Document:

Exhibit 10.1

 

FIRST AMENDMENT TO THE

RECEIVABLES FINANCING AGREEMENT

 

This FIRST AMENDMENT
TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of February 21, 2019, is entered into by
and among the following parties:

 

		(i)	BrightView Funding LLC, as Borrower (the “Borrower”);

 

		(ii)	BRIGHTVIEW LANDSCAPES, LLC, as initial Servicer (the “Servicer”); and

 

		(iii)	PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Lender, LC Bank, LC Participant and
Administrative Agent (in such capacity, the “Administrative Agent”).

 

Capitalized terms used
but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables
Financing Agreement described below.

 

BACKGROUND

 

A.       The
parties hereto and PNC Capital Markets LLC (the “Structuring Agent”) have entered into a Receivables Financing
Agreement, dated as of April 28, 2017 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables
Financing Agreement”).

 

B.       Concurrently
herewith, the Borrower, PNC and the Structuring Agent are entering into an Amended and Restated Fee Letter, dated as of the date
hereof (the “Fee Letter”).

 

C.       Concurrently
herewith, the Borrower, PNC and the Servicer are entering into a First Amendment to the Deposit Account Control Agreement, dated
as of the date hereof (the “DACA Amendment”).

 

D.       Concurrently
herewith, PNC is entering into a Termination of Deposit Account Control Agreement notice to be delivered to Bank of America, N.A.,
as account bank, dated as of the date hereof (the “DACA Termination”).

 

E.       The
parties hereto desire to amend the Receivables Financing Agreement as set forth herein.

 

NOW, THEREFORE, with
the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party to this
Amendment hereby agrees as follows:

 

SECTION 1.     
Amendment to the Receivables Financing Agreement. The Receivables Financing Agreement is hereby amended to incorporate
the changes shown on the marked pages of the Receivables Financing Agreement attached hereto as Exhibit A.

 

     

     

    

 

SECTION 2.     
Representations and Warranties of the Borrower and Servicer. The Borrower and the Servicer hereby represent and warrant
to each of the parties hereto as of the date hereof as follows:

 

(a)              
Representations and Warranties. The representations and warranties made by it in the Receivables Financing Agreement
and each of the other Transaction Documents to which it is a party are true and correct as of the date hereof.

 

(b)              
Enforceability. The execution and delivery by it of this Amendment, and the performance of its obligations under
this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party
are within its organizational powers and have been duly authorized by all necessary action on its part, and this Amendment, the
Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due
authorization and execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance
with its terms.

 

(c)              
No Event of Default. No Event of Default or Unmatured Event of Default has occurred and is continuing, or would occur
as a result of this Amendment or the transactions contemplated hereby.

 

(d)              
Credit Agreement. The Credit Agreement has not been amended, restated, supplemented or otherwise modified since the
effectiveness of that certain Amendment No. 5 to Credit Agreement, dated as of August 15, 2018.

 

SECTION 3.     
Effect of Amendment; Ratification. All provisions of the Receivables Financing Agreement and the other Transaction
Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes
effective, all references in the Receivables Financing Agreement (or in any other Transaction Document) to “this Receivables
Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect
referring to the Receivables Financing Agreement shall be deemed to be references to the Receivables Financing Agreement as amended
by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision
of the Receivables Financing Agreement other than as set forth herein. The Receivables Financing Agreement, as amended by this
Amendment, is hereby ratified and confirmed in all respects.

 

SECTION 4.     
Effectiveness. This Amendment shall become effective as of the date hereof, subject to the satisfaction of each of
the following conditions precedent:

 

(a)              
receipt by the Administrative Agent of counterparts of this Amendment (whether by facsimile or otherwise) executed by each
of the parties hereto;

 

(b)              
receipt by the Administrative Agent of counterparts of the Fee Letter (whether by facsimile or otherwise) executed
by each of the parties thereto;

 

(c)              
receipt by the Administrative Agent of counterparts of the DACA Amendment (whether by facsimile or otherwise) executed by
each of the parties thereto;

 

    2

     

    

 

(d)              
receipt by the Administrative Agent of a counterpart of the DACA Termination (whether by facsimile or otherwise) executed
by the party thereto;

 

(e)              
receipt by the Administrative Agent of a standard corporate enforceability opinion addressed to the Administrative Agent,
the Lender, the LC Bank and the LC Participant covering such matters as the Administrative Agent may reasonably request in form
and substance satisfactory to the Administrative Agent;

 

(f)               
receipt by the Administrative Agent of resolutions and secretary’s certificates of the Borrower and the Servicer in
connection with this Amendment and the transactions contemplated hereby;

 

(g)              
evidence received by the Administrative Agent that (i) the “Upfront Fee” under and as defined in the Fee
Letter and (ii) each other fee or other amount owing by the Borrower on the date hereof under any Transaction Document or in connection
with this Amendment or the transactions contemplated hereby, in each case, have been paid in fully in accordance with the terms
of the Fee Letter or such other document to which such fee or amount is payable; provided that (x) the Borrower shall not
be required to pay any fees, costs, expenses or disbursements of internal counsel to the Administrative Agent or any other Credit
Party in connection with the execution of this Amendment or the transactions contemplated hereby and (y) the fees, costs, expenses
and disbursements of external counsel to the Administrative Agent and any other Credit Party in connection with the execution of
this Amendment and the transactions contemplated hereby (excluding any amendment, restatement, supplement, consent or waiver, if
any, of this Amendment or any other Transaction Document from time to time occurring after the date hereof) shall not exceed $50,000;
and

 

(h)              
receipt by the Administrative Agent of such other documents and instruments as the Administrative Agent may reasonably request
prior to the date hereof.

 

SECTION 5.     
Severability. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

SECTION 6.     
Transaction Document. This Amendment shall be a Transaction Document for purposes of the Receivables Financing Agreement.

 

SECTION 7.     
Counterparts. This Amendment may be executed in any number of 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 hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.

 

    3

     

    

 

SECTION 8.     
GOVERNING LAW AND JURISDICTION.

 

(a)              
THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

 

(b)              
EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION,
AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE
OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND
EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER,
THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AMENDMENT,
MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.
NOTHING IN THIS SECTION 8 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION
OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. EACH
OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

SECTION 9.     
Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the
meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof.

 

SECTION 10. 
Reaffirmation of Performance Guaranty. After giving effect to this Amendment and each of the other transactions contemplated
hereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and Performance Guarantor hereby
ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in
full force and effect in accordance with its terms.

 

[Signature
pages follow]

 

    4

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

  

	 	BrightView Funding LLC, 	 
	 	as Borrower	 
	 	 	 	 
	 	By:	/s/ Katriona Knaus	 
	 	Name:	Katriona Knaus	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	BRIGHTVIEW LANDSCAPES, LLC,	 
		as initial Servicer	 
	 	 	 	 
	 	By:	/s/ Katriona Knaus	 
	 	Name:	Katriona Knaus	 
	 	Title:	Treasurer	 
	 	 	 	 

 

    	 	 S-1	BrightView/PNC: First Amendment to
Receivables Financing Agreement

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,	 
		as Administrative Agent	 
	 	 	 	 
	 	By:	/s/ Christopher Blaney	 
	 	Name:	Christopher Blaney	 
	 	Title:	Senior Vice President	 
	 	 	 	 
	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,	 
	  	as Lender	 
	 	 	 	 
	 	By:	/s/ Christopher Blaney	 
	 	Name:	Christopher Blaney	 
	 	Title:	Senior Vice President	 
	 	 	 	 
	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,	 
	 	 as LC Bank and LC Participant	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Christopher Blaney	 
	 	Name:	Christopher Blaney	 
	 	Title:	Senior Vice President	 
	 	 	 	 

  

    	 	 S-2	BrightView/PNC: First Amendment to
Receivables Financing Agreement

     

    

 

	ACKNOWLEDGED AND AGREED:	 
	 	 	 
	 	 	 
	BRIGHTVIEW HOLDINGS, INC.,	 
	as Performance Guarantor	 
	 	 	 
	 	 	 
	By:	/s/ Katriona Knaus	 
	Name:	Katriona Knaus	 
	Title:	Assistant Treasurer	 

 

    	 	 S-3	BrightView/PNC: First Amendment to
Receivables Financing Agreement

     

    

 

EXHIBIT A

 

Amendment to Receivables Financing Agreement

 

 

 

 

 

 

    
Exhibit A

    

 

EXHIBIT
A to First Amendment, Dated as of February 21, 2019

 

EXECUTION COPY

RECEIVABLES FINANCING AGREEMENT

 

Dated as of April 28, 2017

 

by and among

 

BrightView
Funding LLC,

as Borrower,

 

THE PERSONS FROM TIME TO TIME PARTY HERETO,

as Lenders and LC Participants,

 

PNC BANK, NATIONAL ASSOCIATION,

as LC Bank,

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

BRIGHTVIEW LANDSCAPES, LLC,

as initial Servicer,

 

and

 

PNC CAPITAL MARKETS LLC, as Structuring Agent 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I       DEFINITIONS	1
	 	 	 
	SECTION 1.01.	Certain Defined Terms	1
	 	 	 
	SECTION 1.02.	Other Interpretative Matters	33
	 	 	 
	ARTICLE II       TERMS OF THE LOANS	33
	 	 	 
	SECTION 2.01.	Loan Facility	33
	 	 	 
	SECTION 2.02.	Making Loans; Repayment of Loans	34
	 	 	 
	SECTION 2.03.	Interest and Fees	35
	 	 	 
	SECTION 2.04.	Records of Loans and Participation Advances	36
	 	 	 
	SECTION 2.05.	Selection of Interest Rates and Tranche Periods	36
	 	 	 
	SECTION 2.06.	Defaulting Lenders	36
	 	 	 
	ARTICLE III       LETTER OF CREDIT FACILITY	37
	 	 	 
	SECTION 3.01.	Letters of Credit	37
	 	 	 
	SECTION 3.02.	Issuance of Letters of Credit; Participations	37
	 	 	 
	SECTION 3.03.	Requirements For Issuance of Letters of Credit	39
	 	 	 
	SECTION 3.04.	Disbursements, Reimbursement	39
	 	 	 
	SECTION 3.05.	Repayment of Participation Advances	40
	 	 	 
	SECTION 3.06.	Documentation; Documentary and Processing Charges	40
	 	 	 
	SECTION 3.07.	Determination to Honor Drawing Request	40
	 	 	 
	SECTION 3.08.	Nature of Participation and Reimbursement Obligations	41
	 	 	 
	SECTION 3.09.	Indemnity	42
	 	 	 
	SECTION 3.10.	Liability for Acts and Omissions	43
	 	 	 
	SECTION 3.11.	LC Collateral Account	44
	 	 	 
	ARTICLE IV       SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS	44
	 	 	 
	SECTION 4.01.	Settlement Procedures	44
	 	 	 
	SECTION 4.02.	Payments and Computations, Etc	47
	 	 	 
	ARTICLE V       INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST	47
	 	 	 
	SECTION 5.01.	Increased Costs	47
	 	 	 
	SECTION 5.02.	Funding Losses	49

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 5.03.	Taxes	49
	 	 	 
	SECTION 5.04.	Inability to Determine Adjusted LIBOR or LMIR; Change in Legality	53
	 	 	 
	SECTION 5.05.	Security Interest	54
	 	 	 
	ARTICLE VI       CONDITIONS to Effectiveness and CREDIT EXTENSIONS	56
	 	 	 
	SECTION 6.01.	Conditions Precedent to Effectiveness and the Initial Credit Extension	56
	 	 	 
	SECTION 6.02.	Conditions Precedent to All Credit Extensions	56
	 	 	 
	SECTION 6.03.	Conditions Precedent to All Releases	57
	 	 	 
	ARTICLE VII       REPRESENTATIONS AND WARRANTIES	58
	 	 	 
	SECTION 7.01.	Representations and Warranties of the Borrower	58
	 	 	 
	SECTION 7.02.	Representations and Warranties of the Servicer	63
	 	 	 
	ARTICLE VIII       COVENANTS	66
	 	 	 
	SECTION 8.01.	Covenants of the Borrower	66
	 	 	 
	SECTION 8.02.	Covenants of the Servicer	75
	 	 	 
	SECTION 8.03.	Separate Existence of the Borrower	81
	 	 	 
	ARTICLE IX       ADMINISTRATION AND COLLECTION OF RECEIVABLES	85
	 	 	 
	SECTION 9.01.	Appointment of the Servicer	85
	 	 	 
	SECTION 9.02.	Duties of the Servicer	86
	 	 	 
	SECTION 9.03.	Collection Account Arrangements	86
	 	 	 
	SECTION 9.04.	Enforcement Rights	87
	 	 	 
	SECTION 9.05.	Responsibilities of the Borrower	88
	 	 	 
	SECTION 9.06.	Servicing Fee	89
	 	 	 
	ARTICLE X       EVENTS OF DEFAULT	89
	 	 	 
	SECTION 10.01.	Events of Default	89
	 	 	 
	ARTICLE XI       THE ADMINISTRATIVE AGENT	93
	 	 	 
	SECTION 11.01.	Authorization and Action	93
	 	 	 
	SECTION 11.02.	Administrative Agent’s Reliance, Etc	93
	 	 	 
	SECTION 11.03.	Administrative Agent and Affiliates	94
	 	 	 
	SECTION 11.04.	Indemnification of Administrative Agent	94
	 	 	 
	SECTION 11.05.	Delegation of Duties	94

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 11.06.	Action or Inaction by Administrative Agent	94
	 	 	 
	SECTION 11.07.	Notice of Events of Default; Action by Administrative Agent	95
	 	 	 
	SECTION 11.08.	Non-Reliance on Administrative Agent and Other Parties	95
	 	 	 
	SECTION 11.09.	Successor Administrative Agent	95
	 	 	 
	SECTION 11.10.	Structuring Agent	96
	 	 	 
	ARTICLE XII       INDEMNIFICATION	96
	 	 	 
	SECTION 12.01.	Indemnities by the Borrower	96
	 	 	 
	SECTION 12.02.	Indemnification by the Servicer	99
	 	 	 
	ARTICLE XIII       MISCELLANEOUS	101
	 	 	 
	SECTION 13.01.	Amendments, Etc	101
	 	 	 
	SECTION 13.02.	Notices, Etc	102
	 	 	 
	SECTION 13.03.	Assignability; Addition of Lenders	102
	 	 	 
	SECTION 13.04.	Costs and Expenses	104
	 	 	 
	SECTION 13.05.	No Proceedings; Limitation on Payments	105
	 	 	 
	SECTION 13.06.	Confidentiality	105
	 	 	 
	SECTION 13.07.	GOVERNING LAW	107
	 	 	 
	SECTION 13.08.	Execution in Counterparts	107
	 	 	 
	SECTION 13.09.	Integration; Binding Effect; Survival of Termination	107
	 	 	 
	SECTION 13.10.	CONSENT TO JURISDICTION	107
	 	 	 
	SECTION 13.11.	WAIVER OF JURY TRIAL	108
	 	 	 
	SECTION 13.12.	Ratable Payments	108
	 	 	 
	SECTION 13.13.	Limitation of Liability	108
	 	 	 
	SECTION 13.14.	Intent of the Parties	109
	 	 	 
	SECTION 13.15.	USA Patriot Act	109
	 	 	 
	SECTION 13.16.	Right of Setoff	109
	 	 	 
	SECTION 13.17.	Severability	109
	 	 	 
	SECTION 13.18.	Mutual Negotiations	110
	 	 	 
	SECTION 13.19.	Captions and Cross References	110

 

    -iii-

     

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	EXHIBITS	 	 	 
	 	 	 	 
	EXHIBIT A	–	Form of [Loan Request] [LC Request]	 
	EXHIBIT B	–	Form of Reduction Notice	 
	EXHIBIT C	–	Form of Assignment and Acceptance Agreement	 
	EXHIBIT D	–	Form of Letter of Credit Application	 
	EXHIBIT E	–	Credit and Collection Policy	 
	EXHIBIT F	–	Form of Monthly Report	 
	EXHIBIT G	–	Form of Compliance Certificate	 
	EXHIBIT H	–	Closing Memorandum	 
	EXHIBIT I	–	Form of Interim Report	 
	EXHIBIT J	–	U.S. Tax Compliance Certificate	 
	 	 	 	 
	SCHEDULES	 	 	 
	 	 	 	 
	SCHEDULE I	–	Commitments	 
	SCHEDULE II	–	Lock-Boxes, Collection Accounts and Collection Account Banks	 
	SCHEDULE III	–	Notice Addresses	 

 

    -iv-

     

    

 

This RECEIVABLES FINANCING
AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is
entered into as of April 28, 2017 by and among the following parties:

 

		(i)	BRIGHTVIEW FUNDING LLC, a Delaware limited liability company, as Borrower (together with its successors
and assigns, the “Borrower”);

 

		(ii)	the Persons from time to time party hereto as Lenders and LC Participants;

 

		(iii)	PNC BANK, NATIONAL ASSOCIATION, as LC Bank (in such capacity, together with its successors and
assigns in such capacity, the “LC Bank”);

 

		(iv)	PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent;

 

		(v)	BRIGHTVIEW LANDSCAPES, LLC, a Delaware limited liability company, in its individual capacity (“BrightView”)
and as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “Servicer”);
and

 

		(vi)	PNC CAPITAL MARKETS LLC, a Pennsylvania limited liability company, as Structuring Agent.

 

PRELIMINARY STATEMENTS

 

The Borrower has acquired,
and will acquire from time to time, Receivables from the Originator(s) pursuant to the Purchase and Sale Agreement. The Borrower
has requested (a) that the Lenders make Loans from time to time to the Borrower and (b) the LC Bank to issue Letters of Credit
for the account of the Borrower from time to time, in each case, on the terms, and subject to the conditions set forth herein,
secured by, among other things, the Receivables.

 

In consideration of the
mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

SECTION 1.01. Certain Defined
Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):

 

“Account Control
Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower,
the Servicer, the Administrative Agent and a Collection Account Bank, governing the terms of the related Collection Accounts, that,
among other things, provides the Administrative Agent with control within the meaning of the UCC over the deposit accounts subject
to such agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

     

     

    

  

“Adjusted LC Participation
Amount” means, at any time of determination, the greater of (i) the LC Participation Amount less the amount of cash collateral
held in the LC Collateral Account at such time and (ii) zero ($0).

 

“Adjusted LIBOR”
means with respect to any Tranche Period, the interest rate per annum determined by the applicable Lender by dividing (the resulting
quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate of interest determined by such Lender
in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the rate per annum
for deposits in Dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered rate for London
interbank deposits for such Tranche Period (or on any successor or substitute page of such service, or any successor to or substitute
for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined
by such Lender from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London
interbank market) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to the first day
of such Tranche Period for an amount comparable to the Portion of Capital to be funded at Adjusted LIBOR during such Tranche Period,
by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage; provided, however, that with respect to the
initial Tranche Period for a Loan that is not advanced on a Monthly Settlement Date, Adjusted LIBOR shall be the interest rate
per annum equal to LMIR for each day during such initial Tranche Period from the date that such Loan is made pursuant to Section
2.01 until the next-occurring Monthly Settlement Date The calculation of Adjusted LIBOR may also be expressed by the following
formula:

 

	 	Composite of London interbank offered rates shown on
	 	Bloomberg Finance L.P. Screen US0001M	 
	 	or appropriate successor	 
	Adjusted LIBOR =	 	 
	 	 	 
	 	1.00 - Euro-Rate Reserve Percentage	 

 

Adjusted LIBOR shall be
adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. The applicable Lender
shall give prompt notice to the Borrower of Adjusted LIBOR as determined or adjusted in accordance herewith (which determination
shall be conclusive absent manifest error). Notwithstanding the foregoing, if Adjusted LIBOR as determined herein would be less
than zero (0.00), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.

 

“Administrative
Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in
such capacity appointed pursuant to Article XI or Section 13.03(f).

 

“Adverse Claim”
means any Lien, except any Permitted Lien.

 

“Advisors”
has the meaning set forth in Section 13.06(c).

 

    	 	2	 

     

    

 

“Affected Person”
means each Credit Party and each of their respective Affiliates.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly,
the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of
voting securities, by contract or otherwise.

 

“Aggregate Capital”
means, at any time of determination, the aggregate outstanding Capital of all Lenders and LC Participants at such time.

 

“Aggregate Interest”
means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders at such time.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Anti-Terrorism
Laws” means any Applicable Law of the United States relating to terrorism financing, trade sanctions programs and embargoes,
import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant
to such Applicable Laws of the United States, all as amended, supplemented or replaced from time to time.

 

“Applicable Law”
means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation, ordinance,
requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable
to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators
in proceedings or actions in which such Person is a party or by which any of its property is bound. For the avoidance of doubt,
FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.

 

“Assignment and
Acceptance Agreement” means an assignment and acceptance agreement entered into by a Lender, an Eligible Assignee and
the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee may become a party to this Agreement,
in substantially the form of Exhibit C hereto.

 

“Attorney Costs”
means and includes all fees, costs, expenses and disbursements of any law firm or other external counsel and all disbursements
of internal counsel.

 

“Bank
of America Account” means the account listed on Schedule II to this Agreement that is maintained at Bank of America,
N.A.

 

“Bank
of America Lock-Box” means each locked postal box listed on Schedule II  to this Agreement that is associated with the Bank
of America Account.

 

“Bankruptcy Code”
means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.

 

    	 	3	 

     

    

 

“Base Rate”
means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall
be at all times equal to the higher of:

 

(a)          the
rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent or its Affiliate as
its “reference rate” or “prime rate”, as applicable. Such “reference rate” or “prime
rate” is set by the Administrative Agent or its Affiliate based upon various factors, including such Person’s costs
and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which
may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer; and

 

(b)          0.50%
per annum above the latest Federal Funds Rate.

 

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

 

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

 

“Borrower Indemnified
Amounts” has the meaning set forth in Section 12.01(a).

 

“Borrower Indemnified
Party” has the meaning set forth in Section 12.01(a).

 

“Borrower Material
Adverse Effect” means a material adverse effect on any of the following:

 

(a)          the
assets, operations, business or financial condition of the Borrower;

 

(b)          the
ability of the Borrower to perform its obligations under this Agreement or any other Transaction Document to which it is a party;

 

(c)          the
validity or enforceability of this Agreement or any other Transaction Document to which the Borrower is a party, or the validity,
enforceability, value or collectibility of any material portion of the Pool Receivables;

 

(d)          the
status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e)          the
rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Borrower Obligations”
means all present and future indebtedness, reimbursement obligations, 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 any Credit
Party, Borrower Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement or any other Transaction
Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on
the Loans, reimbursement for drawings under the Letters of Credit, all Fees and all other amounts due or to become due under the
Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation,
interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect to the Borrower
(in each case whether or not allowed as a claim in such proceeding).

 

    	 	4	 

     

    

 

“Borrower’s
Net Worth” means, at any time of determination, an amount equal to (i) the Outstanding Balance of all Pool Receivables
at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Adjusted LC Participation
Amount at such time, plus (C) the Aggregate Interest at such time, plus (D) the aggregate accrued and unpaid Fees
at such time, plus (E) the aggregate outstanding principal balance of all Subordinated Notes at such time, plus (F)
the aggregate accrued and unpaid interest on all Subordinated Notes at such time, plus (G) without duplication, the aggregate
accrued and unpaid other Borrower Obligations at such time.

 

“Borrowing Base”
means, at any time of determination, the amount equal to the lesser of (a) the Facility Limit and (b) the amount equal to (i) the
Net Receivables Pool Balance at such time, minus (ii) the Total Reserves at such time.

 

“Borrowing Base
Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital plus the Adjusted
LC Participation Amount at such time, exceeds (b) the Borrowing Base at such time.

 

“Breakage Fee”
means (i) for any Interest Period for which Interest is computed by reference to LMIR or Adjusted LIBOR, as applicable, and a reduction
of Capital is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower shall for any
reason, fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant to Article
II of this Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into account any
Breakage Fee or any shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during
such Interest Period on the reductions of Capital relating to such Interest Period had such reductions not been made (or, in the
case of clause (ii) above, the amounts so failed to be borrowed or accepted in connection with any such request for funding
by the Borrower), exceeds (B) the income, if any, received by the applicable Lender from the investment of the proceeds of such
reductions of Capital (or such amounts failed to be borrowed by the Borrower). A certificate as to the amount of any Breakage Fee
(including the computation of such amount) shall be submitted by the affected Lender to the Borrower and shall be conclusive and
binding for all purposes, absent manifest error.

 

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

 

“Business Day”
means any day (other than a Saturday or Sunday) on which: (a) banks are not authorized or required to close in Pittsburgh, Pennsylvania,
or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with Adjusted LIBOR
or LMIR, as applicable, dealings are carried out in the London interbank market.

 

    	 	5	 

     

    

  

“Capital”
means, with respect to any Lender, without duplication, the aggregate amounts (i) paid to, or on behalf of, the Borrower in connection
with all Loans made by such Lender pursuant to Article II, (ii) paid by such Lender, as an LC Participant, to the LC Bank
in respect of a Participation Advance made by such Lender to LC Bank pursuant to Section 3.04(b) and (iii) with respect
to the Lender that is the LC Bank, paid by the LC Bank with respect to all drawings under the Letter of Credit to the extent such
drawings have not been reimbursed by the Borrower or funded by Participation Advances, as reduced from time to time by Collections
distributed and applied on account of such Capital pursuant to Section 4.01; provided, that if such Capital
shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise
be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though
it had not been made.

 

“Capital Stock”
means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights in or other equivalents
(however designated) of such Person’s capital stock, partnership interests, limited liability company interests, membership
interests or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital
stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests.

 

“Change in Control”
means the occurrence of any of the following:

 

(a)          Parent
ceases to own, directly, 100% of the issued and outstanding Capital Stock and all other equity interests of the Borrower free and
clear of all Adverse Claims;

 

(b)          Parent
ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock, membership interests or other equity interests
of any Originator free and clear of all Adverse Claims;

 

(c)          any
Subordinated Note shall at any time cease to be owned by an Originator, free and clear of all Adverse Claims;

 

(d)          a
“Change of Control” (as defined in eitherthe
Credit Agreement) shall have occurred;

 

(e)          at
any time prior to a Qualifying IPO of Parent, Holdings ceases to own, directly or indirectly, 100% of the issued
and outstanding Capital Stock, membership interests or other equity interests of Parent; or

 

(f)          with
respect to Holdings:

 

,
(i)          the Permitted Holders
shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least thirty-five percent (35%)
of the voting power of the outstanding Voting Stock of Holdings, unless the Permitted Holders have, at such time, the right or
the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board of directors
of Holdings; or

 

(ii)         any
“person”, “entity” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage
of the voting power of the outstanding Voting Stock of Holdings that exceeds 35% thereof, unless the Permitted Holders have, at
such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority
of the board of directors of Holdings.

 

    	 	6	 

     

    

 

“Change in Law”
means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not
having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (w)
the final rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact
of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other
Related Issues, adopted by the United States bank regulatory agencies on December 15, 2009, (x) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory
Framework for More Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from
time to time), shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Closing Date”
means April 28, 2017.

 

“Code”
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 

“Collateral”
has the meaning set forth in Section 5.05(a).

 

“Collection Account”
means each account listed on Schedule II to this Agreement (as such schedule may be modified from time to time in connection
with the closing or opening of any Collection Account in accordance with the terms hereof) (in each case, in the name of the Borrower)
and maintained at a bank or other financial institution acting as a Collection Account Bank pursuant to an Account Control Agreement
for the purpose of receiving Collections.

 

“Collection Account
Bank” means any of the banks or other financial institutions holding one or more Collection Accounts.

 

“Collections”
means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, the Borrower, the Servicer or any
other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, service
charges, finance charges, interest, fees and all other charges), or applied to amounts owed in respect of such Pool Receivable
(including insurance payments, proceeds of drawings under supporting letters of credit and net proceeds of the sale or other disposition
of repossessed goods or other collateral or property of the related Obligor or any other Person directly or indirectly liable for
the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all proceeds of all Related
Security with respect to such Pool Receivable and (d) all other proceeds of such Pool Receivable.

 

    	 	7	 

     

    

 

“Commitment”
means, with respect to any Lender, LC Participant or LC Bank, as applicable, the maximum aggregate amount which such Person is
obligated to lend or pay hereunder on account of all Loans and all drawings under all Letters of Credit, on a combined basis, as
set forth on Schedule I or in such other agreement pursuant to which it became a Lender and/or LC Participant, as such amount
may be modified in connection with any subsequent assignment pursuant to Section 13.03 or in connection with a reduction
in the Facility Limit pursuant to Section 2.02(e). If the context so requires, “Commitment” also refers to a
Lender’s obligation to make Loans, make Participation Advances and/or issue Letters of Credit hereunder in accordance with
this Agreement.

 

“Concentration
Percentage” means (i) for any Group A Obligor, 7.5%, (ii) for any Group B Obligor, 7.5%, (iii) for any Group C Obligor,
7.5%, (iv) for the two largest Group D Obligors, 5.0% each, and (v) for any other Group D Obligor, 3.0%.

 

“Concentration
Reserve Percentage” means the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors,
(b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages
of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

 

“Consolidated
EBITDA” shall (along with each defined term constituting a component thereof) have the meaning assigned thereto in the Credit
Agreement as in effect on the First Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto
unless otherwise agreed to in writing by the Administrative Agent in its sole discretion.

 

“Contract”
means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings
pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to
make payment in respect of such Receivable.

 

“Controlled Group”
means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not
incorporated) under common control which, together with Holdings or any of its Subsidiaries, are treated as a single employer under
Section 414 of the Code.

 

“Covered Entity”
means (a) each of Borrower, the Servicer, each Originator, Holdings and each of Holding’s Subsidiaries and (b) each Person
that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control
of a Person shall mean the direct or indirect power to direct or cause the direction of the management and policies of such Person
whether by ownership of equity interests, contract, proxy or otherwise.

 

“Credit
Agreements” means the First Lien Credit Agreement and the Second Lien Credit Agreement, collectively.

 

“Credit
Agreement” means that certain Credit
Agreement, dated as of December 18, 2013 (as amended, restated, amended
and restated or otherwise modified from time to time), by and among Brightview
Holdings, Inc. as holdings, Brightview Landscapes, LLC, as the borrower,
the lending institutions from time to time parties thereto and
JPMorgan Chase Bank, N.A., as the administrative agent, the collateral agent, the swingline lender, a letter of credit issuer and
a lender.

 

    	 	8	 

     

    

 

“Credit and Collection
Policy” means, as the context may require, those receivables credit and collection policies and practices of the Originators
in effect on the Closing Date and described in Exhibit E, as modified in compliance with this Agreement.

 

“Credit Extension”
means the making of any Loan or the issuance of any Letter of Credit or any modification, extension or renewal of any Letter of
Credit.

 

“Credit Party”
means each Lender, the LC Bank, each LC Participant and the Administrative Agent.

 

“Days’ Sales
Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal to: (a) the
average of the Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) as of the last day of each of the
three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (b) (i) the aggregate initial Outstanding
Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the three most recent Fiscal
Months ended on the last day of such Fiscal Month, divided by (ii) 90.

 

“Debt”
means, as to any Person at any time of determination, any and all indebtedness, obligations or liabilities (whether matured or
unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in
respect of: (i) borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note
purchase, acceptance or credit facility, or other similar instruments or facilities, (iii) reimbursement obligations (contingent
or otherwise) under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment
purchase agreements, forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial
effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including
(a) accounts payable incurred in the ordinary course of such Person’s business payable on terms customary in the trade, (b)
prepaid or deferred revenue arising in the ordinary course of business and (c) purchase price holdbacks arising in the ordinary
course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations
of the seller of such asset), (v) all net obligations of such Person in respect of interest rate or currency hedges or (vi) without
duplication, any Guaranty of any such Debt.

 

“Deemed Collections”
has the meaning set forth in Section 4.01(d).

 

“Default Ratio”
means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed
as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that
became Defaulted Receivables during such Fiscal Month, by (b) the aggregate initial Outstanding Balance of all Pool Receivables
(other than Unbilled Receivables) generated by the Originators during the month that is seven (7) Fiscal Months before such Fiscal
Month.

 

    	 	9	 

     

    

 

“Defaulted Receivable”
means a Receivable:

 

(a)          as
to which any payment, or part thereof, remains unpaid for more than 180 days after the original invoice date for such Receivable;

 

(b)          as
to which an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon
or owning any Related Security with respect thereto;

 

(c)          that
has been written off the applicable Originator’s or the Borrower’s books as uncollectible and that remains unpaid for
less than 181 days after the original invoice date for such Receivable; or

 

(d)        that,
consistent with the Credit and Collection Policy, should be written off the applicable Originator’s or the Borrower’s
books as uncollectible;

 

provided, however,
that in each case above such amount shall be calculated without giving effect to any netting of credits that have not been matched
to a particular Receivable for the purposes of aged trial balance reporting.

 

“Defaulting Lender”
means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion
of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of
clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s
good faith determination that a condition precedent to funding (specifically identified and including the particular default, if
any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the
effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing
or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent
(specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied)
or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after
request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender
that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans under this
Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s
receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject
of an Insolvency Proceeding.

 

“Delinquency Ratio”
means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed
as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that
were Delinquent Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables on such day.

 

    	 	10	 

     

    

 

“Delinquent Receivable”
means a Receivable as to which any payment, or part thereof, remains unpaid for more than 120 days from the original invoice date
for such Receivable; provided, however, that such amount shall be calculated without giving effect to any netting
of credits that have not been matched to a particular Receivable for the purposes of aged trial balance reporting.

 

“Dilution Horizon
Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with
5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing: (a) the aggregate initial Outstanding
Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the most recently ended Fiscal
Month, by (b) the Net Receivables Pool Balance as of the last day of such Fiscal Month. Within thirty (30) days of the completion
and the receipt by the Administrative Agent of the results of any annual audit or field exam of the Receivables and the servicing
and origination practices of the Servicer and the Originators, the numerator of the Dilution Horizon Ratio may be adjusted by the
Administrative Agent upon not less than five (5) Business Days notice to the Borrower to reflect such number of Fiscal Months as
the Administrative Agent reasonably believes best reflects the business practices of the Servicer and the Originators and the actual
amount of dilution and Deemed Collections that occur with respect to Pool Receivables based on the weighted average dilution lag
calculation completed as part of such audit or field exam.

 

“Dilution Ratio”
means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1%
rounded upward), computed as of the last day of each Fiscal Month by dividing: (i) the aggregate amount of Deemed Collections
during such Fiscal Month (other than any Deemed Collections with respect to any Receivables that were both (x) generated by an
Originator during such Fiscal Month and (y) written off the applicable Originator’s or the Borrower’s books as uncollectible
during such Fiscal Month), by (ii) the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled
Receivables) generated by the Originators during the Fiscal Month that is one (1) month prior to such Fiscal Month.

 

“Dilution Reserve
Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100th
of 1%, with 5/1000th of 1% rounded upward) of (a) the Dilution Horizon Ratio, multiplied by (b) the sum of (i) the Stress
Factor multiplied by the average of the Dilution Ratios for the twelve (12) most recent Fiscal Months, plus (ii)
the Dilution Volatility Component.

 

“Dilution Volatility
Component” means, for any Fiscal Month, the product (expressed as a percentage and rounded to the nearest 1/100th of
1%, with 5/1000th of 1% rounded upward) of (a) the positive difference, if any, between: (i) the highest Dilution Ratio for any
Fiscal Month during the twelve (12) most recent Fiscal Months and (ii) the arithmetic average of the Dilution Ratios for such twelve
(12) Fiscal Months, multiplied by (b) the quotient of (i) the highest Dilution Ratio for any Fiscal Month during the twelve
(12) most recent Fiscal Months, divided by (ii) the arithmetic average of the Dilution Ratios for such twelve (12) Fiscal
Months.

 

“Dollars”
and “$” each mean the lawful currency of the United States of America.

 

    	 	11	 

     

    

 

“Drawing Date”
has the meaning set forth in Section 3.04(a).

 

“Eligible Assignee”
means (i) any Lender or any of its Affiliates, (ii) any Person managed by a Lender or any of its Affiliates and (iii) any other
financial or other institution.

 

“Eligible Canadian
Obligor” means an Obligor that both (i) is organized in or that has a head office (domicile), registered office, and
chief executive office located in Canada and (ii) is not a Governmental Authority.

 

“Eligible Foreign
Obligor” means a Foreign Obligor whose head office (domicile), registered office and chief executive office is in a country
that is not a Sanctioned Country.

 

“Eligible Receivable”
means, at any time of determination, a Pool Receivable:

 

(a)          the
Obligor of which is: (i) either a U.S. Obligor, an Eligible Canadian Obligor or an Eligible Foreign Obligor; (ii) not a Sanctioned
Person; (iii) not subject to any Insolvency Proceeding; (iv) not an Affiliate of the Borrower, the Servicer, the Parent, the Performance
Guarantor or any Originator; (v) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding Balance exceeding
50% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; (vi) not a natural person and (vii) not
a material supplier to any Originator or an Affiliate of a material supplier;

 

(b)          that
(i) is denominated and payable only in Dollars in the United States of America,
and the Obligor with respect to which has been instructed to remit Collections in respect thereof directly to a Lock-Box or Collection
Account in the United States of America and (ii) until such time, if any, that the Borrower has
delivered to the Administrative Agent a fully executed Account Control Agreement relating to each Bank of America Lock-Box and
Bank of America Collection Account, the Obligor with respect to which has not been instructed to remit Collections in respect thereof
to a Bank of America Lock-Box or Bank of America Collection Account;;

 

(c)          that
does not have a due date which is more than 120 days after the original invoice date of such Receivable;

 

(d)          that
(i) arises under a Contract for the sale of goods or services in the ordinary course of the applicable Originator’s business
and (ii) does not constitute a loan or other similar financial accommodation being provided by the applicable Originator;

 

(e)          that
arises under a duly authorized Contract that (i) is in full force and effect, (ii) is governed by the law of the United States
of America or of any State thereof and (iii) is a legal, valid and binding obligation of the related Obligor, enforceable against
such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law;

 

    	 	12	 

     

    

 

(f)          that
has been transferred by an Originator to the Borrower pursuant to the Purchase and Sale Agreement with respect to which transfer
all conditions precedent under the Purchase and Sale Agreement have been met;

 

(g)          that,
together with the Contract related thereto, conforms in all material respects with all Applicable Laws (including any applicable
laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy);

 

(h)          with
respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, or notices to,
any Governmental Authority or other Person, required to be obtained by, effected or given to an Originator in connection with the
creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract or the assignment
thereof under the Purchase and Sale Agreement have been duly obtained, effected or given and are in full force and effect;

 

(i)          that
is not subject to any existing dispute, right of rescission, right of set-off, counterclaim, any other defense against the applicable
Originator (or any assignee of such Originator) or Adverse Claim or unexpired volume or pricing discounts or rebates or other adjustments
or dilutions, including such amounts accrued for in BrightView’s general ledger account #4601 or #2101 (or any replacement
thereof); provided that only the portion of such Pool Receivable subject to such dispute, right of rescission, right of
set-off, counterclaim, defense, Adverse Claim or unexpired volume or pricing discount or rebate or other adjustment or dilution
shall be ineligible;

 

(j)          that
satisfies all applicable requirements of the Credit and Collection Policy;

 

(k)          that,
together with the Contract related thereto, has not been modified, waived or restructured since its creation, except as permitted
pursuant to Section 9.02 of this Agreement;

 

(l)          in
which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable (including
without any consent of the related Obligor or any Governmental Authority unless such consent has been obtained) and that payments
thereon are free and clear of any withholding Tax;

 

(m)          for
which the Administrative Agent (on behalf of the Secured Parties) has a valid and enforceable first priority perfected security
interest therein and in the Related Security and Collections with respect thereto in which a security interest may be perfected
by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim;

 

(n)          that
(x) constitutes an “account” or “general intangible” (as defined in the UCC), (y) is not evidenced by instruments
or chattel paper and (z) does not constitute, or arise from the sale of, as extracted collateral (as defined in the UCC);

 

(o)          that
is neither a Defaulted Receivable nor a Delinquent Receivable;

 

    	 	13	 

     

    

 

(p)          for
which no Originator, the Borrower, the Parent, the Performance Guarantor or the Servicer has established any offset or netting
arrangements with the related Obligor in connection with the ordinary course of payment of such Receivable;

 

(q)          that
represents amounts earned and payable by the Obligor that are not subject to the performance of additional services by the Originator
thereof or by the Borrower and the related goods or merchandise shall have been shipped and/or services performed, other than,
in the case of an Eligible Unbilled Receivable, the billing or invoicing of such Receivable; provided, that if such Receivable
is subject to the performance of additional services, only the portion of such Receivable attributable to such additional services
shall be ineligible;

 

(r)          which
(i) does not arise from a sale of accounts made as part of a sale of a business or constitute an assignment for the purpose of
collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness
or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and
(iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance;

 

(s)          which
does not relate to the sale of any consigned goods or finished goods which have incorporated any consigned goods into such finished
goods;

 

(t)          for
which the related Originator (i) has recognized the related revenue on its financial books and records in accordance with GAAP
and (ii) is not the Puerto Rico Originator;

 

(u)          for
which neither the related Originator nor any Affiliate thereof is holding any deposits received by or on behalf of the related
Obligor; provided that only the portion of such Pool Receivable in an amount equal to such deposits shall be ineligible;

 

(v)         that,
if such Receivable is an Unbilled Receivable, is an Eligible Unbilled Receivable.

