shall survive such substitution as to matters occurring prior to the date of substitution. At least three Business Days prior to any Extension Date, (A) each such
Assuming Lender, if any, shall have delivered to the Borrower and the Agent an Assumption Agreement, duly executed by such Assuming Lender, such Non-Consenting Lender, the Borrower and the Agent, (B) any such Consenting Lender shall have
delivered confirmation in writing satisfactory to the Borrower and the Agent as to the increase in the amount of its Revolving Credit Commitment and (C) each Non-Consenting Lender being replaced pursuant to this Section 2.19 shall have
delivered to the Agent any Revolving Credit Note or Notes held by such Non-Consenting Lender. Upon the payment or prepayment of all 

  

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amounts referred to in clauses (i), (ii) and (iii) of the immediately preceding sentence, each such Consenting Lender or Assuming Lender, as of the
Extension Date, will be substituted for such Non-Consenting Lender under this Agreement and shall be a Revolving Credit Lender for all purposes of this Agreement, without any further acknowledgment by or the consent of the other Revolving Credit
Lenders, and the obligations of each such Non-Consenting Lender hereunder shall, by the provisions hereof, be released and discharged. 
 (d)
If (after giving effect to any assignments or assumptions pursuant to subsection (c) of this Section 2.19) Revolving Credit Lenders having Revolving Credit Commitments equal to at least 50% of the Revolving Credit Commitments in effect
immediately prior to the Extension Date consent in writing to a requested extension (whether by execution or delivery of an Assumption Agreement or otherwise) not later than one Business Day prior to such Extension Date, the Agent shall so notify
the Borrower, and, subject to the satisfaction of the applicable conditions in Article III, the Termination Date then in effect shall be extended for the additional one-year period as described in subsection (a) of this Section 2.19, and
all references in this Agreement, and in the Revolving Credit Notes, if any, to the “Termination Date” shall, with respect to each Consenting Lender and each Assuming Lender for such Extension Date, refer to the Termination Date as
so extended. Promptly following each Extension Date, the Agent shall notify the Revolving Credit Lenders (including, without limitation, each Assuming Lender) of the extension of the scheduled Termination Date in effect immediately prior thereto and
shall thereupon record in the Register the relevant information with respect to each such Consenting Lender and each such Assuming Lender. 
 ARTICLE III 
 CONDITIONS TO EFFECTIVENESS AND LENDING 
 SECTION 3.01. Conditions Precedent to Effectiveness of Section 2.01. Section 2.01 of this Agreement shall become effective on and as of the first date (the “Effective Date”) on which
the following conditions precedent have been satisfied: 
 (a) Except as disclosed to the Lenders prior to the date hereof,
there shall have occurred no Material Adverse Change since December 31, 2005. 
 (b) There shall exist no action, suit,
investigation, litigation or proceeding affecting the Borrower or any of its Subsidiaries pending or threatened before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or
(ii) purports to affect the legality, validity or enforceability of this Agreement or any Note or the consummation of the transactions contemplated hereby. 
 (c) The Borrower shall have notified the Agent in writing as to the proposed Effective Date. 
 (d) The Borrower shall have paid all accrued fees and expenses of the Agent and the Lenders in connection with this Agreement and the
transactions contemplated hereby (including the accrued fees and expenses of counsel to the Agent). 
 (e) On the Effective
Date, the following statements shall be true and the Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Borrower, dated the Effective Date, stating that: 
 (i) The representations and warranties contained in Section 4.01 are correct on and as of the Effective Date, and 
 (ii) No event has occurred and is continuing that constitutes a Default. 
  

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 (f) The Agent shall have received on or before the Effective Date the following, each
dated such day, in form and substance satisfactory to the Agent and (except for the Notes) in sufficient copies for each Lender: 
 (i) The Notes to the order of the Lenders to the extent requested by any Lender pursuant to Section 2.16. 
 (ii) Certified copies of the resolutions of the Board of Directors of the Borrower authorizing this Agreement and the Notes, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect
to this Agreement and the Notes. 
 (iii) A certificate of the Secretary or an Assistant Secretary of the Borrower certifying
the names and true signatures of the officers of the Borrower authorized to sign this Agreement and the Notes and the other documents to be delivered hereunder. 
 (iv) A favorable opinion of King & Spalding LLP, counsel for the Borrower, substantially in the form of Exhibit D hereto and
as to such other matters as any Lender through the Agent may reasonably request. 
 (v) A favorable opinion of
Shearman & Sterling LLP, counsel for the Agent, in form and substance satisfactory to the Agent. 
 SECTION 3.02. Conditions
Precedent to Initial Borrowing. The obligation of each Lender to make an Advance on the occasion of the initial Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing,
(a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on
the date of such Borrowing such statements are true): 
 (i) the representations and warranties contained in Section 4.01
are correct on and as of such date, before and after giving effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date, 
 (ii) no event has occurred and is continuing, or would result from such Borrowing, or from the application of the proceeds therefrom, that
constitutes a Default, and 
 (iii) all conditions precedent to the effectiveness of the spin-off of the Borrower through the
distribution of the Borrower’s common stock to Sprint Nextel shareholders as described in the Borrower’s Form 10 filed with the Securities and Exchange Commission on April 10, 2006 (other than the payment of the proceeds of Advances
under this Agreement and the issuance and delivery of the Borrower’s promissory notes to Sprint Nextel as described in such Form 10) shall have been satisfied or waived; 
 (b) all governmental and third party consents and approvals necessary in connection with the transactions contemplated hereby shall have been obtained (without the imposition of any conditions that are not acceptable
to the Lenders) and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the Lenders that restrains, prevents or imposes materially adverse conditions upon the transactions contemplated hereby and
(c) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request. 
 SECTION 3.03. Conditions Precedent to Each Borrowing, Issuance, Commitment Increase and Extension Date. The obligation of each Lender to make an Advance (other than an Advance made by any Issuing Bank or any Lender pursuant to
Section 2.03(c)) on the occasion of each Borrowing after the date of the initial Borrowing, the obligation of each Issuing Bank to issue a Letter of Credit, each Commitment Increase and each extension of Commitments pursuant to
Section 2.19 shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing, such Issuance, the applicable Increase Date or the applicable Extension Date (a) the following
statements shall be true (and each of the giving of the applicable Notice of Borrowing, Notice of Issuance, request for Commitment Increase and request for Commitment extension and the 

  

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acceptance by the Borrower of the proceeds of such Borrowing or Issuance shall constitute a representation and warranty by the Borrower that on the date of
such Borrowing, such Issuance, such Increase Date or such Extension Date such statements are true): 
 (i) the representations
and warranties contained in Section 4.01 (except, in the case of any Borrowing after the date of the initial Borrowing or any Issuance, the representations set forth in the last sentence of subsection (e)(i) thereof and in
subsection (f)(i) thereof) are correct in all material respects on and as of such date, before and after giving effect to such Revolving Credit Borrowing, Issuance, such Commitment Increase or such Extension Date and to the application of the
proceeds therefrom, as though made on and as of such date, and 
 (ii) no event has occurred and is continuing, or would
result from such Revolving Credit Borrowing, Issuance, such Commitment Increase or such Extension Date or from the application of the proceeds therefrom, that constitutes a Default; 
 and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request. 
 SECTION 3.04. Determinations Under Section 3.01. For purposes of determining compliance with the conditions specified in Section 3.01,
each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the
Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the date that the Borrower, by notice to the Lenders, designates as the proposed Effective Date, specifying its objection
thereto. The Agent shall promptly notify the Lenders of the occurrence of the Effective Date. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 SECTION
4.01. Representations and Warranties of the Borrower. The Borrower represents and warrants as follows: 
 (a) The
Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 (b) The execution, delivery and performance by the Borrower of this Agreement and the Notes to be delivered by it, and the consummation of the transactions contemplated hereby, are within the Borrower’s corporate powers, have been duly
authorized by all necessary corporate action, and do not contravene (i) the Borrower’s charter or by-laws or (ii) law or any material contractual restriction binding on or affecting the Borrower. 
 (c) Except as have been obtained, no authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or any other third party is required for the due execution, delivery and performance by the Borrower of this Agreement or the Notes to be delivered by it. 
 (d) This Agreement has been, and each of the Notes to be delivered by it when delivered hereunder will have been, duly executed and
delivered by the Borrower. This Agreement is, and each of the Notes when delivered hereunder will be, the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective terms. 
 (e) (i) The combined balance sheet of the Borrower and its Subsidiaries as of December 31, 2005 and the related combined
statement of operations and cash flows and business equity and 

  

