Document:

Receivables Loan and Security Agreement

 Exhibit 10.17 
  
  
  
 RECEIVABLES LOAN AND SECURITY
AGREEMENT 
 Dated as of November 1, 2007 
 Among 
 LEAF CAPITAL FUNDING III, LLC, 
 as the Borrower 
 and 
 LEAF FINANCIAL CORPORATION, 
 as the Servicer 
 and 
 MORGAN STANLEY BANK, N.A. 
 As Collateral Agent 
 and 
 MORGAN STANLEY ASSET FUNDING INC. 
 as a Class A Lender and as a Class B
Lender 
 and 
 THE ROYAL BANK OF SCOTLAND PLC 
 as a Class A Lender and as a Class B
Lender 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as the Custodian and the Lenders’ Bank

 and 
 LYON FINANCIAL SERVICES, INC. (D/B/A U.S. BANK PORTFOLIO SERVICES), 
 as the Backup Servicer 
  
  
  

 This RECEIVABLES LOAN AND SECURITY AGREEMENT is made as of November 1, 2007, among:

 (1) LEAF CAPITAL FUNDING III, LLC, a Delaware limited liability company (the “Borrower”); 
 (2) LEAF FINANCIAL CORPORATION, a Delaware corporation (“LEAF Financial” or the “Initial Servicer”), as
the Servicer (as defined herein); 
 (3) MORGAN STANLEY BANK, N.A. (f/k/a Morgan Stanley Bank) Morgan Stanley”) Collateral
Agent (as defined herein); 
 (4) THE ROYAL BANK OF SCOTLAND PLC, as a Class A Lender (“RBS” and a
“Lender” hereunder) and as a Class B Lender (a “Lender” hereunder); 
 (5) MORGAN STANLEY ASSET
FUNDING INC., as a Class A Lender and Class B Lender (“Morgan Stanley AFI” and a “Lender” hereunder and, together with RBS, the “Lenders”); 
 (6) U.S. BANK NATIONAL ASSOCIATION, as the Custodian and the Lenders’ Bank (as each such term is defined herein); and 
 (7) LYON FINANCIAL SERVICES, INC. (d/b/a U.S. Bank Portfolio Services), a Minnesota corporation, as the Backup Servicer (as defined herein).

 IT IS AGREED as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Certain Defined Terms. (a) Certain capitalized terms used throughout this Agreement are defined above or in this
Section 1.01. 
 (b) As used in this Agreement and the exhibits and schedules thereto (each of which is hereby
incorporated herein and made a part hereof), 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): 
 “Accountants’ Report” has the meaning assigned to that term in Section 6.11(b). 
 “Active Backup Servicer’s Fee” means, for any Fee Period or portion thereof after the occurrence of a Servicer Default
and the appointment of the Backup Servicer as Servicer hereunder, an amount, payable out of Collections on the Pledged Receivables and amounts applied to the payment of, or treated as payments on, the Pledged Receivables, equal to the greater of
(i) the Active Backup Servicing Fee Rate, multiplied by the Eligible Receivables Balance as of the first day of such Fee Period, multiplied by a fraction, the numerator of which shall be the actual number of days in such Fee Period and the
denominator of which shall be 360, and (ii) $7,000. The Active Backup Servicer’s Fees shall also include reasonable out-of-pocket expenses incurred by the Backup Servicer in performing its duties as Servicer. 
  

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 “Active Backup Servicing Fee Rate” means 1.50%. 
 “Adjusted Eurodollar Rate” means, (i) on and prior to November 23, 2008, with respect to any Interest Period for
any Loan (or portion thereof) allocated to such Interest Period, an interest rate per annum equal to the average of the interest rates per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) reported during such Interest Period on
Reuters LIBOR01 Page (British Bankers Association Settlement Rate) as the London Interbank Offered Rate for United States dollar deposits having a term of thirty (30) days and in a principal amount of $1,000,000 or more (or, if such page shall
cease to be publicly available or, if the information contained on such page, in each applicable Lender’s sole judgment, shall cease to accurately reflect such London Interbank Offered Rate, such rate as reported by any publicly available
recognized source of similar market data selected by such Lender that, in such Lender’s reasonable judgment, accurately reflects such London Interbank Offered Rate), and (ii) thereafter, with respect to each other Interest Period for any
Loan (or portion thereof) allocated to such Interest Period, an interest rate per annum equal to the interest rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) reported on the date that is two (2) Business Days prior to
the end of the immediately preceding Interest Period on Reuters LIBOR01 Page (British Bankers Association Settlement Rate) as the London Interbank Offered Rate for United States dollar deposits having a term of thirty (30) days and in a
principal amount of $1,000,000 or more (or, if such page shall cease to be publicly available or, if the information contained on such page, in each applicable Lender’s sole judgment, shall cease to accurately reflect such London Interbank
Offered Rate, such rate as reported by any publicly available recognized source of similar market data selected by such Lender that, in such Lender’s reasonable judgment, accurately reflects such London Interbank Offered Rate). 
 “Adverse Claim” means a lien, security interest, charge, encumbrance or other right or claim of any Person other than, with
(i) respect to the Pledged Assets, any lien, security interest, charge, encumbrance or other right or claim in favor of the Collateral Agent or (ii) any Permitted Lien. 
 “Affected Party” has the meaning assigned to that term in Section 2.09. 
 “Affiliate” when used with respect to a Person, means any other Person controlling, controlled by or under common control
with such Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aggregate Advance Amount” means the Class A Advance Amount plus the Class B Advance Amount. 
  

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 “Agreement” means this Receivables Loan and Security Agreement, as the same
may be amended, restated, supplemented and/or otherwise modified from time to time hereafter in accordance with its terms. 
 “Allocable Share” means, in respect of any Segregated Collateral Pool at any time, such Segregated Collateral Pool’s share of any amount, which shall be determined by multiplying such amount by a fraction, (x) the
numerator of which is the aggregate Discounted Balance of all Pledged Receivables included in such Segregated Collateral Pool at such time and (y) the denominator of which is the aggregated Discounted Balance of all Pledged Receivables at such
time. 
 “Amendment Consent Parties” has the meaning assigned to that term in Section 9.01.

 “Amortized Equipment Cost” means, (i) with respect to all Eligible Receivables (a) as of the
Borrowing Date, the present value of the remaining Scheduled Payments under all Eligible Receivables (including any Balloon Payment or Put Payment), discounted monthly at the rate at which the present value of all Scheduled Payments under all
Eligible Receivables (including any Balloon Payment or Put Payment) equals the Purchase Price and, (b) as of any subsequent date of determination, shall mean the present value of the then remaining Scheduled Payments under all Eligible
Receivables (including any Balloon Payment or Put Payment) discounted monthly at the aforementioned discount rate, and (ii) with respect to an Eligible Receivable (a) as of the Borrowing Date, the present value of the remaining Scheduled
Payments under such Eligible Receivable (including any Balloon Payment or Put Payment), discounted monthly at the rate at which the present value of all Scheduled Payments under all Eligible Receivables (including any Balloon Payment or Put Payment)
equals the Purchase Price and, (b) as of any subsequent date of determination, shall mean the present value of the then remaining Scheduled Payments under such Eligible Receivable (including any Balloon Payment or Put Payment) discounted
monthly at the aforementioned discount rate. 
 “Approved Lienholder” means any Person that (i) has
entered into a Nominee Lienholder Agreement, a copy of which has been delivered by the Collateral Agent to the Custodian and (ii) appears on the list of approved lienholders provided by LEAF Financial Corporation to the Custodian from time to
time. 
 “Assigned Documents” has the meaning assigned to that term in Section 2.10. 
 “Assignment” has the meaning set forth in the Purchase and Sale Agreement. 
 “Assignment and Acceptance” has the meaning assigned to that term in Section 9.04. 
 “Available Cash” has the meaning assigned to that term in Section 7.01(t)(i). 
 “Available Funds” has the meaning assigned to that term in Section 2.04(a). 
 “Backup Servicer” means Lyon Financial Services, Inc. (d/b/a U.S. Bank Portfolio Services) or any successor Backup Servicer
appointed by the Lenders pursuant to Section 6.13. 
  

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 “Backup Servicer Delivery Date” has the meaning assigned to that term in
Section 6.10(d). 
 “Balloon Payment” means a payment due, or which may be required, at the end of
the term of a Contract (which constitutes a loan) equal to the principal amount under such Contract which remains outstanding after the payment of all regular scheduled payments of principal during the term of such Contract. 
 “Bankruptcy Code” means Title 11, United States Code, 11 U.S.C. §§ 101 et seq., as amended.

 “Bankruptcy Event” shall be deemed to have occurred with respect to a Person if either: 
 (a) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or
substantially all of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect;
or 
 (b) such Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency,
reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) for such Person or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a
corporation or similar entity, its board of directors or members shall vote to implement any of the foregoing. 
 “Base
Rate” means, on any date, a fluctuating rate of interest per annum equal to the arithmetic average of the rates of interest publicly announced by JPMorgan Chase Bank and Citibank, N.A. (or their respective successors) as their respective
prime commercial lending rates (or, as to any such bank that does not announce such a rate, such bank’s “base” or other rate determined by the Collateral Agent to be the equivalent rate announced by such bank), except that, if any
such bank shall, for any period, cease to announce publicly its prime commercial lending (or equivalent) rate, the Collateral Agent shall, during such period, determine the Base Rate based upon the prime commercial lending (or equivalent) rates
announced publicly by the other such bank or, if each such bank ceases to announce publicly its prime commercial lending (or equivalent) rate, based upon the prime commercial lending (or equivalent) rate or rates announced publicly by one or more
other banks selected by the Collateral Agent. The prime commercial lending (or equivalent) rates used in computing the Base Rate are not intended to be the lowest rates of interest charged by such banks in connection with extensions of credit to
debtors. The Base Rate shall change as and when such banks’ prime commercial lending (or equivalent) rates change. 
  

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 “Borrower” has the meaning assigned to that term in the preamble hereto.

 “Borrower Pension Plan” means a “pension plan” as such term is defined in section 3(2) of ERISA,
which is subject to Title IV of ERISA and to which the Borrower or any ERISA Affiliate of Borrower may have any liability, including any liability by reason of having been a substantial employer within the meaning of section 4063 of ERISA at any
time during the preceding five years, or by reason of being deemed to be a contributing sponsor under section 4069 of ERISA. 
 “Borrowing” means the borrowing of the Class A Loan and the Class B Loan under this Agreement. 
 “Borrowing Date” means, with respect to the Borrowing, the date on which the Borrowing is funded. 
 “Borrowing Limit” means on the Borrowing Date, the least of (i) the Facility Limit, (ii) the Maximum Advance Amount and (iii) the Aggregate Advance Amount; provided, however, that at all times,
on or after the Program Termination Date, the Borrowing Limit shall mean the aggregate outstanding principal balance of the Loans. 
 “Breakage Fee” means, for Loans allocated to any Interest Period during which such Loans are repaid (in whole or in part) prior to the end of such Interest Period, the breakage costs, if any, related to such repayment plus
the amount, if any, by which (i) interest (calculated without taking into account any Breakage Fee), which would have accrued on the amount of the payment of such Loans during such Interest Period (as so computed) if such payment had not been
made, as the case may be, exceeds (ii) the sum of (A) interest actually received by each Lender in respect of such Loans for such Interest Period and, if applicable, (B) the income, if any, received by the Lenders from each
Lender’s investing the proceeds of such payments on such Loans. 
 “Business Day” means a day of the year
other than a Saturday or a Sunday or any other day on which banks are authorized or required to close in New York City, St. Paul, Minnesota or Salt Lake City, Utah; provided, that, if any determination of a Business Day shall relate to a Loan
bearing interest at the Adjusted Eurodollar Rate, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Calculated Swap Amortizing Balance” means, with respect to a Qualifying Interest Rate Swap and as of any date of
determination, the projected scheduled amortizing balance of the Pledged Receivables which were Pledged during the period ending on the Remittance Date on which such Qualifying Interest Rate Swap became effective and beginning on the day following
the immediately preceding Remittance Date, determined by the Servicer and accepted by the Lenders based upon the Discounted Balance of such Pledged Receivables as of such date of determination, adjusted for prepayments using an absolute prepayment
speed which, in the judgment of the Lenders, is consistent with the speed with which the Pledged Receivables have prepaid in the past. 
  

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 “Capital Stock” of any Person means any and all shares, interests, rights
to purchase, warrants, options, contingent share issuances, participations or other equivalents of or interest in equity (however designated) of such Person. 
 “Certificate of Title” means with respect to a Vehicle, (i) if such Vehicle is registered in Florida, (x) to the extent the related Receivable has been originated by an
Originator, an original certificate of title or (y) to the extent the related Receivable has been Originated by a Person other than an Originator, (A) an original certificate of title or (B) if the original certificate of title has
been sent to the registered owner of such Vehicle, an original computer confirmation of lien, (ii) if such Vehicle is registered in Kansas, a true copy of the application for certificate of title and registration, (iii) if such Vehicle is
registered in Kentucky, an original notice of lien, (iv) if such Vehicle is registered in Maryland, an original notice of security interest filing, (v) if such Vehicle is registered in Minnesota, an original lien card, (vi) if such
Vehicle is registered in Missouri, an original notice of recorded lien, (vii) if such Vehicle is registered in Montana, a true copy of the application for certificate of title, (viii) if such Vehicle is registered in New York, an original
notice of lien, (ix) if such Vehicle is registered in Oklahoma, an original, file-stamped lien entry form, (x) if such Vehicle is registered in Wisconsin, an original lien confirmation card or (xi) if such Vehicle is registered in any
other State, an original certificate of title, in each case issued by the Registrar of Titles of the applicable State listing the lienholder of record with respect to such Vehicle (it being understood and agreed that solely for purposes of
clauses (i) through (x) above (other than clauses (i)(x) and (i)(y)(A)), the “original” of any document required thereby shall consist of whatever documentation has been issued by the Registrar of
Titles of the related State to the lienholder). 
 “Change of Control” means that at any time (i) Owner
shall own directly or indirectly less than 100% of all membership interests of the Borrower, (ii) Resource America shall own directly or indirectly less than 50.1% of all Capital Stock or voting power of the Initial Servicer, (iii) the
Initial Servicer shall own directly or indirectly less than 80% of all Capital Stock or voting power of Originator and Owner, (iv) Resource America, Owner or the Borrower merges or consolidates with any other Person without the prior written
consent of the Lenders, (v) the Initial Servicer or the Originator merges or consolidates with any other Person and the Initial Servicer or the Originator, as applicable, is not the surviving entity or (vi) either of Crit DeMent or Miles
Herman is not employed in a senior management position at the Initial Servicer, is not involved in the day-to-day operations of the Initial Servicer or is not able to perform substantially all of his duties as an employee of the Initial Servicer
during any three month period and, in each case, has not been replaced by a person approved by the Lenders in writing within 90 days of any such event. 
 “Check-in Repurchase Event” has the meaning set forth in Section 5.02(e). 
 “Check-in Requirements” means the procedures set forth in Section 5.02 of this Agreement. 
 “Class A Advance Amount” means $333,380,316.91. 
  

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 “Class A Facility Limit” means, at any time, with respect to the
Class A Notes, the product of (x) 97.10%, (y) 89%, and (z) the Amortized Equipment Cost with respect to all Pledged Receivables that are Eligible Receivables. 
 “Class A Interest Rate” means the Adjusted Eurodollar Rate plus 5.00%. 
 “Class A Lender” means each Lender in respect of the Class A Loan. 
 “Class A Loan” has the meaning set forth in Section 2.01(a). 
 “Class A Note” has the meaning set forth in Section 2.01(b). 
 “Class B Advance Amount” means $33,712,616.32. 
 “Class B Interest Rate” means the Adjusted Eurodollar Rate plus 20.00%. 
 “Class B Lender” means each Lender in respect of the Class B Loan. 
 “Class B Loan” means the sum of the Class B Advance Amount plus $1,000,000. 
 “Class B Note” has the meaning set forth in Section 2.01(b). 
 “Closing Date” means November 7, 2007. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral Agent” means Morgan Stanley, in its capacity as collateral agent on behalf of the Secured Parties, and any other Person appointed as Collateral Agent hereunder. 
 “Collateral Agent’s Fee” means, for any Fee Period, an amount, payable out of Collections on the Pledged Receivables
and amounts applied to the payment of, or treated as payments on, the Pledged Receivables, equal to the amount listed in the Fee Letter. 
 “Collateral Receipt” has the meaning assigned to that term in the Custodial Agreement. 
 “Collateral Split” has the meaning set forth in Section 7.03(b). The Collateral Split shall be deemed to occur on the Collateral Split Effective Date. 
 “Collateral Split Accrued Expenses” means, as of any date, each of the following amounts to the extent accrued or invoiced
on or prior to such date: all amounts payable under clauses (i), (ii) (including, without limitation, all applicable swap breakage costs, indemnities and Other Swap Breakage Costs), (iii), (iv), (v),
(vi), (viii) and (xiii) of Section 2.04(a); it being understood and agreed that extraordinary amounts reasonably expected to be incurred in connection with any Program Termination Event or the Collateral
Split may be invoiced in advance and shall be included in the Collateral Split Accrued Expenses. 
 “Collateral Split
Buyout Right” has the meaning set forth in Section 7.04. 
  

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 “Collateral Split Effective Date” means (i) the day after the first
Remittance Date to occur following the later of (a) the date on which each applicable Lender’s Collateral Split Buyout Rights expire pursuant to Section 7.03 and (b) the date on which all Collateral Split Accrued Expenses
are paid in full or (ii) any other date agreed to by the parties hereto and the Qualifying Swap Counterparty. 
 “Collateral Split Notice” has the meaning set forth in Section 7.04(a). 
 “Collection Account” means a special trust account (account number 119320000 at the Lenders’ Bank) in the name of the Borrower and under the control of U.S. Bank National Association, as securities intermediary, on
behalf of the Lenders; provided, that the funds deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the Borrower and the Borrower shall be solely liable for any taxes
payable with respect to the Collection Account. 
 “Collection Account Agreement” means that certain Collection
Account Agreement, dated the date of this Agreement, among the Borrower, the Servicer, the Lenders’ Bank, the Lenders and the Collateral Agent, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance
with the terms thereof. 
 “Collection Date” means the date on which the aggregate outstanding principal amount
of the Loans have been repaid in full and all interest and Fees and all other Obligations have been paid in full. 
 “Collection Period” means, (i) with respect to any Remittance Date (including the initial Remittance Date), the period beginning on, and including, the first day of the most recently ended calendar month and ending on,
and including, the last day of the most recently ended calendar month; provided, that the final Collection Period shall begin on, and include, the first day of the then current calendar month and shall end on the Collection Date and
(ii) in any context other than with respect to any Remittance Date, a calendar month. 
 “Collections”
means, without duplication, with respect to any Pledged Receivable, all Scheduled Payments related to such Receivable, all prepayments and related penalty payments with respect to the Contract related to such Receivable, all overdue payments and
related interest and penalty payments with respect to the Contract related to such Receivable, all Guaranty Amounts, all Insurance Proceeds, all Servicing Charges, all proceeds under “buyout letters” or other prepayment/termination
agreements and all Recoveries related to such Receivable, all amounts paid to the Borrower related to such Receivable pursuant to the terms of the Purchase and Sale Agreement, all amounts paid by the Servicer related to such Receivable in connection
with its obligations under Section 6.20 hereof, and all other payments received with respect to the Contract related to such Receivable, all cash receipts and proceeds in respect of the Other Conveyed Property or Related Security
(including, without limitation, the Obligor Collateral) related to such Receivable, any Servicer Advances related to such Receivable, and any amounts paid to the Borrower under or in connection with any Qualifying Interest Rate Swap or the hedging
arrangements contemplated thereunder. 
  

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 “Computer Tape or Listing” means the computer tape or listing (whether in
electronic form or otherwise) generated by the Servicer on behalf of the Borrower, which provides information relating to the Receivables included in the Eligible Receivables Balance. 
 “Consolidated EBITDA” means, with respect to LEAF Financial and its consolidated subsidiaries for any period, the aggregate
net income (or loss) of LEAF Financial and its consolidated subsidiaries for such period plus, without duplication and to the extent deducted in the calculation of such aggregate net income (or loss) for such period, the sum of
(a) income tax expense, (b) Consolidated Interest Expense (including interest on the Loans) for such period, (c) depreciation and amortization expense and (d) amortization of intangibles (including, without limitation, goodwill,
trademarks, tradenames, copyrights, patents, patent allocations, licenses and rights in any of the foregoing and other items treated as intangibles in accordance with GAAP). 
 “Consolidated Interest Expense” means, with respect to LEAF Financial and its consolidated subsidiaries for any period, the
aggregate of the interest expense of LEAF Financial and its consolidated subsidiaries for such period, as determined in accordance with GAAP, and including, without duplication, net cash costs under all Qualifying Interest Rate Swaps (excluding
amortization or accretion of original discount or cost). 
 “Contract” means a Lease Contract or a Loan
Contract. 
 “Controlling Holders” means, (i) at any time prior to a Collateral Split, both of the Primary
Lenders acting together and (ii) at any time after a Collateral Split, with respect to any Loan Agreement and the related Transaction Documents, the holders of a majority of the aggregate outstanding principal amount of the Class A Notes
and the Class B Notes governed by such Loan Agreement or, if there are only two holders of such Class A Notes and the Class B Notes, all of such holders of such Class A Notes and the Class B Notes. 
 “Credit and Collection Policy” means (i) collectively, the “Operations Policies &
Procedures” memorandum and certain other items, as annexed hereto as Schedule IV as such policy may hereafter be amended, modified or supplemented from time to time in compliance with this Agreement and (ii) with respect to any
Servicer other than LEAF Financial, that Servicer’s collection policies for similar assets in effect from time to time. 
 “Cumulative Net Loss Rate” means, as of any date of determination following November 1, 2008, an amount (expressed as a percentage) equal to (i) the difference of (x) the aggregate Discounted Balances of all
Pledged Receivables which were Eligible Receivables at the time of their Pledge hereunder and which became Defaulted Receivables at any time, minus (y) Recoveries received, divided by (ii) the Purchase Price. 
 “Cumulative Net Loss Rate Percentage” means, for each calendar month, the corresponding percentage set forth in the
“Cumulative Net Loss Rate Percentage” column on Schedule IX hereto. 
 “Custodial Agreement”
means that certain Custodial Agreement dated as of the date hereof among the Servicer, the Borrower, the Lenders and the Custodian, together with all instruments, documents and agreements executed in connection therewith, as such Custodial Agreement
may from time to time be amended, restated, supplemented and/or otherwise modified in accordance with the terms thereof. 
  

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 “Custodian” means U.S. Bank National Association (or a sub-custodian on its
behalf) or any substitute Custodian appointed by the Lenders pursuant to the Custodial Agreement. 
 “Custodian’s
Fee” means, for any Fee Period, an amount, payable out of Collections on the Pledged Receivables and amounts applied to the payment of, or treated as payments on, the Pledged Receivables, equal to the aggregate fees (and, following a
Collateral Split, the aggregate fees with respect to each related Segregated Collateral Pool, without duplication) listed in that certain “Schedule of Fees” letter dated October 23, 2007 between U.S. Bank National Association and LEAF
Financial Corporation, as amended, which relate to such Fee Period. 
 “Debt” of any Person means
(i) indebtedness of such Person for borrowed money, (ii) obligations of such Person evidenced by bonds, debentures, notes or other similar instruments related to transactions that are classified as financings under GAAP,
(iii) obligations of such Person to pay the deferred purchase price of property or services, (iv) obligations of such Person as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases,
(v) obligations secured by an Adverse Claim upon property or assets owned (under GAAP) by such Person, even though such Person has not assumed or become liable for the payment of such obligations and (vi) obligations of such Person under
direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor, against loss in respect of, indebtedness or obligations of others of the kinds referred to in
clauses (i) through (v) above. 
 “Defaulted Receivable” means, as of any date of determination, any
Pledged Receivable: 
 (i) with respect to which any part of any Scheduled Payment, or any tax-related payment,
owed by the applicable Obligor under the terms of the related Contract remains unpaid for more than 120 days after the due date therefor set forth in such Contract; 
 (ii) with respect to which the first or second Scheduled Payment is not paid in full when due under the related Contract;

 (iii) with respect to which any payment or other material terms of the related Contract have been modified due
to credit related reasons after such Contract was acquired by the Borrower pursuant to the Purchase and Sale Agreement; 
 (iv) which has been or should be charged off as a result of the occurrence of a Bankruptcy Event with respect to the related Obligor, if any, or which has been or should otherwise be deemed uncollectible by the Servicer, in each case, in
accordance with the Credit and Collection Policy; or 
 (v) with respect to which the Servicer has repossessed
the related Equipment. 
 “Deficiency” has the meaning assigned to that term in the Custodial Agreement.

  

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 “Delinquency Rate” means, as of any date of determination, an amount
(expressed as a percentage) equal to (i) the aggregate Discounted Balances of all Delinquent Receivables as of the last day of the immediately preceding Collection Period divided by (ii) aggregate Discounted Balances of all Pledged
Receivables which are Eligible Receivables as of such day. 
 “Delinquent Receivable” means, as of any date of
determination, any Pledged Receivable (other than a Defaulted Receivable) with respect to which any part of any Scheduled Payment (or other amount payable under the terms of the related Contract) remains unpaid for more than 60 days but not more
than 120 days after the due date therefor set forth in such Contract. 
 “Depository Institution” means a
depository institution or trust company, incorporated under the laws of the United States or any State thereof, that is subject to supervision and examination by federal and/or State banking authorities. 
 “Discount Rate” means, as of any date of determination, a percentage equal to the sum of (i) 7.20% per annum,
(ii) at any time prior to the occurrence of a Servicer Default and the appointment of the Backup Servicer as Servicer hereunder, the Servicing Fee Rate and the Standby Backup Servicing Fee Rate, (iii) at any time after the occurrence of a
Servicer Default and the appointment of the Backup Servicer as Servicer hereunder, the Active Backup Servicing Fee Rate and (iv) a rate per annum equal to 0.05%. 
 “Discounted Balance” means, with respect to any Contract, as of any date of determination, the present value of the aggregate amount of Scheduled Payments (including any Balloon Payment
or Put Payment but, in any event, calculated without giving effect to any booked residual value with respect to any related Equipment) due or to become due under the terms of the related Contract after the Cut-Off Date applicable to the Receivable
related thereto, which remain unpaid as of such date of determination, calculated by discounting such aggregate amount of such Scheduled Payments to such date of determination at an annual rate equal to the Discount Rate. 
 “Discrepancy Procedure” has the meaning assigned to that term in the eighth paragraph of Section 6.13.

 “Dollar Purchase Option Contract” means a Contract (i) in connection with which an agreement was
executed which grants the related Obligor a right to purchase the Equipment leased under such Contract for $1.00 or other nominal consideration at the end of the initial term of such Contract or (ii) grants the related Obligor a right to
purchase the Equipment leased under such Contract for $1.00 or other nominal consideration at the end of the initial term of such Contract. 
 “Eligible Depository Institution” means a Depository Institution the short term unsecured senior indebtedness of which is rated at least Prime-1 by Moody’s, A-1 by S&P, and F1 by
Fitch, if rated by Fitch. 
 “Eligible Receivable” means, at any time, a Pledged Receivable with respect to
which each of the representations and warranties regarding the Contract related to such Pledged Receivable contained in Schedule III hereto is true and correct at such time. 
  

 11 

 “Eligible Receivables Balance” means, at any time, the aggregate Discounted
Balances of all Eligible Receivables which are Pledged Receivables hereunder to secure Loans at such time. 
 “Equipment” means the equipment or Vehicle leased to an Obligor, or serving as collateral for a loan to an Obligor, under a Contract together with any replacement parts, additions and repairs thereof, and any accessories
incorporated therein and/or affixed thereto. 
 “Equipment Category” means any of the Equipment Categories set
forth on Schedule V hereto, as such schedule may be updated from time to time by the Borrower with the consent of the Lenders (which such consent shall not be unreasonably withheld). 
 “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means a corporation, trade or business that is, along with any Person, a member of a controlled group
of corporations or a controlled group of trades or businesses, as described in section 414 of the Internal Revenue Code of 1986, as amended, or section 4001 of ERISA. 
 “Eurodollar Disruption Event” means any of the following: (i) a determination by any Lender that it would be contrary to law or to the directive of any central bank or other
governmental authority (whether or not having the force of law) for such Lender to obtain United States dollars in the London interbank market to make, fund or maintain any Loan, (ii) a determination by any Lender that the rate at which
deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Loan or (iii) the inability of any Lender to obtain United States
dollars in the London interbank market to make, fund or maintain any Loan. 
 “Eurodollar Index”
means an index based upon an interest rate reported on Reuters LIBOR01 Page (British Bankers Association Settlement Rate) as the London Interbank Offered Rate for United States dollar deposits. 
 “Event of Default” has the meaning assigned to that term in Section 7.01. 
 “Exception Report” has the meaning set forth in the Custodial Agreement. 
 “Exception Sublimit Receivable” means a Receivable arising under a Lease Contract related to Equipment having an Amortized
Equipment Cost of less than $100,000 as to which the original, executed Lease Contract has not been forwarded to the Custodian for inclusion in the related Receivable File. 
 “Excluded Amounts” has the meaning assigned to that term in Section 2.11. 
 “Excluded Assets” means all Receivables and other assets acquired by the Originator pursuant to the FDIC Purchase Agreement
which are not Pledged Assets. 
 “Exit Fee” has the meaning set forth in the Fee Letter. 
  

 12 

 “Facility Amount” means, at any time, the difference between the aggregate
Loans Outstanding hereunder minus $1,000,000 (the deferred, capitalized portion of the Class B Arrangement Fee (as defined in the Fee Letter) payable by the Borrower to Morgan Stanley AFI, as Class B Lender). 
 “Facility Deficiency” means, at any time, that either: (i) the Class A Facility Limit is less than the aggregate
outstanding principal balance of the Class A Notes, or (ii) the Facility Limit is less than the Facility Amount; an amount equal to the amount of such deficiency, respectively. 
 “Facility Limit” means, at any time, with respect to the Class A Notes and the Class B Notes, collectively, the
product of (x) 97.10%, (y) 98%, and (z) the Amortized Equipment Cost with respect to all Pledged Receivables that are Eligible Receivables. 
 “Facility Limit Certificate” means a report, in substantially the form of Exhibit A, prepared by the Borrower (or the Initial Servicer on its behalf) for the benefit of Lenders
pursuant to Section 6.10(c). 
 “Facility Maturity Date” means April 22, 2010, unless extended
by all of the Lenders in their sole discretion, at the written request of the Borrower, by written notice to the other parties hereto. 
 “FDIC Documents” has the meaning specified in the Purchase and Sale Agreement. 
 “FDIC
Purchase Agreement” means the Loan Sale Agreement between Federal Deposit Insurance Corporation, as Receiver of Netbank and the Originator with respect to the Pledged Receivables and other assets. 
 “Fee Letter” has the meaning assigned to that term in Section 2.08(a). 
 “Fee Period” means a period commencing on (and including) a Remittance Date and ending on (and including) the day prior to
the next Remittance Date; provided, that, the initial Fee Period hereunder shall commence on (and include) the date hereof and end on (and include) December 13, 2007. 
 “Fees” has the meaning assigned to that term in Section 2.08(a). 
 “Fitch” means Fitch, Inc. (or its successors in interest). 
 “FMV Contract” means a Contract which (i) in connection with which any agreement was executed which grants the related
Obligor a right to purchase the Equipment leased under such Contract for the fair market value thereof at the end of the initial term of such Contract or (ii) grants the related Obligor a right to purchase the Equipment leased under such
Contract for the fair market value thereof at the end of the initial term of such Contract. 
 “GAAP” means
generally accepted accounting principles as in effect from time to time in the United States. 
  

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 “Government Entity” means the United States, any State, any political
subdivision of a State and any agency or instrumentality of the United States or any State or political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government. 
 “Guaranty Amounts” means any and all amounts paid by any guarantor with respect to the
applicable Contract. 
 “Included Repurchased Receivable” means any Receivable repurchased by the Originator
pursuant to Section 6.1(b) of the Purchase and Sale Agreement with respect to which, as of the date of repurchase, any part of any Scheduled Payment (or other amount payable under the terms of the related Contract) remained unpaid after
the due date therefor set forth in such Contract. 
 “Indemnified Amounts” has the meaning assigned to that
term in Section 8.01. 
 “Independent Accountants” has the meaning assigned to that term in
Section 6.11(b). 
 “Initial Class B Principal Paydown Amount” means $500,000.00. 
 “Initial Class B Principal Paydown Date” means June 23, 2009. 
 “Initial Qualifying Swap Counterparty” means Morgan Stanley Capital Services Inc., a Delaware corporation, and its
successors and permitted assigns. 
 “Initial Servicer” has the meaning assigned to that term in the preamble
hereto. 
 “Insurance Certificate” means the insurance certificate related to the Insurance Policy with respect
to such Receivable (which insurance certificate shall list the Originator as a loss payee). 
 “Insurance
Policy” means, with respect to any Obligor Collateral, the insurance policy maintained by or on behalf of the Obligor pursuant to the related Contract that covers physical damage to the related Equipment (in an amount sufficient to insure
completely the value of such Equipment) and general liability (including policies procured by the Borrower or the Servicer, or any agent thereof, on behalf of the Obligor). 
 “Insurance Proceeds” means, with respect to an item of Obligor Collateral and a related Contract, any amount paid under an
Insurance Policy issued with respect to such Obligor Collateral and/or the related Contract. 
 “Interest Coverage
Ratio” means, in respect of any fiscal quarter, the ratio (calculated based on the most recent financial statements of LEAF Financial and its consolidated subsidiaries delivered pursuant to Section 6.11 hereof) of (a) the
Consolidated EBITDA of LEAF Financial and its consolidated subsidiaries for fiscal quarter to (b) Consolidated Interest Expense of LEAF Financial and its consolidated subsidiaries for fiscal quarter but excluding accrued and unpaid interest on
subordinated Debt of LEAF Financial to its parent company. 
  

 14 

 “Interest Period” means, for any outstanding Loans, a period determined
pursuant to Section 2.03(a). 
 “Interest Rate” has the meaning assigned to such term in
Section 2.03(b). 
 “LEAF Financial” has the meaning assigned to that term in the preamble hereto.

 “LEAF III Lockbox Account” means the deposit account at the Lockbox Bank in the name of “LEAF
Capital Funding III, LLC, for the benefit of Morgan Stanley Bank, N.A., as Collateral Agent” or “LEAF Capital Funding III, LLC, for the benefit of [successor Collateral Agent name], as Collateral Agent”, as applicable, which is the
subject of the LEAF III Lockbox Account Agreement. 
 “LEAF III Lockbox Account Agreement” means
the Blocked Account Control Agreement (With Lockbox Services), dated on or about December 28, 2009, among the Lockbox Bank, the Servicer, the Borrower and the Collateral Agent, as such agreement may from time to time be amended, restated,
supplemented and/or otherwise modified in accordance with the terms thereof. 
 “LEAF Managed Entity”
means any Person for which LEAF Financial has contractually agreed (pursuant to any agreement, including, without limitation, a partnership agreement or other organizational document, management agreement or servicing agreement) to act as a manager
or a servicer with respect to the equipment leases and loans owned by such Person and which is (i) contractually obligated to purchase all such leases and loans only from LEAF Financial and its affiliates and only at such seller’s cost
basis and (ii) not contractually limited in when it can purchase such leases and loans. 
 “Lease
Contract” means (i) the standard form equipment lease contract of NBBF in the form delivered to the Servicer and the Lenders and which shall be deemed incorporated herein as Exhibit D-1 attached hereto or (ii) a lease
agreement otherwise approved by the Servicer in compliance with the Credit and Collection Policy, pursuant to which Equipment is leased to an Obligor by NBBF or Originator, together with all schedules, supplements and amendments thereto and each
other document and instrument related to such lease. 
 “Lease File” has the meaning assigned to that term in
clause (a) of the definition of “Receivable File”. 
 “Lender” means, any one of and
“Lenders” means all of, the Class A Lenders and the Class B Lenders, and each such Person’s successors and assigns. 
 “Lenders’ Bank” means U.S. Bank National Association and its successors and assigns that are Eligible Depository Institutions. 
 “Lenders’ Bank Fee” means an annual fee paid in advance, payable out of Collections on the Pledged Receivables and
amounts applied to the payment of, or treated as payments on, the Pledged Receivables, equal to $6,000. The “Lenders’ Bank Fee” shall also include (i) a one-time acceptance fee of $4,500 payable on the Closing Date and
(ii) reasonable out-of-pocket expenses incurred by the Lenders’ Bank in the performance of its duties; provided, that all expenses exceeding a total of $50,000 shall be approved in advance by all Lenders and the Borrower so long as
an Event of Default shall not have occurred and then be continuing. 
  

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 “Leverage Ratio” means, with respect to LEAF Financial or Resource America,
as of any date of determination, the ratio of (a) all recourse Debt (including (I) in the case of LEAF Financial, the revolving credit facility with National City Bank, as agent, or other similar types of credit facilities existing on or
after the date hereof, and (II) in the case of Resource America, similar types of credit facilities), to (b) the Tangible Net Worth of such Person. 
 “Liquidation Proceeds” means, with respect to a Receivable with respect to which the related Obligor Collateral has been repossessed or foreclosed upon by the Servicer, all amounts
realized with respect to such Receivable net of (i) reasonable expenses of the Servicer incurred in connection with the collection, repossession, foreclosure and/or disposition of the related Obligor Collateral and (ii) amounts that are
required to be refunded to the Obligor on such Receivable; provided, however, that the Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
 “Loan” means either of the Class A Loan or the Class B Loan and “Loans” means the Class A Loan
and the Class B Loan. 
 “Loan Agreement” has the meaning assigned to that term in
Section 7.03(c)(i). 
 “Loan Contract” means, (i) the standard form equipment loan/security
contract of NBBF delivered to the Servicer and the Lenders and which shall be deemed incorporated herein as Exhibit D-2 and Exhibit D-3 or (ii) a loan/security agreement and promissory note otherwise approved by the Servicer in
compliance with the Credit and Collection Policy, in each case, pursuant to which NBBF or the Originator makes a loan to an Obligor secured by Equipment purchased by such Obligor, together with all schedules, supplements and amendments thereto and
each other document and instrument related thereto. 
 “Loan File” has the meaning assigned to that term in
clause (b) of the definition of “Receivable File”. 
 “Loans Outstanding” means the sum
of the principal amounts of all Loans, as reduced from time to time by Collections with respect to any Pledged Receivable received and distributed as repayment of principal amounts of Loans outstanding pursuant to Section 2.04 and any
other amounts received by the Lenders to repay the principal amounts of Loans outstanding pursuant to Section 2.15 or otherwise; provided, however, that the principal amounts of Loans outstanding shall not be reduced by any
Collections with respect to any Pledged Receivable or other amounts if at any time such Collections or other amounts are rescinded or must be returned for any reason. 
 “Lockbox” means any post office box to which Collections with respect to any Pledged Receivable are remitted for retrieval by the Lockbox Bank and for deposit by the Lockbox Bank into the
Lockbox Account. 
  

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 “Lockbox Account” means (i) prior to the Lockbox Change Date,
(x) the deposit account (account number 153910088597 at the Lockbox Bank) in the name of “U.S. Bank NA as Securities Intermediary for LEAF Financial and various lenders” and (y) once opened and subject to the LEAF III Lockbox
Account Agreement, the LEAF III Lockbox Account and (ii) thereafter, the LEAF III Lockbox Account. 
 “Lockbox
Account Agreement” means each of (i) the Lockbox Agency and Control Agreement, dated as of July 31, 2006, among LEAF Financial, Originator, U.S. Bank National Association, National City Bank and certain additional parties, as such
agreement may from time to time be amended, restated, supplemented and/or otherwise modified in accordance with the terms thereof, and (ii) the LEAF III Lockbox Account Agreement. 
 “Lockbox Bank” means U.S. Bank National Association and its successors in interest. 
 “Lockbox Change Date” means February 16, 2010. 
 “Lockbox Intercreditor Agreement” means the Amended and Restated Lockbox Intercreditor Agreement, dated as of
April 18, 2005, among the Lockbox Bank, the Servicer, the Borrower, and certain other parties.  
 “Material
Adverse Effect” means a material adverse effect on (i) the ability of the Borrower, the Originator and/or the Servicer to conduct its business, (ii) the ability of the Borrower, the Originator and/or the Servicer to perform its
respective obligations under this Agreement and/or any other Transaction Document to which it is a party, (iii) the validity or enforceability of this Agreement and/or any other Transaction Document to which the Borrower, the Originator and/or
the Servicer is a party, (iv) the rights and remedies of any Lender under this Agreement and/or any of the Transaction Documents and/or (v) the validity, enforceability or collectibility of all or any portion of the Pledged Receivables.

 “Maximum Advance Amount” means, on the Borrowing Date, $367,092,933.23. 
 “Minimum Equity Requirement” means $10,000,000. 
 “Minimum Tangible Net Worth” means, (i) with respect to Resource America, a Tangible Net Worth (measured as of each
fiscal quarter end) of $100,000,000 and (ii) with respect to LEAF Financial, a Tangible Net Worth (measured as of each fiscal quarter end) of (x) $34,170,544 plus (y) 75% of the net income from each preceding fiscal quarter
(beginning with and including September 30, 2008) in which net income is positive. 
 “Monthly Remittance
Report” means a report, in substantially the form of Exhibit C, furnished by the Servicer to the Lenders and each Qualifying Swap Counterparty pursuant to Section 6.10(b) and to the Backup Servicer pursuant to
Section 6.10(d). 
 “Moody’s” means Moody’s Investors Service, Inc. (or its successors in
interest). 
 “Morgan Stanley” has the meaning assigned to that term in the preamble hereto. 
 “Morgan Stanley AFI” has the meaning assigned to that term in the preamble hereto. 
 “MS Loan Agreement” has the meaning assigned to that term in Section 7.03(c)(iv). 
  

 17 

 “MS Primary Lender” means Morgan Stanley AFI; provided,
however, that if Morgan Stanley AFI no longer owns any interest in the Loans, then the Person who acquired directly or indirectly from Morgan Stanley AFI Loans having the greatest principal balance of all such Loans shall succeed Morgan
Stanley AFI as MS Primary Lender. 
 “NetBank” means NetBank, FSB, Alpharetta, Georgia, a federally chartered
savings bank. 
 “NBBF” means NetBank Business Finance, a division of NetBank. All references to NBBF shall
also mean NetBank or any other applicable division thereof. 
 “Ninth Amendment” means that certain
Ninth Amendment to Receivables Loan and Security Agreement and Waiver dated as of December 22, 2009, among the Borrower, the Servicer, the Originator, the Lenders’ Bank, the Lenders, the Collateral Agent and the Qualifying Swap
Counterparty, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with the terms thereof. 
 “Nominee Lienholder Agreement” means either (i) a “Vehicle Lienholder Nominee Agreement” in the form attached hereto as Exhibit E (with such modifications as the Collateral
Agent may approve) or (ii) any other nominee lienholder agreement or collateral agency agreement approved in writing by the Collateral Agent. 
 “Non-Level Payment Contract” means a Contract that does not provide for level Scheduled Payments during the term of such Contract. 
 “Notes” has the meaning assigned to that term in Section 2.01(b) hereof. 
 “Notice of Borrowing” has the meaning assigned to that term in Section 2.02(b) hereof. 
 “Notice of Pledge” has the meaning assigned to that term in the Custodial Agreement. 
 “Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever created, arising
or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Secured Parties arising under this Agreement, the Notes and/or any other Transaction Document and shall include, without limitation,
all liability for principal of and interest on the Loans, indemnifications and other amounts due or to become due by the Borrower to the Secured Parties under this Agreement and/or any other Transaction Document, including, without limitation,
interest, fees and other obligations that accrue after the commencement of an insolvency proceeding (in each case whether or not allowed as a claim in such insolvency proceeding). 
 “Obligor” means, collectively, each Person obligated to make payments under a Contract. 
 “Obligor Collateral” means (i) the Equipment leased to an Obligor under a Lease Contract, (ii) the Equipment and
other property pledged by an Obligor to secure its obligations under a Loan Contract and (iii) any other property pledged by an Obligor to secure its obligations under a Loan Contract. 
  

 18 

 “Obligor Financing Statement” means a UCC financing statement filed by
Originator or the Underlying Originator against an Obligor under a Contract which evidences a security interest in the related Obligor Collateral. 
 “Officer’s Certificate” means a certificate signed by the president, the secretary, the chief financial officer or any vice president of any Person. 
 “Opinion of Counsel” means a written opinion of independent counsel acceptable to the Lenders, which opinion, if such
opinion or a copy thereof is required by the provisions of this Agreement or any other Transaction Document to be delivered to the Borrower or the Lenders, is acceptable in form and substance to the Lenders. 
 “Originator” means LEAF Funding, LLC, a Delaware limited liability company and/or the Partnership. 
 “Originator Insurance Agreement” means that certain letter agreement regarding the Originator’s obligations as named
loss payee under Insurance Policies, dated as of the date hereof, among the Originator, the Servicer, the Borrower and the Lenders, as such agreement may from time to time be amended, restated, supplemented and/or otherwise modified in accordance
with the terms thereof. 
 “Other Conveyed Property” means, with respect to any Receivable, all of the
Borrower’s right, title and interest in, to and under (i) all Collections and other monies at any time received or receivable with respect to such Receivable after the applicable Cut-Off Date (as defined in the Purchase and Sale
Agreement), (ii) the Equipment related to such Receivable (to the extent of the Borrower’s ownership rights, if any, therein), (iii) in the case of a Receivable related to any Contract, any and all agreements, documents, certificates
and instruments evidencing the Borrower’s security interest or other interest in and to the related Obligor Collateral or any intercreditor agreement with respect thereto, including, without limitation, any Certificate of Title, (iv) the
Obligor Collateral related to such Receivable including, without limitation, the security interest in such Obligor Collateral granted by the related Obligor to Originator under the related Contract and assigned by Originator to the Borrower under
the Purchase and Sale Agreement, (v) the Obligor Financing Statement, if any, related to such Receivable, (vi) the Insurance Policy and any proceeds from the Insurance Policy relating to such Receivable, including rebates of premiums not
otherwise due to an Obligor, (vii) the related Contract and all other items required to be contained in the related Receivable File, any and all other documents or electronic records that the Borrower keeps on file in accordance with its
customary procedures relating to such Receivable, the related Obligor Collateral or the related Obligor, (viii) all property (including the right to receive future Liquidation Proceeds) that secures such Receivable and that has been acquired by
or on behalf of the Borrower pursuant to the liquidation of such Receivable, and (ix) all present and future rights, claims, demands, causes and chooses in action in respect of any or all of the foregoing and all payments on or under and all
proceeds and investments of any kind and nature in respect of any of the foregoing. 
 “Other Default” has the
meaning set forth in Section 5.01(z). 
  

 19 

 “Other Swap Breakage Cost” has the meaning assigned to that term in
Section 2.15 hereof. 
 “Overdue Payment” means, with respect to a Collection Period, all payments
due in a prior Collection Period that the Servicer receives from or on behalf of an Obligor during such Collection Period, including any Servicing Charges. 
 “Owner” means (i) the Originator or (ii) subject to the prior written consent of the Lenders (such consent not to be unreasonably withheld), the Partnership or any subsidiary
thereof or of the Initial Servicer (each, a “Permitted Transferee”) which acquires all of the membership interests of the Borrower. 
 “Partnership” means, LEAF Equipment Leasing Income Fund III, L.P., a Delaware limited partnership. 
 “Percentage” means, with respect to any Lender at any time, a fraction (expressed as a percentage) (x) the numerator of which is the outstanding principal amount of such
Lender’s Loans and (y) the denominator of which is the aggregate principal amount of all Loans outstanding at such time. 
 “Permitted Investments” means any one or more of the following: 
 (i) direct
obligations of, or obligations fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States; 
 (ii) repurchase obligations (the collateral for which is held by a third party or the Collateral Agent), with respect to any
security described in clause (i) above, provided that the long-term unsecured obligations of the party agreeing to repurchase such obligations are at the time rated by Moody’s and S&P in one of their two highest long-term rating
categories and if rated by Fitch, in one of its two highest long-term rating categories; 
 (iii) certificates of
deposit, time deposits, demand deposits and bankers’ acceptances of any bank or trust company incorporated under the laws of the United States or any State thereof or the District of Columbia, provided that the short-term commercial paper of
such bank or trust company (or, in the case of the principal depository institution in a depository institution holding company, the long-term unsecured debt obligations of the depository institution holding company) at the date of acquisition
thereof has been rated by Moody’s and S&P in their highest short-term rating category, and if rated by Fitch, in its highest short-term rating category; 
 (iv) commercial paper (having original maturities of not more than 270 days) of any corporation incorporated under the laws
of the United States or any State thereof or the District of Columbia, having a rating, on the date of acquisition thereof, of no less than A-1 by Moody’s, P-1 by S&P and F-1 if rated by Fitch; 
  

 20 

 (v) money market mutual funds, including funds managed by the Lenders’
Bank or its Affiliates, registered under the Investment Company Act of 1940, as amended, having a rating, at the time of such investment, of no less than Aaa by Moody’s, AAA by S&P and AAA if rated by Fitch; and 
 (vi) any other investments approved in writing by the Lenders; 
 provided, that no such instrument shall be a Permitted Investment if such instrument evidences the right to receive either (a) interest only payments with respect to the obligations underlying
such instrument or (b) both principal and interest payments derived from obligations underlying such instrument, where the principal and interest payments with respect to such instrument provide a yield to maturity exceeding 120% of the yield
to maturity at par of such underlying obligation. Each Permitted Investment may be purchased by the Lenders’ Bank or through an Affiliate of the Lenders’ Bank. 
 “Permitted Liens” means with respect to Obligor Collateral, (A) liens and security interests in favor of the Collateral Agent, granted pursuant to the Transaction Documents,
(B) the interests of an Obligor arising under the Contract to which it is a party in the Obligor Collateral related to such Contract, (C) liens for taxes, assessments, levies, fees and other governmental and similar charges either not yet
due or being contested in good faith and by appropriate proceedings, provided, that appropriate reserves shall have been established with respect to any such taxes either not yet due or being contested in good faith and by appropriate proceedings,
(D) any liens with respect to any mechanics, suppliers, materialmen, laborers, employees, repairmen and other like liens arising in the ordinary course of a servicer’s, lessor’s/lender’s or lessee’s/borrower’s business
securing obligations which are not due and payable, and (E) salvage rights of insurers with respect to the equipment subject to a Contract under insurance policies maintained pursuant to the Transaction Documents or a Contract. 
 “Permitted Transferee” has the meaning given to such term in the definition of “Owner” herein. 
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock
company, trust, unincorporated association, joint venture, government (or any agency or political subdivision thereof) or other entity. 
 “Pledge” means the pledge of any Receivable pursuant to Article II. 
 “Pledged Assets” has the meaning assigned to that term in Section 2.11. 
 “Pledged Receivables” has the meaning assigned to that term in Section 2.11(a). 
 “Prepayment Amount” means the principal amount of Loans repaid by the Borrower in connection with an optional prepayment of Loans made by the Borrower pursuant to Section 2.15
hereof. 
 “Prepayment Date” means any date on which an optional prepayment of Loans is made by the Borrower
pursuant to Section 2.15 hereof. 
  

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 “Primary Lender” means each of the MS Primary Lender and the RBS Primary
Lender. 
 “Priority Documents” means, (i) with respect to a Lease Contract, the related original,
executed Lease Contract (or, in the case of a Lease Contract under a master lease, a machine or facsimile copy of the related master lease certified by an authorized officer of the Borrower and stamped “I hereby certify that this is a true and
exact copy of the original” and an original, executed schedule thereto describing the related Equipment) and the item listed in clause (4) of subsection (a)(i) of the definition of Receivable File, and (ii) with respect to a Loan
Contract, the items listed in clauses (1), (2) and (4) of subsection (b)(i) of the definition of Receivable File. The term “Priority Documents” shall also include a machine copy of the existing Certificate of Title with respect
to any Vehicle subject to a Contract. 
 “Program Termination Date” means the date of the occurrence of a
Program Termination Event which has not been waived by the Controlling Holders. 
 “Program Termination Event”
means the occurrence of any of the following events: 
 (i) a regulatory, tax or accounting body has ordered that
the activities of any Lender or any Affiliate thereof contemplated hereby be terminated or, as a result of any other event or circumstance, the activities of any Lender or any Affiliate contemplated hereby may reasonably be expected to cause such
Lender or the Person, if any, then acting as the administrator or the manager for such Lender or any of its Affiliates to suffer materially adverse regulatory, accounting or tax consequences; 
 (ii) an Event of Default has occurred and is continuing; 
 (iii) Reserved; 
 (iv) the rolling weighted average of the Delinquency Rates in respect of any three consecutive Collection Periods, calculated by the Lenders solely with respect to Receivables, exceeds 3.5%; 

(v) Reserved; 
 (vi) the Cumulative Net Loss Rate, calculated by (or in a manner satisfactory to) the Lenders solely with respect to Receivables, exceeds the applicable Cumulative Net Loss Rate Percentage on the last day
of the corresponding calendar month; 
 (vii) Reserved; 
 (viii) Reserved; 
 (ix) Reserved; 
 (x) a Servicer Default has occurred and is
continuing; or 
  

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 (xi) (1) any Qualifying Swap Counterparty (other than the Initial
Qualifying Swap Counterparty) ceases to maintain the long-term debt ratings required of a Qualifying Swap Counterparty and (A) does not post cash collateral in a manner acceptable to the Lenders within 45 days or (B) is not replaced within
45 days by a replacement acceptable to the Lenders or (2) the Borrower fails to comply with any term, covenant or agreement hereunder related to the maintenance of any Qualifying Interest Rate Swaps; or 
 (xii) the occurrence of three or more Termination Events. 
 “Purchase and Sale Agreement” means that certain Purchase and Sale Agreement, dated as of the date hereof, between the
Originator, as seller, and the Borrower, as purchaser, together with all instruments, documents and agreements executed in connection therewith, as such Purchase and Sale Agreement may from time to time be amended, supplemented or otherwise modified
in accordance with the terms hereof. 
 “Purchase Date” has the meaning set forth in the Purchase and Sale
Agreement. 
 “Purchase Price” means $385,772,014.15. 
 “Put Payment” means with respect to any Contract constituting a lease, the payment, if any, required to be made by the
Obligor under the terms of such lease in connection with the required purchase by such Obligor of the related Equipment at the end of the term of such lease. 
 “Qualifying Interest Rate Swap” means (X) an interest rate swap agreement (i) between the Borrower and a Qualifying Swap Counterparty, (ii) under which the Borrower shall
receive a floating rate of interest based on a Eurodollar Index acceptable to the Lenders in exchange for the payment by the Borrower of a fixed rate of interest equal to the applicable Swapped Rate, (iii) the effective date of which is the
Borrowing Date, (iv) having a varying notional balance which is, as of the effective date thereof, in an amount equal to the aggregate principal amount of the Loans advanced on such effective date and (v) which shall otherwise be on such
terms and conditions and pursuant to such documentation as shall be acceptable to the Lenders or (Y) an alternative interest rate hedging agreement agreed to in writing by the Borrower and the Lenders, in each case, as amended in accordance
with the terms hereof and thereof. 
 “Qualifying Swap Counterparty” means (A) Morgan Stanley
Capital Services Inc. (or any successors or permitted assigns) or (B) any Lender or any Affiliate of a Lender, provided that in the case of a Person set forth in this clause (B) or any successors or permitted assigns of Morgan Stanley
Capital Services Inc., such Person or its credit support provider (x) shall have (i) a short-term rating of at least “A1+” or the equivalent and (ii) a long-term rating of at least “AA-” or the equivalent
from S&P, Moody’s or Fitch (and no lower than the equivalent rating by any of them) and (y) is otherwise acceptable to the Collateral Agent and the Controlling Holders. 
 “Rating Agencies” means Moody’s, S&P and Fitch, or any other nationally recognized statistical rating
organizations as may be designated by the Lenders. 
 “RBS” has the meaning assigned to that term in the
preamble hereto. 
 “RBS Collateral Agent” has the meaning assigned to that term in
Section 7.03(c)(v). 
  

 23 

 “RBS Loan Agreement” has the meaning assigned to that term in
Section 7.03(c)(i). 
 “RBS Primary Lender” means RBS; provided, however, that if RBS
no longer owns any interest in the Loans, then the Person who acquired directly or indirectly from RBS Loans having the greatest principal balance of all such Loans shall succeed RBS as RBS Primary Lender. 
 “Receivable” means the rights to all payments from an Obligor under a Contract, including, without limitation, any right to
the payment with respect to (i) Scheduled Payments, (ii) any prepayments or overdue payments made with respect to such Scheduled Payments, (iii) any Guaranty Amounts, (iv) any Insurance Proceeds, (v) any Servicing Charges
and (vi) any Recoveries. 
 “Receivable File” means with respect to each Receivable: 
 (a) if such Receivable is related to a Lease Contract the following items (collectively, a “Lease File”): 
 (i) (1) the related original, executed Lease Contract and certified copies of all amendments thereto (or, in the case of a
Lease Contract under a master lease, a machine or facsimile copy of the related master lease and all amendments thereto, in each case certified by an authorized officer of the Borrower and stamped “I hereby certify that this is a true and exact
copy of the original” and an original, executed schedule thereto describing the related Equipment and certified copies of all amendments thereto) unless such Lease Contract is related to an Exception Sublimit Receivable, in which event the
executed Lease Contract and all amendments thereto (or, in the case of Lease Contracts under a master lease, the related schedule and all amendments thereto) may be a machine or facsimile copy certified in the manner described above, (2) a
true, executed copy of the related delivery/installation certificate or acknowledgment and acceptance of delivery certificate if such Receivable is related to Equipment with an Amortized Equipment Cost in excess of $50,000, (3) a true copy of
the Insurance Certificate if such Receivable is related to Equipment with an Amortized Equipment Cost in excess of $100,000, (4) other than with respect to a Lease Contract related to Equipment which has an Amortized Equipment Cost of less than
$25,000 if such Lease Contract is a Dollar Purchase Option Contract or $50,000 if such Lease Contract is a FMV Contract, a “transmittal order” from the Servicer to a filing service company and an “in process report” from such
filing service company to the Servicer (or other evidence of the submission of the related UCC financing statement for filing in the appropriate filing office) and, within 45 days of the related Contract being executed, a file-stamped copy of the
related UCC financing statement and (5) vendor order(s) or invoice(s); and 
 (ii) copies of any additional
documents, other than servicing related documents (except for vendor contracts), that the Borrower keeps on file with respect to such Receivable; 
  

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 (b) if such Receivable is related to a Loan Contract the following items (collectively, a
“Loan File”): 
 (i) (1) the original, executed payment schedule or promissory note (if any) and
certified copies of all amendments thereto, (2) a true, executed copy of the related “Master Agreement” or “Finance Agreement” and all amendments thereto, (3) a true copy of the related Insurance Certificate if such
Receivable is related to Equipment with an Amortized Equipment Cost in excess of $100,000 and (4) other than with respect to a Receivable related to Equipment which has an Amortized Equipment Cost of less than $25,000, a “transmittal
order” from the Servicer to a filing service company and an “in process report” from such filing service company to the Servicer (or other evidence of the submission of the related UCC financing statement for filing in the appropriate
filing office) and, within 45 days of the related Contract being executed, a file-stamped copy of the related UCC financing statement; and 
 (ii) copies of any additional documents, other than servicing related documents (except for vendor contracts), that the Borrower keeps on file with respect to such Receivable; 
 In addition, if the Obligor Collateral related to such Receivable is a Vehicle, the related Receivable File shall include the original copy
of the Certificate of Title with respect to such Vehicle, which such Certificate of Title satisfies the Titling Requirements or (prior to the 90th day after such Receivable was first included in the calculation of the Eligible Receivables Balance,
if such Certificate of Title has not yet been received by the Servicer or the Borrower) a copy of the application for such Certificate of Title. 
 “Receivables Schedule” has the meaning assigned to that term in the Custodial Agreement. 
 “Records” means all documents, books, records and other information (including, without limitation, tapes, disks, punch cards and related property and rights) maintained with respect to
Receivables and the related Obligors which the Borrower has itself generated, in which the Borrower has acquired an interest pursuant to the Purchase and Sale Agreement or in which the Borrower has otherwise obtained an interest. 
 “Recoveries” means, for any Collection Period during which, or any Collection Period after the date on which, any
Receivable becomes a Defaulted Receivable and with respect to such Defaulted Receivable, all payments that the Servicer received from or on behalf of the related Obligor during such Collection Period in respect of such Defaulted Receivable or from
the repossession, liquidation or re-leasing of the related Obligor Collateral, including but not limited to Scheduled Payments, Overdue Payments, Guaranty Amounts and Insurance Proceeds. 
 “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. 
 “Related Custodial
Agreement” has the meaning assigned to that term in Section 7.03(c)(iii). 
  

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 “Related Lender” means each Lender determined as follows: 
 (i) Reserved; 
 (ii) with respect to Morgan Stanley AFI, so long as Morgan Stanley AFI is the MS Primary Lender, its Related Lenders shall be each other Person to whom Morgan Stanley AFI has directly or indirectly
assigned any of the Loans; 
 (iii) with respect to any Person that has succeeded Morgan Stanley AFI as MS
Primary Lender, its Related Lenders shall be each other Person who acquired any Loans directly or indirectly from Morgan Stanley AFI; 
 (iv) with respect to RBS so long as RBS is the RBS Primary Lender, its Related Lenders shall be each other Person to whom RBS has directly or indirectly assigned any of the Loans; and 
 (v) with respect to any Person that has succeeded RBS as the RBS Primary Lender, its Related Lenders shall be each other
Person who acquired any Loans directly or indirectly from RBS. 
 “Related Security” means with respect to any
Receivable: 
 (i) any and all security interests or liens and property subject thereto from time to time
securing or purporting to secure payment of such Receivable; 
 (ii) all guarantees, indemnities, warranties,
letters of credit, insurance policies and proceeds and premium refunds thereof and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable; and 
 (iii) all proceeds of the foregoing. 
 “Release Price” means, with respect to a Pledged Receivable to be released hereunder, an amount equal to the present value of the then remaining Scheduled Payments under such Pledged
Receivables (including any Balloon Payment or Put Payment) discounted monthly at the discount rate used in calculating the Amortized Equipment Cost, plus interest accrued thereon from and including the Remittance Date immediately preceding
the date such Pledged Receivable is to be released through (but not including) the next succeeding Remittance Date. 
 “Remittance Date” means the (23rd) day of each month beginning December, 2007, or, if such date is not a Business Day, the next succeeding Business Day; provided, that the first Remittance Date shall occur on December 13, 2007;
provided, further, that the final Remittance Date shall occur on the Collection Date. 
 “Reuters LIBOR01 Page”
means the display page so designated on the Reuters Monitor Money Rates Service or any other page that may replace that page on that service for the purpose of displaying comparable rates or prices. 
 “Resource America” means Resource America, Inc., a Delaware corporation. 
  

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 “Rollover Interest Period” means any Interest Period other than any
Interest Period applicable to the Loan arising as a result of the Borrowing on the Borrowing Date. 
 “S&P”
means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. (or its successors in interest). 
 “Scheduled Payments” means, with respect to any Receivable, the periodic payments payable under the terms of the related Contract (but not including any such periodic payment to the extent paid in advance by the related
Obligor). 
 “Secured Parties” means each Class A Lender, each Class B Lender, the Servicer, the Backup
Servicer and any other successor Servicer, the Custodian, the Lenders’ Bank, each Qualifying Swap Counterparty and their respective successors and assigns. 
 “Segregated Collateral Pool” means each pool of Pledged Assets selected by the Collateral Agent or the MS Primary Lender pursuant to Section 7.03(b). 
 “Servicer” means, at any time, LEAF Financial or any other Person then authorized, pursuant to Section 6.01, to
service, administer and collect Pledged Receivables. 
 “Servicer Advance” has the meaning assigned to such
term in Section 6.19. 
 “Servicer Default” means the occurrence of any of the following events:

 (i) the failure of the Servicer to deliver any payments, collections or proceeds which it is obligated to
deliver under the terms hereof or of any other Transaction Document at the times it is obligated to make such deliveries under the terms hereof or of any other Transaction Document, and such failure remains unremedied for two Business Days;

 (ii) the failure of the Servicer to satisfy any of its reporting, certification, notification or documentation
requirements under the terms hereof or of any other Transaction Document or the failure of the Servicer to observe or perform any material term, covenant or agreement hereunder or under any other Transaction Document (other than those described in
clause (i) above) and such failure shall remain unremedied for 10 days (or, with respect to a failure with respect to any such requirement set forth in (x) Sections 6.10(b) or 6.10(d) hereof, 5 Business Days or
(y) Section 6.10(e) hereof, 1 Business Day) after the Servicer first has knowledge, whether constructive or actual, of such failure; 
 (iii) any representation, warranty or statement of the Servicer made herein or in any other Transaction Document shall prove to be incorrect in any material respect, and, solely if such incorrect
representation, warranty or statement can be remedied, such representation, warranty or statement is not made true within 15 days; 
 (iv) the occurrence of an Event of Default; 
  

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 (v) the occurrence of a Program Termination Event described in clauses (iv),
(vi) or (xii) of the definition of Program Termination Events; or 
 (vi) the occurrence of any
Bankruptcy Event in respect of the Servicer. 
 “Servicer Pension Plan” means a “pension plan” as
such term is defined in section 3(2) of ERISA, which is subject to Title IV of ERISA and to which the Servicer or any ERISA Affiliate of Servicer may have any liability, including any liability by reason of having been a substantial employer within
the meaning of section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under section 4069 of ERISA. 
 “Servicing Agreement Electronic Images” has the meaning set forth in Section 5.03. 
 “Servicing Charges” means the sum of (a) all late payment charges paid by Obligors under Contracts after payment in full of any Scheduled Payments due in a prior Collection Period
and Scheduled Payments for the related Collection Period and (b) any other incidental charges or fees received from an Obligor, including, but not limited to, late fees, collection fees, taxes and charges for insufficient funds. 
 “Servicing Fee” means, for any Fee Period, an amount, payable out of Collections on the Pledged Receivables and amounts
applied to the payment of, or treated as payments on, the Pledged Receivables, equal to (i) the Servicing Fee Rate multiplied by (ii) the Eligible Receivables Balance as of the first day of such Fee Period multiplied by (iii) a
fraction, the numerator of which shall be the actual number of days in such Fee Period and the denominator of which shall be 360. Upon assuming the duties of the Servicer hereunder, the Backup Servicer shall also be entitled to receive a one-time
acceptance fee of $60,000, which shall be considered part of the “Servicing Fee” hereunder but shall be in addition to the amount set forth in the sentence above. 
 “Servicing Fee Rate” means 1.00%. 
 “Standby Backup Servicer’s Fee” means, for any Fee Period or portion thereof prior to the occurrence of a Servicer Default and the appointment of the Backup Servicer as Servicer
hereunder, an amount, payable out of Collections on the Pledged Receivables and amounts applied to the payment of, or treated as payments on, the Pledged Receivables, equal to the greater of (i) the Standby Backup Servicing Fee Rate, multiplied
by the Eligible Receivables Balance as of the first day of such Fee Period, multiplied by a fraction, the numerator of which shall be the actual number of days in such Fee Period and the denominator of which shall be 360, or (ii) $2,800. The
“Standby Backup Servicer’s Fee” shall also include (i) a one-time acceptance fee of $6,000 payable on November 13, 2008 and (ii) reasonable out-of-pocket expenses incurred by the Standby Backup Servicer in the
performance of its duties. 
 “Standby Backup Servicing Fee Rate” means .0220%. 
 “State” means one of the fifty states of the United States or the District of Columbia. 
 “Subordinated Promissory Note” means that certain Subordinated Promissory Note, dated as of July 1, 2009, made
by LEAF Financial in favor of Resource Leasing, Inc. 
  

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 “Subordination Agreement” means that certain Letter Agreement, dated
as of December 22, 2009, between LEAF Financial and its parent company, and each other subordination agreement, if any, between such parties, each as may from time to time be amended, restated, supplemented and/or otherwise modified in
accordance with the terms thereof and hereof. 
 “Successor Servicer’s Indemnified Amounts” has the
meaning assigned to that term in Section 6.09. 
 “Successor Servicing Agreement” has the meaning
set forth in Section 6.01(a). 
 “Swapped Rate” means, with respect to any Qualifying Interest Rate
Swap, the annual rate of interest (expressed as a percentage) which the Borrower, as the fixed-rate payor, is required to pay under such Qualifying Interest Rate Swap in order to receive the floating rate of interest provided for under such
Qualifying Interest Rate Swap. 
 “Tangible Net Worth” means, with respect to any Person, the amount calculated
in accordance with GAAP as (i) the consolidated net worth of such Person and its consolidated subsidiaries (excluding any mark-to-market gain or loss on any swap or other hedging agreement (only to the extent included in such consolidated net
worth) that is secured by collateral which is not marked-to-market), plus (ii) to the extent not otherwise included in such consolidated net worth, the unsecured subordinated Debt of such Person and the unsecured subordinated Debt of
each of such Person’s consolidated subsidiaries, in each case, which has been issued to such Person’s or consolidated subsidiary’s parent, the terms and conditions of which are reasonably satisfactory to the Lenders, minus
(iii) the consolidated intangibles of such Person and its consolidated subsidiaries, including, without limitation, goodwill, trademarks, tradenames, copyrights, patents, patent allocations, licenses and rights in any of the foregoing and other
items treated as intangibles in accordance with GAAP, plus (iv) all preferred stock issued by such Person. 
 “Termination Event” means the occurrence, on or after 60 days after the Borrowing Date, of any of the following events: 
 (i) the rolling weighted average of the Delinquency Rates in respect of any three consecutive Collection Periods, calculated by the Lenders solely with respect to Receivables, exceeds 3.5%; or 

(ii) the Cumulative Net Loss Rate, calculated by (or in a manner satisfactory to) the Lenders solely with respect to
Receivables, exceeds the applicable Cumulative Net Loss Rate Percentage on the last day of the corresponding calendar month. 
 “Titling Requirements” means, (i) in the case of any Vehicle leased or sold to an Obligor pursuant to a Contract, the Certificate of Title for such Vehicle indicates the Obligor, as owner, and the Borrower or an
Approved Lienholder, as lienholder, or (ii) in the event that any Vehicle leased or sold to an Obligor pursuant to a Contract indicates NBBF, as owner, on the related Certificate of Title, then within 90 days after the Closing Date the
Certificate of Title for such Vehicle shall indicate the Borrower, as owner, and an Approved Lienholder, as lienholder. 
  