 

“Eligible Unbilled
Receivable” means, at any time, any Unbilled Receivable if (a) the related Originator has recognized the related revenue
on its financial books and records in accordance with GAAP, and (b) such time is not later than the last day of the month following
the month in which such Unbilled Receivable arose.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

 

“ERISA Affiliate”
means, with respect to any Person, any corporation, trade or business which together with the Person is a member of a controlled
group of corporations or a controlled group of trades or businesses and would be deemed a “single employer” within
the meaning of Sections 414(b), (c), (m) of the Code or Section 4001(b) of ERISA.

 

“Euro-Rate Reserve
Percentage” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors of
the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental,
marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency
Liabilities”).

 

    	 	14	 

     

    

 

“Event of Default”
has the meaning specified in Section 10.01. For the avoidance of doubt, any Event of Default that occurs shall be deemed
to be continuing at all times thereafter unless and until waived in accordance with Section 13.01.

 

“Excess Concentration”
means the sum of the following amounts, without duplication:

 

(a)          the
sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) the aggregate Outstanding Balance of
the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied
by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus

 

(b)          the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Canadian
Obligor, net of any other Excess Concentrations (if any) related to such Eligible Canadian Obligor’s Concentration Percentage,
over (ii) the product of (x) 1.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

 

(c)          the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Foreign
Obligor, net of any other Excess Concentrations (if any) related to such Eligible Foreign Obligor’s Concentration Percentage,
over (ii) the product of (x) 1.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

 

(d)          the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is a Federal Governmental
Authority, net of any other Excess Concentrations (if any) related to such Obligor’s Concentration Percentage, over
(ii) the product of (x) 1.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool; plus

 

(e)          the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that are Eligible Unbilled Receivables, over
(ii) the product of (x) 15.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a
payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch
profits Taxes, in each case, (i) imposed as a result of such Affected Person being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii) such Lender changes its lending
office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor
immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to a Lender’s failure to comply with Section 5.03(f) and (d) any U.S. federal withholding Taxes imposed pursuant
to FATCA.

 

    	 	15	 

     

    

 

“Facility Limit”
means $175,000,000200,000,000
as reduced from time to time pursuant to Section 2.02(e). References to the unused portion of the Facility Limit shall
mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the sum of the Aggregate
Capital plus the LC Participation Amount.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any laws, regulations, rules or practices adopted pursuant
to any intergovernmental agreement entered into with respect to the foregoing.

 

“Federal Funds
Rate” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or
any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such
day opposite the caption “Federal Funds (Effective).” If on any relevant day such rate is not yet published in H. 15(519),
the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations
for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any
such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective
Rate.” If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations,
the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction
in overnight Federal funds arranged before 9:00 a.m. (New York City time) on that day by each of three leading brokers of Federal
funds transactions in New York City selected by the Administrative Agent.

 

“Federal Governmental
Authority” means the government of the United States of America, and any agency, authority, instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers
or functions of or pertaining to government.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

 

“Fee Letter”
has the meaning specified in Section 2.03(a).

 

“Fees”
has the meaning specified in Section 2.03(a).

 

    	 	16	 

     

    

 

“Final Maturity
Date” means the date that (i) is 120 days following the Termination Date or (ii) such earlier date on which the Aggregate
Capital and all other Borrower Obligations become due and payable pursuant to Section 10.01.

 

“Final Payout
Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest have been
paid in full, (ii) the LC Participation Amount has been reduced to zero ($0) and no Letters of Credit issued hereunder remain outstanding
and undrawn, (iii) all Borrower Obligations shall have been paid in full, (iv) all other amounts owing to the Credit Parties and
any other Borrower Indemnified Party or Affected Person hereunder and under the other Transaction Documents have been paid in full
and (v) all accrued Servicing Fees have been paid in full.

 

“Financial Covenant
Event” shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last
day of any Test Period ending during any Compliance Period is greater than 7.756.50
to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting
a component of such terms) have the meanings assigned to such terms in the First Lien Credit
Agreement as in effect on the ClosingFirst
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed
to in writing by the Administrative Agent in its sole discretion. If at any time following the ClosingFirst
Amendment Date, the First Lien Credit Agreement is amended, restated,
waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component
thereof, set forth in Section 10.7 of the First Lien Credit Agreement (as in effect
on the ClosingFirst
Amendment Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower
and each Lender modify this definition and/or Section 10.01(u) to conform to the First
Lien Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.

 

“Financial Officer”
of any Person means, the president, the chief executive officer, the chief financial officer, the chief accounting officer, the
principal accounting officer, the controller, the treasurer, the assistant treasurer, vice president-finance or any other senior
officer of such Person designated as such in writing to the Administrative Agent by such person.

 

“First
Lien Credit Agreement” means that
certain First Lien Credit Agreement, dated
as of December 18, 2013 (as amended, restated, amended and restated or otherwise modified from time to time), by and among Garden
Acquisition Holdings, Inc. as the holdings, Garden Merger Sub, LLC, as the initial borrower, The Brickman Group Ltd. LLC, as the
surviving borrower, the lending institutions from time to time parties thereto,
as the lenders, and Morgan Stanley Senior Funding, Inc., as the letter of credit issuer, the swingline lender, the administrative
agent and the collateral agent.

 

“First
Amendment Date” means February 21, 2019.

 

“Fiscal Month”
means each calendar month.

 

“Fixed
Charge Coverage Ratio” shall (along with each defined term constituting a component
thereof) have the meaning assigned to such term in the First Lien Credit
Agreement as in effect on the Closing Date without giving effect
to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in
its sole discretion.

 

    	 	17	 

     

    

 

“Foreign Obligor”
means an Obligor which is a corporation or other business organization whose head office (domicile), registered office and chief
executive office is in a country that is not the United States or Canada.

 

“GAAP”
means generally accepted accounting principles in the United States of America, consistently applied.

 

“Governmental
Acts” has the meaning set forth in Section 3.09.

 

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

“Group A Obligor”
means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with a short-term rating of at
least: (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A+”
or better by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior
unsecured and uncredit-enhanced debt securities, or (b) “P-1” by Moody’s, or if such Obligor does not
have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s, its parent’s
or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided,
that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from
S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have only the
lower of the two rating for the purpose of determining whether such rating satisfies clauses (a) or (b) above. Notwithstanding
the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall
be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining
the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (a) of the definition
of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group
A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately
treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined
for such purposes with any of its Subsidiaries that are Obligors.

 

    	 	18	 

     

    

 

“Group B Obligor”
means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor,
with a short-term rating of at least: (a) “A-2” by S&P, or if such Obligor does not have a short-term rating from
S&P, a rating of “BBB+” to “A” by S&P on such Obligor’s, its parent’s or its majority
owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-2”
by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baal” to “A2”
by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured
and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if
such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority
owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining whether such rating
satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor
that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated
with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”,
the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration” for such
Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”,
or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor
or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that
are Obligors.

 

“Group C Obligor”
means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor or
a Group B Obligor, with a short-term rating of at least: (a) “A-3” by S&P, or if such Obligor does not have a short-term
rating from S&P, a rating of “BBB-” to “BBB” by S&P on such Obligor’s, its parent’s
or it’s majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or
(b) “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baa3”
to “Baa2” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable)
long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority
owner, as applicable, if such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or
its parent or majority owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining
whether such rating satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary
of an Obligor that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall
be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve
Percentage”, the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration”
for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group
B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor,
a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of
its Subsidiaries that are Obligors.

 

“Group D Obligor”
means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor; provided, that any Obligor (or its
parent or majority owner, as applicable, if such Obligor is unrated) that is not rated by both Moody’s and S&P shall
be a Group D Obligor.

 

“Guaranty”
of any Person means any obligation of such Person guarantying or in effect guarantying any Debt, liability or obligation of any
other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements,
including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and
any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the
ordinary course of business.

 

    	 	19	 

     

    

 

“Holdings”
means BrightView Holdings, Inc. (f/k/a BrightView
Acquisition Holdings, Inc.), a
Delaware corporation.

 

“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower or any of its Affiliates under any Transaction Document and (b) to the extent not otherwise described in clause
(a) above, Other Taxes.

 

“Independent Director”
has the meaning set forth in Section 8.03(c).

 

“Initial Investors”
means Kohlberg Kravis Roberts & Co. L.P., KKR North America Fund XI L.P., KKR North America Fund XI ESC L.P., and KKR North
America Fund XI SBS L.P., and each of their respective Affiliates.

 

“Insolvency Proceeding”
means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization,
insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit
of creditors of a Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in respect
of its creditors generally or any substantial portion of its creditors, in each of clauses (a) and (b) undertaken under U.S. Federal,
state or foreign law, including the Bankruptcy Code.

 

“Intended Tax
Treatment” has the meaning set forth in Section 13.14.

 

“Interest”
means, for each Loan for each day during any Interest Period (or portion thereof), the amount of interest accrued on the Capital
of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b).

 

“Interest Period”
means, with respect to each Loan, (a) before the Termination Date: (i) initially, the period commencing on the date such Loan is
made pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending
on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on such Monthly Settlement
Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such period
(including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or at the
direction of the Majority Lenders) or, in the absence of any such selection, each period of 30 days from the last day of the preceding
Interest Period.

 

“Interest Rate”
means, for any day in any Interest Period for any Loan (or any portion of Capital thereof):

 

(a)          subject
to Sections 5.04 and
5.06 and so long as no Event of Default has occurred and is continuing on such day, LMIR or Adjusted LIBOR, as applicable,
as determined pursuant to Section 2.05, provided, however, that the Interest Rate applicable to any
LIBOR Loan that is not advanced on a Monthly Settlement Date shall be LMIR for each day during the initial Interest Period applicable
to such Loan from the date such Loan is made pursuant to Section 2.01 until the next occurring Monthly Settlement Date;
or

 

    	 	20	 

     

    

 

(b)          for
any day while an Event of Default has occurred and is continuing, an interest rate per annum equal to the sum of 2.00% per annum
plus the greater of (i) the interest rate per annum determined for such Loan and such day pursuant to clause (a) above,
and (ii) the Base Rate in effect on such day;

 

provided, however, that no provision
of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable
Law; provided, further, however, that Interest for any Loan shall not be considered paid by any distribution
to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned for any reason.

 

“Interim Report”
means a report, in substantially the form of Exhibit I.

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.

 

“LC Bank”
has the meaning set forth in the preamble to this Agreement.

 

“LC Collateral
Account” means each account at any time designated as an LC Collateral Account established and maintained by the Administrative
Agent (for the benefit of the LC Bank and the LC Participants), or such other account(s) as may be so designated as such by the
Administrative Agent.

 

“LC Fee Expectation”
has the meaning set forth in Section 3.05(c).

 

“LC Limit”
means $50,000,000. References to the unused portion of the LC Limit shall mean, at any time of determination, an amount equal to
(x) the LC Limit at such time, minus (y) the LC Participation Amount.

 

“LC Participant”
means PNC and each other Person that becomes a party to this Agreement in the capacity of an “LC Participant”.

 

“LC Participation
Amount” means at any time of determination, the sum of the amounts then available to be drawn under all outstanding Letters
of Credit.

 

“LC Request”
means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative
Agent, the LC Bank and the Lenders pursuant to Section 3.02(a).

 

“LCR Security”
means any commercial paper or security (other than equity securities issued to Parent or any Originator that is a consolidated
subsidiary of Parent under GAAP) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity Coverage Ratio:
Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

 

“Lender”
means PNC and each other Person that becomes a party to this Agreement in the capacity of a “Lender”.

 

    	 	21	 

     

    

 

“Lender’s
Account” means, with respect to any Lender the account(s) from time to time designated in writing by such Lender to the
Borrower and the Servicer for purposes of receiving payments to or for the account of such Lender and its Affiliates hereunder.

 

“Letter of Credit”
means any stand-by letter of credit issued by the LC Bank at the request of the Borrower pursuant to this Agreement.

 

“Letter of Credit
Application” has the meaning set forth in Section 3.02(a).

 

“Leverage Ratio”
shall (along with each defined term constituting a component thereof) have the meaning assigned to the term “Consolidated
First Lien Secured Debt to Consolidated EBITDA Ratio” in the First Lien Credit
Agreement as in effect on the ClosingFirst
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed
to in writing by the Administrative Agent in its sole discretion.

 

“LIBOR Loan”
means a Loan accruing Interest at Adjusted LIBOR.

 

“LIBOR
Termination Date” has the meaning set forth in Section 5.06(a).

 

“Lien”
means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other
encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited
to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having
the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other
encumbrance is created or exists at the time of the filing).

 

“Linked
Account” means any controlled disbursement account, controlled balance account or other deposit account maintained
by a Collection Account Bank for the Parent, the Performance Guarantor, the Servicer, any Originator or any Affiliate thereof and
linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled balance
arrangement.

 

“Liquidity”
means at any time of determination the sum of (a) the aggregate amount of all unused and available credit commitments under the
First Lien Credit Facility at such time, (b) the product of (i) 80.0%, times (ii) the fair market value
of all outstanding and unmatured Marketable Securities held by the Performance Guarantor and its consolidated Subsidiaries at such
time and (c) the aggregate amount of all unrestricted cash and cash equivalents held by the Performance Guarantor and its consolidated
Subsidiaries at such time, as determined on a consolidated basis in accordance with GAAP.

 

“LMIR”
means for any day during any Interest Period, the interest rate per annum determined by the applicable Lender (which determination
shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for Dollar deposits as reported by Bloomberg
Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose
of displaying offered rates of leading banks for London interbank deposits in Dollars, as of 11:00 a.m. (London time) on such day,
or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by
the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate
changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day. The calculation of LMIR may
also be expressed by the following formula:

 

    	 	22	 

     

    

 

	 	One-month Eurodollar rate for Dollars	 
	 	shown on Bloomberg US0001M Screen	 
	 	or appropriate successor	 
	LMIR    =		 
	 		 
	 	1.00 - Euro-Rate Reserve Percentage	 

 

LMIR shall be adjusted
on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. Notwithstanding the foregoing,
if LMIR as determined herein would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for
purposes of this Agreement.

 

“Loan”
means any loan made by a Lender pursuant to Section 2.02.

 

“Loan Request”
means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative
Agent and the Lenders pursuant to Section 2.02(a).

 

“Lock-Box”
means each locked postal box with respect to which a Collection Account Bank has executed an Account Control Agreement pursuant
to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and
which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal
of any Lock-Box in accordance with the terms hereof).

 

“Loss Horizon
Ratio” means, at any time of determination, the ratio (expressed as a percentage and rounded to the nearest 1/100 of
1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the sum of (x) aggregate initial Outstanding Balance of
all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the five most recent Fiscal Months plus
(y) 25% of the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the
Originators during the sixth most recent Fiscal Month; by (b) the Net Receivables Pool Balance as of such date.

 

“Loss Reserve
Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100th
of 1%, with 5/1000th of 1% rounded upward) of (a) the Stress Factor, multiplied by (b) the highest average of the Default
Ratios for any three (3) consecutive Fiscal Months during the twelve (12) most recent Fiscal Months, multiplied by (c) the
Loss Horizon Ratio.

 

“Majority Lenders”
means one or more Lenders that, individually or in the aggregate, hold more than 50% of the aggregate Commitments of all Lenders
(or, if the Commitments have been terminated, hold Loans with more than 50% of the Aggregate Capital).

    	 	23	 

     

    

 

“Marketable
Securities” means any (a) equity securities that are (i) of corporations incorporated in the United States of
America or any State thereof, (ii) readily tradable on either the New York Stock Exchange or the NASDAQ Stock Market and (iii)
consented to and approved in writing by the Administrative Agent in its sole discretion and (b) debt securities that are (i) of
corporations incorporated in the United States of America or any State thereof and (ii) consented to and approved in
writing by the Administrative Agent in its sole discretion.

 

“Material Adverse
Effect” means a circumstance or condition that would, individually or in the aggregate, materially adversely affect:

 

(a)          the
assets, operations, business or financial condition of the Performance Guarantor and its Subsidiaries, taken as a whole;

 

(b)          the
ability of the Servicer, the Performance Guarantor or any Originator, taken as a whole, to perform its obligations under this Agreement
or any other Transaction Document to which it is a party;

 

(c)          the
validity or enforceability of this Agreement or any other Transaction Document, or the validity, enforceability, value or collectibility
of any material portion of the Pool Receivables;

 

(d)          the
status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e)          the
rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Minimum Dilution
Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the average of the Dilution Ratios for the twelve (12) most recent Fiscal
Months, multiplied by (b) the Dilution Horizon Ratio.

 

“Minimum Funding
Threshold” means, on any day, an amount equal to the lesser of (a) the product of (i) 80.070.0%
times (ii) the Facility Limit at such time and (b) the Borrowing Base at such time.

 

“Minimum
Liquidity” means $65,000,000.

 

“Minimum
Liquidity Period” means each period, if any, commencing on the date that the Liquidity is less than the Minimum
Liquidity and ending on (but not including) the date, if any, that the Liquidity is no longer less than the Minimum Liquidity.

 

“Monthly Report”
means a report in substantially the form of Exhibit F.

 

“Monthly Settlement
Date” means the 20th calendar day of each calendar month (or if such day is not a Business Day, the next occurring
Business Day).

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

 

    	 	24	 

     

    

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator,
the Parent, the Performance Guarantor or any of their respective ERISA Affiliates (other than one considered an ERISA Affiliate
only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or
has within any of the preceding five plan years made or accrued an obligation to make contributions.

 

“Net Receivables
Pool Balance” means, at any time of determination: (a) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool, minus (b) the Excess Concentration.

 

“Notice Date”
has the meaning set forth in Section 3.02(b).

 

“Obligor”
means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable.

 

“Obligor Percentage”
means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the
aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation
of the Excess Concentration with respect to such Obligor and its Pool Receivables and (b) the denominator of which is the aggregate
Outstanding Balance of all Eligible Receivables at such time.

 

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

 

“Order”
has the meaning set forth in Section 3.10.

 

“Originator”
and “Originators” have the meaning set forth in the Purchase and Sale Agreement, as the same may be modified
from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative
Agent.

 

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

 

“Other Taxes”
means any and all present or future stamp or documentary Taxes or any other similar excise or property Taxes, charges or levies
or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement of, or otherwise
in respect of, this Agreement, the other Transaction Documents and the other documents or agreements to be delivered hereunder
or thereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

 

“Outstanding Balance”
means, at any time of determination, with respect to any Receivable, the then outstanding principal balance thereof.

 

    	 	25	 

     

    

 

“Parent”
means BrightView Landscapes, LLC, a Delaware limited liability company.

 

“Parent Group”
has the meaning set forth in Section 8.03(c).

 

“Participant”
has the meaning set forth in Section 13.03(d).

 

“Participant Register”
has the meaning set forth in Section 13.03(e).

 

“Participation
Advance” has the meaning set forth in Section 3.04(b).

 

“PATRIOT Act”
has the meaning set forth in Section 13.15.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Pension Plan”
means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA with respect to which any Originator,
the Borrower or any other member of the Controlled Group may have any liability, contingent or otherwise.

 

“Percentage”
means, at any time of determination, with respect to any Lender, a fraction (expressed as a percentage), (a) the numerator of which
is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder
have been terminated, the aggregate outstanding Capital of all Loans being funded by such Lender at such time and (b) the denominator
of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Lenders at such time or
(ii) if all Commitments hereunder have been terminated, the Aggregate Capital at such time.

 

“Performance Guarantor”
means Holdings in its capacity as guarantor under the Performance Guaranty.

 

“Performance Guaranty”
means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Administrative Agent
for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise modified from time
to time.

 

“Permitted Holders”
shall (along with each defined term constituting a component thereof) have the meaning assigned to such term in the First
Lien Credit Agreement as in effect on the ClosingFirst
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed
to in writing by the Administrative Agent in its sole discretion.

 

“Permitted Lien”
means (a) the interests of the Borrower, the Administrative Agent and each of the other Secured Parties under the Transaction Documents,
(b) any inchoate liens for current taxes, assessments, levies, fees and other government and similar charges not yet due and payable
or the amount or validity of which is being contested in good faith by appropriate proceedings and with respect to which adequate
reserves have been established in accordance with GAAP, but only so long as foreclosure with respect to such lien is not imminent
and the use and value of the property to which the liens attach are not impaired during the pendency of such proceedings, (c) liens
arising out of any judgment or award against any Originator with respect to which (i) an appeal or proceeding for review is being
taken in good faith and with respect to which there shall have been secured a bond pending such appeal or proceeding for review
and (ii) such judgment or award does not constitute an Event of Default, (d) any lien in favor of, or assigned to, the Administrative
Agent (for the benefit of the Secured Parties) and (e) any Lien on the Capital Stock or other equity interests of the Originators
(excluding, for the avoidance of doubt, any Lien on the Capital Stock of the Borrower) granted in connection with athe
Credit Agreement (or any refinancing thereof) in favor of the secured parties thereunder.

 

    	 	26	 

     

    

 

“Person”
means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association,
joint venture, limited liability company or other entity, or any Governmental Authority.

 

“PNC”
has the meaning set forth in the preamble to this Agreement.

 

“Pool Receivable”
means a Receivable in the Receivables Pool.

 

“Portion of Capital”
means, with respect to any Lender and its related Capital, the portion of such Capital being funded or maintained by such Lender
by reference to a particular interest rate basis.

 

“Pro
Forma Basis” shall (along with each defined term constituting a component thereof) have the meaning assigned thereto in the
Credit Agreement as in effect on the First Amendment Date without giving effect to any amendment, restatement, waiver or supplement
thereto unless otherwise agreed to in writing by the Administrative
Agent in its sole discretion.

 

“Pro Rata Share”
means, as to any LC Participant, a fraction, the numerator of which equals the Commitment of such LC Participant at such time and
the denominator of which equals the aggregate of the Commitments of all LC Participants at such time.

 

“Puerto Rico Originator”
means BrightView Puerto Rico, LLC, a Puerto Rico limited liability company.

 

“Purchase and
Sale Agreement” means the Purchase and Sale Agreement, dated as of the Closing Date, among the Servicer, the Originators
and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Purchase and
Sale Termination Event” has the meaning set forth in the Purchase and Sale Agreement.

 

“Qualifying
IPO” means the issuance by any Person of its common equity interests in an underwritten primary public offering
(other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement
filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering) or in
a firm commitment underwritten offering (or series of related offerings of securities to the public pursuant to a final prospectus)
made pursuant to the Securities Act.

 

    	 	27	 

     

    

 

“Receivable”
means any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator or the Borrower
(as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible,
in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be
rendered, and includes, without limitation, the obligation to pay any service charges, finance charges, interest, fees and other
charges with respect thereto. Any such right to payment arising from any one transaction, including, without limitation, any such
right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting
of any such right to payment arising from any other transaction.

 

“Receivables Pool”
means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred) to the
Borrower pursuant to the Purchase and Sale Agreement prior to the Termination Date.

 

“Register”
has the meaning set forth in Section 13.03(b).

 

“Reimbursement
Obligation” has the meaning set forth in Section 3.04(a).

 

“Related Rights”
has the meaning set forth in Section 1.1 of the Purchase and Sale Agreement.

 

“Related Security”
means, with respect to any Receivable:

 

(a)          all
of the Borrower’s and each Originator’s interest in any goods (including returned goods), and documentation of title
evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable;

 

(b)          all
instruments and chattel paper that may evidence such Receivable;

 

(c)          all
other security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable,
whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar
filings relating thereto;

 

(d)          all
of the Borrower’s and each Originator’s rights, interests and claims under the related Contracts and all guaranties,
indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to
time supporting or securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the Contract
related to such Receivable or otherwise;

 

(e)          all
books and records of the Borrower and each Originator to the extent related to any of the foregoing, and all rights, remedies,
powers, privileges, title and interest (but not obligations) in and to each Lock-Box and all Collection Accounts, into which any
Collections or other proceeds with respect to such Receivables may be deposited, and any related investment property acquired with
any such Collections or other proceeds (as such term is defined in the applicable UCC);

 

(f)          all
of the Borrower’s rights, interests and claims under the Purchase and Sale Agreement and the other Transaction Documents;
and

 

    	 	28	 

     

    

 

(g)          all
Collections and other proceeds (as defined in the UCC) of any of the foregoing.

 

“Release”
has the meaning set forth in Section 4.01(a).

 

“Reportable Compliance
Event” means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or
similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime
to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect
of its operations is in actual or probable violation of any Anti-Terrorism Law.

 

“Reportable Event”
means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Pension
Plan (other than a Pension Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection
(m) or (o) of Section 414 of the Code).

 

“Representatives”
has the meaning set forth in Section 13.06(c).

 

“Required Capital
Amount” means $20,000,00022,500,000.

 

“Restricted Payments”
has the meaning set forth in Section 8.01(r).

 

“S&P”
means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor
thereto that is a nationally recognized statistical rating organization.

 

“Sanctioned Country”
means a country subject to a comprehensive countrywide or territory-wide sanctions program maintained under any Anti-Terrorism
Law.

 

“Sanctioned Person”
(i) A person named on the list of “Specially Designated Nationals” or “Blocked Persons” maintained by OFAC,
(ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country or (C) a person
resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC, or (iii) any individual person,
group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person,
group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property
or rejection of transactions), under any Anti-Terrorism Law.

 

“Scheduled Termination
Date” means April 27February
18, 20202022.

 

“SEC”
means the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor.

 

“Second
Lien Credit Agreement” means that certain Second Lien Credit Agreement, dated as of December 18, 2013 (as amended,
restated, amended and restated or otherwise modified from time to time), by and among Garden Acquisition Holdings, Inc. as holdings,
Garden Merger Sub, LLC, as the initial borrower, The Brickman Group Ltd. LLC, as the surviving borrower, the lending institutions
from time to time parties thereto, as the lenders, and Credit Suisse AG, as the administrative agent and the collateral agent.

 

    	 	29	 

     

    

 

“Secured Parties”
means each Credit Party, each Borrower Indemnified Party and each Affected Person.

 

“Securities Act”
means the Securities Act of 1933, as amended or otherwise modified from time to time.

 

“Servicer”
has the meaning set forth in the preamble to this Agreement, including any successor Servicer pursuant to Section 9.01.

 

“Servicer’s
Account” means the deposit account with an account number ending in x3529 maintained by the Servicer at PNC Bank,
National Association.

 

“Servicer Indemnified
Amounts” has the meaning set forth in Section 12.02(a).

 

“Servicer Indemnified
Party” has the meaning set forth in Section 12.02(a).

 

“Servicing Fee”
means the fee referred to in Section 9.06(a).

 

“Servicing Fee
Rate” means the rate referred to in Section 9.06(a).

 

“Settlement Date”
means with respect to any Portion of Capital for any Interest Period or any Interest or Fees, (i) prior to the Termination Date
and so long as no Event of Default has occurred and is continuing, the Monthly Settlement Date and (ii) on and after the Termination
Date or if an Event of Default has occurred and is continuing, each day selected from time to time by the Administrative Agent
(with the consent or at the direction of the Majority Lenders) (it being understood that the Administrative Agent (with the consent
or at the direction of the Majority Lenders) may select such Settlement Date to occur as frequently as daily), or, in the absence
of such selection, the Monthly Settlement Date.

 

“Side Letter”
means that certain letter agreement, dated as of the Closing Date, among the Borrower, the Servicer and the Administrative Agent,
as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

 

“Solvent”
means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value)
of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total
existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able
to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become
due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts
and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in
any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration
to the prevailing practice in the industry in which such Person is engaged.

 

    	 	30	 

     

    

 

“Stress Factor”
means, at any time of determination, either (a) if either (i) the Leverage Ratio is greater than
6.50 or (ii) the Liquidity is less than $90,000,000, then 2.50 or (b) otherwise, 2.25.

 

“Structuring Agent”
means PNC Capital Markets LLC, a Pennsylvania limited liability company.

 

“Subordinated
Note” has the meaning set forth in the Purchase and Sale Agreement.

 

“Sub-Servicer”
has the meaning set forth in Section 9.01(d).

 

“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock of each
class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of
the happening of a contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time
owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or (c)
by such Person and one or more Subsidiaries of such Person.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority and all interest, penalties or additions to tax with respect thereto.

 

“Termination Date”
means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the “Termination Date” is
declared or deemed to have occurred under Section 10.01, (c) the date selected by the Borrower on which all Commitments
have been reduced to zero pursuant to Section 2.02(e) and (d) the date (if any) on which the Borrower, the Servicer or any
Originator delivers to the Administrative Agent a written notice that the Borrower is unable to pay the “Purchase Price”
(as defined in the Purchase and Sale Agreement) for Receivables and Related Rights pursuant to Section 3.2 of the Purchase and
Sale Agreement.

 

“Test
Period” shall (along with each defined term constituting
a component thereof) have the meaning assigned thereto
in the Credit Agreement as in effect on the First
Amendment Date without giving effect to any amendment, restatement,
waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion.

 

“Total Reserves”
means, at any time of determination, an amount equal to the product of the Net Receivables Pool Balance and the sum of: (a) the
Yield Reserve Percentage, plus (b) the greatest of (i) 15.0%, (ii) the sum of the Concentration Reserve Percentage plus
the Minimum Dilution Reserve Percentage and (iii) the sum of the Loss Reserve Percentage plus the Dilution Reserve Percentage.

 

“Tranche Period”
means, with respect to any LIBOR Loan, a period of one, two, three or six months selected by the Borrower pursuant to Section
2.05. Each Tranche Period shall commence on a Monthly Settlement Date and end on (but not including) the Monthly Settlement
Date occurring one, two, three or six calendar months thereafter, as selected by the Borrower pursuant to Section 2.05;
provided, however, that if the date any Loan made pursuant to Section 2.01 is not a Monthly Settlement
Date, the initial Tranche Period for such Loan shall commence on the date such Loan is made pursuant to Section 2.01
and end on the next Monthly Settlement Date occurring after the day in the applicable succeeding calendar month which corresponds
numerically to the beginning day of such initial Tranche Period; provided, further, that if any Tranche Period would
end after the Termination Date, such Tranche Period (including a period of one day) shall end on the Termination Date.

 

    	 	31	 

     

    

 

“Transaction Documents”
means this Agreement, the Purchase and Sale Agreement, the Account Control Agreements, the Fee Letter, each Subordinated Note,
the Performance Guaranty, the Side Letter and all other certificates, instruments, UCC financing statements, reports, notices,
agreements and documents executed or delivered under or in connection with this Agreement, in each case as the same may be amended,
supplemented or otherwise modified from time to time in accordance with this Agreement.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 

“Unmatured Event
of Default” means an event that but for notice or lapse of time or both would constitute an Event of Default.

 

“Unbilled Receivable”
means, at any time, any Receivable as to which the invoice or bill with respect thereto has not yet been sent to the Obligor thereof.

 

“U.S. Obligor”
means an Obligor that is a corporation or other business organization and is organized under the laws of the United States of America
(or of a United States of America territory, district, state, commonwealth, or possession, including, without limitation, Puerto
Rico and the U.S. Virgin Islands) or any political subdivision thereof.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 5.03(f)(ii)(B)(3).

 

“Volcker Rule”
means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

 

“Voting Stock”
means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the
election of the board of directors of such Person.

 

“Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Yield Reserve
Percentage” means, at any time of determination:

 

1.50 x DSO x (BR
+ SFR)

               360

 

    	 	32	 

     

    

 

where:

 

	 	BR	=	the Base Rate;
	 	 	 	 
	 	DSO	=	the Days’ Sales Outstanding for the most recently ended Fiscal Month; and
	 	 	 	 
	 	SFR	=	the Servicing Fee Rate.

 

SECTION 1.02. Other
Interpretative Matters. 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. Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule”,
“Exhibit” or “Annex” shall mean articles and sections of, and schedules, exhibits and annexes to, this
Agreement. For purposes of this Agreement, the other Transaction Documents and all such certificates and other documents, unless
the context otherwise requires: (a) references to any amount as on deposit or outstanding on any particular date means such amount
at the close of business on such day; (b) the words “hereof,” “herein” and “hereunder” and
words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not
to any particular provision of such agreement (or such certificate or document); (c) references to any Section, Schedule or Exhibit
are references to Sections, Schedules and Exhibits in or to such agreement (or the certificate or other document in which the reference
is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such
paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including” means “including
without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended from time to time and include
any successor Applicable Law; (f) references to any agreement refer to that agreement as from time to time amended, restated or
supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (g) references to any Person
include that Person’s permitted successors and assigns; (h) headings are for purposes of reference only and shall not otherwise
affect the meaning or interpretation of any provision hereof; (i) unless otherwise provided, in the calculation of time from a
specified date to a later specified date, the term “from” means “from and including”, and the terms “to”
and “until” each means “to but excluding”; (j) terms in one gender include the parallel terms in the neuter
and opposite gender; (k) references to any amount as on deposit or outstanding on any particular date means such amount at the
close of business on such day and (l) the term “or” is not exclusive.

 

ARTICLE
II

TERMS OF THE LOANS

 

SECTION 2.01. Loan Facility.
Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions hereinafter
set forth, the Lenders shall, ratably in accordance with their respective Commitments, severally and not jointly, make Loans to
the Borrower from time to time during the period from the Closing Date to the Termination Date. Under no circumstances shall any
Lender be obligated to make any such Loan if, after giving effect to such Loan:

 

    	 	33	 

     

    

 

(i)          the
Aggregate Capital plus the LC Participation Amount would exceed the Facility Limit, at such time;

 

(ii)         the
sum of (A) the aggregate outstanding Capital of such Lender plus (B) the related LC Participant’s Pro Rata Share of
the LC Participation Amount, would exceed the Commitment of such Lender; or

 

(iii)        the
Aggregate Capital plus the Adjusted LC Participation Amount would exceed the Borrowing Base at such time.

 

SECTION 2.02.   Making
Loans; Repayment of Loans. (a) Each Loan hereunder shall be made on at least one (1) Business Day’s prior written request
from the Borrower to the Administrative Agent and each Lender in the form of a Loan Request attached hereto as Exhibit A.
Each such request for a Loan shall be made no later than noon (New York City time) on a Business Day (it being understood
that any such request made after such time shall be deemed to have been made on the following Business Day) and shall specify (i)
the amount of the Loan(s) requested (which shall not be less than $1,000,000 and shall be an integral multiple of $100,000 in excess
thereof), (ii) the allocation of such amount among the Lenders (which shall be ratable based on the Commitments), (iii) the account
to which the proceeds of such Loan shall be distributed and (iv) the date such requested Loan is to be made (which shall be a Business
Day).

 

(b)          No
later than 2:30 p.m. (New York City time) on the date of each Loan specified in the applicable Loan Request, the Lenders shall,
upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in
this Article II, make available to the Borrower in same day funds an aggregate amount equal to the amount of such Loans
requested, at the account set forth in the related Loan Request.

 

(c)          Each
Lender’s obligation shall be several, such that the failure of any Lender to make available to the Borrower any funds in
connection with any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make funds available on the
date such Loans are requested (it being understood, that no Lender shall be responsible for the failure of any other Lender
to make funds available to the Borrower in connection with any Loan hereunder).

 

(d)          The
Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date. Prior thereto, the Borrower shall,
on each Settlement Date, make a prepayment of the outstanding Capital of the Lenders to the extent required under Section 4.01
and otherwise in accordance therewith. Notwithstanding the foregoing, the Borrower, in its discretion, shall have the right to
make a prepayment, in whole or in part, of the outstanding Capital of the Lenders on any Business Day upon one (1) Business Day’s
prior written notice thereof to the Administrative Agent and each Lender in the form of a Reduction Notice attached hereto as Exhibit
B; provided, however, that (i) each such prepayment shall be in a minimum aggregate amount of $100,000 and shall
be an integral multiple of $100,000 in excess thereof; provided, however that the Borrower shall not provide a Reduction
Notice, if such prepayment will cause the Aggregate Capital plus the Adjusted LC Participation Amount to be less than the Minimum
Funding Threshold; provided, however that notwithstanding the foregoing, a prepayment may be in an amount necessary
to reduce any Borrowing Base Deficit existing at such time to zero, and (ii) any accrued Interest and Fees in respect of such prepaid
Capital shall be paid on the immediately following Settlement Date.

 

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(e)          The
Borrower may, at any time upon at least thirty (30) days’ prior written notice to the Administrative Agent and each Lender,
terminate the Facility Limit in whole or ratably reduce the Facility Limit in part. Each partial reduction in the Facility Limit
shall be in a minimum aggregate amount of $3,000,000 or integral multiples of $1,000,000 in excess thereof, and no such partial
reduction shall reduce the Facility Limit to an amount less than $100,000,000. In connection with any partial reduction in the
Facility Limit, the Commitment of each Lender and LC Participant, as well as the LC Limit, shall be ratably reduced.