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comprehensive income (loss) of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2005, accompanied by an opinion of KPMG LLP,
independent public accountants, copies of which have been furnished to each Lender, fairly present the combined financial condition of the Borrower and its Subsidiaries as at such date and the combined results of the operations of the Borrower and
its Subsidiaries for the period ended on such date, all in accordance with generally accepted accounting principles consistently applied. Since December 31, 2005, there has been no Material Adverse Change except for matters disclosed to the
Lenders prior to the date hereof. 
 (ii) The unaudited pro forma condensed combined balance sheet of the Borrower and
its Subsidiaries as of December 31, 2005, and the related unaudited pro forma combined statements of operations of the Borrower and its Subsidiaries for the year then ended, copies of which have been furnished to each Lender, fairly
present (except that, subject to regulatory limitations, the separation and distribution related expenses associated with establishing the Borrower as an independent entity are not included as a pro form adjustment) the combined pro forma
pro forma financial condition of the Borrower and its Subsidiaries as at such date and the combined pro forma results of operations of the Borrower and its Subsidiaries for the period ended on such date, in each case giving effect to the
spin-off of the Borrower through the distribution of the Borrower’s common stock to Sprint Nextel shareholders, all in accordance with GAAP. 
 (f) There is no pending or threatened action, suit, investigation, litigation or proceeding, including, without limitation, any Environmental Action, affecting the Borrower or any of its Subsidiaries before any court,
governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of this Agreement or any Note or the consummation of the
transactions contemplated hereby. 
 (g) The Borrower is not engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to
others for the purpose of purchasing or carrying any margin stock. 
 (h) The Borrower and each of its Subsidiaries owns, or
is licensed to use, all trademarks, tradenames, copyrights, technology, know-how and processes necessary for the conduct of its business as currently conducted except for those the failure to own or license which could not reasonably be expected to
have a Material Adverse Effect (the “Intellectual Property”). No claim has been asserted and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such
Intellectual Property, nor does such Borrower know of any valid basis for any such claim, except, in either case, for such claims that in the aggregate could not reasonably be expected to have a Material Adverse Effect. The use of such Intellectual
Property by the Borrower and its Subsidiaries does not infringe on the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 (i) The Borrower is not an “investment company”, or a company “controlled” by an “investment company”,
within the meaning of the Investment Company Act of 1940, as amended. The Borrower is not subject to regulation under any Federal or State statute or regulation which limits its ability to incur Debt, so long as assets of certain regulated
Subsidiaries of the Borrower are not used as collateral to secure such Debt. 
 (j) Neither the Information Memorandum nor any
other information, exhibit or report furnished by or on behalf of the Borrower to the Agent or any Lender in connection with the negotiation and syndication of this Agreement or pursuant to the terms of this Agreement contained any untrue statement
of a material fact or omitted to state a material fact necessary to make the statements made therein not misleading in light of the circumstances under which such statements were made. 
  

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 (k) The Borrower is, individually and together with its Subsidiaries, Solvent.

 ARTICLE V 
 COVENANTS OF THE
BORROWER 
 SECTION 5.01. Affirmative Covenants. So long as any Advance shall remain unpaid, any Letter of Credit is outstanding or
any Lender shall have any Commitment hereunder, the Borrower will: 
 (a) Compliance with Laws, Etc. Comply, and cause
each of its Subsidiaries to comply, in all material respects, with all applicable laws, rules, regulations and orders, such compliance to include, without limitation, compliance with ERISA, Environmental Laws and the Patriot Act. 
 (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become
delinquent, (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that
neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being
maintained. 
 (c) Maintenance of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance with
responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or
such Subsidiary operates. 
 (d) Preservation of Corporate Existence, Etc. Continue to engage in business of the same
general type as now conducted by it and preserve and maintain, and cause each of its Subsidiaries (other than Insignificant Subsidiaries) to preserve and maintain, its existence, rights (charter and statutory) and franchises; provided,
however, that the Borrower and its Subsidiaries may consummate any transaction permitted under Section 5.02(b) and provided further that neither the Borrower nor any of its Subsidiaries shall be required to preserve any
right or franchise if the Borrower or such Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Borrower or such Subsidiary, as the case may be, and that the loss thereof is not
disadvantageous in any material respect to the Borrower, such Subsidiary or the Lenders. 
 (e) Visitation Rights. At
any reasonable time and from time to time upon reasonable notice, permit the Agent or any of the Lenders or any agents or representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the
properties of, the Borrower and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its Subsidiaries with any of their officers or directors and with their independent certified public accountants.

 (f) Keeping of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which
full and correct entries shall be made of all financial transactions and the assets and business of the Borrower and each such Subsidiary in accordance with generally accepted accounting principles in effect from time to time. 
 (g) Maintenance of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its
properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted. 
 (h) Transactions with Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under this Agreement with any of their Affiliates on terms that are fair and

  

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reasonable and no less favorable to the Borrower or such Subsidiary than it would obtain in a comparable arm’s-length transaction with a Person not an
Affiliate. 
 (i) Reporting Requirements. Furnish to the Agent: 
 (i) as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the
Borrower (except, for the quarter ending March 31, 2006, within 45 days after the effectiveness of the Borrower’s Form 10), Consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such quarter and Consolidated
statements of income and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by the chief
financial officer, the chief accounting officer or the treasurer of the Borrower as having been prepared in accordance with generally accepted accounting principles and a certificate of the chief financial officer, the chief accounting officer or
the treasurer of the Borrower as to compliance with the terms of this Agreement and setting forth in reasonable detail the calculations necessary to demonstrate compliance with Section 5.03, provided that in the event of any change in
generally accepted accounting principles used in the preparation of such financial statements, the Borrower shall also provide in paper format, if necessary for the determination of compliance with Section 5.03, a statement of reconciliation
conforming such financial statements to GAAP; 
 (ii) as soon as available and in any event within 90 days after the end of
the fiscal year ended December 31, 2006 and 75 days after the end of each fiscal year of the Borrower thereafter, a copy of the annual audit report for such year for the Borrower and its Subsidiaries, containing the Consolidated balance sheet
of the Borrower and its Subsidiaries as of the end of such fiscal year and Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for such fiscal year, in each case accompanied by an opinion acceptable to the Required
Lenders by KPMG LLP or other independent public accountants acceptable to the Required Lenders and a certificate of the chief financial officer, the chief accounting officer or the treasurer of the Borrower as to compliance with the terms of this
Agreement and setting forth in reasonable detail the calculations necessary to demonstrate compliance with Section 5.03, provided that in the event of any change in generally accepted accounting principles used in the preparation of such
financial statements, the Borrower shall also provide in paper format, if necessary for the determination of compliance with Section 5.03, a statement of reconciliation conforming such financial statements to GAAP; 
 (iii) as soon as possible and in any event within five days after the occurrence of each Default continuing on the date of such statement,
a statement of the chief financial officer, the chief accounting officer, the treasurer or the assistant treasurer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect
thereto; 
 (iv) promptly after the sending or filing thereof, copies of all reports that the Borrower sends to any of its
securityholders, and copies of all reports and proxy solicitations that the Borrower or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange; 
 (v) promptly after the commencement thereof, notice of all actions and proceedings before any court, governmental agency or arbitrator
affecting the Borrower or any of its Subsidiaries of the type described in Section 4.01(f); and 
 (vi) such other
information respecting the Borrower or any of its Subsidiaries as any Lender through the Agent may from time to time reasonably request. 
  

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 Reports and financial statements required to be delivered by the Borrower pursuant to
clauses (i), (ii) and (iv) of this subsection (i) shall be deemed to have been delivered on the date on which the Borrower posts such reports, or reports containing such financial statements, on its website on the Internet at
www.embarq.com, at www.sec.gov or at such other website identified by the Borrower in a notice to the Agent and that is accessible by the Lenders without charge; provided that the Borrower shall deliver paper copies of such information to any
Lender promptly upon request of such Lender through the Agent and provided further that the Lenders shall be deemed to have received the information specified in clauses (i) through (v) of this subsection (i) on the date
(x) the information regarding the website where reports and financial information can be found is posted at the website of the Agent identified from time to time by the Agent to the Lenders and the Borrower and (y) such posting is notified
to the Lenders (it being understood that the Borrower shall have satisfied the timing obligations imposed by those clauses as of the date such information is delivered to the Agent). 
 SECTION 5.02. Negative Covenants. So long as any Advance shall remain unpaid, any Letter of Credit is outstanding or any Lender shall have any
Commitment hereunder, the Borrower will not: 
 (a) Liens, Etc. Create or suffer to exist, or permit any of its
Subsidiaries to create or suffer to exist, any Lien on or with respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any of its Subsidiaries to assign, any right to receive income for security purposes,
other than: 
 (i) Permitted Liens, 
 (ii) purchase money Liens upon or in any real property or equipment acquired or held by the Borrower or any Subsidiary in the ordinary
course of business to secure the purchase price of such property or equipment or to secure Debt incurred solely for the purpose of financing the acquisition of such property or equipment in each case created within 180 days of any such acquisition,
or Liens existing on such property or equipment at its acquisition (other than any such Liens created in contemplation of such acquisition that were not incurred to finance the acquisition of such property) or extensions, renewals or replacements of
any of the foregoing for the same or a lesser amount, provided, however, that no such Lien shall extend to or cover any properties of any character other than the real property or equipment being acquired, and no such extension,
renewal or replacement shall extend to or cover any properties not theretofore subject to the Lien being extended, renewed or replaced, 
 (iii) the Liens existing on the Effective Date and described on Schedule 5.02(a) hereto, 
 (iv) Liens on property of a Person existing at the time such Person is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided that such Liens were not created
in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such Subsidiary,