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 “Transaction Documents” means this Agreement, the Purchase and Sale
Agreement, the Lockbox Intercreditor Agreement, the Lockbox Account Agreement, the Collection Account Agreement, the Fee Letter, the Custodial Agreement, the Originator Insurance Agreement, the FDIC Documents, the Class A Notes, the Class B
Notes, each lease bailment agreement with a sub-custodian, each Qualifying Interest Rate Swap and each document and instrument related to any of the foregoing. 
 “Transition Costs” means any documented expenses and allocated cost of personnel reasonably incurred by the Backup Servicer in connection with a transfer of servicing from the Servicer to
the Backup Servicer as the successor Servicer; provided, that such expenses and allocated costs do not exceed $60,000. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction. 
 “Underlying Originator” means Netbank or other originator of a Contract, other than the Originator, engaged, in the ordinary course of business in providing financing to Obligors for the purposes of acquiring or leasing the
related Equipment. 
 “Underlying Originator Credit and Collection Policy” means the credit and collection
policy of an Underlying Originator, as such policy may hereafter be amended, modified or supplemented from time to time in compliance with this Agreement. 
 “United States” means the United States of America. 
 “Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute an Event of Default. 
 “Vehicle” means a new or a used automobile, minivan, sports utility vehicle, light duty truck or heavy duty truck, or any
other equipment, ownership of which is subject to a motor vehicle certificate of title statute. 
 “Warehouse
Facility” means the facility in the aggregate amount of up to $250,000,000, as evidenced by the Receivables Loan and Security Agreement, dated as of October 31, 2006, among Resource Capital Funding II, LLC as borrower, LEAF Financial,
Morgan Stanley AFI, as lender, Morgan Stanley and U.S. Bank National Association, as same may be modified, amended, or supplemented from time to time. 
 “Weekly Collection Period” means, with respect to any calendar week, the period beginning on, and including, the first day of the most recently ended calendar week and ending on, and
including, the last day of the most recently ended calendar week. 
 “Weekly Reporting Date” has the meaning
set forth in Section 6.10(e). 
 “Weighted Average Swapped Rate” means, as of any date of
determination, the weighted average (weighted solely based on the Calculated Swap Amortizing Balances of such Qualifying Interest Rate Swaps as of such date of determination) of the Swapped Rates of the Qualifying Interest Rate Swaps in effect on
such date of determination. 
  

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 SECTION 1.02 Other Terms. All accounting terms not specifically defined herein
shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 SECTION 1.03 Interpretation following Collateral Split. On and after the Collateral Split Effective Date, all terms in this
Article I and all terms defined elsewhere in this Agreement shall have the meanings set for herein in each of the Loan Agreements, in each case as modified by Section 7.03 hereof. 
 SECTION 1.04 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period 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.” 
 ARTICLE II 
 THE
RECEIVABLES FACILITY 
 SECTION 2.01 Borrowings. (a) On the Borrowing Date, subject to the terms and conditions
hereinafter set forth, Morgan Stanley AFI, as Class A Lender and as Class B Lender, shall make the term loan in principal amounts equal to (i) in the case of the Class A Lenders, the Class A Advance Amount (the
“Class A Loan” and a “Loan”), and (ii) in the case of the Class B Lenders, the Class B Advance Amount, respectively, to the Borrower secured by Pledged Assets. On the Borrowing Date, no Loan shall be made if
(i) the Aggregate Advance Amount shall exceed the Maximum Advance Amount, (ii) any Program Termination Event or an event that but for notice or lapse of time or both would constitute a Program Termination Event shall have occurred and be
continuing or (iii) the Facility Amount, after giving effect to such Borrowing, would exceed the Borrowing Limit. 
 (b)
The Class A Loan shall be evidenced by one or more promissory notes substantially in the form of Exhibit H-1 (each, a “Class A Note” and collectively the “Class A Notes”) and the Class B Loan shall be evidenced
by one or more promissory notes substantially in the form of Exhibit H-2 (each, a “Class B Note” and collectively the “Class B Notes” and, together with the Class A Notes, collectively, the
“Notes”). 
 SECTION 2.02 The Borrowing. 
 (a) Reserved. 
 (b) (i) The Borrowing shall be made on at least two (2) Business Days’ irrevocable written notice from the Borrower to the applicable Lender (such written notice, the “Notice of Borrowing”), provided that such Notice of
Borrowing is received by such Lender no later than 12:00 noon (New York City time) on the Business Day of receipt. Any Notice of Borrowing received after 12:00 noon (New York City time) shall be deemed received prior to 12:00 noon (New York City
time) on the following Business Day. The Notice of Borrowing shall specify (A) the aggregate amount of the Borrowing, (B) the date of the Borrowing, (C) the allocation of the Loans as Class A Loans and Class B Loans and
(D) in an electronic file acceptable to the Lenders, the Eligible Receivables to be Pledged in connection with the

  

 31 

 
Borrowing (and upon the Borrowing, such Receivables shall be Pledged Receivables hereunder). On the date of the Borrowing, upon satisfaction of the applicable conditions set forth in Article
III Morgan Stanley, as Class A Lender, and Morgan Stanley AFI, as Class B Lender, made available to the Borrower the portion of the Borrowing constituting the Class A Advance Amount and the Class B Advance Amount, respectively, on the
Borrowing Date, no later than 2:00 P.M. (New York City time), in same day funds (net of amounts payable to or for the benefit of each related Lender), by payment into the account which the Borrower designated in writing. 
 (ii) The Notice of Borrowing delivered to a Lender pursuant to this Section 2.02(b) shall be in an electronic
file format acceptable to such Lender (A) accompanied by a copy of the Notice of Pledge (and the Receivables Schedule attached thereto), which was sent to the Custodian pursuant to the terms of the Custodial Agreement in connection with the
pledge of Eligible Receivables to be made in connection therewith and (B) specifying for each Receivables pledged therein the information set forth on Exhibit B hereto. 
 (iii) The Class A Loan shall bear interest at the Class A Interest Rate and the Class B Loan shall bear interest at
the Class B Interest Rate. 
 (iv) The Borrower may not reborrow any amounts that are repaid with respect to the
Loans. 
 (v) Determinations by any Lender of the existence of any Eurodollar Disruption Event (any such
determination to be communicated to the Borrower and the other Lenders by written notice from such Lender promptly after such Lender learns of such event), or of the effect of any Eurodollar Disruption Event on its making or maintaining Loans at the
Adjusted Eurodollar Rate or the Base Rate, shall be conclusive absent manifest error. 
 SECTION 2.03 Determination of
Interest Periods and Interest Rates. 
 (a) The initial Interest Period applicable to the Borrowing shall commence on, and
include, the date of the Borrowing and shall terminate on, and include, the day immediately prior to the next occurring Remittance Date. Each Rollover Interest Period shall commence on, and include, the Remittance Date following the last day of the
immediately preceding Interest Period and shall terminate on, and include, the day immediately prior to the next occurring Remittance Date. 
 (b) The interest rate per annum (the “Interest Rate”) applicable to any Loan for any Interest Period shall be equal to the applicable Class A Interest Rate (for the Class A
Notes) or the applicable Class B Interest Rate (for the Class B Notes); provided, however, that if a Lender shall have notified the Borrower that a Eurodollar Disruption Event has occurred, the Interest Rate for all Loans shall be
equal to the Base Rate until such Eurodollar Disruption Event has ceased, at which time the Interest Rate shall again be equal to the applicable Class A Interest Rate and applicable Class B Interest Rate. 
  

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 SECTION 2.04 Remittance Procedures. Subject to Section 7.03(c)(i)(E)
(if then applicable) and the proviso set forth in Section 2.04(a), the Servicer, as agent for the Lenders, with the prior written consent of the Collateral Agent, shall instruct the Lenders’ Bank and, if the Servicer fails to do so,
the Collateral Agent shall instruct the Lenders’ Bank, to apply funds on deposit in the Collection Account as described in this Section 2.04. 
 (a) Remittance Date Transfers From Collection Account. The Servicer shall, with the prior written consent of the Collateral Agent, and if the Servicer fails to do so, the Collateral Agent shall, by
10:00 a.m. (St. Paul, Minnesota time) on each Remittance Date, direct the Lenders’ Bank to transfer collected funds held by the Lenders’ Bank in the Collection Account which were remitted to the Collection Account during the Collection
Period with respect to such Remittance Date (“Available Funds”), in the following amounts and priority; provided, however, that if the Lenders’ Bank does not receive such instruction from (i) the Servicer
(accompanied by the Collateral Agent’s written consent) or (ii) the Collateral Agent by 10:00 a.m. (St. Paul, Minnesota time) on such Remittance Date, subject to the provisions of the Discrepancy Procedure, the Lenders’ Bank shall
apply such funds in accordance with the information calculated by the Servicer on the related Monthly Remittance Report: 
 (i) to the Borrower, in an amount equal to such funds which were paid by Obligors with respect to their obligation under the related Contracts to pay any taxes (it being agreed by the Borrower that such
amount shall be promptly paid to the taxing authorities entitled thereto), together with (provided the current Scheduled Payment has been paid in full) late fees, interest on overdue amounts and other amounts not in respect of Scheduled Payments;

 (ii) to the related Qualifying Swap Counterparty under each Qualifying Interest Rate Swap, in an amount equal
to (and for the payment of) all amounts which are due and payable by the Borrower to such Qualifying Swap Counterparty on such Remittance Date, pursuant to the terms of the applicable Qualifying Interest Rate Swap or this Agreement; 
 (iii) on a pro rata basis, to (w) the Backup Servicer in an amount equal to the Standby Backup
Servicer’s Fee (to the extent accrued and unpaid as of the last day of the immediately preceding Fee Period) at any time prior to the occurrence of a Servicer Default and the appointment of the Backup Servicer as the Servicer hereunder,
(x) the Custodian, the Custodian’s Fee, (y) the Collateral Agent, the Collateral Agent’s Feea and (z) the Lenders’ Bank, the Lenders’ Bank Fee; 
 (iv) at any time prior to the occurrence of a Servicer Default and the appointment of the Backup Servicer as the Servicer
hereunder, to the Servicer in an amount equal to the Servicing Fee which is accrued and unpaid as of the last day of the immediately preceding Fee Period and, at any time after the occurrence of a Servicer Default and the appointment of the Backup
Servicer as the Servicer hereunder, to the Backup Servicer in an amount equal to (1) the Active Backup Servicer’s Fees which are accrued and unpaid as of the last day of the immediately preceding Fee Period plus (2) any Transition
Costs not previously reimbursed to the Backup Servicer plus (3) the Successor Servicer’s Indemnified Amounts; 
  

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 (v) on a pro rata basis, (x) to the Collateral Agent, any
indemnification amounts then due and payable to the Collateral Agent and (y) to the Custodian, any indemnification amounts then due and payable to the Custodian; 
 (vi) to the parties hereto on a pro rata basis, all reasonable (and reasonably documented) costs and expenses
of such parties (including, without limitation reasonable attorney’s fees) incurred in connection with the Collateral Split; 
 (vii) (A) first, to each Class A Lender, in an amount equal to (and for the pro rata payment of) interest (including post-petition interest) on its Class A Loans which is accrued
and unpaid as of the last day of the immediately preceding Fee Period; and then (B) second, to each Class B Lender, in an amount equal to (and for the pro rata payment of) interest (including post-petition interest) on its Class B
Loans which is accrued and unpaid as of the last day of the immediately preceding Fee Period; to the Servicer in an amount equal to any Servicer Advances (and amounts to be reimbursed as Servicer Advances pursuant to Section 6.19) not
previously reimbursed to the Servicer; 
 (viii) Reserved; 
 (ix) Reserved; 
 (x) Reserved; 
 (xi) (A) to the holders of the Class A Notes,
pro rata, all remaining amounts to pay principal of the Class A Notes until the principal amount of all Class A Notes shall have been paid in full, and (B) thereafter, to the holders of the Class B Notes, pro
rata, until the principal amount of all Class B Notes shall have been paid in full; 
 (xii) (A) first, to
the Class A Lenders, pro rata, in an amount equal to the aggregate amount of all other Obligations then due from the Borrower to the Class A Lenders or any Affected Party hereunder related to the Class A Lenders for the account of
such parties as applicable; and then (B) second, to the Class B Lenders, pro rata, in an amount equal to the aggregate amount of all other Obligations then due from the Borrower to the Class B Lenders or any Affected Party hereunder related to
the Class B Lenders for the account of such parties as applicable; 
 (xiii) (A) first, to Morgan StanleyAFI, as
Class A Lender, in an amount equal to (and for the pro rata payment of) the Fees, if any, which are due and payable to it on such Remittance Date pursuant to the terms of the Fee Letter; and then (B) second, to Morgan Stanley
AFI, as Class B Lender, in an amount equal to (and for the pro rata payment of) the Fees, if any, which are due and payable to it on such Remittance Date pursuant to the terms of the Fee Letter; 
 (xiv) at any time after a Collateral Split, to the Collateral Agent under the RBS Loan Agreement for application in
accordance with the priority of payments set forth in Section 2.04(a) of the RBS Loan Agreement; and 
 (xv) to the order of the Borrower, any remaining amounts. 
  

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 (b) Subordination. In the event that any Lender receives a payment or other
distribution hereunder other than in accordance with the priority of payments set forth in Section 2.04(a), such Lender promptly shall pay over all such amounts to the Person(s) to whom such amounts are due in accordance with the
priority of payments set forth in Section 2.04(a). 
 (c) Deficiency Payments. Notwithstanding anything to
the contrary contained in this Section 2.04 or in any other provision in this Agreement, if, on any day prior to the Collection Date, a Facility Deficiency shall have occurred, then the Borrower shall remit to the respective Lenders no
later than the close of business of such Lender on such day (or if such day is not a Business Day, no later than the close of business of such Lender on the next succeeding Business Day), (i) so long as no Termination Event or Event of Default
shall have occurred and be continuing, the amount required to eliminate any Facility Deficiency or (ii) if any Termination Event or Event of Default shall have occurred and is continuing, the entire outstanding Facility Amount, first to the
Class A Notes until paid in full, and then to the Class B Notes until paid in full. 
 (d) Remittance Reports. On
each Remittance Date, the Servicer shall deliver to the Lenders an electronic file, in a form acceptable to the Lenders, setting forth all of the information set forth on Schedule VII. 
 (e) Instructions to the Lenders’ Bank. All instructions and directions given to the Lenders’ Bank by the Servicer, the
Borrower or the Lenders pursuant to this Section 2.04 shall be in writing (including instructions and directions transmitted to the Lenders’ Bank in electronic format), and such written instructions and directions shall be delivered
with a written certification that such instructions and directions are in compliance with the provisions of this Section 2.04. The Servicer and the Borrower shall immediately transmit to the Lenders by telecopy a copy of all instructions
and directions given to the Lenders’ Bank by such party pursuant to this Section 2.04. Each applicable Lender shall immediately transmit to the Servicer and the Borrower by telecopy a copy of all instructions and directions given to
the Lenders’ Bank by the Lenders, pursuant to this Section 2.04. 
 SECTION 2.05 Reserved.

 SECTION 2.06 Reserved. 
 SECTION 2.07 Payments and Computations, Etc. (a) All amounts to be deposited or paid by the Borrower or the Servicer to any Lender hereunder shall be paid or deposited in accordance with the
terms hereof no later than 12:00 noon (New York City time) on the day when due in lawful money of the United States in immediately available funds to the Collection Account or such other account as is designated by such Lender. The Borrower shall,
to the extent permitted by law, pay to each applicable Lender interest on all amounts not paid or deposited when due hereunder (whether owing by the Borrower or the Servicer) at the Base Rate, plus 2%, payable on demand; provided,
however, that such interest rate shall not at any time exceed the maximum rate permitted by applicable law. Such interest shall be for the account of such Lender in respect of each of the Class A Notes and the Class B Notes and shall be
paid in accordance with Section 2.04(a). Any Obligation hereunder shall not be reduced by any distribution of any portion of Collections with respect to any Pledged Receivable if at any time

  

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such distribution is rescinded or returned by a Lender to the Borrower or any other Person for any reason. All computations of interest and all computations of Breakage Fee and other fees
hereunder (including, without limitation, the Fees, the Active Backup Servicer’s Fee, the Standby Backup Servicer’s Fee, the Custodian’s Fee and the Servicing Fee) shall be made on the basis of a year of 360 days (or 365 or 366 days
for interest calculated at the Base Rate) for the actual number of days (including the first but excluding the last day) elapsed. 
 (b) Whenever any payment hereunder 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 any fee payable hereunder, as the case may be; provided, however, that with respect to the calculation of interest, such extension of time shall not be included in more than one Interest Period. 
 (c) If the Borrowing requested by the Borrower and approved by the Lenders pursuant to Section 2.02 is not for any reason
whatsoever, except as a result of the gross negligence or willful misconduct of a Lender or an Affiliate thereof, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any loss,
cost or expense incurred by such Lender related thereto (other than any such loss, cost or expense solely due to the gross negligence or willful misconduct of such Lender or an Affiliate thereof), including, without limitation, any loss (including
cost of funds and reasonable out-of-pocket expenses), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund Loans or maintain Loans made by such Lender during such Interest
Period. The applicable Lender shall provide to the Borrower documentation setting forth the amounts of any loss, cost or expense referred to in the previous sentence, such documentation to be conclusive absent manifest error. 
 SECTION 2.08 Fees. (a) The Borrower shall pay Morgan StanleyAFI, as Class A Lender and as Class B Lender, certain fees,
including the Exit Fee (the “Fees”), in the amounts and on the dates set forth in a fee letter (the “Fee Letter”), dated the date hereof, among the Borrower and Morgan Stanley AFI. 
 (b) All of the Fees payable pursuant to this Section 2.08 (other than Fees payable on or prior to the Borrowing Date) shall be
payable solely from amounts available for application pursuant to, and subject to the priority of, payment set forth in, Section 2.04. 
 SECTION 2.09 Increased Costs; Capital Adequacy. (a) If, due to either (i) the introduction of or any change (including, without limitation, any change by way of imposition or
increase of reserve requirements) in or in the interpretation of any law or regulation (including, without limitation, any law or regulation resulting in any interest payments paid to any Lender under this Agreement being subject to United States
withholding tax) 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), there shall be any increase in the cost to any Lender or any Affiliate,
successor or assign or participant thereof (each of which shall be an “Affected Party”) of agreeing to make or making, funding or maintaining any Loan (or any reduction of the amount of any payment (whether of principal, interest,
fee, compensation or otherwise) to any Affected Party hereunder), as the case may be, the Borrower shall, from time to time, within ten days after

  

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written demand complying with Section 2.09(c) by such Lender, on behalf of such Affected Party, pay to such Lender, on behalf of such Affected Party, additional amounts sufficient to
compensate such Affected Party for such increased costs or reduced payments. 
 (b) If either (i) the introduction of or
any change in or in the interpretation of any law, guideline, rule or regulation, directive, request or accounting principle or (ii) the compliance by any Affected Party with any law, guideline, rule, regulation, directive, request or
accounting principle from any central bank, other governmental authority, agency or accounting authority (whether or not having the force of law), including, without limitation, compliance by an Affected Party with any request or directive regarding
capital adequacy, has or would have the effect of reducing the rate of return on the capital of any Affected Party, as a consequence of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below
that which any such Affected Party could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy), by an amount deemed by such Affected Party to be
material, then, from time to time, after demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis of such demand), each Lender shall be paid, on behalf of such Affected Party (from Collections with
respect to Pledged Receivables pursuant to, and subject to the priority of payment set forth in, Section 2.04), such additional amounts as will compensate such Affected Party for such reduction. 
 (c) In determining any amount provided for in this Section 2.09, the Affected Party may use any reasonable averaging and
attribution methods. Each Lender, on behalf of any Affected Party making a claim under this Section 2.09, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional
or increased costs, which certificate shall be conclusive absent demonstrable error. 
 (d) If, as a result of any event or
circumstance similar to those described in Section 2.09(a) or 2.09(b), any Affected Party (that is a Lender) is required to compensate a bank or other financial institution (including, without limitation, any Affiliate of Morgan
StanleyAFI) providing liquidity support, credit enhancement or other similar support to such Affected Party in connection with this Agreement, then, upon demand by such Affected Party, the Borrower shall pay, in accordance with
Section 2.04, to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any amounts paid by it, and shall notify each Qualifying Swap Counterparty of such payment. 
 SECTION 2.10 Collateral Assignment of Agreements. The Borrower hereby collaterally assigns to the Collateral Agent (and its
successors and assigns) for the benefit of the Secured Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase and Sale Agreement, each Qualifying Interest Rate Swap, the
Contract related to each Pledged Receivable, all other agreements, documents and instruments evidencing, securing or guarantying any Pledged Receivable and all other agreements, documents and instruments related to any of the foregoing (the
“Assigned Documents”). Without limiting any obligation of the Servicer hereunder, the Borrower confirms and agrees that the Collateral Agent (or any designee thereof, including, without limitation, the Servicer), following an Event
of Default or a Program Termination Event, shall have the right to enforce the Borrower’s rights and remedies under each Assigned Document, but without any obligation

  

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on the part of the Collateral Agent or any of its Affiliates to perform any of the obligations of the Borrower under any such Assigned Document. In addition, each of the Servicer and the Borrower
confirms and agrees that the Servicer and the Borrower will, upon receipt of notice or discovery thereof, promptly send to the Collateral Agent and each Lender a notice of (i) any breach of any representation, warranty, agreement or covenant
under any such Assigned Document or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such a breach, in each case, immediately upon learning thereof. The parties hereto agree that such
assignment to the Collateral Agent shall terminate upon the Collection Date. 
 SECTION 2.11 Grant of a Security
Interest. To secure the prompt and complete payment when due of the Obligations and the performance by the Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement, the Borrower hereby
(i) collaterally assigns and pledges to the Collateral Agent (and its successors and assigns), for the benefit of the Secured Parties, and (ii) grants a security interest to the Collateral Agent (and its successors and assigns), for the
benefit of the Secured Parties, in all property of the Borrower, whether tangible or intangible and whether now owned or existing or hereafter arising or acquired and wheresoever located (other than any amounts paid to or on behalf of the Borrower
pursuant to Sections 2.04(a)(vii)(C) or 2.04(a)(xvi) (and, if applicable, subsection (a)(vi)(C) of Schedule 2.04(a)), if any (collectively, the “Excluded Amounts”)) (collectively, the “Pledged
Assets”), including, without limitation, all of the Borrower’s right, title and interest in, to and under: 
 (a)
all Receivables purchased by, or otherwise transferred or pledged to (pursuant to the terms of the Purchase and Sale Agreement) the Borrower under the Purchase and Sale Agreement from time to time (such Receivables, the “Pledged
Receivables”, all Other Conveyed Property related to the Pledged Receivables purchased by (or otherwise transferred or pledged pursuant to the terms of the Purchase and Sale Agreement) to the Borrower under the Purchase and Sale Agreement,
all Related Security related to the Pledged Receivables, all interest of the Borrower in all Obligor Collateral related to the Pledged Receivables (together with all security interests in and Insurance Proceeds related to such Obligor Collateral and
all proceeds from the disposition of such Obligor Collateral, whether by sale to the related Obligors or otherwise), all Collections and other monies due and to become due under the Contracts related to the Pledged Receivables received on or after
the date such Pledged Receivables were purchased by (or purportedly purchased by) the Borrower under the Purchase and Sale Agreement; 
 (b) the Assigned Documents, including, in each case, without limitation, all monies due and to become due to the Borrower under or in connection therewith (other than the Excluded Amounts); 
 (c) the Collection Account, the Lockbox, the Lockbox Account described in clause (i)(x) of the definition thereof, the LEAF III
Lockbox Account, and all other bank and similar accounts relating to Collections with respect to Pledged Receivables (whether now existing or hereafter established) and all funds held therein, and all investments in and all income from the
investment of funds in the Collection Account, the Lockbox Account described in clause (i)(x) of the definition thereof, the LEAF III Lockbox Account, and such other accounts; 
  

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 (d) the Records relating to any Pledged Receivables; 
 (e) all UCC financing statements filed by the Borrower against the Originator under or in connection with the Purchase and Sale Agreement;

 (f) Reserved; 
 (g) each Qualifying Interest Rate Swap, any other interest rate protection agreement entered into with respect to the transactions contemplated under the RLSA and, in each case, all payments thereunder;

 (h) all Liquidation Proceeds relating to any Pledged Receivables; and 
 (i) all proceeds of the foregoing property described in clauses (a) through (g) above, including interest, dividends, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for or on account of the sale or other disposition of any or all of the then existing Pledged Receivables. 
 The Borrower hereby authorizes the Collateral Agent to file financing statements describing as the collateral covered thereby as “all of the
debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement. 
 SECTION 2.12 Evidence of Debt. Each Lender shall maintain an account or accounts evidencing the indebtedness of the Borrower to
such Lender resulting from the related Loan (and its related Class A Note and Class B Note) 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. The
entries made in such account(s) of such Lender shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.13 Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon the repayment of the Loans and all other Obligations payable to each Secured Party under this Agreement and any other Transaction
Document, the security interest of the Collateral Agent in each Pledged Receivable and the related Other Conveyed Property and Related Security shall be released and the Borrower hereby authorized to file, on behalf of the Collateral Agent, UCC
termination statements in respect thereof. 
 (b) The Borrower shall notify the Collateral Agent of any Release Price to be paid
pursuant to this Section 2.13 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. 
 (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration
but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express
or implied, by or recourse against the Collateral Agent. 
  

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 SECTION 2.14 Treatment of Amounts Paid by the Borrower. Amounts paid by the
Borrower pursuant to Section 2.13 on account of Pledged Receivables shall be treated as payments on Pledged Receivables hereunder. 
 SECTION 2.15 Prepayment; Certain Indemnification Rights; Termination. (a) The Borrower may prepay, in whole or in part, the outstanding principal amount of any Class A Notes and/or Class
B Notes. All such prepayments with respect to the Class A Notes shall be made on a pro rata basis among the Class A Lenders. All such prepayments with respect to the Class B Notes shall be made on a pro rata basis among the Class B
Lenders. Any amounts so prepaid shall be applied to repay the outstanding principal amount of Loans allocated to an Interest Period or Interest Periods selected by the related Lender. If the Borrower intends to make an optional prepayment pursuant
to this Section 2.15(a), the Borrower shall give five (5) Business Days’ prior written notice thereof to the Lenders, specifying the intended Prepayment Date, the intended Prepayment Amount, a calculation of any applicable
Breakage Fee and any amounts payable by the Borrower in connection with the termination of a Qualified Interest Rate Swap (such cost, an “Other Swap Breakage Cost”). Any such optional prepayment shall be accompanied by all interest
accrued with respect thereto and the Breakage Fee and Other Swap Breakage Cost with respect to the applicable Prepayment Amount and Prepayment Date. If such notice is given, the principal amount specified in such notice (together with all interest
accrued with respect thereto and the Breakage Fee and Other Swap Breakage Cost related thereto) shall be due and payable on the Prepayment Date specified therein. Notwithstanding the foregoing, any payment by the Borrower required pursuant to
Section 2.04(c) or, in connection with the occurrence of an Event of Default, pursuant to Section 7.01 hereof shall not be considered an optional prepayment and no Breakage Fee or Other Swap Breakage Cost shall be required to
be paid in respect thereof. 
 (b) Without limiting any other provision hereof, the Borrower agrees to indemnify each Lender,
the Qualifying Swap Counterparty and any Affiliate thereof and to hold each such Person harmless from any cost, loss or expense which it may sustain or incur as a consequence of (i) the Borrower making any optional prepayment pursuant to
Section 2.15(a) hereof, (ii) any default by the Borrower in making any optional prepayment pursuant to Section 2.15(a) hereof after notice of such prepayment has been given, (iii) any failure by the Borrower to take
a Loan hereunder after notice of such Loan has been given pursuant to this Agreement, (iv) any acceleration of the maturity of any Loans by any Lender in accordance with the terms of this Agreement, including, but not limited to, any Breakage
Fees, any cost, loss or expense arising related to the termination (in whole or in part) or amendment of any Qualifying Interest Rate Swap and from interest or fees payable by such Lender to lenders of funds obtained by it in order to advance or
maintain the Loans hereunder. Indemnification pursuant to this Section shall survive the termination of this Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation. 
 (c) Notwithstanding any other provision hereof, the Borrower shall not terminate or amend this Agreement or any other Transaction Document
or reduce the Borrowing Limit prior to the Facility Maturity Date without the Lenders’ prior written consent, which consent may be withheld in each Lender’s sole discretion. 
  

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 (d) At any time prior to the occurrence of a Termination Event or an Event of Default, the
Borrower shall have the right to deliver written notice, which notice shall be sent to the Lenders and the holders of the Class B Notes (the “Class B Buyout Notice”) designating a purchaser for (without recourse, warranty or
representation (other than the holders of such Class B Notes own such Class B Notes free and clear of any liens created or granted by the holders of such Class B Notes)) the entire (but not less than the entire) outstanding principal amount of Class
B Notes (and all associated rights, titles, claims and privileges associated therewith, including rights under this Agreement) for an amount (the “Class B Buyout Price”) equal to the outstanding principal amount of, and accrued but
unpaid interest on, the Class B Notes (including any make-whole premium payable) and all other amounts then payable to the holder(s) of the Class B Notes under this Agreement. The purchase of the Class B Notes pursuant to this Section shall close no
later than the date specified in such Class B Buyout Notice, which date shall be subject to the prior written approval of the holder of the Class B Notes. The Class B Buyout Price shall be remitted by wire transfer in immediately available federal
funds to the holder(s) of the Class B Notes to account(s) specified by such holder(s). Interest shall be calculated to but excluding the Business Day on which such purchase shall occur if the Class B Buyout Price is wired to the holder(s) of the
Class B Notes prior to 1:00 pm New York time and interest shall be calculated to and including such Business Day if the Class B Notes Buyout Price is wired to the holder(s) of the Class B Notes later than 1:00 pm New York time. 
 ARTICLE III 
 CONDITIONS OF LOANS 
 SECTION 3.01 Conditions Precedent to Borrowing. The Borrowing hereunder is
subject to the conditions precedent that: 
 (a) the Class A Arrangement Fee and the Class B Arrangement Fee (as such terms
are defined in the Fee Letter) shall have been paid in full in accordance with the terms of the Fee Letter and all other acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any
required filings, recordings or registrations) required to be done and performed and to have happened prior to the execution, delivery and performance of this Agreement and all related documents and to constitute the same legal, valid and binding
obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance with all applicable laws; and 
 (b) each Lender shall have received on or before the date of the Borrowing the items listed in Schedule I hereto, each in form and
substance satisfactory to such Lender. 
 SECTION 3.02 Conditions Precedent to All Borrowings. The Borrowing by the
Borrower from the Lenders shall be subject to the further conditions precedent that: 
 (a) Reserved; 
  

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 (b) After giving effect to the Borrowing requested by the Borrower the following statements
shall be true (and the Borrower shall be deemed to have certified that): 
 (i) the Facility Amount will not
exceed the Borrowing Limit; and 
 (ii) the Facility Amount will not exceed the Facility Limit. 
 (c) On the Borrowing Date, the following statements shall be true and correct, and the Borrower by accepting any amount of the Borrowing
shall be deemed to have represented that: 
 (i) the representations and warranties contained in
Section 4.01 are true and correct in all material respects, before and after giving effect to the Borrowing to take place on the Borrowing Date and to the application of proceeds therefrom, on and as of such day as though made on and as
of such date; 
 (ii) no event has occurred and is continuing, or would result from the Borrowing, which
constitutes a Program Termination Event hereunder or an event that but for notice or lapse of time or both would constitute a Program Termination Event; 
 (iii) no event has occurred and is continuing, or would result from the Borrowing, which constitutes a Termination Event hereunder or an event that but for notice or lapse of time or both would constitute
a Termination Event; 
 (iv) Reserved; 
 (v) the requirements set forth in Section 2.01(a) hereof shall have been complied with; 
 (vi) (a) the Borrower has delivered to each Lender a copy of the applicable Notice of Borrowing and the related Notice
of Pledge (together with the attached Receivables Schedule) pursuant to Section 2.02, each appropriately completed and executed by the Borrower, (b) the Borrower has delivered or caused to have been delivered to the Custodian the
Notice of Pledge with respect to the Receivables being Pledged hereunder three (3) Business Days prior to the Borrowing Date, and (c) the Contract related to each Receivable being Pledged hereunder on the Borrowing Date has been duly
assigned by the Originator to the Borrower and duly assigned by the Borrower to the Collateral Agent; 
 (vii)
all terms and conditions of the Purchase and Sale Agreement required to be satisfied in connection with the assignment of each Receivable being Pledged hereunder on the Borrowing Date (and the Other Conveyed Property and Related Security related
thereto), including, without limitation, the perfection of the Borrower’s interests therein (other than with respect to Equipment which has an Amortized Equipment Cost of less than $25,000 and is leased under Dollar Purchase Option Contracts or
$50,000 and is leased under FMV Contracts), shall have been satisfied in full, and all filings (including, without limitation, UCC filings) required to be made by any Person and all actions required to be taken or performed by any Person in any

  

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jurisdiction to give the Collateral Agent a first priority perfected security interest in such Receivables, Related Security and the Other Conveyed Property related thereto and the proceeds
thereof shall have been made, taken or performed; 
 (viii) (A) the Initial Servicer shall have taken or
caused to be taken all steps necessary under all applicable law (including the filing of an Obligor Financing Statement) in order to cause a valid, subsisting and enforceable perfected, first priority security interest to exist in Originator’s
favor in the Obligor Collateral securing each Receivable being Pledged hereunder on the Borrowing Date (other than with respect to Equipment which has an Amortized Equipment Cost of less than $25,000 and is leased under Dollar Purchase Option
Contracts or $50,000 and is leased under FMV Contracts), (B) the Originator shall have assigned the perfected, first priority security interest in the Obligor Collateral to the Borrower pursuant to the Purchase and Sale Agreement and
(C) the Borrower shall have assigned the perfected, first priority security interest in the Obligor Collateral (and the proceeds thereof) referred to in clause (A) above to the Collateral Agent, pursuant to Section 2.11 hereof;

 (ix) Reserved; and 
 (x) the Borrower shall have taken all steps necessary under all applicable law in order to cause to exist in favor of the
Collateral Agent a valid, subsisting and enforceable first priority perfected security interest in the Borrower’s interest in the Obligor Collateral related to each Receivable being Pledged hereunder on the Borrowing Date (other than with
respect to Equipment which has an Amortized Equipment Cost of less than $25,000 and is leased under Dollar Purchase Option Contracts or $50,000 and is leased under FMV Contracts); 
 (d) No law or regulation shall prohibit, and no order, judgment or decree of any Government Entity shall prohibit or enjoin, the making of
such Loans by any Lender in accordance with the provisions hereof; and 
 (e) The Lenders shall have received and found to be
satisfactory with respect to Pledged Receivables being Pledged in connection with the Borrowing, which have been previously pledged to any lender by the Originator, the Borrower or any Affiliate thereof under any other financing facility, evidence
of the release of any liens granted in connection with such financing with respect to any such Pledged Receivables. 
 (f)
Unless a credit agreement and/or security agreement, including but not limited to any such agreement with National City Bank, as agent, related to Receivables being Pledged by the Borrower in connection with the Borrowing, shall have provided for an
automatic release of the Agent’s or Collateral Agent’s, as applicable, lien and security interest in such Receivables granted thereunder, the applicable agent or lender shall have executed and delivered to the Borrower and the Collateral
Agent a partial release letter and the Borrower shall have duly filed with the appropriate filing office a UCC-3 partial release evidencing the release contained in such release letter, in each case in a form satisfactory to the Collateral Agent.

  

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 SECTION 3.03 Advances Do Not Constitute a Waiver. No advance of a Loan by any
Lender hereunder shall constitute a waiver of any condition to such Lender’s obligation to make such an advance unless such waiver is in writing and executed by such Lender. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 

SECTION 4.01 Representations and Warranties of the Borrower. The Borrower hereby represents and warrants, as of the date
hereof, on the Borrowing Date and on the first day of each Rollover Interest Period, as follows: 
 (a) Each Receivable
designated as an Eligible Receivable on any Facility Limit Certificate or Monthly Remittance Report is an Eligible Receivable. Each Receivable included as an Eligible Receivable in any calculation of the Facility Limit or the Eligible Receivables
Balance is an Eligible Receivable. 
 (b) The Borrower is a limited liability company duly organized, validly existing and in
good standing under the laws of the jurisdiction of its formation and has the power and all licenses necessary to own its assets and to transact the business in which it is engaged and is duly qualified and in good standing under the laws of each
jurisdiction where the transaction of such business or its ownership of the Pledged Receivables requires such qualification. 
 (c) The Borrower has the power, authority and legal right to make, deliver and perform this Agreement and each of the Transaction Documents to which it is a party and all of the transactions contemplated hereby and thereby, and has taken
all necessary action to authorize the execution, delivery and performance of this Agreement and each of the Transaction Documents to which it is a party, and to grant to the Collateral Agent a first priority perfected security interest in the
Pledged Assets on the terms and conditions of this Agreement. This Agreement and each of the Transaction Documents to which the Borrower is a party constitutes the legal, valid and binding obligation of the Borrower, enforceable against it in
accordance with their respective terms, except as the enforceability hereof and thereof may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws of general application affecting creditors’ rights generally and
by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law). No consent of any other party and no consent, license, approval or authorization of, or registration or declaration with, any Government
Entity, bureau or agency is required in connection with the execution, delivery or performance by the Borrower of this Agreement or any Transaction Document to which it is a party or the validity or enforceability of this Agreement or any such
Transaction Document or the Pledged Receivables, other than such as have been met or obtained. 
 (d) The execution, delivery
and performance of this Agreement and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto in connection with the Pledge of the Pledged Assets will not (i) create any Adverse
Claim on the Pledged Assets or (ii) violate any provision of any existing law or

  

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regulation or any order or decree of any court, regulatory body or administrative agency or the certificate of formation or limited liability company agreement of the Borrower or any contract or
other agreement to which or the Borrower is a party or by which the Borrower or any property or assets of the Borrower may be bound. 
 (e) No litigation or administrative proceeding of or before any court, tribunal or governmental body is presently pending or, to the knowledge of the Borrower, threatened against the Borrower or any properties of Borrower or with respect to
this Agreement, which, if adversely determined, could have a Material Adverse Effect. 
 (f) In selecting the Receivables to be
Pledged pursuant to this Agreement, no selection procedures were employed which are intended to be adverse to the interests of any Lender. 
 (g) The grant of the security interest in the Pledged Assets by the Borrower to the Collateral Agent pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject
to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. No such Pledged Assets have been sold, transferred, assigned or pledged by the Borrower to any Person, other than the Pledge of such Assets to the
Collateral Agent pursuant to the terms of this Agreement. 
 (h) The Borrower has no Debt or other indebtedness which, in the
aggregate, exceeds $10,000, other than Debt incurred under the terms of the Transaction Documents. 
 (i) The Borrower has been
formed solely for the purpose of engaging in the transactions contemplated by this Agreement and the other Transaction Documents. 
 (j) No injunction, writ, restraining order or other order of any nature adversely affects the Borrower’s performance of its obligations under this Agreement or any Transaction Document to which the Borrower is a party. 
 (k) The Borrower has filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including, without limitation, all
foreign, federal, state, local and other tax returns) required to be filed, is not liable for taxes payable by any other Person and has paid or made adequate provisions for the payment of all taxes, assessments and other governmental charges due
from the Borrower except for those taxes being contested in good faith by appropriate proceedings and in respect of which no penalty may be assessed from such contest and it has established proper reserves on its books. No tax lien or similar
adverse claim has been filed, and no claim is being asserted, with respect to any such tax, assessment or other governmental charge. Any taxes, fees and other governmental charges payable by the Borrower, as applicable, in connection with the
execution and delivery of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby have been paid or shall have been paid if and when due. 
 (l) The chief executive office of the Borrower (and the location of the Borrower’s records regarding the Pledged Receivables (other
than those delivered to the Custodian)) is located at One Commerce Square, 2005 Market Street, 15th Floor, Philadelphia, PA 19103. 
  

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 (m) The Borrower’s legal name is as set forth in this Agreement; other than as
disclosed on Schedule II hereto (as such schedule may be updated from time to by the Lenders upon receipt of a notice delivered to the Lenders pursuant to Section 6.18), the Borrower has not changed its name since its formation;
the Borrower does not have tradenames, fictitious names, assumed names or “doing business as” names other than as disclosed on Schedule II hereto (as such schedule may be updated from time to by the Lenders upon receipt of a notice
delivered to the Lenders pursuant to Section 6.18). 
 (n) The Borrower is solvent and will not become insolvent
after giving effect to the transactions contemplated hereby; the Borrower is paying its debts as they become due; and the Borrower, after giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business.

 (o) The Borrower has no subsidiaries. 
 (p) The Borrower has given fair consideration and reasonably equivalent value in exchange for the sale of the Pledged Receivables by the Originator under the Purchase and Sale Agreement. 
 (q) No Monthly Remittance Report or Facility Limit Certificate (each if prepared by the Borrower or to the extent that information contained
therein is supplied by the Borrower), information, exhibit, financial statement, document, book, record or report furnished or to be furnished by the Borrower to the Lenders in connection with this Agreement is or will be inaccurate in any material
respect as of the date it is or shall be dated or (except as otherwise disclosed in writing to the Lenders, as the case may be, at such time) as of the date so furnished, and no such document contains or will contain any material misstatement of
fact or omits or shall omit to state a material fact or any fact necessary to make the statements contained therein not misleading. 
 (r) No proceeds of the Loans will be used by the Borrower to acquire any security in any transaction, which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended. 
 (s) There are no agreements in effect adversely affecting the rights of the Borrower to make, or cause to be made, the grant of the security
interest in the Pledged Assets contemplated by Section 2.11. 
 (t) The Borrower is not an “investment
company” or an “affiliated person” of or “promoter” or “principal underwriter” for an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended, nor is the Borrower
otherwise subject to regulation thereunder. 
 (u) No Event of Default or Unmatured Event of Default has occurred and is
continuing. 
 (v) Reserved. 
  

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 (w) The Borrower is in compliance with ERISA in all material respects. No steps have been
taken to terminate any Borrower Pension Plan which could result in material liability, and no contribution failure has occurred with respect to any Borrower Pension Plan sufficient to give rise to a lien under section 302(f) of ERISA. No condition
exists or event or transaction has occurred with respect to any Borrower Pension Plan which could result in the Borrower or any ERISA Affiliate of Borrower incurring any material liability, fine or penalty. 
 (x) There is not now, nor will there be at any time in the future, any agreement or understanding between the Servicer and the Borrower
(other than as expressly set forth herein), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any taxes, fees, assessments or other governmental charges. 
 (y) Notwithstanding anything to the contrary in the Warehouse Facility, no Pledged Receivable constitutes (for purposes of the Warehouse
Facility) either an “Eligible Pool A Receivable” or an “Eligible Pool B Receivable”, in each case as defined under the Warehouse Facility. 
 SECTION 4.02 Representations and Warranties of the Servicer. The Servicer (so long as the Servicer is not the Backup Servicer as successor Servicer) hereby represents and warrants, as of the
date hereof, on the Borrowing Date, on each Remittance Date and on the first day of each Rollover Interest Period, as follows: 
 (a) Each Receivable designated as an Eligible Receivable on any Facility Limit Certificate or Monthly Remittance Report is an Eligible Receivable. Each Receivable included as an Eligible Receivable in any calculation of the Facility Limit
or the Eligible Receivables Balance is an Eligible Receivable. 
 (b) The Servicer is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation and has the power and all licenses necessary to own its assets and to transact the business in which it is engaged (which includes servicing Receivables on behalf
of third parties and itself) and is duly qualified and in good standing under the laws of each jurisdiction where its servicing of the Pledged Receivables requires such qualification. 
 (c) The Servicer has the power, authority and legal right to make, deliver and perform this Agreement and each of the Transaction Documents
to which it is a party and all of the transactions contemplated hereby and thereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and each of the Transaction Documents to which it is a
party. This Agreement and each of the Transaction Documents to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer, enforceable against it in accordance with their respective terms, except as the
enforceability hereof and thereof may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws of general application affecting creditors’ rights generally and by general principles of equity (whether such
enforceability is considered in a proceeding in equity or at law). No consent of any other party and no consent, license, approval or authorization of, or registration or declaration with, any Government Entity is required in connection with the
execution, delivery or performance by the Servicer of this Agreement or any Transaction Document to which it is a party or the validity or enforceability of this Agreement or any such Transaction Document, other than such as have been met or
obtained. 
  

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 (d) The execution, delivery and performance of this Agreement by the Servicer and all other
agreements and instruments executed and delivered or to be executed and delivered by the Servicer pursuant hereto or thereto in connection with the Pledge of the Pledged Assets will not (i) create any Adverse Claim on the Pledged Assets or
(ii) violate any provision of any existing law or regulation or any order or decree of any court, regulatory body or administrative agency or the certificate of incorporation or bylaws of the Servicer or any material contract or other agreement
to which the Servicer is a party or by which the Servicer or any of its property or assets may be bound. 
 (e) No litigation or
administrative proceeding of or before any court, tribunal or governmental body is presently pending or, to the knowledge of the Servicer, threatened against the Servicer or any properties of the Servicer or with respect to this Agreement, which, if
adversely determined, could have a Material Adverse Effect. 
 (f) No injunction, writ, restraining order or other order of any
nature adversely affects the Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party. 
 (g) The Servicer has filed (on a consolidated basis or otherwise) on a timely basis all material tax returns (including, without limitation, all foreign, federal, state and local income tax returns)
required to be filed, is not liable for taxes payable by any other Person (other than any Person within the Servicer’s consolidated group or similar group) and has paid or made adequate provisions for the payment of all material taxes,
assessments and other governmental charges due from the Servicer except for those taxes being contested in good faith by appropriate proceedings and in respect of which it has established proper reserves on its books. No tax lien or similar adverse
claim has been filed, and no claim is being asserted, with respect to any such tax, assessment or other governmental charge. Any taxes, fees and other governmental charges payable by the Servicer in connection with the execution and delivery of this
Agreement and the other Transaction Documents to which it is a party and the transactions contemplated hereby or thereby have been paid or shall have been paid if and when due. 
 (h) The chief executive office of the Servicer (and the location of the Servicer’s records regarding the Pledged Receivables (other
than those delivered to the Custodian)) is located at One Commerce Square, 2005 Market Street, 15th Floor, Philadelphia, PA 19103. 
 (i) The Servicer’s legal name is as set forth in this Agreement; other than as disclosed on Schedule II hereto (as such schedule may be updated from time to by the Lenders upon receipt of a notice delivered to the Lenders
pursuant to Section 6.18), the Servicer has not changed its name since its formation; the Servicer does not have tradenames, fictitious names, assumed names or “doing business as” names other than as disclosed on Schedule
II hereto (as such schedule may be updated from time to by the Lenders upon receipt of a notice delivered to the Lenders pursuant to Section 6.18). 
  

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 (j) The Servicer is solvent and will not become insolvent after giving effect to the
transactions contemplated hereby; the Servicer is paying its debts as they become due; and the Servicer, after giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business. 
 (k) As of the date hereof and as of the date of delivery of any Monthly Remittance Report or Facility Limit Certificate, no Monthly
Remittance Report or Facility Limit Certificate (each if prepared by the Servicer or to the extent that information contained therein is supplied by the Servicer), information, exhibit, financial statement, document, book, record or report furnished
or to be furnished by the Servicer to the Lenders in connection with this Agreement is or will be inaccurate in any material respect, and no such document contains or will contain any material misstatement of fact or omits or shall omit to state a
material fact or any fact necessary to make the statements contained therein not misleading. 
 (l) The Servicer is not an
“investment company” or an “affiliated person” of or “promoter” or “principal underwriter” for an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended, nor
is the Servicer otherwise subject to regulation thereunder. 
 (m) No Event of Default or Unmatured Event of Default has
occurred and is continuing. 
 (n) Each of the Pledged Receivables was underwritten and is being serviced in conformance with
Originator’s and the Servicer’s standard underwriting, credit, collection, operating and reporting procedures and systems (including, without limitation, the Credit and Collection Policy). 
 (o) Any Computer Tape or Listing made available by the Servicer to the Lenders was complete and accurate in all material respects as of the
date on which such Computer Tape or Listing was made available. 
 (p) The Servicer is in compliance with ERISA in all material
respects. No steps have been taken to terminate any Servicer Pension Plan which could result in material liability, and no contribution failure has occurred with respect to any Servicer Pension Plan sufficient to give rise to a lien under section
302(f) of ERISA. No condition exists or event or transaction has occurred with respect to any Servicer Pension Plan which could result in the Servicer or any ERISA Affiliate of Servicer incurring any material liability, fine or penalty. 

(q) There is not now, nor will there be at any time in the future, any agreement or understanding between the Servicer and the Borrower
(other than as expressly set forth herein), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any taxes, fees, assessments or other governmental charges. 
 (r) Notwithstanding anything to the contrary in the Warehouse Facility, no Pledged Receivable constitutes (for purposes of the Warehouse
Facility) either an “Eligible Pool A Receivable” or an “Eligible Pool B Receivable”, in each case as defined under the Warehouse Facility. 
  

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 (s) Each Subordination Agreement, as applicable, provides for the subordination of payments
by LEAF Financial or any of its consolidated subsidiaries to its parent to the payment of any amounts under its senior credit agreement with PNC Bank, National Association (as successor to National City Bank). 
 SECTION 4.03 Resale of Receivables Upon Breach of Covenant or Representation and Warranty by Borrower. The Borrower or the
Servicer, as the case may be, shall inform the other parties to this Agreement and the Qualifying Swap Counterparty promptly, in writing, upon the discovery of any breach of the representations, warranties and/or covenants contained in
Section 4.01, Section 4.02 or Section 5.01; provided, however, that the failure to provide any such notice shall not diminish, in any manner whatsoever, any obligation of the Borrower under this
Section 4.03 to sell any Pledged Receivable. Upon the discovery by or notice to the Borrower of any such breach that also constitutes a LEAF Purchase Event under and as defined in the Purchase and Sale Agreement, the Borrower shall have
an obligation to, and the Borrower shall, resell to the Originator pursuant to the Purchase and Sale Agreement (and the Collateral Agent may enforce such obligation of the Borrower to sell) any Pledged Receivable adversely affected by any such
breach. The Servicer shall notify the Collateral Agent promptly, in writing, of any failure by the Borrower to so resell any such Pledged Receivable. In connection with the resale of such Pledged Receivable, the Borrower shall remit funds in an
amount equal to the Release Price for such Pledged Receivable to the Collection Account on the date of such resale and the Collateral Agent, in consideration for payment (and automatically upon deposit in the Collection Account), of the Release
Price shall be deemed to have released its security interest in such Pledged Receivables. It is understood and agreed that the obligation of the Borrower to resell to the Originator, and the obligation of the Originator to purchase, any Receivables
which are adversely affected by a LEAF Purchase Event is not intended to, and shall not, constitute a guaranty of the collectibility or payment of any Receivable which is not collected, not paid or uncollectible on account of the insolvency,
bankruptcy, or financial inability to pay of the related Obligor. 
 SECTION 4.04 Representations and Warranties of the
Lenders. (A) Morgan Stanley AFI, as Class A Lender and as Class B Lender, hereby represents and warrants, on the Borrowing Date and on the first day of each Rollover Interest Period and (B) each Lender hereby represents and
warrants on the first day of each Rollover Interest Period following the date on which it became a Lender hereunder, that it is a “qualified purchaser” within the meaning of Section 3(c)(7) of the Investment Company Act. 

ARTICLE V 
 GENERAL COVENANTS OF THE BORROWER, 
 THE SERVICER AND CERTAIN OTHER PARTIES 
 SECTION 5.01 General Covenants. (a) The Borrower will observe all corporate procedures required by its certificate of formation,
limited liability company agreement and the laws of its jurisdiction of formation. The Borrower will maintain its limited liability company existence in good standing under the laws of its jurisdiction of formation and will promptly obtain and
thereafter maintain qualifications to do business as a foreign limited liability company in any other state in which it does business and in which it is required to so qualify under applicable law. 
  

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 (b) The Borrower will at all times ensure that (i) its members act independently and in
its interests and in the interests of its creditors, (ii) it shall at all times maintain at least one independent manager who (A) is not currently and has not been during the five years preceding the date of this Agreement an officer,
director or employee of the Borrower or an Affiliate thereof (other than acting as independent manager or in a similar capacity) and (B) is not a member of the Borrower or an Affiliate thereof (other than a special independent member of the
Borrower or a limited purpose corporation, business trust, partnership or other entity organized for the purpose of acquiring, financing or otherwise investing, directly or indirectly, in assets or receivables originated, owned or serviced by
Originator or an Affiliate of any of them), (iii) its assets are not commingled with those of Originator or any other Affiliate of the Borrower, (iv) its members duly authorize all of its limited liability company actions, (v) it
maintains separate and accurate records and books of account and such books and records are kept separate from those of Originator and any other Affiliate of the Borrower and (vi) it maintains minutes of the meetings and other proceedings of
the members. Where necessary, the Borrower will obtain proper authorization from its members for limited liability company action. 
 (c) The Borrower will pay its operating expenses and liabilities from its own assets. 
 (d) The Borrower will not have
any of its indebtedness guaranteed by Originator or any Affiliate thereof. Furthermore, the Borrower will not hold itself out, or permit itself to be held out, as having agreed to pay or as being liable for the debts of Originator, and the Borrower
will not engage in business transactions with Originator, except on an arm’s-length basis. The Borrower will not hold Originator out to third parties as other than an entity with assets and liabilities distinct from the Borrower. The Borrower
will cause any of its financial statements consolidated with those of Originator to state that the Borrower is a separate corporate entity with its own separate creditors who, in any liquidation of the Borrower, will be entitled to be satisfied out
of the Borrower’s assets prior to any value in the Borrower becoming available to the Borrower’s equity holders. The Borrower will not act in any other matter that could foreseeably mislead others with respect to the Borrower’s
separate identity. 
 (e) In its capacity as Servicer, LEAF Financial will, to the extent necessary, maintain separate records
on behalf of and for the benefit of the Lenders, act in accordance with instructions and directions, delivered in accordance with the terms hereof, from the Borrower, and/or the Lenders in connection with its servicing of the Pledged Receivables
hereunder, and will ensure that, at all times when it is dealing with or in connection with the Pledged Receivables in its capacity as Servicer, it holds itself out as Servicer, and not in any other capacity. 
 (f) The Servicer (if LEAF Financial or an Affiliate thereof) shall, to the extent required by applicable law, disclose all material
transactions associated with this transaction in appropriate regulatory filings and public announcements. The annual financial statements of Resource America (including any consolidated financial statements) shall disclose the effects of the
transactions contemplated by the Purchase and Sale Agreement as a sale of Receivables, Related Security and Other Conveyed Property to the Borrower, and the annual financial

  

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statements of the Borrower shall disclose the effects of the transactions contemplated by this Agreement as a loan to the extent required by and in accordance with GAAP, it being understood that
the Loans to the Borrower under this Agreement will be treated as debt on the consolidated financial statements of Resource America. 
 (g) The Borrower shall take all other actions necessary to maintain the accuracy of the factual assumptions set forth in the legal opinions of Thacher Proffitt & Wood LLP, as special counsel to the Originator and the Borrower,
issued in connection with the Purchase and Sale Agreement and relating to the issues of substantive consolidation and true conveyance of the Pledged Receivables. 
 (h) Except as otherwise provided herein or in any other Transaction Document, neither the Borrower nor the Servicer shall sell, assign (by operation of law or otherwise) or otherwise dispose of, or create
or (if the Servicer is LEAF Financial or an Affiliate thereof) suffer to exist any Adverse Claim upon or with respect to, any Pledged Receivable, any Collections related thereto or any other Pledged Assets related thereto, or upon or with respect to
any account to which any Collections of any Receivable are sent, or assign any right to receive income in respect thereof. Except as otherwise provided herein or in any other Transaction Document, the Borrower shall not create or suffer to exist any
Adverse Claim upon or with respect to any of the Borrower’s assets. Except as otherwise provided herein or in any other Transaction Document, the Servicer shall not create, or (if the Servicer is LEAF Financial or an Affiliate thereof) permit
any action to be taken by any Person to create, any Adverse Claim upon or with respect to any of the Borrower’s assets. 
 (i) The Borrower will not merge or consolidate with, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter
acquired) other than with respect to asset dispositions in connection with an optional prepayment pursuant to Section 2.15(a) hereof, or acquire all or substantially all of the assets or capital stock or other ownership interest of any
Person without the prior written consent of the Lenders. 
 (j) The Borrower will not account for or treat (whether in financial
statements or otherwise) the transactions contemplated by the Purchase and Sale Agreement in any manner other than a sale and absolute assignment of Receivables, Related Security and Other Conveyed Property by Originator to the Borrower constituting
a “true conveyance” for bankruptcy purposes. 
 (k) The Borrower will not amend, modify, waive or terminate any terms
or conditions of the Purchase and Sale Agreement or any Qualifying Interest Rate Swap without the written consent of the Controlling Holders and the Collateral Agent, and shall perform its obligations thereunder. 
 (l) The Borrower will not make any amendment, modification or other change to its certificate of formation or limited liability company
agreement that would materially and adversely affect the Lenders without each Lender’s prior written consent, and shall notify the Lenders prior to making any amendment, modification or other change to its certificate of formation or limited
liability company agreement prior to the effectiveness thereof. 
  

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 (m) Neither the Borrower nor (if the Servicer is LEAF Financial or an Affiliate thereof) the
Servicer will make or allow to be made any material amendment to the Credit and Collection Policy without the prior written consent of the Lenders (and the Lenders hereby agree to take commercially reasonable efforts to respond to any request for
such consent in a timely manner). Neither the Borrower nor (if the Servicer is LEAF Financial or an Affiliate thereof) the Servicer will make or allow to be made any non-material amendment to the Credit and Collection Policy without the prior
written consent of the Lenders; provided, that if the Lenders have not responded to a written request for such consent within ten (10) Business Days of receipt thereof, the Lenders shall be deemed to have consented to such request. 

(n) If the Borrower or the Servicer receives any Collections or other payments with respect to any Pledged Receivable (including the
receipt of any such amount in the Lockbox Account described in clause (i)(x) of the definition thereof on or after the Lockbox Change Date), the Borrower or the Servicer, as applicable, will remit such Collections to the Collection Account within
one (1) Business Day of the Borrower’s or the Servicer’s identification thereof. 
 (o) The Servicer shall cause:

 (i) the Obligor under each Contract to remit all payments owed or otherwise payable by such Obligor under such
Contract (or any servicer on its behalf) to the Lockbox or by wire transfer to the Lockbox Account; 
 (ii) the
Lockbox Bank to deposit all Collections with respect to any Pledged Receivable in the Lockbox into the Lockbox Account on each Business Day; and 
 (iii) the Lockbox Bank to remit all Collections with respect to any Pledged Receivable on deposit in the Lockbox Account (or any sub-account thereof or any related account) to the Collection Account on
each Business Day. 
 (p) Prior to the closing of any securitization transaction with respect to any Pledged Receivables, the
Servicer shall deliver to the Primary Lenders a complete list, in form and substance satisfactory to each Primary Lender, identifying all assets which constitute or constituted Pledged Receivables at any time on or following the Closing Date and
prior to the date of such securitization transaction. 
 (q) The Borrower shall deliver to the Lenders on each Purchase Date a
copy of the Assignment delivered to it on such Purchase Date. 
 (r) Each of the Servicer (and, if the Servicer is not LEAF
Financial or an Affiliate thereof, upon the Servicer gaining knowledge thereof) and the Borrower shall promptly notify the Lenders of the occurrence of any Servicer Default, Event of Default, Program Termination Event, Termination Event (and any
event that, if it continues uncured, would, with lapse of time or notice or lapse of time and notice, constitute any Servicer Default, Event of Default, Program Termination Event or Termination Event). 
 (s) Each of the Servicer (if the Servicer is LEAF Financial or an Affiliate thereof) and the Borrower shall take all actions (in the case of
Obligor Collateral with an Amortized Equipment Cost over $100,000) and all commercially reasonable actions (in the case of Obligor

  

 53 

 
Collateral with an Amortized Equipment Cost of $100,000 or less) necessary to ensure that the Originator is at all times named as loss payee under each Insurance Policy with respect to Obligor
Collateral related to a Pledged Receivable. 
 (t) On the Borrowing Date, a Qualifying Interest Rate Swap, in form and substance
satisfactory to the Lenders, shall be duly executed by the Borrower and a Qualifying Swap Counterparty, and any amounts required to have been paid thereunder as of such Remittance Date shall have been paid and any obligations required to have been
performed thereunder as of such Remittance Date shall have been performed. 
 (u) The Pledged Receivables shall not be
refinanced with any proceeds of the Warehouse Facility. 
 (v) The Borrower shall not acquire any debt obligation or interest
therein if, after giving effect to such acquisition, more than 40 percent of the debt obligations or interests therein held by the Borrower (as determined under the rules of Treasury Regulation 301.7701(i)-1(c)) would consist of real estate
mortgages or interests therein (as defined in Treasury Regulation 301.7701(i)-1(d)). 
 (w) If the Obligor Collateral related to
any Receivable securing the Borrowing is a Vehicle, the Borrower shall, within 40 days after the Closing Date, deliver to the applicable Registrar of Titles an application for a Certificate of Title for such Vehicle satisfying the Titling
Requirements. 
 (x) In connection with satisfying the Titling Requirements, the Servicer shall take commercially reasonable
efforts to deliver or cause to be delivered to the Custodian in accordance with this Agreement and the Custodial Agreement, the original certificate of title for each Vehicle registered in Florida. 
 (y) Notwithstanding anything to the contrary set forth herein, neither the Borrower nor the Servicer shall permit, without the prior written
consent of the Lenders, (i) any voluntary prepayment in full by an Obligor or any other Person on behalf of such Obligor of the then current remaining balance of any Pledged Receivable evidenced by a Loan Contract (including, without
limitation, all principal and interest due with respect to such Pledged Receivable, but excluding any penalties, costs and fees with respect thereto) or (ii) any voluntary prepayment in full by an Obligor or any other Person on behalf of such
Obligor of all of the periodic payments payable under the terms of the related Contract with respect to any Pledged Receivable evidenced by a Lease Contract (including, without limitation, all scheduled payments due with respect to such Pledged
Receivable, but excluding any penalties, costs and fees with respect thereto). 
 (z) Within the applicable time period required
by any agreement, document or instrument related to a credit facility, provided to (i) LEAF Financial, Resource America, any LEAF Managed Entity or any of such Person’s respective Affiliates that have entered into any credit facility where
such Person is a lender (a “LEAF Affiliate Borrower”) or (ii) any subsidiary of LEAF Financial, Resource America or any LEAF Managed Entity (each, a “LEAF Credit Facility Document”), but in any event no later
than two days following the Servicer’s knowledge

  

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thereof, the Servicer shall notify the Collateral Agent and each Lender if (i) LEAF Financial, Resource America, any of their respective subsidiaries or any LEAF Affiliate Borrower fails to
observe or perform any covenant or agreement under any LEAF Credit Facility Document or (ii) any event of default, servicer default, unmatured event of default or unmatured servicer default (each such event set forth in clause
(i) or (ii), an “Other Default”) occurs under any such LEAF Credit Facility Document, whether or not such Other Default is called, waived or cured. 
 (aa) LEAF Financial shall not and shall not cause any subordinated Debt of LEAF Financial or any of its consolidated subsidiaries, in either
case, which has been issued to such Person’s parent, to be accelerated prior to the Facility Maturity Date. LEAF Financial will not (and will not permit any of its consolidated subsidiaries to) amend, supplement or otherwise modify or consent
to any amendment, supplement or other modification to any Subordination Agreement which adversely affects any Lender (including, without limitation, the termination or modification of any terms which provide for the subordination of payments by LEAF
Financial or any of its consolidated subsidiaries to its parent to the payment of any amounts hereunder). 
 (bb) The Servicer
shall not (i) make any cash payment with respect to the Subordinated Promissory Note or (ii) amend, supplement or otherwise modify any provisions of the Subordinated Promissory Note which adversely affects any Lender (including, without
limitation, modification of any payments thereunder), prior to the Facility Maturity Date without the prior written consent of the Lenders. 
 SECTION 5.02 Check-in Requirements. 
 (a) The Borrower hereby
covenants and agrees that, (i) not later than 20 days after the Borrowing Date, it shall cause to be delivered to the Custodian the Priority Documents related to Contracts whose aggregate Amortized Equipment Cost constitutes not less than 50%
of the aggregate Amortized Equipment Cost of all Contracts, and (ii) not later than 40 days after the Borrowing Date, it shall cause to be delivered to the Custodian the Priority Documents for each Pledged Receivable; provided, however,
that the Borrower shall be permitted to deliver to the Custodian a machine copy of any original, executed Contract (certified as a true copy (a “Certified True Copy”) by an officer of either the Obligor or the Borrower or its predecessor
as lessor or lender thereunder) for Contracts whose aggregate Amortized Equipment Cost constitutes not more than 5% of the aggregate Amortized Equipment Cost of all Contracts. 
 (b) The Borrower hereby covenants and agrees that if the aggregate Discounted Balance of all Contracts for which the Custodian has received
only a Certified True Copy exceeds the aforesaid 5% limit for any period exceeding fifteen days, then on the first Business Day after such fifteenth day it shall resell the Pledged Receivables related to all such Contracts to the Originator, deposit
the Release Price for each such Pledged Receivable to the Collection Account and remit to the respective Lenders (no later than the close of business of such Lender on such Business Day), pro tanto, as a partial prepayment of the
outstanding principal amount of the Notes (together with interest accrued and unpaid on such prepayment through such date of prepayment), pro rata according to their respective Percentages, and otherwise comply with the requirements of
Section 4.03 hereof with respect to all such Pledged Receivables. 
  

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 (c) The Custodian hereby agrees that, within one Business Day (to the extent the number of
Receivable Files received on any Business Day is no greater than 1,000 and that such Receivable Files are delivered to the Custodian in the same order as the Receivable Schedule) or within such greater number of Business Days as the parties hereto
mutually agree (to the extent the number of Receivable Files received on any Business Day exceeds 1,000), it shall deliver to the Borrower, each Lender and the Servicer (i) a Collateral Receipt for all Receivable Files received on that date and
(ii) an Exception Report) covering any Deficiencies noted in such Collateral Receipt. Additionally, on each Business Day, the Custodian hereby agrees to deliver to Borrower, each Lender and the Servicer a cumulative report of any uncured
Deficiencies identified in all prior Collateral Receipts. 
 (d) The Borrower hereby covenants and agrees that, (i) subject
to the proviso in Section 5.02(a) hereof, not later than 60 days after the Borrowing Date, it shall cause to be delivered to the Custodian every item constituting the Receivable File for each Pledged Receivable, including every item
identified in each Exception Report delivered by the Custodian pursuant to Section 5.02(c) hereof and (ii) for each Pledged Receivable with respect to which it shall not have complied with the immediately preceding clause (i), it
shall, to the extent it has not complied therewith within fifteen noncomplying days after receipt of an Exception Report with respect to any such Deficiency pursuant to this Section 5.02(d), on the first Business Day after, resell the
Pledged Receivables related to all such Contracts to the Originator, deposit the Release Price for each such Pledged Receivable to the Collection Account and remit to the respective Lenders (no later than the close of business of such Lender on such
Business Day), pro tanto, as a partial prepayment of the outstanding principal amount of the Notes (together with interest accrued and unpaid on such prepayment through such date of prepayment), pro rata according to
their respective Percentages, and otherwise comply with the requirements of Section 4.03 hereof with respect to all such Pledged Receivables. 
 (e) The events described in subsections (b) and (d)(ii) hereof shall constitute a Check-in Repurchase Event. 
 SECTION 5.03 Delivery of Servicing Agreement Electronic Images to the Backup Servicer. On or prior to November 26, 2008, the Servicer shall deliver to the Backup Servicer electronic
images of all existing servicing agreements and vendor contracts related to the Pledged Receivables (“Servicing Agreement Electronic Images”) in an electronic format mutually acceptable to the Servicer and the Backup Servicer. On
each Backup Servicer Delivery Date following November 26, 2008, the Servicer shall deliver to the Backup Servicer all Servicing Agreement Electronic Images in an electronic format mutually acceptable to the Servicer and the Backup Servicer with
respect to all then existing servicing agreements and vendor contracts which had not previously been delivered to the Backup Servicer. 
 SECTION 5.04 Covenant of Lenders, Collateral Agent and Lenders’ Bank. The Collateral Agent and the Lenders’ Bank agrees that it shall have no right, title or interest in and to any payments made by any Obligor (or obligor
which is not an “Obligor” hereunder) that are deposited into the Lockbox Account or the Collection Account which do not constitute Collections. Upon its knowledge of receipt of any such amount, such Person shall notify the Borrower thereof
and distribute to the Borrower within three (3) Business Days such amounts in accordance with written instruction delivered by Borrower to such Person. 
  