 

(f)          In
connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent (i) instructions regarding
such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to (A) repay the Capital of each Lender such that
its Capital will not exceed its Commitment as so reduced and (B) pay all other outstanding Borrower Obligations with respect to
such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments
prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Borrower Obligations
is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of
such portion) including, without duplication, any associated Breakage Fees. Upon receipt of any such amounts, the Administrative
Agent shall apply such amounts first to the reduction of the Aggregate Capital, and second to the payment of the remaining outstanding
Borrower Obligations with respect to such reduction, including any Breakage Fees, by paying such amounts to the Lenders. Notwithstanding
the forgoing, any such reduction of the Commitments shall not be effective to the extent that after giving effect thereto the sum
of (A) the aggregate outstanding Capital of any Lender plus (B) the related LC Participant’s Pro Rata Share of the
LC Participation Amount, would exceed such Lender’s Commitment.

 

SECTION 2.03. Interest
and Fees.

 

(a)          On
each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01,
pay to each Lender, each LC Participant, the LC Bank, the Administrative Agent and the Structuring Agent certain fees (collectively,
the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the
Borrower, the Lenders, the LC Participants, the LC Bank and/or the Administrative Agent (each such fee letter agreement, as amended,
restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee Letter”).
Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender as provided in Section 2.06.

 

(b)          Each
Loan of each Lender and the Capital thereof (without duplication) shall accrue interest on each day when such Capital remains outstanding
at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest (including, for the avoidance of doubt,
all Interest accrued on LIBOR Loans during an Interest Period regardless of whether the applicable Tranche Period has ended), Fees
and Breakage Fees accrued during each Interest Period on each Settlement Date in accordance with the terms and priorities for payment
set forth in Section 4.01.

 

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SECTION 2.04. Records
of Loans and Participation Advances. Each Lender shall record in its records, the date and amount of each Loan and Participation
Advance made by such Lender hereunder, the Interest Rate with respect thereto, the Interest accrued thereon and each repayment
and payment thereof. Subject to Section 13.03(c), such records shall be conclusive and binding absent manifest error. The
failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise
affect the obligations of the Borrower hereunder or under the other Transaction Documents to repay the Capital of each Lender,
together with all Interest accruing thereon and all other Borrower Obligations.

 

SECTION 2.05. Selection
of Interest Rates and Tranche Periods.

 

(a)          Subject
to the following sentence, each Loan shall bear interest initially at LMIR. Thereafter, so long as no Event of Default has occurred
and is continuing, the Borrower may from time to time elect to change or continue the type of Interest Rate and/or Tranche Period
borne by each Loan or, subject to the minimum amount requirement for each outstanding Loan set forth in Section 2.02,
a portion thereof by notice to the Administrative Agent not later than 11:00 a.m. (New York City time), one (1) Business
Day prior to the expiration of any Tranche Period or Interest Period, as applicable; provided, that there shall not be more
than six (6) LIBOR Loans outstanding hereunder at any one time; provided, further that for the avoidance of
doubt, any change from LMIR to Adjusted LIBOR and/or any change to a Tranche Period applicable to a Loan shall not be effective
until the Monthly Settlement Date occurring after the date of such request. Any such notices requesting the continuation or conversion
of a Loan to the Administrative Agent may be given by telephone, telecopy, or other telecommunication device acceptable to the
Administrative Agent (which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing
in a manner acceptable to the Administrative Agent).

 

(b)          If,
by the time required in Section 2.05(a), the Borrower fails to select a Tranche Period or Interest Rate for any Loan,
such Loan shall automatically accrue Interest at LMIR for the next occurring Interest Period.

 

SECTION 2.06. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)          Commitment
Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender.

 

(b)          The
Commitment and Capital of such Defaulting Lender shall not be included in determining whether the Majority Lenders have taken or
may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 13.01);
provided, that, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver
or other modification requiring the consent of such Lender or each Lender directly affected thereby (if such Lender is directly
affected thereby).

 

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(c)          In
the event that the Administrative Agent, the Borrower and the Servicer each agrees in writing that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such
of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold
such Loans ratably in accordance its applicable Commitment; provided, that no adjustments shall be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender, and provided,
further, that except to the extent otherwise agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
that is not a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender
having been a Defaulting Lender.

 

ARTICLE
III

 

LETTER OF CREDIT FACILITY

 

SECTION 3.01. Letters
of Credit.

 

(a)          Subject
to the terms and conditions hereof and the satisfaction of the applicable conditions set forth in Article VI, the LC Bank
shall issue or cause the issuance of Letters of Credit on behalf of the Borrower (and, if applicable, on behalf of, or for the
account of, an Originator or an Affiliate of such Originator in favor of such beneficiaries as such Originator or an Affiliate
of such Originator may elect with the consent of the Borrower); provided further, however, that the LC Bank will
not be required to issue or cause to be issued any Letters of Credit to the extent that after giving effect thereto:

 

(i)          the
Aggregate Capital plus the LC Participation Amount would exceed the Facility Limit at such time;

 

(ii)         the
Aggregate Capital plus the Adjusted LC Participation Amount would exceed the Borrowing Base at such time;

 

(iii)        the
LC Participation Amount would exceed the LC Limit at such time; or

 

(iv)        the
LC Participation Amount would exceed the aggregate of the Commitments of the LC Participants at such time.

 

(b)          Interest
shall accrue on all amounts drawn under Letters of Credit for each day on and after the applicable Drawing Date so long as such
drawn amounts shall have not been reimbursed to the LC Bank pursuant to the terms hereof.

 

SECTION 3.02. Issuance
of Letters of Credit; Participations.

 

(a)          The
Borrower may request the LC Bank, upon two (2) Business Days’ prior written notice submitted on or before noon (New York
City time), to issue a Letter of Credit by delivering to the Administrative Agent, each Lender and the LC Bank, the LC Bank’s
form of Letter of Credit Application (the “Letter of Credit Application”), substantially in the form of Exhibit
D attached hereto and an LC Request, in each case completed to the satisfaction of the Administrative Agent and the LC Bank;
and such other certificates, documents and other papers and information as the Administrative Agent or the LC Bank may reasonably
request.

 

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(b)          Each
Letter of Credit shall, among other things, (i) provide for the payment of sight drafts or other written demands for payment when
presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein and
(ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension or renewal,
as the case may be, and in no event later than twelve (12) months after the Scheduled Termination Date. The terms of each Letter
of Credit may include customary “evergreen” provisions providing that such Letter of Credit’s expiry date shall
automatically be extended for additional periods not to exceed twelve (12) months unless, not less than thirty (30) days (or such
longer period as may be specified in such Letter of Credit) (the “Notice Date”) prior to the applicable expiry
date, the LC Bank delivers written notice to the beneficiary thereof declining such extension; provided, however,
that if (x) any such extension would cause the expiry date of such Letter of Credit to occur after the date that is twelve (12)
months after the Scheduled Termination Date or (y) the LC Bank determines that any condition precedent (including, without limitation,
those set forth in Sections 3.01 and Article VI) to issuing such Letter of Credit hereunder are not satisfied (other
than any such condition requiring the Borrower to submit an LC Request or Letter of Credit Application in respect thereof), then
the LC Bank, in the case of clause (x) above, may (or, at the written direction of any LC Participant, shall) or, in the
case of clause (y) above, shall, use reasonable efforts in accordance with (and to the extent permitted by) the terms of
such Letter of Credit to prevent the extension of such expiry date (including notifying the Borrower and the beneficiary of such
Letter of Credit in writing prior to the Notice Date that such expiry date will not be so extended). Each Letter of Credit shall
be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank or the International Standby Practices (ISP98-International
Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered to by the LC Bank, as determined by
the LC Bank.

 

(c)          Immediately
upon the issuance by the LC Bank of any Letter of Credit (or any amendment to a Letter of Credit increasing the amount thereof),
the LC Bank shall be deemed to have sold and transferred to each LC Participant, and each LC Participant shall be deemed irrevocably
and unconditionally to have purchased and received from the LC Bank, without recourse or warranty, an undivided interest and participation,
to the extent of such LC Participant’s Pro Rata Share, in such Letter of Credit, each drawing made thereunder and the obligations
of the Borrower hereunder with respect thereto, and any security therefor or guaranty pertaining thereto. Upon any change in the
Commitments or Pro Rata Shares of the LC Participants pursuant to this Agreement, it is hereby agreed that, with respect to all
outstanding Letters of Credit and unreimbursed drawings thereunder, there shall be an automatic adjustment to the participations
pursuant to this clause (c) to reflect the new Pro Rata Shares of the assignor and assignee LC Participant or of all LC
Participants with Commitments, as the case may be. In the event that the LC Bank makes any payment under any Letter of Credit and
the Borrower shall not have reimbursed such amount in full to the LC Bank pursuant to Section 3.04(a), each LC Participant
shall be obligated to make Participation Advances with respect to such Letter of Credit in accordance with Section 3.04(b).

 

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SECTION 3.03. Requirements
For Issuance of Letters of Credit. The Borrower shall authorize and direct the LC Bank to name the Borrower, an Originator
or an Affiliate of an Originator as the “Applicant” or “Account Party” of each Letter of Credit.

 

SECTION 3.04. Disbursements,
Reimbursement.

 

(a)          In
the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly
notify the Administrative Agent and the Borrower of such request. The Borrower shall reimburse (such obligation to reimburse the
LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to 5:00 p.m. (New
York City time), on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing
Date”) in an amount equal to the amount so paid by the LC Bank. Such Reimbursement Obligation shall be satisfied by the
Borrower (i) first, by the remittance by the Administrative Agent to the LC Bank of any available amounts then on deposit in the
LC Collateral Account and (ii) second, by the remittance by or on behalf of the Borrower to the LC Bank of any other funds of the
Borrower then available for disbursement. In the event the Borrower fails to reimburse the LC Bank for the full amount of any drawing
under any Letter of Credit by 5:00 p.m. (New York City time) on the Drawing Date (including because the conditions precedent to
a Loan requested by the Borrower pursuant to Section 2.01 shall not have been satisfied), the LC Bank will promptly notify
each LC Participant thereof. Any notice given by the LC Bank pursuant to this Section may be oral if promptly confirmed in writing;
provided that the lack of such a prompt written confirmation shall not affect the conclusiveness or binding effect of such
oral notice.

 

(b)          Each
LC Participant shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in immediately
available funds equal to its Pro Rata Share of the amount of the drawing (a “Participation Advance”), whereupon
the LC Participants shall each be deemed to have made a Loan to the Borrower in that amount. If any LC Participant so notified
fails to make available to the LC Bank the amount of such LC Participant’s Pro Rata Share of such amount by 2:00 p.m. (New
York City time) on the Drawing Date, then interest shall accrue on such LC Participant’s obligation to make such payment,
from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum equal to the Federal
Funds Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the Base Rate on and after
the fourth day following the Drawing Date. The LC Bank will promptly give notice to each LC Participant of the occurrence of the
Drawing Date, but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient time to enable any LC Participant
to effect such payment on such date shall not relieve such LC Participant from its obligation under this clause (b). Each
LC Participant’s Commitment shall continue until the last to occur of any of the following events: (A) the LC Bank ceases
to be obligated to issue or cause to be issued Letters of Credit hereunder, (B) no Letter of Credit issued hereunder remains outstanding
and uncancelled or (C) all Credit Parties have been fully reimbursed for all payments made under or relating to Letters of Credit.

 

    	 	39	 

     

    

 

SECTION 3.05. Repayment
of Participation Advances.

 

(a)          Upon
(and only upon) receipt by the LC Bank for its account of immediately available funds from or for the account of the Borrower (i)
in reimbursement of any payment made by the LC Bank under a Letter of Credit with respect to which any LC Participant has made
a Participation Advance to the LC Bank or (ii) in payment of Interest on the Loans made or deemed to have been made in connection
with any such draw, the LC Bank will pay to each LC Participant, ratably (based on the outstanding drawn amounts funded by each
such LC Participant in respect of such Letter of Credit), in the same funds as those received by the LC Bank; it being understood,
that the LC Bank shall retain a ratable amount of such funds that were not the subject of any payment in respect of such Letter
of Credit by any LC Participant.

 

(b)          If
the LC Bank is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any official
in any Insolvency Proceeding, any portion of the payments made by the Borrower to the LC Bank pursuant to this Agreement in reimbursement
of a payment made under a Letter of Credit or interest or fee thereon, each LC Participant shall, on demand of the LC Bank, forthwith
return to the LC Bank the amount of its Pro Rata Share of any amounts so returned by the LC Bank plus interest at the Federal
Funds Rate, from the date the payment was first made to such LC Participant through, but not including, the date the payment is
returned by such LC Participant.

 

(c)          If
any Letters of Credit are outstanding and undrawn on the Termination Date, the LC Collateral Account shall be funded from Collections
(or, in the Borrower’s sole discretion, by other funds available to the Borrower) in an amount equal to the aggregate undrawn
face amount of such Letters of Credit plus all related fees to accrue through the stated expiration dates thereof, including any
customary presentation, amendment and other processing fees, and other standard costs and charges, of the LC Bank relating to letters
of credit (such fees to accrue, as reasonably estimated by the LC Bank, the “LC Fee Expectation”).

 

SECTION 3.06. Documentation;
Documentary and Processing Charges. The Borrower agrees to be bound by the terms of the Letter of Credit Application and by
the LC Bank’s interpretations of any Letter of Credit issued for the Borrower and by the LC Bank’s written regulations
and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations and practices
may be different from the Borrower’s own. In the event of a conflict between the Letter of Credit Application and this Agreement,
this Agreement shall govern. The LC Bank shall not be liable for any error, negligence and/or mistakes, whether of omission or
commission, in following the Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments
or supplements thereto. In addition to any other fees or expenses owing under the Fee Letter or any other Transaction Document
or otherwise pursuant to any Letter of Credit Application, the Borrower shall pay to the LC Bank for its own account any customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the LC Bank relating to letters
of credit as from time to time in effect. Such customary fees shall be due and payable upon demand and shall be nonrefundable.

 

SECTION 3.07. Determination
to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary
thereof, the LC Bank shall be responsible only to determine that the documents and certificates required to be delivered under
such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and
that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

 

    	 	40	 

     

    

 

SECTION 3.08. Nature
of Participation and Reimbursement Obligations. Each LC Participant’s obligation in accordance with this Agreement to
make Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of the Borrower to reimburse
the LC Bank upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly
in accordance with the terms of this Agreement and under all circumstances, including the following circumstances:

 

(i)          any
set-off, counterclaim, recoupment, defense or other right which such LC Participant may have against the LC Bank, the other Credit
Parties, the Borrower, the Servicer, an Originator, the Performance Guarantor or any other Person for any reason whatsoever;

 

(ii)         the
failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making of a purchase,
reinvestments, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are not required for the
making of Participation Advances hereunder;

 

(iii)        any
lack of validity or enforceability of any Letter of Credit or any set-off, counterclaim, recoupment, defense or other right which
the Borrower, the Performance Guarantor, the Servicer, an Originator or any Affiliate thereof on behalf of which a Letter of Credit
has been issued may have against the LC Bank, or any other Credit Party or any other Person for any reason whatsoever;

 

(iv)        any
claim of breach of warranty that might be made by the Borrower, an Originator or any Affiliate thereof, the LC Bank, or any LC
Participant against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, defense or other right which
the Borrower, the Servicer, the LC Bank or any LC Participant may have at any time against a beneficiary, any successor beneficiary
or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting),
the LC Bank, any other Credit Party or any other Person, whether in connection with this Agreement, the transactions contemplated
herein or any unrelated transaction (including any underlying transaction between the Borrower or any Affiliates of the Borrower
and the beneficiary for which any Letter of Credit was procured);

 

(v)         the
lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness of, any
draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand, instrument,
certificate or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect, even if the Administrative Agent or the LC Bank has been notified thereof;

 

(vi)        payment
by the LC Bank under any Letter of Credit against presentation of a demand, draft or certificate or other document which does not
comply with the terms of such Letter of Credit;

 

    	 	41	 

     

    

 

(vii)       the
solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction
or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic
of any property or services relating to a Letter of Credit;

 

(viii)      any
failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form requested by the Borrower;

 

(ix)         any
Material Adverse Effect or Borrower Material Adverse Effect;

 

(x)          any
breach of this Agreement or any other Transaction Document by any party thereto;

 

(xi)         the
occurrence or continuance of an Insolvency Proceeding with respect to the Borrower, the Performance Guarantor, any Originator or
any Affiliate thereof;

 

(xii)        the
fact that an Event of Default or an Unmatured Event of Default shall have occurred and be continuing;

 

(xiii)       the
fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and

 

(xiv)      any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

SECTION 3.09. Indemnity.
In addition to other amounts payable hereunder, the Borrower hereby agrees to protect, indemnify, pay and save harmless the Administrative
Agent, the LC Bank, each LC Participant, each other Credit Party and each of the LC Bank’s Affiliates that have issued a
Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, judgments, losses,
costs, charges and expenses (including Attorney Costs) which the Administrative Agent, the LC Bank, any LC Participant, any other
Credit Party or any of their respective Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance
of any Letter of Credit, except to the extent resulting from (a) the gross negligence or willful misconduct of the party to be
indemnified as determined by a final non-appealable judgment of a court of competent jurisdiction or (b) the wrongful dishonor
by the LC Bank or any of its Affiliates of a proper demand for payment made under any Letter of Credit, except if such dishonor
resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority
(all such acts or omissions herein called “Governmental Acts”). Under no circumstances shall the Servicer (or
any Affiliate thereof (other than the Borrower)) have any reimbursement or recourse obligations in respect of any Letter of Credit.

 

    	 	42	 

     

    

 

SECTION 3.10. Liability
for Acts and Omissions. As between the Borrower, on the one hand, and the Administrative Agent, the LC Bank, the LC Participants,
and the other Credit Parties, on the other, the Borrower assumes all risks of the acts and omissions of, or misuse of any Letter
of Credit by, the respective beneficiaries of such Letter of Credit. In furtherance and not in limitation of the foregoing, none
of the Administrative Agent, the LC Bank, the LC Participants, or any other Credit Party shall be responsible for any of the following,
including any losses or damages to the Borrower, any of its Affiliates or any other Person or property related therefrom: (i) the
form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the
application for an 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 (even if the LC Bank, any LC Participant or any other Credit Party shall have been
notified thereof); (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) the failure of the beneficiary of any such Letter of Credit, or any other party to
which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter
of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit, or any such transferee, or any dispute
between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions
or delays in transmission or delivery of any messages, by mail, electronic mail, cable, telegraph, telex, facsimile 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 the Administrative Agent, the LC Bank, the LC Participants,
and the other Credit Parties, including any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting
of, any of the LC Bank’s rights or powers hereunder. In no event shall the Administrative Agent, the LC Bank, the LC Participants,
or the other Credit Parties or their respective Affiliates, be liable to the Borrower or any other Person for any indirect, consequential,
incidental, punitive, exemplary or special damages or expenses (including without limitation Attorney Costs), or for any damages
resulting from any change in the value of any property relating to a Letter of Credit.

 

Without limiting the generality
of the foregoing, the Administrative Agent, the LC Bank, the LC Participants, and the other Credit Parties and each of their respective
Affiliates (i) may rely on any written communication believed in good faith by such Person to have been authorized or given by
or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear on their
face to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation
under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor,
or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together
with any interest paid by the LC Bank or its Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement
advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document
is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform
in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under
the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Administrative
Agent, the LC Bank, the LC Participants, or the other Credit Parties or their respective Affiliates, in any way related to any
order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any
similar document (each an “Order”) and may honor any drawing in connection with any Letter of Credit that is
the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit
fail to conform in any way with such Letter of Credit.

 

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In furtherance and extension
and not in limitation of the specific provisions set forth above, any action taken or omitted by the LC Bank under or in connection
with any Letter of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith
and without gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction,
shall not put the LC Bank under any resulting liability to the Borrower, any Credit Party or any other Person.

 

SECTION 3.11. LC Collateral
Account. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over
the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at
the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not
bear interest. Interest or profits, if any, on such investments shall accumulate in the LC Collateral Account. Moneys in the LC
Collateral Account shall be applied by the Administrative Agent to reimburse the LC Bank for each drawing under a Letter of Credit
and for repayment of amounts owing by the Borrower hereunder and under each of the other Transaction Documents to each of the other
Secured Parties. Amounts, if any, on deposit in the LC Collateral Account on the Final Payout Date shall be promptly remitted by
the Administrative Agent to the Borrower.

 

ARTICLE
IV

 

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

 

SECTION 4.01. Settlement
Procedures.

 

(a)          The
Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the Administrative Agent,
segregate in a separate account designated by the Administrative Agent, which shall be an account maintained and controlled by
the Administrative Agent unless the Administrative Agent otherwise instructs in its sole discretion), for application in accordance
with the priority of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower
or received in any Lock-Box or Collection Account; provided, however, that so long as each of the conditions precedent
set forth in Section 6.03 are satisfied on such date, the Servicer may release to the Borrower from such Collections the
amount (if any) necessary to pay (i) the purchase price for Receivables purchased by the Borrower on such date in accordance with
the terms of the Purchase and Sale Agreement or (ii) amounts owing by the Borrower to the Originators under the Subordinated Notes
(each such release, a “Release”). On each Settlement Date, the Servicer (or, following its assumption of control
of the Collection Accounts, the Administrative Agent) shall, distribute such Collections in the following order of priority:

 

(i)           first,
to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest Period (plus, if applicable,
the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer);

 

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(ii)            second,
to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid Interest, Fees
and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period (including any additional
amounts or indemnified amounts payable under Sections 5.03 and 12.01 in respect of such payments), plus, if applicable,
the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts payable under
Sections 5.03 and 12.01 in respect of such payments) payable for any prior Interest Period to the extent such amount
has not been distributed to such Lender or Credit Party;

 

(iii)         third,
as set forth in clause (x) or (y) below, as applicable:

 

(x)          prior
to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such date: (I) first, to
the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the
outstanding Aggregate Capital at such time, in an aggregate amount equal to (1) the amount necessary to reduce the Borrowing
Base Deficit to zero ($0) Dollars or (2) at the election of the Borrower, such greater amount in accordance with Section 2.02(d)
and (II) second, to the LC Collateral Account, in reduction of the Adjusted LC Participation Amount, in an amount equal
to the amount necessary (after giving effect to clause (I) above) to reduce the Borrowing Base Deficit to zero ($0); or

 

(y)          on
and after the occurrence of the Termination Date: (I) first, to each Lender (ratably, based on the aggregate outstanding
Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time and
(II) second, to the LC Collateral Account (A) the amount necessary to reduce the Adjusted LC Participation Amount to zero
($0) and (B) an amount equal to the LC Fee Expectation at such time;

 

(iv)        fourth,
to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due and owing at
such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties, the Affected
Persons and the Borrower Indemnified Parties; and

 

(v)         fifth,
the balance, if any, to be paid to the Borrower for its own account.

 

(b)          Notwithstanding
anything to the contrary set forth in this Section 4.01, the Administrative Agent shall have no obligation to distribute
or pay any amount under this Section 4.01 except to the extent actually received by the Administrative Agent.

 

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(c)          Notwithstanding
anything contained herein to the contrary, if and to the extent that for any reason any payment by or on behalf of any Person of
any amount owed hereunder is rescinded or must otherwise be restored by the Administrative Agent, any Credit Party, any Affected
Person or any Borrower Indemnified Party, whether as a result of any proceedings in bankruptcy or reorganization or otherwise,
such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the
Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall have
a claim against the Borrower for such amount.

 

(d)          For
the purposes of this Section 4.01:

 

(i)          if
on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned,
repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment
made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff, counterclaim or dispute between
the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate
of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable
in the amount of such reduction or adjustment and, if an Event of Default or Unmatured Event of Default exists or if the Purchase
and Sale Termination Date has occurred and, in each case, if an Originator has made a related payment in cash to the Borrower pursuant
to Section 3.2(c) of the Purchase and Sale Agreement, shall immediately pay (or cause the applicable Originator to pay pursuant
to Section 3.3 of the Purchase and Sale Agreement) any and all such amounts in respect thereof to a Collection Account (or as otherwise
directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section
4.01(a); provided that if a Receivable’s “Purchase Price” has been reduced by the full Outstanding
Balance thereof pursuant to Section 3.3(a) of the Purchase and Sale Agreement and such reduction has been made in accordance with
Section 3.3(c) of the Purchase and Sale Agreement, then the Borrower shall deliver to the applicable Originator any payments thereafter
received by the Borrower on account of such Receivable’s Outstanding Balance in accordance with the Borrower’s obligations
under the proviso to Section 3.3(a) of the Purchase and Sale Agreement;

 

(ii)         if
on any day any of the representations or warranties in Section 7.01 is not true with respect to any Pool Receivable,
the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and, if an Event of Default
or Unmatured Event of Default exists or if the Purchase and Sale Termination Date shall have occurred and, in each case, if an
Originator has made a related payment in cash to the Borrower pursuant to Section 3.2(c) of the Purchase and Sale Agreement, shall
immediately pay the amount of such deemed Collection to a Collection Account (or as otherwise directed by the Administrative Agent
at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have
been received pursuant to Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”);

 

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(iii)        except
as provided in clauses (i) or (ii) above or otherwise required by Applicable Law or the relevant Contract, all Collections
received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of the age of such
Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for application to
specific Receivables; and

 

(iv)        if
and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required
for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding)
any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have
been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable when
and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

 

SECTION 4.02. Payments
and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit Party,
any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than noon (New York City time) on the day
when due in same day funds to the applicable Lender’s Account.

 

(b)          Each
of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount other than Capital
(which Capital shall accrue Interest) not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.00%
per annum above the Base Rate, payable on demand.

 

(c)          All
computations of interest under subsection (b) above and all computations of Interest, Fees and other amounts hereunder shall
be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366 days,
as applicable) for the actual number of days (including the first but excluding the last day) elapsed. Whenever any payment or
deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next
succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.

 

ARTICLE
V

 

INCREASED
COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST

 

SECTION 5.01. Increased
Costs.

 

(a)          Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Affected Person;

 

    	 	47	 

     

    

 

(ii)         subject
any Affected Person to any Taxes (except to the extent such Taxes are Indemnified Taxes or Excluded Taxes) on its loans, loan principal,
letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
or

 

(iii)        impose
on any Affected Person any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this Agreement, any
other Transaction Document, any Loan or any Letter of Credit or participation therein or (B) affecting its obligations or rights
to make Loans or issue or participate in Letters of Credit;

 

and the result of any of the foregoing shall
be to increase the cost to such Affected Person of (A) acting as the Administrative Agent or a Lender hereunder with respect to
the transactions contemplated hereby, (B) funding or maintaining any Loan or issuing or participating in, any Letter of Credit
(or interests therein) or (C) maintaining its obligation to fund or maintain any Loan or issuing or participating in, any Letter
of Credit, or to reduce the amount of any sum received or receivable by such Affected Person hereunder, then, upon request of such
Affected Person (or its related Lender), the Borrower shall pay to such Affected Person such additional amount or amounts as will
compensate such Affected Person for such additional costs incurred or reduction suffered.

 

(b)          Capital
and Liquidity Requirements. If any Affected Person determines that any Change in Law affecting such Affected Person or any
lending office of such Affected Person or such Affected Person’s holding company, if any, regarding capital or liquidity
requirements, has or would have the effect of (x) increasing the amount of capital required to be maintained by such Affected Person
or Affected Person’s holding company, if any, (y) reducing the rate of return on such Affected Person’s capital or
on the capital of such Affected Person’s holding company, if any, or (z) causing an internal capital or liquidity charge
or other imputed cost to be assessed upon such Affected Person or Affected Person’s holding company, if any, in each case,
as a consequence of (A) this Agreement or any other Transaction Document, (B) the commitments of such Affected Person hereunder
or under any other Transaction Document, (C) the Loans, Letters of Credit or participations in Letters of Credit, made or issued
by such Affected Person or (D) any Capital, to a level below that which such Affected Person or such Affected Person’s holding
company could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the
policies of such Affected Person’s holding company with respect to capital adequacy and liquidity), then from time to time,
upon request of such Affected Person (or its related Lender), the Borrower will pay to such Affected Person such additional amount
or amounts as will compensate such Affected Person or such Affected Person’s holding company for any such increase, reduction
or charge.

 

(c)          Certificates
for Reimbursement. A certificate of an Affected Person (or its related Lender on its behalf) setting forth the amount or amounts
necessary to compensate such Affected Person or its holding company, as the case may be, as specified in clause (a) or (b)
of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities
of payment set forth in Section 4.01, pay such Affected Person the amount shown as due on any such certificate on the first
Settlement Date occurring after the Borrower’s receipt of such certificate.

 

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(d)          Delay
in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not
constitute a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall
not be required to compensate an Affected Person pursuant to this Section for any increased costs incurred or reductions suffered
more than nine (9) months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Affected Person’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to
above shall be extended to include the period of retroactive effect thereof).

 

SECTION 5.02. Funding
Losses.

 

(a)          The
Borrower will pay each Lender all Breakage Fees.

 

(b)          A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in clause (a)
above and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities of
payment set forth in Section 4.01, pay such Lender the amount shown as due on any such certificate on the first Settlement
Date occurring after the Borrower’s receipt of such certificate.

 

SECTION 5.03. Taxes.

 

(a)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall
be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined
in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such
payment to an Affected Person, then the applicable withholding agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law,
and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section), the applicable Affected Person receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

(b)          Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or, at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes.

 

(c)          Indemnification
by the Borrower. The Borrower shall indemnify each Affected Person, within ten days after demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by such Affected Person or required to be withheld or deducted from a payment to such Affected Person 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 the Borrower by an Affected Person (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error.

 

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(d)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender or any of its Affiliates that are Affected Persons (but only to the extent
that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting any obligation
of the Borrower to do so), (ii) any Taxes attributable to the failure of such Lender or any of its Affiliates that are Affected
Persons to comply with Section 13.03(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender or any of its Affiliates that are Affected Persons, in each case, that are payable or paid by the Administrative
Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether
or not such 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 any Lender by the Administrative Agent shall be conclusive absent manifest error.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
or any of its Affiliates that are Affected Persons under any Transaction Document or otherwise payable by the Administrative Agent
to such Lender or any of its Affiliates that are Affected Persons from any other source against any amount due to the Administrative
Agent under this clause (d).

 

(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section 5.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

(f)          Status
of Affected Persons. (i) Any Affected Person that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the time or times
reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Affected Person, if reasonably requested by the Borrower or the Administrative Agent, shall
deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent
as will enable the Borrower or the Administrative Agent to determine whether or not such Affected Person is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Sections 5.03(f)(ii)(A), 5.03(f)(ii)(B)
and 5.03(g)) shall not be required if, in the Affected Person’s reasonable judgment, such completion, execution or
submission would subject such Affected Person to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Affected Person.

 

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(ii)         Without
limiting the generality of the foregoing:

 

(A)         a
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent,
executed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)         any
Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a
party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, whichever
of the following is applicable:

 

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

 

(2)         executed
originals of Internal Revenue Service Form W-8ECI;

 

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

 

(4)         to
the extent such Lender is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied by
Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E a U.S. Tax Compliance
Certificate, Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that, if such Lender is a partnership and one or more direct or indirect partners of such Lender are claiming the
portfolio interest exemption, such Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect
partner; and

 

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(C)         any
Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient), on or prior to the date on which such Lender becomes a
party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed
originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit
the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

(g)          Documentation
Required by FATCA. If a payment made to a Credit Party under any Transaction Document would be subject to U.S. federal withholding
Tax imposed by FATCA if such Credit Party were to fail to comply with the applicable reporting requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Credit Party shall deliver to the Borrower and
the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the
Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary
for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Credit Party
has complied with such Affected Person’s obligations under FATCA or to determine the amount to deduct and withhold from such
payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement.

 

(h)          Treatment
of Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant
to this Section 5.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this clause (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this clause (h) the payment of which would place the indemnified
party in a less favorable net after Tax position than the indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its Tax returns (or other information relating to its Taxes that it deems confidential) to the indemnifying party
or any other Person.

 

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(i)          Survival.
Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Credit Party, the termination of the Commitments and the repayment,
satisfaction or discharge of all the Borrower Obligations and the Servicer’s obligations hereunder.

 

(j)          Updates.
Each Credit Party agrees that if any form or certification it previously delivered pursuant to this Section 5.03 expires
or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and
the Administrative Agent in writing of its legal inability to do so.

 

SECTION 5.04. Inability
to Determine Adjusted LIBOR or LMIR; Change in Legality.

 

(a)          If
any Lender shall have determined (which determination shall be conclusive and binding upon the parties hereto absent manifest error)
on any day, by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits in the relevant
amounts and for the relevant Interest Period or day, as applicable, are not available, (ii) adequate and reasonable means do not
exist for ascertaining Adjusted LIBOR or LMIR, for such Interest Period or day, as applicable, or (iii) Adjusted LIBOR or LMIR
determined pursuant hereto does not accurately reflect the cost to the applicable Affected Person (as conclusively determined by
such Lender) of maintaining any Portion of Capital during such Interest Period or day, as applicable, such Lender shall promptly
give telephonic notice of such determination, confirmed in writing, to the Borrower on such day. Upon delivery of such notice:
(i) no Portion of Capital with respect to such Lender shall be funded thereafter at Adjusted LIBOR or LMIR unless and until such
Lender shall have given notice to the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist and (ii) with respect to any outstanding Portion of Capital then funded at Adjusted LIBOR or LMIR, as applicable,
such Interest Rate shall automatically and immediately be converted to the Base Rate.

 

(b)          If
on any day any Lender shall have been notified by any Affected Person that such Affected Person has determined (which determination
shall be final and conclusive absent manifest error) that any Change in Law, or compliance by such Affected Person with any Change
in Law, shall make it unlawful or impossible for such Affected Person to fund or maintain any Portion of Capital at or by reference
to Adjusted LIBOR or LMIR, as applicable, such Lender shall notify the Borrower and the Administrative Agent thereof. Upon receipt
of such notice, until the applicable Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise
to such determination no longer apply, (i) no Portion of Capital with respect to such Lender shall be funded at or by reference
to Adjusted LIBOR or LMIR, as applicable, and (ii) the Interest for any outstanding Portions of Capital with respect to such Lender
then funded at Adjusted LIBOR or LMIR, as applicable, shall automatically and immediately be converted to the Base Rate.

 

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SECTION 5.05. Security
Interest.

 

(a)          As
security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed
under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all
Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent for
its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right,
title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively, the
“Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii)
all Collections with respect to such Pool Receivables, (iv) the Lock-Boxes and Collection Accounts and all amounts on deposit therein,
and all certificates and instruments, if any, from time to time evidencing such Lock-Boxes and Collection Accounts and amounts
on deposit therein, (v) the LC Collateral Account and all amounts on deposit therein, and all certificates and instruments, if
any, from time to time evidencing LC Collateral Account and amounts on deposit therein, (vi) all rights (but none of the obligations)
of the Borrower under the Purchase and Sale Agreement, (vii) all other personal and fixture property or assets of the Borrower
of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions thereto),
instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit accounts,
securities accounts, securities entitlements, letter of credit rights, commercial tort claims, securities and all other investment
property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims and proceeds,
and all general intangibles (including all payment intangibles) (each as defined in the UCC) and (viii) all proceeds of, and all
amounts received or receivable under any or all of, the foregoing.

 

The Administrative Agent
(for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the other rights
and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured
party under any applicable UCC. The Borrower hereby authorizes the Administrative 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.

 

Immediately upon the occurrence
of (i) the Final Payout Date or (ii) the repurchase of any Receivable as set forth in Section 3.3(a) of the Purchase and Sale Agreement,
the Collateral, in the case of clause (i), or the applicable Receivable and any Related Security solely with respect to such Receivable,
in the case of clause (ii), shall be automatically released from the lien created hereby, and this Agreement and all obligations
(other than those expressly stated to survive such termination) of the Administrative Agent, the Lenders and the other Credit Parties
hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the
Collateral shall revert to the Borrower; provided, however, that promptly following written request therefor by the
Borrower delivered to the Administrative Agent following any such termination, and at the expense of the Borrower, the Administrative
Agent shall deliver to the Borrower written authorization for the Borrower to file (or have filed on its behalf) UCC-3 termination
statements and such other documents as the Borrower shall reasonably request to evidence such termination.

 

    	 	54	 

     

    

  

SECTION
5.06. Successor Adjusted LIBOR or LMIR.

 

(a)          If
the Administrative Agent determines in its reasonable discretion that either (i) (A) the circumstances set forth in Section 5.04
have arisen and are unlikely to be temporary (the date of such occurrence, an “Inability or Illegality Date”), or
(B) the circumstances set forth in Section 5.04 have not arisen but the applicable supervisor or administrator (if any) of Adjusted
LIBOR or LMIR or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying
the specific date after which Adjusted LIBOR or LMIR shall no longer be used for determining interest rates for loans (such specific
date identified in such public statement, an “Identified Date”; together with an Inability or Illegality Date, each,
a “LIBOR Termination Date”), or (ii) a rate other than Adjusted LIBOR or LMIR, as applicable, has become a widely
recognized benchmark rate for newly originated loans in Dollars in the U.S. market, then the Administrative Agent shall notify
the Borrower, and the Administrative Agent and the Borrower shall endeavor to promptly choose a replacement index for Adjusted
LIBOR or LMIR, as applicable, and make adjustments to applicable margins and related amendments to this Agreement as referred
to below such that, to the extent practicable, the all-in Interest based on the replacement index will be substantially equivalent
to the all-in Interest based on Adjusted LIBOR or LMIR, as applicable, in effect prior to its replacement. 

 

(b)          The
Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted
margins and such other related amendments as may be appropriate, in the reasonable discretion of the Administrative Agent, for
the implementation and administration of the replacement index-based rate. Notwithstanding anything to the contrary in this Agreement
or the other Transaction Documents (including, without limitation, Section 13.01), such amendment shall become effective without
any further action or consent of any other party to this Agreement at 5:00 p.m. New York City time on the fifth (5th) Business
Day after the date a draft of the amendment is provided to the Lenders, unless the Administrative Agent receives, on or before
such fifth (5th) Business Day, a written notice from the Majority Lenders stating that such Majority Lenders object to such amendment.

 

(c)          Selection
of the replacement index, adjustments to the applicable margins, and amendments to this Agreement (i) will be determined with
due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated
loans in the United States and loans converted from a rate based on Adjusted LIBOR or LMIR to a replacement index-based rate,
and (ii) may also reflect adjustments to account for (A) the effects of the transition from Adjusted LIBOR or LMIR, as applicable,
to the replacement index and (B) yield or risk-based differences between Adjusted LIBOR or LMIR, as applicable, and the replacement
index.