 (v) Liens arising in connection with capital leases, 
 (vi) Liens securing Debt arising in connection with the sale or financing of accounts receivable in an aggregate not to exceed
$300,000,000 at any time outstanding, 
 (vii) other Liens securing Debt which, together with Debt permitted under
Section 5.02(d)(vi) below, does not exceed an aggregate principal amount of $300,000,000 at any time outstanding, and 
  

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 (viii) the replacement, extension or renewal of any Lien permitted by clause (iii)
or (iv) above upon or in the same property theretofore subject thereto or the replacement, extension or renewal (without increase in the amount or change in any direct or contingent obligor) of the Debt secured thereby. 
 (b) Mergers, Dispositions, Etc. Merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in
one transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its Subsidiaries taken as a whole (whether now owned or hereafter acquired) to, any Person, or permit any of its Subsidiaries to do so, except
that any Subsidiary of the Borrower may merge or consolidate with or into, or dispose of assets to, any other Subsidiary of the Borrower, (ii) any Subsidiary of the Borrower may merge into or dispose of assets to the Borrower and (iii) the
Borrower may merge with any other Person so long as the Borrower is the surviving corporation and (iv) any Insignificant Subsidiary may merge or consolidate with or into, or dispose of assets to, any other Person, provided, in each case,
that no Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom. 
 (c) Accounting Changes. Make or permit, or permit any of its Subsidiaries to make or permit, any change in accounting policies or reporting practices, except as required or permitted by generally accepted accounting principles.

 (d) Subsidiary Debt. Permit any of its Subsidiaries to create or suffer to exist, any Debt other than: 

(i) Debt owed to the Borrower or to a wholly owned Subsidiary of the Borrower, 
 (ii) Debt existing on the Effective Date and described on Schedule 5.02(d) hereto, 
 (iii) Debt secured by Liens permitted by Section 5.02(a), 
 (iv) Debt of a Person existing at the time such Person is merged into or consolidated with any Subsidiary of the Borrower or becomes a
Subsidiary of the Borrower; provided that such Debt is not created in contemplation of such merger, consolidation or acquisition; and any Debt extending the maturity of, or refunding or refinancing, in whole or in part, such Debt,
provided that the principal amount of such Debt shall not increase above the principal amount thereof outstanding immediately prior to such extension, refunding or refinancing, and the direct and contingent obligors therefor shall not be
changed, as a result of or in connection with such extension, refunding or refinancing. 
 (v) obligations in respect of
acceptances, letters of credit and similar extensions of credit in an aggregate amount not to exceed $50,000,000 at any time outstanding, 
 (vi) other Debt which, together with Debt secured by Liens permitted under Section 5.02(a)(vii) above, does not exceed an aggregate principal amount of $300,000,000 at any time outstanding, and 
 (vii) endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business.

 (e) Payment Restrictions Affecting Subsidiaries. Directly or indirectly, enter into or suffer to exist, or permit
any of its Restricted Subsidiaries (as hereinafter defined) to enter into or suffer to exist, any agreement or arrangement limiting the ability of any of its Restricted Subsidiaries to (i) declare or pay dividends or other distributions in
respect of its equity interests or (ii) repay or prepay any Debt owed to, make loans or advances to, provide guaranties in respect of, or otherwise transfer assets to or invest in, the Borrower or any other Subsidiary of the Borrower (whether
through a covenant restricting dividends, loans, 

  

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asset transfers or investments, a financial covenant or otherwise), except (A) any agreement in effect on the date hereof, (B) any agreement
evidencing a Lien permitted by Section 5.02(a) to the extent that such limitation relates solely to the assets encumbered by such Lien, (C) any agreement in effect at the time such Restricted Subsidiary becomes a Restricted Subsidiary of
the Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the Borrower, (D) such restrictions imposed on the Borrower and its Subsidiaries as a result of approval and
settlement terms agreed to in connection with the spin-off from Sprint Nextel and (E) any agreement entered into with, or condition or restriction imposed by, any governmental authority to the extent the terms thereof would not have a Material
Adverse Effect. “Restricted Subsidiary” means any Subsidiary of the Borrower that owns 1% or more of the Consolidated assets of the Borrower and its Subsidiaries taken as a whole or as to which is attributed 1% or more of the
Consolidated revenues of the Borrower and its Subsidiaries taken as a whole, in each case as determined by reference to the most recent financial statements of the Borrower. 
 SECTION 5.03. Financial Covenants. So long as any Advance shall remain unpaid, any Letter of Credit is outstanding or any Lender shall have any
Commitment hereunder, the Borrower will: 
 (a) Leverage Ratio. Maintain, as of the end of each fiscal quarter
commencing with the fiscal quarter ended September 30, 2006, a Leverage Ratio of not greater than 3.75:1.00. 
 (b)
Interest Coverage Ratio. Maintain, as of the end of each fiscal quarter commencing with the fiscal quarter ended September 30, 2006, an Interest Coverage Ratio of not less than 3.00:1.00. 
 ARTICLE VI 
 EVENTS OF DEFAULT 
 SECTION 6.01. Events of Default. If any of the following events (“Events of Default”) shall occur and be continuing: 

(a) The Borrower shall fail to pay any principal of any Advance when the same becomes due and payable; or the Borrower shall fail to
pay any interest on any Advance or make any other payment of fees or other amounts payable under this Agreement or any Note within three Business Days after the same becomes due and payable; or 
 (b) Any representation or warranty made by the Borrower herein or by the Borrower (or any of its officers) in connection with this
Agreement shall prove to have been incorrect in any material respect when made; or 
 (c) (i) The Borrower shall fail to
perform or observe any term, covenant or agreement contained in Section 5.01(d), (e) or (i), 5.02 or 5.03, or (ii) the Borrower shall fail to perform or observe any other term, covenant or agreement contained in this Agreement on its
part to be performed or observed if such failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Agent or any Lender; or 
 (d) The Borrower or any of its Subsidiaries shall fail to pay any principal of or premium or interest on any Debt that is outstanding in a
principal amount of at least $100,000,000 in the aggregate (but excluding Debt outstanding hereunder) of the Borrower or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any
agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of,
the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required 

  

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prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case
prior to the stated maturity thereof; or 
 (e) The Borrower or any of its Subsidiaries (other than any Insignificant
Subsidiary) shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or
against the Borrower or any of its Subsidiaries (other than any Insignificant Subsidiary) seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it
or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought
in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the
Borrower or any of its Subsidiaries (other than any Insignificant Subsidiary) shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or 
 (f) Judgments or orders for the payment of money in excess of $20,000,000 individually or $100,000,000 in the aggregate shall be rendered
against the Borrower or any of its Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 60 consecutive days during which a stay of
enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
 (g)
(i) Any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or
indirectly, of Voting Stock of the Borrower (or other securities convertible into such Voting Stock) representing 35% or more of the combined voting power of all Voting Stock of the Borrower, or shall obtain the power (whether or not exercised) to
elect a majority of the Borrower’s directors; or (ii) any Person or two or more Persons (other than members of the Board of Directors of the Borrower acting in their capacity as members of the Board of Directors or any committee thereof)
acting in concert shall succeed in having sufficient of its nominees elected to the Board of Directors of the Borrower such that such nominees, when added to any existing director remaining on the Board of Directors of the Borrower after such
election who is a related person of such Person, shall constitute a majority of the Board of Directors of the Borrower; or 
 (h) The Borrower or any of its ERISA Affiliates shall incur, or shall be reasonably likely to incur liability in excess of $100,000,000 in the aggregate as a result of one or more of the following: (i) the occurrence of any ERISA
Event; (ii) the partial or complete withdrawal of the Borrower or any of its ERISA Affiliates from a Multiemployer Plan; or (iii) the reorganization or termination of a Multiemployer Plan; 
 then, and in any such event, the Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the obligation
of each Lender to make Advances (other than Advances to be made by an Issuing Bank or a Revolving Credit Lender pursuant to Section 2.03(c)) and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall
forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due
and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower;
provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to make Advances (other than Advances to be
made by an Issuing Bank or a Revolving Credit Lender pursuant to Section 2.03(c)) and of the Issuing Banks to issue Letters of Credit shall automatically be terminated and (B) the Advances, all such interest and all such amounts shall

  

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automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the
Borrower. 
 SECTION 6.02. Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and
be continuing, the Agent may with the consent, or shall at the request, of the Required Revolving Credit Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Borrower to,
and forthwith upon such demand the Borrower will, (a) pay to the Agent on behalf of the Revolving Credit Lenders in same day funds at the Agent’s office designated in such demand, for deposit in the L/C Cash Deposit Account, an amount
equal to the aggregate Available Amount of all Letters of Credit then outstanding or (b) make such other arrangements in respect of the outstanding Letters of Credit as shall be acceptable to the Required Revolving Credit Lenders and not more
materially disadvantageous to the Borrower than clause (a); provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, an amount equal to the
aggregate Available Amount of all outstanding Letters of Credit shall be immediately due and payable to the Agent for the account of the Revolving Credit Lenders without notice to or demand upon the Borrower, which are expressly waived by the
Borrower, to be held in the L/C Cash Deposit Account. If at any time an Event of Default is continuing the Agent determines that any funds held in the L/C Cash Deposit Account are subject to any right or claim of any Person other than the Agent and
the Revolving Credit Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited
and held in the L/C Cash Deposit Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Deposit Account that the Agent determines to be free and
clear of any such right and claim. Upon the drawing of any Letter of Credit, to the extent funds are on deposit in the L/C Cash Deposit Account, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law.
After all Letters of Credit shall have expired or been fully drawn upon and all other obligations of the Borrower hereunder shall have been paid in full, the balance, if any, in such L/C Cash Deposit Account shall be returned to the Borrower.