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 ARTICLE VI 
 ADMINISTRATION AND SERVICING; CERTAIN COVENANTS 
 SECTION 6.01
Appointment and Designation of the Servicer. (a) The Borrower and the Lenders hereby appoint the Person designated by the Controlling Holders from time to time, pursuant to this Section 6.01 (the “Servicer”), as
their agent to service, administer and collect the Pledged Receivables and otherwise to enforce their respective rights and interests in and under the Pledged Receivables and the other Pledged Assets. The Servicer shall collect such Pledged
Receivables under the conditions referred to above by means of the collection procedures as set forth in the Credit and Collection Policy, to the extent consistent with the provisions of this Article VI. Unless otherwise specified by the
Borrower, the Servicer’s authorization under this Agreement shall terminate on the Collection Date. Until the Controlling Holders give notice to the Borrower of a designation of a new Servicer upon the occurrence and during the continuance of
any Servicer Default, or consents in writing to the appointment by the Borrower of a new Servicer, LEAF Financial is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer, pursuant to the terms hereof at all
times until the earlier of the Controlling Holders’ designation of the Backup Servicer or any other Person as the new Servicer (upon the occurrence and during the continuance of any Servicer Default), the delivery by the Controlling Holders of
their written consent to the appointment by the Borrower of a new Servicer or the Collection Date. Upon the occurrence and during the continuance of any Servicer Default, the Controlling Holders may at any time designate as Servicer the Backup
Servicer, or any other Person with demonstrated experience in servicing equipment leases and loans, to succeed LEAF Financial or any successor Servicer, on the condition in each case that any such Person so designated shall agree to perform the
duties and obligations of the Servicer pursuant to (i) the terms hereof or (ii) such other terms as are agreed to in writing by such successor Servicer and the Controlling Holders, and which (x) require such successor Servicer to
service the Pledged Receivables in a commercially reasonable manner that is (A) consistent with the servicing of similar equipment leases and loans by such successor Servicer and (B) no less stringent than the servicing standard required
by the Credit and Collection Policy and (y) does not provide for payment of servicing or other fees which in the aggregate exceed the Servicing Fee as in effect on the date hereof without the prior written consent of the Lenders (such other
terms described in this clause (ii) being set forth in a separate servicing agreement, such agreement, a “Successor Servicing Agreement”). 
 (b) Each of the Borrower and LEAF Financial hereby grants to any successor Servicer an irrevocable power of attorney to take any and all steps in the Borrower’s, LEAF Financial’s or the
Servicer’s name, as applicable, and on behalf of the Borrower or LEAF Financial, necessary or desirable, in the determination of such successor Servicer, to service, administer or collect any and all Pledged Receivables. In accordance
therewith, each of the Borrower and LEAF Financial shall deliver an executed power of attorney in the form of Exhibit J hereto to each of the Backup Servicer and the Collateral Agent. 
 (c) The Servicer is hereby authorized to act for the Borrower and the Lenders and, in such capacity, shall manage, service, administer and
arrange collections on the Pledged Receivables and perform the other actions required by the Servicer under this Agreement (including, without limitation, the covenant set forth in Section 5.01(y) hereof) for the benefit of

  

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the Lenders. The Servicer agrees that its servicing of the Pledged Receivables shall be carried out in accordance with customary and usual procedures of institutions which service equipment lease
and loan contracts and receivables 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 equipment lease and loan contracts and receivables that it services
for itself or others in accordance with the Credit and Collection Policy (or if the Backup Servicer or any other successor Servicer has been appointed as Servicer, the Backup Servicer’s or such other successor Servicer’s customary
collection policies) and, to the extent more exacting, the requirements of this Article VI. The Servicer’s duties shall include, without limitation, collecting and posting of all Collections with respect to any Pledged Receivable,
responding to inquiries of Obligors on the Pledged Receivables, investigating delinquencies, sending invoices, payment statements or payment books to Obligors, reporting any required tax information to Obligors, policing the collateral, enforcing
the terms of the Contracts (and any documents related thereto) related to any Pledged Receivables, complying with the terms of the Lockbox Account Agreement, accounting for Collections with respect to any Pledged Receivable, furnishing monthly and
annual statements to the Lenders with respect to distributions and performing the other duties specified herein. 
 (d)
Following the occurrence of a Servicer Default which is then continuing, the Collateral Agent, at the direction of the Controlling Holders acting in their sole discretion, may direct the Obligors to make all payments under the Pledged Receivables
directly to the Backup Servicer, a successor Servicer, the Collateral Agent or any lockbox or account established by any of such parties. Any Collections received in any lockbox or account established pursuant to this clause (d) (or
received directly by any Lender or the Collateral Agent) shall be applied to the Obligations in accordance with the priority of payments set forth in Section 2.04. 
 (e) To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer 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. The Servicer is authorized to release liens on Obligor Collateral in order to
collect Insurance Proceeds with respect thereto and to liquidate such Obligor Collateral in accordance with its customary standards, policies and procedures; provided, however, that, notwithstanding the foregoing, the Servicer shall
not, (i) except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Pledged Receivable or (ii) waive the right to collect the unpaid balance of any Pledged Receivable
from such Obligor, except that, subject to Section 6.02(a), the Servicer may forego collection efforts if the amount which the Servicer, in its reasonable judgment, expects to realize in connection with such collection efforts is
determined by the Servicer, in its reasonable judgment, to be less than the reasonably expected costs of pursuing such collection efforts and if the Servicer would forego such collection efforts in accordance with its customary procedures. The
Servicer is hereby authorized to commence, in its own name (in its capacity as Servicer), if possible, or in the name of the Borrower or the Lenders (provided that if the Servicer is acting in the name of the Borrower or the Lenders, the
Servicer shall have obtained the Borrower’s or the Lenders’ consent, as the case may be, which consent shall not be unreasonably withheld), a legal proceeding to enforce any Pledged Receivable (or any terms or provisions of the related
Contract) or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Pledged Receivable or any related Contract, Obligor or Obligor Collateral. If the Servicer
commences or participates in such a

  

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legal proceeding in its own name, the Borrower or the Lenders, as the case may be, shall thereupon be deemed to have automatically assigned such Pledged 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 Borrower or the Lenders, as the case may be, 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 Borrower or the Lenders, as the case may be, shall furnish the Servicer with any powers of attorney and other documents
which the Servicer may reasonably request in writing 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. If, however, in any suit or legal proceeding it is held that the Servicer may not prosecute such suit or legal proceeding on the grounds that it is not an actual party in interest or a holder entitled to
enforce such suit or legal proceeding, the Borrower shall take such steps as the Servicer deems necessary to prosecute such suit or legal proceeding, including bringing suit in its name. 
 SECTION 6.02 Collection of Receivable Payments; Modification and Amendment of Receivables; Lockbox Account Agreements. (a)
Consistent with and subject to the standards, policies and procedures required by this Agreement, the Servicer shall collect all payments called for under the terms and provisions of the Contracts related to the Pledged Receivables (and the terms
and provisions of any documents related thereto) as and when the same shall become due and shall follow such collection procedures with respect to the Pledged Receivables and the related Contracts and Insurance Policies as will, in the reasonable
judgment of the Servicer, maximize the amount to be received by the Borrower and the Lenders with respect thereto. 
 (b) The
Servicer shall remit all payments by or on behalf of the Obligors received 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 end of business on the
Business Day of identification thereof as payments by or on behalf of the Obligors. 
 SECTION 6.03 Realization Upon
Receivables. 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 Obligor Collateral securing
a Pledged Receivable within a number of days consistent with the Credit and Collection Policy of an uncured failure of the related Obligor to make any payment which it is obligated to make under the related Contract or an earlier date that would be
customary under the circumstances involved (as determined in accordance with the Credit and Collection Policy) and, in any case, in a manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Borrower and
the Lenders with respect thereto; provided, however, that the Servicer need not repossess (or otherwise comparably convert the ownership of) and liquidate the Obligor Collateral securing such a Pledged Receivable if, in the reasonable
opinion of the Servicer, the value of such Obligor Collateral does not exceed by more than an insignificant amount the cost to repossess (or otherwise comparably convert the ownership of) and liquidate such Obligor Collateral. 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 6.01, which practices and procedures may include reasonable efforts to realize
upon any guaranties, selling the related Obligor Collateral at public or private sale, the

  

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submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such Pledged Receivable. The foregoing is subject to the provision that, in any case in
which the Obligor Collateral shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Obligor Collateral, unless it shall determine in its discretion that such repair and/or
repossession shall increase the proceeds of liquidation of the related Pledged Receivable by an amount greater than the amount of such expenses. All Liquidation Proceeds 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 one (1) Business Day after identification thereof as Liquidation Proceeds. The Servicer shall pay on behalf of the Borrower any personal property taxes
assessed on repossessed Obligor Collateral, and the Servicer shall be entitled to reimbursement of any such tax as a Servicer Advance. 
 SECTION 6.04 Insurance Regarding Equipment. (a) At the time of the Pledge of any Receivable hereunder, the Servicer shall require each Obligor to obtain and maintain (or with respect to an Underlying Originator, cause such
Underlying Originator to obtain and maintain) Insurance Policies in accordance with the terms of the Credit and Collection Policy and its customary servicing procedures and shall furnish evidence of such insurance (except if the Equipment relating
to such Obligor has an aggregate Amortized Equipment Cost of $100,000 or less) to the Lenders. 
 (b) The Servicer may, and upon
the request of the Collateral Agent shall, sue to enforce or collect upon the Insurance Policies, in its own name (but in its capacity as Servicer), if possible, or as agent of the Borrower and the Lenders. 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 Borrower and the Lenders 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 an actual party in interest or a holder entitled to enforce the Insurance Policy, the Borrower shall take such
steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name. 
 SECTION 6.05 Maintenance of Security Interests in Obligor Collateral. (a) The Initial Servicer and the Borrower shall take all steps necessary, under all applicable law, in order to (i) cause a valid, subsisting and
enforceable first priority perfected security interest to exist in favor of the Collateral Agent in the Borrower’s interests in the Obligor Collateral, all Other Conveyed Property and all Related Security related to each Receivable (and the
proceeds thereof) being Pledged hereunder, to secure a Loan on the Borrowing Date thereof including (A) the filing of a UCC financing statement in the applicable jurisdiction adequately describing the Obligor Collateral, Other Conveyed Property
and all Related Security and naming the Borrower as debtor and the Collateral Agent as the secured party, (B) filing Obligor Financing Statements against all Obligors purchasing or leasing Obligor Collateral, and (C) other than with
respect to a Lease Contract related to Equipment which has an Amortized Equipment Cost of less than $25,000 if such Lease Contract is a Dollar Purchase Option Contract or $50,000 if such Lease Contract is a FMV Contract, causing the filing of UCC-3
assignment statements in the applicable jurisdictions adequately describing the Equipment and other collateral being transferred by the Underlying Originator to the Originator and naming the applicable Underlying Originator as the

  

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assignor and Originator as the assignee, (ii) ensure that such security interest is and shall be prior to all other liens upon and security interests in the Borrower’s interests in such
Obligor Collateral, Other Conveyed Property and Related Security (and the proceeds thereof) that now exist, or may hereafter arise or be created other than Permitted Liens, and (iii) ensure that immediately prior to the Pledge of such
Receivable by the Borrower to the Collateral Agent, such Obligor Collateral, Other Conveyed Property and Related Security is free and clear of all Adverse Claims other than Permitted Liens; and 
 (b) The Initial Servicer shall take all steps, as are necessary (subject to Section 6.05(a)), to maintain perfection of the
security interest in the Borrower’s interests in the Obligor Collateral, Other Conveyed Property and Related Security related to each Pledged Receivable (and the proceeds thereof) in favor of the Collateral Agent including but not limited to,
obtaining the execution by the Borrower and the recording, registering, filing, rerecording, refiling, and reregistering of all security agreements, financing statements and continuation statements as are necessary to maintain and/or perfect such
security interests granted by the Borrower and the recordation of the Borrower’s or the applicable Approved Lienholder’s lien on the Certificate of Title for any Vehicle included in such Obligor Collateral, all in accordance with the
Titling Requirements. Without limiting the generality of the foregoing, the Borrower and each Lender each hereby authorizes the Initial Servicer, and the Initial Servicer agrees, to take any and all steps necessary (subject to
Section 6.05(a)) to re-perfect the security interest in the Borrower’s interests in any Obligor Collateral (and the Borrower’s interests therein), Other Conveyed Property and Related Security related to each Pledged Receivable
(and the proceeds thereof) in favor of the Collateral Agent as may be necessary, due to the relocation of such Obligor Collateral or for any other reason. 
 SECTION 6.06 Pledged Receivable Receipts. The Servicer shall make a deposit into the Collection Account in an amount equal to the Collections with respect to any Pledged Receivable received,
or made by, or on behalf of it, within one Business Day of such Collections being received, or made by, or on behalf of it. 
 SECTION 6.07 No Rights of Withdrawal. Until the Collection Date, the Borrower shall have no rights of direction or withdrawal, with respect to amounts held in the Collection Account or the Lockbox Account, except with respect to
funds not related to any Pledged Assets, which were incorrectly deposited into any such account. 
 SECTION 6.08
Permitted Investments. The Borrower shall, pursuant to written instruction, direct the Lenders’ Bank (and if the Borrower fails to do so, the Lenders may, pursuant to written instruction, direct the Lenders’ Bank) to invest, or
cause the investment of, funds on deposit in the Collection Account in Permitted Investments, from the date of this Agreement until the Collection Date. Absent any such written instruction, the Lenders’ Bank shall invest, or cause the
investment of, such funds in Permitted Investments described in clause (v) of the definition thereof. A Permitted Investment acquired with funds deposited in the Collection Account shall mature not later than the Business Day immediately
preceding any Remittance Date, and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be registered in the name of a securities intermediary or its nominee for the benefit of the Lenders, and otherwise
comply with assumptions of the legal opinion of Thacher Proffitt & Wood LLP, delivered in connection with this Agreement. All income and gain

  

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realized from any such investment, as well as any interest earned on deposits in the Collection Account, shall be distributed in accordance with the provisions of Article II hereof. The
Borrower shall deposit in the Collection Account, as the case may be (with respect to investments made hereunder of funds held therein), an amount equal to the amount of any actual loss incurred, in respect of any such investment, immediately upon
realization of such loss. None of the Lenders’ Bank or any Lender shall be liable for the amount of any loss incurred, in respect of any investment, or lack of investment, of funds held in the Collection Account. 
 SECTION 6.09 Servicing Compensation. As compensation for its activities hereunder, the Servicer shall be entitled to be paid the
Servicing Fee from the Collection Account as provided in Section 2.04(a). The Servicer shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement
therefor, except with respect to reasonable expenses of the Servicer incurred in connection with the repossession and disposition of any Obligor Collateral (which the Servicer may retain from the proceeds of the disposition of such Obligor
Collateral) and any Servicer Advances made by the Servicer pursuant hereto. The Servicing Fee may not be transferred in whole, or in part, except in connection with the transfer of all the Servicer’s responsibilities and obligations under this
Agreement. At any time after the occurrence of a Servicer Default and the appointment of the Backup Servicer or any other successor Servicer as the Servicer hereunder, the Backup Servicer shall be entitled to receive an amount, payable out of
Collections on the Pledged Receivables and amounts applied to the payment of, or treated as payments on, the Pledged Receivables, equal to expenses incurred by the Backup Servicer or any such other successor Servicer, acting in its capacity as the
Servicer, in connection with its obligations under Sections 6.05(a) and (b) hereof (such expenses, the “Successor Servicer’s Indemnified Amounts”). 
 SECTION 6.10 Reports to the Lenders and the Backup Servicer; Account Statements; Servicing Information. (a) The Borrower will
deliver to the Lenders and each Qualifying Swap Counterparty, (i) on the Program Termination Date, a report identifying the Pledged Receivables (and any information with respect thereto requested by the Lenders) on the day immediately preceding
the Program Termination Date, and (ii) upon a Lender’s reasonable request and upon reasonable notice, on any other Business Day, a report identifying the Pledged Receivables (and any information with respect thereto, reasonably requested
by such Lender) as of such day. 
 (b) At least five (5) Business Days prior to each Remittance Date, the Servicer shall
prepare and deliver, or have delivered, to the Lenders and each Qualifying Swap Counterparty (i) a Monthly Remittance Report and any other information reasonably requested by a Lender, relating to all Pledged Receivables (including, if
requested, a Computer Tape or Listing), all information in the Monthly Remittance Report and all other such information to be accurate as of the last day of the immediately preceding Collection Period, and (ii) in an electronic format mutually
acceptable to the Servicer and the Lenders, all information reasonably requested by the Lenders relating to all Pledged Receivables. If any Monthly Remittance Report indicates the existence of a Facility Deficiency, the Borrower shall, on the date
of delivery of such Monthly Remittance Report, prepay to the Lenders, for the account of the Lenders, a portion of the Loans as is necessary to cure such Facility Deficiency, in accordance with Section 2.04(c) hereof. 
  

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 (c) By no later than the Borrowing Date, the Borrower (or the Initial Servicer on its
behalf) shall also prepare and deliver to the Lenders a Facility Limit Certificate containing information accurate as of the date of delivery of such Facility Limit Certificate. If any Facility Limit Certificate indicates the existence of a Facility
Deficiency, the Borrower shall on the date of delivery of such Facility Limit Certificate prepay to the Lenders, for the account of the Lenders, a portion of the Loans, to the extent necessary to cure such Facility Deficiency, in accordance with
Section 2.04(c) hereof. 
 (d) At least five (5) Business Days prior to each Remittance Date (each such day, a
“Backup Servicer Delivery Date”), the Servicer shall prepare and deliver or have delivered, to the Backup Servicer (i) the Monthly Remittance Report in respect of the immediately-preceding Collection Period and (ii) a
computer tape or a diskette or any other electronic transmission in a format acceptable to the Backup Servicer containing (x) the information with respect to the Pledged Receivables during such Collection Period which was necessary for
preparation of such Monthly Remittance Report and (y) any other information which is reasonably requested by the Backup Servicer or the Collateral Agent. 
 (e) No later than the second Business Day of each calendar week commencing with the week beginning on November 24, 2008 (each such day, a “Weekly Reporting Date”), the Servicer shall
prepare and deliver, or have delivered, to the Lenders and the Backup Servicer a computer tape or a diskette or any other electronic transmission in a format acceptable to the Backup Servicer containing any information which is reasonably requested
by the Backup Servicer or the Collateral Agent. 
 (f) The Borrower shall deliver to the Lenders all reports it receives
pursuant to the Purchase and Sale Agreement within one Business Day of the receipt thereof. 
 (g) Each of the Borrower and the
Servicer shall prepare and deliver, or have delivered, to the Lenders, the Collateral Agent and the Backup Servicer any information which is reasonably requested by the Backup Servicer, the Collateral Agent or any Lender. 
 SECTION 6.11 Statements as to Compliance; Financial Statements. (a) The Servicer shall deliver to the Backup Servicer, the
Borrower and the Lenders on or before March 31st of each year, beginning with 2008, an Officer’s Certificate stating, as to each signatory thereof, that (x) a review of the activities of the Servicer during the preceding calendar year
(or the portion of the preceding calendar year commencing on the date of this Agreement and ending December 31, 2007 in the case of the first such review) and of its performance under this Agreement has been made under such officer’s
supervision, and (y) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all of its obligations under this Agreement throughout such calendar year (or portion thereof, as the case may be) or, if there
has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof and the action being taken to cure such default. 
 (b) The Servicer (if LEAF Financial or an Affiliate thereof) shall, at its expense, cause a firm of nationally recognized independent
certified public accountants acceptable to the Lenders (the “Independent Accountants”), who may also render other services to the Servicer, the Backup Servicer, any other successor Servicer or to the Borrower, to deliver to the
Borrower

  

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and the Lenders, on or before March 31st of each year, beginning 2008, with respect to the twelve (12) months ended the immediately preceding December 31, a statement (the
“Accountant’s Report”) addressed to the Board of Directors of the Servicer and to the Lenders, to the effect that such firm has examined such Facility Limit Certificates and Monthly Remittance Reports prepared by the Servicer
during the twelve (12) months ended the immediately preceding December 31 as it deemed necessary in order to issue the Accountants’ Report and issued its report thereon, and that such examination 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. The Accountants’ Report shall further state that (i) a
review in accordance with agreed upon procedures was made; and (ii) except as disclosed in the Accountant’s Report, no exceptions or errors in the Facility Limit Certificates and Monthly Remittance Reports examined were found except for
(A) such exceptions as the Independent Accountants believe to be immaterial and (B) such other exceptions as shall be set forth in the Accountants’ Report. The Accountants’ Report shall also indicate that the firm is independent
of the Borrower and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 
 (c) As soon as available and no later than forty-five (45) days after the end of each calendar quarter in each fiscal year of the Borrower or Resource America, the Borrower shall deliver to the
Lenders two copies of: 
 (i) a balance sheet of the Borrower and Resource America as of the end of such calendar
quarter, setting forth in comparative form the corresponding figures for the most recent year-end for which an audited balance sheet has been prepared, which balance sheet shall be prepared and presented in accordance with, and provide all necessary
disclosure required by, GAAP and shall be accompanied by a certificate signed by the financial vice president, treasurer, chief financial officer or controller of the Borrower or Resource America, as applicable, stating that such balance sheet
presents fairly the financial condition of the Borrower or Resource America, as the case may be, and has been prepared in accordance with GAAP consistently applied; and 
 (ii) statements of income, stockholders’ equity and cash flow of the Borrower and Resource America for such calendar
quarter setting forth in comparative form the corresponding figures for the comparable period one year prior thereto (subject to normal year-end adjustments), which such statements shall be prepared and presented in accordance with, and provide all
necessary disclosure required by, GAAP and shall be accompanied by a certificate signed by the financial vice president, treasurer, chief financial officer or controller of the Borrower or Resource America, as applicable, stating that such financial
statements present fairly the financial condition and results of operations of the Borrower or Resource America, as the case may be, and have been prepared in accordance with GAAP consistently applied. 
  

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 (d) As soon as available and no later than forty-five (45) days after the end of each
calendar quarter in each fiscal year of Resource America, LEAF Financial shall deliver to the Lenders two copies of: 
 (i) a consolidated balance sheet of Resource America and its consolidated subsidiaries (including Originator and Servicer) as of the end of such calendar quarter, setting forth in comparative form the corresponding figures for the most
recent year-end for which an audited balance sheet has been prepared, which such balance sheet shall be prepared and presented in accordance with, and provide all necessary disclosure required by, GAAP and shall be accompanied by a certificate
signed by the financial vice president, treasurer, chief financial officer or controller of Resource America stating that such balance sheet presents fairly the financial condition of the companies being reported upon and has been prepared in
accordance with GAAP consistently applied; and 
 (ii) consolidated statements of income, stockholders’
equity and cash flow of Resource America and its consolidated subsidiaries (including Originator and Servicer) for such calendar quarter, in each case, setting forth in comparative form the corresponding figures for the comparable period one year
prior thereto (subject to normal year-end adjustments), which such statements shall be prepared and presented in accordance with, and provide all necessary disclosure required by, GAAP and shall be accompanied by a certificate signed by the
financial vice president, treasurer, chief financial officer or controller of Resource America stating that such financial statements present fairly the financial condition and results of operations of the companies being reported upon and have been
prepared in accordance with GAAP consistently applied. 
 (e) As soon as available and no later than ninety (90) days after
the end of each fiscal year of the Borrower or Resource America, LEAF Financial shall deliver to the Lenders two copies of: 
 (i) a balance sheet of the Borrower and Resource America as of the end of the fiscal year, setting forth in comparative form the figures for the previous fiscal year and accompanied by an opinion of a
firm of independent certified public accountants of nationally recognized standing acceptable to the Lenders stating that such balance sheet presents fairly the financial condition of the Borrower or Resource America, as applicable, and has been
prepared in accordance with GAAP consistently applied (except for changes in application in which such accountants concur); and 
 (ii) statements of income, stockholders’ equity and cash flow of the Borrower and Resource America for such fiscal year, setting forth in comparative form the figures for the previous fiscal year and
accompanied by an opinion of a firm of independent certified public accountants of nationally recognized standing acceptable to the Lenders stating that such financial statements present fairly the financial condition of the Borrower or Resource
America, as applicable, and have been prepared in accordance with GAAP consistently applied (except for changes in application in which such accountants concur). 
  

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 (f) As soon as available and no later than ninety (90) days after the end of each
fiscal year of Resource America, LEAF Financial shall deliver to the Lenders two copies of: 
 (i) a consolidated
and consolidating balance sheet of Resource America and its consolidated subsidiaries (including Originator and Servicer) as of the end of the fiscal year, setting forth in comparative form the figures for the previous fiscal year and accompanied by
an opinion of a firm of independent certified public accountants of nationally recognized standing acceptable to the Lenders stating that such balance sheet presents fairly the financial condition of the companies being reported upon and has been
prepared in accordance with GAAP consistently applied (except for changes in application in which such accountants concur); and 
 (ii) consolidated and consolidating statements of income, stockholders’ equity and cash flow of Resource America and its consolidated subsidiaries (including Originator) for such fiscal year; in each
case setting forth in comparative form the figures for the previous fiscal year and accompanied by an opinion of a firm of independent certified public accountants of nationally recognized standing acceptable to the Lenders stating that such
financial statements present fairly the financial condition of the companies being reported upon and have been prepared in accordance with GAAP consistently applied (except for changes in application in which such accountants concur). 
 SECTION 6.12 Access to Certain Documentation; Obligors; Background Check. (a) The Collateral Agent (and its agents or
professional advisors) shall at the expense of the Borrower, have the right under this Agreement, once during each calendar quarter, to examine and audit, during business hours or at such other times as might be reasonable under applicable
circumstances, any and all of the books, records, financial statements or other information of the Servicer and the Borrower, or held by another for the Servicer or the Borrower or on its behalf, concerning this Agreement, provided, that,
prior to the occurrence of an Event of Default, the Borrower shall not be responsible for the expenses of the Collateral Agent to the extent that such expenses exceed $25,000 in the aggregate in any calendar year. Each Lender (and its agents or
professional advisors) shall, at the expense of the Borrower and as frequently as such Lender may desire, have the right under this Agreement after the occurrence and during the continuance of an Event of Default, to examine and audit, during
business hours or at such other times as might be reasonable under applicable circumstances, any and all of the books, records or other information of the Servicer or the Borrower, or held by another for the Servicer or the Borrower or on its
behalf, concerning this Agreement. Each Lender and the Collateral Agent (and its respective agents and professional advisors) shall coordinate examinations and audits under this Section 6.12(a) in order to minimize expense and
inconvenience to the Borrower. Each Lender and the Collateral Agent (and its respective agents and professional advisors) shall treat as confidential any information obtained during the aforementioned examinations which is not already publicly known
or available; provided, however, that each Lender and the Collateral Agent may disclose such information if required to do so by law or by any regulatory authority and may disclose information relevant to the tax treatment and tax
structure of the transactions contemplated by this Agreement. 
 (b) The Collateral Agent (and its respective agents or
professional advisors) shall, at the ratable expense of the Lenders (based on Percentages), have the right under this Agreement to contact Obligors once with respect to any Receivable which is Pledged hereunder to request that each such Obligor
verify and confirm by return letter the existence and amount of such Receivable, the type of Equipment leased under or securing the related Contract and such other information as such Lender deems reasonable under the circumstances (each such return
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be mailed to a post office box established by such Lender). The Servicer and the Borrower hereby agree to cooperate with each Lender (and its respective agents or professional advisors) in
connection with any attempt thereby to contact any such Obligor and shall provide to each such Lender such information as is needed in order to facilitate such contact. Each Lender (and its respective agents and professional advisors) shall treat as
confidential any information obtained during any such contact with any such Obligor which is not already publicly known or available; provided, however, that each Lender (and its respective agents or professional advisors) may disclose such
information if required to do so by law or by any regulatory authority and may disclose information relevant to the tax treatment and tax structure of the transactions contemplated by this Agreement. 
 (c) Each Lender (or its respective agents and/or third party professional advisors) may, from time to time, cause comprehensive background
checks on newly-hired senior management, key employees and principals of each of Resource Capital Corp., the Initial Servicer and Originator to be completed by an investigation service acceptable to such Lender, at the Borrower’s expense.

 SECTION 6.13 Backup Servicer. If a Servicer Default shall occur, then the Controlling Holders may, by notice to
the Servicer, the Borrower and the Backup Servicer, terminate all of the rights and obligations of the Servicer under this Agreement. Upon the delivery to the Servicer of such notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Pledged Assets or otherwise, shall pass to and be vested in the Backup Servicer or any other successor Servicer appointed by the Controlling Holders pursuant to and under this Section, and, without limitation, the Backup
Servicer or any other successor Servicer appointed hereunder is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such notice of termination or to perform the duties of the Servicer under this Agreement. The Servicer agrees to cooperate with the Lenders and the Backup Servicer or other
successor Servicer in effecting the termination of the Servicer’s responsibilities and rights hereunder, including, without limitation, providing notification to the Obligors of the assignment of the servicing function, providing the Backup
Servicer or such other successor Servicer, at the Servicer’s expense, with all records, in electronic or other form, reasonably requested by the Backup Servicer or such other successor Servicer, in such form as the Backup Servicer may
reasonably request and at such times as the Backup Servicer or such other successor Servicer may reasonably request, to enable such Person to assume the servicing functions hereunder and the transfer to such Person for administration by it of all
cash amounts which at the time should be or should have been deposited by the Servicer in the Collection Account or thereafter be received by the Servicer with respect to the Pledged Receivables. Additionally, the Servicer agrees to cooperate in
providing, at the Servicer’s expense, the Backup Servicer or any other successor Servicer as successor Servicer, with reasonable access (including at the premises of the Servicer) to Servicer’s employees and any and all books, records or
other information reasonably requested by it to enable the Backup Servicer or such other successor Servicer, as successor Servicer, to assume the servicing functions hereunder. Neither any Lender nor the Backup Servicer or any other successor
Servicer shall be deemed to have breached any obligation hereunder as a result of a failure to make or delay in making any distribution as and when required hereunder caused by the failure of the Servicer to remit any amounts received by it or to

  

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deliver any documents held by it with respect to the Pledged Assets. The Backup Servicer (including as successor Servicer) or any other successor Servicer undertakes to perform only such duties
and obligations as are specifically set forth in this Agreement, it being understood by all parties hereto that there are no implied duties or obligations of the Backup Servicer or such other successor Servicer hereunder. 
 The Active Backup Servicer’s Fees and Transition Costs shall be paid out of Collections with respect to any Pledged Receivable as set
forth in Section 2.04(a) on and after the date, if any, that the Backup Servicer assumes the responsibilities of the Servicer pursuant to this Section. The Standby Backup Servicer’s Fees and Transition Costs shall be paid out of
Collections with respect to any Pledged Receivable as set forth in Section 2.04(a) prior to the date, if any, that the Backup Servicer assumes the responsibilities of the Servicer pursuant to this Section. 
 Any obligations of LEAF Financial under any Transaction Document other than in its capacity as Servicer shall continue in effect
notwithstanding LEAF Financial’s termination as Servicer. 
 On and after the time the Servicer receives a notice of
termination (with a copy delivered to the Backup Servicer) pursuant to this Section 6.13, the Backup Servicer shall be (and the Backup Servicer hereby agrees to be) the successor in all respects to the Servicer in its capacity as
Servicer under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject thereafter to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the
terms and provisions hereof; provided, however, that any failure to perform such duties or responsibilities caused by the Servicer’s failure to provide information required by this Section 6.13 shall not be considered a default by
the Backup Servicer or any other successor Servicer hereunder; provided, further, however, that the Backup Servicer or such other successor Servicer, as successor Servicer, shall have (i) no liability with respect to any obligation which was
required to be performed by the terminated Servicer prior to the date that the Backup Servicer or such other successor Servicer becomes the successor to the Servicer or any claim of a third party based on any alleged action or inaction of the
terminated Servicer, (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer, (iii) no obligation to pay any taxes required to be paid by the Servicer (provided that the Backup Servicer or such other
successor Servicer shall pay any income taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any other party to the transactions contemplated hereby, and (v) no liability or obligation with respect to
any Servicer indemnification obligations of any prior Servicer, including the original Servicer. The indemnification obligations of the Backup Servicer or any other successor Servicer, upon becoming a successor Servicer, are expressly limited to
those arising on account of its failure to act in good faith and with reasonable care under the circumstances. In addition, neither the Backup Servicer nor any other successor Servicer shall have any liability relating to the representations and
warranties of the Servicer contained in Article IV. Notwithstanding the above, Morgan Stanley AFI (or, following the Collateral Split Effective Date, the Primary Lender under the related Loan Agreement) may, or shall, if the Backup Servicer or any
other successor Servicer is unable to so act, appoint itself, or appoint any other established servicing institution acceptable to the Lenders in their sole discretion, as the successor to the Servicer hereunder in the assumption of all or any part
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Servicer hereunder. Pending appointment of a successor to the Servicer hereunder, and after the Lenders notify the Servicer to discontinue performing servicing functions under this Agreement, the
Backup Servicer or any other successor Servicer (or Morgan Stanley AFI (or, following the Collateral Split Effective Date, the Primary Lender under the related Loan Agreement) if there is no Backup Servicer or other successor Servicer) shall act in
such capacity as hereinabove provided. In connection with such appointment and assumption, the Lenders may make such arrangements for the compensation of such successor out of payments on Pledged Receivables as it and such successor shall agree;
provided, however, that, except as provided herein, no such compensation shall be in excess of that permitted the Servicer hereunder, unless (i) agreed to by the Lenders and (ii) such compensation shall be on commercially competitive terms
and rates. The Borrower, the Lenders and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The parties hereto agree that in no event will the Backup Servicer or any other
successor Servicer be liable for any special, indirect or consequential damages. 
 Each of the Backup Servicer and any other
successor Servicer hereby agrees that it shall, and shall take all actions necessary so that it shall at all times be ready to, assume all the rights and powers and all of the responsibilities, obligations and duties of the Servicer hereunder,
within ten (10) Business Days of receiving from a Lender a notice requesting the Backup Servicer or such other successor Servicer to do so. 
 Notwithstanding anything contained in this Agreement to the contrary, absent specific knowledge by any Lyon Financial Services, Inc. account representative assigned to this transaction from time to time,
or written notice detailing specific Errors (as defined below) or other deficiencies, Lyon Financial Services, Inc., as successor Servicer, is authorized to accept and rely on all accounting records (including computer records) and work product of
the prior Servicer hereunder relating to the Contracts (collectively, the “Predecessor Servicer Work Product”) without any audit or other examination thereof, and Lyon Financial Services, Inc. shall have no duty, responsibility, obligation
or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, commission or incorrect or nonstandard practice or procedure (collectively, “Errors”) exists in any Predecessor Servicer Work Product and such Errors
cause Lyon Financial Services, Inc. to make or continue any errors (collectively, “Continued Errors”), Lyon Financial Services, Inc. shall have no liability for such Continued Errors; provided, however, that Lyon Financial Services, Inc.
agrees to use its best efforts to prevent Continued Errors. In the event that Lyon Financial Services, Inc. becomes aware of Errors or Continued Errors, Lyon Financial Services, Inc. shall, with the prior consent of the Lenders, use commercially
reasonable efforts to reconstruct and reconcile any affected data to correct such Errors and Continued Errors and to prevent future Continued Errors. Lyon Financial Services, Inc. shall be entitled to recover its costs thereby expended as Servicer
Advances in accordance with Section 2.04(a) hereof. 
 Within four (4) Business Days after each Remittance
Date, provided that the Backup Servicer shall have received the information specified in Section 6.10(d) within the time specified therein, the Backup Servicer shall compare the information on the computer tape or diskette (or other
means of electronic transmission acceptable to the Backup Servicer) most recently delivered to the Backup Servicer by the Servicer pursuant to Section 6.10(d) with respect to such Remittance Date to the corresponding Monthly Remittance
Report delivered to the Backup Servicer by the Servicer pursuant to Section 6.10(d) and shall: 
 (a) confirm that
such Monthly Remittance Report is complete on its face; 
  

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 (b) confirm the distributions to be made on such Remittance Date pursuant to
Section 2.04(a) hereof to the extent the Backup Servicer is able to do so given the information provided to it by the Servicer (it being hereby agreed that the Backup Servicer shall promptly notify the Servicer and the Lenders if such
information is insufficient and that the Servicer shall promptly provide to the Backup Servicer any additional information required by the Backup Servicer); 
 (c) confirm the mathematical computations of information in such Monthly Remittance Report; and 
 (d) confirm such other information as the Backup Servicer and the Lenders may agree. 
 In the event of any discrepancy between the information set forth in subparagraphs (b) or (c) above as calculated by the Servicer and that determined or calculated by the Backup Servicer, the Backup Servicer shall promptly report
such discrepancy to the Servicer and the Lenders. In the event of a discrepancy as described in the preceding sentence, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancy within five (5) Business Days after
reporting such discrepancy, but in the absence of a reconciliation, distributions on the related Remittance Date shall be made consistent with the information calculated by the Servicer, the Servicer and the Backup Servicer shall attempt to
reconcile such discrepancy prior to the next Remittance Date, and the Servicer shall promptly report to the Lenders regarding the progress, if any, which shall have been made in reconciling such discrepancy. If the Backup Servicer and the Servicer
are unable to reconcile such discrepancy with respect to such Monthly Remittance Report by the next Remittance Date that falls in April, July, October or January, the Servicer shall cause independent accountants acceptable to the Lenders, at the
Servicer’s expense, to examine such Monthly Remittance Report and attempt to reconcile such discrepancy at the earliest possible date (and the Servicer shall promptly provide the Lenders with a report regarding such event). The effect, if any,
of such reconciliation shall be reflected in the Monthly Remittance Report for the next succeeding Remittance Date. The provisions of this paragraph shall be referred to herein as the “Discrepancy Procedure”. 
 Other than as specifically set forth in this Agreement, the Backup Servicer shall have no obligation to supervise, verify, monitor or
administer the performance of the Servicer and shall have no liability for any action taken or omitted by the Servicer. 
 The
Backup Servicer or any other successor Servicer may allow a subservicer to perform any and all of its duties and responsibilities hereunder, including but not limited to its duties as successor Servicer hereunder, should the Backup Servicer or such
other successor Servicer become the successor Servicer pursuant to the terms of this Agreement; provided, however, that the Backup Servicer or such other successor Servicer, as applicable, shall remain liable for the performance of all of its duties
and obligations hereunder to the same extent as if no such subservicing had occurred. 
  

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 In no event shall the Backup Servicer or any other successor Servicer (either prior to or
after its appointment hereunder as Servicer) be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without
limitation, acts of terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God. 
 The Backup
Servicer may, upon one hundred twenty (120) days’ prior written notice to each of the parties hereto, resign as Backup Servicer. If the Backup Servicer resigns under this Agreement, then the Controlling Holders (with the consent of the
Servicer if no Program Termination Event or Event of Default has occurred and is then continuing) during such period may appoint a successor backup servicer, whereupon such successor backup servicer shall succeed to the rights, powers and duties of
such Backup Servicer, and the term “Backup Servicer”, shall mean such successor backup servicer, effective upon its acceptance of such appointment and its delivery of a duly executed counterpart of this Agreement and an acknowledgment to
the Backup Servicer and the other parties hereto, and such former Backup Servicer’s rights, powers and duties as Backup Servicer, shall be terminated (other than the covenant of the Backup Servicer set forth in Section 9.08, which
expressly survives termination of this Agreement), without any other or further act or deed on the part of such former Backup Servicer or any of the parties to this Agreement. Such resigning Backup Servicer shall cooperate with the Custodian, the
Collateral Agent and the successor backup servicer in order to transfer its rights and obligations as Backup Servicer hereunder to such successor Backup Servicer. 
 SECTION 6.14 Additional Remedies of Lenders Upon Event of Default. During the continuance of any Event of Default, each Lender, in addition to the rights specified in Section 7.01,
shall have the right to take all actions now or hereafter existing at law, in equity or by statute to protect its interests and enforce its rights and remedies (including the institution and prosecution of all judicial, administrative and other
proceedings and the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, each and every remedy shall
be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default. 
 SECTION 6.15 Waiver of Defaults. The Controlling Holders may waive any default by the 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 Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such
waiver shall be effective unless it shall be in writing and signed by the Controlling Holders and no such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.

 SECTION 6.16 Maintenance of Certain Insurance. On the date hereof the Servicer shall obtain, and at all times
thereafter during the term of its service as Servicer the Servicer shall maintain, in force a directors and officers liability insurance policy in an amount not less than $1,000,000 naming the Collateral Agent as loss payee with an insurance company
reasonably acceptable to the Lenders. 
  

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 The Servicer shall deliver a copy of the insurance policy required under this
Section 6.16 to the Lenders on the date hereof together with a certification from the applicable insurance company that such policy is in force on the date hereof. 
 The Servicer shall prepare and present, on behalf of itself and the Lenders, claims under any such policy in a timely fashion in accordance
with the terms of such policy, and upon, the filing of any claim on any policy described in this Section, the Servicer shall promptly notify the Lenders of such claim. 
 SECTION 6.17 Segregation of Collections. The Servicer shall not commingle funds constituting Collections with respect to any Pledged Receivable with any other funds of the Servicer;
provided, that such commingling may occur in the Lockbox Account so long as the Lockbox Intercreditor Agreement is in full force and effect. The Borrower and the Servicer agree that from and after the Lockbox Change Date, any Collections or
other payments under the Pledged Receivables which are remitted to the Lockbox Account described in clause (i)(x) of the definition thereof shall be transferred to the Collection Account in accordance with Section 5.01(n). The parties hereto
hereby acknowledge and agree that at all times prior to and following the Lockbox Change Date, any Collections or other payments under the Pledged Receivables which are remitted to the Lockbox Account described in clause (i)(x) of the definition
thereof shall remain subject to the Lockbox Intercreditor Agreement. 
 SECTION 6.18 UCC Matters; Protection and
Perfection of Pledged Assets. The Borrower will not change the jurisdiction of its formation, make any change to its corporate name or use any tradenames, fictitious names, assumed names, “doing business as” names or other names (other
than those listed on Schedule II hereto, as such schedule may be revised from time to time to reflect name changes and name usage permitted under the terms of this Section 6.18 after compliance with all terms and conditions of
this Section 6.18 related thereto) unless, prior to the effective date of any such jurisdiction change, name change or use, the Borrower notifies the Collateral Agent of such change in writing and delivers to the Collateral Agent such
executed financing statements as the Collateral Agent may request to reflect such jurisdiction, name change or use, together with such other documents and instruments as the Collateral Agent may request in connection therewith. The Borrower will not
change the location of its chief executive office or the location of its records regarding the Pledged Receivables unless, prior to the effective date of any such change of location, the Borrower notifies the Collateral Agent of such change of
location in writing and delivers to the Collateral Agent such executed financing statements as the Collateral Agent may reasonably request to reflect such change of location, together with such Opinions of Counsel, documents and instruments as the
Collateral Agent may request in connection therewith. The Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action that the Collateral Agent may
reasonably request in order to perfect, protect or more fully evidence the Collateral Agent’s interest in the Pledged Assets acquired hereunder, or to enable the Collateral Agent to exercise or enforce any of its respective rights hereunder.
Without limiting the generality of the foregoing, the Borrower will, upon the request of the Collateral Agent: (i) execute (if necessary) and file such financing or continuation statements, or amendments thereto or assignments thereof, and such
other instruments or notices, as may be necessary or appropriate or as the Collateral Agent may request, and (ii) mark its master data processing records evidencing such Pledged Receivables with a legend acceptable to the

  

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Collateral Agent, evidencing that the Collateral Agent has acquired an interest therein as provided in this Agreement. The Collateral Agent shall be entitled to conclusively rely on the filings
or registrations made by or on behalf of the Borrower without any independent investigation and the Borrower’s obligation to make such filings as evidence that such filings have been made. The Borrower hereby authorizes the Collateral Agent to
file one or more financing or continuation statements, and amendments thereto and assignments thereof, relative to all or any of the Pledged Receivables and the Other Conveyed Property and the Related Security related thereto and the proceeds of the
foregoing now existing or hereafter arising, without the signature of the Borrower where permitted by law. The Borrower hereby ratifies and authorizes the filing by the Collateral Agent of any such financing statement made prior to the date hereof.
A carbon, photographic or other reproduction of this Agreement or any financing statement covering the Pledged Receivables, or any part thereof, shall be sufficient as a financing statement. The Borrower shall, upon the request of the Collateral
Agent at any time after the occurrence of an Event of Default and at the Borrower’s expense, notify the Obligors obligated to pay any Pledged Receivables, or any of them, of the security interest of the Collateral Agent in the Pledged Assets.
If the Borrower fails to perform any of its agreements or obligations under this Section 6.18, the Collateral Agent may (but shall not be required to) itself perform, or cause performance of, such agreement or obligation, and the
expenses of the Collateral Agent incurred in connection therewith shall be payable by the Borrower upon the Collateral Agent’s demand therefor. For purposes of enabling the Collateral Agent to exercise its rights described in the preceding
sentence and elsewhere in this Article VI, the Borrower hereby authorizes the Collateral Agent and its successors and assigns to take any and all steps in the Borrower’s name and on behalf of the Borrower necessary or desirable, in the
determination of the Collateral Agent, to collect all amounts due under any and all Pledged Receivables, including, without limitation, endorsing the Borrower’s name on checks and other instruments representing Collections with respect to any
Pledged Receivable and enforcing such Pledged Receivables and the related Contracts and, if any, the related guarantees. 
 SECTION 6.19 Servicer Advances. The Servicer may, in its sole discretion, make an advance in respect of any payment due on a Pledged Receivable (other than a Defaulted Receivable) to the extent such payment has not been received
by the Servicer as of its due date and the Servicer reasonably expects such payment will be ultimately recoverable (a “Servicer Advance”). The Servicer shall deposit into the Collection Account in immediately available funds the
aggregate of all Servicer Advances to be made during a Fee Period on or prior to the Business Day immediately preceding the related Remittance Date. The Servicer shall be entitled to reimbursement for such Servicer Advances from monies in the
Collection Account as provided in Section 2.04(a) hereof. 
 SECTION 6.20 Repurchase of Receivables Upon
Breach of Covenant or Representation and Warranty by Servicer. The Borrower or the Servicer, as the case may be, shall inform the other parties to this Agreement and the Initial Qualifying Swap Counterparty promptly, in writing, upon the
discovery of any breach of the Servicer’s representations, warranties and/or covenants pursuant to Section 4.02, Section 6.05 or Article V; provided, however, that the failure to provide any such
notice shall not diminish, in any manner whatsoever, any obligation of the Servicer hereunder to repurchase any Pledged Receivable. Unless such breach shall have been cured by the last day of the first full calendar month following the discovery by
or notice to the Servicer of such breach (and provided that a Facility

  

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Deficiency exists on such last day), the Servicer (if LEAF Financial or an Affiliate thereof) shall have an obligation, and the Borrower shall and the Collateral Agent may, enforce such
obligation of the Servicer (if LEAF Financial or an Affiliate thereof), to repurchase any Pledged Receivable materially and adversely affected by such breach. The Borrower shall notify the Collateral Agent promptly, in writing, of any failure by the
Servicer to so repurchase any such Pledged Receivable. In consideration of the repurchase of such Pledged Receivable, the Servicer shall remit funds in an amount equal to the Release Price for such Pledged Receivable to the Collection Account on the
date of such repurchase. The obligations of the Servicer under this Section 6.20 are in addition to, and in no way limit, any obligations of the Servicer in its individual capacity under the Purchase and Sale Agreement. It is understood
and agreed that the obligation of the Servicer to purchase any Receivables is not intended to, and shall not, constitute a guaranty of the collectibility or payment of any Receivable which is not collected, not paid or uncollectible on account of
the insolvency, bankruptcy, or financial inability to pay of the related Obligor. 
 SECTION 6.21 Compliance with
Applicable Law. The Servicer and the Borrower shall at all times comply in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation, usury laws, the
Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve
Board’s Regulations “B” and “Z”, the Soldiers’ and Sailors’ Civil Relief Act of 1940 and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer credit laws and
equal credit opportunity and disclosure laws) in the conduct of its business. 
 SECTION 6.22 Receipt of Certificates of
Title. Any Receivable with respect to which the Obligor Collateral includes a Vehicle and for which the Servicer shall not have (i) received a Certificate of Title satisfying the Titling Requirements and (ii) delivered such Certificate
of Title to the Custodian within 90 days of the first day of inclusion of such Pledged Receivable in the calculation of the Facility Limit, shall no longer be deemed to be an Eligible Receivable and, therefore, shall no longer be included in the
calculation of the Facility Limit. In the case of any Receivable excluded from the calculation of the Facility Limit pursuant to the previous sentence, the Receivable so excluded from the calculation of the Facility Limit may at a later time be
included in the calculation of the Facility Limit, provided, that (i) the Custodian shall have received the Certificate of Title described above with respect to such Receivable from the applicable Registrar of Titles and delivered such
Certificate of Title to the Custodian and (ii) such Receivable is otherwise an Eligible Receivable at such time. 
 SECTION 6.23 Lenders’ Bank Limitation of Liability. (a) The Lenders’ Bank undertakes to perform only such duties and obligations as are specifically set forth in this Agreement, it being expressly understood by the
parties hereto that there are no implied duties or obligations under this Agreement. Neither the Lenders’ Bank nor any of its officers, directors, employees or agents shall be liable, directly or indirectly, for any damages or expenses arising
out of the services performed under this Agreement other than damages which result from the gross negligence or willful misconduct of it or them. In no event will the Lenders’ Bank or any of its officers, directors, employees or agents be
liable for any consequential, indirect or special damages. 
  

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 (b) The Lenders’ Bank shall not be liable for any error of judgment, or for any act
done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything which it may do or refrain from doing in connection herewith. 
 (c) The Lenders’ Bank may rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it by any other Person and which
in good faith it believes to be genuine and which has been signed by the proper party or parties. The Lenders’ Bank may rely on and shall be protected in acting upon the written instructions of any designated officer of the Borrower, the
Servicer or any Lender. 
 (d) The Lenders’ Bank may consult with counsel reasonably satisfactory to it and the opinion of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion of such counsel. 
 (e) The Lenders’ Bank shall not be required 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 its rights or powers, if the Lenders’ Bank believes that repayment of such funds (repaid in accordance with the terms of this Agreement) or adequate indemnity against such risk or liability
is not reasonably assured to it. 
 (f) The Lenders’ Bank shall not be deemed to be a fiduciary of any party hereto.

 (g) The parties hereto agree that in no event will the Lenders’ Bank be liable for special, indirect or consequential
damages. 
 ARTICLE VII 
 EVENTS OF DEFAULT 
 SECTION 7.01 Events of Default. If any of
the following events (each an “Event of Default”) shall occur: 
 (a) the occurrence of any Bankruptcy Event
with respect to the Borrower, Owner, Resource America, the Originator or the Servicer; or 
 (b) any representation or warranty
made or deemed to be made by the Borrower or the Servicer (or any of its officers) under or in connection with this Agreement (or any remittance report or other information or report delivered pursuant hereto) or any other Transaction Document shall
prove to be false or incorrect in any respect and shall remain false or incorrect for a period fifteen (15) Business Days after the Servicer or the Borrower become aware, or are notified by a Lender, the Custodian or any other Person, that such
representation or warranty is false or incorrect; provided, however, that if any breach described above is cured by the repurchase of Receivables pursuant to Article VI of the Purchase and Sale Agreement or by a repayment
hereunder, or repurchase pursuant to Sections 4.03 or 6.20 hereof, such breach shall cease to constitute an Event of Default; or 
  

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 (c) (i) the Borrower or the Servicer shall fail to perform or observe any term, covenant or
agreement hereunder or under any other Transaction Document (other than described in clause (ii) below) in any material respect and such failure remains unremedied for fifteen (15) Business Days; or (ii) either the Servicer or the
Borrower shall fail to make any payment or deposit to be made by it when due hereunder or under any other Transaction Document and such failure remains unremedied for two (2) Business Days; or 
 (d) the Borrower, Owner, Resource America or the Servicer shall fail to pay (and such failure remains unremedied for two (2) Business
Days) any principal of or premium or interest on any Debt in an amount in excess of $10,000,000, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise); or any other default
under any agreement or instrument relating to any Debt of the Borrower or the Servicer or any other event, shall occur if the effect of such default or event 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 (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; or 
 (e) the Originator, the Borrower or any of their respective subsidiaries shall have suffered any material adverse change to its business, financial condition or any other condition which, in any
Lender’s sole discretion, constitutes a material impairment of the Originator or the Borrower’s ability to perform its Obligations; or 
 (f) (i) the Collateral Agent shall at any time fail to have a valid, perfected, first priority security interest in any of the Pledged Assets (other than Equipment which has a value of less than
(x) $25,000 if such Equipment is leased under Dollar Purchase Option Contracts or (y) $50,000 if such Equipment is leased under FMV Contracts) or (ii) any purchase by the Borrower of a Receivable and the Collections, Related Security
and Other Conveyed Property with respect thereto under the Purchase and Sale Agreement shall, for any reason, cease to create in favor of the Borrower a perfected ownership interest in such Receivable and the Collections, Related Security and the
Other Conveyed Property with respect thereto; provided, however, that if an event described in the foregoing clause (i) or (ii) is cured by the repurchase of Receivables pursuant to Article VI of the Purchase and Sale
Agreement or by a repayment hereunder or repurchase pursuant to Sections 4.03 or 6.20 hereof, within five Business Days, such event shall cease to constitute an Event of Default; or 
 (g) the Borrower or the Servicer shall have suffered any material adverse change to its financial condition or operations which would affect
the collectibility of the Pledged Receivables or the Borrower’s or the Servicer’s ability to conduct its business or fulfill its obligations hereunder or under any other Transaction Document; or 
 (h) the Servicer’s or the Borrower’s activities are terminated for any reason, including any termination thereof by a regulatory,
tax or accounting body; or 
 (i) the occurrence of a Change of Control; or 
 (j) the Purchase and Sale Agreement or any other Transaction Document or any material provision of any of them shall cease to be in full
force and effect and enforceable in accordance with its terms, or the Servicer, the Borrower, or any Affiliate of the Servicer or the Borrower shall so assert in writing; or 
  

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 (k) the occurrence of a Servicer Default; or 
 (l) either (1) the Facility Amount exceeds the Facility Limit or (2) the aggregate outstanding principal amount of the
Class A Notes exceeds the Class A Facility Limit; and, in each case, such event shall remain unremedied for two Business Days; or 
 (m) the auditor’s opinion accompanying the audited annual financial statements of the Servicer or the Borrower is qualified in any manner; or 
 (n) (i) any Qualifying Interest Rate Swap shall cease to be in full force and effect, (ii) the Borrower or the Servicer fail to
comply with any hedging requirement hereunder or (iii) the counterparty under any Qualifying Interest Rate Swap or former or purported Qualifying Interest Rate Swap fails to qualify as a Qualifying Swap Counterparty and does not post cash
collateral in a manner satisfactory to the Lenders is not replaced by a Qualifying Swap Counterparty within 45 days of such counterparty’s failure to so qualify, (iv) the occurrence of any default by the Borrower or Servicer in the
observance or performance of any of the terms or provisions of any Qualifying Interest Rate Swap or (v) any interest rate swap agreement represented by the Borrower or the Servicer to be a Qualifying Interest Rate Swap shall fail to be, or
cease to be, a Qualifying Interest Rate Swap; or 
 (o) Resource America or LEAF Financial shall, at any time, permit its
respective Tangible Net Worth to be less than its respective Minimum Tangible Net Worth; or 
 (p) either (i) the
provisions of the Transaction Documents relating to the Backup Servicer or its duties under any of the Transaction Documents cease to be in full force and effect and enforceable in accordance with their terms, or the Backup Servicer shall so assert
in writing, (ii) Lyon Financial Services, Inc. or any successor Backup Servicer resigns, is removed by the Lenders, or otherwise ceases to act as the Backup Servicer, and such Backup Servicer is not replaced by a new Backup Servicer
satisfactory to the Lenders within 45 days of such resignation, removal or other event; or 
 (q) the occurrence of three or
more Termination Events; or 
 (r) the Facility Maturity Date shall have occurred and the aggregate outstanding principal amount
of the Loans and all accrued Fees and interest and other Obligations have not been paid in full; or 
 (s) any occurrence of an
event described in clause (ii) of the definition of Other Default; or 
 (t) (i) as of November 30, 2008, the
available unrestricted cash on hand (the “Available Cash”) of LEAF Financial is less than $3,000,000, (ii) as of December 31, 2008, the Available Cash of LEAF Financial is less than $3,000,000, (iii) as of
January 31, 2009, the Available Cash of LEAF Financial is less than $4,000,000, (iv) as of February 28, 2009, the Available Cash of LEAF Financial is less than $5,000,000, (v) on any date of determination

  

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during the period beginning on December 1, 2008 and ending on December 31, 2008, (x) the rolling 30-day average of Available Cash of LEAF Financial is less than $2,000,000 or
(y) the Available Cash of LEAF Financial is less than $1,600,000, (vi) on any date of determination during the period beginning on January 1, 2009 and ending on January 31, 2009, (x) the rolling 30-day average of Available
Cash of LEAF Financial is less than $3,000,000 or (y) the Available Cash of LEAF Financial is less than $2,400,000, (vii) on any date of determination during the period beginning on February 1, 2009 and ending on February 28,
2009, (x) the rolling 30-day average of Available Cash of LEAF Financial is less than $4,000,000 or (y) the Available Cash of LEAF Financial is less than $3,200,000 or (viii) thereafter, on any date of determination, (x) the
rolling 30-day average of Available Cash of LEAF Financial is less than $5,000,000 or (y) the Available Cash of LEAF Financial is less than $4,000,000; or 
 (u) as of the last day of any fiscal quarter, the Interest Coverage Ratio of LEAF Financial and its consolidated subsidiaries (measured for the then current fiscal quarter) is less than 1.30 to 1.00; or

 (v) as of the last day of each fiscal quarter, the Leverage Ratio of Resource America shall be greater than 2.00 to 1.00; or

 (w) as of the last day of each fiscal quarter, the Leverage Ratio of LEAF Financial shall be greater than 5.00 to 1.00; or

 (x) LEAF Financial shall fail to perform or observe any term or covenant set forth in Section 5.01(aa); or 

(y) (A) for the fiscal quarter of LEAF Financial and its consolidated subsidiaries ending on September 30, 2008, the amount equal to
(i) the total revenues of LEAF Financial and its consolidated subsidiaries for such period, minus (ii) the total expenses of LEAF Financial and its consolidated subsidiaries for such period, plus (iii) an amount equal to
such Person’s provision for losses on investments for such period, is less than ($2,700,000), (B) for the fiscal quarter of LEAF Financial and its consolidated subsidiaries ending on December 31, 2008, the amount equal to (i) the
total revenues of LEAF Financial and its consolidated subsidiaries for such period, minus (ii) the total expenses of LEAF Financial and its consolidated subsidiaries for such period, plus (iii) an amount equal to such
Person’s provision for losses on investments for such period, is less than $1,400,000 or (C) thereafter, for any two consecutive fiscal quarters of LEAF Financial and its consolidated subsidiaries, the amount equal to the consolidated net
income of LEAF Financial (excluding accrued and unpaid interest on subordinated Debt of LEAF Financial to its parent) and its consolidated subsidiaries for such period is a negative number; 
 (z) the occurrence of any “Event of Default” or “Program Termination Event” under and as defined in the Warehouse
Facility; or 
 (aa) the Borrower or the Servicer shall fail to perform or observe any term, covenant or agreement in any
material respect under the Ninth Amendment; 
  

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 then the Controlling Holders may, by notice to the Borrower and each Qualifying Swap Counterparty, declare
the Program Termination Date to have occurred; provided, that, in the case of any event described in Section 7.01(a) above, the Program Termination Date shall be deemed to have occurred automatically upon the occurrence of such
event. Upon any such declaration or automatic occurrence, (i) the Borrower shall cease purchasing Receivables from Originator under the Purchase and Sale Agreement and (ii) at the option of each Primary Lender in its sole discretion, such
Primary Lender may (x) declare the related Loans made to the Borrower by such Primary Lender and its Related Lenders hereunder and all interest and all Fees accrued on such Loans and any other Obligations to be immediately due and payable (and
the Borrower shall pay such Loans and all such amounts and Obligations immediately) or (y) deliver a Collateral Split Notice to the Collateral Agent and the other Parties hereto pursuant to Section 7.03. Any Collections received in
any such account (or received directly by any Lender or the Collateral Agent) shall be applied to the Obligations in accordance with the priority of payments set forth in Section 2.04(a). In addition, upon any such declaration or upon
any such automatic occurrence, the Lenders and the Collateral Agent shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC of the applicable jurisdiction and
other applicable laws, which rights shall be cumulative. 
 SECTION 7.02 Additional Remedies of the Lenders. (a)
Following the occurrence of the Program Termination Date, the Collateral Agent shall not foreclose upon or sell the Pledged Assets, except in accordance with this Section 7.02. 
 (b) Upon the occurrence of the Program Termination Date and at the written direction of the Controlling Holders, the Collateral Agent shall
foreclose upon and promptly sell the Pledged Assets in a commercially reasonable manner, in a recognized market (if one exists), at such price or prices as the Collateral Agent may reasonably deem satisfactory in consultation with the Lenders, and
shall apply the proceeds thereof to the Obligations in accordance with the priority of payments set forth in Section 2.04. The parties recognize that it may not be possible to sell all of the Pledged Assets on a particular Business Day,
or in a transaction with the same purchaser, or in the same manner because the market for such Pledged Assets may not be liquid. Accordingly, the Collateral Agent may elect, in its sole discretion, the time and manner of liquidating any Pledged
Assets, and nothing contained herein shall obligate the Collateral Agent to liquidate any Pledged Assets immediately on the Program Termination Date or to liquidate all Pledged Assets in the same manner or on the same Business Day. For the avoidance
of doubt, once the Collateral Agent has begun the foreclosure process, each Program Termination Event which caused the Program Termination Date to occur may not be cured without the prior written consent of the Lenders and the Collateral Agent.

 (c) Any amounts received from any sale or liquidation of the Pledged Assets pursuant to this Section 7.02 in
excess of the Obligations will be returned to the Borrower, its successors or assigns, or to whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may otherwise direct. 
 (d) Each of the Class A Lenders, the Class B Lenders, the Collateral Agent and the Initial Qualifying Swap Counterparty shall have, in
addition to all the rights and remedies provided herein and provided by applicable federal, state, foreign, and local laws (including, without limitation, the rights and remedies of a secured party under the Uniform Commercial Code of any applicable
state, to the extent that the Uniform Commercial Code is applicable, and the right to offset any mutual debt and claim), all rights and remedies available to such Person at law, in equity or under any other agreement between such Person and the
Borrower. 
  