 

    	 	55	 

     

    

 

(d)          Until
an amendment reflecting a new replacement index in accordance with this Section 5.06 is effective, each Portion of Capital accruing
Interest with reference to Adjusted LIBOR or LMIR will continue to bear interest with reference to Adjusted LIBOR or LMIR, as
applicable; provided however, that if the Administrative Agent determines in its reasonable discretion that a LIBOR Termination
Date has occurred, then following the LIBOR Termination Date, each Portion of Capital that would otherwise accrue Interest with
reference to Adjusted LIBOR or LMIR shall automatically begin accruing Interest with reference to the Base Rate until such time
as an amendment reflecting a replacement index and related matters as described above is implemented. 

 

(e)          Notwithstanding
anything to the contrary contained herein, if at any time the replacement index is less than zero, at such times, such index shall
be deemed to be zero for purposes of this Agreement.

 

ARTICLE
VI

CONDITIONS to Effectiveness and CREDIT EXTENSIONS

 

SECTION 6.01. Conditions
Precedent to Effectiveness and the Initial Credit Extension. This Agreement shall become effective as of the Closing Date when
(a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel,
lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit H
hereto, in each case, in form and substance acceptable to the Administrative Agent and (b) all fees and expenses payable by the
Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.

 

SECTION 6.02. Conditions
Precedent to All Credit Extensions. Each Credit Extension hereunder on or after the Closing Date shall be subject to the conditions
precedent that:

 

(a)          in
the case of a Loan, the Borrower shall have delivered to the Administrative Agent and each Lender a Loan Request for such Loan,
and in the case of a Letter of Credit, the Borrower shall have delivered to the Administrative Agent and the LC Bank, a Letter
of Credit Application and an LC Request, in each case, in accordance with Section 2.02(a) or Section 3.02(a), as
applicable;

 

(b)          the
Servicer shall have delivered to the Administrative Agent and each Lender all Monthly Reports and Interim Reports required to be
delivered hereunder;

 

(c)          the
conditions precedent to such Credit Extension specified in Section 2.01(i) through (iii) and Section 3.01(a),
as applicable, shall be satisfied; and

 

(d)          on
the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit Extension,
the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):

 

(i)          the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true and
correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such
representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material
respects on and as of such earlier date;

 

    	 	56	 

     

    

 

(ii)         no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such Credit Extension;

 

(iii)        no
Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and

 

(iv)        the
Termination Date has not occurred.

 

SECTION 6.03. Conditions
Precedent to All Releases. Each Release hereunder on or after the Closing Date shall be subject to the conditions precedent
that:

 

(a)          after
giving effect to such Release, the Servicer shall be holding in trust for the benefit of the Secured Parties an amount of Collections
sufficient to pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Fees, in each case, through
the date of such Release, (y) the amount of any Borrowing Base Deficit (after giving effect to such Release and the Borrower’s
related purchase of Receivables pursuant to the Purchase and Sale Agreement on the date of such Release) and (z) the amount of
all other accrued and unpaid Borrower Obligations through the date of such Release;

 

(b)          the
Borrower shall use the proceeds of such Release solely to pay the purchase price for Receivables purchased by the Borrower in accordance
with the terms of the Purchase and Sale Agreement; and

 

(c)          on
the date of such Release the following statements shall be true and correct (and upon the occurrence of such Release, the Borrower
and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):

 

(i)          the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true and
correct in all material respects on and as of the date of such Release as though made on and as of such date unless such representations
and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on
and as of such earlier date;

 

(ii)         no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such Release;

 

(iii)        no
Borrowing Base Deficit exists or would exist after giving effect to such Release;

 

(iv)        the
Termination Date has not occurred; and

 

(v)         the
Aggregate Capital plus the Adjusted LC Participation Amount exceeds the Minimum Funding Threshold.

 

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ARTICLE
VII

REPRESENTATIONS AND WARRANTIES

 

SECTION 7.01. Representations
and Warranties of the Borrower. The Borrower represents and warrants to each Credit Party as of the Closing Date, on each Settlement
Date and on each day on which a Credit Extension shall have occurred:

 

(a)          Organization
and Good Standing. The Borrower is a limited liability company and validly existing in good standing under the laws of the
State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are currently
owned and such business is presently conducted.

 

(b)          Due
Qualification. The Borrower is duly qualified to do business, is in good standing as a foreign entity and has obtained all
necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses
or approvals, except where the failure to do so could not reasonably be expected to have a Borrower Material Adverse Effect.

 

(c)          Power
and Authority; Due Authorization. The Borrower (i) has all necessary power and authority to (A) execute and deliver this Agreement
and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction
Documents to which it is a party and (C) grant a security interest in the Collateral to the Administrative Agent on the terms and
subject to the conditions herein provided and (ii) has duly authorized by all necessary action such grant and the execution, delivery
and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents
to which it is a party.

 

(d)          Binding
Obligations. This Agreement and each of the other Transaction Documents to which the Borrower is a party constitutes legal,
valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except
(i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles
of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(e)          No
Conflict or Violation. The execution, delivery and performance of, and the consummation of the transactions contemplated by,
this Agreement and the other Transaction Documents to which the Borrower is a party, and the fulfillment of the terms hereof and
thereof, will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without
notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement,
loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the Borrower is a party
or by which it or any of its properties is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the
Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of
trust, or other agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or
violate any Applicable Law.

 

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(f)          Litigation
and Other Proceedings. (i) There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower,
threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject to any order, judgment,
decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing
clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction Document, (B) seeks to
prevent the grant of a security interest in any Collateral by the Borrower to the Administrative Agent, the ownership or acquisition
by the Borrower of any Pool Receivable or other Collateral or the consummation of any of the transactions contemplated by this
Agreement or any other Transaction Document, (C) seeks any determination or ruling that could materially and adversely affect the
performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction
Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be
expected to have a Borrower Material Adverse Effect.

 

(g)          Governmental
Approvals. Except where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably
be expected to have a Borrower Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions
by, any Governmental Authority that are required to be obtained by the Borrower in connection with the grant of a security interest
in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by the Borrower of this
Agreement or any other Transaction Document to which it is a party and the consummation by the Borrower of the transactions contemplated
by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and
effect.

 

(h)          Margin
Regulations. The Borrower is not engaged, principally or as one of its important activities, in the business of extending credit
for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors
of the Federal Reserve System).

 

(i)          Solvency.
After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, the Borrower is Solvent.

 

(j)          Offices;
Legal Name. The Borrower’s sole jurisdiction of organization is the State of Delaware and such jurisdiction has not changed
within four months prior to the date of this Agreement. The office of the Borrower is located at 401 Plymouth Road, Suite 500,
Plymouth Meeting, PA 19462. The legal name of the Borrower is BrightView Funding LLC.

 

(k)          Investment
Company Act; Volcker Rule. The Borrower (i) is not, and is not controlled by, an “investment company” registered
or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the Volcker Rule.
In determining that the Borrower is not a “covered fund” under the Volcker Rule, the Borrower relies on an exemption
from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company Act, although other
exemptions from the definition of “investment company” set forth in the Investment Company Act may be also be available.

 

    	 	59	 

     

    

 

(l)          No
Material Adverse Effect. Since the date of formation of the Borrower there has been no Borrower Material Adverse Effect.

 

(m)          Accuracy
of Information. All Monthly Reports, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications, certificates,
reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit Party by
or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection with
or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the
time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative
Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any
fact necessary to make the statements contained therein not misleading; provided that, with respect to projected financial
information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time.

 

(n)          Anti-Money
Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own
right or knowingly through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or
control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income
from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or
(iii) engages in any material dealings or transactions prohibited by any Anti-Terrorism Law.

 

(o)          Perfection
Representations.

 

(i)          This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s right, title
and interest in, to and under the Collateral which (A) security interest has been perfected and is enforceable against creditors
of and purchasers from the Borrower (in the case of the Related Security, in only that portion of the Related Security in which
a security interest may be perfected by the filing of a financing statement under the UCC) and (B) will be free of all Adverse
Claims in such Collateral.

 

(ii)         The
Receivables constitute “accounts” or “general intangibles” within the meaning of Section 9-102 of the UCC.

 

(iii)        The
Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.

 

(iv)        All
appropriate financing statements, financing statement amendments and continuation statements have been filed in the proper filing
office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the sale and
contribution of the Receivables and Related Security from each Originator to the Borrower pursuant to the Purchase and Sale Agreement
and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant to this Agreement.

 

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(v)         Other
than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement and the
other Transaction Documents. The Borrower has not authorized the filing of and is not aware of any financing statements filed against
the Borrower that include a description of collateral covering the Collateral other than any financing statement (i) in favor of
the Administrative Agent or (ii) that has been terminated. The Borrower is not aware of any judgment lien, ERISA lien or tax lien
filings against the Borrower.

 

(vi)        Notwithstanding
any other provision of this Agreement or any other Transaction Document, the representations contained in this Section 7.01(o)
shall be continuing and remain in full force and effect until the Final Payout Date.

 

(p)          The
Lock-Boxes and Collection Accounts.

 

(i)          Nature
of Collection Accounts. Each Collection Account constitutes a “deposit account” within the meaning of the applicable
UCC.

 

(ii)         Ownership.
Each Lock-Box and Collection Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to
the Collection Accounts free and clear of any Adverse Claim.

 

(iii)        Perfection.
The Borrower has delivered to the Administrative Agent a fully executed Account Control Agreement relating to each Lock-Box and
Collection Account. The Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over each Collection
Account.

 

(iv)        Instructions.
Neither the Lock-Boxes nor the Collection Accounts are in the name of any Person other than the Borrower. Neither the Borrower
nor the Servicer has consented to the applicable Collection Account Bank complying with instructions of any Person other than the
Administrative Agent.

 

(q)          Ordinary
Course of Business. Each remittance of Collections by or on behalf of the Borrower to the Credit Parties under this Agreement
will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the
Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

 

(r)          Compliance
with Law. The Borrower has complied in all material respects with all Applicable Laws to which it may be subject.

 

    	 	61	 

     

    

 

(s)          Bulk
Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law.

 

(t)          Eligible
Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of
any date is an Eligible Receivable as of such date.

 

(u)          Taxes.
The Borrower has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused
to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental
charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance
with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected to have a Borrower
Material Adverse Effect.

 

(v)         Tax
Status. The Borrower (i) is, and shall at all relevant times continue to be, a “disregarded entity” within the
meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes and (ii) is not and will not at any
relevant time become an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

 

(w)          Opinions.
The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security
and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement and
the Transaction Documents are true and correct in all material respects.

 

(x)          Other
Transaction Documents. Each representation and warranty made by the Borrower under each other Transaction Document to which
it is a party is true and correct in all material respects as of the date when made.

 

(y)          Liquidity
Coverage Ratio.  The Borrower has not issued any LCR Securities, and the Borrower is a consolidated subsidiary of BrightView
under GAAP.

 

(z)          No
Linked Accounts. Except for the Servicer’s Account, there are no Linked Accounts with respect to any Collection
Account.Beneficial Ownership
Regulation.  As of the First Amendment Date, the Borrower is an entity that is organized under the laws of the United States
or of any state and at least 51% of whose common stock or analogous equity interest is owned directly or indirectly by a company
listed on the New York Stock Exchange or the American Stock Exchange or designated as a NASDAQ National Market Security listed
on the NASDAQ stock exchange and is excluded on that basis from the definition of “Legal Entity Customer” as defined
in the Beneficial Ownership Regulation.

 

(aa)         Reaffirmation
of Representations and Warranties. On the date of each Credit Extension, on the date of each Release, on each Settlement
Date and on the date each Monthly Report, Interim Report or other report is delivered to the Administrative Agent or any Lender
hereunder, the Borrower shall be deemed to have certified that (i) all representations and warranties of the Borrower hereunder
are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations
and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct in
all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing
or will result from such Credit Extension or Release.

 

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Notwithstanding any other
provision of this Agreement or any other Transaction Document, the representations and warranties contained in this Section shall
be continuing, and remain in full force and effect until the Final Payout Date.

 

SECTION 7.02. Representations
and Warranties of the Servicer. The Servicer represents and warrants to each Credit Party as of the Closing Date, on each Settlement
Date and on each day on which a Credit Extension shall have occurred:

 

(a)          Organization
and Good Standing. The Servicer is a duly organized and validly existing limited liability company in good standing under the
laws of the State of Delaware, with the power and authority under its organizational documents and under the laws of Delaware to
own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

 

(b)          Due
Qualification. The Servicer is duly qualified to do business, is in good standing as a foreign entity and has obtained all
necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the Pool Receivables
as required by this Agreement requires such qualification, licenses or approvals, except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

(c)          Power
and Authority; Due Authorization. The Servicer has all necessary power and authority to (i) execute and deliver this Agreement
and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement and the other
Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions
provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer
by all necessary action.

 

(d)          Binding
Obligations. This Agreement and each of the other Transaction Documents to which the Servicer is a party constitutes legal,
valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms, except
(i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles
of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

    	 	63	 

     

    

 

(e)          No
Conflict or Violation. The execution and delivery of this Agreement and each other Transaction Document to which the Servicer
is a party, the performance of the transactions contemplated by this Agreement and such other Transaction Documents and the fulfillment
of the terms of this Agreement and such other Transaction Documents by the Servicer will not (i) conflict with, result in any breach
of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational
documents of the Servicer or any indenture, sale agreement, credit agreement (including anythe
Credit Agreement), loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer
is a party or by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon
any of its properties pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage,
deed of trust or other agreement or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict
with or violate any Applicable Law, except to the extent that any such conflict, breach, default, Adverse Claim or violation could
not reasonably be expected to have a Material Adverse Effect.

 

(f)          Litigation
and Other Proceedings. There is no action, suit, proceeding or investigation pending, or to the Servicer’s knowledge
threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or any of the
other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement
or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and adversely affect the
performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other
Transaction Documents.

 

(g)          No
Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval, registration,
authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or performance of
this Agreement or any other Transaction Document to which it is a party that has not already been obtained or the failure of which
to obtain could not reasonably be expected to have a Material Adverse Effect.

 

(h)          Compliance
with Applicable Law. The Servicer (i) shall duly satisfy all obligations on its part to be fulfilled under or in connection
with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required under Applicable
Law in order to properly service the Pool Receivables and (iii) has complied in all material respects with all Applicable Laws
in connection with servicing the Pool Receivables.

 

(i)          Accuracy
of Information. All Monthly Reports, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications, certificates,
reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit Party by
the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to
any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are
so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such
other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any fact necessary
to make the statements contained therein not misleading; provided that, with respect to projected financial information,
if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

 

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(j)          Location
of Records. The offices where the initial Servicer keeps all of its records relating to the servicing of the Pool Receivables
are located at 401 Plymouth Road, Suite 500, Plymouth Meeting, PA 19462.

 

(k)          Credit
and Collection Policy. The Servicer has complied in all material respects with the Credit and Collection Policy in connection
with its servicing of the Pool Receivables and the related Contracts.

 

(l)          Eligible
Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of
any date is an Eligible Receivable as of such date.

 

(m)          Servicing
Programs. No material license or approval is required for the Administrative Agent’s use of any software or other computer
program used by the Servicer, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other than those which
have been obtained and are in full force and effect.

 

(n)          Servicing
of Pool Receivables. Since the Closing Date there has been no material adverse change in the ability of the Servicer or any
Sub-Servicer to service and collect the Pool Receivables and the Related Security.

 

(o)          Other
Transaction Documents. Each representation and warranty made by the Servicer under each other Transaction Document to which
it is a party (including, without limitation, the Purchase and Sale Agreement) is true and correct in all material respects as
of the date when made.

 

(p)          No
Material Adverse Effect. Since December 31, 2016 there has been no Material Adverse Effect on the Servicer.

 

(q)          Investment
Company Act. The Servicer is not an “investment company,” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act.

 

(r)          Anti-Money
Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own
right or knowingly through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or
control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income
from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or
(iii) engages in any material dealings or transactions prohibited by any Anti-Terrorism Law.

 

(s)          Financial
Condition. The consolidated balance sheets of the Servicer and its consolidated Subsidiaries as of December 31, 2016 and the
related statements of income and shareholders’ equity of the Servicer and its consolidated Subsidiaries for the fiscal year
then ended, copies of which have been furnished to the Administrative Agent and the Lenders, present fairly in all material respects
the consolidated financial position of the Servicer and its consolidated Subsidiaries for the period ended on such date, all in
accordance with GAAP.

 

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(t)          Bulk
Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law.

 

(u)          Taxes.
The Servicer has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused
to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental
charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance
with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Material
Adverse Effect.

 

(v)         Opinions.
The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security
and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement and
the Transaction Documents are true and correct in all material respects.

 

(w)          No
Linked Accounts. Except for the Servicer’s Account, there are no Linked Accounts with respect to any Collection
Account.

 

(xw)         Reaffirmation
of Representations and Warranties. On the date of each Credit Extension, on the date of each Release, on each Settlement
Date and on the date each Monthly Report, Interim Report or other report is delivered to the Administrative Agent or any Lender
hereunder, the Servicer shall be deemed to have certified that (i) all representations and warranties of the Servicer hereunder
are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations
and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct in
all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing
or will result from such Credit Extension or Release.

 

Notwithstanding any other
provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing,
and remain in full force and effect until the Final Payout Date.

 

ARTICLE
VIII

 

COVENANTS

 

SECTION 8.01. Covenants
of the Borrower. At all times from the Closing Date until the Final Payout Date:

 

(a)          Payment
of Principal and Interest. The Borrower shall duly and punctually pay Capital, Interest, Fees and all other amounts payable
by the Borrower hereunder in accordance with the terms of this Agreement.

 

(b)          Existence.
The Borrower shall keep in full force and effect its existence and rights as a limited liability company under the laws of the
State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and the
Collateral.

 

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(c)          Financial
Reporting. The Borrower will maintain a system of accounting established and administered in accordance with GAAP, and the
Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent, the LC Bank and each Lender:

 

(i)          Annual
Financial Statements of the Borrower. Promptly upon completion and in no event later than 105 days after the close of
each fiscal year of the Borrower, annual unaudited financial statements of the Borrower certified by a Financial Officer of the
Borrower that they fairly present in all material respects, in accordance with GAAP, the financial condition of the Borrower as
of the date indicated and the results of its operations for the periods indicated.

 

(ii)         Monthly
Reports and Interim Reports. As soon as available and in any event (a) not later than two (2) Business Days prior to each Settlement
Date, a Monthly Report as of the most recently completed Fiscal Month and (b) not later than two (2) Business Days following the
Borrower’s receipt of a request thereof, an Interim Report with respect to the Pool Receivables with data as of the close
of business on the applicable date specified by the Administrative Agent (which date in any event shall not be later than the immediately
preceding Business Day).

 

(iii)        Other
Information. Such other information relating to the Collateral and the Borrower and the transactions contemplated hereby
(including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request.

 

(iv)        Quarterly
Financial Statements of Performance Guarantor. As soon as available and in any event not later than the date on which such
financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial
statements are not required to be filed with the SEC, in no event later than 60 days following the end of each of the first three
fiscal quarters in each of Performance Guarantor’s fiscal years), (i) the unaudited consolidated balance sheet and statements
of income of Performance Guarantor and its consolidated Subsidiaries (including the Borrower, the Servicer and each Originator)
as at the end of such fiscal quarter and the related unaudited consolidated statements of earnings and cash flows for such fiscal
quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter, in each case setting forth
comparative figures for the corresponding fiscal quarter in the prior fiscal year, all of which shall be certified by a Financial
Officer of Performance Guarantor that they fairly present in all material respects, in accordance with GAAP, the financial condition
of Performance Guarantor and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the
periods indicated, subject to normal year-end audit adjustments and the absence of footnotes and (ii) to the extent required to
be filed with the SEC, management’s discussion and analysis of the important operational and financial developments during
such fiscal quarter.

 

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(v)         Annual
Financial Statements of Performance Guarantor. As soon as available and in any event no later than the date on which such financial
statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial statements
are not required to be filed with the SEC, on or before the date that is 105 days after the close of each of Performance Guarantor’s
fiscal years, the consolidated balance sheet of Performance Guarantor and its consolidated Subsidiaries (including the Borrower,
the Servicer and each Originator) as at the end of such fiscal year and the related consolidated statements of earnings and cash
flows for such fiscal year setting forth comparative figures for the preceding fiscal year, all reported on by independent certified
public accountants of recognized national standing (without a “going concern” or like qualification or exception) to
the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the financial
condition of Performance Guarantor and its consolidated Subsidiaries as of the dates indicated and the results of their operations
for the periods indicated.

 

(vi)        Other
Reports and Filings. Promptly (but in any event within ten days) after the filing or delivery thereof, copies of all financial
information, proxy materials and reports, if any, which Performance Guarantor or any of its consolidated Subsidiaries shall publicly
file with the SEC or deliver to holders (or any trustee, agent or other representative therefor) of any of its material Debt pursuant
to the terms of the documentation governing the same.

 

Notwithstanding anything
herein to the contrary, any financial information, proxy statements or other material required to be delivered pursuant to this
paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent and each Lender on the date that such
report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

 

(d)          Notices.
The Borrower (or the Servicer on its behalf) will notify the Administrative Agent and each Lender in writing of any of the following
events promptly upon (but in no event later than three (3) Business Days after) a Financial Officer or other officer learning of
the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected
with respect thereto:

 

(i)          Notice
of Events of Default or Unmatured Events of Default. A statement of a Financial Officer of the Borrower setting forth details
of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Borrower proposes
to take with respect thereto.

 

(ii)         Litigation.
The institution of any litigation, arbitration proceeding or governmental proceeding on the Servicer, the Parent, Performance Guarantor
or any Originator, which could reasonably be expected to have a Material Adverse Effect, or the institution of any litigation,
arbitration proceeding or governmental proceeding on the Borrower.

 

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(iii)        Adverse
Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person other
than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Collection
Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s)
from a Person other than the Servicer or the Administrative Agent.

 

(iv)        Name
Changes. At least thirty (30) days before any change in any Originator’s or the Borrower’s name, jurisdiction of
organization or any other change requiring the amendment of UCC financing statements filed against the Borrower or any Originator.

 

(v)         Change
in Accountants or Accounting Policy. Any change in (i) the external accountants of the Borrower, the Servicer, any Originator,
Performance Guarantor or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any
Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood
that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material”
for such purpose).

 

(vi)        Termination
Event. The occurrence of a Purchase and Sale Termination Event under the Purchase and Sale Agreement.

 

(vii)       Material
Adverse Change. Promptly after the occurrence thereof, notice of any Borrower Material Adverse Effect or Material Adverse Effect.

 

(e)          Conduct
of Business. The Borrower will carry on and conduct its business in substantially the same manner and in substantially the
same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized, validly existing
and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite authority to conduct
its business in each jurisdiction in which its business is conducted.

 

(f)          Compliance
with Laws. The Borrower will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably
be expected to have a Borrower Material Adverse Effect.

 

(g)          Furnishing
of Information and Inspection of Receivables. The Borrower will furnish or cause to be furnished to the Administrative Agent,
the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral as
the Administrative Agent, the LC Bank or any Lender may reasonably request. The Borrower will, at the Borrower’s expense,
during regular business hours with prior written notice (i) permit the Administrative Agent, the LC Bank and each Lender or their
respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the
Pool Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining such books
and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s performance
hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Borrower having knowledge of such matters and (ii) without limiting the provisions of clause
(i) above, during regular business hours, at the Borrower’s expense, upon prior written notice from the Administrative
Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its
books and records with respect to such Pool Receivables and other Collateral; provided, that the Borrower shall be required
to reimburse the Administrative Agent for only one (1) combined review of the Servicer, the Borrower and the Originators pursuant
to Section 8.02(e) and the Borrower pursuant to clause (ii) above in any twelve-month period, unless an Event of
Default has occurred and is continuing.

 

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(h)          Payments
on Receivables, Collection Accounts. The Borrower (or the Servicer on its behalf) will, and will cause each Originator to,
at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The Borrower
(or the Servicer on its behalf) will, and will cause each Originator to, at all times, maintain such books and records necessary
to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of
the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower, the
Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the
other Secured Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no less
than 98.0% of such payments received shall be remitted to a Collection Account within one (1) Business Day after becoming aware
of such receipt and (y) no more than 2.0% of such payments received shall be remitted to a Collection Account within five (5) Business
Days after becoming aware of such receipt. The Borrower shall use commercially reasonable efforts to ensure that no funds other
than Collections on Pool Receivables and other Collateral are deposited into any Collection Account. If such funds are nevertheless
deposited into any Collection Account, the Borrower (or the Servicer on its behalf) will within two (2) Business Days identify
and transfer such funds to the appropriate Person entitled to such funds. The Borrower will not, and will not permit the Servicer,
any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any
other Secured Party is entitled, with any other funds. The Borrower shall only add a Collection Account (or a related Lock-Box)
or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received
notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the
applicable Collection Account Bank. The Borrower shall only terminate a Collection Account Bank or close a Collection Account (or
a related Lock-Box) with the prior written consent of the Administrative Agent.

 

(i)          Sales,
Liens, etc. Except as otherwise provided herein, the Borrower will not sell, assign (by operation of law or otherwise) or otherwise
dispose of, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement)
or with respect to, any Pool Receivable or other Collateral, or assign any right to receive income in respect thereof.

 

(j)          Extension
or Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02, the Borrower will not,
and will not permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms
of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any
related Contract. The Borrower shall at its expense, timely and fully perform and comply in all material respects with all provisions,
covenants and other promises required to be observed by it under the Contracts related to the collectability of the Pool Receivables,
and timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract.

 

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(k)          Change
in Credit and Collection Policy. The Borrower will not make any material change in the Credit and Collection Policy that would
be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a
Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Administrative
Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the Borrower will deliver
a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

 

(l)          Fundamental
Changes. The Borrower shall not, without the prior written consent of the Administrative Agent and the Majority Lenders, permit
itself to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or
in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person. The
Borrower shall provide the Administrative Agent with at least 30 days’ prior written notice before making any change in the
Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure that could
impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction Document
“seriously misleading” as such term (or similar term) is used in the applicable UCC; each notice to the Administrative
Agent and the Lenders pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof.

 

(m)          Books
and Records. The Borrower shall maintain and implement (it being understood and agreed that the Servicer may maintain and implement
on the Borrower’s behalf) administrative and operating procedures (including an ability to recreate records evidencing Pool
Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain (it being understood
and agreed that the Servicer may keep and maintain on the Borrower’s behalf) all documents, books, records, computer tapes
and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including records
adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool
Receivable).

 

(n)          Identifying
of Records. The Borrower shall: identify (it being understood and agreed that the Servicer may identify on the Borrower’s
behalf) its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that
the Pool Receivables have been pledged in accordance with this Agreement.

 

(o)          Change
in Payment Instructions to Obligors. The Borrower shall not (and shall not instruct or encourage the Servicer or any Sub-Servicer
to) add, replace or terminate any Collection Account (or any related Lock-Box) or make any change in its (or their) instructions
to the Obligors regarding payments to be made to the Collection Accounts (or any related Lock-Box), other than any instruction
to remit payments to a different Collection Account (or any related Lock-Box), unless the Administrative Agent shall have received
(i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Account Control Agreement (or
amendment thereto) with respect to such new Collection Accounts (or any related Lock-Box), in each case (x) in form and substance
reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable, such Account
Control Agreement.

 

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(p)          Security
Interest, Etc. The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary to establish
and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion of the Collateral
in which an ownership or security interest may be created under the UCC and perfected by the filing of a financing statement under
the UCC, in each case free and clear of any Adverse Claim, in favor of the Administrative Agent (on behalf of the Secured Parties),
including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf
of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request. In order to evidence the security
interests of the Administrative Agent under this Agreement, the Borrower shall, from time to time take such action, or execute
(if necessary) and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably
requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s
security interest in the Receivables and that portion of the Related Security and Collections in which a security interest may
be perfected by the filing of a financing statement under the UCC. The Borrower shall, from time to time and within the time limits
established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval,
all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other
filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.
The Administrative Agent’s approval of such filings shall authorize the Borrower to file such financing statements under
the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by Applicable Law. Notwithstanding
anything else in the Transaction Documents to the contrary, the Borrower shall not have any authority to file a termination, partial
termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing
statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent.

 

(q)          Certain
Agreements. Without the prior written consent of the Administrative Agent and the Majority Lenders, the Borrower will not amend,
modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s organizational
documents which requires the consent of the “Independent Director” (as such term is used in the Borrower’s Certificate
of Formation and Limited Liability Company Agreement).

 

(r)          Restricted
Payments. (i) Except pursuant to clause (ii) below, the Borrower will not: (A) purchase or redeem any of its membership
interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem
any Debt (other than any Loans pursuant to this Agreement), (D) lend or advance any funds or (E) repay any loans or advances
to, for or from any of its Affiliates (the amounts described in clauses (A) through (E) being referred to as “Restricted
Payments”).

 

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(ii)         Subject
to the limitations set forth in clause (iii) below, the Borrower may make Restricted Payments so long as such Restricted
Payments are made only in one or more of the following ways: (A) the Borrower may make cash payments (including prepayments) on
the Subordinated Notes in accordance with their respective terms (it being understood that the foregoing shall not restrict any
adjustment to the balance of any Subordinated Note pursuant to Sections 3.2, 3.3 or 3.4 of the Purchase and Sale Agreement as a
result of the issuance or expiration of any Letter of Credit) and (B) the Borrower may declare and pay dividends if, both immediately
before and immediately after giving effect thereto, the Borrower’s Net Worth is not less than the Required Capital Amount.

 

(iii)        The
Borrower may make Restricted Payments only out of the funds, if any, it receives pursuant to Sections 4.01 of this Agreement;
provided that the Borrower shall not pay, make or declare any Restricted Payment (including any dividend) if, after giving
effect thereto, any Event of Default or Unmatured Event of Default shall have occurred and be continuing.

 

(s)          Other
Business. The Borrower will not: (i) engage in any business other than the transactions contemplated by the Transaction Documents,
(ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account any letters of credit
(excluding, for the avoidance of doubt, Letters of Credit issued hereunder) or bankers’ acceptances other than pursuant to
this Agreement or the Subordinated Notes or (iii) form any Subsidiary or make any investments in any other Person.

 

(t)          Use
of Collections Available to the Borrower. The Borrower shall apply the Collections available to the Borrower to make payments
in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other Transaction Documents
(other than the Subordinated Notes), (ii) the payment of accrued and unpaid interest on the Subordinated Notes and (iii) other
legal and valid purposes.

 

(u)          Further
Assurances; Change in Name or Jurisdiction of Origination, etc.(i) The Borrower hereby authorizes and hereby agrees from time
to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take
all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect
or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable
the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the Secured Parties’ rights and remedies
under this Agreement and the other Transaction Document. Without limiting the foregoing, the Borrower hereby authorizes, and will,
upon the request of the Administrative Agent, at the Borrower’s own expense, execute (if necessary) and file such financing
statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary,
or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing.

 

(ii)         The
Borrower authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto and assignments
thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto and the other
Collateral without the signature of the Borrower. A photocopy or other reproduction of this Agreement shall be sufficient as a
financing statement where permitted by law.

 

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(iii)        The
Borrower shall at all times be organized under the laws of the State of Delaware and shall not take any action to change its jurisdiction
of organization.

 

(iv)        The
Borrower will not change its name, location, identity or corporate structure unless (x) the Borrower, at its own expense, shall
have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement
(including, without limitation, the filing of all financing statements and the taking of such other action as the Administrative
Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower
shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent
as to such UCC perfection and priority matters as the Administrative Agent may request at such time.

 

(v)         Anti-Money
Laundering/International Trade Law Compliance.The Borrower will not become a Sanctioned Person. No Covered Entity, either in
its own right or knowingly through any third party, will use the proceeds of any Credit Extension for the purpose of funding any
operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned Person,
to the extent that the activity would violate any Anti-Terrorism Law. The funds used to repay each Credit Extension will not be
derived from any unlawful activity. The Borrower shall comply with all Anti-Terrorism Laws. The Borrower shall promptly notify
the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event. The Borrower has not
used and will not use the proceeds of any Credit Extension for the purpose of funding any operations in, financing any investments
or activities in or making any payments to, a Sanctioned Person or a Sanctioned Country.

 

(w)          Borrower’s
Net Worth. The Borrower shall not permit the Borrower’s Net Worth to be less than the Required Capital Amount.

 

(x)          Taxes. The
Borrower will (i) timely file all tax returns (federal, state and local) required to be filed by it and (ii) pay, or cause to
be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental
charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in
accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to
have a Borrower Material Adverse Effect.

 

(y)          Borrower’s
Tax Status. The Borrower will remain a wholly-owned subsidiary of a United States person (within the meaning of Section 7701(a)(30)
of the Code). No action will be taken that would cause the Borrower to (i) be treated other than as a “disregarded entity”
within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or (ii) become an association
taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

 

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(z)          Liquidity
Coverage Ratio. The Borrower shall not issue any LCR Security.

 

(aa)         Minimum
Funding Threshold. The Aggregate Capital plus the Adjusted LC Participation Amount shall exceed the Minimum Funding Threshold.

 

(bb)         Federal
Assignment of Claims Act, Etc. If requested by the Administrative Agent at any time following the occurrence of an Event of
Default, the Borrower shall prepare and make any filings under the Federal Assignment of Claims Act (or any other similar Applicable
Law, including any state or municipal law or regulation) with respect to Receivables from Obligors that are Governmental Authorities,
that are necessary or desirable in order for the Administrative Agent to enforce such Receivable against the Obligor thereof.

 

(cc)         Linked
Accounts. Except for the Servicer’s AccountBeneficial
Ownership Regulation.  Promptly following any change that would result in a change to the status as an excluded “Legal
Entity Customer” under (and as defined in) the Beneficial Ownership Regulation, the Borrower shall not
permit any Linked Account to exist with respect to any Collection Account; provided, however,
that if so instructed byexecute
and deliver to the Administrative Agent (in its sole discretion) at any time during
a Minimum Liquidity Period, the Borrower shall cause the Servicer’s Account to cease being a Linked Account promptly, but
not later than 2 Business Days following the Borrower’s or the Servicer’s receipt of such instruction.a
Certification of Beneficial Owner(s) complying with the Beneficial Ownership Regulation, in form and substance reasonably acceptable
to the Administrative Agent.

 

SECTION 8.02. Covenants
of the Servicer. At all times from the Closing Date until the Final Payout Date:

 

(a)          Financial
Reporting. The Servicer will maintain a system of accounting established and administered in accordance with GAAP, and the
Servicer shall furnish to the Administrative Agent, the LC Bank and each Lender:

 

(i)          Compliance
Certificates.(a) A compliance certificate promptly upon completion of the annual report of the Performance Guarantor and in
no event later than 90 days after the close of the Performance Guarantor’s fiscal year (or, if later, in the manner and period
set forth in Section 8.01(c)(v)), in form and substance substantially similar to Exhibit G signed by a Financial
Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any
Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (b) within
45 days after the close of each fiscal quarter of the Servicer (or, if later, in the manner set forth in Section 8.01(c)(iv)),
a compliance certificate in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer
stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured
Event of Default has occurred and is continuing, stating the nature and status thereof.

 

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(ii)         Monthly
Reports and Interim Reports. As soon as available and in any event (a) not later than two (2) Business Days prior to each Settlement
Date, a Monthly Report as of the most recently completed Fiscal Month and (b) not later than two (2) Business Days following the
Servicer’s receipt of a request thereof, an Interim Report with respect to the Pool Receivables with data as of the close
of business on the applicable date specified by the Administrative Agent (which date in any event shall not be later than the immediately
preceding Business Day).

 

(iii)        Other
Information. Such other information (including non-financial information) relating to the Borrower, the Servicer, the Originators
and the Collateral as the Administrative Agent or any Lender may from time to time reasonably request.

 

(b)          Notices.
The Servicer will notify the Administrative Agent and each Lender in writing of any of the following events promptly upon (but
in no event later than three (3) Business Days after) a Financial Officer or other officer learning of the occurrence thereof,
with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:

 

(i)          Notice
of Events of Default or Unmatured Events of Default. A statement of a Financial Officer of the Servicer setting forth details
of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes
to take with respect thereto.

 

(ii)         Litigation.
The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably be expected to be determined
adversely and, if so determined, could reasonably be expected to have a Material Adverse Effect.

 

(iii)        Adverse
Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person other
than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Collection
Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s)
from a Person other than the Servicer or the Administrative Agent.

 

(iv)        Name
Changes. At least thirty (30) days before any change in the Borrower’s name or any other change requiring the amendment
of UCC financing statements filed against the Borrower, a notice setting forth such changes and the effective date thereof.

 

(v)         Change
in Accountants or Accounting Policy. Any change in (i) the external accountants of the Borrower, the Servicer, any Originator,
Performance Guarantor or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any
Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood
that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material”
for such purpose).

 

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(vi)        Termination
Event. The occurrence of a Purchase and Sale Termination Event.

 

(vii)       Material
Adverse Change. Promptly after the occurrence thereof, notice of any Borrower Material Adverse Effect or Material Adverse Effect.

 

(c)          Conduct
of Business. The Servicer will carry on and conduct its business in substantially the same manner and in substantially the
same fields, or fields complimentary or ancillary thereto, of enterprise as it is presently conducted, and will do all things necessary
to remain duly organized, validly existing and in good standing as a domestic limited liability company in its jurisdiction of
organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted
if the failure to have such authority could reasonably be expected to have a Material Adverse Effect.

 

(d)          Compliance
with Laws. The Servicer will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably
be expected to have a Material Adverse Effect.

 

(e)          Furnishing
of Information and Inspection of Receivables. The Servicer will furnish or cause to be furnished to the Administrative Agent,
the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral as
the Administrative Agent, the LC Bank or any Lender may reasonably request. The Servicer will, at the Servicer’s expense,
during regular business hours with prior written notice, (i) permit the Administrative Agent, the LC Bank and each Lender or their
respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the
Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining such books
and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance
hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge
of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the
Servicer’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other
auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to the Pool Receivables
and other Collateral; provided, that the Servicer shall be required to reimburse the Administrative Agent for only one (1)
combined review of the Borrower pursuant to Section 8.01(g) and the Servicer, the Borrower and the Originators pursuant
to clause (ii) above in any twelve-month period unless an Event of Default has occurred and is continuing.

 

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(f)          Payments
on Receivables, Collection Accounts. The Servicer will at all times, instruct all Obligors to deliver payments on the Pool
Receivables to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records necessary to
identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the
Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer
or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured
Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no less than 98.0% of
such payments received shall be remitted to a Collection Account within one (1) Business Day after receipt and (y) no more than
2.0% of such payments received shall be remitted to a Collection Account within five (5) Business Days after receipt. The Servicer
shall not permit funds other than Collections on Pool Receivables and other Collateral to be deposited into any Collection Account.
If such funds are nevertheless deposited into any Collection Account, the Servicer will within two (2) Business Days identify and
transfer such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower,
any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any
other Secured Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box),
or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received
notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the
applicable Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or
a related Lock-Box) with the prior written consent of the Administrative Agent.