 ARTICLE VII 
 THE AGENT

 SECTION 7.01. Authorization and Action. Each Lender (in its capacity as a Lender and Issuing Bank, as applicable) hereby appoints
and authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Agent by the terms hereof, together with such powers and discretion as are reasonably
incidental thereto. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes), the Agent shall not be required to exercise any discretion or take any action, but shall be
required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes;
provided, however, that the Agent shall not be required to take any action that exposes the Agent to personal liability or that is contrary to this Agreement or applicable law. The Agent agrees to give to each Lender prompt notice of
each notice given to it by the Borrower pursuant to the terms of this Agreement. 
 SECTION 7.02. Agent’s Reliance, Etc. Neither
the Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful
misconduct. Without limitation of the generality of the foregoing, the Agent: (i) may treat the Lender that made any Advance as the holder of the Debt resulting therefrom until the Agent receives and accepts an Assumption Agreement entered into
by an Assuming Lender as provided in Section 2.18 or 2.19, as the case may be, or an Assignment and Acceptance entered into by such Lender, as assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07; (ii) may
consult with legal counsel (including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of
such counsel, accountants or experts; (iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with
this Agreement; (iv) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of this Agreement on the part of the Borrower or the 

  

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existence at any time of any Default or to inspect the property (including the books and records) of the Borrower; (v) shall not be responsible to any
Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, this Agreement or
any other instrument or document furnished pursuant hereto; and (vi) shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by telecopier)
believed by it to be genuine and signed or sent by the proper party or parties. 
 SECTION 7.03. Citibank and Affiliates. With respect
to its Commitments, the Advances made by it and any Note or Notes issued to it, Citibank shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Agent; and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated, include Citibank in its individual capacity. Citibank and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept
investment banking engagements from and generally engage in any kind of business with, the Borrower, any of its Subsidiaries and any Person who may do business with or own securities of the Borrower or any such Subsidiary, all as if Citibank were
not the Agent and without any duty to account therefor to the Lenders. The Agent shall have no duty to disclose any information obtained or received by it or any of its Affiliates relating to the Borrower or any of its Subsidiaries to the extent
such information was obtained or received in any capacity other than as Agent. In the event that Citibank or any of its Affiliates shall be or become an indenture trustee under the Trust Indenture Act of 1939 (as amended, the “Trust Indenture
Act”) in respect of any securities issued or guaranteed by the Borrower, the parties hereto acknowledge and agree that any payment or property received in satisfaction of or in respect of any obligation of the Borrower hereunder or under any
other Loan Document by or on behalf of Citibank in its capacity as the Agent for the benefit of any Lender under this Agreement or any Note (other than Citibank or an Affiliate of Citibank) and which is applied in accordance with this Agreement
shall be deemed to be exempt from the requirements of Section 311 of the Trust Indenture Act pursuant to Section 311(b)(3) of the Trust Indenture Act. 
 SECTION 7.04. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender and based on the financial statements referred to in
Section 4.01 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the
Agent or any other Lender 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 this Agreement. 
 SECTION 7.05. Indemnification. (a) The Lenders agree to indemnify the Agent (to the extent not reimbursed by the Borrower), ratably according
to the respective principal amounts of the Advances then owed to each of them (or if no Advances are at the time outstanding, ratably according to the respective amounts of their Commitments), from and against any and all claims, damages, losses,
liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Agent in any way relating to or arising out of this
Agreement or any action taken or omitted by the Agent under this Agreement (collectively, the “Indemnified Costs”), provided that no Lender shall be liable for any portion of the Indemnified Costs resulting from the
Agent’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred
by the Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
under, this Agreement, to the extent that the Agent is not reimbursed for such expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such
investigation, litigation or proceeding is brought by the Agent, any Lender or a third party. 
 (b) Each Revolving Credit
Lender severally (but not jointly) agrees to indemnify each Issuing Bank (to the extent not promptly reimbursed by the Borrower) from and against such Lender’s Ratable Share of any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and disbursements of counsel) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any such Issuing Bank in its capacity as such in any way relating to or arising
out of this Agreement or any action taken or omitted by such Issuing Bank in its capacity as such hereunder or in connection herewith, in each case 

  

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whether or not such investigation, litigation or proceeding is brought by any Lender, its directors, shareholders or creditors or the Agent is otherwise a
party thereto, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Issuing Bank’s gross
negligence or willful misconduct. 
 (c) The failure of any Lender to reimburse the Agent or any Issuing Bank promptly upon demand for its
share of any amount required to be paid by the Lenders to the Agent or an Issuing Bank as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse the Agent or such Issuing Bank for its pro rata share of such
amount, but no Lender shall be responsible for the failure of any other Lender to reimburse the Agent or any Issuing Bank for such other Lender’s share of such amount. Without prejudice to the survival of any other agreement of any Lender
hereunder, the agreement and obligations of each Lender contained in this Section 7.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes. 
 SECTION 7.06. Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower and may be
removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders,
appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment
as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its
duties and obligations under this Agreement. After any retiring Agent’s resignation or removal hereunder as Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it
was Agent under this Agreement. 
 SECTION 7.07. Other Agents. Each Lender hereby acknowledges that neither the documentation agent
nor any other Lender designated as any “Agent” on the signature pages hereof has any liability hereunder other than in its capacity as a Lender. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same
shall be in writing and signed by the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that (a) no amendment,
waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: (i) waive any of the conditions specified in Section 3.01, (ii) change the percentage of the Commitments or of the aggregate unpaid
principal amount of the Advances or participations in Letters of Credit, or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder or (iii) amend this Section 8.01 and (b) no
amendment, waiver or consent shall, unless in writing and signed by the Required Lenders and each Lender that has or is owed obligations under this Agreement that are modified by such amendment, waiver or consent, do any of the following:
(i) increase any Commitment of such Lenders other than as provided in Section 2.18 or extend any Commitment of such Lender other than as provided in Section 2.19, (ii) reduce the principal of, or interest on, the Advances or any
fees or other amounts payable hereunder to such Lender or (iii) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, other than as provided in Section 2.19;
and provided further that (x) no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Agent under this Agreement
or any Note and (y) no amendment, waiver or consent shall, unless in writing and signed by the Issuing Banks in addition to the Lenders required above to take such action, adversely affect the rights or obligations of the Issuing Banks in their
capacities as such under this Agreement. 
  

 39 

 SECTION 8.02. Notices, Etc. (a) All notices and other communications provided for hereunder
shall be either (x) in writing (including telecopier communication) and mailed, telecopied or delivered or (y) as and to the extent set forth in Section 8.02(b) and in the proviso to this Section 8.02(a), if to the Borrower, at
its address at 5454 West 110th Street, 10th Floor, Overland Park, KS 66211-1204, Attention: Treasurer (Telecopier: 913 523-2786), with a copy to Claudia Toussaint, Esq. at 544 West 110th Street, 7th Floor,
Overland Park, KS 66211-1204, (Telecopier: 913 523-9825); if to any Initial Lender, at its Domestic Lending Office specified opposite its name on Schedule I hereto; if to any other Lender, at its Domestic Lending Office specified in the
Assumption Agreement or the Assignment and Acceptance pursuant to which it became a Lender; and if to the Agent, at its address at Two Penns Way, New Castle, Delaware 19720, Attention: Bank Loan Syndications Department; or, as to the Borrower or the
Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address as shall be designated by such party in a written notice to the Borrower and the Agent,
provided that materials required to be delivered pursuant to Section 5.01(i)(i), (ii) or (iv) shall be delivered to the Agent as specified in Section 8.02(b) or as otherwise specified to the Borrower by the Agent. All such
notices and communications shall, when mailed, telecopied or e-mailed, be effective when deposited in the mails, telecopied or confirmed by e-mail, respectively, except that notices and communications to the Agent pursuant to Article II, III or
VII shall not be effective until received by the Agent. Delivery by telecopier or electronic transmission of an executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed
and delivered hereunder shall be effective as delivery of a manually executed counterpart thereof. 
 (b) So long as Citibank or any of its
Affiliates is the Agent, materials required to be delivered pursuant to Section 5.01(i)(i), (ii) and (iv) shall be delivered to the Agent in an electronic medium in a format acceptable to the Agent and the Lenders by e-mail at
oploanswebadmin@citigroup.com. The Borrower agrees that the Agent may make such materials, as well as any other written information, documents, instruments and other material relating to the Borrower, any of its Subsidiaries or any other materials
or matters relating to this Agreement, the Notes or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on Intralinks or a substantially similar
electronic system (the “Platform”). The Borrower acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such
distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each
expressly disclaims liability for errors or omissions in the Communications or the Platform. No warranty of any kind, express, implied or statutory, including, without limitation, 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 the Agent or any of its Affiliates in connection with the Platform. 
 (c) Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have been posted to the Platform shall constitute effective delivery of such
information, documents or other materials to such Lender for purposes of this Agreement; provided that if requested by any Lender the Agent shall deliver a copy of the Communications to such Lender by email or telecopier. Each Lender agrees
(i) to notify the Agent in writing of such Lender’s e-mail address to which a Notice may be sent by electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and
from time to time thereafter to ensure that the Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 
 SECTION 8.03. No Waiver; Remedies. No failure on the part of any Lender or the Agent to exercise, and no delay in exercising, any right hereunder
or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 8.04. Costs and Expenses. (a) The Borrower agrees to pay on demand all
reasonable costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Agreement, the Notes and the other documents to be delivered hereunder, including, without
limitation, (A) all due diligence, syndication (including printing, distribution and bank meetings), transportation, computer, duplication, appraisal, consultant, and audit expenses and (B) the reasonable fees and expenses of outside
counsel for the Agent with respect thereto and with respect to advising the Agent as to its rights 