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 (e) Except as otherwise expressly provided in this Agreement, no remedy provided for by this
Agreement shall be exclusive of any other remedy, each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be
a waiver of any Program Termination Event or Event of Default. 
 SECTION 7.03 Collateral Splitting. 
 (a) Following the occurrence of a Program Termination Event, but prior to the exercise of remedies by the Collateral Agent pursuant to
Section 7.02, each Primary Lender shall have the right (but no obligation) to deliver a written notice (a “Collateral Split Notice”) to the Collateral Agent, each of the other parties hereto and the Qualifying Swap
Counterparty requesting that the Collateral Agent divide the Pledged Receivables (and the related Pledged Assets) into Segregated Collateral Pools in accordance with subsection (b) below. 
 (b) If a Collateral Split Notice has been delivered by any Primary Lender pursuant to subsection (a) above, then upon the
expiration of the Collateral Split Buyout Rights (and assuming such rights have not been exercised), the Collateral Agent shall promptly and randomly select two portions of the Pledged Receivables (and the related Pledged Assets) to be
“Segregated Collateral Pools” with respect to each of the Primary Lenders and their respective Related Lenders. Each Segregated Collateral Pool shall have an aggregate Discounted Balance equal to (x) the sum of the Percentages
for the applicable Primary Lender and its Related Lenders, multiplied by (y) the aggregate Discounted Balance of all Pledged Receivables at such time (such selection not to result in the separation of Pledged Receivables with the same
Obligor into multiple Segregated Collateral Pools). Notwithstanding the foregoing, if at such time RBS is a Primary Lender and each Primary Lender and its Related Lenders, collectively, have aggregate Percentages equal to 50%, then (A) the MS
Primary Lender shall promptly cause the Pledged Receivables (and the related Pledged Assets) to be split into two Segregated Collateral Pools based on the procedure described in the two preceding sentences (except such splitting need not be random)
and (B) no later than three (3) Business Days following the date on which such split occurs, RBS shall select which Segregated Collateral Pool shall constitute the Segregated Collateral Pool with respect to RBS, as Primary Lender, and its
Related Lenders. The remaining Segregated Collateral Pool shall constitute the Segregated Collateral Pool with respect to Morgan StanleyAFI, as Primary Lender, and its Related Lenders. The division of the Pledged Receivables (and the related
Pledged Assets) in accordance with this subsection (b) into Segregated Collateral Pools and the designation of each such Segregated Collateral Pool to the related Lenders shall be hereinafter referred to as the “Collateral
Split”. 
 (c) Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document,
from and after the Collateral Split Effective Date: 
 (i) The Loans made by the MS Primary Lender and its
Related Lenders, on the one hand, and the RBS Primary Lender and its Related Lenders, on the other hand (each, a “Lender Group”), shall be deemed to be governed by two separate “Loan 

  

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Agreements”. Each Loan Agreement shall be evidenced by this Agreement as in effect on the Collateral Split Effective Date, together with any subsequent amendments thereto made in
accordance with Section 9.01 hereof. The terms and conditions of each Loan Agreement and the Persons deemed to be parties thereto shall be the same as the terms of this Agreement as in effect on the Collateral Split Effective Date (as
subsequently and separately amended in accordance with Section 9.01 hereof); provided, however, that (A) each reference herein to a “Lender” or the “Lenders” shall be deemed to refer solely to the
Lenders in the applicable Lender Group (and their subsequent successors and assigns), and the Lenders in one Lender Group shall not be deemed to be parties to the Loan Agreement for the other Lender Group, and shall not have any rights, privileges,
duties or obligations under such other Loan Agreement except to the extent expressly provided in Sections 2.04 and 9.01 thereof, (B) each reference herein to the “Collateral Agent” shall be deemed to refer to the Primary
Lender of the applicable Lender Group on the Collateral Split Effective Date (and its subsequent successors and assigns), (C) each reference to the “Loans” or “Notes” (or any similar or related term) shall be deemed to refer
solely to the Loans or Notes of the applicable Lender Group, (D) each reference to the “Pledged Receivables” or the other “Pledged Assets” (or any similar or related term) shall be deemed to refer to the Pledged Receivables
and/or Pledged Assets included in the applicable Lender Group’s Segregated Collateral Pool, (E) Section 2.04(a) of the Loan Agreement for the RBS Lender Group (as defined below) (the “RBS Loan Agreement”) shall
be replaced in its entirety with the language set forth on Schedule 2.04(a) hereto and any reference in the MS Loan Agreement or the related Transaction Documents to Section 2.04 of the RBS Loan Agreement shall be understood to
refer to Schedule 2.04(a), (F) the Backup Servicer shall continue to be a party to the Loan Agreement related to the MS Primary Lender and its Related Lenders (the “Morgan Stanley Lender Group”) on the terms and
conditions set forth therein, but shall not be deemed to be a party to the Loan Agreement related to the RBS Primary Lender and its Related Lenders (the “RBS Lender Group”) and shall have no rights, privileges, duties or obligations
thereunder, and (G) the security interest granted to the Collateral Agent by the Borrower pursuant to Section 2.11 of this Agreement or any other provision of the Transaction Documents shall continue in effect (and shall be assigned
to the RBS Collateral Agent to the extent specified in subsection (v) below), and no new grant shall be deemed to be made pursuant to Section 2.11 of either Loan Agreement For the avoidance of doubt, (I) the parties
hereto intend that this subsection (i), upon taking effect, shall be treated as an amendment and restatement of the terms of this Agreement (as such terms apply separately to the Loans of each Lender Group and its related Segregated
Collateral Pool) and not as a cancellation, termination or novation of this Agreement; 
 (ii) Without limiting
the generality of subsection (i) above, LEAF Financial or the Person then acting as Servicer shall continue to be the Servicer (in separate capacities) with respect to each Loan Agreement and each Segregated Collateral Pool until removed
by the applicable Controlling Holders in accordance with Section 6.01 of the applicable Loan Agreement; 
 (iii) Without limiting the generality of subsection (i) above, U.S. Bank National Association or the Person then acting as Custodian shall continue to be the Custodian (in separate capacities) with respect to each Loan Agreement
and each

  

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Segregated Collateral Pool until removed in accordance with the applicable Loan Agreement and the Related Custodial Agreement. The rights, privileges, duties and obligations of the Custodian with
respect to each Loan Agreement and the related Segregated Collateral Pool shall be governed by a custodial agreement (the “Related Custodial Agreement” with respect thereto) having all the same terms and conditions as the Custodial
Agreement in effect on the Collateral Split Effective Date, except that (A) each Related Custodial Agreement shall only apply to the related Segregated Collateral Pool, (B) all references therein to the “RLSA” (and all terms
defined by reference to the “RLSA”) shall be deemed to refer solely to the related Loan Agreement and the respective terms defined therein (as modified by subsection (i) above). Except as otherwise expressly provided in
Section 2.04 of the Loan Agreement related to the other Segregated Collateral Pool, the Custodian’s Fees and other amounts due to the Custodian in respect of a particular Segregated Collateral Pool shall be paid solely from
Collections on such Segregated Collateral Pool in accordance with Section 2.04 of the related Loan Agreement. Each reference to the “Custodial Agreement” or the “Custodian” in a Loan Agreement or any other related
agreement shall be deemed to refer solely to the Related Custodial Agreement with respect to such Loan Agreement and the Person appointed as Custodian thereunder; 
 (iv) Without limiting the generality of subsection (i) above, but subject to the remainder of this subsection
(iv), U.S. Bank National Association or the Person then acting as Lenders’ Bank shall continue to be the Lenders’ Bank (in separate capacities) with respect to each Loan Agreement and each Segregated Collateral Pool until removed in
accordance with the applicable Loan Agreement. Promptly following the Collateral Split Effective Date, and unless otherwise agreed to in writing by the MS Primary Lender, the RBS Lender Group shall promptly establish a separate collection account to
be used to receive Collections in respect of its Segregated Collateral Pool (the “RBS Collection Account”) which may be in the name of the Lender’s Bank under the RBS Loan Agreement, the RBS Primary Lender or an affiliate of
the RBS Primary Lender, and each of the parties to the RBS Loan Agreement shall cooperate with the RBS Primary Lender in establishing the RBS Collection Account on substantially the same terms and conditions as the current Collection Account has
been established under the Transaction Documents; provided that the RBS Lender Group shall have no obligation to use U.S. Bank National Association or any of its Affiliates as account bank with respect to such account. From the Collateral
Split Effective Date until the date on which the RBS Collection Account has been established and is operational, each reference in the Loan Agreements to the “Collection Account” shall continue to refer to the Collection Account in
existence on the Collateral Split Effective Date, and Collections in respect of both Segregated Collateral Pools shall continue to be deposited into such account in accordance with the applicable Loan Agreement. The Servicer for each Lender Group
shall take all actions necessary to ensure that each Segregated Collateral Pool is accounted for separately, and that Collections in respect of each pool are applied in accordance with the applicable Loan Agreement. From and after the date on which
the RBS Collection Account has been established and is operational, (A) the Servicer for the RBS Lender Group shall provide notice to the Obligors in respect of the Pledged Receivables in the related Segregated Collateral Pool and take
commercially reasonably steps to ensure that such Obligors make all payments in respect of such Receivables to

  

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the RBS Collection Account or an associated Lockbox Account, (B) the RBS Lender Group shall no longer have any rights, privileges, duties or obligations under the Collection Account
Agreement, and all references therein to the “Lenders” or the “Collateral Agent” shall refer solely the Collateral Agent appointed under the Loan Agreement for the MS Lender Group and the Lenders included in such group (the
“MS Loan Agreement”), (C) all references in the Collection Account Agreement to the “RLSA” (and all terms defined by reference to the “RLSA”) shall be deemed to refer solely to the MS Loan Agreement and the
respective terms defined therein (as modified by subsection (i) above), and (D) each reference to the “Collection Account” or the “Collection Account Agreement” in the RBS Loan Agreement or any other related
agreement shall be deemed to refer solely to the RBS Collection Account and the account control agreement established with respect thereto. Except as otherwise expressly provided in Section 2.04 of the Loan Agreement related to the other
Segregated Collateral Pool, the Lenders’ Bank Fees and other amounts due to the Lenders’ Bank in respect of a particular Segregated Collateral Pool shall be paid solely from Collections on such Segregated Collateral Pool in accordance with
Section 2.04 of the related Loan Agreement. If any Servicer, Lender or other party to either Loan Agreement receives any Collections in respect of the unrelated Segregated Collateral Pool, it shall hold such amounts in trust for the
Persons to whom such amounts are due and shall promptly remit such amounts to the related Servicer for such Segregated Collateral Pool; 
 (v) The rights, privileges, duties and obligations, if any, of the Lenders in each Lender Group and the related Collateral Agents under or in respect of the Purchase and Sale Agreement, the Lockbox
Intercreditor Agreement, the Lockbox Account Agreement, the Originator Insurance Agreement, the FDIC Documents, and each Nominee Lienholder Agreement shall apply solely with respect to their related Loans, Loan Agreements and Segregated Collateral
Pools. Morgan Stanley AFI (or such other Person as shall be acting as Collateral Agent on the Collateral Split Effective Date) hereby assigns and delegates to the new Collateral Agent for the RBS Lender Group (the “RBS Collateral Agent”),
and the new Collateral Agent hereby accepts and assumes, effective as of the Collateral Split Effective Date, all of Morgan Stanley AFI’s rights, privileges, duties and obligations in respect of the new Collateral Agent’s Segregated
Collateral Pool (including, without limitation, its security interest in the Pledged Receivables and other Pledged Assets included in such Segregated Collateral Pool granted pursuant to Section 2.11 of this Agreement). Notwithstanding the
foregoing, each of the Lenders and the Collateral Agent shall retain any rights to indemnification under the Transaction Documents arising in connection with circumstances in existence prior to the Collateral Split Effective Date; provided, that
from any after the Collateral Split Effective Date, any claims for indemnification in respect of such circumstances shall be payable solely from Collections in respect of its related Segregated Collateral Pool, except to the extent expressly
provided in Section 2.04 of the unrelated Loan Agreement; and 
 (vi) The “Secured Parties” in
respect of each Loan Agreement shall be comprised of each related Lender, the related Collateral Agent, the related Custodian, the related Lender’s Bank, the “Secured Parties” under (and as defined in) the other Loan Agreement and, in
the case of the MS Loan Agreement, the Backup Servicer and their respective successors and assigns in such capacities, and the Collateral Agent for such

  

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Loan Agreement shall be deemed to hold its security interest in the related Segregated Collateral Pool solely for the benefit of such Persons. Each of the Secured Parties shall be entitled to
receive payments in respect of the Obligations owed to it under its related Loan Agreement and the other related transaction documents solely to the extent funds are available thereunder in accordance with the priority of payments set forth in
Section 2.04 of its related Loan Agreement or Section 2.04 of the unrelated Loan Agreement. For the avoidance of doubt, a Collateral Split shall be considered a modification of the relative rights of the Secured Parties only
and not the termination of any existing grant of a security interest by the Borrower. In connection with a Collateral Split, each of the Borrower and the Collateral Agent under this Agreement (prior to the Collateral Split Effective Date) shall
cooperate with the RBS Collateral Agent in taking any actions as may be necessary to ensure the continued perfection and priority of such Collateral Agent’s security interest in the Segregated Collateral Pool for the RBS Lender Group,
including, without limitation, filing (or authorizing the filing of) any necessary UCC financing statements or financing statement amendments (including assignments) 
 (d) Any Lender Group replacing the Servicer with respect to its Loan Agreement shall promptly deliver to the Lenders in the other Lender Group prompt notice of such replacement, together with a copy of
the executed Successor Servicing Agreement and all amendments thereto. 
 (e) Borrower agrees to pay all reasonable (and
reasonably documented) costs and expenses of the parties hereto (including, without limitation reasonable attorney’s fees) incurred in connection with the Collateral Split on the Remittance Date immediately prior to the Collateral Split
Effective Date in accordance with the priority of payments set forth in Section 2.04(a)(vi). 
 SECTION 7.04
Collateral Split Buyout Rights. If any Primary Lender delivers a Collateral Split Notice pursuant to Section 7.03(a), then the other Primary Lender and each of its Related Lenders shall have the right (its “Collateral
Split Buyout Right”) to purchase 100% (but, subject to the following sentence, not less than 100%) of the Loans made by such notifying Lender and its Related Lenders (the “Buyout Loans”), which Collateral Split Buyout Right
shall terminate if not exercised within ten (10) days following the date on which the Collateral Split Notice is delivered. If more than one Lender desires to exercise its Collateral Split Buyout Right with respect to the Buyout Loans, it shall
be entitled to purchase up to its ratable share (based on Percentages) of such Loans. Upon the exercise of its Collateral Split Buyout Right, each exercising Lender shall purchase its ratable share of the Buyout Loans by paying a purchase price to
the selling Lenders equal to such exercising Lender’s ratable share of (i) the outstanding principal balance of the Buyout Loans on the date of assignment, plus (ii) the amount of unpaid interest accrued thereon through such
date. Such assignment shall be made in accordance with Section 9.04 hereof pursuant to documentation that is reasonably acceptable to the buyer and seller, except that such assignment documentation shall not require any representation or
warranty by, or recourse to, the seller, other than the representation that the Loans (or sold portion thereof) are being conveyed to the buyer free and clear of any lien or other encumbrance created by or through the buyer. If any selling Lender is
the Collateral Agent, concurrently with any assignment of the Buyout Loans pursuant to the foregoing provisions of this Section 7.04, the Collateral Agent shall assign and delegate to the purchasing Lender with the greatest interest

  

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in Class A Notes, or if no purchasing Lender is a Class A Lender, to the purchasing Lender with the greatest interest in the Class B Notes, or in either case, such Person’s
designee, all of its rights and obligations as Collateral Agent under this Agreement pursuant to documentation reasonably acceptable to the Collateral Agent, such assignee and the other purchasing Lenders, if any, and the Borrower or the Servicer,
as applicable, if such documentation shall diminish any rights or increase any obligations of such Person thereunder; provided, however, that if any rights or obligations of the Borrower or the Servicer would be materially and
adversely affected by such assignment and delegation, then the consent of the Borrower and the Servicer, as applicable, shall be required with respect to such assignment and delegation documentation. In connection with any assignment pursuant to
this Section 7.04, the selling Lenders shall be entitled to retain all of their rights in respect of any unpaid fees, as well as any claims for indemnity or similar rights arising from circumstances in existence prior to date of
assignment. The preceding sentence shall survive the assignment by any applicable selling Lender of its Loans or other rights under this Agreement. 
 ARTICLE VIII 
 INDEMNIFICATION 
 SECTION 8.01 Indemnities by the Borrower. Without limiting any other rights which any Class A Lender, any Class B Lender,
the Collateral Agent, the Backup Servicer (whether in its capacity as Backup Servicer or successor Servicer), the Lenders’ Bank, the Custodian, the Initial Qualifying Swap Counterparty or any of their respective Affiliates may have hereunder or
under applicable law, the Borrower hereby agrees to indemnify each Lender, the Collateral Agent, the Custodian, the Backup Servicer, the Lenders’ Bank, the Initial Qualifying Swap Counterparty and each of their respective Affiliates (each, an
“Indemnified Party” for purposes of this Article VIII) from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements (all of the
foregoing being collectively referred to as “Indemnified Amounts”), awarded against or incurred by any of them arising out of or as a result of this Agreement or in respect of any Pledged Assets, excluding, however,
(A) Indemnified Amounts to the extent resulting solely from gross negligence, bad faith or willful misconduct on the part of an Indemnified Party, (B) taxes (including interest and penalties imposed thereon) imposed by the jurisdiction in
which such Indemnified Party’s principal executive office is located, on or measured by the overall net income of such Indemnified Party or (C) Indemnified Amounts to the extent that they are or result from lost profits (other than
principal, interest and Fees with respect to the Loans). Without limiting the foregoing, the Borrower shall indemnify each Indemnified Party for Indemnified Amounts relating to or resulting from any of the following (to the extent not resulting
solely from gross negligence, bad faith or willful misconduct on the part of an Indemnified Party): 
 (i) any
Pledged Receivable treated as or represented by the Borrower to be an Eligible Receivable which is not at the applicable time an Eligible Receivable; 
 (ii) reliance on any representation or warranty made or deemed made by the Borrower or any of its officers under or in connection with this Agreement, which shall have been false or incorrect in any
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 (iii) the failure by the Borrower to comply with any term, provision or
covenant contained in this Agreement or any agreement executed in connection with this Agreement, or with any applicable law, rule or regulation with respect to any Pledged Assets, or the nonconformity of any Pledged Assets with any such applicable
law, rule or regulation; 
 (iv) the failure to vest and maintain vested in the Collateral Agent or to transfer
to the Collateral Agent a first priority perfected security interest in the Receivables which are, or are purported to be, Pledged Receivables, together with all related Other Conveyed Property, Collections, Related Security and other Pledged Assets
related thereto (including, without limitation, the Borrower’s interest in and to any and all Obligor Collateral with respect to such Receivables), free and clear of any Adverse Claim whether existing at the time of the related Borrowing or at
any time thereafter; 
 (v) the failure to maintain, as of the close of business on each Business Day prior to
the Collection Date, a Facility Amount which is less than or equal to the lesser of (x) the Borrowing Limit on such Business Day and (y) the Facility Limit on such Business Day; 
 (vi) the failure to maintain, as of the close of business on each Business Day prior to the Collection Date, a Facility
Amount, which is less than or equal to the Facility Limit; 
 (vii) Reserved; 
 (viii) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the
UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables which are, or are purported to be, Pledged Receivables or the other Pledged Assets related thereto, whether at the time of the Borrowing or at any subsequent
time; 
 (ix) any dispute, claim, offset or defense (other than the discharge in bankruptcy of an Obligor) to the
payment of any Receivable which is, or is purported to be, a Pledged Receivable (including, without limitation, a defense based on such Receivable (or the Contract evidencing such Receivable) not being a legal, valid and binding obligation of such
Obligor enforceable against it in accordance with its terms); 
 (x) any failure of the Borrower to perform its
duties or obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (xi) the failure of the Borrower to pay when due any taxes payable in connection with the Pledged Receivables or the Pledged Assets related thereto; 
  

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 (xii) any repayment by a Lender of any amount previously distributed in
payment of Loans or payment of interest or Fees or any other amount due hereunder, in each case which amount such Lender believes in good faith is required to be repaid; 
 (xiii) the commingling by the Borrower of Collections of Pledged Receivables at any time with other funds; 
 (xiv) any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Loans or the Pledged
Assets; 
 (xv) any failure by the Borrower to give reasonably equivalent value to Originator in consideration
for the transfer by Originator to the Borrower of any Receivable or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation, any provision
of the Bankruptcy Code; 
 (xvi) Reserved; 
 (xvii) any failure of the Borrower or any of its agents or representatives to remit to the Collection Account, Collections of
Pledged Receivables remitted to the Borrower or any such agent or representative; 
 (xviii) any failure on the
part of the Borrower duly to observe or perform in any material respect any covenant or agreement under any Qualifying Interest Rate Swap; and/or 
 (xix) any Contract related to any Pledged Receivable being rejected by an Obligor under Section 365 of the Bankruptcy Code in the event that a Bankruptcy Event has occurred with respect to such
Obligor. 
 Any amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Borrower to the
applicable Lender on behalf of the applicable Indemnified Party within two (2) Business Days following such Lender’s written demand therefor on behalf of the applicable Indemnified Party (and such Lender shall pay such amounts to the
applicable Indemnified Party promptly after the receipt by such Lender of such amounts). Each Lender, on behalf of any related Indemnified Party making a request for indemnification under this Section 8.01, shall submit to the Borrower a
certificate setting forth in reasonable detail the basis for and the computations of the Indemnified Amounts with respect to which such indemnification is requested, which certificate shall be conclusive absent demonstrable error. 
 If the Borrower has made any payments in respect of Indemnified Amounts to a Lender, on behalf of an Indemnified Party pursuant to this
Section 8.01 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay such amounts collected to the Borrower, without interest. 
 SECTION 8.02 Indemnities by Servicer. (a) Without limiting any other rights which any Indemnified Party may have hereunder
or under applicable law, the Servicer (if LEAF Financial or one of its Affiliates) hereby agrees to indemnify each Indemnified Party from and

  

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against any and all damages, losses, claims, liabilities and related costs and expenses (including reasonable attorneys’ fees and disbursements) (all of the foregoing being collectively
referred to as “Servicer Indemnified Amounts”) suffered or sustained by any Indemnified Party as a consequence of any of the following, excluding, however, Servicer Indemnified Amounts resulting solely from (A) any gross
negligence, bad faith or willful misconduct of any Indemnified Party claiming indemnification hereunder, (B) taxes (including interest and penalties imposed thereon) imposed by the jurisdiction in which such Indemnified Party’s principal
executive office is located, on or measured by the overall net income of such Indemnified Party; (C) Indemnified Amounts to the extent that they are or result from lost profits (other than principal, interest and Fees with respect to the
Loans); and (D) Indemnified Amounts to the extent the same includes losses that arise solely due to Receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor or would constitute
recourse to Servicer for such losses: 
 (i) the inclusion, in any computations made by it in connection with any
Facility Limit Certificate or Monthly Remittance Report or other report prepared by it hereunder, of any Pledged Receivables which were not Eligible Receivables as of the date of any such computation; 
 (ii) reliance on any representation or warranty made by the Servicer (if LEAF Financial or one of its Affiliates) or any of
its officers under or in connection with this Agreement, which shall have been false or incorrect in any material respect when made or delivered; 
 (iii) the failure by the Servicer (if LEAF Financial or any of its Affiliates) to comply with (A) any term, provision or covenant contained in this Agreement, or any agreement executed in connection
with this Agreement, or (B) any applicable law, rule or regulation applicable to it with respect to any Pledged Assets; 
 (iv) any action or inaction by the Servicer (if LEAF Financial or one of its Affiliates) that causes the Collateral Agent not to have a first priority perfected security interest in the Receivables that
are, or are purported to be, Pledged Receivables, together with all related Other Conveyed Property, Collections, Related Security and other Pledged Assets related thereto (including without limitation, the Borrower’s interest in and to any and
all Obligor Collateral with respect to such Receivables), free and clear of any Adverse Claim whether existing at the time of the related Borrowing or any time thereafter; 
 (v) the commingling by the Servicer (if LEAF Financial or one of its Affiliates) of the Collections of Pledged Receivables at
any time with any other funds; 
 (vi) any failure of the Servicer (if LEAF Financial or one of its Affiliates)
or any of its agents or representatives (including, without limitation, agents, representatives and employees of the Servicer acting pursuant to authority granted under Section 6.01 hereof) to remit to Collection Account, Collections of
Pledged Receivables remitted to the Servicer or any such agent or representative; 
  

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 (vii) the failure by the Servicer (if LEAF Financial or any of its
Affiliates) to perform any of its duties or obligations in accordance with the provisions of this Agreement or errors or omissions related to such duties; and/or 
 (viii) notwithstanding whether any Pledged Receivable shall have been repurchased by the Servicer pursuant to
Section 6.20, any of the events or facts giving rise to a breach of any of the Servicer’s representations, warranties, agreements and/or covenants set forth in Article V or Article VI. 
 (b) Any Servicer Indemnified Amounts shall be paid by the Servicer (if LEAF Financial or one of its Affiliates) to each related Lender, for
the benefit of the applicable Indemnified Party, within two (2) Business Days following receipt by the Servicer of such Lender’s written demand therefor (and such Lender shall pay such amounts to the applicable Indemnified Party promptly
after the receipt by such Lender of such amounts). 
 (c) If the Servicer has made any indemnity payments to a Lender, on behalf
of an Indemnified Party pursuant to this Section 8.02 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay such amounts collected to the Servicer, without interest.

 Each applicable Indemnified Party shall deliver to the indemnifying party under Section 8.01 and
Section 8.02, within a reasonable time after such Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by such Indemnified Party relating to the claim giving rise to the
Indemnified Amounts. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.01 Amendments and Waivers. No
amendment or modification of any provision of this Agreement shall be effective without the written agreement of the Borrower, the Servicer, the Controlling Holders and, to the extent any of their rights or obligations hereunder are adversely
affected thereby, the Backup Servicer or other successor Servicer, the Custodian, the Lenders’ Bank, each Qualifying Swap Counterparty and, at any time after the Collateral Split Effective Date, each related “Secured Party” (which
shall not be unreasonably withheld) under (and as defined in) (a) the MS Loan Agreement (in the case of amendments to the RBS Loan Agreement) or (b) the RBS Loan Agreement (in the case of amendments to the MS Loan Agreement) (the
“Amendment Consent Parties”); and no waiver of any provision of this Agreement or consent to any departure therefrom by the Borrower or the Servicer shall be effective without the written concurrence of the Controlling Holders and
the Amendment Consent Parties; provided, however, that at all times the written agreement of all of the affected Lenders shall be required with respect to any amendment or modification of, or waiver or consent with respect to, any
provision of this Agreement which would (i) extend the due date for the payment of principal or interest on the Class A Loan or the Class B Loan, (ii) reduce the principal or interest payable in respect of any Class A Note or any
Class B Note, (iii) subject to Section 7.03, result in the release of the security interest of the Collateral Agent in any Pledged Asset or (iv) modify the definition of “Controlling Holders”,
Section 2.04(a), Article VII or this

  

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Section 9.01; and provided, further, that at any time after the Collateral Split Effective Date, the consent of the Amendment Consent Parties with respect to each Loan
Agreement shall only be required in respect of any amendment or modification of, or waiver or consent with respect to, any provision of such Loan Agreement which would modify Section 2.04(a) (including any defined terms used therein) or
this Section 9.01 (including any defined terms used herein). Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 9.02 Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be
in writing (including telex communication, communication by facsimile copy or electronic mail) and mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth on Schedule VI hereto or specified in such
party’s Assignment and Acceptance or at such other address (including, without limitation, an electronic mail address) as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, upon receipt, or in the case of notice by facsimile copy or electronic mail, when verbal communication of receipt is obtained, except that notices and communications pursuant to Article II shall not be effective until
received. 
 SECTION 9.03 No Waiver; Remedies. No failure on the part of any Lender to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 SECTION 9.04 Binding Effect; Assignability; Multiple
Lenders. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Lenders, the Collateral Agent, the Backup Servicer or any other successor Servicer, as applicable, the Custodian, the Lenders’
Bank and their respective successors and permitted assigns. This Agreement and each Lender’s rights and obligations hereunder (and under its related Note) and interest herein shall be assignable in whole or in part (including by way of the sale
of participation interests therein) by such Lender and its successors and assigns; provided, however, that if Morgan Stanley AFI assigns all or any portion of its Notes to any third party at any time prior to the Collateral Split, then
RBS shall have the right (but no obligation) to sell to the assigning party a portion of its Notes of the same class sold to such third party such that, after giving effect to the assignment by Morgan Stanley AFI to such third party and the
assignment by RBS pursuant to this proviso, the aggregate amount of Notes of the sold class that are held by Morgan Stanley AFI, on the one hand, and RBS, on the other hand, will be equal; and, provided, further, that if RBS assigns
all or any portion of its Notes to any third party at any time prior to the Collateral Split, then Morgan Stanley AFI shall have the right (but no obligation) to sell to RBS a portion of its Notes of such class such that, after giving effect to the
assignment by RBS to such third party and the assignment by Morgan Stanley AFI to RBS pursuant to this proviso, the aggregate amount of Notes of the sold class that are held by Morgan Stanley AFI, on the one hand, and RBS, on the other hand, will be
equal (it being understood and agreed that, for the avoidance of doubt, neither of the two preceding provisos shall apply to any pledge or other hypothecation by any such Lender of its rights and obligations hereunder or interests herein solely to
the extent that such pledge or hypothecation does not constitute a sale). The purchase

  

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price for any assignment made pursuant to either proviso of the foregoing sentence shall be based on the same discount to par, or premium over par, that applies to the relevant third party
assignment, taking into account any fees or other arrangements that would affect the economics of such assignment. None of the Borrower, the Servicer or the Backup Servicer or any other successor Servicer may assign any of its rights and obligations
hereunder or any interest herein without the prior written consent of the Lenders; provided that the Borrower shall be permitted, on not less than 10 Business Days’ prior written notice to the other parties hereto and with the prior written
consent of the Lenders, to be provided in the sole discretion of the Lenders, to assign all of its rights and obligations hereunder to, and simultaneously with the transfer of all Pledged Assets to, a Permitted Transferee which shall have assumed in
a writing satisfactory to the Lenders all such rights and obligations and acquired all such Pledged Assets. The parties to each assignment or participation made pursuant to this Section 9.04 shall execute and deliver to the applicable
Lender, for its acceptance and recording in its books and records, an assignment and acceptance agreement (an “Assignment and Acceptance”) or a participation agreement or other transfer instrument reasonably satisfactory in form and
substance to (i) the parties to such Assignment and Acceptance and (ii) prior to an Event of Default, the Borrower. Each such assignment or participation shall be effective as of the date specified in the applicable Assignment and
Acceptance or other agreement or instrument only after the execution, delivery, acceptance and recording thereof as described in the preceding sentence. Each Lender shall notify the Borrower of any assignment or participation thereof made pursuant
to this Section 9.04. Each Lender may, in connection with any assignment or participation or any proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee
or participant any information relating to the Borrower and the Pledged Assets furnished to such Lender by or on behalf of the Borrower or the Servicer; provided, however, that such Lender shall not disclose any such information until
it has obtained an agreement from such assignee or participant or proposed assignee or participant that it shall treat as confidential (under terms mutually satisfactory to such Lender, the Borrower, the Servicer and such assignee or participant or
proposed assignee or participant) any information obtained which is not already publicly known or available, and may disclose information relevant to the tax treatment and tax structure of the transactions contemplated by this Agreement. 

(b) Reserved. 
 (c) Subject to Section 9.04(a), each of the parties hereto hereby agrees to execute any amendment to this Agreement that is required in order to facilitate the addition of any new Lender hereunder as contemplated by this
Section 9.04 and which does not have any adverse effect on the Borrower, the Originator, the Servicer or any Affiliate thereof. 
 SECTION 9.05 Term of This Agreement. This Agreement including, without limitation, the Borrower’s obligation to observe its covenants set forth in Articles V and VI and the
Servicer’s obligation to observe its covenants set forth in Articles V and VI, shall remain in full force and effect until the Collection Date; provided, however, that the rights and remedies with respect to any
breach of any representation and warranty made or deemed made by the Borrower or the Servicer pursuant to Articles III and IV and the indemnification and payment provisions of Article VIII and Article IX and the
provisions of Section 9.08 and Section 9.09 shall be continuing and shall survive any termination of this Agreement. 
  

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 SECTION 9.06 GOVERNING LAW; JURY WAIVER; CONSENT TO JURISDICTION. (a) THIS
AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE
APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE INTERESTS OF THE LENDERS IN THE PLEDGED RECEIVABLES, OR REMEDIES HEREUNDER, IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION
OTHER THAN THE STATE OF NEW YORK. 
 (b) EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 
 (c) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW
YORK LAW. 
 SECTION 9.07 Costs, Expenses and Taxes. (a) In addition to the rights of indemnification granted
to the Backup Servicer or any other successor Servicer (whether in its capacity as Backup Servicer or successor Servicer), the Custodian, the Lenders’ Bank, the Collateral Agent, each Lender and its respective Affiliates under
Section 8.01 hereof, the Borrower agrees to pay on demand all reasonable (and reasonably documented) costs and expenses of the Backup Servicer or such other successor Servicer, the Custodian, the Lenders’ Bank, the Collateral Agent
and each Lender incurred in connection with the preparation, execution or delivery of, or any waiver or consent issued or amendment prepared in connection with, this Agreement, the other Transaction Documents and the other documents to be delivered
hereunder or in connection herewith or therewith or incurred in connection with any amendment, waiver or modification of this Agreement, any other Transaction Document, and any other documents to be delivered hereunder or thereunder or in connection
herewith or therewith that is necessary or requested (and, with respect to such Lender, actually entered into) by any of the Borrower, the Servicer, the Collateral Agent, such Lender or made necessary or desirable as a result of the actions of any
regulatory, tax or accounting body affecting such Lender and its

  

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Affiliates, or which is related to an Event of Default, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Backup Servicer or any other successor
Servicer, as applicable, the Custodian, the Lenders’ Bank, the Collateral Agent and each Lender with respect thereto and with respect to advising the Backup Servicer or any other successor Servicer, the Custodian, the Lenders’ Bank, the
Collateral Agent and each Lender as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and
expenses), incurred by the Backup Servicer or any other successor Servicer, the Custodian, the Lenders’ Bank, the Collateral Agent or any Lender in connection with the enforcement of this Agreement and the other documents to be delivered
hereunder or in connection herewith. 
 (b) The Borrower shall pay on demand any and all stamp, sales, excise and other taxes
and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, the other documents to be delivered hereunder or any agreement or other document providing liquidity support, credit
enhancement or other similar support to any Lender which is specific to this Agreement or the funding or maintenance of Loans hereunder. 
 (c) The Borrower shall pay on demand all other costs, expenses and taxes (excluding franchise and income taxes) incurred by any Lender or the Initial Qualifying Swap Counterparty or any shareholder
thereof related to this Agreement, any other Transaction Document or any Qualifying Interest Rate Swap or similar interest rate cap agreement (“Other Costs”), including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for such Lender or the Initial Qualifying Swap Counterparty with respect to (i) advising such Person as to its rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection
herewith and (ii) the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith; provided, however, that the Borrower shall have no obligation to pay the fees and out-of-pocket
expenses of counsel to the Initial Qualifying Swap Counterparty related to the initial negotiation, execution and delivery of any Qualifying Interest Rate Swap. 
 (d) Without limiting any other provision hereof, the Borrower shall pay on demand all costs, expenses and fees of the Backup Servicer prior to the occurrence of a Servicer Default and the appointment of
the Backup Servicer as Servicer hereunder related to its duties under this Agreement. 
 (e) Any Person making a claim under
this Section 9.07 shall submit to the Borrower a notice setting forth in reasonable detail the basis for and the computations of the applicable costs, expenses, taxes or similar items. 
 SECTION 9.08 No Proceedings. The Servicer, the Backup Servicer, any other successor Servicer, the Custodian, the Collateral
Agent, each Class A Lender, each Class B Lender and the Lenders’ Bank each hereby agree that it will not institute against, or join any other Person in instituting against, the Borrower any proceedings of the type referred to in the
definition of Bankruptcy Event prior to two years and one day after the Collection Date. 
  

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 SECTION 9.09 Recourse Against Certain Parties. No recourse under or with respect
to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of any Lender as contained in this Agreement or any other agreement, instrument or document entered into by the Borrower or
such Lender pursuant hereto or in connection herewith shall be had against any administrator of the Borrower or such Lender or any incorporator, affiliate, stockholder, officer, employee or director of the Borrower or such Lender or of any such
administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of
each party hereto contained in this Agreement and all of the other agreements, instruments and documents entered into by the Borrower or any Lender pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such
party (and nothing in this Section 9.09 shall be construed to diminish in any way such corporate obligations of such party), and that no personal liability whatsoever shall attach to or be incurred by any administrator of the Borrower or
any Lender or any incorporator, stockholder, affiliate, officer, employee or director of the Borrower or such Lender or of any such administrator, as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the
Borrower or such Lender contained in this Agreement or in any other such instruments, documents or agreements, or which are implied therefrom, and that any and all personal liability of every such administrator of the Borrower or any Lender and each
incorporator, stockholder, affiliate, officer, employee or director of the Borrower or such Lender or of any such administrator, or any of them, for breaches by the Borrower or such Lender of any such obligations, covenants or agreements, which
liability may arise either at common law or in equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 9.09
shall survive the termination of this Agreement. 
 SECTION 9.10 Execution in Counterparts; Severability;
Integration. 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 when taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. In the event that any provision in or
obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the
parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than the Fee Letter. 
 SECTION 9.11 Tax Characterization. Notwithstanding any provision of this Agreement, the parties hereto intend that the Loans advanced hereunder shall constitute indebtedness of the Borrower
for federal income tax purposes. 
 SECTION 9.12 Calculation of Performance Triggers. Notwithstanding anything to
the contrary herein, Included Repurchased Receivables shall be treated as Pool Receivables for purposes of each calculation of the Cumulative Net Loss Rate, and Delinquency Rate required to be made hereunder (but for no other purpose). 

 

 94 

 ARTICLE X 
 THE COLLATERAL AGENT 
 SECTION 10.01 Authorization and Action.
Each Lender hereby designates and appoints Morgan Stanley as initial Collateral Agent hereunder (subject to Section 7.03), and authorizes the Collateral Agent to take such actions as agent on its behalf and to exercise such powers as are
delegated to the Collateral Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. In performing its functions and duties hereunder, the Collateral Agent shall act solely as agent for the Lenders and
does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower, the Servicer, any other Person or any of their respective successors or assigns. The Collateral Agent shall not be
required to take any action that exposes the Collateral Agent to personal liability or that is contrary to this Agreement or applicable law. The appointment and authority of the Collateral Agent hereunder shall terminate at the indefeasible payment
in full of the Obligations. 
 SECTION 10.02 No Implied Duties. The Collateral Agent shall be obligated to perform
only the duties as are specifically set forth in this Agreement, and no implied covenants, obligations or any fiduciary relationship with any Lender or any other Person shall be read into this Agreement against the Collateral Agent. 
 SECTION 10.03 Limits on Liability. Neither the Collateral Agent nor any of its directors, officers, agents or employees shall be
(i) liable for any acts, omissions, errors of judgment or mistakes of fact or law made, taken or omitted to be made or taken by it in accordance with this Agreement and the other Transaction Documents (including acts, omissions, errors or
mistakes with respect to the Collateral), except for those arising out of or in connection with the Collateral Agent’s gross negligence or willful misconduct or (ii) responsible in any manner to any Secured Party for any recitals,
statements, representations or warranties made by the Borrower or the Servicer contained in this Agreement or any other Transaction Document or in any certificate, report, statement or other document referred to or provided for in, or received under
or in connection with, this Agreement or any other Transaction Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document or any other document furnished in
connection herewith, or for any failure of the Borrower, its Affiliates or any Servicer to perform its obligations hereunder or thereunder, or for the satisfaction of any condition specified in Article III. The Collateral Agent may consult with
counsel, accountants and other experts, and any opinion or advice of any such counsel, any such accountant and any such other expert shall be full and complete authorization and protection in respect of any action taken or suffered by the Collateral
Agent hereunder in accordance therewith. The Collateral Agent shall have the right at any time to seek instructions concerning the administration of the Pledged Assets from any court of competent jurisdiction. The Collateral Agent may conclusively
rely, and shall be fully protected in acting, upon any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document which it has no reasonable

  

 95 

 
reason to believe to be other than genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper
party or parties. Absent its gross negligence or willful misconduct, the Collateral Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to
the Collateral Agent and conforming to the requirements of this Agreement and the other Transaction Documents, if any. 
 SECTION 10.04 Acknowledgement. Each Lender hereby acknowledges and agrees that its rights and obligations as a “Lender” under the Collection Account Agreement are being held by Morgan Stanley in its capacity as
Collateral Agent for the benefit of the Secured Parties. 
 SECTION 10.05 Additional Exculpatory Provisions. The
Collateral Agent shall not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other Transaction
Document, or to inspect the properties, books or records of the Borrower or the Servicer, except as specified herein. The Collateral Agent shall not be deemed to have knowledge of any Program Termination Event unless the Collateral Agent has
received notice from the Borrower, the Servicer or a Secured Party. 
 SECTION 10.06 Non-Reliance on Collateral
Agent. Each Lender expressly acknowledges that neither the Collateral Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Collateral
Agent hereafter taken, including, without limitation, any review of the affairs of the Borrower, its Affiliates or any Servicer, shall be deemed to constitute any representation or warranty by the Collateral Agent. Each Lender represents and
warrants to the Collateral Agent that it has and will, independently and without reliance upon the Collateral Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower and its Affiliates and made its own decision to enter into this Agreement. 
 SECTION 10.07 Reimbursement and Indemnification. The Lenders severally agree to reimburse and indemnify the Collateral Agent and
each of its officers, directors, employees, representatives and agents ratably (based on their respective portions of the Loans), to the extent not paid or reimbursed by the Borrower or the Servicer for any amounts for which the Collateral Agent,
acting in its capacity as Collateral Agent, is entitled to with respect to (i) reimbursement by the Borrower hereunder and (ii) any other expenses incurred by the Collateral Agent, in connection with the administration and enforcement of
this Agreement or any other Transaction Document; provided, however, that (i) RBS and its assigns will not be responsible for any expenses which the Collateral Agent elects to incur in its discretion exceeding $50,000 in the
aggregate without the prior approval of RBS and its assigns, as applicable. 
 SECTION 10.08 Collateral Agent in its
Individual Capacity. The Collateral Agent and each of its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though the Collateral Agent were not
the Collateral Agent hereunder. 
  

 96 

 SECTION 10.09 Successor Collateral Agent. The Collateral Agent may, upon thirty
(30) Business Days’ prior written notice to the Borrower, the Servicer, the Lenders, the Backup Servicer or any other successor Servicer, as applicable, the Custodian and the Lenders’ Bank resign as Collateral Agent; provided,
that each Lender agrees to become the successor Collateral Agent in such capacity hereunder in accordance with the next sentence with the approval of the Controlling Holders. If the Collateral Agent resigns under this Agreement, then the Controlling
Holders during such period shall appoint from among the Lenders a successor collateral agent, whereupon such successor agent shall succeed to the rights, powers and duties of such Collateral Agent, and the term “Collateral Agent”, shall
mean such successor agent, effective upon its acceptance of such appointment and its delivery of a duly executed counterpart of this Agreement and an acknowledgment to the Collateral Agent, and such former Collateral Agent’s rights, powers and
duties as Collateral Agent, shall be terminated, without any other or further act or deed on the part of such former agent or any of the parties to this Agreement; provided, however, that if Morgan Stanley resigns as Collateral Agent,
RBS shall have the option to assume the duties of the Collateral Agent upon the effectiveness of such resignation. After such retiring agent’s resignation hereunder as Collateral Agent, the provisions of this Article X shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent, under this Agreement. Notice of the appointment of a successor Collateral Agent, shall be provided by the resigning Collateral Agent and the new Collateral
Agent to the Borrower, the Servicer, the Lenders, the Backup Servicer or other successor Servicer, the Custodian and the Lenders’ Bank. Such resigning Collateral Agent shall cooperate with the Custodian and the successor Collateral Agent in
order to transfer is rights and obligations as Collateral Agent hereunder to such successor Collateral Agent (including, in order to transfer, assign and perfect the security interest of such Collateral Agent for the benefit of the Secured Parties
in the Collateral, and hereby authorizes the filing of all financing statement and/or the recordation of all certificates, instruments or other records necessary under the laws of any applicable state). 
 SECTION 10.10 Release of Collateral. Subject to Sections 2.13 and 4.03, the Collateral Agent shall not release its
interest in any of the Pledged Assets without the prior written consent of all of the Lenders. 
 [Signature page to follow.]

  

 97 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

									
	THE BORROWER:	 		 	LEAF CAPITAL FUNDING III, LLC
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	 THE SERVICER:
	 		 	LEAF FINANCIAL CORPORATION
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	 COLLATERAL AGENT
	 		 	MORGAN STANLEY BANK, N.A.
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	 CLASS A LENDER AND CLASS B LENDER
	 		 	MORGAN STANLEY ASSET FUNDING INC.
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

  

 S-1 

									
	 CLASS A LENDER
	 		 	THE ROYAL BANK OF SCOTLAND PLC
		 		 	By: Greenwich Capital Markets, Inc., as agent
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	 CLASS B LENDER
	 		 	THE ROYAL BANK OF SCOTLAND PLC
			
		 		 	By: Greenwich Capital Markets, Inc., as agent
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	 THE CUSTODIAN AND
 THE LENDERS’ BANK:
	 		 	U.S. BANK NATIONAL ASSOCIATION
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	 THE BACKUP SERVICER
	 		 	 LYON FINANCIAL SERVICES, INC. (D/B/A
 U.S. BANK PORTFOLIO SERVICES)

					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

  

 S-2 

 SCHEDULE I 
 CONDITION PRECEDENT DOCUMENTS 
 As required by Section 3.01 of the
Agreement, each of the following items must be delivered to the Lenders prior to the date of the Borrowing: 
 (a) A copy of
this Agreement duly executed by each of the parties hereto; 
 (b) A certificate of the Secretary or Assistant Secretary of each
of the Borrower, the Originator and the Servicer, dated the date of this Agreement, certifying (i) the names and true signatures of the incumbent officers authorized to sign on behalf of the such Person each Transaction Document to which it is
a party (on which certificate the Lenders may conclusively rely until such time as the Lenders shall receive from such Person a revised certificate meeting the requirements of this paragraph (b)), (ii) that the copy of the certificate of
incorporation or formation of each such Person attached thereto is a complete and correct copy and that such certificate of incorporation or formation has not been amended, modified or supplemented and is in full force and effect, (iii) that
the copy of the organizational documents of such Person attached thereto is a complete and correct copy, and that such organizational documents have not been amended, modified or supplemented and is in full force and effect, and (iv) the
resolutions of the board of directors or members of such Person approving and authorizing the execution, delivery and performance by such Person of each Transaction Document to which it is a party; 
 (c) Good standing certificate, dated as of a recent date for each of the Borrower, the Originator and the Servicer, issued by its
jurisdiction of organization; 
 (d) Executed, original copies of proper financing statements (the “Facility Financing
Statements”) describing the Pledged Receivables, Other Conveyed Property, Related Security and other Pledged Assets, and (a) filed against Originator in favor of the Borrower as assignor secured party and naming the Collateral Agent as
total assignee and (b) filed against the Borrower and in favor of the Collateral Agent, as secured party, and other, similar instruments or documents, as may be necessary or, in the opinion of the Collateral Agent, desirable under the UCC of
all appropriate jurisdictions or any comparable law to perfect the Collateral Agent’s interests in all Pledged Receivables, Other Conveyed Property, Related Security and other Pledged Assets; 
 (e) Executed, original copies of proper financing statements, if any, necessary to release all security interests and other rights of any
Person in the Pledged Receivables, Other Conveyed Property, Related Security and other Pledged Assets previously granted by Originator or the Borrower; 
 (f) Certified copies of requests for information or copies (or a similar UCC search report certified by a party acceptable to the Lenders), dated a date reasonably near to the date of the initial
Borrowing, listing all effective financing statements (including the Facility Financing Statements), which name any of the Borrower or the Originator (under such party’s present name and any previous name) as debtor and which are filed in the
jurisdictions in which the Facility Financing Statements were filed, together with copies of such financing statements (none of which, other than the Facility Financing Statements, shall cover any Pledged Assets); 
  

 Sch. I-1 

 (g) One or more favorable Opinions of Counsel, of counsel to the Originator and the
Borrower, with respect to such matters as any Lender may reasonably request (including an opinion, with respect to the creation, perfection and first priority of the security interest of the Borrower and the Collateral Agent in the property
described in such Opinion of Counsel); 
 (h) One or more favorable Opinions of Counsel, of counsel to the Originator and the
Borrower, with respect to the true conveyance of the Receivables under the Purchase and Sale Agreement, and issues of substantive consolidation; 
 (i) One or more favorable Opinions of Counsel, of counsel to the Originator, the Borrower, the Custodian and the Backup Servicer with respect to, among other things, the due authorization, execution and
delivery of, and enforceability of, this Agreement and the other Transaction Documents; 
 (j) A favorable Opinion of Counsel of
counsel to the Borrower, with respect to the first priority perfected security interest of the Collateral Agent in the Collection Account and the funds therein; 
 (k) Any necessary third party consents to the closing of the transactions contemplated hereby; 
 (l) A copy of each of the other Transaction Documents duly executed by the parties thereto; 
 (m) A copy of the directors and officers liability insurance policy referred to in Section 6.16 hereof together with a certification from the applicable insurance company that such policy is
in full force and effect on the date hereof; and 
 (n) Copies of all other documents referred to in the Closing Checklist
attached as Exhibit I hereto, satisfactory in all respect to the Lenders. 
  

 Sch. I-2 

 SCHEDULE II 
 PRIOR NAMES, TRADENAMES, FICTITIOUS NAMES 
 AND “DOING BUSINESS AS” NAMES

  

	1.	Borrower: None 

  

	2.	Servicer: LEAF Financial Corporation 

 LEAF Financial Corporation was previously named Fidelity Leasing Corporation. Effective February 28, 1996, Fidelity Leasing Corporation changed its name to F.L. Partnership Management, Inc. Effective May 1, 2000, F.L. Partnership
Management, Inc. and FL Financial Services, Inc. merged, with F.L. Partnership Management, Inc. as the surviving entity. Effective December 13, 2001, F.L. Partnership Management, Inc. changed its name to LEAF Financial Corporation. Effective
June 29, 2004, LEAF Asset Management, Inc. and LEAF Financial Corp. merged, with LEAF Financial Corp. as the surviving entity. LEAF Financial Corporation has no trade names, fictitious names or “doing business as” names. 

 

 Sch. II-1 

 SCHEDULE III 
 REPRESENTATIONS AND WARRANTIES WITH 
 RESPECT TO ELIGIBLE RECEIVABLES 
 The following representations and warranties are made by the Borrower with respect to the Contracts related to Pledged Receivables which are
designated as being Eligible Receivables on a Facility Limit Certificate or a Monthly Remittance Report, or are otherwise represented to the Lenders as being Eligible Receivables, or are included as Eligible Receivables in any calculation set forth
herein. 
 1. Each such Contract represents the genuine, legal, valid, binding and full recourse payment obligation of the
Obligor thereunder, enforceable by the Borrower in accordance with its terms and the Obligor, with respect to such Contract (and any guarantor of the Obligor’s obligations thereunder), had full legal capacity to execute and deliver such
Contract and any other documents related thereto. 
 2. [Intentionally Omitted.] 
 3. To the extent that such Contract consists of a payment schedule or promissory note (if any), together with the “Master
Agreement”, “Finance Agreement” or similar agreement related thereto and incorporated by reference therein, each other payment schedule or promissory note (if any) related to the same “Master Agreement”, “Finance
Agreement” or similar agreement is also a Contract related to a Pledged Receivable. To the extent that such Contract consists of a “Master Lease Schedule” or similar agreement together with a “Master Lease Agreement” or
similar agreement which is related to, and incorporated by reference therein, each other “Master Lease Schedule” or similar agreement related to the same “Master Lease Agreement” or similar agreement is also a Contract related to
a Pledged Receivable. 
 4. Reserved. 
 5. Each such Contract (i) was (a) originated by Originator in the ordinary course of Originator’s business and Originator had all necessary licenses and permits to originate Contracts in
the State where the related Obligor and the related Obligor Collateral were located or (b) purchased by Originator, in a transaction that would constitute a “true sale” for bankruptcy purposes, from a Person (a
“Seller”) (other than Northern Leasing Systems, Inc. or any Affiliate thereof) who originated such Contract in the ordinary course of Seller’s business and who had all necessary licenses and permits to originate Contracts in
the State where the related Obligor and the related Obligor Collateral were located, (ii) was sold by Originator to the Borrower under the Purchase and Sale Agreement and the Borrower has all necessary licenses and permits to own Receivables
and enter into Contracts in the state where the related Obligor and the related Obligor Collateral are located, (iii) contains customary and enforceable provisions, such as to render the rights and remedies of the Borrower (and any assignee
thereof) adequate for realization against the collateral security related thereto and (iv) provides for level Scheduled Payments during the term of such Contract or such Contract is a Non-Level Payment Contract. 
  

 Sch. III-1 

 6. Each such Contract was originated by Originator or the Seller without any fraud or
material misrepresentation on the part of the related Obligor or Originator or the Seller. Each such Contract was sold by Originator to the Borrower without any fraud or material misrepresentation on the part of Originator. 
 7. No such Contract is the subject of any litigation (other than as set forth in any of the FDIC Documents or any Schedule thereto), nor is
it subject to any right of rescission, setoff, counterclaim or defense on the part of the Obligor thereunder. 
 8. Each such
Contract has had no provision thereof waived, amended, altered or modified in any respect since its acquisition or origination by LEAF except in conformity with the Credit and Collection Policy. 
 9. The Obligor, with respect to each such Contract, has a billing address in the United States and, except as otherwise permitted in writing
by the Lenders from time to time, the Equipment which is the subject of each such Contract and all other Obligor Collateral with respect thereto is located in the United States. 
 10. Each such Contract (i) is calculated at a fixed yield, (ii) is fully amortizing in periodic installments over its remaining
term (which may include a Balloon Payment or Put Payment), (iii) has a remaining term of 180 months or less and does not permit renewal or extension, (iv) provides for acceleration of the Scheduled Payments thereunder if the related
Obligor is in default under or has otherwise violated or breached any material provision of such Contract, (v) neither the Originator, the Servicer, the Borrower or any other Person has applied any part of any cash collateral paid under such
Contract to any of the Scheduled Payments due under such Contract, and (vi) has not been assigned by the related Obligor nor has there been any sub-lease of the Obligor Collateral. 
 11. [Intentionally Omitted.] 
 12. Each such Contract (i) is payable by a single Obligor, that is a corporate Person, or, if the collateral is Equipment used in a business, an individual and (ii) provides for the financing or
lease of Obligor Collateral to be used in the business of the related Obligor. 
 13. Each such Contract was originated in the
United States and is denominated and payable solely in United States Dollars. 
 14. Each such Contract (i) if a Lease
Contract, contains “hell or high water” provisions; (ii) requires the related Obligor to assume all risk of loss or malfunction of the related Obligor Collateral; (iii) requires the related Obligor to pay all maintenance, repair,
insurance and taxes, together with all other ancillary costs and expenses, with respect to the related Obligor Collateral; and (iv) requires the related Obligor to pay, in full, when due, all Scheduled Payments notwithstanding any casualty,
loss or other damage to the related Obligor Collateral. 
 15. Each such Contract is by its terms an absolute and unconditional
obligation of the related Obligor and is non-cancelable (in the case of a Lease Contract) and non-cancelable and non-prepayable without the payment in full of principal and accrued interest and finance charges prior to the expiration of the term of
such Contract (and, in the case of a Lease Contract, is non-prepayable

  

 Sch. III-2 

 
without the payment in full of all of the periodic payments payable under the terms of the related Lease Contract (including, without limitation, all scheduled payments with respect to such Lease
Contract, but excluding any penalties, costs and fees with respect thereto)); such Contract does not provide for the substitution, exchange or addition of any other items of Obligor Collateral related to such Contract if the effect thereof would be
to reduce or extend the Scheduled Payments related thereto; and the rights with respect to such Contract are assignable by Originator (and its successors and assigns, including the Borrower) without the consent of or notice to any Person.

 16. Each such Contract is in the form of one of the form contracts attached hereto as Exhibit D-1, Exhibit D-2
or Exhibit D-3 or in a form otherwise approved by the Servicer in compliance with the Credit and Collection Policy. 
 17. [Intentionally Omitted.] 
 18. All material requirements of applicable federal, state and local laws, and
regulations thereunder in respect of each such Contract, the origination thereof, and the Obligor Collateral related thereto, have been complied with in all respects. 
 19. The applicable Obligor (other than a lessee under a Lease Contract that is a “true lease”) has good and marketable title to the Equipment which is the subject of each such Contract and such
Equipment is free and clear of all Adverse Claims. 
 20. Each such Contract constitutes either an “Instrument” or
“Chattel Paper” or a “Payment Intangible” within the meaning of the UCC. 
 21. Each such Contract contains
language by which the related Obligor grants a security interest to Originator in the Obligor Collateral which is the subject of each such Contract. 
 22. (A) The Originator shall have taken or caused to be taken all steps necessary under all applicable law (including the filing of an Obligor Financing Statement with respect to each such Contract) in
order to cause a valid, subsisting and enforceable perfected, first priority security interest to exist in Originator’s favor in the Obligor Collateral securing each such Contract (other than with respect to Equipment which has a value of less
than $25,000 if such Equipment is leased under Dollar Purchase Option Contracts or $50,000 if such Equipment is leased under FMV Contracts), (B) Originator shall have assigned the perfected, first priority security interest in the Obligor
Collateral referred to in clause (A) above to the Borrower pursuant to the Purchase and Sale Agreement and (C) the Borrower shall have assigned the perfected, first priority security interest in the Obligor Collateral referred to in clause
(A) above to the Collateral Agent pursuant to Section 2.11 hereof. 
 23. The Borrower has taken all steps
necessary under all applicable law in order to perfect the security interest of the Collateral Agent in (i) the Borrower’s interest in the Obligor Collateral related to each such Contract (other than Equipment which has a value of less
than $25,000 if such Equipment is leased under Dollar Purchase Option Contracts or $50,000 if such Equipment is leased under FMV Contracts) and (ii) each such Contract and the Receivable, Related Security and Other Conveyed Property related
thereto (and the proceeds thereof), and

  

 Sch. III-3 

 
there exists in favor of the Collateral Agent as secured party, a valid, subsisting and enforceable first priority perfected security interest in (i) the Borrower’s interest in such
Obligor Collateral and (ii) such Contract and the Receivable, Related Security and Other Conveyed Property related thereto (and the proceeds thereof) and such security interest is and shall be prior to all other liens upon and security
interests in (i) the Borrower’s interest in such Obligor Collateral and (ii) such Contract and the Receivable, Related Security and Other Conveyed Property related thereto (and the proceeds thereof) that now exist or may hereafter
arise or be created (other than Permitted Liens). 
 24. If the Obligor Collateral related to such Contract includes a Vehicle,
such Contract shall be a Loan Contract or a Dollar Purchase Option Contract, and the Borrower or the Servicer shall have delivered to the applicable Registrar of Titles an application for a Certificate of Title for such Vehicle satisfying the
Titling Requirements. 
 25. No such Contract is a Defaulted Receivable or, at the time of its Pledge hereunder, a Delinquent
Receivable. 
 26. Each such Contract is payable by an Obligor which is not subject to any bankruptcy, insolvency,
reorganization or similar proceeding. 
 27. The information pertaining to each such Contract set forth in the Schedule of
Contracts (as defined in the Purchase and Sale Agreement), the related Assignment and each Facility Limit Certificate and Monthly Remittance Report is true and correct in all respects. 
 28. With respect to each such Contract, by the Borrowing Date on which such Contract is Pledged hereunder and on each relevant date
thereafter, Originator will have caused its master computer records relating to such Contract to be clearly and unambiguously marked to show that such Contract has been Pledged under this Agreement. 
 29. With respect to each such Contract there exists a Receivable File and such Receivable File contains each item listed in the definition
of Receivable File with respect to such Contract and such Receivable File has been delivered to the Custodian or will have been delivered to the Custodian in accordance with Section 5.02 of the RLSA. 
 30. No such Contract has been repaid, prepaid, satisfied, subordinated or rescinded, and the Obligor Collateral securing such Contract has
not been released from the lien of the Lenders in whole or in part (except for releases of Equipment from a Contract prior to the date of the Pledge thereof and which releases have been noted in the Collateral Receipt related to such document).

 31. No such Contract was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful,
void or voidable the sale, transfer, pledge and/or assignment of such Contract under this Agreement or the Purchase and Sale Agreement, and Originator has not entered into any agreement with any Obligor that prohibits, restricts or conditions the
sale, transfer, pledge and/or assignment of such Contract. 
 32. [Intentionally Omitted]. 
  

 Sch. III-4 

 33. No such Contract has been sold, transferred, assigned or pledged by Originator to any
Person other than the Borrower. Borrower has not taken any action to convey any right to any Person that would result in such Person having a right to payments due under any such Contract or payments received under the related Insurance Policy or
otherwise to impair the rights of the Borrower or the Lenders in such Contract, the related Insurance Policy or any proceeds thereof. There is an Insurance Policy in full force and effect with respect to the Equipment related to such Contract if
such Equipment had an Amortized Equipment Cost over $100,000. 
 34. No such Contract is assumable by another Person in a manner
which would release the Obligor thereof from such Obligor’s obligations to Originator or the Borrower. 
 35. There has
been no default, breach, violation or event permitting acceleration under the terms of any such Contract, and no condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach,
violation or event permitting acceleration under the terms of any such Contract, and there has been no waiver of any of the foregoing. 
 36. No selection procedures adverse to the Borrower or any Lender have been utilized in selecting any such Contract from all other similar Contracts originated or purchased by Originator. 
 37. The Obligor Collateral related to any such Contract is not subject to any tax or mechanic’s lien or any other Adverse Claim.

 38. [Intentionally Omitted.] 
 39. The Borrower has delivered to the Custodian, in accordance with Section 5.02 of the RLSA, the sole original counterpart of each such Contract (or a true and correct copy thereof) and such
document constitutes the entire agreement between the parties thereto in respect of the related Obligor Collateral. 
 40. Each
such Contract is in full force and effect in accordance with its terms and neither the Borrower nor the Obligor has or will have suspended or reduced any payments or obligations due or to become due thereunder by reason of a default by any other
party to such Contract; there are no proceedings pending or threatened asserting insolvency of such Obligor; there are no proceedings pending or threatened wherein such Obligor, any other obligated party or any Government Entity has alleged that
such Contract is illegal or unenforceable. 
 41. The acquisition practices used by the Originator and the origination and
collection practices used by the Servicer with respect to each such Contract have been in all respects customary in the equipment financing and servicing business. 
 42. The Obligor Collateral related to each such Contract was properly delivered to the Obligor in good repair and is in proper working order. Each Obligor has accepted the related Equipment. The related
Obligor is the end user of the Equipment that is the subject of any such Contract and no Obligor has sublet the Equipment to any other party. 
  

 Sch. III-5 

 43. The Obligor with respect to any such Contract is not a merchant with respect to the
Equipment related to such Contract. 
 44. Except with respect to a breach of an Obligor’s right of quiet enjoyment of the
related Equipment, neither the operation of any of the terms of any such Contract nor the exercise by the Borrower, the Servicer or the Obligor of any right under any such Contract will render such Contract unenforceable in whole or in part nor
subject to any right of rescission, setoff, claim, counterclaim or defense, and no such right of rescission, set-off, claim, counterclaim or defense, including a defense arising out of a breach of the Obligor’s right of quiet enjoyment of the
Equipment, has been asserted with respect thereto. 
 45. The Borrower and the Servicer have duly fulfilled all obligations on
their part to be fulfilled under or in connection with the origination, acquisition and assignment of such Contract, including, without limitation, giving any notices and obtaining any consents necessary to effect the acquisition of such Contract by
the Borrower, and have done nothing to impair the rights of the Borrower or any Lender in the Contract or payments with respect thereto. 
 46. Originator and the Servicer have duly fulfilled all obligations on their part to be fulfilled under or in connection with the origination, acquisition and assignment of such Contract, and have done
nothing to impair the rights of the Borrower in such Contract or payments with respect thereto. Originator, the Servicer and Borrower have duly fulfilled all continuing obligations on their part to be fulfilled under or in connection with such
Contract. 
 47. [Intentionally Omitted]. 
 48. The sale from the Originator to the Borrower of each such Contract and the Other Conveyed Property and Related Security related thereto does not violate the terms or provisions of any agreement to
which the Borrower is a party or by which it is bound. 
 49. The transfer, assignment and conveyance of the Contract and the
Other Conveyed Property and Related Security related thereto from the Originator to the Borrower pursuant to the Purchase and Sale Agreement is not subject to nor will result in any tax, fee or governmental charge payable by the Borrower or any
other Person to any federal, state or local government. 
 50. No such Contract (other than a “true lease”) may be
(i) an executory contract or (ii) in any event, deemed to be an executory contract or unexpired lease subject to rejection by an Obligor under Section 365 of the Bankruptcy Code in the event that a Bankruptcy Event has occurred with
respect to such Obligor. 
 51. Each such Contract contains enforceability provisions (i) permitting the acceleration of
the payments thereunder if the Obligor is in default under such Contract and (ii) sufficient to enable the Borrower to repossess or foreclose upon the Obligor Collateral related thereto. 
 52. Each such Contract generally contains provisions requiring the payment of both interest and principal (or, in the case of a Lease
Contract, lease payments) in each calendar month or quarter during the term of such Contract. 
  

 Sch. III-6 

 53. The promissory note, if any, related to each such Contract (i) was payable to the
Originator immediately prior to its transfer to the Borrower under the Purchase and Sale Agreement, and (ii) was payable to the Borrower immediately prior to its Pledge hereunder and has not been endorsed by Originator to any Person other than
the Borrower. 
 54. [Intentionally Omitted]. 
 55. [Intentionally Omitted]. 
 56. [Intentionally Omitted]. 
 57. The vendor of the Equipment relating to such Receivable has received payment in full from the Obligor prior to the Pledge of such
Receivable hereunder and has no remaining obligations with respect to such Equipment except for any applicable warranty. 
 58.
No such Contract provides for delivery and/or financing of any Equipment after the Closing Date and there are no unperformed purchase or financing commitments thereunder as of the Closing Date, and no such Contract contains any unperformed purchase
or financing commitments as of the Closing Date. 
 59. No Scheduled Payment under any Contract is delinquent for more than 30
days. 
  

 Sch. III-7 

 SCHEDULE IV 
 CREDIT AND COLLECTION POLICY 
 Attached. 
  

 Sch. IV-1 

 SCHEDULE V 
 EQUIPMENT CATEGORIES 
  

	
	 AUTOMOTIVE

	 AWNINGS

	 BEAUTY SALON

	 BOOK OF BUSINESS

	 CLEANING EQUIPMENT

	 COMPUTERS

	 CONSTRUCTION

	 CONTAINERS

	 COPIERS

	 CREMATORIUMS

	 ELECTRONIC EQUIPMENT

	 ENGINEERING EQUIPMENT

	 FARMING EQUIPMENT

	 FEES

	 FITNESS & RECREATIONAL EQUIP

	 FIXTURES

	 FURNITURE & FURNISHINGS

	 GAS PUMPS

	 GOLF CARS

	 HEATING & AIR EQUIPMENT

	 INDUSTRIAL CYLINDERS

	 LANDSCAPE & GARDENING EQUIP

	 LAUNDRY & DRYCLEANING EQUIP

	 LEASEHOLD IMPROVEMENTS

	 LOCK BOXES

	 MACHINE TOOL EQUIPMENT

	 MAILING EQUIPMENT

	 MANUFACTURING EQUIPMENT

	 MEDICAL EQUIPMENT

	 MOBILE COMMUNICATIONS

	 MOBILE/PORTABLE EQUIPMENT

	 NEW CONSTRUCTION

	 OFFICE EQUIPMENT

	 PLUMBING

	 PORTABLE TOILETS

	 POS SYSTEMS

	 PRINTING EQUIPMENT

	 REFUSE CONTAINERS

	 RENTAL EQUIPMENT

	 RENTAL PROPANE TANKS

	 RENTAL WATER BOTTLES/COOLERS

	 RESTAURANT EQUIPMENT

	 RETAIL EQUIPMENT

  

 Sch. V-1 

	
	 SECURITY SYSTEMS

	 SIGNS

	 SOFTWARE

	 TANNING EQUIPMENT

	 TELEPHONE SYSTEMS

	 TITLE EQUIPMENT

	 VENDING

	 VIDEO EQUIPMENT

	 WATER SYSTEMS

	 WORKING CAPITAL LOAN

  

	*	The above categories are subject to change based upon LEAF operations. 

  

 Sch. V-2 

 SCHEDULE VI 
 ADDRESSES FOR NOTICE 
 LEAF Capital Funding III, LLC 
 c/o LEAF Funding Inc. 
 One Commerce Square

 2005 Market Street, 15th Floor 
 Philadelphia, PA 19103 
 Attention: Matthew Goldenberg 
 Facsimile No.: (215) 640-6370 
 Confirmation No.: (215) 231-7070 
 LEAF Financial Corporation 
 One Commerce Square

 2005 Market Street, 15th Floor 
 Philadelphia, PA 19103 
 Attention: Miles Herman 
 Facsimile No.: (215) 640-6363 
 Confirmation No.: (215) 717-3358 
 Morgan Stanley Capital Services Inc. 
 Transaction
Management Group 
 1585 Broadway 
 New
York, NY 10036-8293 
 Attention: Chief Legal Officer 
 Facsimile No.: 001-212-507-4022 
 Morgan Stanley Credit 
 750 Seventh Avenue 
 New York, NY 10019 

Facsimile No.: (212) 507-5890 
 E-mail:
spvmonthlyreport@morganstanley.com 
 Morgan Stanley Bank, N.A. 
 1221 Ave of the Americas, 27th Floor 
 New York, NY 10020 
 Attention: Stephen Holmes 
 Facsimile No.:
(212) 507-4859 
 Confirmation No.: (212) 762-6220 
 Morgan Stanley Asset Funding Inc. 
 1221 Ave of the Americas, 27th Floor 
 New York, NY 10020 
 Attention: Stephen Holmes

 Facsimile No.: (212) 507-4859 
 Confirmation No.: (212) 762-6220 
  

 Sch. VI-1 

 The Royal Bank of Scotland plc 
 600 Washington Blvd 
 Stamford, CT 06901 
 Attention: Kathleen O’Connor, Asset-Backed Operations 
 Facsimile No.: (203) 618-2148 
 Confirmation Nos.: (203) 618-2384 
 Email: kathleen.oconnor@rbs.com 
 U.S. Bank
National Association 
 EP-MN-WS3D 
 60
Livingston Ave. 
 St. Paul, MN 55107 
 Attention: Diane Reynolds 
 Facsimile No.: (651) 495-8090 
 Confirmation No.: (651) 495-3923 
 Lyon Financial Services, Inc. (d/b/a U.S. Bank Portfolio
Services) 
 U.S. Bank Portfolio Services 
 1310 Madrid Street 
 Marshall, MN 56258 
 Attention: Joe Andries 
 Facsimile No.: (866) 806-0775 
 Confirmation No.: (507) 532-7129 
  

 Sch. VI-2 

 SCHEDULE VII 
 REMITTANCE REPORT INFORMATION 
 [TO BE AGREED UPON BY COLLATERAL AGENT AND
SERVICER] 
  

 Sch. VII-1 

 SCHEDULE IX 
 CUMULATIVE NET LOSS RATE PERCENTAGES 
  

						
	 Calendar
Month
Ending
	  	Related
Scheduled
Remittance
Date	  	Cumulative
Net Loss Rate
Percentage	 
	09/30/08	  	10/23/08	  	2.30	% 
	10/31/08	  	11/23/08	  	2.50	% 
	11/30/08	  	12/23/08	  	2.70	% 
	12/31/08	  	01/23/09	  	3.00	% 
	01/31/09	  	02/23/09	  	3.28	% 
	02/28/09	  	03/23/09	  	3.46	% 
	03/31/09	  	04/23/09	  	3.56	% 
	04/30/09	  	05/23/09	  	3.60	% 
	05/31/09	  	06/23/09	  	4.10	% 
	06/30/09	  	07/23/09	  	4.20	% 
	07/31/09	  	08/23/09	  	4.40	% 
	08/31/09	  	09/23/09	  	4.60	% 
	09/30/09	  	10/23/09	  	4.80	% 
	10/31/09	  	11/23/09	  	4.90	% 
	11/30/09	  	12/23/09	  	4.96	% 
	12/31/09	  	01/23/10	  	5.06	% 
	01/31/10	  	02/23/10	  	5.11	% 
	02/28/10	  	03/23/10	  	5.15	% 
	03/31/10	  	04/23/10	  	5.25	% 
	04/30/10	  	05/23/10	  	5.30	% 
	05/31/10	  	06/23/10	  	5.35	% 
	06/30/10	  	07/23/10	  	5.40	% 
	07/31/10	  	08/23/10	  	5.48	% 
	08/31/10	  	09/23/10	  	5.54	% 
	09/30/10	  	10/23/10	  	5.61	% 
	10/31/10	  	11/23/10	  	5.69	% 
	11/30/10	  	12/23/10	  	5.74	% 
	12/31/10	  	01/23/11	  	5.79	% 
	01/31/11	  	02/23/11	  	5.84	% 

  

 Sch. IX-1 

						
	02/28/11	  	03/23/11	  	5.85	% 
	03/31/11	  	04/23/11	  	5.86	% 
	04/30/11	  	05/23/11	  	5.87	% 
	05/31/11	  	06/25/11	  	5.88	% 
	06/30/11	  	07/23/11	  	5.89	% 
	07/31/11	  	08/23/11	  	5.90	% 
	08/31/11	  	09/23/11	  	5.90	% 
	09/30/11	  	10/23/11	  	5.90	% 
	10/31/11	  	11/23/11	  	5.90	% 
	11/30/11	  	12/23/11	  	5.90	% 
	12/31/11	  	01/23/12	  	5.90	% 
	01/31/12	  	02/23/12	  	5.90	% 
	02/29/12	  	03/23/12	  	5.90	% 
	03/31/12	  	04/23/12	  	5.90	% 
	04/30/12	  	05/23/12	  	5.90	% 
	05/31/12	  	06/23/12	  	5.90	% 
	06/30/12	  	07/23/12	  	5.90	% 
	07/31/12	  	08/23/12	  	5.90	% 
	08/31/12	  	09/23/12	  	5.90	% 
	09/30/12	  	10/23/12	  	5.90	% 
	10/31/12	  	11/23/12	  	5.90	% 

  

 Sch. IX-2 

 SCHEDULE 2.04(a) 
 RBS LOAN AGREEMENT PRIORITY OF PAYMENTS 
 (a) Remittance Date Transfers From
Collection Account. The Servicer shall, and if the Servicer fails to do so the Collateral Agent shall, by 10:00 a.m. (St. Paul, Minnesota time) on each Remittance Date, direct the Lenders’ Bank to transfer collected funds held by the
Lenders’ Bank in the Collection Account which were remitted to the Collection Account during the Collection Period with respect to such Remittance Date (“Available Funds”), in the following amounts and priority: 
 (i) to the Borrower, in an amount equal to such funds which were paid by Obligors with respect to their obligation under the
related Contracts to pay any taxes (it being agreed by the Borrower that such amount shall be promptly paid to the taxing authorities entitled thereto), together with (provided the current Scheduled Payment has been paid in full) late fees, interest
on overdue amounts and other amounts not in respect of Scheduled Payments; 
 (ii) to the related Qualifying Swap
Counterparty under each Qualifying Interest Rate Swap, if any, in an amount equal to (and for the payment of) all amounts which are due and payable by the Borrower to such Qualifying Swap Counterparty on such Remittance Date, pursuant to the terms
of the applicable Qualifying Interest Rate Swap or this Agreement; 
 (iii) to the Custodian, the
Custodian’s Fee; 
 (iv) to the Servicer in an amount equal to the Servicing Fee which is accrued and unpaid
as of the last day of the immediately preceding Fee Period; 
 (v) to the Custodian, any indemnification amounts
then due and payable to the Custodian; 
 (vi) (A) first, to each Class A Lender, in an amount equal to
(and for the pro rata payment of) interest (including post-petition interest) on its Class A Loans which is accrued and unpaid as of the last day of the immediately preceding Fee Period; and then (B) second, to each Class B
Lender, in an amount equal to (and for the pro rata payment of) interest (including post-petition interest) on its Class B Loans which is accrued and unpaid as of the last day of the immediately preceding Fee Period; 
 (vii) (A) to the holders of the Class A Notes, all remaining amounts to pay principal of the Class A Notes
until the principal amount of all Class A Notes shall have been paid in full, and (B) thereafter, to the holders of the Class B Notes until the principal amount of all Class B Notes shall have been paid in full; 
 (viii) (A) first, to the Class A Lenders, pro rata, in an amount equal to the aggregate amount of all other
Obligations then due from the Borrower to the Class A

  

 Sch. 2.04(a)-1 

 
Lenders or any Affected Party hereunder related to the Class A Lenders for the account of such parties as applicable; and then (B) second, to the Class B Lenders, pro rata, in an amount
equal to the aggregate amount of all other Obligations then due from the Borrower to the Class B Lenders or any Affected Party hereunder related to the Class B Lenders for the account of such parties as applicable; 
 (ix) to the Servicer in an amount equal to any Servicer Advances (and amounts to be reimbursed as Servicer Advances pursuant
to Section 6.19) not previously reimbursed to the Servicer; 
 (x) Reserved; and 
 (xi) to the Collateral Agent under the MS Loan Agreement for application in accordance with the priority of payments set
forth in Section 2.04(a) of the MS Loan Agreement; 
 it being understood and agreed that for the avoidance of doubt, all
terms used in this Section 2.04(a) shall have the meanings set forth in the RBS Loan Agreement. 
  

 Sch. IX-2 

 EXHIBIT A 
 FORM OF FACILITY LIMIT CERTIFICATE 
 FACILITY LIMIT CERTIFICATE 

                , 200    

  

	To:	Morgan Stanley Asset Funding Inc. 

	    	1221 Ave of the Americas, 27th Floor 

	    	New York, NY 10020 

	    	Attn: Stephen Holmes 

 The Royal
Bank of Scotland plc 
 600 Washington Blvd 
 Stamford, CT 06901 
 Attention: Kathleen O’Connor, Asset-Backed Operations

 Ladies and Gentlemen: 
 Reference is made to the Receivables Loan and Security Agreement dated as of November 1, 2007 (the “Loan Agreement”), among LEAF Capital Funding III, LLC, (the “Borrower”), Leaf Financial Corporation, as the
Servicer, Morgan Stanley Asset Funding Inc., as Class A Lender, The Royal Bank of Scotland plc, as Class A Lender, Morgan Stanley Asset Funding Inc., as Class B Lender, The Royal Bank of Scotland plc, as Class B Lender, U.S. Bank National
Association, as the Custodian and the Lenders’ Bank, and Lyon Financial Services, Inc. (d/b/a U.S. Bank Portfolio Services), as the Backup Servicer. Capitalized terms used herein but not defined herein shall have the meanings assigned to such
terms in the Loan Agreement. 
 In accordance with Section 6.10(c) of the Loan Agreement, the Borrower hereby
certifies that, after giving effect to the Borrowing requested to occur on                 , 200__: 
  

	 	(1)	(a) the Facility Amount under the Loan Agreement does not exceed the Facility Limit, and (b) the outstanding principal amount of the Class A Notes does not
exceed the Class A Facility Limit; 

  

	 	(2)	no Program Termination Event or Event of Default exists; and 

  

	 	(3)	if the Borrowing is to be secured by Receivables, no Termination Event exists; 

  

 Exh. A-1 

 The Borrower hereby further certifies that attached hereto as Schedule A are true and
correct calculations evidencing the accuracy of the statements set forth in paragraphs (1) and, as applicable, (2) above. 
  