 

(g)          Extension
or Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02, the Servicer will not alter the
delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect,
or amend, modify or waive, in any material respect, any term or condition of any related Contract. The Servicer shall at its expense,
timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed
by it under the Contracts related to the Pool Receivables (if any), and timely and fully comply with the Credit and Collection
Policy with regard to each Pool Receivable and the related Contract.

 

(h)          Change
in Credit and Collection Policy. The Servicer will not make any material change in the Credit and Collection Policy that would
be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a
Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Administrative
Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the Servicer will deliver
a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

 

(i)          Records.
The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing
Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents,
books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool
Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments
to each existing Pool Receivable).

 

(j)          Identifying
of Records. The Servicer shall identify its master data processing records relating to Pool Receivables and related Contracts
with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

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(k)          Change
in Payment Instructions to Obligors. The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace or terminate
any Collection Account (or any related Lock-Box) or make any change in its instructions to the Obligors regarding payments to be
made to the Collection Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Collection
Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such addition,
termination or change and (ii) a signed and acknowledged Account Control Agreement (or an amendment thereto) with respect to such
new Collection Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the Administrative
Agent and (y) in accordance with the terms hereof and, if applicable, such Account Control Agreement.

 

(l)          Security
Interest, Etc. The Servicer shall, at its expense, take all action necessary to establish and maintain a valid and enforceable
first priority perfected security interest in the Receivables and that portion of the Collateral in which a security interest may
be created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and clear of any
Adverse Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect,
protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative
Agent or any Secured Party may reasonably request. In order to evidence the security interests of the Administrative Agent under
this Agreement, the Servicer shall, from time to time take such action, or execute (if necessary) and deliver such instruments
as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain
and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that portion
of the Related Security and Collections in which a security interest may be perfected by the filing of a financing statement under
the UCC. The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative
Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial
financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative
Agent’s security interest as a first-priority interest. The Administrative Agent’s approval of such filings shall authorize
the Servicer to file such financing statements under the UCC without the signature of the Borrower, any Originator or the Administrative
Agent where allowed by Applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary, the Servicer
shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes
the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents,
without the prior written consent of the Administrative Agent.

 

(m)          Further
Assurances; Change in Name or Jurisdiction of Origination, etc. The Servicer hereby authorizes and hereby agrees from time
to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take
all further actions, that may be necessary, or that the Administrative Agent may reasonably request, to perfect, protect or more
fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative
Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under this Agreement or any
other Transaction Document. Without limiting the foregoing, the Servicer hereby authorizes, and will, upon the request of the Administrative
Agent (with such request being hereby deemed to be an authorization as to such filing by the Administrative Agent), at the Servicer’s
own expense, execute (if necessary) and file such financing statements or continuation statements, or amendments thereto, and such
other instruments and documents, that may be necessary or desirable, or that the Administrative Agent may reasonably request (with
such request being hereby deemed to be an authorization as to such filing by the Administrative Agent), to perfect, protect or
evidence any of the foregoing.

 

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(n)          Anti-Money
Laundering/International Trade Law Compliance. The Servicer will not become a Sanctioned Person. No Covered Entity, either
in its own right or knowingly through any third party, will use the proceeds of any Credit Extension for the purpose of funding
any operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned Person,
to the extent that the activity would violate any Anti-Terrorism Law. The funds used to repay each Credit Extension will not be
derived from any unlawful activity. The Servicer shall comply with all Anti-Terrorism Laws. The Servicer shall promptly notify
the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event.

 

(o)          Taxes.
The Servicer will (i) timely file all tax returns (federal, state and local) required to be filed by it and (ii) pay, or cause
to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental
charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance
with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected to have a Material
Adverse Effect.

 

(p)          Borrower’s
Tax Status. The Servicer shall not take or cause any action to be taken that could result in the Borrower (i) being treated
other than as a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal
income tax purposes or (ii) becoming an association taxable as a corporation or a publicly traded partnership taxable as a corporation
for U.S. federal income tax purposes.

 

(q)          Federal
Assignment of Claims Act, Etc. If requested by the Administrative Agent at any time following the occurrence of an Event of
Default, the Servicer shall prepare and make any filings under the Federal Assignment of Claims Act (or any other similar Applicable
Law, including any state or municipal law or regulation) with respect to Receivables from Obligors that are Governmental Authorities,
that are necessary or desirable in order for the Administrative Agent to enforce such Receivable against the Obligor thereof.

 

(r)          Linked
Accounts. Except for the Servicer’s Account, the Servicer shall not permit any Linked Account to exist with respect
to any Collection Account; provided, however, that if so instructed by the Administrative
Agent (in its sole discretion) at any time during a Minimum Liquidity Period, the Servicer shall cause the Servicer’s Account
to cease being a Linked Account promptly, but not later than 2 Business Days following the Borrower’s or the Servicer’s
receipt of such instruction. The Servicer shall at all times ensure that (i) the account balance in the Servicer’s Account
is greater than zero and will exceed the aggregate “Settlement Item Amount” (as defined in the Collection Account Agreement
with Bank of America, N.A.) of all “Settlement Items” (as defined in the Collection Account Agreement with Bank of
America, N.A.) at any time outstanding with respect to the Servicer’s Account and (ii) no amount will be debited against
any Collection Account as a result of any “Settlement Item” that originated in the Servicer’s Account or any
account other than a Collection Account.

 

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SECTION 8.03. Separate
Existence of the Borrower. Each of the Borrower and the Servicer hereby acknowledges that the Credit Parties are entering into
the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s identity
as a legal entity separate from any Originator, the Servicer, the Performance Guarantor and their Affiliates. Therefore, each of
the Borrower and Servicer shall take all steps specifically required by this Agreement to continue the Borrower’s identity
as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities
distinct from those of the Performance Guarantor, the Originators, the Servicer and any other Person, and is not a division of
the Performance Guarantor, the Originators, the Servicer, its Affiliates or any other Person. Without limiting the generality of
the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Borrower and the Servicer
shall take such actions as shall be required in order that:

 

(a)          Special
Purpose Entity. The Borrower will be a special purpose company whose primary activities are restricted in its Limited Liability
Company Agreement to: (i) purchasing or otherwise acquiring from the Originators, owning, holding, collecting, granting security
interests or selling interests in, the Collateral, (ii) entering into agreements for the selling, servicing and financing of the
Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it deems necessary or appropriate
to carry out its primary activities.

 

(b)          No
Other Business or Debt. The Borrower shall not engage in any business or activity except as set forth in this Agreement nor,
incur any indebtedness or liability other than as expressly permitted by the Transaction Documents.

 

(c)          Independent
Director. Not fewer than one member of the Borrower’s board of directors (the “Independent Director”)
shall be a natural person who (i) has never been, and shall at no time be, an equityholder, director, officer, manager, member,
partner, officer, employee or associate, or any immediate relative of the foregoing, of any member of the Parent Group (as hereinafter
defined) (other than his or her service as an Independent Director or “special member” of the Borrower or an independent
director or “special member” of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing,
or facilitating the securitization of, financial assets of any member or members of the Parent Group), (ii) is not a material customer
or supplier of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent
director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the
securitization of, financial assets of any member or members of the Parent Group), (iii) is not a member of the immediate family
of any person described in (ii) above, and (iv) has (x) prior experience as an independent director for a corporation or
limited liability company whose organizational or charter documents required the unanimous consent of all independent directors
thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings
against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (y) at
least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses,
advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.
For purposes of this clause (c), “Parent Group” shall mean (i) the Parent, the Servicer, the Performance
Guarantor and each Originator, (ii) each person that directly or indirectly, owns or controls, whether beneficially, or as a trustee,
guardian or other fiduciary, five percent (5%) or more of the Capital Stock in the Parent, (iii) each person that controls, is
controlled by or is under common control with the Parent and (iv) each of such person’s officers, directors, managers, joint
venturers and partners; provided that the term Parent Group shall not include any Person or relationship which exists solely
as a result of direct or indirect ownership of, or control by, one or more common Initial Investors. For the purposes of this definition,
“control” of a person means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise.
A person shall be deemed to be an “associate” of (A) a corporation or organization of which such person is an officer,
director, partner or manager or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity
securities, (B) any trust or other estate in which such person serves as trustee or in a similar capacity and (C) any relative
or spouse of a person described in clause (A) or (B) of this sentence, or any immediate relative of such spouse.

 

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The Borrower shall (A)
give written notice to the Administrative Agent of the election or appointment, or proposed election or appointment, of a new Independent
Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date such appointment
or election would be effective (except when such election or appointment is necessary to fill a vacancy caused by the death, disability,
or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy the criteria for an
Independent Director set forth in this clause (c), in which case the Borrower shall provide written notice of such election
or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative Agent that the
Independent Director satisfies the criteria for an Independent Director set forth in this clause (c).

 

The Borrower’s Limited
Liability Company Agreement shall provide that: (A) the Borrower’s board of directors shall not approve, or take any other
action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Independent Director shall
approve the taking of such action in writing before the taking of such action and (B) such provision and each other provision requiring
an Independent Director cannot be amended without the prior written consent of the Independent Director.

 

The Independent Director
shall not at any time serve as a trustee in bankruptcy for the Borrower, the Parent, the Performance Guarantor, any Originator,
the Servicer or any of their respective Affiliates.

 

(d)          Organizational
Documents. The Borrower shall maintain its organizational documents in conformity with this Agreement, such that it does not
amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the Transaction Documents,
including, without limitation, Section 8.01(p).

 

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(e)          Conduct
of Business. The Borrower shall conduct its affairs strictly in accordance with its organizational documents and observe all
necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special members’
and board of directors’ meetings appropriate to authorize all company action, keeping separate and accurate minutes of its
meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and
separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts.

 

(f)       
   Compensation. Any employee, consultant or agent of the Borrower will be compensated from the
Borrower’s funds for services provided to the Borrower, and to the extent that Borrower shares the same employees as
the Servicer (or any other Affiliate thereof), the salaries and expenses relating to providing benefits to such employees
shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs
associated with such common employees. The Borrower will not engage any agents other than its attorneys, auditors and other
professionals, and a servicer and any other agent contemplated by the Transaction Documents for the Receivables Pool, which
servicer will be fully compensated for its services by payment of the Servicing Fee.

 

(g)          Servicing
and Costs. The Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis
to service the Receivables Pool. The Borrower will not incur any indirect or overhead expenses for items shared with the Servicer
(or any other Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any, that the Borrower (or any
Affiliate thereof) shares items of expenses not reflected in the Servicing Fee, such as legal, auditing and other professional
services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered,
and otherwise on a basis reasonably related to the actual use or the value of services rendered.

 

(h)          Operating
Expenses. The Borrower’s operating expenses will not be paid by the Servicer, the Parent, the Performance Guarantor,
any Originator or any Affiliate thereof.

 

(i)          Stationery.
The Borrower will have its own separate stationery.

 

(j)          Books
and Records. The Borrower’s books and records will be maintained separately from those of the Servicer, the Parent, the
Performance Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult or costly
to segregate, ascertain or otherwise identify the assets and liabilities of the Borrower.

 

(k)          Disclosure
of Transactions. All financial statements of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate
thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business consists of the
purchase or acceptance through capital contributions of the Receivables and Related Rights from the Originators and the subsequent
retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative Agent pursuant to
this Agreement, (ii) the Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation,
to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s
equity holders and (iii) the assets of the Borrower are not available to pay creditors of the Servicer, the Parent, the Performance
Guarantor, the Originators or any Affiliate thereof.

 

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(l)          Segregation
of Assets. The Borrower’s assets will be maintained in a manner that facilitates their identification and segregation
from those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof.

 

(m)         Corporate
Formalities. The Borrower will strictly observe limited liability company formalities in its dealings with the Servicer, the
Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not
be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof except
as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts
or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof
(other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered
into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy
with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any
Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence
of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the
Borrower and such Affiliate.

 

(n)          Arm’s-Length
Relationships. The Borrower will maintain arm’s-length relationships with the Servicer, the Parent, the Performance Guarantor,
the Originators and any Affiliates thereof. Any Person that renders or otherwise furnishes services to the Borrower will be compensated
by the Borrower at market rates for such services it renders or otherwise furnishes to the Borrower. Neither the Borrower on the
one hand, nor the Servicer, the Parent, the Performance Guarantor, any Originator or any Affiliate thereof, on the other hand,
will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business
and affairs of the other. The Borrower, the Servicer, the Parent, the Performance Guarantor, the Originators and their respective
Affiliates will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport
to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity.

 

(o)          Allocation
of Overhead. To the extent that Borrower, on the one hand, and the Servicer, the Parent, the Performance Guarantor, any Originator
or any Affiliate thereof, on the other hand, have offices in the same location, the Borrower shall pay a fair and appropriate allocation
of overhead costs between it and them, and the Borrower shall bear its fair share of such expenses, which may be paid through the
Servicing Fee or otherwise.

 

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ARTICLE
IX

 

ADMINISTRATION
AND COLLECTION

OF
RECEIVABLES

 

SECTION 9.01. Appointment
of the Servicer.

 

(a)          The
servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time
as the Servicer in accordance with this Section 9.01. Until the Administrative Agent gives notice to BrightView (in accordance
with this Section 9.01) of the designation of a new Servicer, BrightView is hereby designated as, and hereby agrees to perform
the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of an Event of Default, the Administrative
Agent may (with the consent of the Majority Lenders) and shall (at the direction of the Majority Lenders) designate as Servicer
any Person (including itself) to succeed BrightView 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 the terms hereof.

 

(b)          Upon
the designation of a successor Servicer as set forth in clause (a) above, BrightView agrees that it will terminate its activities
as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate the transition of the performance
of such activities to the new Servicer, and BrightView shall cooperate with and assist such new Servicer. Such cooperation shall
include access to and transfer of records (including all Contracts) related to Pool Receivables and use by the new Servicer of
all licenses (or the obtaining of new licenses), hardware or software necessary or reasonably desirable to collect the Pool Receivables
and the Related Security.

 

(c)          BrightView
acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative Agent and each Lender have
relied on BrightView’s agreement to act as Servicer hereunder. Accordingly, BrightView agrees that it will not voluntarily
resign as Servicer without the prior written consent of the Administrative Agent and the Majority Lenders.

 

(d)          The
Servicer may delegate its duties and obligations hereunder to any subservicer (each a “Sub-Servicer”); provided,
that, in each such delegation: (i) such Sub-Servicer shall agree in writing to perform the delegated duties and obligations of
the Servicer pursuant to the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties and obligations
so delegated, (iii) the Borrower, the Administrative Agent and each Lender shall have the right to look solely to the Servicer
for performance, (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may terminate
such agreement upon the termination of the Servicer hereunder by giving notice of its desire to terminate such agreement to the
Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (v) if such Sub-Servicer is not an Affiliate
of the Parent, the Administrative Agent and the Majority Lenders shall have consented in writing in advance to such delegation.

 

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SECTION 9.02. Duties
of the Servicer.

 

(a)          The
Servicer shall take or cause to be taken all such action as may be necessary to service, administer and collect each Pool Receivable
from time to time, all in accordance with this Agreement and all Applicable Laws, with reasonable care and diligence, and in accordance
with the Credit and Collection Policy and consistent with the past practices of the Originators. The Servicer shall set aside,
for the accounts of each Secured Party, the amount of Collections to which each such Secured Party is entitled in accordance with
Article IV hereof. The Servicer may, in accordance with the Credit and Collection Policy and consistent with past practices
of the Originators, take such action, including modifications, waivers or restructurings of Pool Receivables and related Contracts,
as the Servicer may reasonably determine to be appropriate to maximize Collections thereof or reflect adjustments expressly permitted
under the Credit and Collection Policy or as expressly required under Applicable Laws or the applicable Contract; provided,
that for purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change the number of days such Pool
Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii) such action shall not
alter the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of any Secured
Party under this Agreement or any other Transaction Document and (iii) if an Event of Default has occurred and is continuing, the
Servicer may take such action only upon the prior written consent of the Administrative Agent. The Borrower shall deliver to the
Servicer and the Servicer shall hold for the benefit of the Administrative Agent (individually and for the benefit of each Secured
Party), in accordance with their respective interests, all records and documents (including computer tapes or disks) with respect
to each Pool Receivable.

 

(b)          The
Servicer shall, as soon as practicable following actual receipt of collected funds, turn over to the Borrower the collections of
any indebtedness that is not a Pool Receivable, less, if BrightView or an Affiliate thereof is not the Servicer, all reasonable
and appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and administering such collections.
The Servicer, if other than BrightView or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Borrower
all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records
in its possession that evidence or relate to any indebtedness that is a Pool Receivable.

 

(c)          The
Servicer’s obligations hereunder shall terminate on the Final Payout Date. Promptly following the Final Payout Date, the
Servicer shall deliver to the Borrower all books, records and related materials that the Borrower previously provided to the Servicer,
or that have been obtained by the Servicer, in connection with this Agreement.

 

SECTION 9.03. Collection
Account Arrangements. Prior to the Closing Date, the Borrower shall have entered into Account Control Agreements with all of
the Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence and during
the continuance of an Unmatured Event of Default or an Event of Default, the Administrative Agent may (with the consent of the
Majority Lenders) and shall (upon the direction of the Majority Lenders) at any time thereafter give notice to each Collection
Account Bank that the Administrative Agent is exercising its rights under the Account Control Agreements to do any or all of the
following: (a) to have the exclusive dominion and control of the Collection Accounts transferred to the Administrative Agent (for
the benefit of the Secured Parties) and to exercise exclusive dominion and control over the funds deposited therein (for the benefit
of the Secured Parties), (b) to have the proceeds that are sent to the respective Collection Accounts redirected pursuant to the
Administrative Agent’s instructions rather than deposited in the applicable Collection Account and (c) to take any or all
other actions permitted under the applicable Account Control Agreement. The Borrower hereby agrees that if the Administrative Agent
at any time takes any action set forth in the preceding sentence, the Administrative Agent shall have exclusive control (for the
benefit of the Secured Parties) of the proceeds (including Collections) of all Pool Receivables and the Borrower hereby further
agrees to take any other action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of
Pool Receivables received by the Borrower or the Servicer thereafter shall be sent immediately to, or as otherwise instructed by,
the Administrative Agent.

 

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SECTION 9.04. Enforcement
Rights.

 

(a)          At
any time following the occurrence and during the continuation of an Event of Default:

 

(i)          the
Administrative Agent (at the Borrower’s expense) may direct the Obligors that payment of all amounts payable under any Pool
Receivable is to be made directly to the Administrative Agent or its designee;

 

(ii)         the
Administrative Agent may instruct the Borrower or the Servicer to give notice of the Secured Parties’ interest in Pool Receivables
to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee (on behalf
of the Secured Parties), and the Borrower or the Servicer, as the case may be, shall give such notice at the expense of the Borrower
or the Servicer, as the case may be; provided, that if the Borrower or the Servicer, as the case may be, fails to so notify
each Obligor within two (2) Business Days following instruction by the Administrative Agent, the Administrative Agent (at the Borrower’s
or the Servicer’s, as the case may be, expense) may so notify the Obligors;

 

(iii)        the
Administrative Agent may request the Servicer to, and upon such request the Servicer shall: (A) assemble all of the records necessary
to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer the use of all software
necessary to collect the Pool Receivables and the Related Security, and make the same available to the Administrative Agent or
its designee (for the benefit of the Secured Parties) at a place selected by the Administrative Agent and (B) segregate all cash,
checks and other instruments received by it from time to time constituting Collections in a manner reasonably acceptable to the
Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed
instruments of transfer, to the Administrative Agent or its designee;

 

(iv)        the
Administrative Agent may notify the Collection Account Banks that the Borrower and the Servicer will no longer have any access
to the Collection Accounts;

 

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(v)         the
Administrative Agent may (or, at the direction of the Majority Lenders shall) replace the Person then acting as Servicer; and

 

(vi)        the
Administrative Agent may collect any amounts due from an Originator under the Purchase and Sale Agreement or the Performance Guarantor
under the Performance Guaranty.

 

For the avoidance of doubt,
the foregoing rights and remedies of the Administrative Agent upon an Event of Default are in addition to and not exclusive of
the rights and remedies contained herein and under the other Transaction Documents.

 

(b)          The
Borrower hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower, which
appointment is coupled with an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower necessary
or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of
an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the
name of the Borrower on checks and other instruments representing Collections and enforcing such Collateral. Notwithstanding anything
to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding
sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid,
nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

(c)          The
Servicer hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Servicer, which
appointment is coupled with an interest, to take any and all steps in the name of the Servicer and on behalf of the Servicer necessary
or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of
an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the
name of the Servicer on checks and other instruments representing Collections and enforcing such Collateral. Notwithstanding anything
to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding
sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid,
nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

SECTION 9.05. Responsibilities
of the Borrower.

 

(a)          Anything
herein to the contrary notwithstanding, the Borrower shall: pay when due any taxes, including any sales taxes payable in connection
with the Pool Receivables and their creation and satisfaction. None of the Credit Parties shall have any obligation or liability
with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Borrower, the Servicer
or any Originator thereunder.

 

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(b)          BrightView
hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer
so requests) as the data-processing agent of the Servicer and, in such capacity, BrightView shall conduct the data-processing functions
of the administration of the Receivables and the Collections thereon in substantially the same way that BrightView conducted such
data-processing functions while it acted as the Servicer. In connection with any such processing functions, the Borrower shall
pay to BrightView its reasonable out-of-pocket costs and expenses from the Borrower’s own funds (subject to the priority
of payments set forth in Section 4.01).

 

SECTION 9.06. Servicing
Fee.

 

(a)          Subject
to clause (b) below, the Borrower shall pay the Servicer a fee (the “Servicing Fee”) equal to 1.00% per
annum (the “Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables.
Accrued Servicing Fees shall be payable from Collections to the extent of available funds in accordance with Section 4.01.

 

(b)          If
the Servicer ceases to be BrightView or an Affiliate thereof, the Servicing Fee shall be the greater of: (i) the amount calculated
pursuant to clause (a) above and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the
aggregate reasonable costs and expenses incurred by such successor Servicer in connection with the performance of its obligations
as Servicer hereunder.

 

ARTICLE
X

EVENTS OF DEFAULT

 

SECTION 10.01. Events
of Default. If any of the following events (each an “Event of Default”) shall occur:

 

(a)          (i)
the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to perform or observe any term, covenant or
agreement under this Agreement or any other Transaction Document (other than any such failure which would constitute an Event of
Default under clause (ii) or (iii) of this paragraph (a)), and such failure, solely to the extent capable
of cure, shall continue for five (5) Business Days, (ii) the Borrower, any Originator, the Performance Guarantor or the Servicer
shall fail to make when due any payment (including reimbursement with respect to amounts drawn under Letters of Credit) or deposit
to be made by it under this Agreement or any other Transaction Document and such failure shall continue unremedied for two (2)
Business Days or (iii) BrightView shall resign as Servicer, and no successor Servicer reasonably satisfactory to the Administrative
Agent shall have been appointed;

 

(b)          any
representation or warranty made or deemed made by the Borrower, any Originator, the Performance Guarantor or the Servicer (or any
of their respective officers) under or in connection with this Agreement or any other Transaction Document or any information or
report delivered by the Borrower, any Originator, the Performance Guarantor or the Servicer pursuant to this Agreement or any other
Transaction Document, shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered;

 

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(c)          the
Borrower or the Servicer shall fail to deliver a Monthly Report or Interim Report pursuant to this Agreement, and such failure
shall remain unremedied for two (2) Business Days;

 

(d)          this
Agreement or any security interest granted pursuant to this Agreement or any other Transaction Document shall for any reason cease
to create, or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative
Agent with respect to the Collateral, free and clear of any Adverse Claim;

 

(e)          the
Borrower, any Originator, the Performance Guarantor or the Servicer shall generally not pay its debts as such debts become due,
or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors;
or any Insolvency Proceeding shall be instituted by or against the Borrower, any Originator, the Performance Guarantor or the Servicer
and, in the case of any such proceeding instituted against any Originator, the Performance Guarantor or the Servicer (but not instituted
by such Person), either such proceeding is not controverted within thirty (30) days after commencement of such proceeding or shall
remain undismissed or unstayed for a period of sixty (60) consecutive days, or any of the actions sought in such proceeding (including
the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it
or for any substantial part of its property) shall occur; or the Borrower, any Originator, the Performance Guarantor or the Servicer
shall take any corporate or organizational action to authorize any of the actions set forth above in this paragraph;

 

(f)          (i)
the average for three consecutive Fiscal Months of: (A) the Default Ratio shall exceed 4.0%, (B) the Delinquency Ratio shall
exceed 13.0% or (C) the Dilution Ratio shall exceed 6.06.25%
or (ii) the Days’ Sales Outstanding shall exceed 60 days;

 

(g)          a
Change in Control shall occur;

 

(h)          a
Borrowing Base Deficit shall occur, and shall not have been cured within two (2) Business Days;

 

(i)          (i)
the Borrower shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after
the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such Debt (whether
or not such failure shall have been waived under the related agreement); (ii) any Originator, the Performance Guarantor or the
Servicer, or any of their respective Subsidiaries, individually or in the aggregate, shall fail to pay any principal of or premium
or interest on (x) any Debt under anythe
Credit Agreement or (y) any of its other Debt that is outstanding in a principal amount of at least $25,000,000the
greater of (I) $45,000,000 and (II) 15% of the Consolidated EBITDA of Holdings for the most recently ended Test Period (calculated
on a Pro Forma Basis), in the aggregate when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified
in the applicable Credit Agreement or such agreement, mortgage, indenture or instrument
relating to such Debt (whether or not such failure shall have been waived under the related agreement); (iii) any other event shall
occur or condition shall exist under anythe
Credit Agreement or any other agreement, mortgage, indenture or instrument relating to any such Debt (as referred to in clause
(i) or (ii) of this paragraph and shall continue after the applicable grace period (not to exceed 30 days), if any,
specified in the applicable Credit Agreement or such other agreement, mortgage,
indenture or instrument (whether or not such failure shall have been waived under the related agreement), if the effect of such
event or condition is to give the applicable debtholders the right (whether acted upon or not) to accelerate the maturity of such
Debt (as referred to in clause (i) or (ii) of this paragraph) or to terminate the commitment of any lender thereunder,
or (iv) any such Debt (as referred to in clause (i) or (ii) of this paragraph) shall be declared to be due and payable,
or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer
to repay, redeem, purchase or defease such Debt shall be required to be made or the commitment of any lender thereunder terminated,
in each case before the stated maturity thereof;

 

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(j)          any
“Event of Default” (as defined in the applicable Credit Agreement)
shall occur under anythe
Credit Agreement (for the avoidance of doubt, this clause (j) shall not be construed to limit the preceding clause (i));

 

(k)         the
Performance Guarantor shall fail to perform any of its obligations under the Performance Guaranty and such failure shall continue
unremedied for two (2) Business Days;

 

(l)          the
Borrower shall fail (x) at any time (other than for ten (10) Business Days following notice of the death or resignation of any
Independent Director) to have an Independent Director who satisfies each requirement and qualification specified in Section
8.03(c) of this Agreement for Independent Directors, on the Borrower’s board of directors or (y) to timely notify the
Administrative Agent of any replacement or appointment of any director that is to serve as an Independent Director on the Borrower’s
board of directors as required pursuant to Section 8.03(c) of this Agreement;

 

(m)         [reserved];

 

(n)          either
(i) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of
the Borrower, any Originator or the Parent or (ii) the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant
to Section 4068 of ERISA with regard to any of the assets of the Borrower, the Servicer, any Originator or the Parent;

 

(o)          (i)
the occurrence of a Reportable Event; (ii) the adoption of an amendment to a Pension Plan that would require the provision of security
pursuant to Section 401(a)(29) of the Code; (iii) the existence with respect to any Multiemployer Plan of an “accumulated
funding deficiency” (as defined in Section 431 of the Code or Section 304 of ERISA), whether or not waived; (iv) the failure
to satisfy the minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the incurrence of any
liability under Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of
any of the Borrower, any Originator, the Servicer, the Parent or any of their respective ERISA Affiliates from any Multiemployer
Plan; (vi) the receipt by any of the Borrower, any Originator, the Servicer, the Parent or any of their respective ERISA Affiliates
from the PBGC or any plan administrator of any notice relating to the intention to terminate any Pension Plan or Multiemployer
Plan or to appoint a trustee to administer any Pension Plan or Multiemployer Plan; (vii) the receipt by the Borrower, any Originator,
the Servicer, the Parent or any of their respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA; (viii)
the occurrence of a prohibited transaction with respect to any of the Borrower, any Originator, the Servicer, the Parent or any
of their respective ERISA Affiliates (pursuant to Section 4975 of the Code); (ix) the occurrence or existence of any other similar
event or condition with respect to a Pension Plan or a Multiemployer Plan, with respect to each of clause (i) through (ix),
either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or a Borrower Material
Adverse Effect;

 

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(p)          a
Material Adverse Effect shall occur and remain unremedied for ten (10) Business Days or a Borrower Material Adverse Effect shall
occur;

 

(q)          a
Purchase and Sale Termination Event shall occur under the Purchase and Sale Agreement;

 

(r)          the
Borrower shall (x) be required to register as an “investment company” within the meaning of the Investment Company
Act or (y) become a “covered fund” within the meaning of the Volcker
Rule;

 

(s)          any
material provision of this Agreement or any other Transaction Document shall cease to be in full force and effect or any of the
Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective Affiliates) shall so state in writing;

 

(t)          one
or more judgments or decrees shall be entered against the Borrower, any Originator, the Performance Guarantor or the Servicer,
or any Affiliate of any of the foregoing involving in the aggregate a liability (not paid or to the extent not covered by a reputable
and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated,
discharged or stayed or bonded pending appeal for any period of thirty (30) consecutive days, and the aggregate amount of all such
judgments equals or exceeds $25,000,000the
greater of (I) $45,000,000 and (II) 15% of the Consolidated EBITDA of Holdings for the most recently ended Test Period (calculated
on a Pro Forma Basis) (or solely with respect to the Borrower, $15,325); or

 

(u)          a
Financial Covenant Event shall occur; then, and in any such event, the Administrative Agent may (or, at the direction of the Majority
Lenders shall) by notice to the Borrower (x) declare the Termination Date to have occurred (in which case the Termination Date
shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred (in which case the Final Maturity Date
shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other Borrower Obligations to be immediately due
and payable (in which case the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable); provided
that, automatically upon the occurrence of any event (without any requirement for the giving of notice) described in subsection
(e) of this Section 10.01 with respect to the Borrower, the Termination Date shall occur and the Aggregate Capital and
all other Borrower Obligations shall be immediately due and payable. Upon any such declaration or designation or upon such automatic
termination, the Administrative Agent and the other Secured Parties shall have, in addition to the rights and remedies which they
may have under this Agreement and the other Transaction Documents, all other rights and remedies provided after default under the
UCC and under other Applicable Law, which rights and remedies shall be cumulative. Any proceeds from liquidation of the Collateral
shall be applied in the order of priority set forth in Section 4.01.

 

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ARTICLE
XI

 

THE
ADMINISTRATIVE AGENT

 

SECTION 11.01. Authorization
and Action. Each Credit Party hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with
such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties other than those expressly
set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document,
or otherwise exist, against the Administrative Agent. The Administrative Agent does not assume, nor shall it be deemed to have
assumed, any obligation to, or relationship of trust or agency with, the Borrower or any Affiliate thereof or any Credit Party
except for any obligations expressly set forth herein. Notwithstanding any provision of this Agreement or any other Transaction
Document, in no event shall the Administrative Agent ever be required to take any action which exposes the Administrative Agent
to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law.

 

SECTION 11.02. Administrative
Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall
be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement
(including, without limitation, the Administrative Agent’s servicing, administering or collecting Pool Receivables in the
event it replaces the Servicer in such capacity pursuant to Section 9.01), in the absence of its or their own gross negligence
or willful misconduct. Without limiting the generality of the foregoing, the Administrative Agent: (a) may consult with legal counsel
(including counsel for any Credit Party or the Servicer), independent certified public accountants and other experts selected by
it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; (b) makes no warranty or representation to any Credit Party (whether written or oral) and shall
not be responsible to any Credit Party for any statements, warranties or representations (whether written or oral) made by any
other party in or in connection with this Agreement; (c) shall not have any duty to ascertain or to inquire as to the performance
or observance of any of the terms, covenants or conditions of this Agreement on the part of any Credit Party or to inspect the
property (including the books and records) of any Credit Party; (d) shall not be responsible to any Credit Party for the due execution,
legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished
pursuant hereto; and (e) shall be entitled to rely, and shall be fully protected in so relying, upon any notice (including notice
by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and
signed or sent by the proper party or parties.

 

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SECTION 11.03. Administrative
Agent and Affiliates. With respect to any Credit Extension or interests therein owned by any Credit Party that is also the
Administrative Agent, such Credit Party shall have the same rights and powers under this Agreement as any other Credit Party and
may exercise the same as though it were not the Administrative Agent. The Administrative Agent and any of its Affiliates may generally
engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do business with or own securities
of the Borrower or any Affiliate thereof, all as if the Administrative Agent were not the Administrative Agent hereunder and without
any duty to account therefor to any other Secured Party.

 

SECTION 11.04. Indemnification
of Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower
or any Affiliate thereof), ratably according to the respective Percentage of such Lender, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this
Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or
any other Transaction Document; provided that no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s
gross negligence or willful misconduct.

 

SECTION 11.05. Delegation
of Duties. The Administrative Agent may execute any of its duties through agents or attorneys-in-fact and shall be entitled
to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

SECTION 11.06. Action
or Inaction by Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing
to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Lenders and assurance
of its indemnification by the Lenders, as it deems appropriate. The Administrative Agent shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or
at the direction of the Lenders and such request or direction and any action taken or failure to act pursuant thereto shall be
binding upon all Credit Parties. The Credit Parties and the Administrative Agent agree that unless any action to be taken by the
Administrative Agent under a Transaction Document (i) specifically requires the advice or concurrence of all Lenders or (ii) may
be taken by the Administrative Agent alone or without any advice or concurrence of any Lender, then the Administrative Agent may
take action based upon the advice or concurrence of the Majority Lenders.

 

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SECTION 11.07. Notice
of Events of Default; Action by Administrative Agent. The Administrative Agent shall not be deemed to have knowledge or notice
of the occurrence of any Unmatured Event of Default or Event of Default unless the Administrative Agent has received notice from
any Credit Party or the Borrower stating that an Unmatured Event of Default or Event of Default has occurred hereunder and describing
such Unmatured Event of Default or Event of Default. If the Administrative Agent receives such a notice, it shall promptly give
notice thereof to each Lender, whereupon each Lender shall promptly give notice thereof to its respective LC Participant(s). The
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, concerning an Unmatured
Event of Default or Event of Default or any other matter hereunder as the Administrative Agent deems advisable and in the best
interests of the Secured Parties.

 

SECTION 11.08. Non-Reliance
on Administrative Agent and Other Parties. Each Credit Party expressly acknowledges that neither the Administrative Agent nor
any of its directors, officers, agents or employees has made any representations or warranties to it and that no act by the Administrative
Agent hereafter taken, including any review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute
any representation or warranty by the Administrative Agent. Each Credit Party represents and warrants to the Administrative Agent
that, independently and without reliance upon the Administrative Agent or any other Credit Party and based on such documents and
information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the
business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower, each Originator,
the Performance Guarantor or the Servicer and the Pool Receivables and its own decision to enter into this Agreement and to take,
or omit, action under any Transaction Document. Except for items expressly required to be delivered under any Transaction Document
by the Administrative Agent to any Credit Party, the Administrative Agent shall not have any duty or responsibility to provide
any Credit Party with any information concerning the Borrower, any Originator, the Performance Guarantor or the Servicer that comes
into the possession of the Administrative Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.

 

SECTION 11.09. Successor
Administrative Agent.

 

(a)          The
Administrative Agent may, upon at least thirty (30) days’ notice to the Borrower, the Servicer and each Lender, resign as
Administrative Agent. Except as provided below, such resignation shall not become effective until a successor Administrative Agent
is appointed by the Majority Lenders as a successor Administrative Agent and has accepted such appointment. If no successor Administrative
Agent shall have been so appointed by the Majority Lenders, within thirty (30) days after the departing Administrative Agent’s
giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, appoint a successor
Administrative Agent as successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the
Majority Lenders within sixty (60) days after the departing Administrative Agent’s giving of notice of resignation, the departing
Administrative Agent may, on behalf of the Secured Parties, petition a court of competent jurisdiction to appoint a successor Administrative
Agent.

 

(b)          Upon
such acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative
Agent shall succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the resigning
Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents. After any resigning Administrative
Agent’s resignation hereunder, the provisions of this Article XI and Article XII shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Administrative Agent.

 

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SECTION 11.10. Structuring
Agent. Each of the parties hereto hereby acknowledges and agrees that the Structuring Agent shall not have any right, power,
obligation, liability, responsibility or duty under this Agreement, other than the Structuring Agent’s right to receive fees
pursuant to Section 2.03. Each Credit Party acknowledges that it has not relied, and will not rely, on the Structuring Agent
in deciding to enter into this Agreement and to take, or omit to take, any action under any Transaction Document.

 

ARTICLE
XII

 

INDEMNIFICATION

 

SECTION 12.01. Indemnities
by the Borrower.