  

 40 

 
and responsibilities under this Agreement. The Borrower further agrees to pay on demand all costs and expenses of the Agent and the Lenders, if any
(including, without limitation, reasonable counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other documents to be delivered hereunder,
including, without limitation, reasonable fees and expenses of counsel for the Agent and each Lender in connection with the enforcement of rights under this Section 8.04(a). 
 (b) The Borrower agrees to indemnify and hold harmless the Agent and each Lender and each of their Affiliates and their officers, directors, employees,
agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by or asserted or
awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection
therewith) the Advances, this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances or Letters of Credit, except to the extent such claim, damage, loss, liability or expense is found in
a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity
in this Section 8.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, equityholders or creditors or an Indemnified Party or any other Person,
whether or not any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. The Borrower also agrees not to assert any claim for special, indirect, consequential or punitive damages
against the Agent, any Lender, any of their Affiliates, or any of their respective directors, officers, employees, attorneys and agents, on any theory of liability, arising out of or otherwise relating to the Notes, this Agreement, any of the
transactions contemplated herein or the actual or proposed use of the proceeds of the Advances. 
 (c) If any payment of principal of, or
Conversion of, any Eurodollar Rate Advance is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.08(d) or (e),
2.10 or 2.12, acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason, or by an Eligible Assignee to a Lender other than on the last day of the Interest Period for such Advance upon an assignment of rights and
obligations under this Agreement pursuant to Section 8.07 as a result of a demand by the Borrower pursuant to Section 8.07(a), the Borrower shall, upon demand by such Lender (with a copy of such demand to the Agent), pay to the Agent for
the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion, including, without limitation, any loss (including loss of
Applicable Margin), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 
 (d) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in
Sections 2.11, 2.14 and 8.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes. 
 SECTION 8.05. Right of Set-off-. Upon either (a) the occurrence and during the continuance of any Event of Default under Section 6.01(a) or 6.01(e) or (b) (i) the occurrence and during the
continuance of any other Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Notes due and payable pursuant to the provisions of
Section 6.01, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this
Agreement and the Note held by such Lender, whether or not such Lender shall have made any demand under this Agreement or such Note and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such
set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies
(including, without limitation, other rights of set-off) that such Lender and its Affiliates may have. 
  

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 SECTION 8.06. Binding Effect. This Agreement shall become effective (other than Section 2.01,
which shall only become effective upon satisfaction of the conditions precedent set forth in Section 3.01) when it shall have been executed by the Borrower and the Agent and when the Agent shall have been notified by each Initial Lender that
such Initial Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, the Agent and each Lender and their respective successors and assigns, except that the Borrower shall not have the right to assign its
rights hereunder or any interest herein without the prior written consent of the Lenders. 
 SECTION 8.07. Assignments and
Participations. (a) Each Lender may and, if demanded by the Borrower (following a demand by such Lender pursuant to Section 2.11 or 2.14) upon at least five Business Days’ notice to such Lender and the Agent, will assign to one or
more Persons all or a portion of its rights and obligations under any Facility under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and the Note or Notes held by it); provided,
however, that (i) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement with respect to one of more Facilities, (ii) except in the case of an assignment to a
Person that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations under this Agreement with respect to a Facility, the amount of the Commitment under such Facility of the assigning
Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof
unless the Borrower and the Agent otherwise agree, (iii) each such assignment shall be to an Eligible Assignee, (iv) each such assignment made as a result of a demand by the Borrower pursuant to this Section 8.07(a) shall be arranged
by the Borrower after consultation with the Agent and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with
another such assignment or other such assignments that together cover all of the rights and obligations of the assigning Lender under this Agreement, (v) no Lender shall be obligated to make any such assignment as a result of a demand by the
Borrower pursuant to this Section 8.07(a) unless and until such Lender shall have received one or more payments from either the Borrower or one or more Eligible Assignees in an aggregate amount at least equal to the aggregate outstanding
principal amount of the Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under this Agreement, and (vi) the parties to each such
assignment shall execute and deliver to the Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with any Note subject to such assignment and a processing and recordation fee of $3,500 payable by the
parties to each such assignment, provided, however, that in the case of each assignment made as a result of a demand by the Borrower, such recordation fee shall be payable by the Borrower except that no such recordation fee shall be
payable in the case of an assignment made at the request of the Borrower to an Eligible Assignee that is an existing Lender. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and
Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder
and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (other than its rights under Sections 2.11, 2.14 and
8.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 
 (b) By executing and
delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, this Agreement or any other instrument or document furnished pursuant hereto;
(ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement
or any other instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into 

  

 42 

 
such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Agent, such assigning Lender or any other Lender
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 this Agreement; (v) such assignee confirms that it is an Eligible Assignee;
(vi) such assignee appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Agent by the terms hereof, together with such powers and
discretion as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender.

 (c) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee representing that it is an Eligible
Assignee, together with any Note or Notes subject to such assignment, the Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C hereto, (i) accept such Assignment and Acceptance,
(ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 
 (d) The Agent
shall maintain at its address referred to in Section 8.02 a copy of each Assumption Agreement and each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and
the Commitments of, and principal amount of the Advances owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the
Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable
time and from time to time upon reasonable prior notice. 
 (e) Each Lender may sell participations to one or more banks or other entities
(other than the Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and any Note or Notes held
by it); provided, however, that (i) such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, (iii) such Lender shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrower, the Agent and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (v) no participant under any such participation shall have any right to approve any amendment or waiver
of any provision of this Agreement or any Note, or any consent to any departure by the Borrower therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other
amounts payable hereunder, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent
subject to such participation. 
 (f) Any Lender may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 8.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that,
prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Borrower Information relating to the Borrower received by it from such Lender. 
 (g) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its
rights under this Agreement (including, without limitation, the Advances owing to it and any Note or Notes held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

 SECTION 8.08. Confidentiality. Neither the Agent nor any Lender may disclose to any Person any confidential, proprietary or
non-public information of the Borrower furnished to the Agent or the Lenders by the Borrower (such information being referred to collectively herein as the “Borrower Information”), except that each of the Agent and each of the
Lenders may disclose Borrower Information (i) to its and its affiliates’ employees, officers, directors, agents and advisors (it being understood that the Persons to whom such disclosure is made will be 

  

 43 

 
informed of the confidential nature of the Borrower Information and instructed to keep the Borrower Information confidential on substantially the same terms
as provided herein), provided that Borrower Information will not be disclosed to any competitors of the Borrower or its Subsidiaries, (ii) to the extent requested by any regulatory authority or self-regulatory authority, (iii) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 8.08, to any assignee or participant or prospective assignee or
participant, (vii) to the extent the Borrower Information (A) is or becomes generally available to the public on a non-confidential basis other than as a result of a breach of this Section 8.08 by the Agent or such Lender, or
(B) is or becomes available to the Agent or such Lender on a nonconfidential basis from a source other than the Borrower and (viii) with the consent of the Borrower. If the Agent or any Lender intends to disclose any Borrower Information
pursuant to (iii), it is agreed that such Person, to the extent practicable, will provide the Borrower with prompt written notice thereof if permitted by law so that the Borrower may seek an appropriate protective order. Each Lender shall be deemed
to have complied with this Section if it exercises the same degree of care with respect to the confidentiality of the Borrower Information as it accords to its own confidential information in accordance with safe and sound banking practices.