					
	 Very truly yours,
  
 LEAF CAPITAL FUNDING III, LLC

		
	By:	 	 
		 	Name:	 	Miles Herman
		 	Title:	 	Vice President

 EXHIBIT B 
 FORM OF REQUIRED DATA FIELDS 
  

	(a)	Obligor lease number; 

  

	(b)	Obligor name; 

  

	(c)	Reserved; 

  

	(d)	Obligor Credit risk rating (if available); 

  

	(e)	Collateral location (city and state); 

  

	(f)	Reserved; 

  

	(g)	Equipment category/type; 

  

	(h)	Non Level Payment Contract flag; 

  

	(i)	Balloon flag and put payment flag; 

  

	(j)	Stand Alone Working Capital Loan Flag; 

  

	(k)	New/used flag (if available); 

  

	(l)	Lease type (true/installment); 

  

	(m)	Serial Number (if available); 

  

	(n)	SIC Code (if available); 

  

	(o)	Vendor; 

  

	(p)	Commencement Date 

  

	(q)	Maturity Date; 

  

	(r)	Date Next Due; 

  

	(s)	Original Term; 

  

	(t)	Remaining Term; 

  

	(u)	Payment Frequency; 

  

	(v)	Original Receivable Balance; 

  

	(w)	Current Receivable Balance; 

  

 Exh. B-1 

	(x)	Original Equipment Cost; 

  

	(y)	Amortized Equipment Cost; 

  

	(z)	Scheduled Payment; and 

 (aa) Discounted Balance.

  

 Exh. B-2 

 EXHIBIT C 
 FORM OF MONTHLY REMITTANCE REPORT 
 (See attached.) 
  

 Exh. C-1 

 EXHIBIT D-1 
 FORM OF LEASE CONTRACT 
 (See attached.) 
  

 Exh. D-1-1 

 EXHIBIT D-2 
 FORM OF LOAN CONTRACT 
 (See attached.) 
  

 Exh. D-2-1 

 EXHIBIT D-3 
 FORM OF LOAN CONTRACT 
 (See attached.) 
  

 Exh. D-3-1 

 EXHIBIT E 
 VEHICLE LIENHOLDER NOMINEE AGREEMENT 
 THIS VEHICLE
LIENHOLDER NOMINEE AGREEMENT (this “Agreement”) is made as of                 , 2007, among
                 (the “Lienholder”), as Lienholder, LEAF CAPITAL FUNDING III, LLC (THE “BORROWER”),
MORGAN STANLEY ASSET FUNDING INC., AS CLASS A LENDER, THE ROYAL BANK OF SCOTLAND PLC, AS CLASS A LENDER, MORGAN STANLEY ASSET FUNDING INC.,
AS CLASS B LENDER, AND THE ROYAL BANK OF SCOTLAND PLC, AS CLASS B LENDER (COLLECTIVELY, THE
“LENDERS”). 
 WHEREAS, from time to time LEAF Funding, LLC (“Funding”)
may acquire an ownership or security interest in certain Contracts; 
 WHEREAS, Lienholder appears as the
lienholder of record on the Titles for the Vehicles sold or leased under such Contracts; 
 WHEREAS, from time to
time Funding may sell to the Borrower certain of such Contracts and all of its right, title and interest in the related Vehicles, and 
 WHEREAS, the Borrower shall pledge, inter alia, such Contracts and the Borrower’s security interest in each such Vehicle, to the Lenders in order to secure loans being advanced to the Borrower by, and the other
obligations of the Borrower to, the Lenders (the “Loan Transactions”); and 
 WHEREAS, due to
the administrative difficulty and costs of amending the Titles of the Vehicles to note thereon (i) the security interest of the Borrower in such Vehicles and (ii) the security interest of the Lenders in the security interest of the
Borrower in such Vehicles, the Titles to the Vehicles will not be amended to note such security interests of the Borrower and the Lenders but instead, from and after the date hereof, the Lienholder will act as the Borrower’s and the
Lenders’ respective nominee lienholder with respect to the Vehicles pursuant to the terms hereof; 
 NOW,
THEREFORE, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows: 
 1. Term. This Agreement will commence on the date hereof and will remain in full force and effect
until the Collection Date. 
 2. Appointment of Nominee Lienholder. The Borrower and the Lenders hereby appoint the
Lienholder as their nominee lienholder, in a representative capacity, with respect to the Vehicles, and the Lienholder hereby agrees to serve in such capacity as described herein.

  

 Exh. E-1 

 
The Lienholder hereby agrees that all of its right, title, interest (which is solely as stated lienholder on the Titles) in and to the Vehicles shall be solely for the respective benefit of the
Borrower and the Lenders. As stated lienholder on the Titles to all of such Vehicles, the Lienholder agrees to take any and all reasonable actions as the Borrower (with the consent of the Lenders) or the Lenders may request in writing with respect
to the Titles including, without limitation, all actions for which the Lienholder’s consent, waiver, release, vote or signature (or other action of similar nature) is necessary or advisable in the judgment of the Borrower or the Lenders in
order to maintain, preserve and protect the Borrower’s security interest in such Vehicles and the Lenders’ security interest in the Borrower’s security interest in such Vehicles and if the Lienholder fails to take any or all such
actions, the Lenders or any designee of the Lenders may take such actions at the sole expense of the Borrower, and the Lienholder hereby grants to the Lenders and any such designee an irrevocable power of attorney and license to take any and all
such actions in the Lienholder’s name and on behalf of the Lienholder. 
 3. Interests in the Vehicles.
Notwithstanding the fact that the Lienholder will be and remain noted as first lienholder (which is solely as stated lienholder) on the Titles to the Vehicles from time to time pledged to the Borrower and repledged to the Lenders, each party hereto
hereby agrees that, on and after the date hereof: 
 (i) except as set forth in subsection (ii) below and
subject to the terms of any agreement between the Borrower and the Lenders, the Borrower is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest or ownership in and lien on the Vehicles;

 (ii) subject to the terms of any agreement between the Borrower and the Lenders, the Lenders is entitled to
all incidents, benefits and risks of a holder of a first priority perfected security interest in and lien on the Borrower’s first priority perfected security interest in and lien on the Vehicles and the right to exercise or cause the exercise
of all remedies with respect to the Vehicles, including the right to repossess, sell and otherwise transfer and dispose of the Vehicles at the times and subject to the terms of the Contract with the Obligor relating to such Vehicle; 
 (iii) the Lienholder has no direct (or indirect) ownership or other rights or interest (including any security interest) in
any of the Vehicles; 
 (iv) the Lienholder will not take any action with respect to the Vehicles unless such
action is consented to by the Lenders; and 
 (v) the Lienholder shall not represent to any lender, financing
source or other Person, that it has, or in any other manner hold itself out as having, any direct or indirect ownership interest or any other rights or interests (including any security interest) in any of the Vehicles, except for any rights it may
have as nominee lienholder hereunder with respect to the Vehicles. 
 On the Collection Date, the Lienholder shall, at the
expense of the Borrower, return the Titles to the Borrower along with a power of attorney, if necessary to substitute Borrower or Lenders as stated lienholder on all Titles, and the Lienholder shall have no further responsibility for removing the
Lienholder as stated lienholder on the Titles. 
  

 Exh. E-2 

 4. Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter of this Agreement and supersedes any prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter
hereof. 
 5. Remittance of Proceeds. In the event that Lienholder receives any insurance proceeds or other payments or
proceeds in respect of the Vehicles, it shall hold the same in trust and notify the Borrower and the Lenders of the receipt thereof, and shall remit promptly such payments or proceeds to the account specified by the Lenders as set forth herein, or
as otherwise identified by the Lenders from time to time by written notice, but in no event later than the fifth day following receipt of such payments or proceeds. 
 6. Documentation. From and after the date hereof, to the extent that Lienholder from time to time receives any certificate of title or notifications of lienholder status relating to any Vehicle,
Lienholder shall promptly forward the same to U.S. Bank (or, following the delivery of written notice from Lenders to such effect, the Lenders). 
 7. Nonpetition. Lienholder hereby agrees that it will not institute against, or join any other person or entity in instituting against Borrower any proceeding under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction until two years and one day shall have elapsed since the payment in full of all indebtedness and other obligations owed by Borrower to the Lenders, Lenders’
Bank and Collateral Agent with respect to the Loan Transactions. 
 8. Succession and Assignment. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither the Lienholder nor the Borrower may assign either this Agreement or any of its respective rights, interests, or obligations
hereunder without the prior written approval of the Lenders. 
 9. Counterparts. This Agreement may be executed in
separate counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as
delivery of a manually executed counterpart of this Agreement. 
 10. Headings. The section headings contained in this
Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
 11. Notices. All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice, request, demand, claim, or other communication hereunder will be deemed duly given if (and then two business days
after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth below: 
 If to the Lienholder: 
  

 Exh. E-3 

 If to the Borrower: 
 LEAF Capital Funding III, LLC 
 One Commerce Square 
 2005 Market Street, 15th Floor 
 Philadelphia, PA 19103 
 Attention: Miles Herman 
 Facsimile No.: (215) 640-6363 
 Confirmation No.: (215) 717-3358 
 If to the Lenders: 
 Morgan Stanley Asset Funding Inc. 
 1221 Ave of the Americas, 27th Floor 
 New York, NY 10020 
 Attention: Stephen Holmes 
 Facsimile No.: (212) 507-4859 
 Confirmation No.: (212) 762-6220 
 The Royal Bank of Scotland plc 

600 Washington Blvd 
 Stamford, CT 06901 
 Attention: Kathleen O’Connor, Asset-Backed Operations 
 Facsimile No.: (203) 618-2148 
 Confirmation Nos.: (203) 618-2384 
 Email: kathleen.oconnor@rbs.com

 Any party hereto may give written notice, request, demand, claim, or other communication hereunder using any other means (including personal
delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication will be deemed to have been duly given unless and until it is actually received
by the intended recipient. Any party hereto may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties notice in the manner herein set forth. 
 12. Governing Law. This agreement shall, in accordance with section 5-1401 and 5-1402 of the General Obligations Law of the State of
New York, be governed by the laws of the State of New York, without regard to any conflicts of law principles thereof that would call for the application of the laws of any other jurisdiction. 
 13. Consent to Jurisdiction; Waiver of Jury Trial; Etc. Any legal action or proceeding with respect to this agreement may be brought
in the courts of the State of New York or of the United States of America for the Southern District of New York, and, by execution and delivery of this agreement, each party hereto hereby accepts for itself and in respect of its property, generally
and unconditionally, the nonexclusive jurisdiction of the aforesaid courts. Each party hereby irrevocably waives, in connection with any such action or proceeding, (i) trial

  

 Exh. E-4 

 
by jury, (ii) to the extent it may effectively do so under applicable law, any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens,
which it may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions and (iii) the right to interpose any set-off, counterclaim or cross-claim (unless such set-off, counterclaim or cross-claim
could not, by reason of any applicable federal or state procedural laws, be interposed, pleaded or alleged in any other action). 
 14. Amendments and Waivers. No amendment of any provision of this Agreement will be valid unless the same will be in writing and signed by each of the parties hereto. No waiver by the Lenders of any default, misrepresentation, or
breach of warranty or covenant hereunder, whether intentional or not, will be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of
any such prior or subsequent occurrence. 
 15. Severability. Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any
other jurisdiction. 
 16. Definitions. Capitalized terms used herein but not previously defined herein have the
following meanings: 
 (vi) “Collection Date” means the date on which (a) the aggregate
outstanding principal amount of the loans under the Loan Transactions have been repaid in full and all interest and fees and all other obligations of the Borrower thereunder have been paid in full, and (b) the Lenders shall have no further
obligation to make additional loans. 
 (vii) “Contract” means a finance lease contract or a secured
loan contract with respect to one or more Vehicles and includes the rights to all payments from the Obligor thereunder. 
 (viii) “Obligor” means each person obligated to make payments under a Contract and which is the owner or co-owner of the related Vehicle(s). 
 (ix) “Person” means an individual, partnership, corporation (including a business trust), limited liability
company, joint stock company, trust, unincorporated association, joint venture, government (or any agency or political subdivision thereof) or other entity. 
 (x) “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. 
 (xi)
“Servicer” means LEAF Financial Corporation. 
 (xii) “State” means one of the fifty states
of the United States of America or the District of Columbia. 
  

 Exh. E-5 

 (xiii) “Title” means with respect to a Vehicle, (i) if such
Vehicle is registered in Florida, (x) to the extent the related Receivable has been originated by Funding, an original certificate of title or (y) to the extent the related Receivable has been originated by a Person other than Funding,
(A) an original certificate of title or (B) if the original certificate of title has been sent to the registered owner of such Vehicle, an original computer confirmation of lien, (ii) if such Vehicle is registered in Kansas, a true
copy of the application for certificate of title and registration, (iii) if such Vehicle is registered in Kentucky, an original notice of lien, (iv) if such Vehicle is registered in Maryland, an original notice of security interest filing,
(v) if such Vehicle is registered in Minnesota, an original lien card, (vi) if such Vehicle is registered in Missouri, an original notice of recorded lien, (vii) if such Vehicle is registered in Montana, a true copy of the application
for certificate of title, (viii) if such Vehicle is registered in New York, an original notice of lien, (ix) if such Vehicle is registered in Oklahoma, an original, file-stamped lien entry form, (x) if such Vehicle is registered in
Wisconsin, an original lien confirmation card or (xi) if such Vehicle is registered in any other State, an original certificate of title, in each case issued by the Registrar of Titles of the applicable State listing the lienholder of record
with respect to such Vehicle (it being understood and agreed that solely for purposes of clauses (i) through (x) above (other than clauses (i)(x) and (i)(y)(A)), the “original” of any document required
thereby shall consist of whatever documentation has been issued by the Registrar of Titles of the related State to the lienholder). 
 (xiv) “Vehicle” means a new or a used automobile, minivan, sports utility vehicle, light duty truck or heavy duty truck in which Borrower or Funding has acquired an ownership or security
interest. 
 [Signature page to follow.] 
  

 Exh. E-6 

 IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the date first above written. 
  

					
	[LIENHOLDER]
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	 LEAF CAPITAL FUNDING III, LLC,
as Borrower

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	 MORGAN STANLEYASSET FUNDING INC.,
AS CLASS A LENDER

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	 THE ROYAL BANK OF SCOTLAND PLC,
as Class A Lender

		
	By:	 	Greenwich Capital Markets, Inc., as agent
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 Exh. E-7 

					
	 THE ROYAL BANK OF SCOTLAND PLC,
as Class B Lender

		
	By:	 	Greenwich Capital Markets, Inc., as agent
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	 MORGAN STANLEY ASSET FUNDING INC.,
as Class B Lender

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 Exh. E-8 

 EXHIBIT F 
 FORM OF NOTICE OF BORROWING 
 NOTICE OF BORROWING 
 November __, 2007 
  

	To:	Morgan Stanley Asset Funding Inc. 

	 	1221 Ave of the Americas, 27th Floor 

	 	New York, NY 10020 

	 	Attn: Stephen Holmes 

 Notice of Borrowing No.:
[1] 
 Gentlemen: 
 Reference is made to the Receivables Loan and Security Agreement dated as of November 1, 2007 (the “Loan Agreement”), among LEAF Capital Funding III, LLC, (the “Borrower”), Leaf Financial Corporation, as the
Servicer, Morgan Stanley Asset Funding Inc., as Class A Lender and as Class B Lender, U.S. Bank National Association, as the Custodian and the Lenders’ Bank, and Lyon Financial Services, Inc. (d/b/a U.S. Bank Portfolio Services) as
the Backup Servicer. Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Loan Agreement. 
 In accordance with Sections 2.02(b) and 6.10(c) of the Loan Agreement, the Borrower hereby certifies that, after giving effect to the Borrowing requested to occur on November 7, 2007:

 Requested aggregate amount of Borrowing: 
 Class A Loan: $             
 Class B Loan: $             
 Requested date of Borrowing: November 7, 2007 
 In connection with this Borrowing we Pledge to you the Eligible Receivables set
forth on the Schedule of Receivables attached hereto. 
  

 Exh. F-1 

 Payments in connection with this Borrowing should be deposited to the following account:
                                        .

 (Signature page to follow) 
  

 Exh. F-2 

			
	 Very truly yours,
  
 LEAF CAPITAL FUNDING III, LLC

		
	By:	 	 
		 	 Name:  Miles Herman
 Title:    Vice President

  

 Exh. F-3 

 EXHIBIT G 
 Reserved. 
  

 Exh. G-1 

 EXHIBIT H-1 
 FORM OF CLASS A NOTE 
 CLASS A NOTE 
  

			
	 US $[____________]
	  	 New York, New York

		  	 May __, 2008

 FOR VALUE RECEIVED, LEAF Capital Funding III, LLC, a Delaware limited liability company (the “Borrower”), promises to pay to the order of [MORGAN STANLEY ASSET FUNDING INC.][ THE
ROYAL BANK OF SCOTLAND PLC] (the “Lender”) the principal amount of
$[                            ] made by Lender to Borrower pursuant to the Receivables Loan and
Security Agreement, dated as of November 1, 2007, as amended or modified (the “RLSA”), among the undersigned, LEAF Financial Corporation, as Servicer, the Lender, in its capacity as a Class A Lender, the other Class A
Lenders from time to time party thereto, the Class B Lenders from time to time party thereto, Morgan Stanley Bank, N.A., as Collateral Agent, U.S. Bank National Association, as the Custodian and the Lenders’ Bank, and Lyon Financial Services,
Inc. (d/b/a U.S. Bank Portfolio Services). Such principal payments shall be made in the amounts and on the dates provided for in the RLSA; provided, however, that the entire unpaid principal amount of this Class A Note shall be
due and payable on the Facility Maturity Date. Borrower also promises to pay interest on the unpaid principal amount of the Class A Loan on the dates and at the rate or rates provided for in the RLSA. All such payments of principal and interest
shall be made in the currencies and at the offices required under the RLSA. 
 This Class A Note is one of the promissory
notes referred to in Section 2.01(b) of the RLSA and is subject to all terms of the RLSA. Terms defined in the RLSA are used herein with the same meanings. 
 The Borrower hereby expressly waives presentment, demand, notice of protest and all other further demands and further notices in connection with the delivery, acceptance, performance, default or
enforcement of this Class A Note and RLSA, and an action for amounts due hereunder or thereunder shall immediately accrue. 
 The Class A Loan by Lender, the respective dates on which the principal is due and all repayments of the principal thereof shall be recorded by Lender pursuant to its normal business practice; provided that the failure of Lender
to make any such recordation or endorsement shall not affect the obligations of the Borrower under the first paragraph of this Class A Note or under the RLSA. 
 [Remainder of page intentionally left blank] 

 Reference is made to the RLSA for provisions for the prepayment hereof and the acceleration
of the maturity hereof. 
  

			
	LEAF CAPITAL FUNDING III, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

 Exh. H-1-3 

 EXHIBIT H-2 
 FORM OF CLASS B NOTE 
 CLASS B NOTE 
  

			
	 US $[___________]
	  	 New York, New York

		  	 May __, 2008

 FOR VALUE RECEIVED, LEAF Capital Funding III, LLC, a Delaware limited liability company (the “Borrower”), promises to pay to the order of [MORGAN STANLEY ASSET FUNDING INC.][THE ROYAL BANK OF SCOTLAND PLC] (the
“Lender”) the principal amount of
$[                                ] in accordance with the Receivables Loan and
Security Agreement, dated as of November 1, 2007, as amended or modified (the “RLSA”), among the undersigned, LEAF Financial Corporation, as Servicer, the Class A Lenders from time to time party thereto, the Lender, in its
capacity as a Class B Lender, the other Class B Lenders from time to time party thereto, Morgan Stanley Bank, N.A., as Collateral Agent, U.S. Bank National Association, as the Custodian and the Lenders’ Bank, and Lyon Financial Services, Inc.
(d/b/a U.S. Bank Portfolio Services). Such principal payments shall be made in the amounts and on the dates provided for in the RLSA; provided, however, that the entire unpaid principal amount of this Class B Note shall be due and
payable on the Facility Maturity Date. Borrower also promises to pay interest on the unpaid principal amount of this Class B Note on the dates and at the rate or rates provided for in the RLSA. All such payments of principal and interest shall be
made in the currencies and at the offices required under the RLSA. 
 This Class B Note is one of the promissory notes referred
to in Section 2.01(b) of the RLSA and is subject to all terms of the RLSA. Terms defined in the RLSA are used herein with the same meanings. 
 The Borrower hereby expressly waives presentment, demand, notice of protest and all other further demands and further notices in connection with the delivery, acceptance, performance, default or
enforcement of this Class B Note and RLSA, and an action for amounts due hereunder or thereunder shall immediately accrue. 
 The original principal amount of this Class B Note, the respective dates on which the principal is due and all repayments of the principal thereof shall be recorded by Lender pursuant to its normal business practice; provided that
the failure of Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower under the first paragraph of this Class B Note or under the RLSA. 
 [Remainder of page intentionally left blank] 

 Reference is made to the RLSA for provisions for the prepayment hereof and the acceleration
of the maturity hereof. 
  

			
	LEAF CAPITAL FUNDING III, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

 Exh. H-2-2 

 EXHIBIT I 
 CLOSING CHECKLIST 
  

 Exh. I-1 

 EXHIBIT J 
 FORM OR POWER OF ATTORNEY 
  

 Exh. J-1 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I        DEFINITIONS
	  	1
			
	 Section 1.01
	  	Certain Defined Terms	  	1
			
	 Section 1.02
	  	Other Terms	  	31
			
	 Section 1.03
	  	Interpretation following Collateral Split	  	31
			
	 Section 1.04
	  	Computation of Time Periods	  	31
		
	 ARTICLE II        THE RECEIVABLES FACILITY
	  	31
			
	 Section 2.01
	  	Borrowings	  	31
			
	 Section 2.02
	  	The Borrowing	  	31
			
	 Section 2.03
	  	Determination of Interest Periods and Interest Rates	  	32
			
	 Section 2.04
	  	Remittance Procedures	  	33
			
	 Section 2.05
	  	Reserved	  	35
			
	 Section 2.06
	  	Reserved	  	35
			
	 Section 2.07
	  	Payments and Computations, Etc.	  	35
			
	 Section 2.08
	  	Fees	  	36
			
	 Section 2.09
	  	Increased Costs; Capital Adequacy	  	36
			
	 Section 2.10
	  	Collateral Assignment of Agreements	  	37
			
	 Section 2.11
	  	Grant of a Security Interest	  	38
			
	 Section 2.12
	  	Evidence of Debt	  	39
			
	 Section 2.13
	  	Release of Pledged Receivables	  	39
			
	 Section 2.14
	  	Treatment of Amounts Paid by the Borrower	  	40
			
	 Section 2.15
	  	Prepayment; Certain Indemnification Rights; Termination	  	40
		
	 ARTICLE III        CONDITIONS OF LOANS
	  	41
			
	 Section 3.01
	  	Conditions Precedent to Borrowing	  	41
			
	 Section 3.02
	  	Conditions Precedent to All Borrowings	  	41
			
	 Section 3.03
	  	Advances Do Not Constitute a Waiver	  	44
		
	 ARTICLE IV        REPRESENTATIONS AND WARRANTIES
	  	44
			
	 Section 4.01
	  	Representations and Warranties of the Borrower	  	44
			
	 Section 4.02
	  	Representations and Warranties of the Servicer	  	47
			
	 Section 4.03
	  	Resale of Receivables Upon Breach of Covenant or Representation and Warranty by Borrower	  	50
			
	 Section 4.04
	  	Representations and Warranties of the Lenders	  	50

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 ARTICLE V        GENERAL COVENANTS OF THE BORROWER, THE SERVICER AND CERTAIN
OTHER PARTIES
	  	50
			
	 Section 5.01
	  	General Covenants	  	50
			
	 Section 5.02
	  	Check-in Requirements	  	55
			
	 Section 5.03
	  	Delivery of Servicing Agreement Electronic Images to the Backup Servicer	  	56
			
	 Section 5.04
	  	Covenant of Lenders, Collateral Agent and Lenders’ Bank	  	56
		
	 ARTICLE VI        ADMINISTRATION AND SERVICING; CERTAIN
COVENANTS
	  	57
			
	 Section 6.01
	  	Appointment and Designation of the Servicer	  	57
			
	 Section 6.02
	  	Collection of Receivable Payments; Modification and Amendment of Receivables; Lockbox Account Agreements	  	59
			
	 Section 6.03
	  	Realization Upon Receivables	  	59
			
	 Section 6.04
	  	Insurance Regarding Equipment	  	60
			
	 Section 6.05
	  	Maintenance of Security Interests in Obligor Collateral	  	60
			
	 Section 6.06
	  	Pledged Receivable Receipts	  	61
			
	 Section 6.07
	  	No Rights of Withdrawal	  	61
			
	 Section 6.08
	  	Permitted Investments	  	61
			
	 Section 6.09
	  	Servicing Compensation	  	62
			
	 Section 6.10
	  	Reports to the Lenders and the Backup Servicer; Account Statements; Servicing Information	  	62
			
	 Section 6.11
	  	Statements as to Compliance; Financial Statements	  	63
			
	 Section 6.12
	  	Access to Certain Documentation; Obligors; Background Check	  	66
			
	 Section 6.13
	  	Backup Servicer	  	67
			
	 Section 6.14
	  	Additional Remedies of Lenders Upon Event of Default	  	71
			
	 Section 6.15
	  	Waiver of Defaults	  	71
			
	 Section 6.16
	  	Maintenance of Certain Insurance	  	71
			
	 Section 6.17
	  	Segregation of Collections	  	72
			
	 Section 6.18
	  	UCC Matters; Protection and Perfection of Pledged Assets	  	72
			
	 Section 6.19
	  	Servicer Advances	  	73
			
	 Section 6.20
	  	Repurchase of Receivables Upon Breach of Covenant or Representation and Warranty by Servicer	  	73

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 6.21
	  	Compliance with Applicable Law	  	74
			
	 Section 6.22
	  	Receipt of Certificates of Title	  	74
			
	 Section 6.23
	  	Lenders’ Bank Limitation of Liability	  	74
		
	 ARTICLE VII        EVENTS OF DEFAULT
	  	75
			
	 Section 7.01
	  	Events of Default	  	75
			
	 Section 7.02
	  	Additional Remedies of the Lenders	  	79
			
	 Section 7.03
	  	Collateral Splitting	  	80
			
	 Section 7.04
	  	Collateral Split Buyout Rights	  	84
		
	 ARTICLE VIII        INDEMNIFICATION
	  	85
			
	 Section 8.01
	  	Indemnities by the Borrower	  	85
			
	 Section 8.02
	  	Indemnities by Servicer	  	87
		
	 ARTICLE IX        MISCELLANEOUS
	  	89
			
	 Section 9.01
	  	Amendments and Waivers	  	89
			
	 Section 9.02
	  	Notices, Etc.	  	90
			
	 Section 9.03
	  	No Waiver; Remedies	  	90
			
	 Section 9.04
	  	Binding Effect; Assignability; Multiple Lenders	  	90
			
	 Section 9.05
	  	Term of This Agreement	  	91
			
	 Section 9.06
	  	GOVERNING LAW; JURY WAIVER; CONSENT TO JURISDICTION	  	92
			
	 Section 9.07
	  	Costs, Expenses and Taxes	  	92
			
	 Section 9.08
	  	No Proceedings	  	93
			
	 Section 9.09
	  	Recourse Against Certain Parties	  	94
			
	 Section 9.10
	  	Execution in Counterparts; Severability; Integration	  	94
			
	 Section 9.11
	  	Tax Characterization	  	94
			
	 Section 9.12
	  	Calculation of Performance Triggers	  	94
		
	 ARTICLE X        THE COLLATERAL AGENT
	  	95
			
	 Section 10.01
	  	Authorization and Action	  	95
			
	 Section 10.02
	  	No Implied Duties	  	95
			
	 Section 10.03
	  	Limits on Liability	  	95
			
	 Section 10.04
	  	Acknowledgement	  	96
			
	 Section 10.05
	  	Additional Exculpatory Provisions	  	96

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 10.06
	  	Non-Reliance on Collateral Agent	  	96
			
	 Section 10.07
	  	Reimbursement and Indemnification	  	96
			
	 Section 10.08
	  	Collateral Agent in its Individual Capacity	  	96
			
	 Section 10.09
	  	Successor Collateral Agent	  	97
			
	 Section 10.10
	  	Release of Collateral	  	97

  

 -iv- 

 TABLE OF CONTENTS 
 Page 
 LIST OF SCHEDULES AND EXHIBITS 
  

					
	 SCHEDULES
	 		 	
			
	 SCHEDULE I
	 	Condition Precedent Documents	 	
	 SCHEDULE II
	 	Prior Names, Tradenames, Fictitious Names and “Doing Business As” Names	 	
	 SCHEDULE III
	 	Representations and Warranties with Respect to Eligible Receivables, Eligible Contracts and Eligible Underlying Originators	 	
	 SCHEDULE IV
	 	Credit and Collection Policy	 	
	 SCHEDULE V
	 	Equipment Categories	 	
	 SCHEDULE VI
	 	Addresses for Notice	 	
	 SCHEDULE VII
	 	Remittance Report Information	 	
	 SCHEDULE IX
	 	Cumulative Net Loss Rate Percentages	 	
	 SCHEDULE 2.04(a)
	 	RBS Loan Agreement Priority of Payments	 	
			
	 EXHIBITS
	 		 	
			
	 EXHIBIT A
	 	Form of Facility Limit Certificate	 	
	 EXHIBIT B
	 	Form of Required Data Fields	 	
	 EXHIBIT C
	 	Form of Monthly Remittance Report	 	
	 EXHIBIT D-1
	 	Form of Lease Contract	 	
	 EXHIBIT D-2
	 	Form of Loan Contract	 	
	 EXHIBIT D-3
	 	Form of Loan Contract	 	
	 EXHIBIT E
	 	Form of Vehicle Lienholder Nominee Agreement	 	
	 EXHIBIT F
	 	Form of Notice of Borrowing	 	
	 EXHIBIT G
	 	Reserved	 	
	 EXHIBIT H-1
	 	Form of Class A Note	 	
	 EXHIBIT H-2
	 	Form of Class B Note	 	
	 EXHIBIT I
	 	Closing Checklist	 	
	 EXHIBIT J
	 	Form of Power of Attorney	 	

  

 -v-DIP Credit Agreement

 EXHIBIT 10.1 
 SUPERPRIORITY PRIMING SENIOR SECURED DEBTOR-IN-POSSESSION 
 CREDIT AND
GUARANTY AGREEMENT 
 dated as of April 1, 2010 
 among 
 XERIUM TECHNOLOGIES, INC., as Debtor and
Debtor-in-Possession, 
 as Borrower, 
 CERTAIN SUBSIDIARIES OF THE BORROWER, as Debtors and Debtors-in-Possession, 
 as Guarantors, 
 VARIOUS BANKS, 
 CITIGROUP GLOBAL MARKETS INC., 
 as Sole Lead
Arranger and Sole Bookrunner, 
 CITICORP NORTH AMERICA, INC., 
 as Collateral Agent, 
 and 
 CITICORP NORTH AMERICA, INC., 
 as Administrative Agent 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
			
	 Section 1.
	 	 DEFINITIONS AND INTERPRETATION
	  	1
			
	 1.1
	 	 Definitions
	  	1
			
	 1.2
	 	 Accounting Terms
	  	27
			
	 1.3
	 	 Interpretation, etc.
	  	27
			
	 Section 2.
	 	 LOANS AND LETTERS OF CREDIT
	  	28
			
	 2.1
	 	 Loans
	  	28
			
	 2.2
	 	 Issuance of Letters of Credit
	  	30
			
	 2.3
	 	 Pro Rata Shares; Availability of Funds
	  	35
			
	 2.4
	 	 Use of Proceeds
	  	36
			
	 2.5
	 	 Evidence of Debt; Register; Banks’ Books and Records; Promissory Notes
	  	36
			
	 2.6
	 	 Interest on Loans
	  	37
			
	 2.7
	 	 Conversion and Continuation
	  	38
			
	 2.8
	 	 Default Interest
	  	39
			
	 2.9
	 	 Fees
	  	39
			
	 2.10
	 	 Voluntary Prepayments/Commitment Reductions
	  	40
			
	 2.11
	 	 Mandatory Prepayments/Commitment Reductions
	  	41
			
	 2.12
	 	 Application of Prepayments/Reductions
	  	42
			
	 2.13
	 	 General Provisions Regarding Payments
	  	42
			
	 2.14
	 	 Ratable Sharing
	  	43
			
	 2.15
	 	 Making or Maintaining LIBOR Loans
	  	44
			
	 2.16
	 	 Increased Costs; Capital Adequacy
	  	46
			
	 2.17
	 	 Taxes; Withholding, etc.
	  	47
			
	 2.18
	 	 Obligation to Mitigate
	  	51
			
	 2.19
	 	 Tax Credit
	  	51
			
	 2.20
	 	 Defaulting Banks
	  	52
			
	 2.21
	 	 Removal or Replacement of a Bank
	  	53
			
	 2.22
	 	 Priority of Liens
	  	53
			
	 2.23
	 	 Grant of Security Interest
	  	55
			
	 2.24
	 	 No Filings Required
	  	56
			
	 2.25
	 	 Conversion to Exit Facility
	  	56
			
	 Section 3.
	 	 CONDITIONS PRECEDENT
	  	57
			
	 3.1
	 	 Conditions to Closing Date
	  	57
			
	 3.2
	 	 Conditions to Each Credit Extension
	  	60
			
	 3.3
	 	 Conditions Precedent to Withdrawals from the Term Loan Deposit Account
	  	62

  

 i 

					
	 Section 4.
	 	 REPRESENTATIONS AND WARRANTIES
	  	63
			
	 4.1
	 	 Organization; Requisite Power and Authority; Qualification
	  	63
			
	 4.2
	 	 Capital Stock and Ownership
	  	63
			
	 4.3
	 	 Due Authorization
	  	63
			
	 4.4
	 	 No Conflict
	  	63
			
	 4.5
	 	 Governmental Consents
	  	64
			
	 4.6
	 	 Binding Obligation
	  	64
			
	 4.7
	 	 Historical Financial Statements
	  	64
			
	 4.8
	 	 Business Plan, DIP Budget and Cash Flow Forecast
	  	64
			
	 4.9
	 	 No Material Adverse Change
	  	64
			
	 4.10
	 	 No Restricted Junior Payments
	  	64
			
	 4.11
	 	 Adverse Proceedings, etc.
	  	65
			
	 4.12
	 	 Payment of Taxes
	  	65
			
	 4.13
	 	 Properties
	  	65
			
	 4.14
	 	 Environmental Matters
	  	66
			
	 4.15
	 	 No Defaults
	  	66
			
	 4.16
	 	 Material Contracts
	  	66
			
	 4.17
	 	 Governmental Regulation
	  	66
			
	 4.18
	 	 Margin Stock
	  	67
			
	 4.19
	 	 Employee Matters
	  	67
			
	 4.20
	 	 Employee Benefit Plans
	  	67
			
	 4.21
	 	 Certain Fees
	  	68
			
	 4.22
	 	 Compliance with Statutes, etc.
	  	68
			
	 4.23
	 	 Disclosure
	  	68
			
	 4.24
	 	 Insurance
	  	68
			
	 4.25
	 	 Use of Proceeds
	  	68
			
	 4.26
	 	 Status as Superpriority Claim; Effectiveness of Order
	  	68
			
	 4.27
	 	 Perfection of Security Interests
	  	69
			
	 Section 5.
	 	 AFFIRMATIVE COVENANTS
	  	69
			
	 5.1
	 	 Financial Statements and Other Reports
	  	69
			
	 5.2
	 	 Existence
	  	75
			
	 5.3
	 	 Payment of Taxes and Claims
	  	75
			
	 5.4
	 	 Maintenance of Properties
	  	75
			
	 5.5
	 	 Insurance
	  	75
			
	 5.6
	 	 Books and Records; Inspections
	  	76
			
	 5.7
	 	 [Reserved]
	  	76
			
	 5.8
	 	 Compliance with Laws
	  	76

  

 ii 

					
	 5.9
	 	 Environmental
	  	76
			
	 5.10
	 	 Further Assurances
	  	78
			
	 5.11
	 	 Intellectual Property
	  	78
			
	 5.12
	 	 Know-Your-Customer Rules
	  	78
			
	 5.13
	 	 Final Order
	  	79
			
	 Section 6.
	 	 NEGATIVE COVENANTS
	  	80
			
	 6.1
	 	 Indebtedness
	  	80
			
	 6.2
	 	 Liens
	  	81
			
	 6.3
	 	 [Reserved.]
	  	82
			
	 6.4
	 	 No Further Negative Pledges
	  	82
			
	 6.5
	 	 Restricted Junior Payments
	  	83
			
	 6.6
	 	 Restrictions on Subsidiary Distributions
	  	83
			
	 6.7
	 	 Investments
	  	83
			
	 6.8
	 	 Financial Covenants
	  	84
			
	 6.9
	 	 Fundamental Changes; Disposition of Assets; Acquisitions
	  	85
			
	 6.10
	 	 Disposal of Subsidiary Interests
	  	85
			
	 6.11
	 	 Sales and Lease Backs
	  	85
			
	 6.12
	 	 Transactions with Shareholders and Affiliates
	  	86
			
	 6.13
	 	 Conduct of Business
	  	86
			
	 6.14
	 	 Limitation on Issuance of Capital Stock
	  	86
			
	 6.15
	 	 Amendments or Waivers of Organizational Documents
	  	86
			
	 6.16
	 	 Prepayments of Other Indebtedness; Modification of Other Documents, etc.
	  	86
			
	 6.17
	 	 Fiscal Year; Accounting Changes
	  	87
			
	 6.18
	 	 Chapter 11 Claims
	  	87
			
	 Section 7.
	 	 GUARANTY
	  	87
			
	 7.1
	 	 Guaranty of the Obligations
	  	87
			
	 7.2
	 	 Contribution by Guarantors
	  	87
			
	 7.3
	 	 Payment by Guarantors
	  	88
			
	 7.4
	 	 Liability of Guarantors Absolute
	  	88
			
	 7.5
	 	 Waivers by Guarantors
	  	90
			
	 7.6
	 	 Subordination of Other Obligations
	  	91
			
	 7.7
	 	 Continuing Guaranty
	  	92
			
	 7.8
	 	 Authority of Guarantors or Borrower
	  	92
			
	 7.9
	 	 Financial Condition of the Borrower
	  	92
			
	 7.10
	 	 Payments Set Aside
	  	92
			
	 7.11
	 	 Validity and Effectiveness
	  	92
			
	 Section 8.
	 	 EVENTS OF DEFAULT
	  	92
			
	 8.1
	 	 Events of Default
	  	92

  

 iii 

					
	 Section 9.
	 	 AGENTS
	  	97
			
	 9.1
	 	 Appointment of Agents
	  	97
			
	 9.2
	 	 Powers and Duties
	  	98
			
	 9.3
	 	 General Immunity
	  	98
			
	 9.4
	 	 Agents Entitled to Act as Bank
	  	99
			
	 9.5
	 	 Banks’ Representations, Warranties and Acknowledgment
	  	99
			
	 9.6
	 	 Right to Indemnity
	  	99
			
	 9.7
	 	 Successor Administrative Agent and Collateral Agent
	  	100
			
	 9.8
	 	 Collateral Documents and Guaranty; Intercreditor Agreement
	  	101
			
	 9.9
	 	 Reliance and Engagement Letters
	  	102
			
	 Section 10.
	 	 MISCELLANEOUS
	  	102
			
	 10.1
	 	 Notices
	  	102
			
	 10.2
	 	 Expenses
	  	102
			
	 10.3
	 	 [Reserved]
	  	103
			
	 10.4
	 	 Indemnity
	  	103
			
	 10.5
	 	 Set Off
	  	104
			
	 10.6
	 	 Amendments and Waivers
	  	104
			
	 10.7
	 	 Successors and Assigns; Participations
	  	106
			
	 10.8
	 	 Independence of Covenants
	  	109
			
	 10.9
	 	 Survival of Representations, Warranties and Agreements
	  	109
			
	 10.10
	 	 No Waiver; Remedies Cumulative
	  	109
			
	 10.11
	 	 Marshalling; Payments Set Aside
	  	110
			
	 10.12
	 	 Severability
	  	110
			
	 10.13
	 	 Obligations Several
	  	110
			
	 10.14
	 	 Headings
	  	110
			
	 10.15
	 	 APPLICABLE LAW
	  	110
			
	 10.16
	 	 CONSENT TO JURISDICTION AND SERVICE OF PROCESS
	  	110
			
	 10.17
	 	 WAIVER OF JURY TRIAL
	  	111
			
	 10.18
	 	 Confidentiality
	  	111
			
	 10.19
	 	 Usury Savings Clause
	  	112
			
	 10.20
	 	 Counterparts
	  	113
			
	 10.21
	 	 USA Patriot Act Notice
	  	113
			
	 10.22
	 	 No Setoffs and Defenses
	  	113
			
	 10.23
	 	 Conflicts
	  	113

  

 iv 

 APPENDICES: 
  

			
	A	    	Principal Office
	B	    	Revolving Commitments
	C	    	Term Loan Commitments
	D	    	Notice Addresses

 SCHEDULES: 
  

			
		
	1.1(a)	    	Guarantors
	2.2(b)	    	Existing Letters of Credit
	2.25	    	Intercompany Arrangements
	4.1	    	Jurisdictions of Organization
	4.2	    	Capital Stock and Ownership
	4.13(b)	    	Real Estate Assets
	4.14	    	Environmental Matters
	4.16	    	Material Contracts
	6.1(i)	    	Certain Existing Indebtedness
	6.2(l)	    	Certain Existing Liens
	6.6	    	Restrictions on Subsidiary Distributions
	6.7(g)	    	Certain Existing Investments
	6.12	    	Certain Affiliate Transactions
	2.23(c)	    	Instruments and Tangible Chattel Paper
	2.23(e)	    	Intercompany Notes; Pledged Securities
	2.23(g)	    	Copyrights, Patents and Trademarks
	2.23(h)	    	Commercial Tort Claims

 EXHIBITS: 
  

			
	A	    	Assignment Agreement
	B	    	Certificate Re Non-Bank Status
	C	    	Compliance Certificate
	D	    	Conversion/Continuation Notice
	E	    	Exit Credit Agreement
	F	    	Funding Notice
	G	    	Prepackaged Plan of Reorganization
	H	    	DIP Budget
	I	    	Issuance Notice
	J	    	Withdrawal Request
	K	    	Intercreditor Agreement
	L	    	Closing Date Certificate
	M	    	Form of Weekly Cash Flow Forecast

  

 v 

 SUPERPRIORITY PRIMING SENIOR SECURED DEBTOR-IN-POSSESSION 
 CREDIT AND GUARANTY AGREEMENT 
 This SUPERPRIORITY PRIMING SENIOR SECURED DEBTOR-IN-POSSESSION CREDIT AND GUARANTY AGREEMENT, dated as of April 1, 2010, is entered into by and among XERIUM TECHNOLOGIES, INC., a Delaware
corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER, as Guarantors, the Banks party hereto from time to time, CITIGROUP GLOBAL MARKETS INC., as Sole Lead Arranger and Sole Bookrunner (in such capacity,
the “Lead Arranger”), CITICORP NORTH AMERICA, INC., as Administrative Agent (together with its permitted successors, in such capacity, the “Administrative Agent”) and CITICORP NORTH AMERICA, INC., as
Collateral Agent (together with its permitted successors, in such capacity, the “Collateral Agent”). 
 RECITALS: 
 WHEREAS, capitalized terms used in these Recitals and not otherwise defined herein shall
have the respective meanings set forth for such terms in Section 1.1 hereof; 
 WHEREAS, on March 30, 2010 (the
“Petition Date”), the Borrower and the Guarantors filed voluntary petitions for relief in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), and commenced proceedings (the
“Cases”) under chapter 11 of the Bankruptcy Code and have continued in the possession of their assets and the management of their businesses pursuant to sections 1107 and 1108 of the Bankruptcy Code; and 
 WHEREAS, the Borrower has requested that the Banks extend, and the Banks have agreed to extend, a term loan and revolving credit
facility to the Borrower in an aggregate amount not to exceed $80,000,000, on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows: 
 SECTION 1. DEFINITIONS AND INTERPRETATION 
 1.1 Definitions. The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto,
shall have the following meanings: 
 “ABR Loan” means a Loan or any portion thereof bearing interest by
reference to the Alternate Base Rate. 
 “Additional Permitted Liens” means (i) non-avoidable, valid,
enforceable and perfected Permitted Liens (as defined in the Prepetition Credit Agreement) in existence on the Petition Date, (ii) non-avoidable, valid, enforceable and perfected liens that are capitalized leases listed on
Schedule 6.1(i), purchase money security interests listed on Schedule 6.2(l) or mechanics’ or other

 
statutory liens in existence on the Petition Date, and (iii) non-avoidable, valid, enforceable liens that are capitalized leases listed on Schedule 6.1(i), purchase money
security interests listed on Schedule 6.2(l) or mechanics’ or other statutory liens in existence on the Petition Date that are perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code and
(iv) mechanics’, warehousemen’s or other statutory liens arising after the Petition Date in the Ordinary Course. 
 “Administrative Agent” as defined in the preamble hereto. 
 “Adverse Proceeding”
means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Borrower or any of its Subsidiaries) at law or in equity, or before or by any
Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened against or affecting the Borrower or any of its Subsidiaries or any
property of the Borrower or any of its Subsidiaries. 
 “Affected Bank” as defined in Section 2.15(b).

 “Affected Loans” as defined in Section 2.15(b). 
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to
any Person, means the possession, directly or indirectly, of the power (i) to vote 10% or more of the Securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the
management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise. 
 “Agent” means each of the Administrative Agent, the Collateral Agent and the Lead Arranger. 
 “Agent Parties” as defined in Section 5.1(o)(iii). 
 “Aggregate Amounts Due” as
defined in Section 2.14. 
 “Aggregate Payments” as defined in Section 7.2. 
 “Agreement” means this Superpriority Priming Senior Secured Debtor-in-Possession Credit and Guaranty Agreement, as it may
be amended, restated, supplemented or otherwise modified from time to time. 
 “Allowed Professional Fees” as
defined in Section 2.22(c). 
 “Alternate Base Rate” means, for any day, a rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the greater of
(i) LIBOR for a one month Interest Period beginning on such day (or if such day is not a Business Day, the

  

 2 

 
immediately preceding Business Day), plus 1% and (ii) 3.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or LIBOR shall be
effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or LIBOR, respectively. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive
absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability of the Administrative Agent to obtain sufficient quotations in accordance with the terms thereof, the Alternate Base Rate
shall be determined without regard to clause (b) of the first sentence of this definition until the circumstances giving rise to such inability no longer exist. 
 “Alternative Currency” means Euros, Canadian dollars, Australian dollars and Swedish krona. 
 “Apax Partners” means Apax Europe IV GP, L.P., a Delaware limited partnership, and its Affiliates. 
 “Applicable Margin” means (i) with respect to LIBOR Loans, 4.50% and (ii) with respect to ABR Loans, 3.50%. 
 “Applicable Revolving Commitment Fee Percentage” means 1.00%. 
 “Asset Sale” means a sale, lease or sublease (as lessor or sub-lessor), sale and leaseback, assignment, conveyance,
transfer or other disposition to, or any exchange of property with, any Person (other than the Borrower or any of its Subsidiaries), in one transaction or a series of transactions, of all or any part of the Borrower’s or any of its
Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including, without limitation, the Capital Stock of any of the
Borrower’s Subsidiaries, other than (i) inventory (or other assets) sold or leased in the Ordinary Course (excluding any such sales by operations or divisions discontinued or to be discontinued), (ii) substantially worn, damaged or
obsolete property disposed of in the Ordinary Course, (iii) returns of inventory in the Ordinary Course, (iv) the use of cash and Cash Equivalents in a manner not inconsistent with the provisions of this Agreement and the other Credit
Documents, (v) leases of real property in the Ordinary Course and (vi) licenses or sublicenses of patents, trademarks, copyrights and other intellectual property in the Ordinary Course. 
 “Assignment Agreement” means an Assignment and Assumption Agreement substantially in the form of Exhibit A,
with such amendments or modifications as may be approved by the Administrative Agent. 
 “Authorized Officer”
means, as applied to any Person, any individual holding the position of chairman of the board (if an officer), chief executive officer, president or one of its vice presidents (or the equivalent thereof), and such Person’s chief financial
officer or treasurer. 
 “Availability” means, as of any time, the difference between (i) the Revolving
Commitments at such time and (ii) the aggregate principal amount of outstanding Revolving Loans at such time. 
  

 3 

 “Bank” means each financial institution listed on the signature pages
hereto as a Bank, and any other Person that becomes a Bank party hereto pursuant to an Assignment Agreement. 
 “Bank
Insolvency Event” means that (i) a Bank or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general
assignment for the benefit of its creditors, or (ii) such Bank or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor, or sequestrator
or the like has been appointed for such Bank or its Parent Company, or such Bank or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended, and applicable to the Cases. 
 “Bankruptcy Court” as defined in the preamble hereto. 
 “Beneficiary” means each Agent, the Issuing Bank and each Bank. 
 “Borrower” as defined in the preamble hereto. 
 “Business Day” means (i) with respect to all matters except those addressed in clause (ii), any day, excluding
Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state or jurisdiction are authorized or required by law or other governmental action to close and
(ii) with respect to all notices, determinations, fundings and payments in connection with LIBOR Loans, means any such day that is a Business Day described in clause (i) and that is also a day on which banks in the City of London are
generally open for interbank or foreign exchange. 
 “Business Plan” as defined in Section 3.1(p).

 “Capital Expenditures” means, with respect to any Person, all expenditures that, in accordance with GAAP,
are or should be included in “purchase of property and equipment” or similar items reflected in the cash flows of such Person. 
 “Capitalized Lease Obligation” means, as applied to any Person, any obligation incurred or arising out of in connection with a Capital Lease. 
 “Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 
 “Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a
corporation), including, without limitation, partnership interests, membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing. 
  

 4 

 “Carve-Out” as defined in Section 2.22(c). 
 “Carve-Out Cap” as defined in Section 2.22(c). 
 “Carve-Out Trigger Notice” as defined in Section 2.22(c). 
 “Case Professionals” as defined in Section 2.22(c). 
 “Case Professionals Carve-Out” as defined in Section 2.22(c). 
 “Cases” as defined in the preamble hereto. 
 “Cash” means money, currency or a credit balance in any Deposit Account. 
 “Cash Collateralize” means, in respect of an obligation, to provide and pledge (as a First Priority perfected security interest) cash collateral in Dollars, at a location and pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent (and “Cash Collateralization” has a corresponding meaning). 
 “Cash Equivalents” means (i) Dollars and, only if Section 2.2(j)(iii) is applicable, Alternative Currencies, (ii) securities issued or directly and fully guaranteed or insured by the US government or any
agency or instrumentality thereof, (iii) certificates of deposit, time deposits and Eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and
overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $1.0 billion and whose long-term debt is rated at least “A” or the equivalent thereof by Moody’s or S&P,
(iv) repurchase obligations for underlying securities of the types described in clauses (ii) and (iii) above entered into with any financial institution meeting the qualifications specified in the immediately preceding clause,
(v) commercial paper issued by a corporation (other than an Affiliate of the Borrower) rated at least “A-2” or the equivalent thereof by Moody’s or S&P and in each case maturing within one year after the date of acquisition,
(vi) investment funds investing substantially all of their assets in securities of the types described in clauses (i) through (v) above, (vii) readily marketable direct obligations issued by any state of the United States or any
political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P, and (viii) money market funds as defined in Rule 2a-7 of the General Rules and Regulations as promulgated under
the Investment Company Act of 1940. 
 “Certificate re Non-Bank Status” means a certificate substantially
in the form of Exhibit B. 
 “Change of Control” means, at any time, (i) any Person or
“group” (within the meaning of Section 13(d) and 14(d) under the Exchange Act), other than Apax Partners and its Affiliates, shall have acquired beneficial ownership (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of 35% or more on a fully diluted basis of the voting and/or economic interest in the Capital Stock of the Borrower; (ii) the Borrower shall cease to directly or indirectly beneficially own and control 100% on
a fully diluted basis of the economic and voting interest in the Capital Stock of its Subsidiaries (other than Xerium Technologies Brasil Indústria e Comércio S.A., Stowe Woodward AG and PMP Xibe Roll Covering Co Ltd) including, but
not limited to, if a Person shall attain the

  

 5 

 
right, even if not exercised, by contract, share ownership or otherwise, to appoint the majority of the board of directors of any such Subsidiary or to direct the manner in which the board of
directors of any such Subsidiary conducts its affairs; or (iii) the majority of the seats (other than vacant seats) on the board of directors (or similar governing body) of the Borrower cease to be occupied by Persons who either (a) were
members of the board of directors of the Borrower on the Closing Date or (b) were nominated for election by the board of directors of the Borrower, a majority of whom were directors on the Closing Date or whose election or nomination for
election was previously approved by a majority of such directors. Notwithstanding the foregoing, the consummation of the transactions contemplated by the Prepackaged Plan of Reorganization shall not constitute a Change of Control. 
 “Closing Date” means the date on which all conditions precedent set forth in Section 3.1 are satisfied or waived in
accordance with the terms of this Agreement. 
 “Closing Date Certificate” means the Closing Date Certificate
substantially in the form of Exhibit L. 
 “Collateral” means, collectively, all of the real,
personal and mixed property (including Capital Stock) and interests therein and proceeds and products thereof, whether now or hereafter acquired, in or upon which Liens are purported to be granted pursuant to this Agreement, the Collateral
Documents, the Interim Order or the Final Order (as applicable) as security for the Obligations. 
 “Collateral
Agent” as defined in the preamble hereto. 
 “Collateral Documents” means this Agreement, the Interim
Order, the Final Order, the Term Loan Deposit Account Control Agreement, the Term Loan LC Collateral Account Control Agreement and all other instruments, documents and agreements delivered by any Credit Party pursuant to this Agreement or any of the
other Credit Documents in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations. 
 “Collateral Questionnaire” means a certificate in form satisfactory to the Collateral Agent that provides information with
respect to the personal, real and mixed property of each Credit Party. 
 “Commitment” means any Revolving
Commitment or Term Loan Commitment. 
 “Communications” as defined in Section 5.1(o)(i). 
 “Compliance Certificate” means a Compliance Certificate substantially in the form of Exhibit C. 
 “Constitutional Documents” means the constitutional documents of the Credit Parties as amended from time to time in
accordance with the terms of this Agreement. 
 “Consummation Date” means the date of the substantial
consummation (as defined in Section 1101 of the Bankruptcy Code and which for purposes of this Agreement shall be no later than the effective date) of the Prepackaged Plan of Reorganization that is confirmed pursuant to an order of the
Bankruptcy Court. 
  

 6 

 “Contractual Obligation” means, as applied to any Person, any provision of
any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its
properties is subject. 
 “Contributing Guarantors” as defined in Section 7.2. 
 “Conversion/Continuation Date” means the effective date of a continuation or conversion of a Loan, as the case may be, as
set forth in the applicable Conversion/Continuation Notice. 
 “Conversion/Continuation Notice” means a
Conversion/Continuation Notice substantially in the form of Exhibit D. 
 “Copyrights” means,
collectively, with respect to each Credit Party, all copyrights (whether statutory or common law, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished) and all copyright registrations and applications made by such Credit Party, in each case, whether now owned or hereafter created or acquired by or assigned to such Credit Party, together with any and all
(i) rights and privileges arising under applicable law with respect to such Credit Party’s use of such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees,
royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and
(v) rights to sue for past, present or future infringements thereof (including, without limitation, the Copyrights listed on Schedule 2.23(g)). 
 “Credit Date” means the date of a Credit Extension. 
 “Credit Document” means any of this Agreement, the Interim Order, the Final Order, the Letters of Credit, the Collateral Documents, the Fee Letters, any documents or certificates executed by the Borrower in favor of the
Issuing Bank relating to Letters of Credit, and all other documents, instruments or agreements executed and delivered by a Credit Party for the benefit of any Agent, the Issuing Bank or any Bank in connection herewith. 
 “Credit Extension” means the making of a Loan or the issuance of a Letter of Credit. 
 “Credit Party” means the Borrower and each Guarantor. 
 “Debtors” means the Borrower, the Guarantors and any other Subsidiary of the Borrower listed as a debtor under the
Prepackaged Plan of Reorganization. 
 “Default” means a condition or event that, after notice or expiry of an
applicable grace period, or the making of any determination under the Credit Documents, or any combination of any of the foregoing, would constitute an Event of Default. 
  

 7 

 “Defaulting Bank” means, at any time, a Bank as to which the Administrative
Agent has notified the Borrower that (i) such Bank has failed for three or more Business Days to comply with its obligations under this Agreement to make a Loan (each a “funding obligation”), (ii) such Bank has notified
the Administrative Agent or has stated publicly, that it will not comply with any such funding obligation hereunder, or has defaulted on its funding obligations under any other loan agreement or credit agreement or similar agreement, (iii) such
Bank has, for three or more Business Days, failed to confirm in writing to the Administrative Agent, in response to a written request of the Administrative Agent, that it will comply with its funding obligations hereunder, or (iv) a Bank
Insolvency Event has occurred and is continuing with respect to such Bank. Any determination that a Bank is a Defaulting Bank under clauses (i) through (iv) above will be made by the Administrative Agent in its sole discretion acting in
good faith. The Administrative Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this definition. 
 “Deficiency Amount” as defined in Section 2.2(g). 
 “Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

 “Depositary Bank” means Citibank, N.A. 
 “Determination Date” means, with respect to any Letter of Credit, (i) the most recent date upon which one of the
following shall have occurred: (x) the date of issuance of such Letter of Credit, (y) the date on which the Issuing Bank was or is, as applicable, required to deliver a notice of non-renewal with respect to such Letter of Credit, and
(z) the first Business Day of each month, commencing on the first Business Day following the issuance of such Letter of Credit; and (ii) such other date determined by the Administrative Agent in its sole discretion. 
 “DIP Budget” means the 13-week forecast of receipts and disbursements of the Borrower and the Guarantors attached
hereto as Exhibit H. 
 “Distributions” means, collectively, with respect to each Credit Party, all
dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision,
reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes.

 “Dollar Equivalent” means (i) with respect to all matters other than the Letters of Credit,
(x) with respect to any amount denominated in Dollars, such amount and (y) with respect to any amount denominated in an Alternative Currency, the amount converted into Dollars using the 12:00 p.m. New York CitiFx Benchmark rate for
such Alternative Currency on such day or, if such day is not a Business Day, on the immediately preceding Business Day and (ii) with respect to the Letters of Credit issued (x) in Dollars, such amount on any Determination Date and
(y) in an Alternative Currency, the amount converted into Dollars using the 12:00 p.m. New York CitiFx Benchmark rate for such Alternative Currency on such Determination Date or, if such day is not a Business Day, on the immediately
preceding Business Day. 
  

 8 

 “Dollars” and the sign “$” mean the lawful money of the
United States of America. 
 “Eligible Assignee” means (i) any Bank, any Affiliate of any Bank and any
Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), and (ii) any commercial bank, financial institution, trust fund, insurance company, investment or mutual fund or other entity that
is an “accredited investor” (as defined in Regulation D under the Securities Act) and which extends credit or buys loans as one of its businesses or in the ordinary course or other entity which is regularly engaged in or established
for the purpose of making, purchasing or investing in loans, securities or other financial assets; provided, neither the Borrower nor any Affiliate of the Borrower or Apax Partners shall be an Eligible Assignee. 
 “Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or,
within the preceding six years, was sponsored, maintained or contributed to by, or required to be contributed by, the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates. 
 “Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand,
abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in
connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment. 

“Environmental Laws” means any and all current or future foreign or domestic, federal, provincial or state (or any
subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental Authorities relating to (i) environmental matters, including those relating to
any Hazardous Materials Activity; (ii) the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal
health or welfare, in any manner applicable to the Borrower or any of its Subsidiaries or any Facility. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto. 
 “ERISA Affiliate” means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the
Internal Revenue Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal
Revenue Code of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in

  

 9 

 
clause (i) above or any trade or business described in clause (ii) above is a member. Any former ERISA Affiliate of the Borrower or any of its Subsidiaries shall continue to be
considered an ERISA Affiliate of the Borrower or any such Subsidiary within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of the Borrower or such Subsidiary and with respect to liabilities arising after
such period for which the Borrower or such Subsidiary could be liable under the Internal Revenue Code or ERISA. 
 “ERISA Event” means (i) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision
for 30 day notice to the PBGC has been waived by regulation under subsections .21, .22, .23, .27, .28, .29, .31 and .32); (ii) the failure to meet the minimum funding standard of or other requirements of Section 412, 430
or 436 of the Internal Revenue Code with respect to any Pension Plan whether or not waived, the failure to meet the funding standards or other requirements of Section 431 or 432 of the Internal Revenue Code with respect to any
Multiemployer Plan or the failure to make by its due date any required installment, contribution or premium payment to or in respect of any Pension Plan or Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan
pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by the Borrower, any of its Subsidiaries or any of their
respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to the Borrower, any of its Subsidiaries or any of their respective Affiliates pursuant to
Section 4063 or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which could reasonably be expected to constitute grounds under ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan; (vi) the imposition of liability on the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069
of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the withdrawal of the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of
Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor, or the receipt by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer
Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that is in endangered, seriously endangered or critical status pursuant to Section 432 of the Internal Revenue Code or that it intends to
terminate or has terminated under Section 4041A or 4042 of ERISA; or (viii) the imposition of a Lien pursuant to Section 401(a)(29) or 412(n) of the Internal Revenue Code or pursuant to ERISA with respect to any Pension
Plan; provided that, notwithstanding the foregoing, the filing and continuation of the Cases shall not constitute an ERISA Event. 
 “Event of Default” means each of the conditions or events set forth in Section 8.1. 
 “Excess Amount” as defined in Section 2.2(g). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute. 
 “Excluded Taxes” as defined in Section 2.16(a). 
  

 10 

 “Existing Letters of Credit” as defined in Section 2.2(b). 

“Exit Agents” means the administrative agent and the collateral agent under the Exit Credit Agreement. 
 “Exit Borrowers” mean the borrowers under the Exit Credit Agreement. 
 “Exit Credit Agreement” means the Credit and Guaranty Agreement for the Exit Facility of reorganized Xerium Technologies,
Inc. and the other Exit Borrowers, substantially in the form of Exhibit E, with such amendments, modifications, supplements and changes permitted or agreed to pursuant to the terms thereof. 
 “Exit Credit Documents” means the Credit Documents as defined in the Exit Credit Agreement. 
 “Exit Facility” means the revolving and term loan facilities under the Exit Credit Agreement. 
 “Exit Guarantors” mean the guarantors under the Exit Credit Agreement. 
 “Facility” means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter
or heretofore owned, leased, operated or used by the Borrower or any of its Subsidiaries or any of their respective predecessors or Affiliates. 
 “Facility Office” means the office or offices notified by a Bank or the Issuing Bank to the Administrative Agent in writing on or before the date it becomes a Bank or the Issuing Bank
(or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 
 “Fair Share” as defined in Section 7.2. 
 “Fair Share Contribution Amount” as defined in Section 7.2. 
 “Federal Funds Effective Rate” means, for any day, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (i) if such day is not a
Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (ii) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate quoted to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 
 “Fee Letters” means collectively, any fee letter between the Borrower or any Credit Party on the one hand and any of the
Agents or the Lead Arranger on the other hand. 
 “Final Order” as defined in Section 5.13. 
  

 11 

 “Financial Officer Certification” means, with respect to the financial
statements for which such certification is required, the certification of the chief financial officer of the Borrower that such financial statements fairly present, in all material respects, the financial condition of the Borrower and its
Subsidiaries as of the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year end adjustments. 
 “First Day Orders” means all orders entered by the Bankruptcy Court on, or within five days of, the Petition Date, granting
motions or applications filed by the Debtors on or about the Petition Date. 
 “First Priority” means, with
respect to any Lien purported to be created in any Collateral pursuant to this Agreement, any Collateral Document, the Interim Order or the Final Order (as applicable), that such Lien is the only Lien to which such Collateral is subject, other than
Permitted Liens which are junior in priority to the Collateral Agent’s Lien on such Collateral. 
 “Fiscal
Quarter” means a fiscal quarter of any Fiscal Year. 
 “Fiscal Year” means the fiscal year of the
Borrower and its Subsidiaries ending on December 31 of each calendar year. 
 “Flood Hazard Property”
means any Real Estate Asset owned by the Borrower or any Guarantor and located in an area designated by the Federal Emergency Management Agency or other Governmental Authority as having special flood or mud slide hazards. 
 “Foreign Subsidiary” means a Subsidiary organized under the laws of any jurisdiction other than the United States of
America, any State thereof or the District of Columbia. 
 “Funding Guarantor” as defined in Section 7.2.

 “Funding Notice” means a notice substantially in the form of Exhibit F. 
 “FX Currency Losses” means any losses incurred by the Issuing Bank as a result of purchasing currencies other than Dollars
or exchanging Dollars into another currency in connection with any drawing under any Letter of Credit. 
 “GAAP” means, subject to the limitations on the application thereof set forth in Section 1.2, for the Borrower and its Subsidiaries, United States generally accepted accounting principles in effect as of the date of
determination thereof. 
 “Goodwill” means, collectively, with respect to each Credit Party, the goodwill
connected with such Credit Party’s business, including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Credit Party has any interest,
(ii) all know-how, trade secrets, customer and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential
information and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such
goodwill and (iii) all product lines of such Credit Party’s business. 
  

 12 

 “Governmental Acts” means any act or omission, whether rightful or
wrongful, of any present or future de jure or de facto government or Governmental Authority. 
 “Governmental
Authority” means any federal, provincial, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or any foreign entity or
government. 
 “Governmental Authorization” means any permit, license, authorization, plan, directive, consent
order or consent decree of or from any Governmental Authority. 
 “Guaranteed Obligations” as defined in
Section 7.1. 
 “Guarantor” means each Guarantor listed in Schedule 1.1(a) as a Guarantor,
which shall not include any Foreign Subsidiaries. 
 “Guaranty” means the guaranty of each Guarantor set forth
in Section 7 or any other guaranty which purports to guaranty all or a portion of the Obligations. 
 “Hazardous
Materials” means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority or which may or could pose a hazard to the health and safety of the owners, occupants or any Persons
in the vicinity of any Facility or to the indoor or outdoor environment. 
 “Hazardous Materials Activity”
means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge,
placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the
foregoing. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under
(i) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements entered into in the Borrower’s or any of
its Subsidiaries’ Ordinary Course and not for speculative purposes and (ii) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices in the
Borrower’s or any of its Subsidiaries’ Ordinary Course and not for speculative purposes. 
 “Highest Lawful
Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Bank which are presently in effect or, to the extent allowed by law,
under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws now allow. 
  

 13 

 “Historical Financial Statements” means as of the Closing Date,
(i) the audited financial statements of the Borrower and its Subsidiaries, for the immediately preceding three Fiscal Years, consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and cash
flows for such Fiscal Years, and (ii) the unaudited financial statements of the Borrower and its Subsidiaries as at the most recently ended Fiscal Quarter, consisting of a balance sheet and the related consolidated statements of income,
stockholders’ equity and cash flows for the three, six or nine month period, as applicable, ending on such date, and, in the case of clauses (i) and (ii), certified by the chief financial officer of the Borrower that they fairly present,
in all material respects, the financial condition of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal
year end adjustments. 
 “Increased Cost Banks” as defined in Section 2.21. 
 “Indebtedness” means, with respect to any Person, the principal and premium (if any) of any indebtedness of such Person,
whether or not contingent: (i) in respect of borrowed money, (ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect
thereof), (iii) representing the deferred and unpaid purchase price of any property, other than trade payables incurred in the Ordinary Course, (iv) in respect of Capitalized Lease Obligations, (v) the direct or indirect guaranty,
endorsement (other than for collection or deposit in the Ordinary Course), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another, (vi) any obligation of such Person the primary purpose or intent
of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against
loss in respect thereof or (vii) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding
the footnotes thereto) of such Person prepared in accordance with GAAP. To the extent not otherwise included, Indebtedness shall include (a) any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the
Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the Ordinary Course), and (b) Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such
Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of (A) the fair market value of such asset at such date of determination and (B) the amount of such
Indebtedness of such other Person. Notwithstanding the foregoing, any obligation of such Person or any of its Subsidiaries in respect of (x) minimum guaranteed commissions, or other similar payments, to clients, minimum returns to clients or
stop loss limits in favor of clients or indemnification obligations to clients, in each case pursuant to contracts to provide services to clients entered into in the Ordinary Course, and (y) account credits to participants under any
compensation plan, shall be deemed not to constitute Indebtedness. 
  