 

(a)          Without
limiting any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their respective assigns,
officers, directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder or under
Applicable Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and against any and all claims, losses
and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified
Amounts”) arising out of or resulting from this Agreement or any other Transaction Document or the use of proceeds of
the Credit Extensions or the security interest in respect of any Pool Receivable or any other Collateral; excluding, however,
(a) any portion of Borrower Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction
holds that such portion of such Borrower Indemnified Amounts resulted from the bad faith, gross negligence or willful misconduct
by the Borrower Indemnified Party seeking indemnification and (b) Taxes other than as described in clause (xiv) below or
Taxes that represent losses, claims or damages arising from any non-Tax claim. Without limiting or being limited by the foregoing,
the Borrower shall pay on demand (it being understood that if any portion of such payment obligation is made from Collections,
such payment will be made at the time and in the order of priority set forth in Section 4.01), to each Borrower Indemnified
Party any and all amounts necessary to indemnify such Borrower Indemnified Party from and against any and all Borrower Indemnified
Amounts relating to or resulting from any of the following (but excluding Borrower Indemnified Amounts and Taxes described in clause
(b) above):

 

(i)          any
Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of the Net Receivables Pool Balance
but which is not an Eligible Receivable at such time;

 

(ii)         any
representation, warranty or statement made or deemed made by the Borrower (or any of its respective officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Monthly Report, any Interim Report or any other information or
report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed
made;

 

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(iii)        the
failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure
of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iv)        the
failure to vest in the Administrative Agent a first priority perfected security interest in all or any portion of the Collateral,
in each case free and clear of any Lien;

 

(v)         the
failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or
other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any
Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or at
any subsequent time;

 

(vi)        any
dispute, claim or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Pool Receivable (including,
without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from or relating to collection
activities with respect to such Pool Receivable;

 

(vii)       any
failure of the Borrower to perform any of its duties or obligations in accordance with the provisions hereof and of each other
Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard
to each Pool Receivable;

 

(viii)      any
products liability, environmental or other claim arising out of or in connection with any Pool Receivable or other merchandise,
goods or services which are the subject of or related to any Pool Receivable;

 

(ix)         the
commingling of Collections of Pool Receivables at any time with other funds;

 

(x)          any
investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document or the
use of proceeds of any Credit Extensions or in respect of any Pool Receivable or other Collateral or any related Contract;

 

(xi)         any
failure of the Borrower to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction
Document;

 

(xii)        any
setoff with respect to any Pool Receivable;

 

(xiii)       any
claim brought by any Person other than a Borrower Indemnified Party arising from any activity by the Borrower or any Affiliate
of the Borrower in servicing, administering or collecting any Pool Receivable;

 

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(xiv)      the
failure by the Borrower to pay when due any taxes, including, without limitation, sales, excise or personal property taxes;

 

(xv)       any
failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement, the termination by a
Collection Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by the Administrative
Agent to a Collection Account Bank under any Account Control Agreement;

 

(xvi)      the
maintenance of any Linked Account with respect to any Collection Account or the debiting against any Collection Account of amounts
as a result of any “Settlement Item” that originated in any Linked Account or any other account other than a Collection
Account;[reserved];

 

(xvii)     any
dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Pool
Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid
and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim in each case resulting
from the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any
such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed
indebtedness;

 

(xviii)    any
action taken by the Administrative Agent as attorney-in-fact for the Borrower, any Originator or the Servicer pursuant to this
Agreement or any other Transaction Document;

 

(xix)       the
failure or delay to provide any Obligor with an invoice or other evidence of indebtedness;

 

(xx)        the
use of proceeds of any Credit Extension or the usage of any Letter of Credit; or

 

(xxi)       any
reduction in Capital as a result of the distribution of Collections if all or a portion of such distributions shall thereafter
be rescinded or otherwise must be returned for any reason.

 

(b)          Notwithstanding
anything to the contrary in this Agreement, solely for purposes of the Borrower’s indemnification obligations in clauses
(ii), (iii), (vii) and (xi) of this Article XII, any representation, warranty or covenant qualified
by the occurrence or non-occurrence of a material adverse effect or similar concepts of materiality shall be deemed to be not so
qualified.

 

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(c)          If
for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 12.01(a))
to any Borrower Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower Indemnified
Party the amount paid or payable by such Borrower Indemnified Party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect the relative economic interests of the Borrower and its Affiliates on the one hand and
such Borrower Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of
the Borrower and its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any
other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Borrower under this Section
shall be in addition to (but without duplication of) any liability which the Borrower may otherwise have, shall extend upon the
same terms and conditions to each Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Borrower and the Borrower Indemnified Parties.

 

(d)          Any
indemnification or contribution under this Section shall survive the termination of this Agreement.

 

SECTION 12.02. Indemnification
by the Servicer.

 

(a)          The
Servicer hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit Parties, the Affected
Persons and their respective assigns, officers, directors, agents and employees (each, a “Servicer Indemnified Party”),
from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts, omissions or alleged
acts or omissions arising out of activities of the Servicer pursuant to this Agreement or any other Transaction Document, including
any judgment, award, settlement, Attorney Costs and other costs or expenses incurred in connection with the defense of any actual
or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Servicer Indemnified
Amounts”); excluding (i) any portion of Servicer Indemnified Amounts to the extent a final non-appealable judgment of
a court of competent jurisdiction holds that such portion of such Servicer Indemnified Amounts resulted from the bad faith, gross
negligence or willful misconduct by the Servicer Indemnified Party seeking indemnification, (ii) Taxes other than Taxes that represent
losses, claims or damages arising from any non-Tax claim and (iii) Servicer Indemnified Amounts to the extent the same includes
losses in respect of Pool Receivables that are uncollectible solely on account of the insolvency, bankruptcy, lack of creditworthiness
or other financial inability to pay of the related Obligor. Without limiting or being limited by the foregoing, the Servicer shall
pay on demand, to each Servicer Indemnified Party any and all amounts necessary to indemnify such Servicer Indemnified Party from
and against any and all Servicer Indemnified Amounts relating to or resulting from any of the following (but excluding Servicer
Indemnified Amounts described in clauses (i), (ii) and (iii) above):

 

(i)          any
representation, warranty or statement made or deemed made by the Servicer (or any of its respective officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Monthly Report, any Interim Report or any other written information
or written report delivered by or on behalf of the Servicer pursuant hereto which shall have been untrue or incorrect when made
or deemed made;

 

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(ii)         the
failure by the Servicer to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure
of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iii)        the
commingling of Collections of Pool Receivables at any time with other funds;

 

(iv)        any
failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement, the termination by a
Collection Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by the Administrative
Agent to a Collection Account Bank under any Account Control Agreement;

 

(v)         the
maintenance of any Linked Account with respect to any Collection Account or the debiting against any Collection Account of amounts
as a result of any “Settlement Item” that originated in any Linked Account or any other account other than a Collection
Account;[reserved];

 

(vi)        the
failure or delay to provide any Obligor with an invoice or other evidence of indebtedness; or

 

(vii)       any
failure of the Servicer to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction
Document.

 

(b)          If
for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 12.02(a))
to any Servicer Indemnified Party or insufficient to hold it harmless, then the Servicer shall contribute to the amount paid or
payable by such Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative economic interests of the Servicer and its Affiliates on the one hand and such Servicer Indemnified Party
on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates
and such Servicer Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.
The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to (but without
duplication of) any liability which the Servicer may otherwise have, shall extend upon the same terms and conditions to Servicer
Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives
of the Servicer and the Servicer Indemnified Parties.

 

(c)          Any
indemnification or contribution under this Section shall survive the termination of this Agreement.

 

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ARTICLE
XIII

 

MISCELLANEOUS

 

SECTION 13.01. Amendments,
Etc.

 

(a)          No
failure on the part of any Credit Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. No amendment or waiver of any provision of this Agreement or consent to any departure by any of the
Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative Agent and the Majority Lenders
(and, in the case of any amendment, also signed by the Borrower), and then such amendment, waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, however, that (A) no amendment,
waiver or consent shall, unless in writing and signed by the Servicer, affect the rights or duties of the Servicer under this Agreement;
(B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent and each Lender:

 

(i)          change
(directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable, Delinquent Receivable, Eligible Receivable,
Facility Limit, Final Maturity Date, Net Receivables Pool Balance or Total Reserves contained in this Agreement, or increase the
then existing Concentration Percentage for any Obligor or change the calculation of the Borrowing Base;

 

(ii)         reduce
the amount of Capital or Interest that is payable on account of any Loan or with respect to any other Credit Extension or delay
any scheduled date for payment thereof;

 

(iii)        change
any Event of Default;

 

(iv)        release
all or a material portion of the Collateral from the Administrative Agent’s security interest created hereunder;

 

(v)         release
the Performance Guarantor from any of its obligations under the Performance Guaranty or terminate the Performance Guaranty;

 

(vi)        change
any of the provisions of this Section 13.01 or the definition of “Majority Lenders”; or

 

(vii)       change
the order of priority in which Collections are applied pursuant to Section 4.01.

 

Notwithstanding the foregoing,
(A) no amendment, waiver or consent shall increase any Lender’s or LC Participant’s Commitment hereunder without the
consent of such Lender or LC Participant, as applicable and (B) no amendment, waiver or consent shall reduce any Fees payable
by the Borrower to any Lender or delay the dates on which any such Fees are payable, in either case, without the consent of such
Lender and (C) no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any
Defaulting Lender, except in accordance with the terms set forth in Section 2.06(b). For the avoidance of doubt and notwithstanding
the foregoing, the definition of “Financial Covenant Event” and Section 10.01(vu)
may be modified by the Administrative Agent from time to time in accordance with the terms set forth in the definition of “Financial
Covenant Event”.

 

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SECTION 13.02. Notices,
Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include
facsimile communication) and faxed or delivered, to each party hereto, at its address set forth under its name on Schedule III
hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto. Notices and
communications by facsimile shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices
and communications sent by other means shall be effective when received.

 

SECTION 13.03. Assignability;
Addition of Lenders.

 

(a)          Assignment
by Lenders. Each Lender may assign to any Eligible Assignee all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Commitment and any Loan or interests therein owned by it); provided,
however that

 

(i)          except
for an assignment by a Lender to either an Affiliate of such Lender or any other Lender, each such assignment shall require the
prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed); provided,
however, that such consent shall not be required if an Event of Default or an Unmatured Event of Default has occurred and
is continuing;

 

(ii)         each
such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement;

 

(iii)        the
amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance Agreement with
respect to such assignment) shall in no event be less than the lesser of (x) $5,000,000 and (y) all of the assigning Lender’s
Commitment; and

 

(iv)        the
parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the
Register, an Assignment and Acceptance Agreement.

 

Upon such execution, delivery,
acceptance and recording from and after the effective date specified in such Assignment and Acceptance Agreement, (x) the assignee
thereunder shall be a party to this Agreement, and to the extent that rights and obligations under this Agreement have been assigned
to it pursuant to such Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder and (y) the assigning
Lender shall, to the extent that rights and obligations have been assigned by it pursuant to such Assignment and Acceptance Agreement,
relinquish such rights and be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance
Agreement covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto).

 

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(b)          Register.
The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address referred to
on Schedule III of this Agreement (or such other address of the Administrative Agent notified by the Administrative Agent
to the other parties hereto) a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register
for the recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate outstanding Capital
(and stated interest) of the Loans of each Lender from time to time (the “Register”). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent,
the Lenders, and the other Credit Parties may treat each Person whose name is recorded in the Register as a Lender under this Agreement
for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, the Servicer, the LC Bank and
any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

(c)          Procedure.
Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning Lender and an Eligible Assignee
or assignee Lender, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly completed, (i) accept
such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice
thereof to the Borrower and the Servicer.

 

(d)          Participations.
Each Lender may sell participations to one or more Eligible Assignees (each, a “Participant”) in or to all or
a portion of its rights and/or obligations under this Agreement (including, without limitation, all or a portion of its Commitment
and the interests in the Loans owned by it); provided, however, that

 

(i)          such
Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall
remain unchanged, and

 

(ii)         such
Lender shall remain solely responsible to the other parties to this Agreement for the performance of such obligations.

 

The Administrative Agent,
the Lenders, the LC Bank, the LC Participants, the Borrower and the Servicer shall have the right to continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

 

(e)          Participant
Register. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters
of Credit or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to
establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the
United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(f)          Assignments
by Administrative Agent. This Agreement and the rights and obligations of the Administrative Agent herein shall be assignable
by the Administrative Agent and its successors and assigns; provided that in the case of an assignment to a Person that
is not an Affiliate of the Administrative Agent, so long as no Event of Default or Unmatured Event of Default has occurred and
is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably withheld, conditioned or delayed).

 

(g)          Assignments
by the Borrower or the Servicer. Neither the Borrower nor, except as provided in Section 9.01, the Servicer may assign
any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative
Agent, the LC Bank and each Lender (such consent to be provided or withheld in the sole discretion of such Person).

 

(h)          Pledge
to a Federal Reserve Bank. Notwithstanding anything to the contrary set forth herein, (i) any Lender or any of its respective
Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement
(including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to secure its obligations
to a Federal Reserve Bank or other central bank having jurisdiction over such Lender, without notice to or the consent of the Borrower,
the Servicer, any Affiliate thereof or any Credit Party; provided, however, that that no such pledge shall relieve
such assignor of its obligations under this Agreement.

 

(i)          Pledge
to a Security Trustee. Notwithstanding anything to the contrary set forth herein, (i) any Lender or any of their respective
Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement
(including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to a security trustee 
in connection with the funding by such Person of Loans, without notice to or the consent of the Borrower, the Servicer, any Affiliate
thereof or any Credit Party; provided, however, that that no such pledge shall relieve such assignor of its obligations
under this Agreement.

 

SECTION 13.04. Costs
and Expenses. In addition to the rights of indemnification granted under Section 12.01 hereof, the Borrower agrees to
pay on demand all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Transaction Documents (together with all amendments, restatements, supplements,
consents and waivers, if any, from time to time hereto and thereto), including, without limitation, (i) the reasonable Attorney
Costs for the Administrative Agent and the other Credit Parties and any of their respective Affiliates with respect thereto and
with respect to advising the Administrative Agent and the other Credit Parties and their respective Affiliates as to their rights
and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’, auditors’ and
consultants’ fees and expenses for the Administrative Agent and the other Credit Parties and any of their respective Affiliates
incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent or any other
Credit Party as to their rights and remedies under this Agreement or as to any actual or reasonably claimed breach of this Agreement
or any other Transaction Document. In addition, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses
(including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties and their respective Affiliates,
incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this Agreement
and the other Transaction Documents.

 

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SECTION 13.05. No Proceedings;
Limitation on Payments.

 

(a)          Each
of the Servicer and each Lender and each assignee of a Loan or any interest therein, hereby covenants and agrees that it will not
institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding until one year and one
day after the Final Payout Date; provided, that the Administrative Agent may take any such action in its sole discretion
following the occurrence of an Event of Default.

 

(b)          The
provisions of this Section 13.05 shall survive any termination of this Agreement.

 

SECTION 13.06. Confidentiality.

 

(a)          Each
of the Borrower and the Servicer covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this
Agreement or the Fee Letter (including any fees payable in connection with this Agreement, the Fee Letter or any other Transaction
Document or the identity of the Administrative Agent or any other Credit Party), except as the Administrative Agent and each Lender
may have consented to in writing prior to any proposed disclosure; provided, however, that it may disclose such information
(i) to its Advisors, Representatives, the Initial Investors and the Permitted Holders, (ii) to the extent such information has
become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer or their Advisors
and Representatives or (iii) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory
proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause
(iii) above, the Borrower and the Servicer will use reasonable efforts to maintain confidentiality and will (unless otherwise
prohibited by Applicable Law) notify the Administrative Agent and the affected Credit Party of its intention to make any such disclosure
prior to making such disclosure. Each of the Borrower and the Servicer agrees to be responsible for any breach of this Section
by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential
nature of such information and shall agree to comply with this Section. Notwithstanding the foregoing, it is expressly agreed that
each of the Borrower, the Servicer and their respective Affiliates may publish a press release or otherwise publicly announce the
existence and principal amount of the Commitments under this Agreement and the transactions contemplated hereby; provided
that the Administrative Agent shall be provided a reasonable opportunity to review such press release or other public announcement
prior to its release and provide comment thereon; and provided, further, that no such press release shall name or
otherwise identify the Administrative Agent, any other Credit Party or any of their respective Affiliates without such Person’s
prior written consent (such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, the
Borrower consents to the publication by the Administrative Agent or any other Credit Party of a tombstone or similar advertising
material relating to the financing transactions contemplated by this Agreement.

 

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(b)          Each
of the Administrative Agent and each other Credit Party, severally and with respect to itself only, agrees to hold in confidence,
and not disclose to any Person, any confidential and proprietary information concerning the Borrower, the Servicer and their respective
Affiliates and their businesses or the terms of this Agreement (including any fees payable in connection with this Agreement or
the other Transaction Documents), except as the Borrower or the Servicer may have consented to in writing prior to any proposed
disclosure; provided, however, that it may disclose such information (i) to its Advisors and Representatives, (ii)
to its assignees and Participants and potential assignees and Participants and their respective counsel if they agree in writing
to hold it confidential, (iii) to the extent such information has become available to the public other than as a result of a disclosure
by or through it or its Representatives or Advisors, (iv) at the request of a bank examiner or other regulatory authority or in
connection with an examination of any of the Administrative Agent or any Lender or their respective Affiliates or (v) to the extent
it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental
Authority to disclose such information; provided, that, in the case of clause (vi) above, the Administrative Agent
and each Lender will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law)
notify the Borrower and the Servicer of its making any such disclosure as promptly as reasonably practicable thereafter. Each of
the Administrative Agent and each Lender, severally and with respect to itself only, agrees to be responsible for any breach of
this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the
confidential nature of such information and shall agree to comply with this Section.

 

(c)          As
used in this Section, (i) “Advisors” means, with respect to any Person, such Person’s accountants, attorneys
and other confidential advisors and (ii) “Representatives” means, with respect to any Person, such Person’s
Affiliates, Subsidiaries, directors, managers, officers, employees, members, investors, financing sources, insurers, professional
advisors, representatives and agents; provided that such Persons shall not be deemed to Representatives of a Person unless
(and solely to the extent that) confidential information is furnished to such Person.

 

(d)          Notwithstanding
the foregoing, to the extent not inconsistent with applicable securities laws, each party hereto (and each of its employees, representatives
or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure (as defined
in Section 1.6011-4 of the Treasury Regulations) of the transactions contemplated by the Transaction Documents and all materials
of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax
structure.

 

    106

     

    

 

SECTION 13.07. GOVERNING
LAW. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT
OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK).

 

SECTION 13.08. Execution
in Counterparts. This Agreement may be executed in any number of 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
hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.

 

SECTION 13.09. Integration;
Binding Effect; Survival of Termination. This Agreement and the other Transaction Documents contain 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.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms
and shall remain in full force and effect until the Final Payout Date; provided, however, that the provisions of
Sections 3.08, 3.09, 3.10, 3.11, 5.01, 5.02, 5.03, 11.04, 11.06,
12.01, 12.02, 13.04, 13.05, 13.06, 13.09, 13.11 and 13.13 shall survive
any termination of this Agreement.

 

SECTION 13.10. CONSENT
TO JURISDICTION. (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE
EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE,
OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT
OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED,
AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, MAY BE HEARD AND DETERMINED, IN EACH
CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION 13.10
SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER
OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. EACH OF THE BORROWER AND THE SERVICER
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

    107

     

    

 

(b)          EACH
OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 13.02. NOTHING IN THIS SECTION 13.10 SHALL AFFECT
THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

SECTION 13.11. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT
OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

SECTION 13.12. Ratable
Payments. If any Credit Party, whether by setoff or otherwise, has payment made to it with respect to any Borrower Obligations
in a greater proportion than that received by any other Credit Party entitled to receive a ratable share of such Borrower Obligations,
such Credit Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Borrower Obligations
held by the other Credit Parties so that after such purchase each Credit Party will hold its ratable proportion of such Borrower
Obligations; provided that if all or any portion of such excess amount is thereafter recovered from such Credit Party, such
purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

 

SECTION 13.13. Limitation
of Liability.

 

(a)          No
claim may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their respective Affiliates,
members, directors, officers, employees, incorporators, attorneys or agents for any special, indirect, consequential or punitive
damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement or any other Transaction Document, or any act, omission or event occurring in connection herewith
or therewith; and each of the Borrower and the Servicer hereby waives, releases, and agrees not to sue upon any claim for any such
damages, whether or not accrued and whether or not known or suspected to exist in its favor. None of the Credit Parties and their
respective Affiliates shall have any liability to the Borrower or any Affiliate thereof or any other Person asserting claims on
behalf of or in right of the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or any other
Transaction Document or the transactions contemplated hereby or thereby, except to the extent that any losses, claims, damages,
liabilities or expenses incurred by the Borrower or any Affiliate thereof result from the breach of contract, gross negligence
or willful misconduct of such Credit Party in performing its duties and obligations hereunder and under the other Transaction Documents
to which it is a party.

 

    108

     

    

 

(b)          The
obligations of the Administrative Agent and each of the other Credit Parties under this Agreement and each of the Transaction Documents
are solely the corporate obligations of such Person. No recourse shall be had for any obligation or claim arising out of or based
upon this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator of any such
Person.

 

SECTION 13.14. Intent
of the Parties. The Borrower has structured this Agreement with the intention that the Loans and the obligations of the Borrower
hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the “Intended
Tax Treatment”). The Borrower, the Servicer, the Administrative Agent and the other Credit Parties agree to file no tax
return, or take any action, inconsistent with the Intended Tax Treatment unless required by law. Each assignee and each Participant
acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees to comply with the immediately
preceding sentence.

 

SECTION 13.15. USA Patriot
Act. Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and the Servicer that
pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT
Act”), the Administrative Agent and the other Credit Parties may be required to obtain, verify and record information
that identifies the Borrower, the Originators, the Servicer and the Performance Guarantor, which information includes the name,
address, tax identification number and other information regarding the Borrower, the Originators, the Servicer and the Performance
Guarantor that will allow the Administrative Agent and the other Credit Parties to identify the Borrower, the Originators, the
Servicer and the Performance Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements
of the PATRIOT Act. Each of the Borrower and the Servicer agrees to provide the Administrative Agent and each other Credit Parties,
from time to time, with all documentation and other information required by bank regulatory authorities under “know your
customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act.

 

SECTION 13.16. Right
of Setoff. Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time during the continuance
of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby
expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including by any branches or agencies
of such Credit Party) to, or for the account of, the Borrower or the Servicer against amounts owing by the Borrower or the Servicer
hereunder (even if contingent or unmatured); provided that such Credit Party shall notify the Borrower or the Servicer,
as applicable, promptly following such setoff.

 

SECTION 13.17. Severability.
Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

    109

     

    

 

SECTION 13.18. Mutual
Negotiations. This Agreement and the other Transaction Documents are the product of mutual negotiations by the parties thereto
and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction Document or any provision
hereof or thereof or to have provided the same. Accordingly, in the event of any inconsistency or ambiguity of any provision of
this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted against any party because
of such party’s involvement in the drafting thereof.

 

SECTION 13.19. Captions
and Cross References. The various captions (including the table of contents) in this Agreement are provided solely for convenience
of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated,
references in this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to this Agreement, as
the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection,
clause or subclause of such Section, subsection or clause.

 

[Signature Pages Follow]

 

    110

     

    

 

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.

 

	 	BRIGHTVIEW FUNDING LLC,
	 	as the Borrower
	 	 
	 	By:	                      
	 	Name:
	 	Title:
	 	 
	 	BRIGHTVIEW LANDSCAPES, LLC,
	 	as the Servicer
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	S-1	Receivables Financing Agreement

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Administrative Agent
	 	 
	 	By:	                    
	 	Name:
	 	Title:
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as LC Bank and as an LC Participant
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	PNC CAPITAL MARKETS LLC,
	 	as Structuring Agent
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	S-2	Receivables Financing Agreement

     

    

 

EXHIBIT A

Form of [Loan Request] [LC Request]

 

[Letterhead
of Borrower]

 

[Date]

 

[Administrative Agent]

 

[Lenders]

 

		Re:	[Loan Request] [LC Request]

 

Ladies and Gentlemen:

 

Reference is hereby made
to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used in this [Loan Request] [LC Request] and not otherwise defined
herein shall have the meanings assigned thereto in the Agreement.

 

[This letter constitutes
a Loan Request pursuant to Section 2.02(a) of the Agreement. The Borrower hereby request a Loan in the amount of [$_______]
to be made on [_____, 20__]. The proceeds of such Loan should be deposited to [Account number], at [Name, Address and ABA Number
of Bank]. After giving effect to such Loan, the Aggregate Capital will be [$_______].]

 

[This letter constitutes
an LC Request pursuant to Section 3.02(a) of the Agreement. The Borrower hereby request that the LC Bank issue a Letter
of Credit with a face amount of $[_______] on [_____, 20__]. After giving effect to such issuance, the LC Participation Amount
will be $[_______].]

 

The Borrower hereby represents
and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows:

 

(i)          the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement
are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date
unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct
in all material respects on and as of such earlier date;

 

    	 	Exhibit A-1	 

     

    

 

(ii)         no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such Credit Extension;

 

(iii)        no
Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension;

 

(iv)        the
Aggregate Capital plus the LC Participation Amount will not exceed the Facility Limit;

 

(v)         the
LC Participation Amount will not exceed the LC Limit;

 

(vi)        the
Termination Date has not occurred; and

 

(vii)       the
Aggregate Capital plus the Adjusted LC Participation Amount exceeds the Minimum Funding Threshold.

 

    	 	Exhibit A-2	 

     

    

  

IN WITNESS WHEREOF, the
undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

	 	Very truly yours,
	 	 
	 	BRIGHTVIEW FUNDING LLC
	 	 
	 	 
	 	 
	 	By:	                    
	 	Name:
	 	Title:

 

    	 	Exhibit A-3	 

     

    

 

EXHIBIT B

Form of Reduction Notice

 

[Letterhead of Borrower]

 

[Date]

 

[Administrative Agent]

 

[Lenders]

 

		Re:	Reduction Notice

 

Ladies and Gentlemen:

 

Reference is hereby made
to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC, as borrower (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, PNC Bank, National Association,
as Administrative Agent (in such capacity, the “Administrative Agent”), and PNC Capital Markets LLC, as Structuring
Agent (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms
used in this Reduction Notice and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

 

This letter constitutes
a Reduction Notice pursuant to Section 2.02(d) of the Agreement. The Borrower hereby notifies the Administrative Agent
and the Lenders that it shall prepay the outstanding Capital of the Lenders in the amount of [$_______] to be made on [_____,
201_]. After giving effect to such prepayment, the Aggregate Capital will be [$_______].

 

The Borrower hereby represents
and warrants as of the date hereof, and after giving effect to such reduction, as follows:

 

(i)          the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement
are true and correct in all material respects on and as of the date of such prepayment as though made on and as of such date unless
such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all
material respects on and as of such earlier date;

 

(ii)         no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such prepayment;

 

(iii)        no
Borrowing Base Deficit exists or would exist after giving effect to such prepayment;

 

(iv)        the
Termination Date has not occurred; and

 

(v)         the
Aggregate Capital plus the Adjusted LC Participation Amount exceeds the Minimum Funding Threshold.

 

    	 	Exhibit B-1	 

     

    

 

In
Witness Whereof, the undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

	 	Very truly yours,
	 	 
	 	BRIGHTVIEW FUNDING LLC
	 	 
	 	By:	                  
	 	Name:
	 	Title:

 

    	 	Exhibit B-2	 

     

    

 

EXHIBIT C

Form of Assignment and Acceptance Agreement

 

Dated as of
___________, 20__

 

Section 1.

 

	Commitment assigned:	$[_____]
	Assignor’s remaining Commitment:	$[_____]
	Capital allocable to Commitment assigned:	$[_____]
	Assignor’s remaining Capital:	$[_____]
	Interest (if any) allocable to Capital assigned:	$[_____]
	Interest (if any) allocable to Assignor’s remaining Capital:	$[_____]

 

Section 2.

 

Effective Date of this Assignment
and Acceptance Agreement: [__________]

 

Upon execution and delivery
of this Assignment and Acceptance Agreement by the assignee and the assignor and the satisfaction of the other conditions to assignment
specified in Section 13.03(b) of the Agreement (as defined below), from and after the effective date specified above, the
assignee shall become a party to, and, to the extent of the rights and obligations thereunder being assigned to it pursuant to
this Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under that certain Receivables Financing
Agreement, dated as of April 28, 2017 among BrightView Funding LLC, as Borrower, BrightView Landscapes, LLC, as Servicer, the Lenders
party thereto, the Lenders party thereto, the LC Participants party thereto, PNC Bank, National Association, as Administrative
Agent and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from
time to time, the “Agreement”).

 

(Signature Pages Follow)

 

    	 	Exhibit C-1	 

     

    

 

	ASSIGNOR: 	[_________]
	 	 
	 	By:	                         
	 	Name:
	 	Title
	 	 
	ASSIGNEE: 	[_________]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	[Address]

 

Accepted as of date first above

written:

 

	PNC BANK, NATIONAL ASSOCIATION,	 
	as Administrative Agent 	 
	 	 
	By:	                         	 
	Name:	 
	Title:	 
	 	 
	 	,
	as Borrower	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

    	 	Exhibit C-2	 

     

    

 

EXHIBIT D

Form of Letter of Credit Application

 

(Attached)

 

    	 	Exhibit D-1	 

     

    

 

EXHIBIT E

Credit and Collection Policy

 

(Attached)

 

    	 	Exhibit E-1	 

     

    

 

EXHIBIT F

Form of Monthly Report

 

(Attached)

 

    	 	Exhibit F-1	 

     

    

 

EXHIBIT G

Form of Compliance Certificate

 

To: PNC Bank, National Association, as Administrative
Agent

 

This Compliance Certificate
is furnished pursuant to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC
(the “Borrower”), BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party
thereto, the LC Participants party thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative
Agent”) and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise
modified from time to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to them in the Agreement.

 

THE UNDERSIGNED HEREBY
CERTIFIES THAT:

 

1.          I
am the duly elected ________________of the Servicer.

 

2.          I
have reviewed the terms of the Agreement and each of the other Transaction Documents and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period covered
by the attached financial statements.

 

3.          The
examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition
or event which constitutes an Event of Default or an Unmatured Event of Default, as each such term is defined under the Agreement,
during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[,
except as set forth in paragraph 5 below].

 

4.          Schedule
I attached hereto sets forth financial statements of the Performance Guarantor and its Subsidiaries for the period referenced
on such Schedule I.

 

[5.          Described
below are the exceptions, if any, to paragraph 3 above by listing, in detail, the nature of the condition or event, the period
during which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition
or event:]

 

    	 	Exhibit G-1	 

     

    

 

The foregoing certifications
are made and delivered this ______ day of ___________________, 20___.

 

[_________]

 

	By:	 
	Name: 	 
	Title:	 

 

    	 	Exhibit G-2	 

     

    

 

SCHEDULE I
TO COMPLIANCE CERTIFICATE

 

A.           Schedule
of Compliance as of ___________________, 20__ with Section 8.02(a) of the Agreement. Unless otherwise defined herein,
the terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

 

This schedule relates to
the month ended: __________________.

 

B.           The
following financial statements of the Performance Guarantor and its Subsidiaries for the period ending on ______________, 20__,
are attached hereto:

 

    	 	Exhibit G-3	 

     

    

 

EXHIBIT H

Closing Memorandum

 

(Attached)

 

    	 	Exhibit H-1	 

     

    

 

EXHIBIT I

Form of Interim Report

 

    	 	Exhibit I-1	 

     

    

 

EXHIBIT J

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and
(iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the
Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 	  
	 	Name:
	 	Title:

 

Date: ________ __, 20[ ]

 

    	 	Exhibit J-1	 

     

    

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 	 
	 	Name:
	 	Title:

 

Date: ________ __, 20[ ]

 

    	 	Exhibit J-2	 

     

    

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 	 
	 	Name:
	 	Title:

 

Date: ________ __, 20[ ]

 

    	 	Exhibit J-3	 

     

    

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such Loan(s), (iii) with respect to the extension of credit pursuant to the Agreement or any other Transaction Document, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct
or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code
and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

[NAME OF LENDER]

	By: 	 
	 	Name:
	 	Title:

 

Date: ________ __, 20[
]

 

    	 	Exhibit J-4	 

     

    

 

SCHEDULE I

Commitments

 

	Party	Capacity	Commitment
	PNC 	Lender	$175,000,000200,000,000
	PNC 	LC Participant	$50,000,000
	PNC 	LC Bank	N/A

 

    Schedule I-1

     

    

 

SCHEDULE III

Notice Addresses

 

		(A)	in the case of the Borrower, at the following address:

 

BrightView Funding LLC

401 Plymouth Road, Suite 500

Plymouth Meeting, PA 19462

Telephone: 484-567-7215

Attention: Katriona Knaus

 

with a copy to:

 

BrightView Landscapes, LLC

401 Plymouth Road, Suite 500

Plymouth Meeting, PA 19462

Telephone: 484-567-7220

Attention: Jonathan Gottsegen

 

		(B)	in the case of the Servicer, at the following address:

 

BrightView Landscapes, LLC

401 Plymouth Road, Suite 500

Plymouth Meeting, PA 19462

Telephone: 484-567-7220

Attention: Jonathan Gottsegen

 

		(C)	in the case of the Administrative Agent, at the following
address:

 

PNC Bank, National Association

300 Fifth Avenue

11th Floor

Pittsburgh, PA 15222

Telephone: (412) 768-3090

Facsimile: (412) 762-9184

Attention: Robyn Reeher

 

		(D)	in the case of the LC Bank, at the following address:

 

PNC Bank, National Association

300 Fifth Avenue

11th Floor

Pittsburgh, PA 15222

Telephone: (412) 768-3090

Facsimile: (412) 762-9184

Attention: Robyn Reeher

 

(E)         in
the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at
such other address as shall be designated by such Person in a written notice to the other parties to this Agreement.

 

    Schedule III-1EX-4.1

 Exhibit 4.1 

QUÉBEC 
 2.250% GLOBAL
NOTES SERIES QV 
 DUE February 22, 2024 
  

 
  

FISCAL AGENCY AGREEMENT 
  

 

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT, dated as of February 22, 2019, 
  

	BETWEEN:	 QUÉBEC, as issuer 

(the “Issuer”), 
  

	AND:	 BNY Trust Company of Canada, a trust company existing under the federal laws of Canada, as fiscal agent,
registrar, principal paying agent and transfer agent 

 (in all such capacities, the
“Registrar”), 
 WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated February 14,
2019, among the Issuer, on the one hand, and RBC Dominion Securities Inc., acting jointly on behalf of itself and on behalf of the several Representatives and the several Underwriters named therein, on the other hand, which incorporates by reference
all of the provisions of the Québec Underwriting Agreement Standard Provisions (Debt Securities), dated February 14, 2019, the Issuer has agreed to create, issue and sell CAN$800,000,000 aggregate principal amount of 2.250% Global Notes
Series QV due February 22, 2024 (herein collectively called the “Notes” or, individually, a “Note”); 

WHEREAS the sale of the Notes pursuant to the Terms Agreement has taken place as described in a Prospectus Supplement, dated
February 14, 2019 which contains a description of the Notes and the clearing and settlement procedures related thereto; 

WHEREAS the Notes are issuable in the form of one or more fully registered global certificates (the “Global Notes”)
registered in the name of CDS & Co., as nominee of CDS Clearing and Depository Services Inc. (“CDS”), with beneficial interests in the Notes represented, with limited exceptions, through book-entry accounts of financial
institutions acting on behalf of owners of such beneficial interests as direct and indirect participants in CDS; 
 WHEREAS
owners of beneficial interests in the Notes are not, except in limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), entitled to receive Notes represented
by physical certificates or to have Notes registered in their names; and 
 WHEREAS all Notes are recorded in a register held
by the Registrar (the “Register”), and are registered in the name of CDS & Co., for the benefit of holders of Notes through CDS via its direct and indirect participants, including Euroclear SA/NV (“Euroclear”) and
Clearstream Banking S.A. (“Clearstream, Luxembourg”) (together, the “Clearing Systems”); 

 NOW THEREFORE it is hereby agreed as follows: 

 

	1.	 Definitions 

(1) Terms and expressions defined in the terms and conditions of the Notes attached as Schedule B shall have the same meaning when used in this
Agreement unless otherwise defined herein or unless the context otherwise requires. “Noteholders” or “holders of Notes” or “holders” or “registered holders” refers to persons
entered in the Register as registered holders of Notes. 
 (2) “Corporate Trust Office of the Registrar” will be at the address of
the Registrar specified in Section 21 (General) hereof or such other address as to which the Registrar may give notice to the Issuer. 

(3) “Responsible Officer” means any officer within the Corporate Trust Office of the Registrar, including any director, vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Registrar customarily performing functions similar to those performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for the administration of this
Agreement. 
  

	2.	 Appointment 

The Issuer hereby appoints BNY Trust Company of Canada as its registrar, fiscal agent, transfer agent and principal paying agent in respect of the Notes
upon and subject to the terms and conditions herein and therein contained and BNY Trust Company of Canada hereby accepts such appointments. 
  

	3.	 Issue of the Notes 

(1) The Notes shall be issued in the form of one or more fully registered Global Notes registered in the name of CDS & Co., as nominee of CDS,
and shall be executed by the Issuer. The Global Notes will be substantially in the form attached as Schedule A, with such changes as may be agreed between the Issuer and the Registrar. The aggregate principal amount of Notes to be issued and
outstanding at any time in the form of the Global Notes or physical certificates (the “Certificated Notes”) issued in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated
Notes) shall not exceed CAN$800,000,000 except to the extent that Notes are further issued in accordance with Section 19 (Further Issues). Forthwith after such execution, the Global Notes shall be delivered to the Registrar and shall
be authenticated by the Registrar (or by such other person as the Registrar may appoint for such purpose with the consent of the Issuer), and delivered to or to the order of the Issuer pursuant to a written direction of the Issuer. 

(2) Owners of beneficial interests in the Global Notes will not, except in the limited circumstances described in Section 5 (Replacements,
Exchange and Transfer of the Global Notes and the Certificated Notes), be entitled to receive Notes represented by Certificated Notes or to have Notes registered in their names and will not be considered holders thereof under this Agreement or
the Notes. The Certificated Notes, if any, will be substantially in the form of the Global Notes attached as Schedule A with the appropriate changes thereto (and including a summary of terms and condition of the Notes), consistent with the
provisions of this Agreement, as may be agreed between the Issuer and the Registrar. 

  
 - 2 - 

 (3) The Global Notes shall be issued and delivered only to or to the order of CDS & Co., as
nominee for CDS or its successor appointed by the Issuer in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes). The Global Notes shall be in the principal amount from time to
time endorsed thereon. The Registrar shall cause CDS to establish on its book-entry Clearing System an account in the name of the Registrar, as registrar and transfer agent for the Notes (the “Registrar Segregated Account”), for the
purpose of facilitating the initial distribution of Notes in accordance with procedures previously agreed to by the Issuer, the Registrar and CDS and for the purpose of facilitating the subsequent transfer of Notes between CDS participants
(including Euroclear and Clearstream, Luxembourg and participants through their respective Canadian sub-custodians). The Registrar Segregated Account is maintained exclusively for book-keeping purposes and for
purposes of facilitating timely transfers of Notes, and the Registrar shall not be deemed the owner or holder of the Notes recorded therein for any purpose under this Agreement or under the terms of the Notes. The Issuer acknowledges and agrees that
the Registrar Segregated Account will be subject to the agreements, rules and procedures from time to time governing CDS participant accounts (collectively, the “CDS Agreements”). 

(4) So long as CDS & Co., as nominee of CDS, is the registered owner of the Global Notes and subject to applicable law, CDS or its nominee, as
the case may be, will be considered the sole owner or holder of the Notes represented by the Global Notes for all purposes under this Fiscal Agency Agreement and the Notes. Notwithstanding any notice to the contrary, neither the Issuer nor the
Registrar will have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by the Clearing Systems on account of beneficial ownership interests in the Global Notes or for maintaining,
supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 
 (5) The Global Notes and the
Certificated Notes shall be signed (either manually or by facsimile signature) by the Minister of Finance or the Deputy Minister of Finance or any other authorized representative of the Issuer, and shall be authenticated by the Registrar upon
written authorization of the Issuer (or by such other person as the Registrar may appoint for such purpose with the consent of the Issuer). 
  