 SECTION 8.09. Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 SECTION 8.10. Execution in Counterparts. This Agreement may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature
page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 8.11.
Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of
America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the Notes, or for recognition or enforcement of any judgment arising out of or relating to
this Agreement or any Notes, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent
permitted by law, in such federal court. The Borrower hereby irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties hereto by registered or certified mail, postage prepaid, to
the Borrower at its address specified pursuant to Section 8.02, with a copy to Claudia Toussaint, Esq. at 544 West 110th Street, 7th Floor, Overland Park, KS 66211-1204, (Telecopier: 913 523-9825). Each of the parties
hereto 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 law. Nothing in this Agreement shall affect any right that
any party may otherwise have to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction. 
 (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that 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 the Notes in any New York State court or federal court sitting in New York City. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 SECTION 8.12. No Liability of the Issuing
Banks. The Borrower assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither an Issuing Bank nor any of its officers or directors shall be
liable or responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any
endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by such Issuing Bank against presentation of documents that do not comply with the terms of a Letter
of Credit, including failure of any documents to bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances 

  

 44 

 
whatsoever in making or failing to make payment under any Letter of Credit, except that the Borrower shall have a claim against such Issuing Bank, and such
Issuing Bank shall be liable to the Borrower, to the extent of any direct, but not consequential, damages suffered by the Borrower that the Borrower proves were caused by such Issuing Bank’s willful misconduct or gross negligence when
determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. In furtherance and not in limitation of the foregoing, such Issuing Bank may accept documents that appear on their face to be in order,
without responsibility for further investigation; provided that nothing herein shall be deemed to excuse such Issuing Bank if it acts with gross negligence or willful misconduct in accepting such documents. 
 SECTION 8.13. Patriot Act Notice. Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender
or the Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. The Borrower shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any
Lenders in order to assist the Agent and the Lenders in maintaining compliance with the Patriot Act. 
  

 45 

 SECTION 8.14. Waiver of Jury Trial. Each of the Borrower, the Agent and the Lenders hereby
irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Notes or the actions of the Agent or any Lender in the
negotiation, administration, performance or enforcement thereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date first above written. 
  

			
	 EMBARQ CORPORATION

		
	 By
	 	  
		 	 Title:

	
	 CITIBANK, N.A.,
as Agent

		
	 By
	 	  
		 	 Title:

	
	 JPMORGAN CHASE BANK, N.A.

		
	 By
	 	  
		 	 Title:

	
	 BANK OF AMERICA, N.A.

		
	 By
	 	  
		 	 Title:

	
	 DEUTSCHE BANK AG NEW YORK BRANCH

		
	 By
	 	  
		 	 Title:

		
	 By
	 	  
		 	 Title:

	
	 UBS LOAN FINANCE LLC

		
	 By
	 	  
		 	 Title:

		
	 By
	 	  
		 	 Title:

	
	 BANK OF TOKYO-MITSUBISHI UFJ
 TRUST COMPANY

		
	 By
	 	  
		 	 Title:

  

 46 

			
	 UNION BANK OF CALIFORNIA, N.A.

		
	 By
	 	  
		 	 Title:

	
	 THE ROYAL BANK OF SCOTLAND PLC

		
	 By
	 	  
		 	 Title:

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By
	 	  
		 	 Title:

	
	 COBANK ACB

		
	 By
	 	  
		 	 Title:

	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH

		
	 By
	 	  
		 	 Title:

		
	 By
	 	  
		 	 Title:

	
	 FORTIS CAPITAL CORP.

		
	 By
	 	  
		 	 Title:

		
	 By
	 	  
		 	 Title:

	
	 MORGAN STANLEY BANK

		
	 By
	 	  
		 	 Title:

	
	 LEHMAN BROTHERS BANK, FSB

		
	 By
	 	  
		 	 Title:

	
	 SUMITOMO MITSUI BANKING CORPORATION

		
	 By
	 	  
		 	 Title:

  

 47 

			
	 BEAR STEARNS CORPORATE LENDING INC.

		
	 By
	 	  
		 	 Title:

	
	 COMMERCE BANK, N.A.

		
	 By
	 	  
		 	 Title:

	
	 FIFTH THIRD BANK

		
	 By
	 	  
		 	 Title:

	
	 MIZUHO CORPORATE BANK LTD.

		
	 By
	 	  
		 	 Title:

	
	 GOLDMAN SACHS CREDIT PARTNERS L.P.

		
	 By
	 	  
		 	 Title:

	
	 THE NORTHERN TRUST COMPANY

		
	 By
	 	  
		 	 Title:

	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By
	 	  
		 	 Title:

	
	 CHANG HWA COMMERICAL BANK, LTD.,
 NEW YORK BRANCH

		
	 By
	 	  
		 	 Title:

  

 48 

 EXHIBIT A-1 - FORM OF 
 REVOLVING CREDIT 
 PROMISSORY NOTE 
  

	U.S.$_______________	                                       
             Dated: _______________, 200_ 

 FOR VALUE
RECEIVED, the undersigned, Embarq Corporation, a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of __________ (the “Lender”) for the account of its Applicable Lending Office on the
Termination Date (each as defined in the Credit Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of the Revolving Credit Advances made by the
Lender to the Borrower pursuant to the Credit Agreement dated as of                 , 2006 among the Borrower, the Lender and certain other lenders parties thereto, and
Citibank, N.A. as Agent for the Lender and such other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) outstanding on the Termination Date.

 The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit Advance from the date of such Revolving
Credit Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. 
 Both principal and interest are payable in lawful money of the United States of America to Citibank, as Agent, at 388 Greenwich Street, New York, New York 10013, in same day funds. Each Revolving Credit Advance owing
to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this
Promissory Note. 
 This Promissory Note is one of the Revolving Credit Notes referred to in, and is entitled to the benefits of, the Credit
Agreement. The Credit Agreement, among other things, (i) provides for the making of Revolving Credit Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the U.S. dollar amount
first above mentioned, the indebtedness of the Borrower resulting from each such Revolving Credit Advance being evidenced by this Promissory Note and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain
stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified. 
  

			
	EMBARQ CORPORATION
		
	By	 	  
		 	 Title:

 ADVANCES AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	 	 Amount of
 Advance
	 	 Amount of
 Principal Paid
 or Prepaid
	  	 Unpaid Principal
 Balance
	  	 Notation
 Made By

 EXHIBIT A-2 - FORM OF 
 TERM PROMISSORY NOTE 
  

	U.S.$_______________	                                       
                     Dated: _______________, 200_ 

 FOR VALUE RECEIVED, the undersigned, Embarq Corporation, a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of __________ (the “Lender”) for the account of
its Applicable Lending Office on the Maturity Date (each as defined in the Credit Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of the Term
Advance made by the Lender to the Borrower pursuant to the Credit Agreement dated as of                 , 2006 among the Borrower, the Lender and certain other lenders
parties thereto, and Citibank, N.A. as Agent for the Lender and such other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) outstanding on the
Maturity Date. 
 The Borrower promises to pay interest on the unpaid principal amount of the Term Advance owing to the Lender from the date
of such Term Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. 
 Both principal and interest are payable in lawful money of the United States of America to Citibank, as Agent, at 388 Greenwich Street, New York, New York 10013, in same day funds. The Term Advance owing to the Lender
by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note.

 This Promissory Note is one of the Term Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit
Agreement, among other things, (i) provides for the making of a Term Advance by the Lender to the Borrower in an amount not to exceed at any time outstanding the U.S. dollar amount first above mentioned, the indebtedness of the Borrower
resulting from each such Term Advance being evidenced by this Promissory Note and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal
hereof prior to the maturity hereof upon the terms and conditions therein specified. 
  

			
	EMBARQ CORPORATION
		
	By	 	  
		 	 Title:

 ADVANCES AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	 	 Amount of
 Advance
	 	 Amount of
 Principal Paid
 or Prepaid
	  	 Unpaid Principal
 Balance
	  	 Notation
 Made By

 EXHIBIT B - FORM OF NOTICE OF 
 BORROWING 
 Citibank, N.A., as Agent 
 for the Lenders parties 
 to the Credit Agreement 
 referred to below 
 Two Penns Way 
 New Castle, Delaware 19720 
 [Date] 
 Attention: Bank Loan Syndications Department 
 Ladies and Gentlemen: 
 The undersigned, Embarq Corporation, refers to the Credit Agreement, dated as of
                , 2006 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein
defined), among the undersigned, certain Lenders parties thereto and Citibank, N.A., as Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a
Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of the Credit Agreement: 
 (i) The Proposed Borrowing is to be made under the [Revolving Credit] [Term] Facility. 
 (ii) The Business Day of the Proposed Borrowing is __________, 200_. 
 (iii) The Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [Eurodollar Rate Advances]. 
 (iv) The aggregate amount of the Proposed Borrowing is
$            . 
 [(v) The initial Interest Period
for each Eurodollar Rate Advance made as part of the Proposed Borrowing is _____ month[s].] 
 The undersigned hereby certifies that the
following statements are true on the date hereof, and will be true on the date of the Proposed Revolving Credit Borrowing: 
 (A) the representations and warranties contained in Section 4.01 of the Credit Agreement (except the representations set forth in the last sentence of subsection (e) thereof and in subsection (f)(i) thereof) are correct,
before and after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and 

 (B) no event has occurred and is continuing, or would result from such Proposed Borrowing
or from the application of the proceeds therefrom, that constitutes a Default. 
  