 14 

 “Indemnified Liabilities” means, collectively, any and all liabilities,
obligations, losses, damages (including natural resource damages), penalties, claims (including Environmental Claims), costs (including the costs of any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other
response action necessary to remove, remediate, clean up or abate any Hazardous Materials Activity), expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Indemnitees in
connection with any investigative, administrative or judicial proceeding commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any fees or expenses incurred by
Indemnitees in enforcing this indemnity), whether direct, indirect or consequential and whether based on any federal, provincial, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules
or regulations and Environmental Laws and including any fees or expenses resulting from changes in laws in effect on the date of this Agreement), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or
asserted against any such Indemnitee, in any manner relating to or arising out of (i) this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby (including the Banks’ agreement to make Credit Extensions
or the use or intended use of the proceeds thereof, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty)); or (ii) any
Environmental Claim or any Hazardous Materials Activity relating to or arising from, directly or indirectly, any past or present activity, operation, land ownership, or practice of the Borrower or any of its Subsidiaries. 
 “Indemnified Taxes” as defined in Section 2.17(a). 
 “Indemnitee” as defined in Section 10.4. 
 “Information” as defined in Section 10.18. 
 “Initial Term Loan LC Deposit Amount” as defined in Section 2.1(c). 
 “Intellectual Property Collateral” means, collectively, the Patents, Trademarks, Copyrights, Intellectual Property Licenses
and Goodwill. 
 “Intellectual Property Licenses” means collectively, with respect to each Credit Party, all
license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Credit Party is a licensor or licensee, distributor or
distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due
and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and
(iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 
  

 15 

 “Intercompany Notes” means, with respect to each Credit Party, all
intercompany notes described in Schedule 2.23(e) and intercompany notes hereafter acquired by such Credit Party and all certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments,
restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof. 
 “Intercreditor Agreement” means the Intercreditor Agreement relating to the Exit Facility, substantially in the form of Exhibit K, with such amendments, modifications,
supplements and changes permitted or agreed pursuant to the terms thereof. 
 “Interest Payment Date” means
(i) with respect to any LIBOR Loan, the last day of each Interest Period applicable to such LIBOR Loan, and (ii) with respect to any ABR Loan, the first Business Day of each calendar month, commencing on the first such day following the
making of such ABR Loan. 
 “Interest Period” means, in connection with a LIBOR Loan, a period of one month,
with the first such interest period to begin on the Closing Date and with any subsequent interest periods to begin on the last day of the prior one month interest period theretofore in effect, (i) initially, commencing on the Credit Date
thereof or Conversion/Continuation Date thereof; and (ii) thereafter, commencing on the day on which the immediately preceding Interest Period expires; provided, (a) if an Interest Period would otherwise expire on a day that is not
a Business Day, such Interest Period shall expire on the next succeeding Business Day unless no further Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (b) any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (c) of this definition,
end on the last Business Day of a calendar month; and (c) no Interest Period with respect to any portion of Loans shall extend beyond the Termination Date. 
 “Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement
or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with the Borrower’s and its Subsidiaries’ operations and not for speculative purposes. 
 “Interest Rate Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to
the first day of such Interest Period. 
 “Interim Order” as defined in Section 3.1(t). 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended to the date hereof and from time to time
hereafter, and any successor statute. 
 “Investment” means (i) any direct or indirect purchase or other
acquisition by the Borrower or any of its Subsidiaries of, or of a beneficial interest in, any of the Securities of any other Person (other than the Borrower or a Guarantor); (ii) any direct or indirect redemption, retirement, purchase or other
acquisition for value, by any Subsidiary of the Borrower from any Person (other than the Borrower or a Guarantor), of any Capital Stock of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for moving,
entertainment and travel expenses, drawing accounts and similar expenditures in the Ordinary Course) or

  

 16 

 
capital contribution by the Borrower or any of its Subsidiaries to any other Person (other than the Borrower or a Guarantor), including all indebtedness and accounts receivable from that other
Person that are not current assets or did not arise from sales to that other Person in the Ordinary Course. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments
for increases or decreases in value, or write ups, write downs or write offs with respect to such Investment. 
 “Issuance Notice” means an Issuance Notice in the form of Exhibit I. 
 “Issuing
Bank” means Citicorp North America, Inc., together with its permitted successors and assigns in such capacity. 
 “Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form; provided, in no event shall any corporate Subsidiary of any Person be considered
to be a Joint Venture to which such Person is a party. 
 “Lead Arranger” as defined in the preamble hereto.

 “Letter of Credit” means the Existing Letters of Credit and a commercial or standby letter of credit issued
or to be issued by the Issuing Bank pursuant to this Agreement and in form and substance acceptable to the Issuing Bank and the Administrative Agent. 
 “Letter of Credit Sublimit” means $20,000,000. 
 “LIBOR” means, in relation to any LIBOR Loan, the greater of: 
 (i)(a) the applicable Screen Rate; or
(b) (if no Screen Rate is available for the currency or Interest Period of that LIBOR Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Administrative Agent at its request quoted by the Reference
Banks to leading banks in the London interbank market, as of approximately 11:00 a.m. (London time) on the Interest Rate Determination Date for the offering of deposits in the currency of that LIBOR Loan and for a period comparable to the
Interest Period for that LIBOR Loan; and 
 (ii) 2.00%. 
 “LIBOR Loan” means a Loan or any portion thereof bearing interest by reference to the LIBOR Rate. 
 “LIBOR Rate” means the rate of interest for each Interest Period that is equal to the interest rate per annum which is the
aggregate of the applicable LIBOR determined interest rate. 
 “Lien” means (i) any lien, mortgage,
pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or
other preferential arrangement having the practical effect of any of the foregoing and (ii) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities. 
  

 17 

 “Loan” means a Term Loan and a Revolving Loan. 
 “Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from
time to time. 
 “Material Adverse Effect” means any effect, event, matter or circumstance: (a) which is
materially adverse to the: (i) business, assets or financial condition or prospects of the Borrower and its Subsidiaries taken as a whole; or (ii) ability of any Credit Party to perform any of its Obligations in accordance with their terms
under any of the Credit Documents; or (b) which results in any (i) Credit Document not being legal, valid and binding on and, subject to reservations contained in the legal opinions provided as conditions precedent thereto, enforceable
against any party thereto from and after the date the Interim Order is entered by the Bankruptcy Court and/or (ii) this Agreement or any other Collateral Document not being a valid and effective security interest from and after the date the
Interim Order is entered by the Bankruptcy Court, and in the case of (b), in each case in a manner or to an extent materially prejudicial to the interest of any Bank under the Credit Documents. 
 “Material Contract” means any contract or other arrangement to which the Borrower or any of its Subsidiaries is a party
(other than the Credit Documents) for which breach, non-performance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect. 
 “Monthly DIP Budget Cash Flow Update” as defined in Section 5.1(p)(ii). 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means any Employee Benefit Plan which is a “multiemployer plan” as defined in Section 3(37) or 4001(a)(3) of ERISA. 
 “NAIC” means The National Association of Insurance Commissioners, and any successor thereto. 
 “Net Asset Sale Proceeds” means, with respect to any Asset Sale, an amount equal to: (i) Cash payments (including any
Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by the Borrower or any of its Subsidiaries from such Asset Sale, minus (ii) any bona fide
direct costs (including, without limitation, reasonable transaction costs) incurred in connection with such Asset Sale, including (a) income or gains taxes payable by the seller as a result of any gain recognized in connection with such Asset
Sale, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under
the terms thereof as a result of such Asset Sale and (c) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such
Asset Sale undertaken by the Borrower or any of its Subsidiaries in connection with such Asset Sale. 
  

 18 

 “Net Insurance/Condemnation Proceeds” means an amount equal to:
(i) any Cash payments or proceeds received by the Borrower or any of its Subsidiaries (a) under any casualty insurance policy in respect of a covered loss thereunder (excluding proceeds of business interruption insurance) or (b) as a
result of the taking of any assets of the Borrower or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of
such a taking, minus (ii) (a) any actual and reasonable costs incurred by the Borrower or any of its Subsidiaries in connection with the adjustment or settlement of any claims of the Borrower or such Subsidiary in respect thereof,
and (b) any bona fide direct costs incurred in connection with any sale of such assets as referred to in clause (i)(b) of this definition, including income taxes payable as a result of any gain recognized in connection therewith.

 “Non-Consenting Bank” as defined in Section 2.21. 
 “Non-Credit Party Cash Equivalents” means (i) Dollars or any foreign currency freely exchangeable into Dollars and, in
the case of any Foreign Subsidiary, such local currencies held by it from time to time in the Ordinary Course, (ii) securities issued or directly and fully guaranteed or insured by the US government or any agency or instrumentality thereof,
(iii) certificates of deposit, time deposits and Eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each
case with any commercial bank having capital and surplus in excess of $1 billion and whose long-term debt is rated at least “A” or the equivalent thereof by Moody’s or S&P, (iv) repurchase obligations for underlying
securities of the types described in clauses (ii) and (iii) above entered into with any financial institution meeting the qualifications specified in the immediately preceding clause, (v) commercial paper issued by a corporation
(other than an Affiliate of Xerium) rated at least “A-2” or the equivalent thereof by Moody’s or S&P and in each case maturing within one year after the date of acquisition, (vi) investment funds investing substantially all
of their assets in securities of the types described in clauses (i) through (v) above, (vii) readily marketable direct obligations issued by any state of the United States or any political subdivision thereof having one of the two
highest rating categories obtainable from either Moody’s or S&P and (viii) instruments equivalent to those referred to above denominated in Euros or any other foreign currency that are comparable in credit quality and tenor to those
referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States. 
 “Non-Defaulting Bank” means, at any time, a Bank that is not a Defaulting Bank or a Potential Defaulting Bank. 
 “Notice” means a Funding Notice, Issuance Notice, a Conversion/Continuation Notice or a Withdrawal Request. 
 “Obligations” means all obligations of every nature of a Credit Party, from time to time owed to the Agents (including former Agents), the Banks, or any of them, and any Issuing Bank
under any Credit Document, whether for principal, interest, reimbursement of amounts drawn under Letters of Credit, fees, expenses, indemnification or otherwise. 
 “Obligee Guarantor” as defined in Section 7.6. 
  

 19 

 “Officers’ Certificate” means a certificate signed on behalf of the
Borrower by two officers of the Borrower, one of whom must the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Borrower. 
 “Ordinary Course” means ordinary course of business or ordinary trade activities that are customary, typical and
carried out in a manner consistent with past practice. 
 “Organizational Documents” means (i) with
respect to any corporation, its certificate or articles of incorporation or organization, as amended, and its bylaws, as amended, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, and its
partnership agreement, as amended, (iii) with respect to any general partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its articles of organization, as amended, and its operating
agreement, as amended. In the event any term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such
“Organizational Document” shall only be to a document of a type customarily certified by such governmental official. 
 “Parent Company” means, with respect to a Bank, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Bank and/or any Person owning, beneficially or of record, directly or indirectly,
a majority of the shares of such Bank. 
 “Patents” means, collectively, with respect to each Credit Party, all
patents issued or assigned to, and all patent applications and registrations made by, such Credit Party (whether filed in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and
privileges arising under applicable law with respect to such Credit Party’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future
infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof (including, without limitation, the Patents listed on Schedule 2.23(g)).

 “Patriot Act” as defined in Section 10.21. 
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 
 “Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of
the Internal Revenue Code or Section 302 of ERISA which is or, within the preceding six years, was sponsored, maintained or contributed to by, or required to be contributed by, the Borrower, any of its Subsidiaries or any of its ERISA
Affiliates. 
 “Permitted Liens” means each of the Liens permitted pursuant to Section 6.2. 
 “Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability
companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental
Authorities. 
  

 20 

 “Petition Date” as defined in the preamble hereto. 
 “Plan of Reorganization” means a plan of reorganization in the Cases. 
 “Platform” as defined in Section 5.1(o)(ii). 
 “Pledged Securities” means collectively, with respect to each Credit Party, (i) all issued and outstanding Capital
Stock of each issuer set forth on Schedule 2.23(e) as being owned by such Credit Party and all options, warrants, rights, agreements and additional Capital Stock of whatever class of any such issuer acquired by such Credit Party
(including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Capital Stock in each such issuer or under any Organizational Document of each such issuer, and the certificates, instruments
and agreements representing such Capital Stock and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Capital Stock, (ii) all Capital Stock of any Subsidiary, which Capital
Stock is hereafter acquired by such Credit Party (including by issuance) and all options, warrants, rights, agreements and additional Capital Stock of whatever class of any such Subsidiary acquired by such Credit Party (including by issuance),
together with all rights, privileges, authority and powers of such Credit Party relating to such Capital Stock or under any Organizational Document of any such Subsidiary, and the certificates, instruments and agreements representing such Capital
Stock and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Capital Stock, from time to time acquired by such Credit Party in any manner, and (iii) all Capital Stock of any
successor Subsidiary owned by such Credit Party (unless such successor is such Credit Party itself) formed by or resulting from any consolidation or merger in which a Credit Party is not the surviving entity; provided that the foregoing shall be
limited to no more than 65% of any outstanding Capital Stock of any first tier Foreign Subsidiary (as determined for U.S. federal income tax purposes). 
 “Potential Defaulting Bank” means, at any time, a Bank (i) as to which the Administrative Agent has notified the Borrower that an event of the kind referred to in the definition of
“Bank Insolvency Event” has occurred and is continuing in respect of any financial institution affiliate of such Bank, (ii) as to which the Administrative Agent or the Issuing Bank has in good faith determined and notified the
Borrower and the Administrative Agent that such Bank or its Parent Company or a financial institution affiliate thereof has notified the Administrative Agent, or has stated publicly, that it will not comply with its funding obligations under any
other loan agreement or credit agreement or similar agreement or (iii) that has, or whose Parent Company has, a non-investment grade rating from Moody’s or S&P or another national recognized rating agency. Any determination that a Bank
is a Potential Defaulting Bank under any of clauses (i) through (iii) above will be made by the Administrative Agent, in its sole discretion acting in good faith. The Administrative Agent will promptly send to all parties hereto a copy of
any notice to the Borrower provided for in this definition. 
 “Prepackaged Plan of Reorganization” means the
Debtors’ Joint Prepackaged Plan of Reorganization filed by the Debtors with the Bankruptcy Court on March 30, 2010 (in the form of Exhibit G), as amended, restated, supplemented or otherwise modified prior to the Closing Date.

  

 21 

 “Pre-Petition Credit Agreement” means the Amended and Restated Credit
Agreement dated as of May 30, 2008 among the Borrower and certain Subsidiaries thereof, as Borrowers, certain Subsidiaries of the Borrower, as Guarantors, various banks party thereto, and Citicorp North America, Inc., as collateral agent and as
administrative agent, as amended, supplemented or otherwise modified from time to time. 
 “Pre-Petition
Lenders” means the financial institutions party to the Pre-Petition Credit Agreement as “Banks.” 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be
effective on the date such change is publicly announced as effective. 
 “Principal Office” means, for each of
the Administrative Agent and the Issuing Bank, such Person’s “Principal Office” as set forth on Appendix A, or such other office as such Person may from time to time designate in writing to the Borrower, the Administrative Agent
and each Bank. 
 “Projected Information” as defined in Section 5.1(p). 
 “Pro Rata Share” means (i) with respect to all payments, computations and other matters relating to the Term Loan
Commitment or Term Loan of any Bank, the percentage obtained by dividing (a) the Term Loan Exposure of such Bank by (b) the aggregate Term Loan Exposures of all Banks; and (ii) with respect to all payments, computations and other
matters relating to the Revolving Commitment or Revolving Loans of any Bank, the percentage obtained by dividing (a) the Revolving Exposure of that Bank by (b) the aggregate Revolving Exposure of all Banks. For all other purposes with
respect to each Bank, “Pro Rata Share” means the percentage obtained by dividing (A) an amount equal to the sum of the Term Loan Exposure and the Revolving Exposure of that Bank by (B) an amount equal to the sum of the
aggregate Term Loan Exposure and the aggregate Revolving Exposure of all Banks. 
 “Qualifying Lender” means:

  

	 	(a)	a Bank which is a bank as defined in Section 991 Income Tax Act 2007 of the United Kingdom, beneficially entitled to all amounts payable to it by a Credit
Party under the Credit Documents and within the charge to United Kingdom corporation tax as respects such amounts; or 

  

	 	(b)	a bank in respect of which an order under Section 991(2)(e) Income Tax Act 2007 designating it as a bank for the purposes of Section 879 Income Tax
Act 2007 of the United Kingdom provides that Section 879 Income Tax Act 2007 shall apply to it as if the words from “if” to the end in that section were omitted; or 

  

 22 

	 	(c)	a Treaty Lender. 

 “Real
Estate Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property. 
 “Reference Banks” means, in relation to LIBOR, the principal London offices of Citibank, N.A. and such two other banks as may be appointed by the Administrative Agent in consultation with
the Borrower. 
 “Register” as defined in Section 2.5(b). 
 “Reimbursement Date” as defined in Section 2.2(e). 
 “Related Fund” means, with respect to any Bank that is an investment fund, any other investment fund that invests in
commercial loans and that is managed or advised by the same investment advisor as such Bank or by an Affiliate of such investment advisor. 
 “Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous
Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil,
surface water or groundwater. 
 “Replacement Bank” as defined in Section 2.21. 
 “Requisite Banks” means, collectively (i) one or more Term Loan Banks having or holding Term Loan Exposure and
representing more than 50.0% of the sum of the aggregate Term Loan Exposure of all Term Loan Banks and (ii) one or more Revolving Banks having or holding Revolving Exposure and representing more than 50.0% of the sum of the aggregate
Revolving Exposure of all Revolving Banks. 
 “Restricted Junior Payment” means (i) any dividend or other
distribution, direct or indirect, on account of any shares of any class of stock of the Borrower now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (ii) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of the Borrower now or hereafter outstanding, except any payment made solely in shares of that class of
stock to the holders of that class; (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of the Borrower now or hereafter outstanding; and
(iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in substance or legal defeasance), sinking fund or similar payment with respect to, any subordinated
debt, excluding, in respect of this clause (iv), payments in kind. 
 “Revolving Bank” means, at any time,
any Bank that has a Revolving Commitment at such time. 
  

 23 

 “Revolving Commitment” means the commitment of a Bank to make or otherwise
fund any Revolving Loan and “Revolving Commitments” means such commitments of all Banks in the aggregate. The amount of each Bank’s Revolving Commitment is set forth on Appendix B or in the applicable Assignment Agreement,
subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Revolving Commitments as of the Closing Date is $20,000,000. 
 “Revolving Commitment Period” means the period from the Closing Date to but excluding the Termination Date. 
 “Revolving Exposure” means, with respect to any Bank as of any date of determination, (i) prior to the termination of
the Revolving Commitments, that Bank’s Revolving Commitment; and (ii) after the termination of the Revolving Commitments, the sum of the aggregate outstanding principal amount of the Revolving Loans of that Bank. 
 “Revolving Loan” as defined in Section 2.1(a)(ii). 
 “S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill Companies. 
 “Scheduled Maturity Date” means July 30, 2010. 
 “Screen Rate” means in relation to LIBOR, the offered rate for deposits in Dollars for the applicable Interest Period
appearing on the Reuters Screen LIBOR 01 Page. If such page is replaced or service ceases to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower and the
Banks. 
 “Secured Parties” mean the Beneficiaries. 
 “Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or
participation in any profit sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known
as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.

 “Securities Collateral” means, collectively, the Pledged Securities and the Distributions. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint
venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons
(whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of

  

 24 

 
that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a
“qualifying share” of the former Person shall be deemed to be outstanding. 
 “Superpriority Claim”
means a claim against a Credit Party in any of the Cases that is a superpriority administrative expense claim having priority over any or all administrative expenses and other claims of the kind specified in, or otherwise arising or ordered under,
any sections of the Bankruptcy Code (including, without limitation, sections 105, 326, 328, 330, 331, 503(b), 507(a), 507(b), 546(c) and/or 726 thereof), whether or not such claim or expenses may become secured by a judgment Lien or other
non-consensual Lien, levy or attachment. 
 “Tax” means any present or future tax, levy, impost, duty,
assessment, charge, fee, deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed, whether disputed or not, including any interest, penalties or additions
thereto and any installments in respect thereof; provided, “Tax on the overall net income” of a Person shall be construed as a reference to a Tax imposed by the jurisdiction in which that Person is organized or in which that
Person’s applicable principal office (and/or, in the case of a Bank, its lending office) is located or in which that Person (and/or, in the case of a Bank, its lending office) is deemed to be doing business on all or part of the net income,
profits, or gains (whether worldwide, or only insofar as such income, profits, or gains are considered to arise in or to relate to a particular jurisdiction, or otherwise) of that Person (and/or, in the case of a Bank, its applicable lending
office). 
 “Tax Confirmation” means a confirmation by a Bank that it is a 991Bank. 
 “Tax Credit” means a credit against, relief or remission for or repayment of any Tax. 
 “Term LC Deposit Date” as defined in Section 2.2(g) 
 “Term LC Unreimbursed Amount” as defined in Section 2.2(e) 
 “Term Loan” as defined in Section 2.1(a)(i). 
 “Term Loan Bank” means, at any time, any Bank that has a Term Loan Commitment or holds a Term Loan at such time.

 “Term Loan Commitment” means the commitment of a Bank to make or otherwise fund a Term Loan and
“Term Loan Commitments” means such commitments of all Banks in the aggregate. The amount of each Bank’s Term Loan Commitment is set forth on Appendix C or in the applicable Assignment Agreement. The aggregate amount
of Term Loan Commitments as of the Closing Date is $60,000,000. 
 “Term Loan Deposit Account” as defined in
Section 2.1(c). 
 “Term Loan Deposit Account Control Agreement” means the Account Control Agreement (Term
Loan Deposit Account), dated as of the Closing Date, among the Borrower, the Collateral Agent, the Administrative Agent and Citibank, N.A., as amended, supplemented or otherwise modified from time to time. 
  

 25 

 “Term Loan Exposure” means, with respect to any Bank, as of any date of
determination, the outstanding principal amount of Term Loans of such Bank; provided, at any time prior to the making of the Term Loans, the Term Loan Exposure of any Bank shall be equal to such Bank’s Term Loan Commitment. 

“Term Loan LC Collateral Account” as defined in Section 2.2(j) and shall include any sub-accounts or additional
accounts contemplated by Section 2.2(j)(iii). 
 “Term Loan LC Collateral Account Control Agreement” means
the Account Control Agreement (Term Loan LC Collateral Account), dated as of the Closing Date, among the Borrower, the Collateral Agent, the Administrative Agent and Citibank, N.A., as amended, supplemented or otherwise modified from time to time.

 “Terminated Bank” as defined in Section 2.21. 
 “Termination Date” means the earliest to occur of (i) the Scheduled Maturity Date, (ii) the date the Revolving
Commitments are permanently reduced to zero pursuant to Section 2.10(b) or 2.11, (iii) the date of the termination of the Revolving Commitments pursuant to Section 8.1 or the date the Loans become due and payable pursuant to
Section 8.1, (iv) 35 days following the entry of the Interim Order, if the Final Order has not been entered on or before such date, (v) the closing date of any sale of the Credit Parties or all or substantially all of the assets
of the Credit Parties pursuant to section 363 of the Bankruptcy Code in the Cases that has been approved by an order of the Bankruptcy Court, and (vi) the Consummation Date. 
 “Trademarks” means, collectively, with respect to each Credit Party, all trademarks (including service marks), slogans,
logos, certification marks, trade dress, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Credit Party and all registrations and applications for the foregoing (whether statutory or common law and
whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Credit Party’s use of
any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including
damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present and future infringements thereof (including, without limitation,
the Trademarks listed on Schedule 2.23(g)). 
 “Treaty Lender” means a Bank which at the time the
payment is made is beneficially entitled to all amounts payable to it under the Credit Documents and is entitled pursuant to the interpretation of the taxation authorities of the jurisdiction from which the payment is made or deemed to be made under
a double taxation agreement in force at that date (subject only to the completion of any necessary formalities or administrative procedures, (including, without limitation, the matters referred to in Section 2.17(e)) to receive any payments of
principal, interest, fees or other amounts under the Credit Documents without deduction or withholding for or on account of Tax. 
  

 26 

 “Type of Loan” means a LIBOR Loan or an ABR Loan. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, in
the event that by reason of mandatory provisions of law, any of the attachment, perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any Collateral is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than the State of New York, the term “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of the Credit Documents relating to such
attachment, perfection or priority and for purposes of definitions relating to such provisions. 
 “Unpaid Sum”
means any sum due and payable but unpaid by a Credit Party under the Credit Documents. 
 “Weekly Cash Flow
Forecast” as defined in Section 5.1(p)(i). 
 “Withdrawal Request” means a request by the
Borrower of a withdrawal of funds from the Term Loan Deposit Account in the form of Exhibit J. 
 “991
Bank” means a Bank falling within paragraph (a) or (b) of the definition of Qualifying Lender. 
 The
following terms shall have the meanings assigned to them in the UCC: 
 “Account Debtor”;
“Accounts”; “Chattel Paper”; “Commercial Tort Claim”; “Documents”; “Electronic Chattel Paper”; “Equipment”; “Fixtures”;
“General Intangibles”; “Goods”; “Inventory”; “Instruments”; “Investment Property”; “Letter-of-Credit Rights”; “Money”;
“Proceeds”; “Records”; “Supporting Obligations”; and “Tangible Chattel Paper”. 
 1.2 Accounting Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP. Financial
statements and other information required to be delivered by the Borrower to the Banks pursuant to Section 5.1(a), 5.1(b) and 5.1(c) shall be prepared in accordance with GAAP as in effect at the time of such preparation. Notwithstanding
the foregoing, calculations in connection with the definitions, covenants and other provisions hereof shall utilize accounting principles and policies in conformity with those used to prepare the Historical Financial Statements for the Fiscal Year
ended December 31, 2009 only. 
 1.3 Interpretation, etc. Any of the terms defined herein may, unless
the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be,
hereof unless otherwise specifically provided. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the
specific items or matters set forth immediately following such word or to similar items or

  

 27 

 
matters, whether or not limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be
deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. 
 SECTION 2. LOANS AND LETTERS OF CREDIT 
 2.1 Loans. 
 (a) Commitments. 
 (i) Subject to the terms and conditions hereof, each Term Loan Bank severally agrees to make a term loan in Dollars to the Borrower on the Closing Date (a “Term Loan”) in an amount equal
to such Term Loan Bank’s Term Loan Commitment. Any amount borrowed under this Section 2.1(a)(i) and subsequently repaid or prepaid may not be reborrowed. The Term Loan Commitment of each Term Loan Bank shall terminate upon the Term Loan
borrowing on the Closing Date. Subject to Sections 2.10(a), 2.11 and 2.25, all amounts owed hereunder with respect to Term Loans shall be paid in full no later than the Termination Date. 
 (ii) During the Revolving Commitment Period, subject to the terms and conditions hereof, each Revolving Bank severally
agrees to make revolving loans in Dollars to the Borrower (“Revolving Loans”) in an aggregate amount up to but not exceeding such Revolving Bank’s Revolving Commitment; provided, that after giving effect to the making of
any Revolving Loans in no event shall the principal amount of all Revolving Loans exceed the Revolving Commitments then in effect. Subject to Sections 2.10(a) and 2.11, all amounts owed hereunder with respect to Revolving Loans shall be
paid in full no later than the Termination Date. 
 (b) Borrowing Mechanics for Revolving Loans Generally.

 (i) Except pursuant to Sections 2.2(e) and 2.2(g), Revolving Loans shall be in an aggregate minimum
amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. 
 (ii) Whenever the Borrower
desires that Revolving Banks make Revolving Loans, the Borrower shall deliver to the Administrative Agent a fully executed and delivered Funding Notice no later than (A) 9:30 a.m. (New York City time) at least three Business Days in advance of
the proposed Credit Date in the case of a LIBOR Loan or (B) 9:30 a.m. (New York City time) on the proposed Credit Date in the case of an ABR Loan. Except as otherwise provided herein, a Funding Notice for a Loan that is a LIBOR Loan shall be
irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to make a borrowing in accordance therewith. No Funding Notice may be delivered in respect of Terms Loans other than a single Funding Notice
requesting Terms Loans be made on the Closing Date. 
  

 28 

 (iii) Notice of receipt of each Funding Notice in respect of Loans,
together with the amount of each Bank’s Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by the Administrative Agent to each applicable Bank by telefacsimile with reasonable promptness, but (provided
the Administrative Agent shall have received such notice by 9:30 a.m. (New York City time)) not later than 3:00 p.m. (New York City time) on the same day as the Administrative Agent’s receipt of such Funding Notice from the Borrower.

 (iv) Each Bank shall make the amount of its Revolving Loan available to the Administrative Agent not later
than 12:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Administrative Agent’s Principal Office. Except as provided herein, upon satisfaction or waiver of the conditions
precedent specified herein, the Administrative Agent shall make the proceeds of such Loans available to the Borrower on the applicable Credit Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Loans received by
the Administrative Agent from Banks to be credited to the account of the Borrower at the Administrative Agent’s Principal Office or such other account as may be reasonably designated in writing no later than 3 days before to the
Administrative Agent by the Borrower. 
 (c) Term Loan Proceeds and Term Loan Deposit Account. Proceeds
from the Term Loans made on the Closing Date in the amount of $17,994,875.04 shall be deposited into the Term Loan LC Collateral Account (the “Initial Term Loan LC Deposit Amount”) and utilized pursuant to and in accordance with
Section 2.2(j). On or prior to the Closing Date, the Borrower shall establish a Deposit Account maintained with the Depositary Bank (the “Term Loan Deposit Account”). After the portion of the proceeds from the Term Loans equal
to the Initial Term Loan LC Deposit Amount is deposited into the Term Loan LC Collateral Account pursuant to the immediately preceding sentence, the remainder of the proceeds from the Term Loans made on the Closing Date (other than those applied to
pay fees and expenses associated with the transactions contemplated by the Credit Documents) shall be deposited into the Term Loan Deposit Account. Funds on deposit in the Term Loan Deposit Account shall be held in the form of Cash, except as
described below. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower is authorized to direct the Administrative Agent to make (or cause to be made) investments of funds on deposit in the Term Loan Deposit
Account in Cash Equivalents as directed by the Borrower and in accordance with the Term Loan Deposit Account Control Agreement. Upon the occurrence and during the continuation of a Default or an Event of Default, the funds on deposit in the Term
Loan Deposit Account shall be invested in accordance with the Term Loan Deposit Account Control Agreement. Subject to the satisfaction, or waiver in accordance with Section 10.6, of the conditions set forth in Section 3.3, the Borrower
shall

  

 29 

 
have the right to request withdrawals from the Term Loan Deposit Account for use in accordance with clauses (ii) through (v) of Section 2.4. The Borrower hereby grants to the
Collateral Agent, for the benefit of the Secured Parties, a security interest in the Term Loan Deposit Account and all Cash, balances and Cash Equivalents therein and all proceeds of the foregoing, as security for the Borrower’s Obligations.

 2.2 Issuance of Letters of Credit. 
 (a) Issuance of Letters of Credit. Subject to the terms and conditions hereof, the Issuing Bank agrees to issue
Letters of Credit for the account of the Borrower or any of its Subsidiaries in the aggregate amount which, when combined with the Dollar Equivalent of the aggregate face amount of Existing Letters of Credit, does not exceed the Letter of Credit
Sublimit; provided, (i) each Letter of Credit (other than the Existing Letters of Credit) shall be denominated in Dollars or an Alternative Currency; (ii) the stated amount of each Letter of Credit (other than the Existing Letters
of Credit) shall not be less than $500,000 (or the Dollar Equivalent thereof if issued in an Alternative Currency) or such lesser amount as is acceptable to the Issuing Bank; (iii) after giving effect to such issuance, in no event shall the
amount of Cash and Cash Equivalents on deposit in the Term Loan LC Collateral Account be less than 103% of the Dollar Equivalent of the amount available to be drawn under all Letters of Credit (including the Existing Letters of Credit);
(iv) in no event shall any Letter of Credit (other than the Existing Letters of Credit) have an expiration date later than 180 days from the Closing Date; and (v) in no event shall a Letter of Credit be issued if such Letter of
Credit is not in a form acceptable to the Issuing Bank in its reasonable discretion. Subject to the foregoing, the Issuing Bank shall not extend any such Letter of Credit if it has received written notice from the Administrative Agent, acting on
behalf of the Requisite Banks, that an Event of Default has occurred and is continuing. 
 (b) Existing
Letters of Credit. Schedule 2.2(b) contains a schedule of certain letters of credit issued prior to the Closing Date (the “Existing Letters of Credit”) for the account of the Borrower or one of its Subsidiaries by
Citicorp North America, Inc. On the Closing Date, (i) the Existing Letters of Credit, to the extent outstanding, shall be automatically, and without further action by the parties hereto, converted to Letters of Credit issued and outstanding
under this Agreement and subject to the provisions hereof, as if such Existing Letters of Credit had been issued on the Closing Date hereunder, (ii) the issuing bank of the Existing Letters of Credit shall be deemed to be the “Issuing
Bank” hereunder solely for the purpose of maintaining such Existing Letters of Credit, and (iii) all liabilities of the Borrower or any of its Subsidiaries with respect to Existing Letters of Credit shall constitute Obligations. No
Existing Letter of Credit shall be amended, extended or renewed without the prior written consent of the Administrative Agent. 
 (c) Notice of Issuance. Whenever the Borrower desires the issuance of a Letter of Credit, it shall deliver an Issuance Notice to the Administrative Agent no later than 9:30 a.m. (New York City
time) at least three (3) Business Days (in the case of standby letters of credit) or five (5) Business Days (in the case of commercial letters of credit), or in each case such shorter period as may be agreed to by the Issuing Bank in any
particular instance, in advance of the proposed date of

  

 30 

 
issuance. Upon satisfaction or waiver of the conditions set forth in Section 3.2, the Issuing Bank shall issue the requested Letter of Credit only in accordance with the Issuing Bank’s
standard operating procedures. Upon the issuance of any Letter of Credit or any amendment or modification to a Letter of Credit, the Issuing Bank shall promptly notify the Administrative Agent thereof, which notice shall be accompanied by a copy of
such Letter of Credit or amendment or modification to a Letter of Credit. 
 (d) Responsibility of Issuing
Bank With Respect to Requests for Drawings and Payments. In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall be responsible only to examine the documents delivered under such
Letter of Credit with reasonable care so as to ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit. As between the Borrower and the Issuing Bank, the Borrower assumes all risks of
the acts and omissions of, or misuse of, the Letters of Credit issued by the Issuing Bank by the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Issuing Bank shall not be responsible
for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in
any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon
such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical
terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter
of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Issuing Bank, including any Governmental Acts; none of the above shall affect or impair, or prevent the
vesting of, any of the Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken or omitted by the Issuing Bank under or in connection with the Letters of Credit or any documents and
certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of the Issuing Bank to the Borrower. Notwithstanding anything to the contrary contained in this Section 2.2(d), the Borrower
shall retain any and all rights it may have against the Issuing Bank for any liability arising solely out of the gross negligence or willful misconduct of the Issuing Bank. 
 (e) Reimbursement of Amounts Drawn or Paid Under Letters of Credit. In the event the Issuing Bank has determined to
honor a drawing under a Letter of Credit, it shall immediately notify the Borrower and the Administrative Agent, and the Borrower shall reimburse the Issuing Bank in an amount equal to the Dollar Equivalent of such drawing plus any FX Currency
Losses no later than 1:00 p.m. (New York City time) on the date such drawing is honored (the “Reimbursement

  

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Date”), if the Borrower shall have received such notice prior to 11:00 a.m. (New York City time) on such date, or, if such notice has not been received by the Borrower prior to such
time on such date, then not later than 1:00 p.m. (New York City time) on the next Business Day; provided that (subject to the immediately succeeding sentence) unless the Borrower shall reimburse the Issuing Bank by 1:00 p.m. (New York City
time) on the same day on which such drawing is made, the unpaid amount thereof shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin, for each day commencing on the date the drawing is made until the
date that the Borrower pays the Issuing Bank for the Dollar Equivalent of the amount of such drawing plus any FX Currency Losses. If the Borrower does not so reimburse the Issuing Bank at or prior to the time for payment specified above in respect
of such drawing under such Letter of Credit, the Administrative Agent shall promptly cause the amounts on deposit in the Term Loan LC Collateral Account to be applied to repay in full such amounts (such amounts, including any FX Currency Losses and
accrued interest thereon, the “Term LC Unreimbursed Amount”). If amounts on deposit in the Term Loan LC Collateral Account is less than such Term LC Unreimbursed Amount, then the Administrative Agent shall promptly cause the amounts
on deposit in the Term Loan Deposit Account to be applied repay in full such Term LC Unreimbursed Amount. If the application of amounts from the Term Loan Deposit Account in accordance with the immediately preceding sentence does not satisfy such
Term LC Unreimbursed Amount in full then the Borrower shall be deemed to have given a timely Funding Notice to the Administrative Agent requesting Banks to make a Revolving Loan on the Reimbursement Date in the amount sufficient equal to the Term LC
Unreimbursed Amount, less the amounts withdrawn from the Term Loan LC Collateral Account and the Term Loan Deposit Account pursuant to the preceding two sentences, and the Banks shall, on the Reimbursement Date, make Revolving Loans in such amount,
the proceeds of which shall be applied directly by the Administrative Agent to reimburse the Issuing Bank for the Term LC Unreimbursed Amount. The conditions to the making of a Revolving Loan set forth in Section 3.2 and the minimum amount of
Revolving Loans set forth in Section 2.1(b) shall not apply to Revolving Loans made pursuant to this Section 2.2(e), and the Revolving Loans made pursuant to this Section 2.2(e) shall initially be ABR Loans. 
 (f) Investing Funds in Term Loan LC Collateral Account. Funds on deposit in the Term Loan LC Collateral Account shall
be held in the form of Cash. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower is authorized to direct the Administrative Agent to make (or cause to be made) investments of funds on deposit in the Term
Loan LC Collateral Account in Cash Equivalents as directed by the Borrower and in accordance with the Term Loan LC Collateral Account Control Agreement. Upon the occurrence and during the continuation of a Default or an Event of Default, the funds
on deposit in the Term Loan LC Collateral Account shall be invested in accordance with the Term Loan LC Collateral Account Control Agreement. 
  

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 (g) Top-Up and Release of Funds in the Term Loan LC Collateral
Account. If on the last Business Day of any month the aggregate amount of Cash and Cash Equivalents on deposit in the Term Loan LC Collateral Account exceeds 103% of the Dollar Equivalent of the amount available to be drawn under the
Letters of Credit (such excess, the “Excess Amount”), then, upon the written request of the Borrower, no later than the second Business Day after such request the Administrative Agent shall cause an amount of Cash (including cash
proceeds from the liquidation of any Cash Equivalents) equal to the Excess Amount (calculated at the date of withdrawal), to be withdrawn from the Term Loan LC Collateral Account and transferred to the Term Loan Deposit Account. If, however, on any
Determination Date the aggregate amount of Cash and Cash Equivalents on deposit in the Term Loan LC Collateral Account is less than 103% of the Dollar Equivalent of the amount available to be drawn under the Letters of Credit (such shortfall,
the “Deficiency Amount”), then no later than the next Business Day (the “Term LC Deposit Date”) after notice thereof to the Borrower from the Administrative Agent, the Borrower shall deposit Cash or Cash Equivalents
into the Term Loan LC Collateral Account in an amount or with a value equal to the Deficiency Amount. If by 11:00 a.m. (New York City time) on the Term LC Deposit Date the Borrower has failed to make such deposit, then the Administrative Agent
shall promptly cause the amounts on deposit in the Term Loan Deposit Account equal to the Deficiency to be transferred to the Term Loan LC Collateral Account; provided that the conditions to the withdrawals from the Term Loan Deposit Account
set forth in Section 3.3 shall not apply to withdrawals made pursuant to this Section 2.2(g). If the application of amounts from the Term Loan Deposit Account in accordance with the immediately preceding sentence does result in amounts on
deposit in the Term Loan LC Collateral Account to equal or exceed 103% of the Dollar Equivalent of the amount available to be drawn under the Letters of Credit then the Borrower shall be deemed to have given a timely Funding Notice to the
Administrative Agent requesting Banks to make a Revolving Loan on the Term LC Deposit Date in the amount of the Deficiency Amount, less the amounts withdrawn from the Term Loan Deposit Account pursuant to the preceding sentence, and the Banks shall,
on the Term LC Deposit Date, make Revolving Loans in such amount, the proceeds of which shall be deposited by the Administrative Agent into the Term Loan LC Collateral Account. The conditions to the making of a Revolving Loan set forth in
Section 3.2 and the minimum amount of Revolving Loans set forth in Section 2.1(b) shall not apply to Revolving Loans made pursuant to this Section 2.2(g) and the Revolving Loans made pursuant to this Section 2.2(g) shall be ABR
Loans. 
 (h) Obligations Absolute. The obligation of the Borrower to reimburse the Issuing Bank for
drawings honored under the Letters of Credit issued by it under Section 2.2(e) shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms hereof under all circumstances including any of the following
circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, set off, defense or other right which the Borrower or any Bank may have at any time against a beneficiary or any transferee
of any Letter of Credit (or any Persons for whom any such transferee may be acting), the Issuing Bank, any Bank or any other Person or, in the case of a Bank, against the Borrower, whether in connection herewith, the transactions contemplated herein
or any unrelated transaction (including any underlying transaction between the Borrower or one of its Subsidiaries and the beneficiary for which any Letter of Credit was procured); (iii) any draft or other document presented under any 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;

  

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(iv) payment by the Issuing Bank under any Letter of Credit against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit;
(v) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of the Borrower or any of its Subsidiaries; (vi) any breach hereof or any other Credit Document by any party thereto;
(vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; or (viii) the fact that an Event of Default or a Default shall have occurred and be continuing; provided, in each case, that
payment by the Issuing Bank under the applicable Letter of Credit shall not have constituted gross negligence or willful misconduct of the Issuing Bank under the circumstances in question. 
 (i) Indemnification. Without duplication of any obligation of the Borrower under Section 10.2 or 10.4, in
addition to amounts payable as provided herein, the Borrower hereby agrees to protect, indemnify, pay and save harmless the Issuing Bank from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses
(including reasonable fees, expenses and disbursements of counsel and allocated costs of internal counsel) which the Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance and maintenance of any Letter
of Credit by the Issuing Bank, other than as a result of (1) the gross negligence or willful misconduct of the Issuing Bank or (2) the wrongful dishonor by the Issuing Bank of a proper demand for payment made under any Letter of Credit
issued by it, or (ii) the failure of the Issuing Bank to honor a drawing under any such Letter of Credit as a result of any Governmental Act. 
 (j) Term Loan LC Collateral Account. 
 (i) On or prior to
the Closing Date, the Borrower shall establish a Deposit Account maintained with the Depositary Bank (the “Term Loan LC Collateral Account”) for the purpose of Cash Collateralizing the Borrower’s obligations to the Issuing Bank
in respect of the Letters of Credit. Pursuant to Section 2.1(c), on the Closing Date, the Initial Term Loan LC Deposit Amount shall be deposited into the Term Loan LC Collateral Account. 
 (ii) The Borrower hereby grants to the Collateral Agent, for the benefit of the Issuing Bank, a security interest in the
Term Loan LC Collateral Account and all Cash, balances and Cash Equivalents therein and all proceeds of the foregoing, as security for the Borrower’s obligations in respect of the Letters of Credit (and, in addition, grants a security interest
therein, for the benefit of the Secured Parties as collateral security for the Obligations, provided that amounts on deposit in the Term Loan LC Collateral Account shall be applied, first, to repay the Borrower’s obligations to
the Issuing Bank in respect of Letters of Credit and, second, to all other Obligations). Except as expressly provided herein or in any other Credit Document, no Person shall have the right to make any withdrawal from the Term Loan LC
Collateral Account or to exercise any right or power with respect thereto. 
  

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 (iii) If an Event of Default shall have occurred and is continuing or the
conversion of the Loans and the Revolving Commitment into the Exit Facility as described in Section 2.25 shall not have occurred on or before ten (10) Business Days prior to the Scheduled Maturity Date, then the Administrative Agent shall
convert, or cause to be converted, amounts on deposit in the Term Loan LC Collateral Account into Alternative Currencies, to the extent necessary, so that after giving effect to such conversion the amounts on deposit in the Term Loan LC Collateral
Account are in the currency which corresponds to the currency in which the Term Loan Letters of Credit are issued. The Borrower agrees that the Administrative Agent is authorized to establish additional accounts or sub-accounts as necessary to hold
such funds in an Alternative Currency, and the Borrower shall execute all documents necessary to effectuate any transfers to any other accounts or sub-accounts and to create, continue or maintain the security interest and lien perfection in the
applicable accounts or sub-accounts and the Cash and Cash Equivalents held therein, including the entering into any control agreements. All cost and expenses incurred by the Administrative Agent and the Collateral Agent in connection with the
matters set forth in this Section 2.2(j)(iii) shall be borne by the Borrower. 
 2.3 Pro Rata Shares;
Availability of Funds. 
 (a) Pro Rata Shares. All Loans shall be made, by Banks simultaneously and
proportionately to their respective Pro Rata Shares, it being understood that no Bank shall be responsible for any default by any other Bank in such other Bank’s obligation to make a Loan requested hereunder nor shall any Commitment of any Bank
be increased or decreased as a result of a default by any other Bank in such other Bank’s obligation to make a Loan requested hereunder. 
 (b) Availability of Funds. Unless the Administrative Agent shall have been notified by any Bank prior to the applicable Credit Date that such Bank does not intend to make available to the
Administrative Agent the amount of such Bank’s Loan requested on such Credit Date, the Administrative Agent may assume that such Bank has made such amount available to the Administrative Agent on such Credit Date and the Administrative Agent
may, in its sole discretion, but shall not be obligated to, make available to the Borrower a corresponding amount on such Credit Date. If such corresponding amount is not in fact made available to the Administrative Agent by such Bank, the
Administrative Agent shall be entitled to recover such amount on demand from such Bank together with interest thereon, for each day from such Credit Date until the date such amount is paid to the Administrative Agent, at the customary rate set by
the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the LIBOR Rate. If such Bank does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative
Agent shall promptly notify the Borrower and the Borrower shall immediately pay such amount to the Administrative Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to the Administrative
Agent, at the rate payable hereunder for LIBOR Rate Loans. Nothing in this Section 2.3(b) shall be deemed to relieve any Bank from its obligation to fulfill its Commitments hereunder or to prejudice any rights that the Borrower may have against
any Bank as a result of any default by such Bank hereunder. 
  

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 2.4 Use of Proceeds. The proceeds of the Loans shall be applied as
follows, in each case, consistent with the DIP Budget and in compliance with Section 6.8: (i) the proceeds of the Term Loans shall be applied in accordance with Section 2.1(c) and (ii) the proceeds of the Revolving Loans and
funds withdrawn from the Term Loan Deposit Account shall be applied by the Borrower (i) to pay the fees and expenses associated with the transactions contemplated hereby, (ii) to fund working capital and general corporate purposes of the
Borrower and its Subsidiaries during the pendency of the Cases, (iii) to make adequate protection payments approved by the Bankruptcy Court pursuant to the Interim Order or the Final Order (as applicable), (iv) to fund the costs and
expenses incurred in connection with the administration and prosecution of the Cases, and (v) and otherwise in compliance with this Agreement; provided that in no event will the proceeds of Loans be used for the purposes of repurchasing
Loans as permitted under Section 2.10. No portion of the proceeds of any Credit Extension shall be used in any manner that causes or might cause such Credit Extension or the application of such proceeds to violate Regulation T,
Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation thereof or to violate the Exchange Act. 
 2.5 Evidence of Debt; Register; Banks’ Books and Records; Promissory Notes. 
 (a) Banks’ Evidence of Debt. Each Bank may maintain on its internal records an account or accounts evidencing the
Obligations of the Borrower to such Bank, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof. Any such recordation shall be conclusive and binding on the Borrower, absent manifest error;
provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Bank’s Commitments or the Borrower’s Obligations in respect of any Loans; and provided further, in the
event of any inconsistency between the Register and any Bank’s records, the recordations in the Register shall govern. 
 (b) Register. The Administrative Agent may maintain at its Principal Office a register for the recordation of the names and addresses of Banks and the Commitments and Loans of each Bank from time
to time (the “Register”). The Administrative Agent may record in the Register the Commitments and the Loans, and each repayment or prepayment in respect of the principal amount of the Loans, and any such recordation shall be
conclusive and binding on the Borrower and each Bank, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Bank’s Commitments or the Borrower’s Obligations in
respect of any Loan. The Borrower hereby designates the Administrative Agent to serve as the Borrower’s agent solely for purposes of maintaining the Register as provided in this Section 2.5, and the Borrower hereby agrees that, to the
extent the Administrative Agent serves in such capacity, the Administrative Agent and its officers, directors, employees, agents and affiliates shall constitute “Indemnitees.” 
  

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 (c) Notes. If so requested by any Bank by written notice to the
Borrower (with a copy to the Administrative Agent) at least two Business Days prior to the Closing Date, or at any time thereafter, the Borrower shall execute and deliver to such Bank (and/or, if applicable and if so specified in such notice, to any
Person who is an assignee of such Bank pursuant to Section 10.7) on the Closing Date (or, if such notice is delivered after the Closing Date, promptly after the Borrower’s receipt of such notice) a promissory note or promissory notes, in a
form reasonably acceptable to the Administrative Agent and the Borrower, to evidence such Bank’s Term Loans and/or Revolving Loans. 
 2.6 Interest on Loans. 
 (a) Except as otherwise set forth
herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows: 
 (i) if a LIBOR Loan, at the LIBOR Rate plus the Applicable Margin; or 
 (ii) if an ABR Loan, at the Alternate Base Rate plus the Applicable Margin. 
 (b) The basis for determining the rate of interest with respect to any Loan, shall be selected by the Borrower and notified
to the Administrative Agent and Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has
not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then such Loan will automatically convert into an ABR Loan. 
 (c) In connection with LIBOR Loans there shall be no more than three (3) Interest Periods in the aggregate outstanding
at any time. In the event the Borrower fails to specify between an ABR Loan or a LIBOR Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Loan (if outstanding as a LIBOR Loan) will be automatically continued as a LIBOR
Loan with an Interest Period of one month beginning on the last day of the then-current Interest Period for such Loan), or (if outstanding as an ABR Loan) will be automatically continued as an ABR Loan, or (if not then outstanding) will be
automatically made as a LIBOR Loan with an Interest Period of one month. In the event the Borrower fails to specify an Interest Period for any LIBOR Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be
deemed to have selected an Interest Period of one month. As soon as practicable after 11:00 a.m. (London time) on each Interest Rate Determination Date, the Administrative Agent shall determine (which determination shall, absent manifest error,
be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Loans for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by
telephone confirmed in writing) to the Borrower and each Bank. 
  

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 (d) Interest payable pursuant to Section 2.6(a)(i) and any other
interest, commission or fee accruing under a Credit Document (other than interest payable pursuant to Section 2.6(a)(ii)) will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year
of 360 days. Interest payable pursuant to Section 2.6(a)(ii) will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 365 or 366 days, as appropriate, when determined
by reference to clause (a) of the definition of “Alternate Base Rate”, and a year of 360 days at all other times. 
 (e) Except as otherwise set forth herein, interest on each Loan shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Loan; (ii) upon any prepayment of that
Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) at maturity, including final maturity, and on the Termination Date. 
 (f) Interest payable pursuant to Section 2.2(e) shall be computed on the basis of a 365/366 day year for the
actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full by the Borrower, including or
pursuant to Section 2.2(e). 
 2.7 Conversion and Continuation. 
 (a) Subject to Section 2.15 and so long as no Default or Event of Default shall have occurred and then be continuing,
the Borrower shall have the option: 
 (i) to convert at any time all or any part of any Loan equal to
$1,000,000 and integral multiples of $250,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a LIBOR Loan may only be converted on the expiration of the Interest Period applicable to such LIBOR Loan unless the
Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or 
 (ii)
upon the expiration of any Interest Period applicable to any LIBOR Loan, to continue all or any portion of such Loan equal to $1,000,000 and integral multiples of $250,000 in excess of that amount as a LIBOR Loan. 
 (b) The Borrower shall deliver a Conversion/Continuation Notice to the Administrative Agent no later than noon (New York City
time) on the date of the proposed conversion date (in the case of a conversion to an ABR Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a LIBOR
Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any LIBOR Loans (or telephonic notice in lieu thereof) shall be irrevocable and the Borrower shall be bound to effect a conversion or
continuation in accordance therewith. 
  

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 (c) Notwithstanding anything to the contrary in the foregoing, no conversion
in whole or in part to a LIBOR Loan shall be permitted at any time at which (i) a Default or Event of Default shall have occurred and be continuing or (ii) the continuation of, or conversion into, a LIBOR Loan would violate any provision of
Sections 2.15 or 2.16. 
 (d) If a Default or Event of Default shall have occurred and be continuing,
LIBOR Loans shall automatically convert to ABR Loans upon the expiration of the Interest Period applicable thereto. 
 2.8 Default Interest. Notwithstanding anything to the contrary in Section 2.6, upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans outstanding and, to the extent permitted by
applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder shall thereafter bear interest payable upon demand, at a rate that is 2% per annum in excess of the interest rate otherwise payable under this
Agreement with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate which is 2% per annum in excess of the interest rate otherwise payable under this Agreement for ABR Loans). Payment or acceptance of
the increased rates of interest provided for in this Section 2.8 is not a permitted alternative to timely payment and shall not constitute a waiver of any Default or Event of Default or otherwise prejudice or limit any rights or remedies of the
Administrative Agent or any Bank. 
 2.9 Fees. (a) The Borrower agrees to pay to Banks having: 

(i) Revolving Exposure (A) commitment fees equal to (1) the average of the daily Availability, times
(2) the Applicable Revolving Commitment Fee Percentage; and (B) an upfront fee equal to 1.00% times the aggregate amount of the Revolving Commitments; 
 (ii) Term Loan Exposure an upfront fee equal to 0.50% times the aggregate amount of the Term Loan Commitments; and

 (iii) All fees referred to in this Section 2.9(a) shall be paid in Cash in Dollars to the Administrative
Agent at its Principal Office and upon receipt, the Administrative Agent shall promptly distribute to each Bank its Pro Rata Share thereof. 
 (b) The Borrower agrees to pay directly to the Issuing Bank, for its own account, the following fees: 
 (i) a fronting fee equal to 0.25%, per annum, times the average aggregate daily amount available to be drawn under all Letters of Credit (determined as of the close of business on any date of
determination); and 
 (ii) such documentary and processing charges for any issuance, amendment, transfer or
payment of a Letter of Credit as are in accordance with Issuing Bank’s standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be. 
  

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 (c) The fees referred to in Sections 2.9(a)(i)(A) and in
Section 2.9(b)(i) shall be calculated on the basis of a 360 day year and the actual number of days elapsed and shall be payable in arrears on the first Business Day of each calendar month during the Revolving Commitment Period,
commencing on the first such date to occur after the Closing Date, and on the Termination Date. The fees referred to in Sections 2.9(a)(i)(B) and 2.9(a)(ii) shall be payable on the Closing Date. 
 (d) In addition to any of the foregoing fees, the Borrower agrees to pay to the Agents and the Lead Arranger such other fees
in the amounts and at the times separately agreed upon. 
 2.10 Voluntary Prepayments/Commitment
Reductions. 
 (a) Voluntary Prepayments. 
 (i) Any time and from time to time, the Borrower may prepay any Loans on any Business Day in whole or in part in an
aggregate minimum principal amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. 
 (ii) All such prepayments shall be made upon not less than three Business Days’ prior written or telephonic notice (in the case of LIBOR Loans) or upon not less than one Business Days’ prior written or telephonic notice (in the
case of ABR Loans), in each case given to the Administrative Agent by 12:00 p.m. (New York City time) on the date required and, if given by telephone, promptly confirmed in writing to the Administrative Agent (and the Administrative Agent will
promptly transmit such telephonic or original notice by telefacsimile or telephone to each Bank). Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on the prepayment date
specified therein. Any such voluntary prepayment shall be applied as specified in Section 2.12(a). 
 (b)
Voluntary Commitment Reductions. 
 (i) The Borrower may, upon not less than three Business Days’
prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice the Administrative Agent will promptly transmit by telefacsimile or telephone to each applicable Bank), at any time and
from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the outstanding principal amount of the Revolving Loans
at the time of such proposed termination or reduction; provided, any such partial reduction of the Revolving Commitments shall be in an aggregate minimum principal amount of $1,000,000 and integral multiples of $250,000 in excess of that
amount. 
  

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 (ii) The Borrower’s notice to the Administrative Agent shall designate
the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in the Borrower’s notice
and shall reduce the applicable Revolving Commitment of each Bank proportionately to its Pro Rata Share thereof. 
 2.11 Mandatory Prepayments/Commitment Reductions. 
 (a) Asset Sales. No later than the
second Business Day following the date of receipt by the Borrower or any of its Subsidiaries of any Net Asset Sale Proceeds, the Borrower shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in
Section 2.12(b) in an aggregate amount equal to such Net Asset Sale Proceeds; provided, however, that the Borrower shall not be required to make any prepayment hereunder with Net Asset Sales proceeds unless and until the aggregate
amount of all such Net Asset Sales Proceeds that have not theretofore been applied to prepay the Loans exceeds $250,000 (and at such time the Borrower shall be required to make a prepayment hereunder with such excess Net Asset Sales Proceeds).

 (b) Insurance/Condemnation Proceeds. No later than the second Business Day following the date of
receipt by the Borrower or any of its Subsidiaries, or the Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds, the Borrower shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth
in Section 2.12(b) in an aggregate amount equal to such Net Insurance/Condemnation Proceeds. 
 (c)
Revolving Loans. The Borrower shall from time to time prepay the Revolving Loans to the extent necessary so that the outstanding principal amount of the Revolving Loans shall not at any time exceed the Revolving Commitments then in effect.

 (d) Prepayment Certificate. Concurrently with any prepayment of the Loans and/or reduction of the
Revolving Commitments pursuant to Sections 2.11(a) and 2.11(b), the Borrower shall deliver to the Administrative Agent a certificate of an Authorized Officer demonstrating the calculation of the amount of the applicable net proceeds;
provided, if such officer’s certificate is subsequently determined to be inaccurate, such Authorized Officer (or such Authorized Officer’s successor) must deliver a new certificate setting forth in detail the adjustments necessary
to make the prior certificate accurate in all respects. In the event that the Borrower shall subsequently determine that the actual amount exceeded the amount set forth in such certificate, the Borrower shall promptly make an additional prepayment
of the Loans and/or the Revolving Commitments shall be permanently reduced in an amount equal to such excess, and the Borrower shall concurrently therewith deliver to the Administrative Agent the certificate as set forth above in this
Section 2.11(d). 
  

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 2.12 Application of Prepayments/Reductions. 
 (a) Application of Voluntary Prepayments. Any prepayment of any Loan pursuant to Section 2.10(a) shall be
applied, at the Borrower’s sole discretion, to prepay Revolving Loans or the Term Loans. 
 (b)
Application of Mandatory Prepayments. Any amount required to be paid pursuant to Sections 2.11(a) and (b) shall be applied as follows: 
 first, to prepay the Term Loans to the full extent thereof; 
 second, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Commitments by the amount of such prepayment; and 
 third, to further permanently reduce the Revolving Commitments to the full extent thereof. 
 2.13 General Provisions Regarding Payments. 
 (a) Except as otherwise provided in Section 2.17, all payments by the Borrower of principal, interest, fees and other
Obligations shall be made in Dollars and in same day funds, without defense, setoff or counterclaim, free of any restriction or condition, and delivered to the Administrative Agent not later than 12:00 p.m. (New York City time) on the date due
at the Administrative Agent’s Principal Office for the account of Banks; funds received by the Administrative Agent after that time on such due date shall be deemed to have been paid by the Borrower on the next succeeding Business Day.

 (b) All payments in respect of the principal amount of any Loan shall be accompanied by payment of accrued
interest on the principal amount being repaid or prepaid. 
 (c) The Administrative Agent shall promptly
distribute to each Bank at such address as such Bank shall indicate in writing, such Bank’s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto,
including, without limitation, all fees payable with respect thereto, to the extent received by the Administrative Agent. 
 (d) Subject to the provisos set forth in the definition of “Interest Period”, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such
payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the Revolving Commitment fees hereunder. 
 (e) The Borrower hereby authorizes the Administrative Agent to charge the Borrower’s accounts with the Administrative
Agent in order to cause timely payment to be made to the Administrative Agent of all principal, interest, fees and expenses due hereunder (subject to sufficient funds being available in its accounts for that purpose). 
  

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 (f) The Administrative Agent shall deem any payment by or on behalf of the
Borrower hereunder that is not made in same day funds prior to 12:00 p.m. (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by the Administrative Agent until the later of
(i) the time such funds become available funds, and (ii) the applicable next Business Day. The Administrative Agent shall give prompt telephonic notice to the Borrower and each applicable Bank (confirmed in writing) if any payment is
non-conforming. Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section 8.1(a). Interest shall continue to accrue on any principal as to which a non-conforming payment is made
until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to Section 2.8 from the date such amount was due and
payable until the date such amount is paid in full. 
 (g) If an Event of Default shall have occurred and not
otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section 8.1, all payments or proceeds received by any Agents hereunder in respect of any of the Obligations (except as expressly provided
elsewhere in a Credit Document), shall be forwarded to the Administrative Agent and applied in full or in part by the Administrative Agent against, the Obligations in the following order of priority: first, to the payment of all costs
and expenses of such sale, collection or other realization, including reasonable compensation to the Administrative Agent and Collateral Agent and their agents and counsel, and all other expenses, liabilities and advances made or incurred by the
Administrative Agent or Collateral Agent in connection therewith, and all amounts for which the Administrative Agent or Collateral Agent is entitled to indemnification hereunder (each in its capacity as the Administrative Agent or Collateral Agent,
and not as a Bank) and all advances made by the Administrative Agent or Collateral Agent hereunder for the account of the applicable Credit Party, and to the payment of all costs and expenses paid or incurred by the Administrative Agent or
Collateral Agent in connection with the exercise of any right or remedy hereunder or under any Credit Document, all in accordance with the terms hereof or thereof; second, to the extent of any excess of such proceeds, to the payment of
all other Obligations for the ratable benefit of the Banks; and third, to the extent of any excess of such proceeds, to the payment to or upon the order of such Credit Party or to whosoever may be lawfully entitled to receive the same
or as a court of competent jurisdiction may direct. 
 2.14 Ratable Sharing. 
 The Banks hereby agree among themselves that, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans
made and applied in accordance with the terms hereof), through the exercise of any right of set off or banker’s lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents or otherwise, or as adequate
protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, amounts payable in respect of Letters of Credit, fees and other amounts then
due and owing to

  

 43 

 
such Bank hereunder or under the other Credit Documents (collectively, the “Aggregate Amounts Due” to such Bank) which is greater than the proportion received by any other Bank
in respect of the Aggregate Amounts Due to such other Bank, then the Bank receiving such proportionately greater payment shall (a) notify the Administrative Agent and each other Bank of the receipt of such payment and (b) apply a portion
of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Banks
so that all such recoveries of Aggregate Amounts Due shall be shared by all Banks in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater payment received by such purchasing Bank is
thereafter recovered from such Bank upon the bankruptcy or reorganization of such Borrower or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Bank ratably to the
extent of such recovery, but without interest. The Borrower expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s lien, set off or counterclaim
with respect to any and all monies owing by the Borrower to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder. 
 2.15 Making or Maintaining LIBOR Loans. 
 (a) Inability to Determine Applicable Interest Rate. In the event that the Administrative Agent shall have determined
(which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any LIBOR Loans, that by reasons of circumstances affecting the London interbank market adequate and
fair means do not exist for ascertaining the interest rate applicable to such LIBOR Loans on the basis provided for in the definition of LIBOR Rate, the Administrative Agent shall on such date give notice (by telefacsimile or by telephone confirmed
in writing) to the Borrower and each Bank of such determination, whereupon (i) no Loans may be made as, or converted to, LIBOR Loans until such time as the Administrative Agent notifies the Borrower and Banks that the circumstances giving rise
to such notice no longer exist, (ii) any Funding Notice or Conversion/Continuation Notice given by the Borrower with respect to the LIBOR Loans in respect of which such determination was made shall be deemed to be rescinded by the Borrower and
(iii) the interest rate applicable to such LIBOR Loans shall be the Alternate Base Rate until such time as the Administrative Agent notifies the Borrower and Banks that the circumstances giving rise to such notice no longer exist. 

(b) Illegality or Impracticability of LIBOR Loans. In the event that on any date any Bank shall have determined
(which determination shall be final and conclusive and binding upon all parties hereto but shall be made only after consultation with the Borrower and the Administrative Agent) that the making, maintaining or continuation of all or any of its Loans,
(i) has become unlawful as a result of compliance by such Bank in good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not
having the force of law even though the failure to comply therewith would not be unlawful), or (ii) has become

  

 44 

 
impracticable, as a result of contingencies occurring after the date hereof which materially and adversely affect the London interbank market or the position of such Bank in that market, then,
and in any such event, such Bank shall be an “Affected Bank” and it shall on that day give notice (by telefacsimile or by telephone confirmed in writing) to the Borrower and the Administrative Agent of such determination (which
notice the Administrative Agent shall promptly transmit to each other Bank). Thereafter (1) the Commitments and obligation of the Affected Bank to make Loans as, or to convert Loans to, LIBOR Loans shall be suspended until such notice shall be
withdrawn by the Affected Bank, (2) to the extent such determination by the Affected Lender relates to a LIBOR Loan then being requested by the Borrower pursuant to a Funding Notice or a Conversion/Continuation Notice, the Affected Lender shall
make such Loan as (or continue such Loan as or convert such Loan to, as the case may be) an ABR Loan, (3) the Affected Bank’s obligation to maintain its outstanding LIBOR Loans (the “Affected Loans”) shall be terminated at
the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (4) the interest rate applicable to such Affected Loans shall be the Alternate Base Rate,
provided the Affected Bank shall make commercially reasonable efforts to assign the Affected Loans according to Section 10.7. Notwithstanding the foregoing, to the extent a determination by an Affected Bank as described above relates to
a LIBOR Loan then being requested by the Borrower pursuant to a Funding Notice or a Conversion/Continuation Notice, the Borrower shall have the option, subject to the provisions of Section 2.15(c), to rescind such Funding Notice or
Conversion/Continuation Notice as to all Banks by giving notice (by telefacsimile or by telephone confirmed in writing) to the Administrative Agent of such rescission on the date on which the Affected Bank gives notice of its determination as
described above (which notice of rescission the Administrative Agent shall promptly transmit to each other Bank). Except as provided in the immediately preceding sentence, nothing in this Section 2.15(b) shall affect the obligation of any Bank
other than an Affected Bank to make or maintain Loans as, or to convert Loans to, LIBOR Loans in accordance with the terms hereof. 
 (c) Compensation for Breakage or Non-Commencement of Interest Periods. The Borrower shall compensate each Bank, upon written request by such Bank to the Administrative Agent within five
(5) Business Days after the applicable event (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities (including any interest paid by such Bank to banks of funds borrowed by it
to make or carry its LIBOR Loans and any loss, expense or liability sustained by such Bank in connection with the liquidation or re employment of such funds but excluding loss of anticipated profits) which such Bank may sustain: (i) if for any
reason (other than a default by such Bank) a borrowing of any LIBOR Loan does not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing or a conversion or continuation of any LIBOR Loan does not occur on a date
specified therefor in a Conversion/Continuation Notice or a telephonic request for conversion or continuation; (ii) if any conversion or any prepayment or other principal payment occurs on a date prior to the last day of an Interest Period
applicable to that LIBOR Loan (including, without limitation, pursuant to Section 2.15(b) hereof); or (iii) if any prepayment of any of its LIBOR Loans is not made on any date specified in a notice of prepayment given by the Borrower.