	4.	 The Register and Transfers 

(1) The Registrar, as registrar and transfer agent of the Issuer, shall maintain at its Corporate Trust Office, and shall make available for inspection
by the Issuer upon demand at its corporate trust office in Montréal, a Register for (i) registering and maintaining a record of the aggregate holdings of Notes, (ii) registering transfers between holders of Notes,
(iii) registering and maintaining a record of holders of Certificated Notes in the event any are issued in the limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated
Notes), (iv) registering transfers of Certificated Notes in the event any are issued in the limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes) and
(v) registering and maintaining a record of any further issues of Notes pursuant to Section 19 (Further Issues) and any subsequent transfers thereof and shall be responsible for transmitting to the Issuer any notices from holders of
Notes. 
 (2) In the event Certificated Notes are issued in exchange for the Global Notes under the limited circumstances described in Section 5
(Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), the Registrar shall (i) register and maintain a record of holders 

  
 - 3 - 

 
of Certificated Notes and (ii) register transfers of Notes among holders of Certificated Notes and between holders of Certificated Notes and participants in CDS, in accordance with such
procedures as the Registrar shall deem reasonable upon consultation with the Issuer. 
 (3) The Registrar shall not be required to inquire into, or
take any action in respect of, transfers of beneficial ownership interests in the Global Notes (i) within Euroclear or Clearstream, Luxembourg or between Euroclear and Clearstream, Luxembourg participants, or (ii) between CDS participants.

 (4) No service charge shall be payable by the presenter for any registration, registration of transfer or exchange of the Notes provided that the
Registrar may require payment by the transferee of a sum sufficient to cover any stamp or other tax or governmental charge in connection therewith. 

(5) The Register shall at all reasonable times during regular business hours be open for inspection by the Issuer and any agent of the Issuer. In the
event of any discrepancy between the principal amount of the Global Notes and the aggregate principal amount of Notes held by CDS & Co. as shown on the Register, the aggregate principal amount of Notes as shown on the Register shall
prevail. 
 (6) Neither the Issuer nor the Registrar shall be required (i) to register the transfer or exchange of any Notes on any Interest
Payment Date (as such term is defined in the Note) or during a period commencing at the close of business of the Montréal office of the Registrar on the 14th calendar day immediately preceding any such Interest Payment Date and ending on
such Interest Payment Date; (ii) to register the transfer or exchange of any Notes during the period commencing at the close of business of the Montréal office of the Registrar on the record date of any notice by the Issuer of any Notes
to be redeemed or purchased through the date the notice of redemption or purchase is given; or (iii) to register the transfer or exchange of any Notes called for redemption unless upon due presentation thereof such Notes called for redemption
shall not be redeemed. 
 (7) Subject to applicable law, the Issuer, the Registrar or any other agents of the Issuer or the Registrar shall not be
charged with notice of or be bound to see to the execution of any trust, whether express, implied or constructive, in respect of any Notes and may register the transfer of any Notes on the direction of the holder thereof, whether named as trustee or
otherwise, as though that person were the beneficial owner thereof. 
 (8) The Registrar shall not incur any liability for not performing any act or
fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence of a superior force beyond the control of the Registrar (including but not limited to any act or provision of any present or future law or regulation or
governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the loss or malfunction of utilities, computer (hardware or software) or communications services, or unavailability of
the Large Value Transfer System or facsimile or other wire or communication facility or any other event that is unforeseeable). 

(9)      The duties, responsibilities and obligations of Registrar shall be limited to those expressly set forth in this
Agreement and no duties, responsibilities or obligations arising out of the Terms Agreement and the Underwriting Agreement Standard Provisions (or any other agreements relating to the Notes) shall be inferred or implied against the Registrar. The
Registrar shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder. 

  
 - 4 - 

 (10)      The Registrar may consult with legal counsel of its own
choosing, at the expense of the Issuer, as to any matter relating to this Agreement, and the Registrar shall not incur any liability in acting in good faith in accordance with any advice from such counsel. 

(11)      The Registrar may employ, with the prior notice to the Issuer, a custodian, agent, nominee or delegate to
transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Registrar (including the receipt and payment of money) and shall not be responsible for the misconduct or negligence of any such agent
appointed with due care. 
  

	5.	 Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes 

(1) The Registrar, or an agent duly authorized by the Registrar, is hereby authorized from time to time in accordance with the provisions of the Notes
and of this Section 5 to authenticate and deliver: 
 (a)    the Global Notes or the Certificated Notes, as
the case may be, in exchange for or in lieu of the Global Notes or the Certificated Notes, as the case may be, outstanding on the Register with the same maturity and of like form which have become mutilated, defaced, destroyed, stolen or lost,
provided that the applicant therefor shall have (i) paid such costs as may have been incurred in connection therewith; (ii) surrendered to the Registrar any mutilated or defaced Global Notes or Certificated Notes, as the case may be, to be
replaced; and (iii) in the case of lost, stolen or destroyed Global Notes or Certificated Notes, as the case may be, furnished the Registrar with such evidence (including evidence as to the serial number of the Global Notes or the Certificated
Notes in question) and indemnity in respect thereof as the Issuer and the Registrar may require; 

(b)    Certificated Notes in an authorized form and denomination in exchange for a like aggregate principal amount
of Certificated Notes; and 
 (c)    upon any registration of a transfer, a new Global Note or, as the case may
be, a new Certificated Note which shall be issued to the new holder in replacement of the existing Global Note or Certificated Note thus transferred. Such new Global Note or, as the case may be, new Certificated Note, shall be duly authenticated by
the Registrar. Each new Global Note or Certificated Note authenticated and delivered upon any registration of transfer or exchange for or in lieu of the whole or any part of any Global Note or Certificated Note shall carry all the rights to
interest, if any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Global Note or Certificated Note, and notwithstanding anything to the contrary herein contained, such new Global Note or Certificated Note
shall be dated the date of the authentication of such Global Note or Certificated Note. 
 (2) Québec will issue or cause to be issued Notes
represented by fully registered Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the Global Notes in denominations of CAN$5,000 and in multiples of CAN$1,000 in excess thereof (i) if CDS notifies
Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the Securities Act (Quebec) or similar securities legislation applicable in Canada, at a
time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days after receiving such notice 

  
 - 5 - 

 
or becoming aware that CDS is no longer so registered; (ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or
(iii) upon request by CDS to the Registrar, acting on direct or indirect instructions of the registered holder of a Global Note or any owner of beneficial interests in the Global Note, but only after an event of default entitling the registered
holders to give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by them and represented by the Global Note to be due and payable has occurred and is continuing, or, if CDS is unwilling or does not
promptly make that request, then any beneficial owner of an interest in such Global Note shall be entitled to make such request to CDS with respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing any
Certificated Notes. 
 (3) Upon any such issuance pursuant to Section 5(2) of the Certificated Notes in exchange for all the Notes represented by
the Global Notes, (i) the Issuer shall promptly make available to the Registrar a reasonable supply of Certificated Notes in blank form to proceed with such issuance, (ii) CDS shall cause the Global Notes to be delivered to the Registrar
and provide the Registrar with the necessary registration information for such Certificated Notes, (iii) the Registrar shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of the
Global Notes to be exchanged for such Certificated Notes, (iv) the Registrar shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of CDS new Global Notes equal to the unexchanged portion of
any such Global Notes partially exchanged for Certificated Notes and (v) the Registrar shall reduce accordingly the holdings of CDS & Co. on the Register. The Registrar shall have at least 30 days from the date of its receipt of
Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as CDS, pursuant to instructions from direct or indirect
participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented
by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to the Registrar, CDS or the transferee. On or after any such
exchange, the Registrar shall direct all payments in respect of such Certificated Notes to the registered holders thereof, including when such exchange occurred after the record date for any payment due and prior to the date of such payment. 

(4) The Issuer expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note in
accordance with this Section 5, then an owner of a beneficial interest will be entitled to pursue any remedy under this Agreement, the Global Notes or applicable law with respect to the portion of the Global Note representing that owner’s
interest in the Global Note as if Certificated Notes had been issued. 
 (5) Unless the Global Notes are presented by an authorized representative of
CDS to the Issuer, the Registrar or their respective agents for registration of transfer, exchange or payment, and any replacement Global Notes are registered in the name of a nominee of CDS and any payment is made to such nominee, any transfer,
pledge or other use of the Global Notes for value or otherwise shall be wrongful since the registered holders of the Global Notes have an interest in the Notes evidenced by the Global Notes. 

  
 - 6 - 

	6.	 Paying Agents and Transfer Agents 

The Registrar shall act as the principal paying agent and transfer agent for the Issuer in connection with the Notes. The Issuer may
appoint any additional paying agents or transfer agents or terminate the appointment of any paying agents or transfer agents, except that if Certificated Notes are issued and for so long as the Notes are listed on the Euro MTF Market of the
Luxembourg Stock Exchange and if the rules of such stock exchange on which the Notes are listed so require, the Issuer will appoint and maintain a paying agent and transfer agent in Luxembourg (the “Luxembourg Paying Agent”) to act on its
behalf. 
  

	7.	 Payments by the Issuer to the Registrar 

(1) The Issuer agrees to provide to the Registrar by 10:00 a.m., Montréal time, on each date on which a payment of principal or interest (and any
Additional Amounts) in respect of the Notes is due (each a “Payment Date”) pursuant to the terms and conditions of the Notes such amount as is required to be paid on such date in immediately available funds in CAN dollars to an account
designated by the Registrar. 
 (2) All monies paid to the Registrar pursuant to and for the payment of the amounts referred to in this Section 7
shall be received and held by the Registrar as agent for the Issuer and shall be applied to the payment of the appropriate CAN dollar amounts at the time and in the manner provided in this Agreement and the Notes. 

(3) All monies paid to the Registrar pursuant to this Agreement shall be held by the Registrar in an account under arrangements agreed upon separately
by the Issuer and the Registrar from the moment when such monies are received until the time of actual payment for the benefit of the holders of the Notes and the Registrar shall apply such amount for payment of principal and interest (and any
Additional Amounts) due in respect of the Notes. If for any reason, the amounts paid to the Registrar pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in respect of all Notes, the Registrar shall not be
obliged to pay any such claims until the Registrar has received the full amount of the monies that are due and payable. Subject to any relevant unclaimed property laws, the Registrar shall, to the extent permitted by law, return to the Issuer any
funds transferred to it for payments with respect to the Notes that are not so paid by the Registrar at the expiration of three years after the due date for payment thereof; thereafter, the holders of Notes shall look only to the Issuer for any
payment of such funds. 
  

	8.	 Payment of Notes 

(1) All payments in respect of the Notes represented by Global Notes or Certificated Notes will be made by the Registrar, as paying agent of the Issuer,
to the registered holders of such Global Notes or Certificated Notes after receipt of such payments from the Issuer as provided in Section 7 (Payments by the Issuer to the Registrar) and as set forth in the terms and conditions of the
Notes. 
 (2) The Registrar, as paying agent and registrar of the Issuer, shall maintain at its Corporate Trust Office, and shall make available for
inspection by the Issuer upon demand at its corporate trust office in Montréal, a Register for ensuring that payments of principal and interest in respect of the Notes received by the Registrar from the Issuer are duly credited to
CDS & Co. 

  
 - 7 - 

 (3) The Issuer shall have the right to require a holder of a Note, as a condition of payment of the
principal of, or interest (and any Additional Amounts) on a Note, to deliver to the Registrar a certificate in such form as the Issuer may from time to time prescribe in order to enable the Issuer to determine its duties and liabilities with respect
to (i) any taxes, assessments or governmental charges which the Issuer, the Registrar or the paying agent may be required to deduct or withhold from payments in respect of such Note under any present or future law of Canada or Québec or
any regulation thereunder and (ii) any reporting or other requirements under such law or regulation. The Issuer shall be entitled to determine its duties and liabilities with respect to such deduction, withholding, reporting or other
requirements on the basis of information contained in such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law or regulation and shall be entitled to act in accordance with such
determination. 
 (4) Subject to applicable law and the terms hereof, the Issuer, the Registrar and any other agent of the Issuer or the Registrar
shall deem and treat the person whose name appears in the Register as the registered holder of a Note as the absolute owner thereof for all purposes whatsoever notwithstanding any notice to the contrary, and any payment in CAN dollars of or on
account of the principal of, and interest, and any Additional Amounts on such Note shall be made only to or to the order in writing of such holder, and such payment shall be valid and shall discharge the liability of the Issuer or the Registrar and
any other agent of the Issuer or the Registrar on such Note to the extent of the sum or sums so paid. 
 (5) The registered holder of any Note shall
be entitled to the payments of principal of, and interest, and any Additional Amounts on such Note, free from all rights of set-off or counterclaim between the Issuer and the original or any intermediate
holder thereof and all persons may act accordingly and a transferee of a Note shall, after the appropriate form of transfer is lodged with the Registrar or other agent of the Issuer or the Registrar for the purpose and upon compliance with all other
conditions relating thereto required by this Agreement or by any conditions contained in such Note or by law, be entitled to be entered on the Register as the owner of such Note free from all rights of set-off
or counterclaim between the Issuer and his transferor or any previous holder thereof, save in respect to rights of which the Issuer is required to take notice by statute or by order of a court of competent jurisdiction. Delivery to the Issuer or the
Registrar by a Noteholder of a Note or the receipt by such holder of the principal, interest and any Additional Amounts in respect of such Note shall be a valid discharge to the Issuer and the Registrar, which shall not be bound to inquire into the
title of such holder, save as ordered by a court of competent jurisdiction or as required by statute. 
 (6) Where a Note is registered in more than
one name, the principal and interest and any Additional Amounts from time to time payable in respect thereof shall be paid to or to the order of all the joint holders thereof, failing written instructions to the contrary from all such joint holders,
and such payment shall be a valid discharge to the Issuer, the Registrar and any other agent of the Issuer or the Registrar. 
 (7) In the case of the
death of one or more joint holders, the principal of, and interest, and any Additional Amounts on any Notes registered in their names may, notwithstanding sub-Section (4) of this Section 8, be paid
to the survivor or survivors of such holders whose receipt therefor shall constitute a valid discharge to the Issuer, the Registrar and any other agent of the Issuer or the Registrar. 

  
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	9.	 Cancellation of Notes 

All Certificated Notes that are presented for transfer pursuant to Section 4(1), all Notes that are presented for replacement,
exchange or registration of transfer pursuant to Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes) or repaid on maturity or redeemed or purchased shall, upon such registration of transfer,
replacement or exchange or upon payment being made, be cancelled by the Registrar. The Registrar shall, as soon as reasonably possible after the date of any such registration of transfer, replacement, exchange, redemption, purchase or payment,
furnish the Issuer with a certificate or certificates stating: (i) the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed, purchased or repaid; and (ii) the amount, if any, paid in respect of such Notes.
Unless otherwise instructed by the Issuer, the Registrar shall destroy the cancelled Notes in its possession in accordance with its customary procedure and provide the Issuer with a destruction certificate duly signed by a representative of the
Registrar. 
  

	10.	 Maturity, Redemption and Purchase 

(1) Unless previously redeemed for tax reasons as provided in the terms and conditions of the Notes, or purchased, the principal amount of the Notes
shall be due and payable on February 22, 2024. 
 (2) In accordance with the terms and conditions of the Notes, upon receipt of a notice of
intention to redeem as contemplated in the provisions under “Maturity, Redemption and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 60 days prior to the date fixed for redemption, the Issuer
shall cause to be given to the Holders (with a copy to the Registrar), in accordance with the provisions under “Notices” in the terms and conditions of the Notes, a notice of redemption stating: (i) the date fixed for redemption,
(ii) the CUSIP Number, (iii) the redemption price and (iv) if applicable, the place or places of surrender of the Notes to be redeemed. The Issuer may request the Registrar to deliver such notice of redemption to Holders on its behalf
provided that the Issuer has given such request to the Registrar at least five (5) Business Days prior to the last day on which notice of redemption may be given to the Holders. 

(3) The Issuer may, if not in default under the Notes , purchase Notes at any time in any manner and at any price. If the purchases are made by tender,
tenders must be available to all holders of the Notes alike. 
  

	11.	 Availability of Documents 

The Registrar shall make copies of the Fiscal Agency Agreement and the Form of Notes available for inspection, free of charge, by
Noteholders during regular business hours at the Corporate Trust Office of the Registrar. 
  

	12.	 Fees 

The Issuer shall pay to the Registrar such fees and expenses (including but not limited to fees, expenses and disbursements of counsel
and agents) for its services hereunder as are agreed separately by the Issuer and the Registrar, including any applicable value added or equivalent tax. 

  
 - 9 - 

	13.	 Further Reports 

The Registrar shall provide the Issuer upon written request such information regarding the administration of the Notes expressed in such
form as the Issuer may reasonably require. The Registrar shall transmit to the Issuer promptly any notices or other communications addressed to the Issuer that a Responsible Officer may receive in connection with the Notes, including any notice of
any legal action or proceeding which may be brought against the Issuer. 
  

	14.	 Meetings of Holders of Notes 

(1) The Registrar shall, on receipt of a written request of the Issuer or a written request signed in one or more counterparts by the beneficial holders
of not less than 10% of the principal amount of the Notes then outstanding and upon being indemnified to its satisfaction by the Issuer or the beneficial holders of Notes signing such request against the costs which may be incurred in connection
with the calling and holding of such meeting, convene a meeting of the holders of Notes for any lawful purpose affecting their interests. If the Registrar fails to give notice convening such meeting within 30 days after receipt of such request and
indemnity satisfactory to it, the Issuer or such beneficial holders of Notes, as the case may be, may convene such meeting. Every such meeting shall be held in Montréal or such other place as may be approved or determined by the Registrar.

 (2) At least 21 days’ notice of any meeting shall be given to the holders of the Global Notes or Certificated Notes, as the case may be, in
the manner provided pursuant to the provisions under “Notices” in the terms and conditions of the Notes, and a copy thereof shall be sent by mail to the Registrar unless the meeting has been called by it, and to the Issuer, unless the
meeting has been called by the Issuer. Such notice shall state the day, time, place and purpose of the meeting and the general nature of the business to be transacted thereat, and shall include a statement to the effect that, prior to 48 hours prior
to the time fixed for the meeting, (i) in the limited circumstances in which Certificated Notes have been issued, those holders of Certificated Notes who deposit such Notes with the Registrar, or any other person authorized for such purpose by
the Registrar or the Issuer or (ii) in the case of Notes being represented by the Global Notes, those persons recorded in the Register, shall be entitled to obtain voting certificates for appointing proxies, but it shall not be necessary for
any such notice to set out the terms of any resolution to be proposed at such meeting or any other provisions. 
 (3) A holder of Notes may appoint
any person by instrument in writing as the holder’s proxy in respect of a meeting of the holders of Notes or any adjournment of such meeting, and such proxy shall have all rights of the holder of Notes in respect of such meeting. All notices of
meetings to the holder of a Global Note shall contain a requirement that the Clearing Systems must notify Clearing Systems participants and, if known, owners of beneficial interests in the Global Notes of the meeting in accordance with procedures
established from time to time by the Clearing Systems. The registered holders of Notes shall seek voting instructions on the matters to be raised at such meeting from the Clearing Systems participants or, if known, from the owners of beneficial
interests in the Global Notes in accordance with the applicable procedure of the Clearing Systems. For greater certainty, it is acknowledged that none of the Issuer, the Registrar, any clearing agency or any intermediary or participant shall be
required to comply with the time limits set out in the applicable procedure of the Clearing Systems but shall use all reasonable efforts to otherwise comply with such procedure and attempt to provide
non-registered holders of the Notes with meeting materials and voting rights as if such non-registered holders of Notes were registered holders thereof. 

  
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 (4) Some person, who need not be a holder of Notes, nominated in writing by the Registrar shall be
chairman of the meeting and if no person is so nominated or if the person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the holders of the Notes present in person or by proxy shall choose some
person present to be chairman, and, failing such choice, the Issuer may appoint a chairman. 
 (5) At a meeting of holders of Notes, a quorum shall
consist of two or more holders of Notes present in person or by proxy who represent at least a majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any meeting, the meeting, if convened by or at the request of holders of Notes, shall be dissolved, but if otherwise convened, the meeting shall stand adjourned without
notice to the same day in the next week (unless such day is not a business day in the place where the meeting is to take place in which case it shall stand adjourned until the next such business day following thereafter) at the same time and place
unless the chairman shall appoint some other place, day or time of which not less than seven days’ notice shall be given in the manner provided above. At any adjourned meeting called by the Issuer or the Registrar, two or more holders of Notes
present in person or by proxy shall constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that they may not represent at least a majority in aggregate principal amount of the Notes then
outstanding. 
 (6) The chairman of any meeting at which a quorum of the holders of Notes is present may, with the consent of the holder(s) of a
majority in aggregate principal amount of the Notes represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 

(7) Every motion or question submitted to a meeting shall be decided by Extraordinary Resolution (as hereinafter defined) and in the first place by the
votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a
particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by the chairman or demanded by a show of hands by one or more holders of Notes acting in person or by proxy and holding at least 2% in aggregate
principal amount of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall direct. 
 (8) In a poll, each holder of
Notes present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each CAN$1,000 principal amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the
case of Notes held jointly, any one of the joint holders present in person or by proxy may vote in the absence of the other or others; but in case more than one of them is present in person or by proxy, only one of them may vote in respect of each
CAN$1,000 principal amount of Notes of which they are joint holders. 
 (9) The Issuer and the Registrar by their respective officers, directors and
representatives, and the legal advisors of the Issuer and the Registrar may attend any meeting of the holders of Notes, but shall have no vote as such. 

(10)    Subject to Section 16 (Amendments), in addition to all other powers conferred upon them by any other provision
of this Agreement or by law, holders of Notes at a meeting shall have the following powers, any one or combination of which may be exercised from time to time by Extraordinary Resolution: 

(a)            power to confirm any modification or amendment of this Agreement or the terms
and conditions of the Notes proposed by the Issuer; provided that, to the extent that such modification 

  
 - 11 - 

 
or amendment may affect the rights, duties, protections, indemnities and immunities of the Registrar, the Issuer shall not propose such modification or amendment and such power shall not be
exercised, without the prior written consent of the Registrar; 
 (b)            power to
direct or authorize the Registrar to exercise any power, right, remedy or authority given to it by this Agreement or the Notes in any manner specified in such Extraordinary Resolution or to refrain from exercising any such power, right, remedy or
authority; 
 (c)            power to waive and direct the Registrar to waive any default
on the part of the Issuer in complying with any provisions of this Agreement or the Notes or to waive future compliance with any provision or provisions of this Agreement or the Notes; and ; 

(d)            power to repeal, modify or amend any Extraordinary Resolution previously
passed by the holders of Notes; provided, however, that no such modification nor amendment to this Agreement or to the terms and conditions of the Notes or any other action taken may, (a) without the consent of the holder of each such Note
affected thereby: (i) change the stated maturity or interest payment date(s) of any such Note; (ii) reduce the principal amount of or rate of interest on any such Note; (iii) change the currency of payment of any such Note;
(iv) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (v) reduce the percentage of the holders of Notes necessary to modify or amend this Agreement or the terms and conditions of the
Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or (vi) reduce the percentage of outstanding Notes necessary to waive any future compliance or past default; or
(b) without the consent of the Registrar, alter the rights, duties, protections, indemnities or immunities of the Registrar. 

(11)    All actions that may be taken and all powers that may be exercised by the holders of Notes at a meeting held as hereinbefore
provided may also be taken and exercised by the holders of not less than 66 2/3% of the aggregate principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more counterparts, and the expression
“Extraordinary Resolution” when used in this Agreement shall include an instrument so signed. 
 (12)    The term
“Extraordinary Resolution” means a resolution proposed to be passed at a meeting of holders of the Notes duly convened for the purpose and held in accordance with the provisions of this Agreement and passed by the affirmative vote of the
holders of not less than 66 2/3% of the aggregate principal amount of the Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the outstanding
Notes. 
 (13)    Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance with the
provisions of this Agreement shall be made and entered in books to be from time to time provided for that purpose by the Registrar at the expense of the Issuer and any such minutes, if signed by the chairman of the meeting at which such resolutions
were passed or proceedings taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the
proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 

  
 - 12 - 

 (14)    Every Extraordinary Resolution passed in accordance with the provisions of
this Agreement at a meeting of holders of Notes shall be binding upon all the holders of Notes, whether present at or absent from such meeting, and every instrument in writing signed by holders of Notes in accordance with Section 14(11) shall
be binding upon all the holders of Notes (whether or not a signatory). Subject to the provisions for its satisfactory indemnity herein contained, the Registrar shall be bound to give effect accordingly to every such Extraordinary Resolution. 

(15)    The Registrar, or the Issuer with the approval of the Registrar, may from time to time make and from time to time vary such
regulations as it shall from time to time deem fit: 
 (a)            for the deposit of
instruments appointing proxies at such place as the Registrar, the Issuer or the holders of Notes convening a meeting, as the case may be, may in the notice convening such meeting direct; 

(b)            for the deposit of instruments appointing proxies at some approved place or
places other than the place at which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed or sent by any other means of recorded communication before the meeting to the Issuer or to the Registrar at
the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were produced at the meeting; and 

(c)            any regulation so made shall be binding and effective and votes given in
accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be entitled to vote at a meeting of holders of Notes shall be the holders thereof or their duly appointed proxies. 

(16)    The powers and any combination of the powers in this Agreement stated to be exercisable by the holders of Notes by
Extraordinary Resolution may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the holders of Notes to exercise such power or
powers or combination of powers then or any power or powers or combination of powers thereafter from time to time. 
 15.    Indemnities

 (1) The Issuer agrees to indemnify and hold harmless the Registrar against all claims, actions, demands, damages, costs, liabilities, expenses
and losses arising out of or relating to the Registrar’s duties as fiscal agent, registrar, transfer agent and principal paying agent hereunder for the Issuer, except such as may result from the Registrar’s gross negligence, willful
misconduct or bad faith (i.e., intentional or gross fault) or that of its directors, officers, employees or representatives. In no event shall the Registrar be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of business, goodwill, opportunity or profit) irrespective of whether the Registrar has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(2) This Section 15 shall survive the termination of this agreement, payment in full of all obligations of the Notes and under this Agreement,
whether by redemption, repayment or otherwise and the resignation or removal of the Registrar. 

  
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 16.    Amendments 

(1) This Agreement and the Notes may be amended by the Issuer and the Registrar without notice to or the consent of the holders of Notes, for the
purposes of: (i) curing any ambiguity; (ii) curing, correcting or supplementing any defective provisions contained herein or therein; (iii) effecting the issue of further Notes of the Issuer pursuant to Section 19 (Further
Issues); or (iv) in any other manner in which the Issuer, on the one hand, and the Registrar, on the other hand, acting on the advice of counsel, may deem necessary or desirable and which will not be inconsistent with this Agreement or the
Notes and which in the reasonable opinion of the Issuer will not materially adversely affect the interests of the holders of Notes. 
 (2) This
Agreement may also be amended by Extraordinary Resolution of the holders of the Notes as specified in Section 14 (Meetings of Holders of Notes) of this Agreement and in the terms and conditions of the Notes. 

17.    The Registrar 
 (1) In
acting under this Agreement and in connection with the Notes, the Registrar is acting solely as agent of the Issuer and does not assume any obligation or relationship of agency or trust with any of the holders of Notes, except that all amounts
received and held by the Registrar for payment in respect of the Notes shall be held in trust (i.e., as mandatary) for the holders of the Notes in an account or accounts for payment to the holders of Notes. The Registrar shall not be liable to pay
interest or investment income to the Issuer on any moneys received from the Issuer for the purposes of payment pursuant to Section 7 (Payments by the Issuer to the Registrar). 

(2) The Registrar shall be protected and shall incur no liability for action taken or not taken, or suffered to be taken or not taken, with respect to
all legal matters upon which it has received advice from counsel in good faith and in accordance with the opinions and advice of such counsel. 
 (3)
The Registrar and its officers, directors and employees may become the owners of, or acquire an interest in, any Notes, with the same rights that they would have if the Registrar was not acting as agent hereunder, and may engage or be interested in
any financial or other transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent for, any committee or body of holders of Notes or holders of other obligations of the Issuer as freely as if the Registrar was not
acting as agent hereunder. 
 (4) The Registrar may rely and shall be protected in acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, letter, telegram, telecopier or other paper or document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties and, in particular, may
rely and shall be protected in acting on the basis of any such notice which is given in accordance with the provisions hereof. 

  
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 18.    Resignation or Replacement of Registrar 

(1) The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer agent, and principal paying agent hereunder until the earlier
of (i) there being no Notes outstanding, or (ii) the Issuer having established to the satisfaction of the Registrar that the Issuer may avail itself of defenses under all relevant laws for the prescription of actions in respect of any
outstanding Notes. 
 (2) The Registrar may resign at any time by sending at least ninety days’ written notice by registered mail to the Issuer.
Upon receipt of such notice, the Issuer shall appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying agent under this Agreement. Subject to the provisions hereof, the Issuer
may terminate the appointment of the Registrar as registrar, fiscal agent, transfer agent and principal paying agent and appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying
agent under this Agreement provided that it gives the Registrar not less than ninety days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Registrar as registrar, fiscal agent, transfer agent
and principal paying agent shall take effect until the appointment of the successor registrar, fiscal agent, transfer agent and principal paying agent becomes effective. On the effective date of the resignation of the Registrar or of the termination
of its appointment as registrar, fiscal agent, transfer agent and principal paying agent, the Registrar shall deliver to the successor registrar, fiscal agent, transfer agent and principal paying agent all funds of the Issuer then held by it and the
Issuer shall pay to the Registrar all amounts owed by the Issuer to the Registrar, pursuant to this Agreement up to the said effective date. If within 30 days of receipt of the notice of such resignation by the Registrar, no successor registrar,
fiscal agent, transfer agent and principal paying agent shall have been appointed by the Issuer, then the Registrar may petition any court of competent jurisdiction for the appointment of a successor registrar, fiscal agent, transfer agent and
principal paying agent at the expense of the Issuer. 
 (3) If the Registrar shall be adjudged a bankrupt or insolvent, or shall file a voluntary
petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in writing of its inability to pay or meet its
debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of it or of its property or affairs, for the purposes of
rehabilitation, conservation or liquidation, a successor registrar, fiscal agent, transfer agent and principal paying agent shall be appointed by the Issuer. Upon such an appointment of a successor registrar, fiscal agent, transfer agent and
principal paying agent, the Registrar shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent, hereunder whether or not notice of such termination shall have been given. If no successor registrar, fiscal agent,
transfer agent and principal paying agent shall have been appointed by the Issuer, any holder of a Note, on behalf of itself and all other holders of Notes, or the Registrar, may petition any court of competent jurisdiction for the appointment of a
successor registrar, fiscal agent, transfer agent and principal paying agent. 
 (4) Any appointment by the Issuer of a paying agent or transfer agent
under this Section 18 shall be subject to Section 6 hereof. 

  
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 19.    Further Issues 

The Issuer may from time to time, without notice to or consent of the holders of the Notes, create and issue further notes having the
same terms and conditions as the Notes (or in all respects except for the payment of interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated
and form a single series with the outstanding Notes. Any further notes forming a single series with the outstanding Notes shall be issued with the benefit of and subject to an agreement supplemental to this Agreement. 

20.    Rights and Limitations of Liability of Registrar 

(1) The Registrar may not be relieved from liabilities for its own gross negligence, bad faith or willful misconduct (i.e., intentional or gross fault),
except that: 
 (a)            the Registrar will not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it is provided that the Registrar was negligent in ascertaining the pertinent facts; and 

(b)            the Registrar will not be liable with respect to any action it takes or omits
to take in good faith in accordance with a direction received by it at the direction of the Issuer or the requisite number of Noteholders, as the case may be. 

(2) The Registrar may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper person. 

(3) The Registrar shall not be charged with knowledge of documents to which it is not a party and delivery of any reports or information to the
Registrar do not constitute actual knowledge of the Registrar of the information contained in such reports or information. 

21.    General 
 (1) Any notice
pursuant to this Agreement shall be in writing in English. Any notice pursuant to this Agreement shall be deemed to have been duly given upon the dispatch of such notice by registered mail, “pdf” attachment to an e-mail or telecopy (receipt confirmation requested), addressed to the Issuer or to the Registrar as follows: 
  

					
	Issuer:	 	Address:	 	Ministère des Finances
		 		 	8, rue Cook, 2e étage
		 		 	Québec, Québec G1R 0A4
		 		 	Canada
		 	Attention:	 	Direction générale des opérations bancaires et financières
			
		 	Fax No:	 	(418) 528-1240
		 	Telephone No:	 	(418) 528-1479

  
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	With a copy to:	 		 	
			
		 	Address:	 	Ministère des Finances
		 		 	12 rue St-Louis, bureau 2.33
		 		 	Québec, Québec G1R 5L3
		 	Attention:	 	Documentation financière et conformité
		 	Fax No:	 	(418) 528-0984
		 	Telephone No:	 	(418) 643-8141
			
	Registrar:	 	Address:	 	BNY Trust Company of Canada
		 		 	1 York Street, 6th Floor
		 		 	Toronto, Ontario
		 		 	M5JOB6
		 	Fax No:	 	416-360-1711
		 	Telephone No:	 	416-933-8559
		 	E-Mail:	 	Brian.Cheng@bnymellon.com

 or to any other address or number of which either of the parties shall have notified the other in writing in accordance
with this provision. 
 (2) All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or
equivalent) or, if posted to an overseas address, by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Registrar; (ii) in the case of
Notes represented by a Global Note, if delivered to CDS for communication by it to the persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any
stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. As long as the Notes are listed on the Luxembourg Stock Exchange,
and the rules of the Luxembourg Stock Exchange so require, notices will be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the Luxembourg Stock Exchange website at
www.bourse.lu. Any such notice shall be deemed to have been given on the date of such delivery (or, if delivered more than once or on different dates, on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday
following such mailing and, in the case of publication, on the date of such publication or, if published more than once or on different dates, on the first date on which publication is made. 

(3) The Registrar shall be entitled to treat a facsimile, pdf or e-mail communication or communication by other
similar electronic means in a form satisfactory to the Registrar (“Electronic Methods”) from a person purporting to be (and whom the Registrar, acting reasonably, believes in good faith to be) an authorized signatory of the Issuer as
sufficient instructions and authority of the Issuer to act and shall have no duty to verify or confirm that person is so authorized. The Registrar shall have no liability for any losses, liabilities, costs or expenses incurred by it as a result of
such reliance upon or compliance with such instructions or directions. 
 (4) The Issuer acknowledges and agrees that it is fully informed of the
risks associated with Electronic Methods of transmitting instructions to the Registrar and that there may be more secure methods of transmitting instructions than the method(s) selected by it, but that it is assuming all risks arising out of the use
of Electronic Methods or other methods selected by it to submit instructions and directions to the Registrar, including without limitation the risk of the 

  
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Registrar acting on unauthorized instructions, and the risk of interception and misuse by third parties. The Issuer shall use all reasonable endeavors to ensure that instructions transmitted to
the Registrar pursuant to this Agreement are complete and correct. 
 (5) This Agreement shall be governed by and interpreted in accordance with the
laws of Québec and the laws of Canada applicable therein. 
 (6) This Agreement shall extend to and inure to the benefit of and be binding upon
the Issuer, the Registrar and their respective successors and assigns. 
 (7) This Agreement may be executed in separate counterparts, and each such
counterpart, when so executed and delivered, shall be deemed to be an original. Such counterparts shall together constitute one and the same agreement. 

  
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	QUÉBEC
		
	Per:	 	/s/ Nada Jarjour                              
		 	Name: Nada Jarjour
		 	Title: Director of Communications, Public Affairs and Government Relations
	
	BNY TRUST COMPANY OF CANADA, as Registrar
		
	Per:	 	/s/ Ahmad Adam                             
		 	Name: Ahmad Adam
		 	Title: Vice-president

 SCHEDULE A 
  

									
			
	
MODÈLE DE BILLET GLOBAL
	  		    	FORM OF GLOBAL NOTE
			
	 À moins que ce certificat global ne soit présenté par un représentant
autorisé de la société Services de dépôt et de compensation CDS inc. (« CDS ») à Québec ou à son mandataire aux fins d’immatriculation d’un transfert, d’un
échange ou d’un paiement, et que tout certificat émis à cette fin ne soit immatriculé au nom de CDS & Co., ou à tout autre nom tel que demandé par un représentant autorisé de la
CDS (et que tout paiement ne soit fait au nom de CDS & Co. ou de toute autre entité tel que demandé par un représentant autorisé de la CDS), TOUT TRANSFERT, MISE EN GAGE OU AUTRE EMPLOI DE CE CERTIFICAT GLOBAL
CONTRE VALEUR OU AUTREMENT PAR OU À TOUTE PERSONNE EST INTERDIT étant donné que le détenteur inscrit de ce certificat, CDS & Co., détient une part dans les valeurs représentées par ce
certificat et quiconque détient ou transfère ce certificat ou négocie au moyen de celui-ci viole les droits de ce détenteur.
	  	             
	    	 Unless this Global Certificate is presented by an authorized representative of CDS Clearing and Depository
Services Inc. (“CDS”) to Québec or its agent for registration of transfer, exchange or payment, and any Global Certificate issued in respect thereof is registered in the name of CDS & Co., or in such other name as is requested
by an authorized representative of CDS (and any payment is made to CDS & Co., or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL since the registered holder hereof, CDS & Co., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this
certificate.

					
	Série	  	Certificat No. ●    	  		    	Series	  	Certificate No. ●    
			
	 QUÉBEC

CUSIP 748148RY1
 ISIN
CA748148RY18
 2,250% billet global série QV échéant le 22 février 2024
	  		    	 QUÉBEC

CUSIP 748148RY1
 ISIN
CA748148RY18
 2.250% Global Notes Series QV due February 22, 2024

			
	 Ce billet global, immatriculé au nom de CDS & Co., à titre de représentant de CDS
(le « billet global »), est un billet global permanent relativement à l’émission dûment autorisée des valeurs mobilières mentionnées
ci-dessus (les « billets ») de Québec, et qui est émis en vertu d’une convention d’agence financière en date du ● entre Québec et ●
à titre de registraire, d’agent financier, d’agent de transfert et de principal agent payeur (le « registraire », cette expression comprenant tout registraire, agent financier, agent de transfert et principal
agent payeur qui pourrait lui succéder en vertu de la convention d’agence financière), tel que cette convention peut être suppléée ou amendée, selon le cas (la « convention d’agence
financière »). Ce billet global représente également tous billets supplémentaires que Québec peut émettre de temps à autre, en vertu de l’article 19 (Further Issues) de la
convention d’agence financière. Dans le cas ou de tels billets sont émis, le mot « billet » tel que défini ci-dessus est réputée se
référer également à ces autres billets supplémentaires.
  