			
	 Very truly yours,

	
	EMBARQ CORPORATION
		
	By	 	  
		 	 Title:

 EXHIBIT C - FORM OF 
 ASSIGNMENT AND ACCEPTANCE 
 Reference is made to the Credit Agreement dated as of
                , 2006 (as amended or modified from time to time, the “Credit Agreement”) among Embarq Corporation, a Delaware corporation (the
“Borrower”), the Lenders (as defined in the Credit Agreement) and Citibank, N.A., as agent for the Lenders (the “Agent”). Terms defined in the Credit Agreement are used herein with the same meaning. 
 The “Assignor” and the “Assignee” referred to on Schedule I hereto agree as follows: 
 1. The Assignor hereby sells and assigns to the Assignee, without recourse, and the Assignee hereby purchases and assumes from the Assignor, an interest
in and to the Assignor’s rights and obligations under the [[Revolving Credit][Term] Facility under Credit Agreement as of the date hereof] [the Letter of Credit Facility] equal to the percentage interest specified on Schedule 1 hereto of [all
outstanding rights and obligations under [the Term Facility] [the Revolving Credit Facility together with participations in Letters of Credit] held by the Assignor on the date hereof] [such Assignor’s Unissued Letter of Credit Commitment].
After giving effect to such sale and assignment, the Assignee’s [[Revolving Credit][Term] Commitment and the amount of the Advances owing to the Assignee] [Letter of Credit Commitment] will be as set forth on Schedule 1 hereto. 

2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that
such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or the
execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, the Credit Agreement or any other
instrument or document furnished pursuant thereto; (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its
obligations under the Credit Agreement or any other instrument or document furnished pursuant thereto; and (iv) attaches the Note(s)[, if any] held by the Assignor [and requests that the Agent exchange such Note for new Note(s) payable to the
order of [the Assignee in an amount equal to the Commitment assumed by the Assignee pursuant hereto or new Notes payable to the order of the Assignee in an amount equal to the Commitment assumed by the Assignee pursuant hereto and] the Assignor in
an amount equal to the Commitment retained by the Assignor under the Credit Agreement, [respectively,] as specified on Schedule 1 hereto. 
 3. The Assignee (i) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements referred to in Section 4.01 thereof and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon the Agent, the Assignor or any other Lender 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 Credit Agreement; (iii) confirms that it is an Eligible Assignee; (iv) appoints and authorizes the
Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as are delegated to the Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto;
(v) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender; and (vi) attaches any U.S. Internal Revenue Service forms
required under Section 2.14 of the Credit Agreement. 
 4. Following the execution of this Assignment and Acceptance, it will be
delivered to the Agent for acceptance and recording by the Agent. The effective date for this Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the Agent, unless otherwise specified on
Schedule 1 hereto. 

 5. Upon such acceptance and recording by the Agent, as of the Effective Date, (i) the Assignee shall
be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Credit Agreement. 
 6. Upon such acceptance and recording by the Agent,
from and after the Effective Date, the Agent shall make all payments under the Credit Agreement and the Notes in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and facility fees with
respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement and the Notes for periods prior to the Effective Date directly between themselves. 
 7. This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York. 
 8. This Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance by telecopier shall be effective as
delivery of a manually executed counterpart of this Assignment and Acceptance. 
 IN WITNESS WHEREOF, the Assignor and the Assignee have
caused Schedule 1 to this Assignment and Acceptance to be executed by their officers thereunto duly authorized as of the date specified thereon. 

 Schedule 1 
 to 
 Assignment and Acceptance 
  

			
	 Percentage interest assigned:
	  	_____%
		
	 [Assignee’s Revolving Credit Commitment:
	  	$______
		
	 Aggregate outstanding principal amount of Revolving Credit Advances assigned:
	  	
 $______

		
	 Principal amount of Revolving Credit Note payable to Assignee:
	  	
 $______

		
	 Principal amount of Revolving Credit Note payable to Assignor:
	  	
 $_____]

		
	 [Assignee’s Term Commitment:
	  	$______
		
	 Aggregate outstanding principal amount of Term Advances assigned:
	  	
 $______

		
	 Principal amount of Term Note payable to Assignee:
	  	$______
		
	 Principal amount of Term Note payable to Assignor:
	  	$_____]
		
	 [Assignee’s Letter of Credit Commitment:
	  	$_____]

 Effective Date*: _______________, 200_ 
  

			
	[NAME OF ASSIGNOR], as Assignor
		
	By	 	  
	Title:	 	
	
	Dated: _______________, 200_
	
	[NAME OF ASSIGNOR], as Assignee
		
	By	 	  
	Title:	 	
	
	Dated: _______________, 200_
	
	Domestic Lending Office:
	 [Address]

	
	Eurodollar Lending Office:
	 [Address]

	*	This date should be no earlier than five Business Days after the delivery of this Assignment and Acceptance to the Agent. 

 Accepted [and Approved]** this 
 ____ day of __________, 200_ 
  

					
	CITIBANK, N.A., as Agent	 	
			
	By	 	  	 	
		 	Title:	 	
		
	[Approved this _____ day	 	
	of __________, 200_	 	
		
	EMBARQ CORPORATION	 	
			
	By	 	  	 	]*
		 	Title:	 	

	**	Required if the Assignee is an Eligible Assignee solely by reason of clause (iii) of the definition of “Eligible Assignee”. 

  

	*	Required if the Assignee is an Eligible Assignee solely by reason of clause (iii) of the definition of “Eligible Assignee”. 

 EXHIBIT D - FORM OF 
 OPINION OF COUNSEL 
 FOR THE BORROWER 
 [Effective Date] 
 To each of the Lenders parties 
 to the Credit Agreement dated 
 as of
                , 2006 
 among Embarq Corporation,

 said Lenders and Citibank, N.A., 
 as Agent for said Lenders, and 
 to Citibank, N.A., as Agent 
  

	 	Re:	Embarq Corporation 

 Ladies and
Gentlemen: 
 We have acted as counsel to Embarq Corporation, a Delaware corporation (the “Borrower”), in connection with
the preparation, execution and delivery of the Credit Agreement, dated as of May 8, 2006 (the “Credit Agreement”), among the Borrower, the Lenders parties thereto and Citibank, N.A., as Agent for the Lenders. This opinion is
furnished to you pursuant to Section 3.01(f)(iv) of the Credit Agreement. Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as therein defined. 
 In that connection, we have examined the originals or copies (certified or otherwise identified to our satisfaction) of the following: 
 (A) The Credit Agreement. 
 (B) The Notes delivered to certain Lenders on the date hereof. 
 (C) The Certificate of
Incorporation of the Borrower and all amendments thereto (the “Charter”). 
 (D) The by-laws of the Borrower
and all amendments thereto (the “By-laws”). 
 (E) A certificate of the Secretary of State of Delaware, dated
_______, 2006 attesting to the continued corporate existence and good standing of the Borrower in that State. 
 In addition, we have
examined the originals, or copies certified to our satisfaction, of such other corporate records of the Borrowers, certificates of public officials and of officers of the Borrower, and agreements, instruments and other documents, as we have deemed
necessary as a basis for the opinions expressed below. As to questions of fact material to such opinions, we have, when relevant facts were not independently established, relied upon certificates of the Borrower or its officers or of public
officials. In addition, we have examined, and have relied as to matters of fact only upon the representations and warranties of the Borrower contained in or made pursuant to the Credit Agreement, without independent verification thereof. 

For purposes of the opinions expressed herein, we have assumed (i) the genuineness of all signatures on all documents submitted to us as
originals, (ii) the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or photostatic copies, (iii) the absence of duress,
fraud, or mutual mistake of material facts on the part of the parties to the Credit Agreement, and (iv) the legal capacity and competency of natural Persons. With respect to the opinions regarding the current status of the Borrower in the State
of Delaware, (i) we have relied solely on the certificate issued by the Secretary of State of Delaware with respect to the Borrower, (ii) such opinion is limited to the meaning ascribed to such certificate by the Secretary of State of
Delaware and (iii) we have assumed that such certificate was properly given and remains accurate as of the date of this opinion. 