  

 45 

 (d) Booking of LIBOR Loans. Any Bank may make, carry or transfer
LIBOR Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Bank. 
 (e) Assumptions Concerning Funding of LIBOR Loans. Calculation of all amounts payable to a Bank under this Section 2.15 and under Section 2.16 shall be made as though such Bank had actually funded each of its relevant LIBOR
Loans through the purchase of a LIBOR deposit bearing interest at the rate in an amount equal to the amount of such LIBOR Loan and having a maturity comparable to the relevant Interest Period and through the transfer of such LIBOR deposit from an
offshore office of such Bank to a domestic office of such Bank in the United States of America; provided, however, each Bank may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumptions shall be utilized
only for the purposes of calculating amounts payable under this Section 2.15 and under Section 2.16. 
 2.16 Increased Costs; Capital Adequacy. 
 (a) Compensation For Increased Costs and Taxes.
Subject to the provisions of Section 2.17 (which shall be controlling with respect to the matters covered thereby), in the event that any Bank (which term shall include the Issuing Bank for purposes of this Section 2.16(a)) shall determine
(which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any law, treaty or governmental rule, regulation or order, or any change therein or in the interpretation, administration or
application thereof (including the introduction of any new law, treaty or governmental rule, regulation or order), or any determination of a court or governmental authority, in each case that becomes effective after the date hereof, or compliance by
such Bank with any guideline, request or directive issued or made after the date hereof by any central bank or other governmental or quasi governmental authority (whether or not having the force of law): (i) subjects such Bank (or its
applicable lending office) to any additional Tax (other than (A) any Tax on the overall net income of such Bank or its applicable lending office or (B) any Tax imposed as a result of the Administrative Agent’s or any Bank’s
(including the Issuing Bank’s) failure to satisfy the applicable requirements as set forth in any statute enacted (or regulation or administrative guidance promulgated thereunder) after the date hereof that is based on, or similar to, Subtitle
A - Foreign Account Tax Compliance of H.R. 2847, as passed by the United States House of Representatives on March 4, 2010 ((A) and (B), collectively, “Excluded Taxes”)) with respect to this Agreement or any of the other Credit
Documents or any of its obligations hereunder or thereunder or any payments to such Bank (or its applicable lending office) of principal, interest, fees or any other amount payable hereunder; (ii) imposes, modifies or holds applicable any
reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or
advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such

  

 46 

 
Bank (other than any such reserve or other requirements with respect to LIBOR Loans); or (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Bank
(or its applicable lending office) or its obligations hereunder or the London interbank market; and the result of any of the foregoing is to increase the cost to such Bank of agreeing to make, making or maintaining Loans hereunder or to reduce any
amount received or receivable by such Bank (or its applicable lending office) with respect thereto; then, in any such case, the Borrower shall promptly pay to such Bank, upon receipt of the statement referred to in the next sentence, such additional
amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Bank in its sole discretion shall determine) as may be necessary to compensate such Bank for any such increased cost or
reduction in amounts received or receivable hereunder. Such Bank shall deliver to the Borrower (with a copy to the Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to
such Bank under this Section 2.16(a), which statement shall be conclusive and binding upon all parties hereto absent manifest error. 
 (b) Capital Adequacy Adjustment. In the event that any Bank (which term shall include the Issuing Bank for purposes of this Section 2.16(b)) shall have determined that the adoption,
effectiveness, phase in or applicability after the Closing Date of any law, rule or regulation (or any provision thereof) regarding capital adequacy, or any change therein or in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Bank (or its applicable lending office) with any guideline, request or directive regarding capital adequacy (whether or not
having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on the capital of such Bank or any corporation controlling such Bank as a consequence of, or
with reference to, such Bank’s Loans or Commitments or Letters of Credit, or other obligations hereunder with respect to the Loans or the Letters of Credit to a level below that which such Bank or such controlling corporation could have
achieved but for such adoption, effectiveness, phase in, applicability, change or compliance (taking into consideration the policies of such Bank or such controlling corporation with regard to capital adequacy), then from time to time, within five
Business Days after receipt by the Borrower from such Bank of the statement referred to in the next sentence, the Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank or such controlling corporation on an
after tax basis for such reduction. Such Bank shall deliver to the Borrower (with a copy to the Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Bank under this
Section 2.16(b), which statement shall be conclusive and binding upon all parties hereto absent manifest error. 
 2.17 Taxes; Withholding, etc. 
 (a) Payments to Be Free and Clear. All sums payable by
any Credit Party hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax (other than any Excluded Taxes) imposed, levied,
collected, withheld or assessed by or within the

  

 47 

 
United States of America or any political subdivision in or of the United States of America or any other jurisdiction from or to which a payment is made by or on behalf of any Credit Party or by
any federation or organization of which the United States of America or any such jurisdiction is a member at the time of payment (such Taxes, “Indemnified Taxes”). 
 (b) Withholding of Taxes. If any Credit Party or any other Person is required by law to make any deduction or
withholding on account of any Tax from any sum paid or payable by any Credit Party to the Administrative Agent or any Bank (which term shall include the Issuing Bank for purposes of this Section 2.17(b)) under any of the Credit Documents:
(i) the Borrower shall notify the Administrative Agent of any such requirement or any change in any such requirement as soon as the Borrower becomes aware of it; (ii) the Borrower shall pay to the appropriate taxing or other authority any
such Tax before the date on which penalties attach thereto, such payment to be made (if the liability to pay is imposed on any Credit Party) for its own account or (if that liability is imposed on the Administrative Agent or such Bank, as the case
may be) on behalf of and in the name of the Administrative Agent or such Bank; (iii) the sum payable by such Credit Party in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary
to ensure that, after the making of that deduction, withholding or payment, (including deductions, withholdings or payments applicable to additional sums payable under this Section 2.17(b)) the Administrative Agent or such Bank, as the case may
be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made in respect of Indemnified Taxes; and (iv) within thirty days after paying any sum from which it is
required by law to make any deduction or withholding, and within thirty days after the due date of payment of any Tax which it is required by clause (ii) above to pay, each Credit Party shall deliver to the Administrative Agent evidence
satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other authority. Each Credit Party shall indemnify the Administrative Agent, each Bank and the Issuing Bank,
within 10 days after written demand therefor, which demand shall identify in reasonable detail the nature and amount of such Indemnified Taxes (and provide such other evidence thereof as has been received by the Administrative Agent, such
Bank or the Issuing Bank, as the case may be), for the full amount of any Indemnified Taxes paid by the Administrative Agent, such Bank or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of
such Credit Party hereunder and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to a Credit Party by a Bank or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Bank or the Issuing Bank, shall be conclusive absent manifest
error. 
 (c) Evidence of Exemption From U.S. Withholding Tax. Each Bank that is not a United States
Person (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “Non-US Bank”) shall deliver to the Administrative Agent for transmission to the Borrower, on or
prior to the Closing Date (in the case of

  

 48 

 
each Bank listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Bank (in the case of each other Bank),
and at such other times as may be necessary in the determination of the Borrower or the Administrative Agent (each in the reasonable exercise of its discretion), (i) two original copies of Internal Revenue Service Form W-8BEN or W-8ECI (or
any successor forms), properly completed and duly executed by such Bank, and such other documentation required under the Internal Revenue Code and reasonably requested by the Borrower to establish that such Bank is not subject to deduction or
withholding of United States federal income tax with respect to any payments to such Bank of principal, interest, fees or other amounts payable under any of the Credit Documents, or (ii) if such Bank is not a “bank” or other Person
described in Section 881(c)(3) of the Internal Revenue Code and cannot deliver Internal Revenue Service Form W-8ECI pursuant to clause (i) above, a Certificate re Non-Bank Status together with two original copies of Internal Revenue
Service Form W-8BEN (or any successor form), properly completed and duly executed by such Bank, and such other documentation required under the Internal Revenue Code and reasonably requested by the Borrower to establish that such Bank is not
subject to deduction or withholding of United States federal income tax with respect to any payments to such Bank of principal, interest, fees or other amounts payable under any of the Credit Documents. Each Bank that is a United States Person (as
such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “US Bank”) shall deliver to the Administrative Agent for transmission to the Borrower, on or prior to the
Closing Date (in the case of each Bank listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Bank (in the case of each other Bank), and at such times as may be
necessary in the determination of the Borrower or the Administrative Agent (each in the reasonable exercise of its discretion), such other form or forms, certificates or documentation, including two original copies of Internal Revenue Service
Form W-9, as reasonably requested by the Borrower to confirm or establish that such Bank is not subject to deduction, withholding, or backup withholding of United States federal income tax with respect to any payments to such Bank of principal,
interest, fees or other amounts payable under any of the Credit Documents. Each Bank required to deliver any forms, certificates or other evidence with respect to United States federal income tax withholding matters pursuant to this
Section 2.17(c) hereby agrees, from time to time after the initial delivery by such Bank of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence
obsolete or inaccurate in any material respect, that such Bank shall promptly deliver to the Administrative Agent for transmission to the Borrower two new original copies of Internal Revenue Service Form W-8BEN or W-8ECI, or a Certificate re
Non-Bank Status and two original copies of Internal Revenue Service Form W-8BEN (or any successor form), or two new original copies of Internal Revenue Service Form W-9, as the case may be, properly completed and duly executed by such
Bank, and such other documentation required under the Internal Revenue Code and reasonably requested by the Borrower to confirm or establish that such Bank is not subject to deduction or withholding of United States federal income tax with respect
to payments to such Bank under the Credit Documents, or notify the Administrative Agent and the Borrower of its inability to deliver any

  

 49 

 
such forms, certificates or other evidence. The Borrower shall not be required to pay any additional amount to any Non-US Bank under Section 2.17(b) if such Bank shall have failed
(1) to deliver the forms, certificates or other evidence referred to in the first three sentences of this Section 2.17(c), or (2) to notify the Administrative Agent and the Borrower of its inability to deliver any such forms,
certificates or other evidence, as the case may be; provided, if such Bank shall have satisfied the requirements of the first sentence of this Section 2.17(c) on the Closing Date or on the date of the Assignment Agreement pursuant to
which it became a Bank, as applicable, nothing in this last sentence of Section 2.17(c) shall relieve each Borrower of its obligation to pay any additional amounts pursuant to this Section 2.17 in the event that, as a result of any change
in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Bank is no longer properly entitled to deliver forms, certificates or other evidence at a
subsequent date establishing the fact that such Bank is not subject to withholding as described herein. 
 (d)
Withholding or Deduction for or on Account of Non-US Tax. A Credit Party shall not be required to pay any additional amount under Section 2.17(b) if, on the date on which the payment falls due (i) the payment could have been made to
the relevant Bank without deduction or withholding for or on account of any Tax imposed by any jurisdiction other than the United States (“Non-US Tax”) if that Bank was a Qualifying Lender but on that date that Bank is not or has
ceased to be a Qualifying Lender (other than where such Bank was a Qualifying Lender on the Closing Date or on the date of the Assignment Agreement pursuant to which it became a Bank, as applicable, and has ceased to be a Qualifying Lender as a
result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof); (ii) the relevant Bank is a Treaty Lender and the payment could have been
made to the Lender without deduction or withholding for or on account of Non-US Tax had that Bank complied with its obligations under Section 2.17(e) below; or (iii) the relevant Bank is a 991 Bank and has not given a Tax Confirmation
to the Administrative Agent (other than by reason of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof after the Closing Date or the date of
the Assignment Agreement pursuant to which the relevant Bank became a Bank, as applicable). The provisions of this Section 2.17(d) are subject always to the proviso contained in Section 2.17(b) above. 
 (e) Completion of Procedural Formalities. A Treaty Lender and each Credit Party which makes a payment to which that
Treaty Lender is entitled shall co-operate in completing as soon as reasonably practicable after the Closing Date (or the date of the Assignment Agreement pursuant to which the relevant Bank becomes a Bank, as applicable) any procedural formalities
necessary for that Credit Party to obtain authorization to make that payment without deduction or withholding for or on account of Non-US Tax (including for the avoidance of doubt the completion and submission to the Tax authority in the relevant
Treaty Lender’s country of incorporation (or, if different, its country of residence for the purposes of the relevant double taxation agreement) of appropriate forms and documents that are provided to it by the relevant Credit Party).

  

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 (f) Change in Circumstance. A Bank that is a 991 Bank shall
promptly notify the Administrative Agent if there is any change in the position from that set out in the Tax Confirmation. 
 (g) Certain Documents. If any Tax was not correctly or legally asserted, the relevant Bank(s) shall, upon the Borrower’s reasonable request and at the expense of the Borrower, provide such
documents to the Borrower to enable the Borrower to contest such Tax pursuant to appropriate proceedings then available to the relevant Bank(s) (so long as providing such documents shall not, in the good faith determination of the relevant Bank(s)
result in any liability to the relevant Bank(s) and doing so is otherwise permitted under applicable law as determined by the relevant Bank(s)). 
 2.18 Obligation to Mitigate. Each Bank (which term shall include the Issuing Bank for purposes of this Section 2.18) agrees that, as promptly as practicable after the officer of such Bank
responsible for administering its Loans or Letters of Credit, as the case may be, becomes aware of the occurrence of an event or the existence of a condition that would cause such Bank to become an Affected Bank or that would entitle such Bank to
receive payments under Section 2.15, 2.16 or 2.17, it will, to the extent not inconsistent with the internal policies of such Bank and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or
maintain its Credit Extensions, including any Affected Loans, through another office of such Bank, or (b) take such other measures as such Bank may deem reasonable, if as a result thereof the circumstances which would cause such Bank to be an
Affected Bank would cease to exist or the additional amounts which would otherwise be required to be paid to such Bank pursuant to Section 2.15, 2.16 or 2.17 would be materially reduced and if, as determined by such Bank in its sole
discretion, the making, issuing, funding or maintaining of such Commitments, Loans or Letters of Credit through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Commitments,
Loans or Letters of Credit or the interests of such Bank; provided, such Bank will not be obligated to utilize such other office pursuant to this Section 2.18 unless the Borrower agrees to pay all incremental expenses incurred by such
Bank as a result of utilizing such other office as described in clause (a) above. A certificate as to the amount of any such expenses payable by the Borrower pursuant to this Section 2.18 (setting forth in reasonable detail the basis for
requesting such amount) submitted by such Bank to the Borrower (with a copy to the Administrative Agent) shall be conclusive absent manifest error. 
 2.19 Tax Credit. If a Credit Party pays any additional amount under Section 2.17(b) and the relevant Bank (or the Administrative Agent, as the case may be) determines in its sole discretion
that (a) a Tax Credit is attributable either to an increased payment of which that additional amount forms part, or to that additional amount and (b) that Bank (or the Administrative Agent, as the case may be) has obtained, utilized and
retained that Tax Credit, the Bank (or the Administrative Agent, as the case may be) shall, to the extent that it can do so without prejudice to the retention of the Tax Credit, pay an amount to the Credit Party which that Credit Party determines in
its absolute discretion but in good faith will leave it (after that

  

 51 

 
payment) in the same after-Tax position as it would have been in had the additional amount not been required to be paid by the Credit Party. Nothing herein contained shall interfere with the
right of any Bank (or the Administrative Agent, as the case may be) to arrange its affairs in whatever manner it thinks fit and, in particular, no Bank (or the Administrative Agent, as the case may be) shall be under any obligation to claim a Tax
Credit on its corporate profits or otherwise, or to claim such relief in priority to any other claims, reliefs, credits or deductions available to it or to disclose details of its affairs. Any amount to be paid by a bank pursuant to this
Section 2.19 shall be made promptly on the date of receipt of the relevant Tax Credit by such Bank(or the Administrative Agent, as the case may be) or, if later, on the last date on which the applicable taxation authority would be able in
accordance with applicable law to reclaim or reduce such Tax Credit. 
 2.20 Defaulting Banks. 

(a) No Fees. Anything herein to the contrary notwithstanding, during such period as a Bank is a Defaulting Bank,
such Defaulting Bank will not be entitled to any fees accruing during such period pursuant to Section 2.9(a)(i)(A) (without prejudice to the rights of the Banks other than Defaulting Banks in respect of such fees). 
 (b) Termination of Commitment. The Borrower may terminate the unused amount of the Commitment of a Defaulting Bank
upon not less than three (3) Business Days’ prior notice to the Administrative Agent (which will promptly notify the Banks thereof), and in such event the provisions of Section 2.13(g) will apply to all amounts thereafter paid by the
Borrower for the account of such Defaulting Bank under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that such termination will not be deemed to be a waiver or release of any claim the
Borrower, the Administrative Agent, the Issuing Bank or any Bank may have against such Defaulting Bank. 
 (c)
Reinstatement. If the Borrower, the Administrative Agent and the Issuing Bank agree in writing in their discretion that a Bank that is a Defaulting Bank or a Potential Defaulting Bank should no longer be deemed to be a Defaulting Bank or a
Potential Defaulting Bank, as the case may be, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Bank will, to the extent
applicable, purchase such portion of outstanding Loans of the other Banks and/or make such other adjustments as the Administrative Agent may determine to be necessary to cause the Revolving Exposure of the Banks to be based upon their respective Pro
Rata Shares, whereupon such Bank will cease to be a Defaulting Bank or Potential Defaulting Bank and will be a Non-Defaulting Bank (and the Revolving Exposure will automatically be adjusted on a prospective basis to reflect the foregoing);
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Bank was a Defaulting Bank; and provided further, that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank or Potential Defaulting Bank to Non-Defaulting Bank will constitute a waiver or release of any claim of any party hereunder arising from such Bank’s
having been a Defaulting Bank or Potential Defaulting Bank. 
  

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 2.21 Removal or Replacement of a Bank. Anything contained herein to
the contrary notwithstanding, in the event that: (a) (i) any Bank (an “Increased Cost Bank”) shall give notice to the Borrower that such Bank is an Affected Bank or that such Bank is entitled to receive payments under
Section 2.15, 2.16 or 2.17, (ii) the circumstances which have caused such Bank to be an Affected Bank or which entitle such Bank to receive such payments shall remain in effect, and (iii) such Bank shall fail to withdraw such notice
within five Business Days after the Borrower’s request for such withdrawal; (b) any Bank is a Defaulting Bank; or (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the
provisions hereof as contemplated by Section 10.6(b), the consent of Requisite Banks shall have been obtained but the consent of one or more of such other Banks (each a “Non-Consenting Bank”) whose consent is required shall not
have been obtained; then, with respect to each such Increased Cost Bank, Defaulting Bank or Non-Consenting Bank (the “Terminated Bank”), the Borrower may, by giving written notice to Administrative Agent and any Terminated Bank of
its election to do so, elect to cause such Terminated Bank (and such Terminated Bank hereby irrevocably agrees) to assign its outstanding Loans and its Commitments, if any, in full to one or more Eligible Assignees (each a “Replacement
Bank”) in accordance with the provisions of Section 10.6 and the Borrower shall pay any fees payable thereunder in connection with such assignment; provided, (1) on the date of such assignment, the Replacement Bank shall
pay to the Terminated Bank an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Bank, (B) an amount equal to all unreimbursed drawings that have been
funded by such Terminated Bank, together with all then unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Bank pursuant to Section 2.9; (2) on
the date of such assignment, the Borrower shall pay any amounts payable to such Terminated Bank pursuant to Section 2.15(c), 2.16 or 2.17 or otherwise as if it were a prepayment; and (3) in the event such Terminated Bank is a
Non-Consenting Bank, each Replacement Bank shall consent, at the time of such assignment, to each matter in respect of which such Terminated Bank was a Non-Consenting Bank; provided, the Borrower may not make such election with respect to any
Terminated Bank that is also the Issuing Bank unless, prior to the effectiveness of such election, the Borrower shall have caused each outstanding Letter of Credit issued thereby to be cancelled. Upon the prepayment of all amounts owing to any
Terminated Bank and the termination of such Terminated Bank’s Commitments, if any, such Terminated Bank shall no longer constitute a “Bank” for purposes hereof; provided, any rights of such Terminated Bank to indemnification
hereunder shall survive as to such Terminated Bank. 
 2.22 Priority of Liens. 
 (a) Each of the Credit Parties hereby covenants, represents and warrants that, as of the entry of the Interim Order (and
except as otherwise provided in this Section 2.22(a)), the Obligations: (i) pursuant to section 364(c)(l) of the Bankruptcy Code, shall at all times constitute an allowed Superpriority Claim, subject and subordinated only to claims
secured by Permitted Liens, claims secured by Additional Permitted Liens, and the Carve-Out, and (ii) pursuant to section 364(c)(2) of the Bankruptcy Code, subject and subordinated only to the Permitted Liens, Additional Permitted Liens,
and the Carve-Out, shall at all times be secured by a perfected First Priority Lien on all existing and after acquired real and personal, tangible and intangible, property of the Credit Parties that is not otherwise subject to a Lien in favor of the
Pre-Petition

  

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Lenders, including without limitation, (x) any such property that is subject to valid and perfected Liens in existence on the Petition Date which Liens are thereafter released or otherwise
extinguished in connection with the satisfaction of the obligations secured by such Liens, (y) all cash maintained as cash collateral with respect to outstanding Obligations in respect of Letters of Credit (including pursuant to
Section 2.2(j)) and any investment of such cash collateral funds, and (z) upon entry of the Final Order, all causes of action arising under chapter 5 of the Bankruptcy Code and all proceeds thereof; and (iii) pursuant to
Section 364(d)(l) of the Bankruptcy Code, shall at all times be secured by a fully perfected First Priority priming Lien upon all existing and after acquired real and personal, tangible and intangible, property of the Credit Parties that is
subject to Liens securing the Pre-Petition Credit Agreement, including without limitation, all cash maintained as cash collateral with respect to outstanding Obligations in respect of Letters of Credit (including pursuant to Section 2.2(j)) and
any investment of such cash collateral funds that is subject to any other Lien subject and subordinated only to the Permitted Liens, Additional Permitted Liens, and the Carve-Out. 
 (b) Each of the Credit Parties hereby covenants, represents and warrants that, as of the entry of the Interim Order, the
covenants, representations and warranties set forth in Section 2.22(a) shall be true and correct in all respects, provided that in addition thereto, pursuant to section 364(c)(2) of the Bankruptcy Code, upon entry of the Final
Order, the Obligations shall be secured at all times by all causes of action arising under Chapter 5 of the Bankruptcy Code, and any and all proceeds thereof, subject only to the Permitted Liens, the Additional Permitted Liens and the
Carve-Out. 
 (c) For purposes hereof, the term “Carve-Out” means (i) all fees required to
be paid to the Clerk of the Bankruptcy Court and statutory fees payable to the U.S. Trustee pursuant to 28 U.S.C. § 1930(a)(6) and 28 U.S.C. § 156(c), and all fees, expenses, and disbursements payable to any professionals
retained by the Debtors pursuant to 28 U.S.C. $ 156(c); and (ii) in the event of an occurrence and during the continuance of an Event of Default, the “Case Professionals Carve-Out”, comprising the sum of (A) all
allowed unpaid fees, expenses and disbursements (regardless of when such fees, expenses and disbursements become allowed by order of the Bankruptcy Court) for any professionals retained by the Debtors or any statutory committee appointed in the
Cases pursuant to sections 327, 328, 363 or 1103, as applicable, of the Bankruptcy Code (the “Case Professionals”) incurred subsequent to receipt of notice delivered by the Administrative Agent to counsel for the Debtors
following the occurrence of an Event of Default expressly stating that the Carve-Out has been invoked (a “Carve-Out Trigger Notice”) in an aggregate amount not in excess of $3,000,000 (the “Carve-Out Cap”), plus
(B) all unpaid professional fees, expenses and disbursements of such Case Professionals incurred prior to receipt of the Carve-Out Trigger Notice to the extent previously or subsequently allowed pursuant to an order of the Bankruptcy Court
(collectively, “Allowed Professional Fees”) under sections 328, 330 and/or 331 of the Bankruptcy Code. For the avoidance of doubt, so long as a Carve-Out Trigger Notice has not been delivered, the Carve-Out Cap shall not
be reduced by the payment of fees or expense allowed by the Bankruptcy Court (whether allowed before or after delivery of any Carve-Out Trigger Notice) and payable under sections 328, 330, or 331 of the Bankruptcy Code, or 28 U.S.C.
§ 156(c). 
  

 54 

 2.23 Grant of Security Interest. 
 As collateral security for the payment and performance in full of all the Obligations, each Credit Party hereby pledges and grants to the
Collateral Agent for the benefit of the Secured Parties, a First Priority Lien on and security interest in (subject to the Permitted Liens, the Additional Permitted Liens, the Carve-Out and, in the case of the Term Loan LC Collateral Account, the
provisions of Section 2.2(j)) all of the right, title and interest of such Credit Party in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time: 
 (a) all Accounts; 
 (b) all Equipment, Goods, Inventory and Fixtures; 
 (c) all
Documents, Instruments and Chattel Paper, including the Instruments and Tangible Chattel Paper described on Schedule 2.23(c); 
 (d) all Letters of Credit (as defined in the UCC) and Letter-of-Credit Rights; 
 (e) all Securities Collateral; 
 (f) all Investment Property;

 (g) all Intellectual Property Collateral; 
 (h) all Commercial Tort Claims described on Schedule 2.23(h); 
 (i) all General Intangibles; 
 (j) all Money and all Deposit Accounts (as defined in the UCC), including the Term Loan Deposit Account; 
 (k) all Supporting Obligations; 
 (l) all Real Estate Assets;

 (m) all books and records relating to the Collateral; 
 (n) upon entry of the Final Order, all causes of action arising under Chapter 5 of the Bankruptcy Code; and 

(o) to the extent not covered by clauses (a) through (n) of this Section 2.23, all other real and personal
property of such Credit Party, whether tangible or intangible, and all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing, any and all
Proceeds of any insurance, indemnity, warranty or guaranty payable to such Credit Party from time to time with respect to any of the foregoing. 
  

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 2.24 No Filings Required. 
 (a) The Liens and security interests in favor of the Collateral Agent referred to herein shall be deemed valid and perfected
by entry of the Interim Order; provided, however, that any liens on the Debtors’ causes of action arising under chapter 5 of the Bankruptcy Code and all proceeds thereof shall be deemed valid and perfected only upon entry of
the Final Order. The Collateral Agent shall not be required to file any financing statements, mortgages, notices of Lien or similar instruments in any jurisdiction or filing office or take any other action in order to validate or perfect the Lien
and security interest granted by or pursuant to this Agreement or any other Credit Document. 
 2.25
Conversion to Exit Facility. Upon the satisfaction or waiver by the Requisite Banks of the conditions precedent set forth in Section 3.1 of the Exit Credit Agreement, automatically and without any further consent or action required by
the Administrative Agent, any Bank or any Credit Party, (i) the Borrower, in its capacity as reorganized Xerium Technologies, Inc., each Guarantor, in its respective capacity as a reorganized Debtor, and the Exit Borrowers and Exit Guarantor
(other than the aforementioned reorganized Borrower and reorganized Guarantor) and the other Borrowers under the Exit Credit Agreement shall assume all Obligations in respect of the Loans hereunder and all other monetary obligations in respect
hereof, (ii) the Borrower shall cause the Exit Borrowers and Exit Guarantors to execute the Exit Credit Agreement, the agreements and instruments listed on Schedule 2.25 (which shall be in form and substance reasonably satisfactory to the
Administrative Agent) and all other Exit Credit Documents, (iii) each outstanding Term Loan hereunder shall be continued as a Term Loan (as defined in the Exit Credit Agreement) under the Exit Facility, (iv) each outstanding Revolving Loan
hereunder shall be continued as a Revolving Loan (as defined in the Exit Credit Agreement), (v) each Bank hereunder shall be a Bank (as defined in the Exit Credit Agreement) under the Exit Facility, (vi) each of the Letters of Credit
(including the Existing Letters of Credit) shall be continued as Letters of Credit (as defined in the Exit Credit Agreement), and (vii) this Agreement and the Credit Documents shall be superseded and replaced by the Exit Credit Documents. Each
of the Credit Parties, the Administrative Agent, the Issuing Bank and the Banks shall take such actions and execute and deliver such agreements, instruments or other documents as the Administrative Agent may reasonably request to give effect to the
provisions of this Section 2.25 and as are required to complete the Schedules to the Exit Credit Documentation; provided, however, that any such action by the Administrative Agent or any of the Banks shall not be a condition
precedent to the effectiveness of the provisions of this Section 2.25. 
  

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 SECTION 3. CONDITIONS PRECEDENT 
 3.1 Conditions to Closing Date. The occurrence of the Closing Date and the obligation of each Bank to make Credit
Extensions hereunder, in each case as of the Closing Date, are, in addition to the conditions specified in Section 3.2, subject at the time of the occurrence of the Closing Date to the satisfaction, or waiver in accordance with
Section 10.6, of the following conditions on or before April 12, 2010: 
 (a) Credit Documents.
The Administrative Agent shall have received sufficient copies of each Credit Document to be executed by the appropriate Credit Party on the Closing Date and delivered by each applicable Credit Party for each Bank (which may be delivered by
facsimile or other electronic means for the purposes of satisfying this Section 3.1(a) on the Closing Date, with signed originals to be delivered promptly thereafter), and such Credit Documents shall be in form and substance satisfactory to the
Borrower and its counsel and the Administrative Agent and its counsel. 
 (b) Organizational Documents;
Incumbency. The Administrative Agent shall have received (i) a copy of each Organizational Document of each Credit Party, certified as of a recent date by the appropriate governmental official, each dated the Closing Date or a recent date
prior thereto; (ii) signature and incumbency certificates of the officers of each Credit Party executing the Credit Documents to which it is a party; (iii) resolutions of the board of directors or similar governing body of each Credit
Party approving and authorizing the execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party or by which it or its assets may be bound as of the Closing Date, certified as of the Closing Date by its
secretary or an assistant secretary as being in full force and effect without modification or amendment; and (iv) a good standing certificate from the applicable Governmental Authority of each Credit Party’s jurisdiction of incorporation,
organization or formation, each dated a recent date prior to the Closing Date. 
 (c) Closing Date
Certificate. The Administrative Agent shall have received a Closing Date Certificate, dated the Closing Date and signed by an Authorized Officer of the Borrower. 
 (d) Governmental Authorizations and Consents. All material necessary Governmental Authorizations and third party
consents and approvals necessary in connection with the transactions contemplated by this Agreement and the other Credit Documents shall have been obtained (without the imposition of any adverse conditions that are not reasonably acceptable to the
Banks) and shall remain in effect, and all applicable governmental filings shall have been made and all applicable waiting periods shall have expired without in either case any action being taken by any competent authority; and no law or regulation
shall be applicable in the judgment of the Banks that restrains, prevents or imposes materially adverse conditions upon the Credit Documents or the transactions contemplated thereby. 
 (e) Insurance. The Collateral Agent shall have received a certificate from the Borrower’s insurance broker or
other evidence satisfactory to the Collateral Agent that all insurance required to be maintained pursuant to Section 5.5 is in full force and effect, together with endorsements naming the Collateral Agent, for the benefit of the Secured
Parties, as additional insured and loss payee thereunder to the extent required under Section 5.5. 
 (f)
Opinions of Counsel to Credit Parties. The Administrative Agent and its counsel shall have received executed copies of the favorable written opinions of counsel to the Credit Parties as to such customary matters as the Administrative Agent
may reasonably request, dated as of the Closing Date and otherwise in form and substance reasonably satisfactory to the Administrative Agent. 
  

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 (g) Financial Statements; DIP Budget and Cash Flow Forecast. The
Banks shall have received from the Borrower (i) the audited consolidated balance sheets of the Borrower and its Subsidiaries as of December 31, 2009 for the Fiscal Year then ended and the related consolidated statements of income,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such Fiscal Year, together with a report thereon of Ernst & Young LLP, which financial statements and report shall be in form and substance reasonably
satisfactory to the Administrative Agent, and (ii) the initial Weekly Cash Flow Forecast and the DIP Budget in form and substance satisfactory to the Banks. 
 (h) Fees. The Borrower shall have paid (i) the fees payable on the Closing Date referred to in Section 2.9
and (ii) all out-of-pocket fees and expenses (including reasonable fees and expenses of counsel) required to be paid to the Agents and the Banks. 
 (i) No Litigation. There shall exist no action, suit, investigation, litigation or proceeding pending or threatened in writing in any court or before any arbitrator or Governmental Authority (other
than the Cases) that (i) could reasonably be expected to have a Material Adverse Effect or (ii) restrains, prevents or imposes or can reasonably be expected to impose materially adverse conditions upon the Credit Documents or the
transactions contemplated thereby. 
 (j) Completion of Proceedings. All partnership, corporate and other
proceedings taken or to be taken in connection with the transactions contemplated by the Credit Documents and all documents incidental thereto not previously found acceptable by the Banks and their counsel shall be satisfactory in form and substance
to the Banks and such counsel, and the Banks and such counsel shall have received all such counterpart originals or certified copies of such documents as the Banks may reasonably request. 
 (k) Representations and Warranties. The representations and warranties contained herein and in the other Credit
Documents shall be true and correct in all material respects on and as of the Closing Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have
been true and correct in all material respects on and as of such earlier date. 
 (l) No Default. No event
shall have occurred and be continuing or would result from the consummation of the transactions contemplated hereunder or under the Credit Documents that would constitute an Event of Default or a Default. 
 (m) Material Adverse Effect. There shall not have been a material adverse change, or any event or occurrence which
could reasonably be expected to result in a material adverse change, in (i) the business, assets, financial condition or prospects of the Credit Parties and their respective Subsidiaries, taken as a whole, since September 30, 2009 (other
than

  

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events leading up to and resulting from the anticipated filing of the Cases), (ii) the ability of any Credit Party to perform any of its obligations in accordance with its terms under the
Credit Documents, or (iii) the ability of the Administrative Agent and the Banks to enforce any of the Credit Documents, provided that the filing of the Cases will not be deemed to constitute an impediment to enforcement thereunder.

 (n) Compliance with Law and Regulations. All Loans and all other financings to the Borrower (and all
guaranties thereof and security therefor), as well as the transactions contemplated by the Credit Documents and the consummation thereof, shall be in full compliance in all material respects with all applicable requirements of law, including
Regulations T, U and X of the Federal Reserve Board. 
 (o) No Conflict with Material Contracts.
After giving effect to the transactions contemplated by the Credit Documents, there shall be no conflict with, or default under, any Material Contract, except as a result of the Cases. 
 (p) Business Plan. The Administrative Agent shall have received a detailed consolidated business plan of the Borrower
and its Subsidiaries through Fiscal Year 2015 (including a projected consolidated balance sheet and related statements of projected operations and cash flow as of the end of Fiscal Year 2015) in form and substance reasonably satisfactory to the
Banks (the “Business Plan”); provided that with respect to Fiscal Year 2010, the Business Plan shall be prepared by calendar month. 
 (q) Patriot Act Information. Each of the Credit Parties shall have provided the documentation and other information to the Banks that is required by regulatory authorities under applicable
“know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act. 
 (r) Security Interest. The Secured Parties shall have a valid and perfected Lien on and security interest in the Collateral having the priority described in Section 2.22, and all searches
necessary or desirable in connection with such Liens and security interests that have been reasonably requested by the Administrative Agent shall have been duly made. 
 (s) Bankruptcy Cases. The Borrower and each Guarantor shall have filed with the Bankruptcy Court voluntary petitions
for relief under chapter 11 of the Bankruptcy Code, thereby commencing the Cases. 
 (t) Interim
Order. Not later than April 12, 2010, the Bankruptcy Court shall have entered an order (in form and substance acceptable to the Requisite Banks and the Administrative Agent) approving the transactions contemplated hereunder on an interim
basis (the “Interim Order”), on motion by the Debtors, such motion to be in form and substance reasonably satisfactory to the Requisite Banks and the Administrative Agent, which Interim Order shall have been entered on such notice
to such parties as may be reasonably satisfactory to the Requisite Banks and the Administrative Agent and

  

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as otherwise required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, orders of the Bankruptcy Court, and any applicable local bankruptcy rules, and shall not have been
reversed, modified, amended or stayed in any respect (or application therefor made), (i) approving the transactions contemplated by the Credit Documents and authorizing extensions of credit thereunder, (ii) approving the payment by the
Borrower and the Guarantors of all the fees and expenses that are required to be paid under or in connection with the Credit Documents, (iii) providing, after five (5) Business Days’ written notice of an Event of Default, which
written notice shall be provided by the Administrative Agent to the Debtors, counsel to the Debtors, counsel to any statutory committee(s) appointed in the Cases, and the Office of the United States Trustee for the District of Delaware, and which
written notice shall be filed with the Bankruptcy Court by counsel to the Administrative Agent, for the automatic termination of the automatic stay (but solely with respect to the transactions contemplated by the Credit Documents), with a full
waiver by the Borrower and the Guarantors of all rights to contest such termination except with respect to the existence of an Event of Default, and (iv) having such other findings, orders and relief typical for financings of the type
contemplated by this Agreement. 
 (u) First Day Orders. Any First Day Orders entered by the Bankruptcy
Court authorizing the use of cash collateral and any other orders entered by the Bankruptcy Court affecting the Collateral shall be in form and substance reasonably satisfactory to the Administrative Agent and the Credit Parties. 
 (v) Administrative Claims. No administrative claim that is senior to, or pari passu with, the Superpriority
Claims in respect of the Obligations shall exist, except claims secured by the Permitted Liens, the Additional Permitted Liens and the Carve-Out. 
 (w) Votes. The Debtors shall have received the requisite votes needed to confirm the Prepackaged Plan of Reorganization pursuant to chapter 11 of the Bankruptcy Code. 
 (x) Collateral Questionnaire. The Collateral Agent shall have received a completed Collateral Questionnaire dated the
Closing Date and executed by an Authorized Officer of each Credit Party, together with all attachments contemplated thereby, including the results of a recent search, by a Person satisfactory to the Collateral Agent, of all effective UCC financing
statements (or equivalent filings) made with respect to any personal, real or mixed property of any Credit Party in the jurisdictions specified in the Collateral Questionnaire, together with copies of all such filings disclosed by such search.

 3.2 Conditions to Each Credit Extension. 
 (a) Conditions Precedent. The obligation of each Bank to make or convert any Loan, or the Issuing Bank to issue any
Letter of Credit, on any Credit Date, including the Closing Date, is subject to the satisfaction, or waiver in accordance with Section 10.6, of the following conditions precedent: 
 (i) the Administrative Agent shall have received a fully executed and delivered Funding Notice or Issuance Notice, as the
case may be; 
  

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 (ii) after making the Credit Extensions requested in respect of such Credit
Date, the aggregate principal amount of all Revolving Loans shall not exceed the Revolving Commitments then in effect; 
 (iii) as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as
of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier
date; 
 (iv) as of such Credit Date, no event shall have occurred and be continuing or would result from the
consummation of the applicable Credit Extension that would constitute an Event of Default or a Default; 
 (v)
on or before the date of issuance of any Letter of Credit, the Administrative Agent shall have received all other information required by the applicable Issuance Notice, and such other documents or information as the Issuing Bank may reasonably
require in connection with the issuance of such Letter of Credit; 
 (vi) the conditions set forth in
Section 3.1 shall have been satisfied or waived in accordance with Section 10.6; 
 (vii) if the
proceeds of the Credit Extension requested in respect of such Credit Date are to be used in a manner or for a purpose which requires the prior approval of the Bankruptcy Court, then such approval shall have been obtained; 
 (viii) the Interim Order or the Final Order, as the case may be, shall be in full force and effect, and shall not have been
reversed, modified, amended or stayed (or application therefor made, other than with respect to the Final Order, which need not become final and non-appealable), except for modifications and amendments reasonably acceptable to the Administrative
Agent and the Credit Parties; 
 (ix) there shall not be any administrative claim that ranks senior to, or pari
passu with, the Superpriority Claim in respect of the Obligations except for claims secured by the Permitted Liens, the Additional Permitted Lines and the Carve-Out; and 
 (x) the aggregate principal amount of Revolving Loans plus amounts withdrawn from the Term Loan Deposit Account pursuant to
Section 2.1(c) shall be consistent with the DIP Budget and in compliance with Section 6.8. 
  

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 The request for and acceptance of each Credit Extension by the Borrower
shall constitute a representation and warranty that the conditions to such Credit Extension as set forth in this Section 3.2 have been satisfied. 
 Any Agent or Requisite Banks shall be entitled, but not obligated to, request and receive, prior to the making of any Credit Extension, additional information reasonably satisfactory to the requesting
party confirming the satisfaction of any of the foregoing if, in the good faith judgment of such Agent or Requisite Banks, such request is warranted under the circumstances. 
 (b) Notices. Any Notice shall be executed by an Authorized Officer in a writing delivered to the Administrative Agent.
In lieu of delivering a Notice, the Borrower may give the Administrative Agent telephonic notice by the required time of any proposed borrowing or conversion or continuation of any Loan, as the case may be; provided each such notice shall be
promptly confirmed in writing by delivery of the applicable Notice to the Administrative Agent on or before the applicable date of borrowing, conversion or continuation. Neither the Administrative Agent nor any Bank shall incur any liability to the
Borrower in acting upon any telephonic notice referred to above that the Administrative Agent believes in good faith to have been given by a duly authorized officer or other person authorized on behalf of the Borrower or for otherwise acting in good
faith. 
 3.3 Conditions Precedent to Withdrawals from the Term Loan Deposit Account. The obligation of
the Administrative Agent to honor any request by the Borrower to withdraw funds on deposit in the Term Loan Deposit Account any time is subject to the satisfaction, or waiver in accordance with Section 10.6, of the following conditions
precedent: 
 (a) the Administrative Agent shall have received a fully executed and delivered Withdrawal Request
at least one (1) Business Day prior to the date on which the Borrower is requesting such funds to be withdrawn; 
 (b) as of the date of the applicable Withdrawal Request and as of the date of the disbursement of funds from the Term Loan Deposit Account, no event shall have occurred and be continuing or would result from the consummation of such
disbursement that would constitute an Event of Default or Default; 
 (c) the aggregate principal amount of
Revolving Loans plus amounts withdrawn from the Term Loan Deposit Account pursuant to Section 2.1(c) shall be consistent with the DIP Budget and in compliance with Section 6.8; and 
 (d) the other conditions set forth in Section 3.2 shall have been satisfied. 
  

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 SECTION 4. REPRESENTATIONS AND WARRANTIES 
 In order to induce the Banks and the Issuing Bank to make each Credit Extension to be made by this Agreement, each Credit Party represents
and warrants to each Bank, and the Issuing Bank, on the Closing Date, and each Credit Date, that the following statements are true and correct: 
 4.1 Organization; Requisite Power and Authority; Qualification. Each of the Borrower and its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization as identified in Schedule 4.1, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the
Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its
business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect. 
 4.2 Capital Stock and Ownership. The Capital Stock of each of the Borrower and its Subsidiaries has been duly
authorized and validly issued and is fully paid and non-assessable. Except as set forth on Schedule 4.2, as of the date hereof, there is no existing option, warrant, call, right, commitment or other agreement to which the Borrower or any
of its Subsidiaries is a party requiring, and there is no membership interest or other Capital Stock of the Borrower or any of its Subsidiaries outstanding which upon conversion or exchange would require, the issuance by the Borrower or any of its
Subsidiaries of any additional membership interests or other Capital Stock of the Borrower or any of its Subsidiaries or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest
or other Capital Stock of the Borrower or any of its Subsidiaries. Schedules 4.1 and 4.2 correctly set forth the ownership interest of the Borrower and each of its Subsidiaries in their respective Subsidiaries as of the Closing
Date. 
 4.3 Due Authorization. The execution, delivery and performance of the Credit Documents have been
duly authorized by all necessary action on the part of each Credit Party that is a party thereto. 
 4.4 No
Conflict. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate any
provision of any law or any governmental rule or regulation applicable to the Borrower or any of its Subsidiaries, any of the Organizational Documents of the Borrower or any of its Subsidiaries, or any order, judgment or decree of any court or other
agency of government binding on the Borrower or any of its Subsidiaries; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of the Borrower or any of its
Subsidiaries except to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of the
Borrower or any of its Subsidiaries (other than any Liens created under any of the Credit Documents, under the Interim Order or under the Final

  

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Order); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of the Borrower or any of its Subsidiaries,
except for such approvals or consents which will be obtained on or before the Closing Date and disclosed in writing to the Banks and except for any such approvals or consents the failure of which to obtain will not have a Material Adverse Effect.

 4.5 Governmental Consents. The execution, delivery and performance by Credit Parties of the Credit
Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any
Governmental Authority except for entry of the Interim Order and Final Order, as required under the Bankruptcy Code and applicable state and federal bankruptcy rules. 
 4.6 Binding Obligation. Each Credit Document has been duly executed and delivered by each Credit Party that is a party
thereto and, subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of the Final Order and (y) the Final Order at any time thereafter, is the legally valid and binding obligation of such Credit
Party, enforceable against such Credit Party in accordance with its respective terms. 
 4.7 Historical
Financial Statements. The Historical Financial Statements were prepared in conformity with GAAP and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements
as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to
changes resulting from audit and normal year end adjustments. As of the Closing Date, neither the Borrower nor any of its Subsidiaries has any contingent liability or liability for taxes, long term lease or unusual forward or long term commitment
that is not reflected in the Historical Financial Statements or the notes thereto and which in any such case is material in relation to the business, operations, properties, assets, condition (financial or otherwise) or prospects of the Borrower and
any of its Subsidiaries taken as a whole. 
 4.8 Business Plan, DIP Budget and Cash Flow Forecast. On and
as of the Closing Date, the Business Plan, the DIP Budget and the initial Weekly Cash Flow Forecast are based on good faith estimates made by the management of the Borrower based on assumptions believed to be reasonable when made; provided,
that it is understood and agreed that actual results of the Borrower and its Subsidiaries may differ from the results projected in the Business Plan, the DIP Budget and the initial Weekly Cash Flow Forecast. 
 4.9 No Material Adverse Change. Since the Petition Date, no event, circumstance or change has occurred that has caused
or evidences, either in any case or in the aggregate, a Material Adverse Effect. 
 4.10 No Restricted Junior
Payments. Since the Petition Date, neither the Borrower nor any of its Subsidiaries has directly or indirectly declared, ordered, paid or made, or set apart any sum or property for, any Restricted Junior Payment or agreed to do so except as
permitted pursuant to Section 6.5. 
  

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 4.11 Adverse Proceedings, etc. There are no Adverse Proceedings,
individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect other than proceedings attendant to confirmation of the Prepackage Plan of Reorganization. Neither the Borrower nor any of its Subsidiaries
(a) is in violation of any applicable laws (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (b) is subject to or in default with respect to any final
judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 4.12 Payment of
Taxes. Except as otherwise permitted under Section 5.3, all tax returns and reports of the Borrower and its Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and
payable and all assessments, fees and other governmental charges upon the Borrower and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises which are due and payable have been paid when due and payable.
The Borrower knows of no proposed tax assessment against the Borrower or any of its Subsidiaries which is not being actively contested by the Borrower or such Subsidiary in good faith and by appropriate proceedings; provided, such reserves or other
appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor. 
 4.13 Properties. 
 (a) Title. Each of the Borrower and its Subsidiaries has
(i) good, sufficient and legal title to (in the case of fee interests in real property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good title to (in the case of all
other personal property), all of their respective properties and assets reflected in their respective Historical Financial Statements referred to in Section 4.7 and in the most recent financial statements delivered pursuant to Section 5.1,
in each case except for assets disposed of since the date of such financial statements in the Ordinary Course or as otherwise permitted under Section 6.9. Except as permitted by this Agreement, all such properties and assets are free and clear
of Liens. 
 (b) Real Estate. As of the Closing Date, Schedule 4.13(b) contains a true,
accurate and complete list of (i) all Real Estate Assets, and (ii) all leases, subleases or assignments of leases (together with all amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Real Estate
Asset of any Credit Party, regardless of whether such Credit Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment. Each agreement listed in clause (ii) of the
immediately preceding sentence is in full force and effect and the Borrower does not have knowledge of any default that has occurred and is continuing thereunder except where the consequences, direct or indirect, of such default or defaults, if any,
could not be reasonably expected to have a Material Adverse Effect, and each such agreement constitutes the legally valid and binding obligation of each applicable Credit Party, enforceable against such Credit Party in accordance with its terms,
except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles. 
  

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 4.14 Environmental Matters. Neither the Borrower nor any of its
Subsidiaries nor any of their respective Facilities or operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, or any Hazardous
Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. There are and, to each of the Borrower’s and its Subsidiaries’ knowledge, have been, no conditions, occurrences, or
Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against the Borrower or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. Neither the Borrower nor any of its Subsidiaries nor, to any Credit Party’s knowledge, any predecessor of the Borrower or any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present
treatment of Hazardous Materials at any Facility that, individually or in the aggregate, could be reasonably expected to have a Material Adverse Effect, and none of the Borrower’s or any of its Subsidiaries’ operations involves the
generation, transportation, treatment, storage or disposal of Hazardous Materials, except as would not reasonably be expected to form the basis of an Environmental Claim against the Borrower or any of its Subsidiaries, or as listed on
Schedule 4.14. Compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. No
event or condition has occurred or is occurring with respect to the Borrower or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any Hazardous Materials Activity which individually or in the aggregate
has had, or could reasonably be expected to have, a Material Adverse Effect. 
 4.15 No Defaults. Neither
the Borrower nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving
of notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect. 
 4.16 Material Contracts. Schedule 4.16 contains a true, correct and complete list of all the Material
Contracts in effect on the Closing Date, and except as described thereon, all such Material Contracts are in full force and effect and no defaults currently exist thereunder, any such default or failure to be in force and effect which could not
reasonably be expected to result in an exercise of remedies or acceleration of the indebtedness created thereunder, except as a result of the Cases. 
 4.17 Governmental Regulation. Neither the Borrower nor any of its Subsidiaries is subject to regulation under the Federal Power Act or the Investment Company Act of 1940 or under any other federal,
provincial or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. Neither the Borrower nor any of its Subsidiaries is a “registered
investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act
of 1940. 
  

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 4.18 Margin Stock. Neither the Borrower nor any of its Subsidiaries
is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Loans made to such Credit Party will be used to purchase or
carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of said Board of
Governors. 
 4.19 Employee Matters. Neither the Borrower nor any of its Subsidiaries is engaged in any
unfair labor practice that could reasonably be expected to have a Material Adverse Effect. There is (a) no unfair labor practice complaint pending against the Borrower or any of its Subsidiaries, or to the best knowledge of the Borrower and
each other Credit Party, threatened against any of them before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against the Borrower or any
of its Subsidiaries or to the best knowledge of the Borrower and each other Credit Party, threatened against any of them, (b) no strike or work stoppage in existence or threatened involving the Borrower or any of its Subsidiaries, and
(c) to the best knowledge of the Borrower and each other Credit Party, no union representation question existing with respect to the employees of the Borrower or any of its Subsidiaries and, to the best knowledge of the Borrower and each other
Credit Party, no union organization activity that is taking place, except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as is not reasonably likely to have a
Material Adverse Effect. 
 4.20 Employee Benefit Plans. The Borrower, each of its Subsidiaries and each
of their respective ERISA Affiliates are in compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan,
and have performed all their obligations under each Employee Benefit Plan, other than any non-compliance or non-performance that would not be reasonably expected to have a Material Adverse Effect. Each Employee Benefit Plan which is intended to
qualify under Section 401(a) of the Internal Revenue Code has received a recent favorable determination letter from the Internal Revenue Service indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to
the issuance of such determination letter which would cause such Employee Benefit Plan to lose its qualified status, except such defect that can be corrected pursuant to Rev. Proc. 2003-44 or any successor ruling or regulation without giving rise to
a Material Adverse Effect. No liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Employee Benefit Plan or any trust established under Title IV of ERISA (other than Ordinary Course contribution
obligations) has been or is expected to be incurred by the Borrower, any of its Subsidiaries or any of their ERISA Affiliates that could reasonably be expected to have a Material Adverse Effect. No ERISA Event has occurred or is reasonably expected
to occur which could reasonably be expected to result in a Material Adverse Effect. 
  

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 4.21 Certain Fees. No broker’s or finder’s fee or
commission will be payable with respect hereto or any of the transactions contemplated by the Credit Documents. 
 4.22 Compliance with Statutes, etc. Each of the Borrower and its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in
respect of the conduct of its business and the ownership of its property (including compliance with all applicable Environmental Laws with respect to any Real Estate Asset or governing its business and the requirements of any permits issued under
such Environmental Laws with respect to any such Real Estate Asset or the operations of the Borrower or any of its Subsidiaries), except such non-compliance that, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. 
 4.23 Disclosure. No representation or warranty of any Credit Party contained
in any Credit Document or in any other documents, certificates or written statements, including without limitation, information contained in the presentations made to the Banks, furnished to Banks by or on behalf of the Borrower or any of its
Subsidiaries for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to the Borrower or any other Credit Party, in the case of any document not
furnished by either of them) necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. Any projections and pro forma financial information contained
in such materials are based upon good faith estimates and assumptions believed by the Borrower or any other Credit Party to be reasonable at the time made, it being recognized by Banks that such projections as to future events are not to be viewed
as facts and that actual results during the period or periods covered by any such projections may differ from the projected results. There are no facts known (or which should upon the reasonable exercise of diligence be known) to the Borrower or any
other Credit Party (other than matters of a general economic nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents,
certificates and statements furnished to Banks for use in connection with the transactions contemplated hereby. 
 4.24 Insurance. All policies of insurance of the Borrower or any of its Subsidiaries, including policies of fire, theft, product liability, public liability, property damage, other casualty, employee fidelity and workers’
compensation, are in full force and effect and are of a nature and provide such coverage as is sufficient and as is customarily carried by businesses of the size and character of such Person. 
 4.25 Use of Proceeds. The proceeds of the Loans shall be used by the Borrower solely in accordance with
Section 2.4, the Interim Order and the Final Order, as applicable. 
 4.26 Status as Superpriority Claim;
Effectiveness of Order. The Loans and other Obligations constitute an allowed Superpriority Claim, and the Interim Order or the Final Order, as the case may be, is in full force and effect. 
  

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 4.27 Perfection of Security Interests. This Agreement and the Interim
Order (and the Final Order when entered) create a valid and perfected security interest in the Collateral having the priority set forth herein and therein securing the payment of the Obligations, and all filings and other actions necessary to
perfect and protect such security interest have been duly taken, provided that such security interest in the Debtors’ causes of action arising under chapter 5 of the Bankruptcy Code and all proceeds thereof shall be created and become
valid and perfected only upon entry of the Final Order. 
 SECTION 5. AFFIRMATIVE COVENANTS 
 Each Credit Party covenants and agrees that so long as any Commitment is in effect and until payment in full of all Obligations and cancellation or
expiration of all Letters of Credit, each Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 5. 
 5.1 Financial Statements and Other Reports. The Borrower will deliver to the Administrative Agent: 
 (a) Monthly Financial Statements. As soon as available, and in any event within 15 Business Days after the end of
each calendar month, or, in the case of a calendar month that is the end of a Fiscal Quarter, within 30 days after the end of each Fiscal Quarter, the consolidated unaudited balance sheets of the Borrower and its Subsidiaries as at the end of
such calendar month and the related consolidated statements of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such calendar month and for the period from the beginning of the then current Fiscal Year to the
end of such calendar month, setting forth in each case in comparative form the corresponding figures for the previous calendar month and the corresponding figures contained in the Business Plan, together with a Financial Officer Certification with
respect thereto and including a detailed explanation as to material variances that may have occurred from the prior calendar month and figures contained in the Business Plan for the current Fiscal Year; 
 (b) Quarterly Financial Statements. As soon as available, and in any event within 45 days after the end of the
first three Fiscal Quarters of each Fiscal Year, the consolidated balance sheets of the Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of
the Borrower and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form (x) the corresponding figures for
the corresponding periods of the previous Fiscal Year, and (y) the figures contained in the Business Plan for the current Fiscal Year, together with a Financial Officer Certification with respect thereto and including a detailed explanation as
to the material variances that may have occurred from the prior Fiscal Quarter and the figures contained in the Business Plan for the current Fiscal Year; 
 (c) [Reserved]; 
  

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 (d) Compliance Certificate. Together with each delivery of financial
statements of the Borrower and its Subsidiaries pursuant to Sections 5.1(a) and 5.1(b), a duly executed and completed Compliance Certificate; provided, that in respect of the fourth Fiscal Quarter of each Fiscal Year, it shall also
deliver a duly executed and completed Compliance Certificate as soon as available, and in any event within 90 days after the end of the fourth Fiscal Quarter; 
 (e) Statements of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting
principles and policies from those used in the preparation of the Historical Financial Statements, the Compliance Certificate of the Borrower and its Subsidiaries delivered pursuant to Section 5.1(d) will differ in any material respect in the
manner in which computations are derived from the Borrower’s financial statements for the Compliance Certificate that would have been delivered pursuant to such subsection had no such change in accounting principles and policies been made,
then, together with the first delivery of such Compliance Certificate after such change, the Borrower will deliver one or more statements of explanation of such difference(s) in form and substance satisfactory to the Administrative Agent and, if
appropriate, the Borrower’s proposal for amending any terms or requirements used or addressed in the Compliance Certificate to adjust for such change(s); 
 (f) Sufficiency of Public Quarterly and Annual Reports. Notwithstanding anything to the contrary contained herein,
delivery to the Administrative Agent by the Borrower of its quarterly report on Form 10-Q and its annual report on form 10-K shall satisfy the requirements of Section 5.1(b), for so long as the Borrower remains a reporting company
under the Exchange Act. 
 (g) Notice of Default. Promptly upon any officer of the Borrower obtaining
knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to the Borrower with respect thereto; (ii) that any Person has given any notice to the Borrower or any of its
Subsidiaries or taken any other action with respect to any event or condition set forth in Section 8.1(b); or (iii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material
Adverse Effect, a certificate of its Authorized Officers specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of
Default, Default, default, event or condition, and what action the Borrower has taken, is taking and proposes to take with respect thereto; 
 (h) Notice of Litigation. Promptly upon any officer of the Borrower obtaining knowledge of (i) the institution of, or non-frivolous threat of, any Adverse Proceeding not previously disclosed
in writing by the Borrower to the Banks, or (ii) any material development in any Adverse Proceeding that, in the case of either (i) or (ii) could be reasonably expected to have a Material Adverse Effect, or seeks to enjoin or
otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby, written notice thereof together with such other information as may be reasonably available to the Borrower to
enable the Banks and their counsel to evaluate such matters; 
  

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 (i) ERISA. (i) Promptly upon becoming aware of the occurrence of
or forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof, what action the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto
and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; and (ii) with reasonable promptness, copies of (1) each Schedule B (Actuarial Information) to
the annual report (Form 5500 Series) filed by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates with the Internal Revenue Service with respect to each Pension Plan; (2) all notices received by the Borrower,
any of its Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (3) copies of such other documents or governmental reports or filings relating to any Employee Benefit Plan as
the Administrative Agent shall reasonably request; 
 (j) Insurance Report. As soon as practicable
following any material change in the insurance coverage, notice to the Administrative Agent of such change and an explanation in form and substance reasonably satisfactory to the Administrative Agent of such change; 
 (k) Environmental Reports and Audits. As soon as practicable following receipt thereof, copies of all environmental
audits and reports with respect to environmental matters at any Facility or which relate to any environmental liabilities of the Borrower or its Subsidiaries which, in any such case, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect; 
 (l) Information Regarding Collateral. The Borrower will furnish to
the Collateral Agent prompt written notice of any change (i) in any Credit Party’s corporate name, (ii) in any Credit Party’s identity or corporate structure or (iii) in any Credit Party’s Federal Taxpayer
Identification Number. The Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral
Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral as contemplated in the Collateral Documents. The Borrower also agrees promptly to notify Collateral Agent if any
material portion of the Collateral is damaged or destroyed; 
 (m) Bankruptcy Pleadings. As soon as
practicable in advance of filing with the Bankruptcy Court, or providing to the United States Trustee for the District of Delaware, the Final Order, all other proposed orders, pleadings or other information and documents relating to the transactions
contemplated by the Credit Documents, the Prepackaged Plan of Reorganization and/or any disclosure statement related thereto (which must be in form and substance satisfactory to the Administrative Agent); 
 (n) Other Information. (i) Promptly upon their becoming available, copies of (A) all financial statements,
reports, notices and proxy statements sent or made available generally by the Borrower to its security holders acting in such capacity or by any Subsidiary of the Borrower to its security holders other than the Borrower or another Subsidiary of the

  

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Borrower, (B) all regular and periodic reports and all registration statements and prospectuses, if any, filed by the Borrower or any of its Subsidiaries with any securities exchange or with
the Securities and Exchange Commission and (C) all press releases and other statements made available generally by the Borrower or any of its Subsidiaries to the public concerning material developments in the business of the Borrower or any of
its Subsidiaries, and (ii) such other information and data with respect to the Borrower or any of its Subsidiaries as from time to time may be reasonably requested by the Administrative Agent; 
 (o) Electronic Delivery. 
 (i) Notwithstanding anything in any Credit Document to the contrary, each Credit Party hereby agrees that it will use its
reasonable best efforts to provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices,
requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (A) relates to a request for a new Credit Extension or other extension of credit (including any
election of an interest rate relating thereto), (B) relates to the payment of any principal or other amount due under any Credit Document prior to the scheduled date therefor, (C) provides notice of any Default or Event of Default under
any Credit Document or (D) is required to be delivered to satisfy any condition set forth in Sections 3.1 and/or 3.2 (all such non-excluded communications being referred to herein collectively as the “Communications”), by
transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to oploanswebadmin@citi.com, with a copy to Global.loans.Support@citi.com@citi.com. In addition, each Credit Party agrees to continue to
provide the Communications to the Administrative Agent in the manner specified in the Credit Documents, but only to the extent requested by the Administrative Agent. 
 (ii) Each Credit Party further agrees that the Administrative Agent may make the Communications available to the Banks by
posting the Communications on IntraLinks, Fixed Income Direct or a substantially similar electronic transmission system (each such system, a “Platform”). Each Credit Party acknowledges that the distribution of material through an
electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution. 
 (iii) EACH PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE
ADEQUACY OF ANY PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY

  

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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 PARTIES IN
CONNECTION WITH THE COMMUNICATIONS OR ANY PLATFORM. IN NO EVENT SHALL ANY AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, THE “AGENT PARTIES”) HAVE ANY
LIABILITY TO THE BORROWER, ANY OTHER CREDIT PARTY, ANY BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT,
CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE AGENTS’ TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF
COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 (iv) The Administrative Agent agrees that the receipt of the Communications by it at its e-mail address set forth in Appendix A shall constitute effective delivery of the Communications to the
Administrative Agent for purposes of this Section 5.1(o). Each Bank agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to a Platform shall constitute effective delivery of the
Communications to such Bank for purposes of this Section 5.1(o). Each Bank agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Bank’s e-mail address to which the
foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address. 
 (v) Nothing in this Section 5.1(o) shall prejudice the right of any Agent or any Bank to give any notice or other communication pursuant to any Credit Document in any other manner specified in such
Credit Document. 
 (p) Cash Flow Forecasts. 
 (i) By no later than 10:00 am on the Friday of each week, commencing April 2, 2010, the Borrower shall prepare and
deliver to the Administrative Agent and the Banks on a weekly basis a thirteen (13) week cash flow forecast in the form attached hereto as Exhibit M (a “Weekly Cash Flow Forecast”) setting forth for the periods covered
thereby (i) the projected operating cash receipts and resulting cash balances, (ii) the projected weekly operating cash disbursements, (iii) the projected aggregate principal amount of Loans, and (iv) projected weekly

  

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Availability (including estimates of the Allowed Professional Fees used by the Borrower in computing such Availability); provided, however, that if Monthly DIP Budget Cash Flow
Update is required to be delivered during the same week that a Weekly Cash Flow Forecast is required to be delivered pursuant to this Section 5.1(p)(i), then the Borrower shall not be required to deliver the Weekly Cash Flow Forecast for such
week. 
 (ii) By no later than 10:00 am on the 20th calendar day of each month, commencing April 20, 2010,
the Borrower shall prepare and deliver to the Administrative Agent and the Banks on a monthly basis a thirteen (13) week cash flow forecast in form and substance satisfactory to the Administrative Agent and based on the same format and
methodology used in the preparation of the DIP Budget (a “Monthly DIP Budget Cash Flow Update”) setting forth for the periods covered thereby (i) the projected operating cash receipts and resulting cash balances, (ii) the
projected weekly operating cash disbursements, (iii) the projected aggregate principal amount of Loans, and (iv) projected weekly Availability (including estimates of the Allowed Professional Fees used by the Borrower in computing such
Availability) (collectively, the “Projected Information”). The Monthly DIP Budget Cash Flow Update, as updated in accordance with the terms hereof, shall be reviewed by the Borrower and its management and shall set forth for the
periods covered thereby the Projected Information for each week covered by such Monthly DIP Budget Cash Flow Update. Together with such Monthly DIP Budget Cash Flow Update, the Borrower shall furnish to the Administrative Agent, in form and
substance satisfactory to the Administrative Agent, a report that sets forth for the immediately preceding four weeks a detailed comparison of the cash receipts, cash disbursements, Loan balance and Availability to the Projected Information for such
weekly periods set forth in the applicable Monthly DIP Budget Cash Flow Update on a cumulative, four-weeks roll-forward basis, together with a detailed explanation from the chief financial officer or treasurer of the Borrower as to any material
deviations that may have occurred with respect thereto. 
 (iii) If the Borrower becomes aware of any
inaccuracies or errors in a Weekly Cash Flow Forecast or Monthly DIP Budget Cash Flow Update previously delivered under this Section 5.1(p), the Borrower shall immediately furnish to the Administrative Agent a revised Weekly Cash Flow Forecast
or Monthly DIP Budget Cash Flow Update, together with a detailed explanation of the inaccuracy or error from the chief financial officer or treasurer of the Borrower. 
 (q) Financial Covenant Certificate. Commencing with May 7, 2010 and every Friday thereafter, the Borrower shall
deliver to the Administrative Agent an officer’s certificate certifying compliance with the covenants set forth in Section 6.8 for the immediately preceding week, and setting forth in reasonable detail calculations demonstrating such
compliance. 
  

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 5.2 Existence. Except as otherwise permitted under Section 6.9,
each Credit Party will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business; provided, no Credit Party
or any of its Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no longer
desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to Banks. 
 5.3 Payment of Taxes and Claims. Each Credit Party will, and will cause each of its Subsidiaries to, pay all material
Taxes imposed upon it or any of its properties or assets or in respect of any of its profits, income, capital, capital gains, payroll businesses or franchises before any penalty or fine accrues thereon, and all Taxes or claims (including claims for
labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto;
provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a) adequate reserve or other appropriate provision, as shall be
required in conformity with GAAP, shall have been made therefor, and (b) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion
of the Collateral to satisfy such Tax or claim. No Credit Party will, nor will it permit any of its Subsidiaries to, file or consent to the filing of any consolidated income tax return with any Person (other than the Borrower or any of its
Subsidiaries). 
 5.4 Maintenance of Properties. Each Credit Party will, and will cause each of its
Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in the business of the Borrower and its Subsidiaries and from time to time will
make or cause to be made all appropriate repairs, renewals and replacements thereof except where the failure to maintain such properties could not reasonably be expected in any individual case or in the aggregate to have a Material Adverse Effect.

 5.5 Insurance. The Borrower will maintain or cause to be maintained, with financially sound and
reputable insurers, such public liability insurance, third party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of
the Borrower and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self insurance), with such
deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. Without limiting the generality of the foregoing, the Borrower will maintain or cause to be maintained (a) flood insurance with
respect to each Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System, and
(b) replacement value casualty insurance on the Collateral under such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at all times carried or maintained under similar
circumstances by Persons of established reputation

  

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engaged in similar businesses. Each such policy of insurance issued by an insurer organized or incorporated in the United States shall (i) name the Collateral Agent, on behalf of the Banks
as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement, satisfactory in form and substance to the Collateral Agent, that names the
Collateral Agent, on behalf of the Banks, as the loss payee thereunder for losses of $1,000,000 or greater and provides for at least thirty days’ prior written notice to the Collateral Agent of any modification or cancellation of such policy.

 5.6 Books and Records; Inspections. Each Credit Party will, and will cause each of its respective
Subsidiaries to, keep books and records which accurately reflect its business affairs in all material respects and material transactions and each Credit Party will, and will cause each of its respective Subsidiaries to, permit any authorized
representatives designated by the Administrative Agent to visit and inspect any of the properties of any Credit Party and any of its respective Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and
to discuss its and their affairs, finances and accounts with its and their officers and independent public accountants, all upon reasonable notice and at such reasonable times during normal business hours and as often as may reasonably be requested.
Each Credit Party will cause its officers to participate in update calls with the Agents and the Banks, upon reasonable notice and request from the Administrative Agent. 
 5.7 [Reserved] 
 5.8 Compliance with Laws. Each Credit Party will comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities to comply in all material respects,
with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including all Environmental Laws). 
 5.9 Environmental. 
 (a) Environmental Disclosure.
The Borrower will deliver to the Administrative Agent: 
 (i) as soon as practicable following receipt thereof,
copies of all environmental audits, investigations, analyses and reports of any kind or character, whether prepared by personnel of the Borrower or any of its Subsidiaries or by independent consultants, governmental authorities or any other Persons,
with respect to significant environmental matters at any Facility or with respect to any Environmental Claims that could reasonably be expected to have a Material Adverse Effect; 
 (ii) promptly upon the occurrence thereof, written notice describing in reasonable detail (1) any Release required to
be reported to any federal, provincial, state or local governmental or regulatory agency under any applicable Environmental Laws, (2) any remedial action taken by the Borrower or any other Person in response to (A) any Hazardous Materials
Activities the existence of which has a reasonable possibility of resulting in one or

  

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more Environmental Claims having, individually or in the aggregate, a Material Adverse Effect, or (B) any Environmental Claims that, individually or in the aggregate, have a reasonable
possibility of resulting in a Material Adverse Effect, and (3) the Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of any Facility that could cause such Facility or any part thereof to
be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental Laws; 
 (iii) as soon as practicable following the sending or receipt thereof by the Borrower or any of its Subsidiaries, a copy of any and all written communications with respect to (1) any Environmental
Claims that, individually or in the aggregate, have a reasonable possibility of giving rise to a Material Adverse Effect, (2) any Release required to be reported to any federal, state or local governmental or regulatory agency, and (3) any
request for information from any governmental agency that suggests such agency is investigating whether the Borrower or any of its Subsidiaries may be potentially responsible for any Hazardous Materials Activity; 
 (iv) prompt written notice describing in reasonable detail (1) any proposed acquisition of stock, assets, or property
by the Borrower or any of its Subsidiaries that could reasonably be expected to (A) expose the Borrower or any of its Subsidiaries to, or result in, Environmental Claims that could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect or (B) adversely affect the ability of the Borrower or any of its Subsidiaries to maintain in full force and effect all material Governmental Authorizations required under any Environmental Laws for their
respective operations and (2) any proposed action to be taken by the Borrower or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to subject the Borrower or any of its Subsidiaries to any
additional material obligations or requirements under any Environmental Laws; and 
 (v) with reasonable
promptness, such other documents and information as from time to time may be reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this Section 5.9(a). 
 (b) Hazardous Materials Activities, Etc. Each Credit Party shall promptly take, and shall cause each of its
Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by such Credit Party or its Subsidiaries that could reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, and (ii) make an appropriate response to any Environmental Claim against such Credit Party or any of its Subsidiaries and discharge any obligations it may have to any Person thereunder where failure to do so could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  

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 5.10 Further Assurances. At any time or from time to time upon the
request of the Administrative Agent, each Credit Party will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as the Administrative Agent or the Collateral Agent may reasonably
request in order to effect fully the purposes of the Credit Documents. In furtherance and not in limitation of the foregoing, each Credit Party shall take such actions as the Administrative Agent or the Collateral Agent may reasonably request from
time to time to ensure that the Obligations are guarantied by the Guarantors and are secured by the Collateral. 
 5.11 Intellectual Property. The Borrower and each of its Subsidiaries will continue to own or possess the right to use, free from any restrictions, all patents, trademarks, copyrights, and domain names that are used in the operation
of their respective businesses as presently conducted and as proposed to be conducted, except to the extent the failure to so own or possess would not reasonably be expected to have a Material Adverse Effect. 
 5.12 Know-Your-Customer Rules. 
 If: 
 (i) (A) the introduction of or any change in (or in the
interpretation, administration or application of) any law or regulation made after the Closing Date; 
 (B) any
change in the status of a Credit Party after the Closing Date; or 
 (C) a proposed assignment or transfer by a
Bank of any of its rights and obligations under this Agreement to a party that is not a Bank prior to such assignment or transfer, 
 obliges the Administrative Agent or any Bank (or, in the case of paragraph (C) above, any prospective new Bank) to comply with “know your customer” or similar identification procedures in circumstances where the necessary
information is not already available to it, each Credit Party shall promptly upon the request of the Administrative Agent or any Bank supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the
Administrative Agent (for itself or on behalf of any Bank) or any Bank (for itself or, in the case of the event described in paragraph (C) above, on behalf of any prospective new Bank) in order for the Administrative Agent, such Bank or, in the
case of the event described in paragraph (C) above, any prospective new Bank to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Credit Documents. 
 (ii) Each Bank shall promptly upon the
request of the Administrative Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Administrative Agent (for itself) in order for the Administrative Agent to carry out and be satisfied it
has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Credit Documents. 
  

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 Following the giving of any notice pursuant to paragraph (iii) above,
if the accession of such Subsidiary obliges the Administrative Agent or any Bank to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the
Borrower shall promptly upon the request of the Administrative Agent or any Bank supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Administrative Agent (for itself or on behalf of any Bank) or
any Bank (for itself or on behalf of any prospective new Bank) in order for the Administrative Agent or such Bank or any prospective new Bank to carry out and be satisfied it has complied with the results of all necessary “know your
customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement. 
 5.13 Final Order. Not later than 35 days after the entry of the Interim Order by the Bankruptcy Court, the Bankruptcy Court shall have entered an order in form and substance satisfactory to
the Administrative Agent and the Requisite Banks (the “Final Order”) on an application or motion by the Debtors, such motion to be in form and substance reasonably satisfactory to the Administrative Agent and the Requisite Banks,
approving, on a final basis (but which Final Order need not have become final and non-appealable) the transactions contemplated by the Credit Documents, granting allowed Superpriority Claim status to the Loans and the other Obligations of the
Borrower and granting the Liens set forth in Section 2.23 (with the priority there described in Section 2.22 and Section 2.23) and which Final Order, among other things, shall (a) approve the transactions contemplated by the
Credit Documents and authorize the extensions of credit under this Agreement, (b) approve the payment by the Borrower and the Guarantors of all the fees provided for herein, (c) provide, after five (5) Business Days’ written
notice of an Event of Default, which notice shall be provided by the Administrative Agent to the Debtors, counsel to the Debtors, counsel to any statutory committee(s) appointed in the Cases, and the Office of the United States Trustee for the
District of Delaware, and which notice shall be filed with the Bankruptcy Court by counsel to the Administrative Agent, for the automatic termination of the automatic stay (but solely with respect to the transactions contemplated by the Credit
Documents), with a full waiver by the Borrower and the Guarantors of all rights to contest such termination except with respect to the existence of an Event of Default, (d) not have been reversed, modified, amended, or stayed, and
(e) contain such other findings, orders and relief typical for financings of the type contemplated by the Credit Documents. The Final Order shall have been entered on such notice to such parties as may be reasonably satisfactory to the Banks
and as required by the Bankruptcy Court, the Federal Rules of Bankruptcy Procedure, orders of the Bankruptcy Court, and any applicable local bankruptcy rules. 
  