 We have assumed that (i) each party to the Credit Agreement other than the Borrower is duly
organized and each party to the Credit Agreement other than the Borrower is in good standing in their respective jurisdictions of organization or formation, (ii) each party to the Credit Agreement other than the Borrower has all requisite power
and authority to execute, deliver and perform the terms and provisions of the Loan Documents to which it is a party, (iii) each party to the Credit Agreement other than the Borrower has taken all necessary action to authorize the execution,
delivery and performance by it of the Credit Agreement and has duly executed and delivered the Credit Agreement, (iv) the execution and delivery by each party to the Credit Agreement other than the Borrower to the extent set forth herein and
the performance of each such party’s obligations under the Credit Agreement will not result in any violation of such party’s charter, governance or formation documents, (v) the execution and delivery by each party to the Credit
Agreement and the performance of each such party’s obligations under the Credit Agreement will not result in any violation of any applicable law, rule or regulation or any governmental order or decree, except that we have not made this
assumption as to the Borrower to the extent set forth herein in respect of any United States federal or New York state law, rule or regulation, (vi) no consent, approval, authorization, order, filing, registration or qualification of or with
any governmental agency or body is required for the execution and delivery by any party to the Credit Agreement or the performance by any such party of its obligations under the Credit Agreement, except that we have not made this assumption as to
the Borrower to the extent set forth herein in respect of any United States federal or New York state statute, (vii) the Credit Agreement constitutes the legal, valid and binding obligation of each party thereto other than the Borrower,
enforceable against such party in accordance with its terms, under the laws of all relevant jurisdictions, and (viii) to the extent applicable legal requirements require that the Agent, the Lenders or any other lender or holder of obligations
or liabilities arising under the Credit Agreement act in accordance with applicable duties of good faith or fair dealing, in a commercially reasonable manner, or otherwise in compliance with applicable legal requirements in exercising their
respective rights and remedies under the Credit Agreement, such Persons will fully comply with such legal requirements, including foreclosure or equivalent proceedings for the disposition of collateral, notwithstanding any provision of the Credit
Agreement that purports to grant any of them the right to act or fail to act in a manner contrary to such legal requirements, or based on its sole judgment or in its sole discretion or provisions of similar import. 
 The opinions expressed herein are limited to the internal laws of the State of New York, applicable federal law of the United States of America and the
General Corporation Law of the State of Delaware, and we express no opinion as to the laws of any other jurisdiction or the effect any such laws may have on the matters set forth herein. We express no opinion as to any federal or state securities
laws or as to any federal or state banking or bank regulatory laws except as provided in paragraph 2 below. 
 Finally, we express no opinion
as to any matters arising under any applicable federal or state antitrust or trade regulation laws, ERISA, patent, copyright, trademark and other intellectual property laws, laws relating to zoning and building codes, land use, health and safety,
environmental laws or regulations, tax laws, Federal Communication Commission rules and regulations, laws relating to licenses, permits, approvals, or similar matters applicable to the businesses or activities of the Borrower in any jurisdiction, or
any matters of local or municipal law or the laws of any local agencies or political subdivisions within any state or any laws which are applicable to the transactions contemplated by the Credit Agreement or the parties thereto because of the nature
or extent of their business. 
 Whenever our opinion with respect to the existence or absence of facts is indicated to be based on our
knowledge or awareness, we are referring to the actual present knowledge of the particular King & Spalding LLP attorneys who have represented the Borrower during the course of our representation of the Borrower in connection with the Credit
Agreements. Except as expressly set forth herein, we have not undertaken any independent investigation, examination or inquiry to determine the existence or absence of any facts (and have not caused the review of any court file or indices) and no
inference as to our knowledge concerning any facts should be drawn as a result of the limited representation undertaken by us. 
 Based upon
and subject to the foregoing and to the assumptions, limitations and qualifications set forth below, we are of the opinion that: 
 (1) The Borrower is a corporation validly existing and in good standing under the laws of the State of Delaware. 

 (2) The execution, delivery and performance by the Borrower of the Credit Agreement and
the Notes, and the consummation of the transactions contemplated thereby, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporation action, and do not contravene (i) the Charter or the By-laws or
(ii) any Federal or New York statute or the Delaware General Corporation Law or any rule or regulation that has been issued pursuant to any Federal or New York statute or the Delaware General Corporation Law applicable to the Borrower
(including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or (iii) any material agreement identified on Schedule I hereto. The Credit Agreement and the Notes have been duly executed and delivered by
the Borrower. 
 (3) No authorization, approval or other action by, and no notice to or filing with, any Federal or New York
governmental agency or body or any Delaware governmental agency or body acting pursuant to the Delaware General Corporation Law or other third party is required for the due execution, delivery and performance by the Borrower of the Credit Agreement
and the Notes, except authorizations, approvals or other actions, notices or filings that have been obtained or made. 
 (4)
The Credit Agreement is, and after giving effect to the initial Borrowing, the Notes will be, a valid and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective terms. 
 (5) To our knowledge, there are no pending or overtly threatened actions or proceedings against the Borrower or any of its Subsidiaries
before any court, governmental agency or arbitrator that purport to affect the legality, validity, binding effect or enforceability of the Credit Agreement or any of the Notes. 
 The opinions set forth above are subject to the following qualifications: 
 (1) Our opinion in paragraph 4 is qualified to the extent that the enforceability of the Credit Agreement may be limited by the effect of
(i) bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights and remedies of creditors (including, without limitation, matters of contract rejection, fraudulent conveyances and obligations, turn-over,
preference, equitable subordination, automatic stay, and substantive consolidation under federal bankruptcy laws, as well as state laws regarding fraudulent transfers, obligations, and conveyances, and state receivership laws), and (ii) general
principles of equity, whether applied by a court of law or equity (including, without limitation, principles governing the availability of specific performance, injunctive relief or other traditional equitable remedies, principles affording
traditional equitable defenses such as waiver, laches and estoppel, and legal standards requiring reasonableness or materiality of breach for exercise of remedies or providing for defenses based on impracticability or impossibility of performance or
on obstruction or failure to perform or otherwise act in accordance with an agreement by a party thereto other than the Borrower). 
 (2) We express no opinion as to the applicability to the Credit Agreement or the transactions contemplated thereby of Section 548 of the Bankruptcy Code (11 U.S.C. § 548) or any state laws relating to fraudulent transfers and
obligations (including, without limitation, Article 10 of the New York Debtor and Creditor Law). 
 (3) No opinion is
expressed with respect to the validity, binding effect, or enforceability of: 
 (a) those provisions of the Credit Agreement
relating to indemnification or exculpation in connection with violations of any securities laws or requiring indemnification for, or providing exculpation, release, or exemption from liability for, any action or inaction by any Person, to the extent
such action or inaction involves gross negligence or willful misconduct on the part of such Person or to the extent otherwise contrary to public policy; 
 (b) those provisions of the Credit Agreement providing for liquidated damages or for premiums on acceleration or termination or for the payment of charges or post judgment interest, to the extent any such provisions
may be deemed to be penalties or forfeitures; 

 (c) those provisions of the Credit Agreement that have the effect of waiving statutes of
limitation, marshaling of assets or similar requirements or the right to a trial by jury, in each case to the extent the same may not be waived as a matter of public policy; 
 (d) those provisions of the Credit Agreement providing that waivers, modifications or consents by a party may not be given effect unless
in writing or in compliance with particular requirements, or that a party’s course of dealing, course of performance, or the like or failure or delay in taking action may not constitute a waiver of related rights or provisions, or that one or
more waivers may not under certain circumstances constitute a waiver of other matters of the same kind; 
 (e) those
provisions of the Credit Agreement providing that the provisions of such documents are severable; 
 (f) those provisions of
the Credit Agreement purporting to permit the exercise, under certain circumstances, of rights or remedies without notice or without providing opportunity to cure failures to perform; 
 (g) the effect of any provision of the Credit Agreement insofar as it provides that any Person purchasing a participation from a Lender or
other Person may exercise set-off or similar rights with respect to such participation, or such Lender or other Person may exercise set-off or similar rights other than in accordance with applicable law; and 
 (h) any provision requiring the payment of expenses or attorneys’ fees, except to the extent that a court determines such fees to be
reasonable. 
 (4) In connection with the provisions of the Credit Agreement whereby the Borrower submits to the jurisdiction
of any federal court of competent jurisdiction, we note the limitations of 28 U.S.C. §§ 1331 and 1332 on Federal court jurisdiction. In connection with the provisions of the Credit Agreement which relate to forum selection (including,
without limitation, any waiver of any objection to venue or any objection that a court is an inconvenient forum), we note that under NYCPLR §510, a New York State court may have discretion to transfer the place of trial, and under 28 U.S.C.
§ 1404(a) a United States District Court has discretion to transfer an action from one Federal court to another. We call to your attention that federal and state courts (other than federal and state courts to the extent § 5-1402 of the New
York General Obligations Law is applicable) located in New York could decline to hear a case on grounds of forum non conveniens or any other doctrine limiting the availability of the courts in New York as a forum for the resolution of
disputes not having sufficient nexus to New York, and we express no opinion as to any waiver of rights to assert the applicability of forum non conveniens doctrine or any such other doctrine. 
 (5) Our opinion in paragraph 4 above, to the extent relating to matters of choice of law and choice of forum for the adjudication of
disputes, is rendered in reliance upon the Act of July 19, 1984, ch. 421, 1984 McKinney’s Sess. Law of N.Y. 1406 (codified as N.Y. Gen. Oblig. Law §§ 5-1401, 5-1402 (McKinney 1989) and N.Y. CPLR 327(b) (McKinney
(1990)) (the “Act”) and is subject to the terms, provisions and limitations of the Act, including as specified in the Act, and to limitations arising under the Constitution of the United States. 
 (6) We have assumed, without any independent investigation or verification of any kind, the absence of any agreements, arrangements or
understandings between or among any of the parties to the Credit Agreement which expand, modify, supersede or otherwise affect any of the terms thereof or the respective rights or obligations of the parties thereunder or that would modify, release,
terminate, subordinate or delay the attachment of the security interest and liens granted thereunder. 
 The opinions set forth herein are
solely for your benefit in connection with the transactions contemplated by the Credit Agreement and may not be relied upon by you for any other purpose or relied upon by 

 any other person or entity for any purpose or quoted or made public without our prior written consent in each instance,
except that any Person that becomes a Lender in accordance with the provisions of the Credit Agreement after the date hereof may rely on these opinions as if this opinion letter were addressed and delivered to such Lender on the date hereof.

 Very truly yours, 
 KING & SPALDING LLP 

 SCHEDULE I

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