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 SECTION 6. NEGATIVE COVENANTS 
 Each Credit Party covenants and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations and cancellation or
expiration of all Letters of Credit, such Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 6. 
 6.1 Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly,
create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except: 
 (a) the Obligations; 
 (b) Indebtedness of (i) any Credit
Party to any other Credit Party, and (ii) intercompany loans made by Credit Party to a Foreign Subsidiary in an aggregate amount, when added to the Investments made pursuant to Section 6.7(f), not to exceed $7,500,000 from the Closing Date
through May 31, 2010 and $5,000,000 thereafter; provided, (x) all such Indebtedness shall be evidenced by promissory notes and all such notes shall be subject to a Superpriority Claim pursuant to this Agreement, (y) all such
Indebtedness shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case, is reasonably
satisfactory to the Administrative Agent, and (z) any payment by any such Credit Party under any guaranty of the Obligations shall result in a pro tanto reduction of the amount of any Indebtedness owed by such Credit Party to the
Borrower or to any of its Subsidiaries for whose benefit such payment is made; 
 (c) [Reserved]; 
 (d) [Reserved]; 
 (e) Indebtedness which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal or similar obligations incurred in the Ordinary Course; 
 (f) Indebtedness in respect of netting services, overdraft protections and otherwise in connection with Deposit Accounts;

 (g) guaranties in the Ordinary Course of obligations to suppliers, customers, franchisees and licensees of the
Borrower and its Subsidiaries; 
 (h) guaranties by (i) any Credit Party of Indebtedness of another Credit
Party or (ii) any non-Credit Party of Indebtedness of a Credit Party, in each case, with respect to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.1; and 
 (i) existing Indebtedness described in Schedule 6.1(i) and, except with respect to any such Indebtedness of a
Credit Party (as a primary obligor or guarantor), any refinancings, refundings, renewals or extensions thereof (without increasing

  

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or shortening the maturity or principal amount thereof) (any such indebtedness, “Refinancing Indebtedness”); provided, however, that (i) the obligors in respect of
such Refinancing Indebtedness (including in their capacities as primary obligor and guarantor) are the same as for the Indebtedness being refinanced, (ii) the aggregate principal amount of the Indebtedness being refinanced shall not be
increased and (iii) the Refinancing Indebtedness shall not rank senior to the Indebtedness being refinanced; 
 (j) Indebtedness secured by Permitted Liens and Additional Permitted Liens; and 
 (k) Hedging
Obligations entered into for the purpose of hedging currency exchange risks associated with the operations of the Borrower and its Subsidiaries. 
 6.2 Liens. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or
asset of any kind (including any document or instrument in respect of goods or accounts receivable) of the Borrower or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or profits therefrom, or file or permit the filing
of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the Uniform Commercial Code of any State or under any similar recording or notice
statute, except: 
 (a) Liens in favor of the Collateral Agent for the benefit of the Secured Parties granted
pursuant to any Credit Document; 
 (b) Liens for Taxes not then due or if due obligations with respect to such
Taxes that are not at such time required to be paid pursuant to Section 5.3 or which are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and for which an adequate reserve has been made in
accordance with GAAP; 
 (c) statutory Liens of landlords, banks (and rights of set off), of carriers,
warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 401 (a)(29) or 412(n) of the Internal Revenue Code or by ERISA), in each case incurred in the
Ordinary Course (i) for amounts not yet overdue or (ii) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of fifteen (15) days) are being contested in good faith by appropriate
proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts; 
 (d) Liens incurred in the Ordinary Course in connection with workers’ compensation, unemployment insurance and other
types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations

  

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(exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the
Collateral on account thereof; 
 (e) easements, rights of way, restrictions, encroachments, and other minor
defects or irregularities in title, in each case which do not and will not interfere in any material respect with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; 
 (f) any (i) interest or title of a lessor or sublessor under any lease of real estate permitted hereunder,
(ii) restriction or encumbrance that the interest or title of such lessor or sublessor may be subject to, or (iii) subordination of the interest of the lessee or sublessee under such lease to any restriction or encumbrance referred to in
the preceding clause (ii), so long as the holder of such restriction or encumbrance agrees to recognize the rights of such lessee or sublessee under such lease, each as in effect on the Closing Date; 
 (g) [Reserved]; 
 (h) purported Liens evidenced by the filing of precautionary UCC financing statements or, for property located in foreign jurisdictions, the preparation and/or filing of functionally similar documents,
relating solely to operating leases of personal property entered into in the Ordinary Course; 
 (i) Liens in
favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
 (j) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; 
 (k) (i) licenses of patents, trademarks and other intellectual property rights granted by the Borrower or any of its
Subsidiaries in the Ordinary Course and not interfering in any material respect with the ordinary conduct of the business of the Borrower or such Subsidiary and (ii) leases or subleases granted by the Borrower of any of its Subsidiaries to
third parties in respect of surplus property which is not fundamental to the operation of the business in the Ordinary Course; provided that such leases and subleases are on arms-length commercial terms and are otherwise satisfactory to the
Administrative Agent; 
 (l) existing Liens described in Schedule 6.2(l); and 
 (m) Additional Permitted Liens. 
 6.3 [Reserved.] 
 6.4 No Further Negative Pledges.
Except with respect to (a) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the Ordinary

  

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Course (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case
may be), (b) Liens permitted to be incurred under Section 6.2 and restrictions in the agreements relating thereto that limit the right of any Credit Party to dispose of or transfer the assets subject to such Liens, and
(c) restrictions imposed by customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of ownership interest in
such partnership, limited liability company, joint venture or similar Person, each as in effect on the Closing Date, no Credit Party nor any of its Subsidiaries shall enter into any agreement prohibiting the creation or assumption of any Lien upon
any of its properties or assets, whether now owned or hereafter acquired. 
 6.5 Restricted Junior
Payments. No Credit Party shall, nor shall it permit any of its Subsidiaries or Affiliates through any manner or means or through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order,
pay, make or set apart, any sum for any Restricted Junior Payment, except Restricted Junior Payments by any Subsidiary of the Borrower to the Borrower, any Guarantor or wholly-owned Subsidiary of the Borrower. 
 6.6 Restrictions on Subsidiary Distributions. Except as provided herein, no Credit Party shall, nor shall it permit
any of its Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of the Borrower to (a) pay dividends or make any other
distributions on any of such Subsidiary’s Capital Stock owned by the Borrower or any other Subsidiary of the Borrower, (b) repay or prepay any Indebtedness owed by such Subsidiary to the Borrower or any other Subsidiary of the Borrower,
(c) make loans or advances to the Borrower or any other Subsidiary of the Borrower, or (d) transfer any of its property or assets to the Borrower or any other Subsidiary of the Borrower, other than restrictions (i) by reason of
customary provisions restricting assignments, subletting or other transfers contained in leases, licenses, and similar agreements entered into in the Ordinary Course; (ii) in the Pre-Petition Credit Agreement as in effect on the Closing Date;
and (iii) set forth in the agreements, documents or instruments in effect on the Closing Date and set forth on Schedule 6.6. 
 6.7 Investments. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, make or own any Investment in any Person, including without limitation any Joint
Venture, except: 
 (a) Investments by a Credit Party (other than XTI LLC) in Cash and Cash Equivalents (other
than Alternative Currencies), (ii) Investments by Subsidiaries of the Borrower (other than the Credit Parties) in Cash and Non-Credit Party Cash Equivalents, and (iii) Investments by XTI LLC in Cash and Cash Equivalents (other than
Alternative Currencies except for Euros); 
 (b) (i) equity Investments as of the Closing Date in any Subsidiary,
(ii) equity Investments made after the Closing Date by any Credit Party in another Credit Party and (iii) equity Investments made on the Consummation Date as contemplated by the Prepackaged Plan of Reorganization by any Credit Party in
Foreign Subsidiaries; 
  

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 (c) Investments (i) in any Securities received in satisfaction or
partial satisfaction of obligations of financially troubled account debtors and (ii) deposits, prepayments and other credits to suppliers made in the Borrower’s and its Subsidiaries’ Ordinary Course; 
 (d) intercompany loans and guaranties to the extent permitted under Section 6.1(b), (e), (g) and (h); 

(e) loans and advances to employees of the Borrower and its Subsidiaries made in the Ordinary Course in an aggregate
principal amount not to exceed $50,000 in the aggregate; 
 (f) Investments in Foreign Subsidiaries in an
aggregate amount, when added to the intercompany loans permitted under Section 6.1(b)(ii), not to exceed $7,500,000 from the Closing Date through May 31, 2010 and $5,000,000 thereafter; and 
 (g) existing Investments described in Schedule 6.7(g). 
 Notwithstanding the foregoing, in no event shall any Credit Party make any Investment which results in or facilitates in any manner any
Restricted Junior Payment not otherwise permitted under the terms of Section 6.5. 
 6.8 Financial
Covenants. 
 (a) Minimum Cash, Cash Equivalents and Availability. The Borrower and the Guarantors
shall maintain at all times during the periods set forth below Availability and unrestricted Cash and Cash Equivalents on hand and amounts held in the Term Loan Deposit Account in an amount equal to or greater than the amount set forth below for the
applicable period: 
  

				
	 Period
	  	Amount
	 From the Closing Date through May 31, 2010
	  	$	40,000,000
	 From June 1, 2010 and thereafter
	  	$	35,000,000

 For the purpose
of this Section 6.8, Cash and Cash Equivalents shall not include Cash or Cash Equivalents of any Subsidiary of the Borrower other than the Guarantors. 
 (b) Compliance with Cash Flow Forecast. The Credit Parties shall not permit, for any period of four weeks (i) actual average cash receipts of the Credit Parties for such period to be less than
80% of projected average cash receipts for such period as set forth in the DIP Budget, or (ii) actual average cash expenditures (calculated without giving effect to debt service, professional fees, and other restructuring expenses) of the
Credit Parties for such period to be more than 120% of projected average cash expenditures for such period as set forth in the DIP Budget, in each case tested on a rolling weekly basis, commencing with the four-week period beginning April 5,
2010. 
  

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 6.9 Fundamental Changes; Disposition of Assets; Acquisitions. No
Credit Party shall, nor shall it permit any of its Subsidiaries to, enter into any merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sub lease (as lessor or
sublessor), exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
whether now owned or hereafter acquired, or acquire by purchase or otherwise (other than purchases or other acquisitions of inventory, materials and equipment in the Ordinary Course) the business, property or fixed assets of, or stock or other
evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person, except: 
 (a) any Subsidiary of the Borrower may be merged with or into the Borrower, any Guarantor or any other wholly-owned Subsidiary, or be liquidated, wound up or dissolved, or all or any part of its business,
property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to the Borrower or any Guarantor; provided, however, in the case of such a merger involving the
Borrower or a Guarantor merging with a non-Guarantor, the Borrower or Guarantor shall be the continuing or surviving Person; 
 (b) sales or other dispositions of assets that do not constitute Asset Sales; 
 (c) disposals of obsolete, worn out or surplus property in the Ordinary Course; and 
 (d) Investments made in accordance with Section 6.7. 
 6.10
Disposal of Subsidiary Interests. Except for any sale of all of its interests in the Capital Stock of any of its Subsidiaries in compliance with the provisions of Section 6.9, no Credit Party shall, nor shall it permit any of its
Subsidiaries to, (a) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to qualify directors if required by applicable law; or (b) permit any of its
Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to another Credit Party (subject to the restrictions on such disposition otherwise imposed
hereunder), or to qualify directors if required by applicable law. 
 6.11 Sales and Lease Backs. No
Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now
owned or hereafter acquired, which such Credit Party (a) has sold or transferred or is to sell or to transfer to any other Person (other than the Borrower or any of its Subsidiaries), or (b) intends to use for substantially the same
purpose as any other property which has been or is to be sold or transferred by such Credit Party to any Person (other than the Borrower or any of its Subsidiaries) in connection with such lease. 
  

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 6.12 Transactions with Shareholders and Affiliates. No Credit Party
shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any holder of 5% or
more of any class of Capital Stock of the Borrower or any of its Subsidiaries or with any Affiliate of the Borrower or of any such holder, on terms that are (x) outside of the Ordinary Course or (y) less favorable to the Borrower or that
Subsidiary, as the case may be, than those that might be obtained at the time from a Person who is not such a holder or Affiliate; provided, the foregoing restriction shall not apply to (a) any transaction between the Borrower or any
Guarantor or between Guarantors; (b) reasonable and customary fees paid to members of the board of directors (or similar governing body) of the Borrower and its Subsidiaries; (c) compensation arrangements for officers and other employees
of the Borrower and its Subsidiaries entered into in the Ordinary Course; (d) the agreements and instruments listed on Schedule 2.25 and the transactions related thereto (which agreements and instruments shall be in form and substance
reasonably satisfactory to the Administrative Agent); and (e) transactions described in Schedule 6.12. 
 6.13 Conduct of Business. From and after the Closing Date, no Credit Party shall, nor shall it permit any of its Subsidiaries to, engage in any business other than the businesses engaged in by one or more Credit Parties on the
Closing Date and reasonably related businesses. 
 6.14 Limitation on Issuance of Capital Stock. Neither
the Borrower nor any Subsidiary shall issue any Capital Stock (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, any Capital Stock, except such issuances on the Consummation Date as
contemplated by the Prepackaged Plan of Reorganization. 
 6.15 Amendments or Waivers of Organizational
Documents. No Credit Party shall terminate or agree to any amendment, restatement, supplement or other modification to, any Organizational Document that would be materially adverse to the Banks. 
 6.16 Prepayments of Other Indebtedness; Modification of Other Documents, etc. 
 (a) Prepayments, etc. Except as otherwise allowed pursuant to the Interim Order, the Final Order or any order of the
Bankruptcy Court, in each case as approved by the Requisite Banks, no Credit Party shall make (or give any notice in respect thereof), nor shall it permit any of its Subsidiaries to make (or give any notice in respect thereof), any voluntary or
optional payment or prepayment on or redemption or acquisition for value of, or any prepayment as a result of any asset sale, change of control or similar event of, any Indebtedness other than Indebtedness consisting of Obligations. 
 (b) Modification of Other Documents. No Credit Party shall, nor shall it permit any of its Subsidiaries to, amend or
modify, or permit the amendment or modification of, any provision of any agreement governing Indebtedness in any manner that is adverse in any material respect to the Banks. 
  

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 6.17 Fiscal Year; Accounting Changes. No Credit Party shall, nor
shall it permit any of its Subsidiaries to, change its Fiscal Year end from December 31st. 
 6.18
Chapter 11 Claims. No Credit Party shall incur, create, assume, suffer to exist or permit any other Superpriority Claim or Lien which is senior to, or pari passu with, the Obligations hereunder, in each case, except for the
Permitted Liens, the Additional Permitted Liens and the Carve-Out. 
 SECTION 7. GUARANTY 
 7.1 Guaranty of the Obligations. Subject to the provisions of Section 7.2, the Guarantors jointly and severally
hereby irrevocably and unconditionally guaranty to the Administrative Agent for the ratable benefit of the Beneficiaries the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise (collectively, the “Guaranteed Obligations”). 
 7.2 Contribution by Guarantors. All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair and equitable manner, their obligations
arising under this Guaranty. Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under this Guaranty such that its Aggregate Payments exceed its Fair Share as of such
date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date.
“Fair Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor to
(ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in
respect of the obligations Guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor
under this Guaranty that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions
of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount” with respect to any Contributing Guarantor for purposes of this Section 7.2, any assets or liabilities of such Contributing
Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate
Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in
respect of this Guaranty (including, without limitation, in respect of this Section 7.2), minus

  

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(2) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this Section 7.2.
The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set
forth in this Section 7.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 7.2.

 7.3 Payment by Guarantors. Subject to Section 7.2, the Guarantors hereby jointly and severally
agree, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of the Borrower to pay any of the Guaranteed Obligations
when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, the Guarantors will upon demand pay, or cause to be paid, in Cash, to the Administrative Agent for the ratable
benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations and all other Guaranteed Obligations then owed to
Beneficiaries as aforesaid. 
 7.4 Liability of Guarantors Absolute. Each Guarantor agrees that its
obligations hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the Guaranteed
Obligations. In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees as follows: 
 (a) this Guaranty is a guaranty of payment when due and not of collectability. This Guaranty is a primary obligation of such Guarantor and not merely a contract of surety; 
 (b) subject to the five (5) Business Day notice requirement in Section 8.1, the Administrative Agent may enforce
this Guaranty upon the occurrence of an Event of Default; 
 (c) the obligations of such Guarantor hereunder are
independent of the obligations of the Borrower and the obligations of any other guarantor (including any other Guarantor) of the obligations of the Borrower, and a separate action or actions may be brought and prosecuted against such Guarantor
whether or not any action is brought against the Borrower or any of such other guarantors and whether or not the Borrower is joined in any such action or actions; 
 (d) payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify
or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the generality of the foregoing, if the Administrative Agent is awarded a judgment in any suit brought to enforce any
Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the portion of the Guaranteed Obligations that is not the subject of such

  

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suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability hereunder in respect of the Guaranteed
Obligations; 
 (e) any Beneficiary, upon such terms as it deems appropriate, without notice or demand and
without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may (i) renew, extend, accelerate, increase
the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or
substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take
and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of
the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations, provided, however, that no Credit
Document to which such Guarantor is party may be amended without its written consent; (v) enforce and apply any security now or hereafter held by or for the benefit of such Beneficiary in respect hereof or the Guaranteed Obligations, and direct
the order or manner of sale thereof, or exercise any other right or remedy that such Beneficiary may have against any such security, in each case as such Beneficiary in its discretion may determine consistent herewith and any applicable security
agreement, including foreclosure on any such security pursuant to one or more judicial or non-judicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any
right of reimbursement or subrogation or other right or remedy of any Guarantor against the Borrower or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it under the Credit Documents; and 

(f) this Guaranty and the obligations of the Guarantors hereunder shall be valid and enforceable and shall not be subject
to any reduction, limitation, impairment, discharge or termination for any reason (other than payment in full of the Guaranteed Obligations), including the occurrence of any of the following, whether or not any Guarantor shall have had notice or
knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any
claim or demand or any right, power or remedy (whether arising under the Credit Documents, at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or
security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to events of default) hereof, any
of the other Credit Documents or any agreement or instrument executed pursuant thereto, or of any

  

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other guaranty or security for the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Credit Document or any agreement relating to such other guaranty
or security; (iii) the Guaranteed Obligations or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source (other than payments
received pursuant to the other Credit Documents or from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment
of indebtedness other than the Guaranteed Obligations, even though any Beneficiary might have elected to apply such payment to any part or all of the Guaranteed Obligations; (v) any Beneficiary’s consent to the change, reorganization or
termination of the corporate structure or existence of the Borrower or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security interest in
any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set offs or counterclaims which the Borrower may allege or assert against any Beneficiary in respect of the Guaranteed Obligations, including failure of
consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; (viii) any law or regulation of any jurisdiction or any other event affecting any term of the Guaranteed Obligations and
(ix) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations. 
 7.5 Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of Beneficiaries: (a) any right to
require any Beneficiary, as a condition of payment or performance by such Guarantor, to (i) proceed against the Borrower, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed
against or exhaust any security held from the Borrower, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of any Beneficiary in favor of the Borrower
or any other Person, or (iv) pursue any other remedy in the power of any Beneficiary whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Borrower or any other
Guarantor including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations, or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Borrower or
any other Guarantor from any cause other than payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other
respects more burdensome than that of the principal; (d) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e) (i) any
principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations
affecting such Guarantor’s liability hereunder or the enforcement hereof, (iii) any rights to set offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that any Beneficiary protect, secure, perfect or
insure any security interest or lien or any property subject thereto; (f) other than with respect to written notice of an Event of Default as provided in Section 8.1, notices, demands, presentments, protests, notices of protest, notices of
dishonor and notices of any

  

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action or inaction, including acceptance hereof, notices of default hereunder or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed
Obligations or any agreement related thereto, notices of any extension of credit to the Borrower and notices of any of the matters referred to in Section 7.4 and any right to consent to any thereof; and (g) any defenses or benefits that
may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof. 
 Until the Guaranteed Obligations shall have been indefeasibly paid in full and the Revolving Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled, each
Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against the Borrower or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such
Guarantor of its respective obligations hereunder, in each case whether such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and including without limitation (a) any right of subrogation,
reimbursement or indemnification that such Guarantor now has or may hereafter have against the Borrower with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any Beneficiary
now has or may hereafter have against the Borrower, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter held by any Beneficiary. In addition, until the Guaranteed Obligations shall have been
indefeasibly paid in full and the Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled, each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other
guarantor (including any other Guarantor) of the Guaranteed Obligations, including, without limitation, any such right of contribution as contemplated by Section 7.2. Each Guarantor further agrees that, to the extent the waiver or agreement to
withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or
indemnification such Guarantor may have against the Borrower or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any
Beneficiary may have against the Borrower, to all right, title and interest any Beneficiary may have in any such collateral or security, and to any right any Beneficiary may have against such other guarantor. If any amount shall be paid to any
Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been finally and indefeasibly paid in full, such amount shall be held in trust for the
Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to the Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance
with the terms hereof. 
 7.6 Subordination of Other Obligations. Any Indebtedness of the Borrower or any
Guarantor now or hereafter held by the Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by the Obligee Guarantor after an
Event of Default has occurred and is continuing shall be held in trust for the Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to the Administrative Agent for the benefit of Beneficiaries to be credited and applied
against the Guaranteed Obligations, but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. 
  

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 7.7 Continuing Guaranty. This Guaranty is a continuing guaranty and
shall remain in effect until all of the Guaranteed Obligations shall have been paid in full and the Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled. Each Guarantor hereby irrevocably waives any right
to revoke this Guaranty as to future transactions giving rise to any Guaranteed Obligations. 
 7.8 Authority
of Guarantors or Borrower. It is not necessary for any Beneficiary to inquire into the capacity or powers of any Guarantor or the Borrower or the officers, directors or any agents acting or purporting to act on behalf of any of them. 

7.9 Financial Condition of the Borrower. Any Credit Extension may be made to the Borrower or continued from time to
time without notice to or authorization from any Guarantor regardless of the financial or other condition of the Borrower at the time of any such grant or continuation. No Beneficiary shall have any obligation to disclose or discuss with any
Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of the Borrower. Each Guarantor has adequate means to obtain information from the Borrower on a continuing basis concerning the financial condition of the
Borrower and its ability to perform its respective obligations under the Credit Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Borrower and of all circumstances bearing upon
the risk of non-payment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any Beneficiary to disclose any matter, fact or thing relating to the business, operations or conditions of the Borrower now
known or hereafter known by any Beneficiary. 
 7.10 Payments Set Aside. In the event that all or any
portion of the Guaranteed Obligations are paid by the Borrower, the obligations of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are
rescinded or recovered directly or indirectly from any Beneficiary for any reason, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder. 
 7.11 Validity and Effectiveness. This Guaranty shall remain wholly valid and effective until the full, unconditional
and irrevocable performance and discharge of the Guaranteed Obligations, and for all the period during which payments effected in such respect are subject to the claw back and/or avoidance under any applicable law. 
 SECTION 8. EVENTS OF DEFAULT 
 8.1 Events of Default. If any one or more of the following conditions or events shall occur: 
 (a) Failure to Make Payments When Due. Failure by the Borrower to pay (i) when due any installment of principal of

  

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any Loan, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any interest on any Loan or any fee or any other
amount due hereunder, which failure continues for three (3) Business Days; or 
 (b) Default in Other
Agreements. (i) Failure of any Credit Party or any of their respective Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness
referred to in Section 8.1(a) and other than Indebtedness arising under the Prepetition Credit Agreement) with an aggregate principal amount of $5,000,000 or more, in each case beyond the grace period, if any, provided therefor; or
(ii) breach or default by any Credit Party with respect to any other material term of (1) one or more items of Indebtedness in the individual or aggregate principal amounts referred to in clause (i) above or (2) any loan
agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case beyond the grace period, if any, originally provided therefor, if the effect of such breach or default is to cause, or to permit the holder or
holders of that Indebtedness (or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation,
as the case may be; provided that this Section 8.1(b) shall not apply to any failure, default or breach resulting solely from or caused only by the filing of the Cases; or 
 (c) Breach of Certain Covenants. Failure of any Credit Party to perform or comply with any term or condition contained
in Section 2.4, Section 5.1(g)(i), Section 5.1(p), Section 5.1(q), Section 5.2 or Section 6; or 
 (d) Breach of Representations, etc. Any representation, warranty, certification or other statement made or deemed made by any Credit Party in any Credit Document or in any statement or certificate
at any time given by any Credit Party or any of its Subsidiaries in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed made; or 
 (e) Other Defaults Under Credit Documents. Any Credit Party shall default in the performance of or compliance with any
term contained herein or any of the other Credit Documents, other than any such term referred to in any other subsection of this Section 8.1, and such default shall not have been remedied or waived within twenty (20) Business Days after
the earlier of (i) an officer of such Credit Party becoming aware of such default or (ii) receipt by the Borrower of notice from the Administrative Agent or any Bank of such default; or 
 (f) Involuntary Bankruptcy; Appointment of Receiver, etc. (i) A court of competent jurisdiction shall enter a
decree or order for relief in respect of any of the Borrower’s Subsidiaries in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order
is not stayed; or any other similar relief shall be granted under any applicable federal, provincial or state law; or (ii) an involuntary case shall be commenced against any of the Borrower’s Subsidiaries under the Bankruptcy Code or under
any other applicable

  

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bankruptcy, insolvency or similar law now or hereafter in effect, or any application shall have been made, or is required by applicable law to be made, with a court for the opening of insolvency
proceedings with regard to any of such Subsidiaries; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any
of such Subsidiaries, or over all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any of such Subsidiaries for all or a
substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of any of such Subsidiaries, and any such event described in this clause (ii) shall
continue for sixty (60) days without having been dismissed, bonded or discharged, provided, however, that this Section 8.1(f) shall not apply with respect to any Subsidiaries that are the subject of the Cases; or 

(g) Voluntary Bankruptcy; Appointment of Receiver, etc. (i) Any of the Borrower’s Subsidiaries shall have
an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for
relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part
of its property; or any of the Borrower’s Subsidiaries shall make any assignment for the benefit of creditors; or (ii) any of the Borrower’s Subsidiaries shall be unable, or shall fail generally, or shall admit in writing its
inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of any of the Borrower’s Subsidiaries (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve
any of the actions referred to herein or in Section 8.1(f) provided, however, that this Section 8.1 (g) shall not apply with respect to any Subsidiaries that are the subject of the Cases; or 
 (h) Judgments and Attachments. Any money judgment, writ or warrant of attachment or similar process involving in the
aggregate at any time an amount in excess of $5,000,000 (in either case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against the
Borrower or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days (or in any event later than five days prior to the date of any proposed sale
thereunder); or 
 (i) [Reserved] 
 (j) Employee Benefit Plans. There shall occur one or more ERISA Events which individually or in the aggregate results
in or could reasonably be expected to result in a Material Adverse Effect; or 
 (k) Change of Control. A
Change of Control shall occur other than as a result of the transactions contemplated by the Prepackaged Plan of Reorganization; or 
  

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 (l) Guaranties, Collateral Documents and Other Credit Documents. At
any time after the execution and delivery thereof, (i) any Guaranty for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be
declared to be null and void or any Guarantor shall repudiate its obligations thereunder, (ii) this Agreement or any other Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance
with the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof or any other termination of such Collateral Document in accordance with the terms thereof) or shall be declared null and void, or the
Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document, in each case for any reason other
than the failure of the Collateral Agent or any Secured Party to take any action within its control, or (iii) any Credit Party shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any
further liability, including with respect to future advances by Banks, under any Credit Document to which it is a party; or 
 (m) Relief from Automatic Stay. The Bankruptcy Court shall enter an order or orders granting relief from the automatic stay applicable under section 362 of the Bankruptcy Code to the holder or
holders of any security interest to permit foreclosure (or the granting of a deed in lieu of foreclosure or the like) on any assets of any Credit Party which have a value in excess of $1,000,000; or 
 (n) Order Appointing Trustee or Examiner. Entry of an order by the Bankruptcy Court in any of the Cases appointing a
trustee under section 1104 of the Bankruptcy Code, a responsible officer or an examiner with enlarged powers relating to the operation of the business (powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy
Code) under section 1106(b) of the Bankruptcy Code; or 
 (o) Conversion of Cases. Any of the Cases
shall be converted to a case under Chapter 7 of the Bankruptcy Code; or 
 (p) Invalid Plan; Dismissal of
Cases. (i) Submission by any Credit Party of, or entry of, an order in any of the Cases confirming a Plan of Reorganization that does not (A) provide for termination of the Revolving Commitments and payment in full in cash of the
Obligations, in each case, on or before the effective date of such Plan of Reorganization, except pursuant to a conversion of the credit facility governed by this Agreement to the Exit Facility substantially in accordance with the terms and
conditions contained in the Exit Credit Agreement, with such changes as may be agreed to with the unanimous written consent of the Banks (as defined in the Exit Credit Agreement) or (B) provide for the continuation of the Liens of the
Collateral Agent under this Agreement and the other Collateral Documents and continued priority thereof, in each case, until the Consummation Date pursuant to such Plan of Reorganization; or (ii) an entry of an order by the Bankruptcy Court
dismissing any of the Cases and which order does not provide for termination of the Commitments and payment in full in cash of the Obligations; or (iii) any Credit Party shall seek or support the filing or confirmation of such a Plan of
Reorganization or the entry of such an order; or (iv) the board of directors of any Credit Party shall have authorized a liquidation of any Credit Party; or 
  

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 (q) Orders. (i) The Final Order shall not have been entered by
the Bankruptcy Court on or before 35 days after the Interim Order is entered by the Bankruptcy Court, (ii) an order of the Bankruptcy Court shall be entered revoking, reversing, amended, supplementing staying, vacating or otherwise
modifying the Interim Order or the Final Order, (iii) an order of the Bankruptcy Court shall be entered which permits any administrative priority under the Bankruptcy Code as to any Credit Party equal to or superior to the Superpriority Claim
of the Agents and the Banks hereunder and pursuant to the Interim Order or Final Order, as applicable, other than the Permitted Liens, the Additional Permitted Liens and the Carve-Out, (iv) an order of the Bankruptcy Court shall be entered
which grants or permits the granting of Liens on the Collateral other than Liens permitted hereby and permitted under the Interim Order or Final Order, as applicable, (v) the Interim Order or the Final Order (as applicable) shall cease to
create a valid and perfected Lien or to be in fully force and effect or (vi) any Credit Party shall fail to comply with any material term, provision or condition of the Interim Order or the Final Order; or 
 (r) Superpriority Claims. An application shall be filed by any Credit Party for the approval of any Superpriority
Claim (other than claims secured by Permitted Liens, Additional Permitted Liens and the Carve-Out) in any of the Cases which is pari passu with or senior to the claims of the Beneficiaries against any Credit Party, or there shall arise or be
granted any such pari passu or senior Superpriority Claim; or 
 (s) Supportive Actions. Any Credit
Party or any of its Subsidiaries shall take any action in support of any matter set forth in paragraph (n), (o), (p), (q) or (r) above or any other Person shall do so and such application is not contested in good faith by the Credit
Parties and the relief requested is granted in an order that is not stayed pending appeal; or 
 (t) Sale of
Collateral. There shall be filed by any Credit Party any motion to sell all or a substantial part of the Collateral on terms that are not acceptable to the Requisite Banks; or 
 (u) Liens. Any Credit Party shall file any action, suit or other proceeding or contested matter challenging the
validity, perfection or priority of any Liens securing the Pre-Petition Credit Agreement, or the validity or enforceability of any of the Credit Documents (as defined in the Pre-Petition Credit Agreement), or asserting any avoidance claim against,
or seeking to recover any monetary damages from, any agent or lender under the Pre-Petition Credit Agreement; or 
 (v) Operations. Without the consent of the Requisite Banks, any Credit Party shall discontinue or suspend all or any material part of its business or commence an orderly wind-down or liquidation of any material part of the
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 (w) Failure to Reimburse Issuing Bank from Revolving Loans. The
failure of the Issuing Bank to be reimbursed in full for any drawings under any Letter of Credit from proceeds of Revolving Loans required to be made pursuant to Section 2.2(e); or 
 (x) Failure to Top-Up the Term Loan LC Collateral Account from Revolving Loans. The failure of the Term Loan LC
Collateral Account to be funded from proceeds of Revolving Loans required to be made pursuant to Section 2.2(g); or 
 (y) Consolidation of the Credit Parties. Except for the procedural consolidation relating to the administration of the Cases as contemplated in the Plan of Reorganization, the entry of an order of
by the Bankruptcy Court substantively consolidating the Credit Parties; 
 THEN, (1) upon the occurrence of any
Event of Default described in Section 8.1(f), (g), (k), (n), (o) or (p), the Administrative Agent (with or without the consent or request of the Requisite Banks) and (2) upon the occurrence and during the continuance of any other
Event of Default, at the request of (or with the consent of) the Requisite Banks, and, in each case upon (a) the provision by the Administrative Agent to the Debtors of five (5) Business Days’ written notice of such Event of Default,
which written notice shall also be provided by the Administrative Agent to counsel to the Debtors, counsel to any statutory committee(s) appointed in the Cases, and the Office of the United States Trustee for the District of Delaware, and which
written notice shall be filed by counsel to the Administrative Agent with the Bankruptcy Court, and (b) the expiration of such five (5) Business Day period, (i) the Commitments, if any, of each Bank having such Commitments shall
immediately and automatically terminate; (ii) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each
Credit Party: (A) the unpaid principal amount of and accrued interest on the Loans, and (B) all other Obligations; and (iii) the Administrative Agent may cause the Collateral Agent to enforce any and all Liens and security interests
created pursuant to this Agreement and the Collateral Documents and may seek any and all other remedies provided for in the Interim Order or the Final Order; provided, for the avoidance of doubt, that neither the Administrative Agent, the
Collateral Agent, nor any Bank shall exercise such rights and remedies on account of an Event of Default until after expiration of the above-referenced five (5) Business Days’ written notice period. 
 SECTION 9. AGENTS 
 9.1 Appointment of Agents. Citigroup Global Markets Inc. is hereby appointed Lead Arranger hereunder, and each Bank hereby authorizes the Lead Arranger to act as its agent in accordance with the
terms hereof and the other Credit Documents. Citicorp North America, Inc. is hereby appointed Administrative Agent and Collateral Agent hereunder and under the other Credit Documents and each Bank hereby authorizes the Administrative Agent and the
Collateral Agent to act as its agent in accordance with the terms hereof and the other Credit Documents. Each Agent hereby agrees to act upon the express conditions

  

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contained herein and the other Credit Documents, as applicable. The provisions of this Section 9 are solely for the benefit of the Agents and Banks and no Credit Party shall have any rights
as a third party beneficiary of any of the provisions thereof. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Banks and does not assume and shall not be deemed to have assumed any obligation towards or
relationship of agency or trust with or for the Borrower or any of its Subsidiaries. The Lead Arranger, without consent of or notice to any party hereto, may assign any and all of its respective rights or obligations hereunder to any of its
Affiliates. As of the Closing Date, Citigroup Global Markets Inc, in its capacity as Lead Arranger, shall not have any obligations hereunder but shall be entitled to all benefits of this Section 9. 
 9.2 Powers and Duties. Each Bank irrevocably authorizes each Agent to take such action on such Bank’s behalf and
to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably
incidental thereto. Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents. Each Agent may exercise such powers, rights and remedies and perform such duties by or through its
agents or employees. No Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Bank; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall
be so construed as to impose upon any Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth herein or therein. 
 9.3 General Immunity 
 (a) No Responsibility for Certain Matters. No Agent shall be responsible to any Bank for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or
any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other
documents furnished or made by any Agent to Banks or by or on behalf of any Credit Party to any Agent or any Bank in connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of
any Credit Party or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements
contained in any of the Credit Documents or as to the use of the proceeds of the Revolving Loans or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing. Anything
contained herein to the contrary notwithstanding, the Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Revolving Loans or the Letter of Credit Usage or the component amounts thereof.

 (b) Exculpatory Provisions. No Agent or any of its officers, partners, directors, employees or agents
shall be liable to Banks for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent’s gross negligence or willful misconduct. No Agent shall have an obligation
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receiving a satisfactory indemnity from the parties to this Agreement. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action)
in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from the
Requisite Banks (or such other Banks as may be required to give such instructions under Section 10.6) and, upon receipt of such instructions from the Requisite Banks (or such other Banks, as the case may be), such Agent shall be entitled to act
or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions. Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to rely, and shall be
fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on
opinions and judgments of attorneys (who may be attorneys for the Borrower and its Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no Bank shall have any right of action whatsoever against any Agent
as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit Documents in accordance with the instructions of the Requisite Banks (or such other Banks as may be required to give such
instructions under Section 10.6). 
 9.4 Agents Entitled to Act as Bank. The agency hereby created
shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Bank hereunder. With respect to its participation in the Revolving Loans and the Letters of Credit,
each Agent shall have the same rights and powers hereunder as any other Bank and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Bank” shall, unless the context clearly
otherwise indicates, include each Agent in its individual capacity. Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business
with the Borrower or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from the Borrower for services in connection herewith and otherwise without having to account for the
same to Banks. 
 9.5 Banks’ Representations, Warranties and Acknowledgment. Each Bank represents and
warrants that it has made its own independent investigation of the financial condition and affairs of the Borrower and its Subsidiaries in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal
of the creditworthiness of the Borrower and its Subsidiaries. No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Banks or to provide any Bank
with any credit or other information with respect thereto, whether coming into its possession before the making of the Revolving Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or
the completeness of any information provided to Banks. 
 9.6 Right to Indemnity. Each Bank, in proportion
to its Pro Rata Share, severally agrees to indemnify each Agent, to the extent that such Agent shall not have been reimbursed by any Credit Party (and without limiting the Borrower’s obligation to do so), for and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses

  

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(including reasonable counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent in exercising its
powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Agent in any way relating to or arising out of this Agreement or the other Credit Documents; provided, no
Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct. If any indemnity
furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional
indemnity is furnished; provided, in no event shall this sentence require any Bank to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such
Bank’s Pro Rata Share thereof; and provided further, this sentence shall not be deemed to require any Bank to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or
disbursement described in the proviso in the immediately preceding sentence. 
 9.7 Successor Administrative
Agent and Collateral Agent. The Administrative Agent and the Collateral Agent may resign at any time by giving thirty days’ prior written notice thereof to the Banks and Xerium, and the Administrative Agent and the Collateral Agent may be
removed at any time (with or without cause) by the Requisite Banks giving ten days’ prior written notice thereof delivered to Xerium and the Administrative Agent and the Collateral Agent and the Administrative Agent shall then promptly give
notice of such removal to the Banks. During the first two Business Days after notice from the Administrative Agent and the Collateral Agent of its resignation or removal, one or more Revolving Banks (other than the then Administrative Agent and
Collateral Agent if it is a Revolving Bank) shall have the right to propose a successor Administrative Agent and Collateral Agent (the “Proposed Successor Agent”). The Proposed Successor Agent shall become the Administrative Agent
and Collateral Agent if approved by the Requisite Banks. If such Proposed Successor Agent is not approved by the Requisite Banks within five Business Days after proposed by such Revolving Banks, then the Requisite Banks shall have the right upon
five Business Days’ notice to Xerium, to appoint a successor Administrative Agent and Collateral Agent. Upon the acceptance of any appointment as Administrative Agent or Collateral Agent hereunder by a successor Administrative Agent or
Collateral Agent, that successor Administrative Agent or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent or Collateral Agent and the
retiring or removed Administrative Agent or Collateral Agent shall promptly (i) transfer to such successor Administrative Agent or Collateral Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together
with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent or Collateral Agent under the Credit Documents, and (ii) execute and deliver to such successor
Administrative Agent or Collateral Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Administrative Agent or Collateral Agent of the
security interests created under the Collateral Documents, whereupon such retiring or removed Administrative Agent or Collateral Agent shall be

  

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discharged from its duties and obligations hereunder and under the other Credit Documents. Regardless of whether a replacement Administrative Agent or Collateral Agent, as applicable, has been
appointed, the removal or resignation will, to the fullest extent permitted by applicable law, be effective upon the earlier (i) the date the successor Administrative Agent or Collateral Agent is appointed and (ii) the date that is thirty
days after the giving of the written notice of resignation or removal. After any retiring or removed Administrative Agent’s or Collateral Agent’s resignation or removal hereunder as Administrative Agent or Collateral Agent, the provisions
of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or Collateral Agent hereunder. 
 9.8 Collateral Documents and Guaranty; Intercreditor Agreement. 
 (a) Agents under Collateral Documents and Guaranty. Each Bank hereby further authorizes the Administrative Agent or
the Collateral Agent, as applicable, on behalf of and for the benefit of Banks, to be the agent for and representative of the Banks with respect to the Guaranty, the Collateral and the Collateral Documents. Subject to Section 10.6, without
further written consent or authorization from the Banks, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (i) release any Lien encumbering any item of Collateral that is the
subject of a sale or other disposition of assets permitted hereby or to which the Requisite Banks (or such other Banks as may be required to give such consent under Section 10.6) have otherwise consented or (ii) release any Guarantor from
the Guaranty with respect to which the Requisite Banks (or such other Banks as may be required to give such consent under Section 10.6) have otherwise consented. 
 (b) Right to Realize on Collateral and Enforce Guaranty. Anything contained in any of the Credit Documents to the
contrary notwithstanding, the Borrower, the Administrative Agent, the Collateral Agent and each Bank hereby agrees that (i) no Bank shall have any right individually to realize upon any of the Collateral or to enforce the Guaranty, it being
understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of Banks in accordance with the terms hereof and all powers, rights and remedies under the Collateral Documents may
be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, the Collateral Agent or any Bank may be the purchaser of any or all of
such Collateral at any such sale and the Collateral Agent, as agent for and representative of Secured Parties (but not any Bank or Banks in its or their respective individual capacities unless Requisite Banks shall otherwise agree in writing) shall
be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase
price for any collateral payable by the Collateral Agent at such sale. 
 (c) Intercreditor Agreement.
Each Bank and the Issuing Bank hereby acknowledge that it has fully reviewed the Intercreditor Agreement and, by its execution of this Agreement, hereby consents to the execution and delivery of the Intercreditor Agreement by the Exit Agents on the
closing date of the Exit Facility, and agrees to comply with the terms thereof as if such Bank or Issuing Bank were a direct signatory thereto. 
  

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 9.9 Reliance and Engagement Letters. Each Bank confirms that each of
the Lead Arranger and the Administrative Agent has authority to accept on its behalf the terms of any reliance or engagement letters relating to any reports or letters provided by accountants in connection with the Credit Documents or the
transactions contemplated in the Credit Documents (including any net asset letter in connection with the financial assistance procedures) and to bind it in respect of those reports or letters and to sign such on its behalf and further confirms that
it accepts the terms and qualifications set out in such letters. 
 SECTION 10. MISCELLANEOUS 
 10.1 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or
permitted to be given to a Credit Party, the Collateral Agent, the Administrative Agent, the Issuing Bank or the Lead Arranger, shall be sent to such Person’s address as set forth on Appendix D or in the other relevant Credit
Document, and in the case of any Bank, the address as indicated on Appendix D or otherwise indicated to the Administrative Agent in writing. Each notice hereunder shall be in writing and may be personally served, telexed or sent by
telefacsimile or mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or telex, or three Business Days after depositing it
in the mail with postage prepaid and properly addressed; provided, no notice to any Agent shall be effective until received by such Agent and all notices from or to a Credit Party shall be sent through the applicable Agent. 
 10.2 Expenses. Whether or not the transactions contemplated hereby shall be consummated, the Borrower agrees to pay
promptly (a) all the actual and reasonable costs and expenses of preparation of the Credit Documents and any consents, amendments, waivers or other modifications thereto; (b) all the costs of furnishing all opinions by counsel for the
Borrower and the other Credit Parties; (c) the reasonable fees, expenses and disbursements of counsel to the Agents (in each case including allocated costs of internal counsel) in connection with the negotiation, preparation, execution and
administration of the Credit Documents, advising the Administrative Agent with regard to its rights and obligations under the Credit Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters
requested by the Borrower; (d) all the actual costs and reasonable expenses of creating and perfecting Liens in favor of the Collateral Agent, for the benefit of the Secured Parties pursuant hereto, including filing and recording fees, expenses
stamp, registration, transfer, documentary and other similar taxes, search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel to each Agent and of counsel providing any opinions that any Agent or the Requisite
Banks may reasonably request in respect of the Collateral, the Liens created pursuant to the Collateral Documents or any Agent’s rights and obligations under any Credit Document; (e) all the actual costs and reasonable fees, expenses and
disbursements of any auditors, accountants, consultants, advisors or appraisers retained by the Administrative or the Collateral Agent with the prior consent of the Borrower (not to be

  

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unreasonably withheld); (f) all actual cost and reasonable expenses of Lazard and Capstone Advisor Group, LLC (advisors to the Administrative Agent), in accordance with their respective
engagement letters; (g) all the actual costs and reasonable expenses (including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained by the Collateral Agent and its counsel) in
connection with the custody or preservation of any of the Collateral; (h) all other actual and reasonable costs and expenses incurred by each Agent in connection with the negotiation, preparation and execution of the Credit Documents and any
consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby; and (i) after the occurrence of a Default or an Event of Default, all costs and expenses, including reasonable attorneys’ fees
(including allocated costs of internal counsel) and costs of settlement, incurred by any Agent and the Banks in enforcing any Obligations of or in collecting any payments due from any Credit Party hereunder or under the other Credit Documents by
reason of such Default or Event of Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty). 
 10.3 [Reserved] 
 10.4 Indemnity. (a) In addition to the payment of expenses pursuant to Section 10.2, whether or not the transactions contemplated hereby shall be consummated, each Credit Party agrees to
defend (subject to Indemnitees’ reasonable approval of counsel), indemnify, pay and hold harmless, each Agent and Bank and the officers, partners, directors, trustees, investment advisors, employees, agents and Affiliates of each Agent and each
Bank (each, an “Indemnitee”), from and against any and all Indemnified Liabilities; provided, no Credit Party shall have any obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to the extent
such Indemnified Liabilities arise from the gross negligence or willful misconduct of that Indemnitee. To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 10.4 may be unenforceable in whole
or in part because they are in violation of any law or public policy, the applicable Credit Party shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified
Liabilities incurred by Indemnitees or any of them. 
 (b) To the extent permitted by applicable law, no Credit
Party shall assert, and each Credit Party hereby waives, any claim against the Banks, Agents and their respective Affiliates, directors, employees, attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) in connection with, arising out of, as a result of, or in any way related to, this
Agreement or any other Credit Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or
omission or event occurring in connection therewith, and the Borrower and each other Credit Party hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to
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 10.5 Set Off. In addition to any rights now or hereafter granted
under applicable law and not by way of limitation of any such rights, subject to the terms of the Interim Order or the Final Order, as applicable, and upon the occurrence and continuation of an Event of Default, each Bank and each of its respective
Affiliates is hereby authorized by each Credit Party at any time or from time to time subject to the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), without notice to any Credit Party or to any other
Person (other than the Administrative Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including Indebtedness evidenced by certificates of deposit, whether
matured or unmatured, but not including trust accounts) and any other Indebtedness at any time held or owing by such Bank or its Affiliate to or for the credit or the account of any Credit Party against and on account of the obligations and
liabilities of any Credit Party to such Bank hereunder, the Letters of Credit and under the other Credit Documents, including all claims of any nature or description arising out of or connected hereto, the Letters of Credit or with any other Credit
Document, irrespective of whether or not (a) such Bank shall have made any demand hereunder or (b) the principal of or the interest on the Loans or any amounts in respect of the Letters of Credit or any other amounts due hereunder shall
have become due and payable pursuant to Section 2 and although such obligations and liabilities, or any of them, may be contingent or unmatured. 
 10.6 Amendments and Waivers. 
 (a) Requisite Banks’
and Borrower Consent. Subject to Section 10.6(b) and 10.6(c), no amendment, modification, termination or waiver of any provision of the Credit Documents (other than the Fee Letters), or consent to any departure by any Credit Party
therefrom, shall in any event be effective without the written concurrence of the Credit Parties and the Requisite Banks. 
 (b) Affected Banks’ Consent. Without the written consent of the Credit Parties and each Bank that would be affected thereby, no amendment, modification, termination, or consent shall be
effective if the effect thereof would: 
 (i) extend the scheduled final maturity of any Loan; 
 (ii) waive, reduce or postpone any scheduled repayment (but not prepayment); 
 (iii) reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any
Loan pursuant to Section 2.8) or any fee payable hereunder; 
 (iv) extend the time for payment of any such
interest or fees; 
 (v) reduce or forgive the principal amount of any Loan or any reimbursement obligation in
respect of any Letter of Credit; 
 (vi) amend, modify, terminate or waive any provision of this
Section 10.6(b) or Section 10.6(c); 
  

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 (vii) amend the definition of “Requisite Banks” or
“Pro Rata Share”; 
 (viii) extend the Termination Date; 
 (ix) release all or substantially all of the Collateral or all or substantially all of the Guarantors from the Guaranty
except as expressly provided in the Credit Documents; 
 (x) consent to the assignment or transfer by any Credit
Party of any of its rights and obligations under any Credit Document (other than the Fee Letters); or 
 (xi)
amend, modify or waive any provision of Section 2.12 or 2.13(g). 
 (c) Other Consents. No amendment,
modification, termination or waiver of any provision of the Credit Documents (other than the Fee Letters), or consent to any departure by any Credit Party therefrom, shall: 
 (i) increase any Commitment of any Bank over the amount thereof then in effect without the consent of each Credit Party and
such Bank; provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Commitment of any Bank; 
 (ii) amend, modify, terminate or waive any provision of Section 9 as the same applies to any Agent, or any other
provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of each Credit Party and such Agent; or 
 (iii) amend, modify, terminate or waive any provision hereof as the same applies to the rights and obligations of the Issuing Bank without the consent of each Credit Party and the Issuing Bank.

 (d) Execution of Amendments, etc. The Administrative Agent may, but shall have no obligation to, with
the concurrence of any Bank, execute amendments, modifications, waivers or consents on behalf of such Bank. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or
demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this
Section 10.6 shall be binding upon each Bank at the time outstanding, each future Bank and, if signed by a Credit Party, on such Credit Party. 
 (e) Defaulting Banks. Anything herein to the contrary notwithstanding, during such period as a Bank is a Defaulting Bank, to the fullest extent permitted by applicable law, such Bank will not be
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waivers hereunder and the Commitment and the outstanding Loans of such Bank hereunder will not be taken into account in determining with the Requisite Banks or all of the Banks, as required, have
approved any such amendment or waiver (and the definition of “Requisite Banks” will automatically be deemed modified accordingly for the duration of such period); provided that any such amendment or waiver that would increase or
extend the term of the Commitment of such Defaulting Bank, extend the date fixed for the payment of principal or interest owing to such Defaulting Bank, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting
Bank or of any fee payable to such Defaulting Bank hereunder, or alter the terms of this proviso, will require the consent of such Defaulting Bank. 
 10.7 Successors and Assigns; Participations. 
 (a)
Generally. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Banks. No Credit Party’s rights or
obligations hereunder nor any interest therein may be assigned or delegated by any Credit Party without the prior written consent of all Banks. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of the Agents and Banks) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) Register. The Borrower, the Administrative Agent and each Bank shall deem and treat the
Persons listed as Banks in the Register as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case,
unless and until an Assignment Agreement effecting the assignment or transfer thereof shall have been delivered to and accepted by the Administrative Agent and recorded in the Register as provided in Section 10.7(e). Prior to such recordation,
all amounts owed with respect to the applicable Commitment or Loan shall be owed to the Bank listed in the Register as the owner thereof, and any request, authority or consent of any Person who, at the time of making such request or giving such
authority or consent, is listed in the Register as a Bank shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans. 
 (c) Right to Assign. Each Bank shall have the right at any time to sell, assign or transfer all or a portion of its
rights and obligations under this Agreement, including, without limitation, all or a portion of its Commitment or Loans owing to it or other Obligation (provided, however, that each such assignment shall be of a uniform, and not
varying, percentage of all rights and obligations under and in respect of any Loan and any related Commitments): 
 (i) to any Person meeting the criteria of clause (i) of the definition of the term “Eligible Assignee” upon the giving of notice to the Borrower and the Administrative Agent; and 
  

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 (ii) to any Person meeting the criteria of clause (ii) of the
definition of the term “Eligible Assignee” upon the giving of notice to the Borrower and the Administrative Agent; subject, however, in the case of assignments of Revolving Loans or Revolving Commitments to any such Person,
to prior written consent by, the Administrative Agent and the Issuing Bank (such consent not to be (x) unreasonably withheld or delayed); provided, further, each such assignment pursuant to this Section 10.7(c)(ii) shall be
in an aggregate amount of not less than $2,500,000 and increments of $1,000,000 in excess thereof such lesser amount as may be agreed to by the Administrative Agent or as shall constitute the aggregate amount of the Commitments and Loans of the
assigning Bank) with respect to the assignment of the Commitments and Loans. 
 (d) Mechanics. The
assigning Bank and the assignee thereof shall execute and deliver to the Administrative Agent an Assignment Agreement, together with (i) a processing and recordation fee of $3,500 (except (A) in the case of assignments pursuant to
Section 10.7(c)(i), no processing or recordation fee shall be required and (B) that only one fee shall be payable in the case of contemporaneous assignments to or by Related Funds), and (ii) such forms, certificates or other evidence,
if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Administrative Agent pursuant to Section 2.17(c). 
 (e) Notice of Assignment. Upon its receipt of a duly executed and completed Assignment Agreement, together with the
processing and recordation fee referred to in Section 10.7(d) (and any forms, certificates or other evidence required by this Agreement in connection therewith), the Administrative Agent shall record the information contained in such Assignment
Agreement in the Register, shall give prompt notice thereof to the Borrower and shall maintain a copy of such Assignment Agreement. 
 (f) Representations and Warranties of Assignee. Each Bank, upon execution and delivery hereof or upon executing and delivering an Assignment Agreement, as the case may be, represents and warrants
as of the Closing Date or as of the applicable Effective Date (as defined in the applicable Assignment Agreement) that (i) it is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments or
loans such as the applicable Commitments or Loans, as the case may be; and (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the Ordinary Course and without a view to distribution of such
Commitments or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section 10.7, the disposition of such Revolving Commitments or
Revolving Loans or any interests therein shall at all times remain within its exclusive control). 
 (g)
Effect of Assignment. Subject to the terms and conditions of this Section 10.7, as of the “Effective Date” specified in the applicable Assignment Agreement: (i) the assignee thereunder shall have the rights and obligations
of a “Bank” hereunder to the extent such rights and obligations hereunder have been assigned to it pursuant to such Assignment

  

 107 

 
Agreement and shall thereafter be a party hereto and a “Bank” for all purposes hereof, and in the case of an assignment from the Issuing Bank, shall have the rights and obligations of
an “Issuing Bank” hereunder to the extent such rights and obligations hereunder have been assigned to it pursuant to such Assignment Agreement and shall thereafter be an “Issuing Bank” for all purposes hereof; (ii) the
assigning Bank thereunder shall, to the extent that rights and obligations hereunder have been assigned thereby pursuant to such Assignment Agreement, relinquish its rights (other than any rights which survive the termination hereof under
Section 10.9) and be released from its obligations hereunder (and, in the case of an Assignment Agreement covering all or the remaining portion of an assigning Bank’s rights and obligations hereunder, such Bank shall cease to be a party
hereto and, if such Bank were an Issuing Bank, relinquish its rights (other than any rights which survive the termination hereof under Section 10.9) and be released from its obligations hereunder as an “Issuing Bank”; provided,
anything contained in any of the Credit Documents to the contrary notwithstanding, such assigning Bank shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior
involvement of such assigning Bank as a Bank hereunder); and (iii) the Commitments shall be modified to reflect the Commitment of such assignee and any Commitment of such assigning Bank, if any. Any assignment or transfer by a Bank of rights or
obligations under this Agreement that does not comply with subsections (c) through (g) of this Section 10.7 shall be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in
accordance with clause (h). 
 (h) Participations. Each Bank shall have the right at any time to sell
one or more participations to any Person (other than the Borrower, any of its Subsidiaries or any of its Affiliates) in all or any part of its Commitments or Loans or in any other Obligation. The holder of any such participation, other than an
Affiliate of the Bank granting such participation, shall not be entitled to require such Bank to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (i) extend the final scheduled
maturity of any Loan, in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post default increase in interest rates) or
reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the
Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a
result thereof), (ii) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement or (iii) release all or substantially all of the Collateral under the Collateral Documents (except as
expressly provided in the Credit Documents) supporting the Loans hereunder in which such participant is participating. The Borrower agrees that each participant shall be entitled to the benefits of Sections 2.15(c), 2.16 and 2.17 to the same
extent as if it were a Bank and had acquired its interest by assignment pursuant to paragraph (c) of this Section; provided, (i) a participant shall not be entitled to receive any greater payment under Section 2.16 or 2.17 than
the applicable Bank would have been entitled to receive with respect to the participation sold to such participant, unless the sale of the participation to such participant is made with the Borrower’s

  

 108 

 
prior written consent, and (ii) a participant that would be a Non-US Bank if it were a Bank shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the
participation sold to such participant and such participant agrees, for the benefit of the Borrower, to comply with Section 2.17 as though it were a Bank. To the extent permitted by law, each participant also shall be entitled to the benefits
of Section 10.6 as though it were a Bank, provided such participant agrees to be subject to Section 2.14 as though it were a Bank. 
 (i) Certain Other Assignments. In addition to any other assignment permitted pursuant to this Section 10.7, any Bank may assign and/or pledge all or any portion of its Loans, the other
Obligations owed by or to such Bank, to secure obligations of such Bank including, without limitation, any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any
operating circular issued by such Federal Reserve Bank; provided, no Bank, as between the Borrower and such Bank, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and provided,
further, in no event shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a “Bank” or be entitled to require the assigning Bank to take or omit to take any action hereunder. 
 10.8 Independence of Covenants. All covenants hereunder shall be given independent effect so that if a particular
action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of
Default if such action is taken or condition exists. 
 10.9 Survival of Representations, Warranties and
Agreements. All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of
each Credit Party set forth in Sections 2.15(c), 2.16, 2.17, 10.2, 10.4 and 10.5 and the agreements of the Banks set forth in Sections 2.14, 9.3(b) and 9.6 shall survive the payment of the Loans, the cancellation or expiration of the
Letters of Credit and the reimbursement of any amounts drawn thereunder, and the termination hereof. 
 10.10
No Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or any Bank in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed
to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and
remedies given to each Agent and each Bank hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents. Any forbearance
or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or
remedy. 
  

 109 

 10.11 Marshalling; Payments Set Aside. Neither any Agent nor any Bank
shall be under any obligation to marshal any assets in favor of any Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes a payment or payments to the Administrative
Agent or the Banks (or to the Administrative Agent, on behalf of the Banks), or the Administrative Agent or the Banks enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement
or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other provincial, state or federal
law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full
force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred. 
 10.12 Severability. In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 10.13
Obligations Several. The obligations of the Banks hereunder are several and no Bank shall be responsible for the obligations or Commitment of any other Bank hereunder. Nothing contained herein or in any other Credit Document, and no action
taken by Banks pursuant hereto or thereto, shall be deemed to constitute Banks as a partnership, an association, a joint venture or any other kind of entity. 
 10.14 Headings. Section headings herein are included herein for convenience of reference only and shall not constitute
a part hereof for any other purpose or be given any substantive effect. 
 10.15 APPLICABLE LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING GENERAL OBLIGATIONS LAW 5-1401, AND, TO THE EXTENT
APPLICABLE, THE BANKRUPTCY CODE. 
 10.16 CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH CREDIT
PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE BANKRUPTCY COURT, AND IF THE BANKRUPTCY COURT DOES NOT HAVE (OR ABSTAINS FROM) JURISDICTION, IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK OVER
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY CREDIT DOCUMENT OR ANY OF THE OBLIGATIONS. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (i) ACCEPTS
GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON-CONVENIENS; (iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE

  

 110 

 
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.1; (iv) AGREES THAT SERVICE AS
PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND
(v) AGREES AGENTS AND BANKS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION; 
 10.17 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE BANK/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE
TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 10.17 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 10.18
Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Banks agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’
directors, officers, trustees, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, including the NAIC, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(d) to any other party to this

  

 111 

 
Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Credit Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 10.18, to (i) any assignee of or participant in, or any prospective assignee of or participant in, any
of its rights or obligations under this Agreement, (ii) any rating agency, or (iii) the CUSIP Service Bureau or any similar organization, (g) with the consent of the Borrower, (h) to any pledgee referred to in
Section 10.7(i) or any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors or other representatives) to any swap or derivatives or similar transaction under which
payments are to be made by reference to the Borrower and the Obligations, this Agreement or payments hereunder), so long as such pledgee or any actual or prospective counterparty (or its managers, administrators, trustees, partners, directors,
officers, employees, agents, advisors and other representatives) agrees to be bound by the provisions of this Section 10.18, or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section 10.18 or (ii) becomes available to any Agent, the Issuing Bank or any Bank on a non-confidential basis from a source other than the Borrower. For the purposes of this Section 10.18, “Information” means
all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to any Agent, the Issuing Bank or any Bank on a non-confidential basis prior to disclosure by the Borrower. Any
Person required to maintain the confidentiality of Information as provided in this Section 10.18 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information. Notwithstanding anything in this Agreement or in any other Credit Document to the contrary, the Borrower and each Bank (and each employee,
representative or other agent of the Borrower) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of the transactions contemplated hereby and all materials of any kind (including
opinions or other tax analyses) that are provided to the Borrower relating to such U.S. tax treatment and U.S. tax structure. 
 10.19 Usury Savings Clause. Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection
therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate,
the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set
forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of
interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Borrower shall pay to the Administrative Agent an amount equal to the
difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of each Bank and the Borrower to
conform strictly to any applicable usury laws. Accordingly, if any Bank contracts for, charges, or receives

  

 112 

 
any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Bank’s option
be applied to the outstanding amount of the Loans made hereunder or be refunded to the Borrower. 
 10.20
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed original, but all such counterparts together shall constitute but one and the same instrument. Delivery
of an executed signature page of this Agreement by facsimile transmission or “PDF” shall be effective as delivery of a manually executed counterpart hereof. 
 10.21 USA Patriot Act Notice. Each Bank and the Agents (for the Agents and not on behalf of any Bank) hereby notifies
the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-5 (signed into law on October 26, 2001)), as amended (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 Bank or the applicable Agent, as applicable, to identify the Borrower in accordance with the Act. 
 10.22 No Setoffs and Defenses. Each Credit Party acknowledges it has no setoffs or defenses to their respective
obligations under the Credit Documents and no claims or counterclaims against any of the Agents or the Banks. 
 10.23 Conflicts. If any term or provision of this Agreement conflicts with any of the terms of the Interim Order or Final Order, as applicable, the Interim Order or Final Order, as applicable, shall govern. 
 [Remainder of page intentionally left blank] 
  

 113 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first written above. 
  

			
	XERIUM TECHNOLOGIES, INC.
		
	By:	 	/s/Stephen R. Light
		 	Name: Stephen R. Light
		 	Title: Chairman, CEO, and President

  

			
	XERIUM III (US) LIMITED, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President

  

			
	XERIUM IV (US) LIMITED, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President and CFO

  

			
	XERIUM V (US) LIMITED, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President and CFO

  

			
	HUYCK LICENSCO INC., as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President and CFO

  

			
	STOWE WOODWARD LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President and CFO

 [Signature Page to Superpriority Priming Senior Secured Debtor-in-Possession 
 Credit and Guaranty Agreement
(Xerium)] 

			
	STOWE WOODWARD LICENSCO LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President and CFO

  

			
	WEAVEXX LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President

  

			
	WANGNER ITELPA I LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Executive Vice President and CFO

  

			
	WANGNER ITELPA II LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Executive Vice President and CFO

  

			
	XERIUM ASIA LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Vice President and CFO

  

			
	XTI LLC, as a Guarantor
		
	By:	 	/s/David G. Maffucci
		 	Name: David G. Maffucci
		 	Title: Executive Vice President

 [Signature Page to Superpriority Priming Senior Secured Debtor-in-Possession 
 Credit and Guaranty Agreement
(Xerium)] 

			
	 CITICORP NORTH AMERICA, INC.
 as Administrative Agent, Issuing Bank, Collateral Agent and a Bank

		
	By:	 	/s/Caesar W. Wyszomirski
		 	Name: Caesar W. Wyszomirski
		 	Title: Director

  

			
	 CITIGROUP GLOBAL MARKETS, INC.,
 as Lead Arranger and Bookrunner

		
	By:	 	/s/Caesar W. Wyszomirski
		 	Name: Caesar W. Wyszomirski
		 	Title: Director

  

			
	Tennenbaum DIP Opportunity Fund, LLC
		
	By:	 	 Tennenbaum Capital Partners, LLC
 Its Investment Manager

		
	By:	 	/s/Hugh Steven Wilson
		 	Name: Hugh Steven Wilson
		 	Title: Managing Director

 [Signature Page to Superpriority Priming Senior Secured Debtor-in-Possession 
 Credit and Guaranty Agreement
(Xerium)] 

 APPENDIX A 
 TO SUPERPRIORITY PRIMING SENIOR SECURED DEBTOR-IN-POSSESSION 
 CREDIT AND GUARANTY AGREEMENT 
 PRINCIPAL OFFICE: 
 Citicorp North America, Inc. 
 1615 Brett Rd 
 OPSIII 
 New Castle, DE 19720 
 Attention: Annemarie Pavco 
 Telephone: 302-894-6010 
 Facsimile: 212-994-0961 
 Email: Global.loans.Support@citi.com 
 For payments: 
 Bank: Citibank NA 
 ABA: 021000089 
 Acct#: 36852248 
 Acct Name: Medium Term Finance 
 Ref: Xerium 
 APPENDIX A-1 

 APPENDIX B 
 TO SUPERPRIORITY PRIMING SENIOR SECURED DEBTOR-IN-POSSESSION 
 CREDIT AND GUARANTY AGREEMENT 
 Revolving Commitments 
  

							
	 Bank
	  	Revolving
Commitment	  	Pro
Rata Share	 
	 Citicorp North America, Inc.
	  	$	15,000,000.00	  	75.000000000	% 
	 Tennenbaum DIP Opportunity Fund, LLC
	  	$	5,000,000.00	  	25.000000000	% 
		  	 	 	  	 	 
	 Total
	  	$	20,000,000.00	  	100.000000000	% 
		  	 	 	  	 	 

 APPENDIX B-1 

 APPENDIX C 
 TO SUPERPRIORITY PRIMING SENIOR SECURED DEBTOR-IN-POSSESSION 
 CREDIT AND GUARANTY AGREEMENT 
 Term Loan Commitments 
  

							
	 Bank
	  	Term Loan
Commitment	  	Pro
Rata Share	 
	 Citicorp North America, Inc.
	  	$	55,000,000.00	  	91.666666667	% 
	 Tennenbaum DIP Opportunity Fund, LLC
	  	$	5,000,000.00	  	8.333333333	% 
		  	 	 	  	 	 
	 Total
	  	$	60,000,000.00	  	100.000000000	% 
		  	 	 	  	 	 

 APPENDIX C-1 

 APPENDIX D 
 TO CREDIT AND GUARANTY AGREEMENT 
 Notice Addresses 

“NOTE: THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION THEREOF, INCLUDING WRITTEN
CONFIRMATIONS OR REFERENCES THERETO, INTO AUSTRIA AS WELL AS PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO THIS DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION TO WHICH A PDF SCAN OF THIS DOCUMENT IS ATTACHED TO AN AUSTRIAN ADDRESSEE
OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO THIS DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN STAMP DUTY. ACCORDINGLY, IN PARTICULAR KEEP THE ORIGINAL DOCUMENT AS WELL AS
ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES THERETO OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY EMAIL COMMUNICATION WHICH REFERS TO THIS DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION TO WHICH A PDF SCAN OF THIS
DOCUMENT IS ATTACHED TO AN AUSTRIAN ADDRESSEE OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO THIS DOCUMENT TO AN AUSTRIAN ADDRESSEE.” 
 XERIUM TECHNOLOGIES, INC. 
 8537 Six Forks Rd,
Suite 300 
 Raleigh, NC 27615 
 Attn:
Ted Orban 
 Fax: 919 526-1430 
 Phone:
919 526-1406 
 Email: ted.orban@xerium.com 
 XTI LLC 8537 Six Forks Rd, Suite 300 
 Raleigh, NC 27615 
 Attn: Ted Orban 
 Fax: 919 526-1430 
 Phone: 919 526-1406 
 Email:
ted.orban@xerium.com 
 HUYCK LICENSCO INC. 
 STOWE WOODWARD LLC 
 STOWE WOODWARD LICENSCO LLC 
 WEAVEXX, LLC 
 XERIUM III (US) LIMITED

 XERIUM IV (US) LIMITED 
 XERIUM
V (US) LIMITED 
 APPENDIX D-1 

 
WANGNER ITELPA I LLC 
 WANGNER ITELPA II LLC 
 XERIUM ASIA LLC 
 in each case, with a copy to:

 Xerium Technologies, Inc. 
 8537 Six
Forks Rd, Suite 300 
 Raleigh, NC 27615 
 Attn: Ted Orban 
 Fax: 919 526-1430 
 Phone: 919 526-1406 
 Email: ted.orban@xerium.com 
 APPENDIX D-2 

 CITIGROUP GLOBAL MARKETS INC., 
 as Lead Arranger and Bookrunner 
 Citigroup Global Markets Inc. 
 388 Greenwich St., 23rd Floor 
 New York, NY 10013

 Attn.: Ryan Falconer 
 Phone:
212-816-3130 
 Facsimile: 866-535-9445 
 Email: ryan.falconer@citi.com 
 APPENDIX D-3 

 CITICORP NORTH AMERICA, INC., 
 as Administrative Agent, Collateral Agent and a Bank 
 Citicorp North America, Inc. 
 388 Greenwich St., 23rd Floor 
 New York, NY 10013

 Attn.: Ryan Falconer 
 Phone:
212-816-3130 
 Facsimile: 866-535-9445 
 Email: ryan.falconer@citi.com 
 APPENDIX D-4

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