Ce billet global et tous les droits de son détenteur sont soumis expressément à la convention d’agence
financière. Ce billet global et la convention d’agence financière forment un contrat et, en acceptant ce certificat, le détenteur de celui-ci consent à toutes les
modalités de ce contrat, est lié par celles-ci et est présumé en avoir reçu avis. Tous les termes définis aux présentes, sont employés selon le sens qui
leur est donné dans la convention d’agence financière. Des copies de la convention d’agence financière sont disponibles pour inspection durant les heures normales d’affaires et peuvent être obtenues sans
frais au bureau principal du registraire. Ceci est un billet global, entièrement nominatif et dépourvu de coupons. Dans certaines circonstances restreintes, telles que décrites à l’article 5 de la convention
d’agence financière, ce billet global peut être échangé, en tout ou en partie, au bureau du registraire, contre des billets physiques (Certificated Notes).
	  		    	 This global note, registered in the name of CDS & Co., as nominee of CDS (the “Global Note”),
is a permanent global note in respect of the duly authorized issue of securities referred to above (the “Notes”) of Québec, and which is issued pursuant to a Fiscal Agency Agreement, dated as of ●, between Québec and
● as registrar, fiscal agent, transfer agent and principal paying agent (the “Registrar”, which term includes any successor registrar, fiscal agent, transfer agent and principal paying agent under the Fiscal Agency Agreement), as
such agreement may be supplemented or amended, as the case may be (the “Fiscal Agency Agreement”). This Global Note also represents any further notes which Québec may issue, from time to time, pursuant to Section 19 (Further
Issues) of the Fiscal Agency Agreement. In the event such further notes are issued, the word “Note” as defined above shall be deemed to also refer to such further notes.

 
 This Global Note and all the rights of the Holder hereof
are expressly subject to the Fiscal Agency Agreement, and this Global Note and the Fiscal Agency Agreement constitute a contract to all of the terms and conditions of which the holder by acceptance hereof assents, is bound by and is deemed to have
notice. All defined terms unless defined herein have the meanings ascribed to them in the Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement are available for inspection during regular business hours and may be obtained free of charge at
the principal office of the Registrar. This is a fully registered Global Note without coupons attached. In certain limited circumstances, as described in Section 5 of the Fiscal Agency Agreement, it is exchangeable in whole or in part, at the
office of the Registrar, for Certificated Notes.

					
			
	 POUR VALEUR REÇUE, Québec promet de payer à CDS & Co., ou
ses ayants droit immatriculés de la manière décrite ci-dessous le ● (ou à toute date antérieure à laquelle le montant en capital (tel que défini ci-dessous) pourra devenir dû conformément aux dispositions des présentes) le montant en capital indiqué alors dans l’Annexe 1 aux présentes de temps à autre (le «
montant en capital ») en monnaie ayant cours légal au Canada, sur présentation et remise de ce billet global, et de payer l’intérêt, à terme échu, sur le montant en capital, au taux de ● %
par année, à compter du ●, ou à compter de la plus récente date de paiement d’intérêt à laquelle l’intérêt aura été payé, en deux versements
semestriels égaux le ● et le ● (chacune une « date de paiement d’intérêt »), et pour la première fois le ●, jusqu’à ce que le montant en capital ait été
intégralement payé ou qu’il ait été dûment pourvu à son paiement, dans chaque cas avec toutes autres sommes, s’il en est, qui peuvent être payables à titre de montants additionnels
conformément aux dispositions des présentes. Si Québec fait défaut en aucun temps de payer le montant en capital de ce billet global ou l’intérêt sur celui-ci ou
tous montants additionnels, elle paiera un intérêt sur le montant qu’elle sera en défaut de payer (autant après qu’avant jugement) au même taux, en même monnaie et aux même dates. Toute
référence dans ce billet global ou aux billets sera présumée comprendre une référence à tous montants additionnels qui pourraient être payables concurremment avec ce montant en capital ou cet
intérêt, à moins que le contexte n’indique autrement. L’intérêt cessera de courir sur ce billet global le ● (ou à toute date antérieure à laquelle le montant en capital pourra
devenir payable conformément aux dispositions des présentes) à moins que, sur présentation de ce billet global, le paiement du montant en capital ou des montants additionnels, s’il en est, ne soit incorrectement
retenu ou refusé.
  
 Ce billet global ne deviendra
valide et obligatoire à quelque fin que ce soit à moins et avant qu’il ne soit authentifié par le registraire ou son mandataire autorisé.
	 	             

 
 
	  	 FOR VALUE RECEIVED, Québec hereby promises to pay to CDS & Co. or its
registered assigns in the manner hereinafter mentioned on ● (or on such earlier date as the Principal Amount (as hereinafter defined) may become payable in accordance with the terms hereof) the principal sum set forth in Schedule I hereto from
time to time (the “Principal Amount”) in lawful money of Canada, on presentation and surrender of this Global Note, and to pay interest in arrears on the said Principal Amount at the rate of ●% per annum, from ●, or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, in two equal semi-annual installments on ● and ● in each year (each an “Interest Payment Date”), commencing on ●, until the Principal
Amount is paid in full or duly made available for payment, in each case together with such further sum, if any, as may be payable by way of Additional Amounts in accordance with the provisions set forth herein, and should Québec at any time
default in the payment of any of the Principal Amount or interest on this Global Note or any Additional Amounts, to pay interest on the amount in default (before as well as after judgment) at the same rate, in like money, on the same dates.
References herein to principal and interest in respect of this Global Note or the Notes shall be deemed also to refer to any Additional Amounts which may be payable concurrently therewith, unless the context otherwise requires. Interest will cease
to accrue on this Global Note on ● (or on such earlier date as the Principal Amount may become payable in accordance with the terms hereof) unless, upon due presentation of this Global Note, payment of the Principal Amount or Additional
Amounts, if any, is improperly withheld or refused.
  

This Global Note shall not become valid and obligatory for any purpose unless and until this Global Note has been authenticated by the
Registrar or its authorized representative.

			
	RÉSUMÉ DES MODALITÉS	 		  	SUMMARY OF TERMS AND CONDITIONS
			
	 Ce qui suit est un résumé des modalités de ce billet global et des billets et est entièrement
qualifié par les modalités décrites plus précisément dans l’Annexe B à la convention d’agence financière.
	 		  	 The following constitutes a summary of the terms and conditions of this Global Note and the Notes and is qualified in
its entirety by the more detailed terms and conditions contained in Schedule B to the Fiscal Agency Agreement

			
	Forme, coupures et immatriculation	 		  	 Form, Denomination and Registration

			
	 Les billets seront émis sous forme d’un ou plusieurs certificats de billets globaux entièrement
nominatifs et toutes les billets seront immatriculées dans un registre tenu par le registraire tel que plus amplement prévu dans la convention d’agence financière qui contient aussi des dispositions précises quant
aux transferts des billets.
	 		  	 The Notes will be issued in the form of one or more fully registered global notes and all Notes will be recorded in a
Register held by a Registrar all as more fully set forth in the Fiscal Agency Agreement which also contains detailed provisions concerning transfers of Notes.

	  
 Ce billet global est immatriculé au nom
d’un représentant de CDS. Ce billet global peut être échangé pour des billets immatriculés au nom d’une personne autre que CDS ou son représentant seulement dans les circonstances restreintes
décrites ci-dessous. À moins et jusqu’à ce que ce certificat ne soit échangé en tout ou en partie pour des billets physiques, ce billet global ne pourra être
transféré autrement qu’en totalité
	 		  	 This Global Note is registered in the name of a nominee of CDS. This Global Note is exchangeable for Notes registered in
the name of a person other than CDS or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for Certificated Notes, this Global Note may not be transferred except as a whole by CDS
to a nominee of CDS or by a nominee of CDS

  
 -2- 

					
	 par CDS à un représentant de CDS ou par un représentant de CDS à CDS ou à un autre
représentant de CDS ou par CDS ou un tel représentant à un successeur de CDS ou à un représentant de ce successeur.
  

Québec émettra ou verra à ce que soient émis des billets physiques sur l’inscription d’un transfert de,
ou en échange de, billets représentés par le billet global i) si CDS avise Québec qu’elle ne veut ou ne peut plus agir à titre de dépositaire relativement au billet global ou qu’elle cesse
d’être une chambre de compensation reconnue selon la Loi sur les valeurs mobilières (Québec) à tout moment où elle doit être ainsi reconnue et qu’un dépositaire remplaçant n’est
pas nommé par Québec dans les 90 jours de la réception de cet avis ou du moment où elle a connaissance que CDS n’est plus reconnue à ce titre; ii) si Québec, à sa seule discrétion en tout
temps, décide qu’aucun billet ne sera représenté par ce billet global; ou iii) sur demande de CDS au registraire, agissant conformément aux instructions directes ou indirectes de tout propriétaire
véritable d’un intérêt dans le billet global, suivant la survenance d’un cas de défaut et que celui-ci persiste, permettant au détenteur
d’accélérer l’échéance déclarée du billet global, ou, si CDS refuse ou ne procède pas rapidement à une telle demande à CDS, sur demande du propriétaire véritable
d’un intérêt dans le billet global.
  

Québec reconnaît expressément que si des billets physiques ne sont pas promptement émis aux propriétaires
véritables d’un intérêt dans le billet global, tel que décrit ci-dessus, alors un propriétaire véritable d’un intérêt dans le billet global
pourra se prévaloir de toute procédure corrective prévue en vertu de la convention d’agence financière, du billet global ou de la loi applicable en ce qui a trait à la portion du billet global
représentant l’intérêt de ce propriétaire véritable dans le billet global comme si des billets physiques avaient été émis.
	 	             

 
 

 
 
	  	 to CDS or another nominee of CDS or by CDS or any such nominee to a successor of CDS or a nominee of such successor.

 
 Québec will issue or cause to be issued Certificated
Notes upon registration of transfer of, or in exchange for, Notes represented by the Global Notes (i) if CDS notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a
clearing agency recognized under the Security Act (Québec), at a time when it is required to be so recognized and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that CDS
is no longer so recognized; (ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by CDS to the Registrar, acting on direct or indirect instructions
of any owner of a beneficial interest in a Global Note, after an event of default, entitling the holder to accelerate the stated maturity of the Global Note, has occurred and is continuing, or, if CDS is unwilling or does not promptly make that
request, then any owner of a beneficial interest in such Global Note shall be entitled to make such request to CDS with respect to such interest
  

Québec expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note
as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with respect to the portion of the Global Note representing that owner’s
interest in the Global Note as if Certificated Notes had been issued.

			
	 Intérêt
	 		  	 Interest

			
	 Lorsqu’il sera nécessaire de calculer tout montant en intérêt relativement aux billets, autrement
qu’à l’égard des paiements semestriels réguliers, cet intérêt sera calculé sur la base du nombre réel de jours dans la période et d’une année de 365 jours. Le taux
d’intérêt indiqué aux billets est un taux nominal et tous les paiements et calculs d’intérêt doivent être effectués sans réduction ou déduction au titre de réinvestissement
présumé.
  
 Dans le cadre de la divulgation
requise aux termes de la Loi sur l’intérêt (Canada), le taux d’intérêt payable sur une base autre qu’une année civile complète pourra être déterminé en multipliant le taux
d’intérêt annuel applicable par une fraction, dont le numérateur est le nombre réel de jours pendant la période pendant laquelle l’intérêt est payable, et dont le dénominateur est 365
ou 366 jours, selon le cas.
	 		  	 Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with respect to regular
semi-annual payments, such interest shall be calculated on the basis of the actual number of days in the period and a 365-day year. The rate of interest specified in the Notes is a nominal rate and all
interest payments and computations are to be made without allowances or deductions for deemed reinvestment.
  

For purposes of disclosure pursuant to the Interest Act (Canada), the rate of interest payable on any basis other than a full calendar year may
be determined by multiplying the applicable annual interest rate by a fraction the numerator of which is the actual number of days in the period for which interest is payable and the denominator of which is 365 days or 366 days, as the case may
be.

			
	 Paiements
	 		  	 Payments

	  
 Le capital et l’intérêt sur les
billets et les montants additionnels, s’il en est, seront payables par Québec en monnaie légale du Canada (« dollars canadiens ») à la personne immatriculée à la date pertinente de
référence au registre tenu par le registraire. À l’égard des billets détenus par CDS & Co., pour les participants à CDS, Euroclear et Clearstream, Luxembourg, le paiement sera effectué
aux
	 		  	  
 Principal of, and interest on the Notes and Additional
Amounts, if any, are payable by Québec in lawful money of Canada (“CAN$”) to the person registered at the close of business on the relevant record date in the register held by the Registrar. With respect to Notes held by CDS &
Co. for CDS participants, Euroclear and Clearstream, Luxembourg, payment will be made to beneficial owners of the Notes in

  
 -3- 

					
	 propriétaires véritables des billets, selon les procédures habituelles instaurées de temps
à autre par CDS, Euroclear et Clearstream, Luxembourg.
  

Si une date fixée pour un paiement au détenteur immatriculé de ce certificat n’est pas un jour ouvrable à
l’endroit applicable du paiement, un tel détenteur immatriculé n’aura pas droit au paiement avant le prochain jour ouvrable et aucun intérêt additionnel ne sera payé en raison de ce délai de
paiement. Dans ce paragraphe, « jour ouvrable » signifie un jour durant lequel les institutions bancaires à Montréal et tout autre lieu de paiement ne sont pas autorisés ou obligés par la loi ou un
décret à rester fermés.
  
 Si des
billets physiques sont émis et aussi longtemps que des billets sont inscrits à la cote de la Bourse du Luxembourg et que les règles d’une telle bourse l’exige, Québec nommera et maintiendra un agent payeur au
Luxembourg.
	 		  	 accordance with customary procedures established from time to time by CDS, Euroclear and Clearstream, Luxembourg.

 
 If any date for payment to the registered holder hereof is
not a Business Day in the applicable place of payment, such registered holder shall not be entitled to payment until the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph,
“Business Day” means a day on which banking institutions in Montréal and in any other applicable place of payment are not authorized or obligated by law or executive order to be closed.

 
 If Certificated Notes are issued and for so long as the
Notes are listed on the Luxembourg Stock Exchange and the rules of such stock exchange so require, Québec will appoint and maintain a paying and transfer agent in Luxembourg.

			
	Paiement de montants additionnels	 		  	Payment of Additional Amounts
	  
 Le capital et l’intérêt sur les
obligations seront payables à un détenteur qui est un non-résident, aux fins de la législation canadienne, d’une province, d’une subdivision politique ou autre
autorité fiscale canadienne, sans retenue aucune en raison de tout impôt ou droit actuel quelconque, exigé ou imposé au Canada ou par le Canada ou dans ou par une province, une subdivision politique ou une autre
autorité fiscale canadienne. Si, à la suite d’une modification ou d’un amendement aux lois du Canada ou à la réglementation édictée par une autorité fiscale canadienne, ou d’un
changement, ou d’un amendement ou de la signature d’une convention internationale à incident fiscale à laquelle le Canada est partie, ou d’un changement dans son application officielle, Québec doit retenir
à la source un impôt ou des droits sur les montants payables sur les billets, Québec, sujet à son droit de rachat par anticipation, paiera les montants additionnels (« montants additionnels »)
nécessaires afin que chacun des paiements nets de capital et d’intérêt sur les billets à un tel détenteur ne soit pas inférieur au montant prévu sur les billets. Québec ne sera cependant
pas obligée de payer de tels montants additionnels en lien avec n’importe quel billet i) à un détenteur ou à une tierce partie pour le bénéfice d’un tel détenteur, qui est assujetti à
un paiement d’impôts, de taxes ou de droits en lien avec ce billet en raison du fait que ce détenteur a un lien avec le Canada, autre que la seule possession ou utilisation à l’extérieur du Canada, ou
propriété comme non-résident du Canada, d’un tel billet ; ou ii) du fait que ce billet a été présenté pour paiement plus de trente jours après la
date pertinente (tel que défini ci-dessous) sauf si ce détenteur aurait eu droit au paiement des montants additionnels, sur présentation de ce billet pour paiement avant ou au
trentième jour de la date pertinente. Aux fins des présentes, « date pertinente » veut dire (A) la première date d’échéance d’un tel paiement ; ou (B) si le plein montant des sommes payables
n’a pas été reçu par le registraire au plus tard à la date de première échéance d’un tel paiement, la date à laquelle, le plein montant de telles sommes payables ayant
été reçu, un avis à cet effet est dûment donné aux détenteurs des billets selon la procédure de notification décrite sous « Avis »
ci-dessous.
	 	             
	  	  
 The principal of and interest on the Notes will be
paid to any holder, who as to Canada or any province, political subdivision or taxing authority therein or thereof is a non-resident, without withholding or deduction for, or on account of, any present or
future taxes, duties, assessments or charges of whatsoever nature, imposed or levied by or within Canada, or any province, territory, political subdivision or taxing authority therein or thereof or any authority or agency therein or thereof having
power to tax. If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing authority therein or thereof or any change in, or in the official application of, or execution of,
or amendment to, any treaty or treaties affecting taxation to which Canada is a party, Québec will be required to withhold any taxes, duties, assessments or charges from any payments due under the Notes, Québec will, subject to its
redemption rights herein, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the holder after such withholding or deduction shall equal the respective amounts of principal
or interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction. Québec shall not, however, be obliged to pay such Additional Amount with respect to any Note (i) to, or to a third party on
behalf of, a holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership as a non-resident of Canada, of such Note; or (ii) presented for payment more than thirty days after the Relevant Date (as defined below) except to the extent that the holder thereof would have been entitled to such
Additional Amounts on presenting the same for payment on or before such thirtieth day. “Relevant Date” means (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys payable has not been received by the
Registrar on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice procedures described under
“Notices” below.

  
 -4- 

					
			
	Rachat par anticipation et achats	 		  	Redemption and Purchases
			
	 Si à la suite d’une modification ou d’un amendement aux lois du Canada ou à la réglementation
édictée par une autorité fiscale canadienne, ou d’un changement dans leur application officielle, ou d’une modification, d’un amendement ou de la signature d’une convention internationale à incidence
fiscale à laquelle le Canada est partie, ou d’un changement dans son application officielle, prenant effet après le ●, Québec établit qu’elle devra, à l’échéance ou en toute temps
avant l’échéance des billets, payer des montants additionnels tels que décrits ci-dessus, les billets pourront, à l’option de Québec, être rachetées
par anticipation, en totalité et non en partie, sur avis d’au moins 30 et d’au plus 60 jours publié conformément à la rubrique « Avis » ci-dessous, et ce, pour
un montant égal à leur valeur nominale plus les intérêts courus.
  

Québec, si elle n’est pas en défaut en vertu des billets, peut en tout temps acheter des billets de quelque manière
et à quelque prix que ce soit. Si des achats sont faits par appel d’offres, les soumissions devront être accessibles à tous les détenteurs de billets sans distinction.
	 	             

 
 
	  	 If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of
any taxing authority therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment
shall have become effective after ●, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as hereinabove described, the Notes may be redeemed in whole but not
in part at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in accordance with the provisions set forth below under “Notices”, at the Principal Amount thereof together with accrued
interest.
  
 Québec may, if not in default under
the Notes, purchase Notes at any time in any manner and at any price. If purchases are made by tender, tenders must be available to all Noteholders alike.

			
	Rang des obligations	 		  	Status of the Notes
	  
 Les billets constitueront des obligations directes et
inconditionnelles de Québec et ne seront assortis d’aucune sûreté. Les billets prendront rang également et concurremment avec les autres titres de créance de Québec en cours à la date
d’émission des billets ou émises par la suite.
	 		  	  
 The Notes will be direct, unsecured and unconditional
obligations of Québec. The Notes will rank equally among themselves and with all notes, debentures or other similar debt securities issued by Québec and outstanding at the date of the issue of the Notes or issued in the
future.

			
	Cas de défaut	 		  	Events of Default
	  
 Dans les cas où a) Québec fait
défaut de payer tout montant en capital, intérêt ou montants additionnels, s’il en est, dû à l’égard des billets, au fur et à mesure de son échéance et de son exigibilité,
et ce défaut se poursuit sur un période de 45 jours ou b) Québec est en défaut d’exécuter ou de se conformer à toute disposition ou tout engagement prévu aux billets, autre que le paiement du
capital, de l’intérêt ou de tout montant additionnel, ou à la convention d’agence financière, et ce défaut se poursuit sur une période de 60 jours ou c) Québec fait défaut de payer
tout montant en capital, prime, intérêt ou montant additionnel, s’il en est, dû à l’égard de toute dette résultant d’un emprunt (direct ou sous garantie), autre qu’en vertu des billets, au
fur et à mesure de son échéance et de son exigibilité, et ce défaut se poursuit sur une période de 45 jours, pourvu que ce qui précède ne soit pas tenu en compte aussi longtemps que le montant
total en capital de cette dette (direct ou sous garantie) résultant d’un emprunt en vertu duquel ce défaut s’est produit, n’excède pas 50 000 000 $ U.S. (ou son équivalent dans une autre monnaie), alors en
tout temps par la suite et pendant la continuation de ce défaut, le détenteur immatriculé de tout billet (ou son mandataire) pourra, dès lors et à tout moment par la suite pendant que ce défaut se
poursuivra, livrer ou faire en sorte que soit livré à Québec un avis écrit à l’effet qu’il choisit de déclarer échue et exigible la valeur nominale des billets qu’il détient (le
ou les numéros du certificat ou des certificats représentant ces billets ainsi que leur valeur nominale et l’objet de cette déclaration devant être mentionnées à cet avis) et le capital des billets
mentionnés à cet avis ainsi que l’intérêt couru seront échus et
	 		  	  
 In the event that (a) Québec shall default in
the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days or (b) default shall be made in the due performance or
observance by Québec of any covenant or agreement contained in the Notes, other than the payment of principal, interest or Additional Amounts, or the Fiscal Agency Agreement and such default shall continue for a period of 60 days or (c)
Québec shall default in the payment of any principal of, or premium or interest, or additional amounts, if any, on any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes, as the same shall become due and
payable, and such default shall continue for a period of 45 days, provided that the foregoing shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under a guarantee) for borrowed money with
respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its equivalent in other currencies), then at any time thereafter and during continuance of such default, the registered holder of any Note (or its proxy) may deliver or
cause to be delivered to Québec a written notice that such registered holder elects to declare the principal amount of the Notes held by him (the serial number or numbers of the note or notes representing such Notes and the principal amount
of the Notes owned by him and the subject of such declaration being set forth in such notice) to be due and payable and, in the cases falling within either (a) or (c) above, on the 15th day after delivery

  
 -5- 

					
	 exigibles le quinzième jour suivant la livraison de cet avis dans les cas prévus en a) ou c) ou le
trentième jour suivant la livraison de cet avis dans les cas prévus en b), sauf si l’on a remédié à ces défauts avant cette date.
	 		  	 of such notice, or, in the cases falling within (b) above, on the 30th day after delivery of such notice, the principal of
the Notes referred to in such notice plus accrued interest thereon shall become due and payable, unless prior to that time all such defaults theretofore existing shall have been cured.

			
	Avis	 		  	Notices
	  
 Tous les avis aux détenteurs de billets seront
valides i) dans le cas de billets physiques, si transmis par courrier de première classe (ou l’équivalent) ou (si posté à une adresse outre-mer) par courrier par avion ou, si
livrés à chaque détenteur (ou le premier nommé de détenteurs conjoints) à l’adresse de tel détenteur, tel qu’il appert au registre tenu par le registraire ; ii) dans le cas de billets
représentés par un billet global, si livrés à CDS pour transmission par celle-ci aux personnes apparaissant dans ses registres comme ayant un intérêt dans celui-ci ; et iii) dans chaque cas, si, et aussi longtemps que les billets seront admis pour négociation sur, et inscrits à la cote de toute bourse ou admis pour négociation par toutes autres
autorités pertinentes, si transmis conformément aux règles et règlements de telle bourse ou autorités pertinentes. Tout tel avis sera présumé avoir été donné à la date de
sa livraison (ou si livré plus d’une fois ou à des dates différentes, à la première date à laquelle la livraison est effectuée) ou, s’il est posté le quatrième jour suivant sa
mise à la poste et, dans le cas d’une publication, à la date de telle publication, ou, si publiée plus d’une fois ou à des dates différentes, à la première date à laquelle la
publication a été effectuée.
	 		  	  
 All notices to the holders will be valid (i) in the
case of Certificated Notes, if sent by first class mail (or equivalent) or (if posted to an overseas address) by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it appears in the
Register held by the Registrar; (ii) in the case of Notes represented by a Global Note, if delivered to CDS for communication by it to the persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes
are admitted to trading on, and listed on any stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. Any such notice shall
be deemed to have been given on the date of such delivery (or if delivered more than once or on different dates, on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday following such mailing and, in the case
of publication, on the date of such publication or, if published, more than once or on different dates, on the first date on which publication is made.

			
	Prescription	 		  	Prescription
	  
 En vertu des lois actuelles du Québec, une
action en justice pour faire valoir un droit au paiement en vertu des billets peut être prescrit s’il n’est pas exercé à l’intérieur de trois ans de la date où un tel paiement est
échu.
	 	  

            
	  	  
 Under current Québec law, an action to enforce
a right to payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due.

			
	Modification	 		  	Modification
	  
 La convention d’agence financière contient
des dispositions ayant trait à la modification ou l’amendement de cette convention et des billets, soit sans avis au détenteur de tout billet ou sans son consentement soit par résolution extraordinaire (Extraordinary
Resolution) (telle que définie dans la convention d’agence financière) des détenteurs de billets et ayant trait à la convocation, à ces fins et à d’autres fins, d’assemblées des
détenteurs immatriculés des billets.
	 		  	  
 The Fiscal Agency Agreement contains provisions with
respect to modifying or amending said Agreement and the Notes either without notice to or the consent of the holder of any Note or by Extraordinary Resolution (as defined in the Fiscal Agency Agreement) of the holders of Notes and with respect to
convening meetings of registered holders of Notes for such purposes.

			
	Loi applicable	 		  	Governing Law
	  
 La convention d’agence financière et les
billets seront régies et interprétées conformément aux lois du Québec et aux lois du Canada qui s’y appliquent.
  

Québec consent irrévocablement, dans toute la mesure permise par la loi, à toute mesure de redressement (incluant, sans
limiter la portée de ce qui précède, la mise en œuvre et l’exécution de tout jugement ou ordonnance sur les biens) consentie ou octroyée dans le cadre de toute procédure résultant ou
relative à la convention d’agence financière et aux billets.
	 		  	  
 The Fiscal Agency Agreement and the Notes shall be
construed in accordance with and governed by the laws of Québec and the laws of Canada applicable therein.
  

Québec irrevocably consents to the fullest extent permitted by law to the giving of any relief (including, without limitation, the
making, enforcement or execution against any property of any order or judgment) made or given in connection with any proceedings arising out of or in connection with the Fiscal Agency Agreement and the Notes.

  
 -6- 

									
	Signé pour et au nom de Québec, à Québec, le ●	  		  	Executed in Québec on behalf of Québec as of ●
				
		  	      QUÉBEC	  		  	        QUÉBEC
			
	Par :                           
                                         
                     	  		  	By:                            
                                         
                     
	           Nom :	  		  	         Name:
	           Fonction :	  	                    	  	         Title:
			
	           Authentifié à Toronto, Ontario	  		  	         Authenticated in Toronto, Ontario
	           ●	  		  	         ●
	           (à titre de registraire)	  		  	         (as Registrar)
	           Date d’authentification : ●	  		  	         Authentication Date: ●
			
	Par :                           
                                         
                     	  		  	By:                            
                                         
                     
	           Nom :	  		  	         Name:
	           Fonction :	  		  	         Title:

  
 -7- 

																	
	 ANNEXE I AU BILLET GLOBAL

 
 NO ●

 
 QUÉBEC

 
 ● % billet global série
● échéant le ●
	 		  	 SCHEDULE I TO THE GLOBAL NOTE

 
 NO. ●

 
 QUÉBEC

 
 ●% Global Notes Series
● due ●

						 			
	 Montant

initial en

capital
	  	Montant
additionnel en
capital	  	Montant total
en capital	  	Autorisation	 	 	  	Initial
Principal
Amount	  	Additional
Principal
Amount	  	Aggregate
Principal
Amount	  	Authorization
						 			
	 	  	 	  	 	  	 	 	 	  	 	  	 	  	 	  	 
						 			
	 	  	 	  	 	  	 	 	 	  	 	  	 	  	 	  	 

  
 -8- 

 SCHEDULE B 

TERMS AND CONDITIONS OF THE NOTES 
 Status of the Notes

 The Notes will be direct, unsecured and unconditional obligations of Québec. The Notes will rank equally among themselves and with all
notes, debentures or other similar securities issued by Québec and outstanding at the date hereof or in the future. 
 Form, Denomination and Registration

 The Notes will be issued in the form of one or more fully registered global notes (the “Global Notes”) registered in the name of
CDS & Co., as nominee of CDS Clearing and Depository Services Inc. (“CDS”). Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting
on behalf of beneficial owners as direct and indirect participants of CDS, Euroclear SA/NV (“Euroclear”) or Clearstream Banking, S.A. (“Clearstream, Luxembourg” and, collectively, the “Clearing Systems”). The Clearing
Systems will be responsible for establishing and maintaining book-entry accounts for their participants having interests in the Notes. Beneficial owners of Notes will not, except in limited circumstances described herein, be entitled to receive
Notes represented by physical certificates or to have Notes registered in their names, and will not be considered holders thereof under the Fiscal Agency Agreement. See “Certificated Notes”. Subject to applicable law and the terms of the
Fiscal Agency Agreement, Québec and the Registrar shall deem and treat the persons in whose name the Notes are registered, initially CDS, as the absolute owners thereof for all purposes whatsoever notwithstanding any notice to the contrary;
and all payments to, or on the order of, the registered holders shall be valid and effectual to discharge the liability of Québec and the Registrar on the Notes to the extent of the sum or sums so paid. 

The Notes will only be sold in denominations of CAN$5,000 and in multiples of CAN$1,000 in excess thereof. 

The Registrar will be responsible for (i) maintaining a record of the aggregate holdings of Notes, (ii) ensuring that payments of principal
and interest in respect of the Notes received by the Registrar from Québec are duly credited to CDS; and (iii) transmitting to Québec any notices from owners of beneficial interests in the Notes. The Registrar will not impose any
fees in respect of the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or destroyed Notes. However, owners of beneficial interests in the Notes may incur fees payable in respect of the maintenance and operation of
the book-entry accounts in which such Notes are held with the Clearing Systems. 
 Interest 

The Notes will bear interest from February 22, 2019 at a rate of 2.250% per annum, payable in two equal semi-annual installments, in arrears on
February 22 and August 22, commencing on August 22, 2019. Interest on the Notes will cease to accrue on the maturity date (or the date fixed for redemption or repayment) unless, upon due presentation of the Notes, payment of principal
is improperly withheld or refused. 

 Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with
respect to regular semi-annual payments, such interest shall be calculated on the basis of a 365-day year consisting of actual number of days in the period. The rate of interest specified in the Notes is a
nominal rate and all interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 
 Payments 

Principal of, and interest and Additional Amounts (as defined below under “Payment of Additional Amounts”), if any, on, the Notes are payable
by Québec in Canadian dollars to the person registered at the close of business on the relevant record date in the register held by the Registrar. With respect to Notes held by CDS & Co. for CDS participants, Euroclear and
Clearstream, Luxembourg, payment will be made to owners of beneficial interests in the Notes in accordance with customary procedures established from time to time by CDS and its direct and indirect participants, including Euroclear and Clearstream,
Luxembourg. The Registrar will act as Québec’s principal paying agent for the Notes pursuant to the Fiscal Agency Agreement. 
 If any
date for payment in respect of any Note is not a Business Day in the applicable place of payment, the holder thereof shall not be entitled to payment until the next following Business Day, and no further interest shall be paid in respect of the
delay in such payment. In this paragraph, “Business Day” means a day on which banking institutions in Montréal and in any other applicable place of payment are not authorized or obligated by law or executive order to be closed. 

Record Date 
 The record date for purposes of payments of
principal and interest and Additional Amounts, if any, on the Notes will be as of 5:00 p.m., Montréal time, on the fourteenth calendar day preceding the maturity date or any interest payment date, as applicable. Ownership positions
within each Clearing System will be determined in accordance with the normal conventions observed by such system. 
 Payment of Additional Amounts 

The principal of and interest on the Notes will be paid to any holder, who as to Canada or any province, political subdivision or taxing authority
therein or thereof is a non-resident, without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or charges of whatsoever nature, imposed or levied by or within
Canada, or any province, territory, political subdivision or taxing authority therein or thereof or any authority or agency therein or thereof having power to tax. If as a result of any change in, or amendment to, or in the official application of,
the laws of Canada or the regulations of any taxing authority therein or thereof or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party,
Québec shall be required to withhold any taxes, duties, assessments or charges from any payments due under the Notes, Québec will, subject to its redemption rights 

  
 -2- 

 
herein, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the holder after such withholding or deduction shall equal
the respective amounts of principal or interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction. Québec shall not, however, be obliged to pay such Additional Amount (i) to, or to a
third party on behalf of, a holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership as a non-resident of Canada, of such Note; or (ii) presented for payment more than thirty days after the Relevant Date (as defined below) except to the extent that the holder thereof would have been entitled to such
Additional Amounts on presenting the same for payment on or before such thirtieth day. “Relevant Date” means (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys payable has not been
received by the Registrar on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice procedures described under
“Notices” below. 
 Maturity, Redemption and Purchases 

Unless previously redeemed for tax reasons as provided below, or purchased, the principal amount of the Notes shall be due and payable on
February 22, 2024. 
 If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations
of any taxing authority therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or
amendment shall have become effective after February 14, 2019, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as described under “Payment of
Additional Amounts”, the Notes may be redeemed in whole but not in part at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in accordance with “Notices” below, at the principal
amount thereof together with accrued interest. 
 Québec may, if not in default under the Notes, purchase Notes at any time, in any manner and
at any price. If purchases are made by tender, tenders must be available to all holders of Notes alike. 
 Transfers 

Transfers between participants within Euroclear and Clearstream, Luxembourg, and between Euroclear and Clearstream, Luxembourg participants, will be
effected in accordance with procedures established for this purpose from time to time by Euroclear and Clearstream, Luxembourg. Notes may be transferred between CDS participants in accordance with procedures established for this purpose from time to
time by CDS. 
 Certificated Notes 
 Québec will
issue or cause to be issued Notes represented by fully registered physical certificates (“Certificated Notes”) upon registration of transfer of, or in exchange for, Notes 

  
 -3- 

 
represented by the Global Notes in denominations of CAN$5,000 and in multiples of CAN$1,000 in excess thereof (i) if CDS notifies Québec that it is unwilling or unable to
continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the Securities Act (Quebec) or similar securities legislation applicable in Canada, at a time when it is required to be so
registered and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that CDS is no longer so registered; (ii) if Québec, in its sole discretion at any time, determines
not to have any of the Notes represented by the Global Notes; or (iii) upon request by CDS to the Registrar, acting on direct or indirect instructions of the registered holder of a Global Note or any owner of beneficial interests in the Global
Note, but only after an event of default entitling the registered holders to give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by them and represented by the Global Note to be due and payable
has occurred and is continuing, or, if CDS is unwilling or does not promptly make that request, then any beneficial owner of an interest in such Global Note shall be entitled to make such request to CDS with respect to such interest. The Issuer
shall bear the costs and expenses of printing or preparing any Certificated Notes. 
 Upon any such issuance pursuant to the preceding paragraph of
Certificated Notes in exchange for all the Notes represented by the Global Notes, (i) Québec shall promptly make available to the Registrar a reasonable supply of Certificated Notes in blank form to proceed with such issuance,
(ii) CDS shall cause the Global Notes to be delivered to the Registrar and provide the Registrar with the necessary registration information for such Certificated Notes, (iii) the Registrar shall authenticate and deliver such Certificated
Notes in an aggregate principal amount equal to the principal amount of the Global Notes to be exchanged for such Certificated Notes, (iv) the Registrar shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to
or to the order of CDS new Global Notes equal to the unexchanged portion of any such Global Notes partially exchanged for Certificated Notes and (v) the Registrar shall reduce accordingly the holdings of CDS & Co. on the register held
by the Registrar. The Registrar shall have at least 30 days from the date of its receipt of Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such
names and in such denominations as CDS, pursuant to instructions from direct or indirect participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented
by Certificated Notes issued upon any such issuance in exchange for the Notes represented by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so
exchanged without charge to the Registrar, CDS or the transferee. On or after any such exchange, the Registrar shall direct all payments in respect of such Certificated Notes to the registered holders thereof, including when such exchange occurred
after the record dates for any payment and prior to the date of such payment. 
 Québec expressly acknowledges that if Certificated Notes are
not promptly issued to the owners of beneficial interests in a Global Note as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with
respect to the portion of the Global Note representing that owner’s beneficial interest in the Global Note as if Certificated Notes had been issued. 

  
 -4- 

 If Certificated Notes are issued and for so long as the Notes are listed on the Euro MTF Market of the
Luxembourg Stock Exchange and if the rules of such stock exchange on which the Notes are listed so require, Québec will appoint and maintain a paying agent and transfer agent in Luxembourg (the “Luxembourg Paying Agent”) to act on
its behalf. Certificated Notes may be surrendered at the office of the Luxembourg Paying Agent for the payment of principal at maturity or on the date fixed for redemption. 

Modification 
 The Fiscal Agency Agreement and the Notes may
be amended by Québec and the Registrar without notice to, or the consent of, the holder of any Note, for the purpose of (i) curing any ambiguity, (ii) curing, correcting or supplementing any defective provisions contained therein,
(iii) effecting the issue of further notes as described below under “Further Issue”, or (iv) in any other manner which Québec and the Registrar, acting on the advice of independent counsel, may deem necessary or desirable
and which will not be inconsistent with the Fiscal Agency Agreement or the Notes and which, in the reasonable opinion of Québec and the Registrar, will not adversely affect the interests of the holders of Notes. No amendment may be made to
the Fiscal Agency Agreement or the Notes which would in any way alter, amend or change the duties, responsibilities, obligations of the protections afforded to the Luxembourg Paying Agent from those set out in the Fiscal Agency Agreement without the
prior written consent of the Luxembourg Paying Agent. 
 The Fiscal Agency Agreement contains provisions for convening meetings of registered holders
of Notes to modify or amend by Extraordinary Resolution (as defined below), the Fiscal Agency Agreement (except as provided in the immediately preceding paragraph) and the Notes (including the terms and conditions thereof) or waive future compliance
therewith or past default thereon by Québec. An Extraordinary Resolution duly passed at any such meeting shall be binding on all holders of Notes, whether present or not; provided, however, that no such modification or amendment to the Fiscal
Agency Agreement or to the terms and conditions of the Notes or any other action taken may, without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s) of any such Note;
(ii) reduce the principal amount of or rate of interest on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such
Note; (v) reduce the percentage of the holders of Notes necessary to modify or amend the Fiscal Agency Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required
at any meeting of holders of Notes; or (vi) reduce the percentage of outstanding Notes necessary to waive any future compliance or past default; and provided, further, that to the extent that such modification or amendment may affect the
rights, duties, protections, indemnities and immunities of the Registrar, the Issuer shall not propose such modification or amendment and such power shall not be exercised, without the prior written consent of the Registrar. 

The term “Extraordinary Resolution” is defined in the Fiscal Agency Agreement as a resolution passed at a meeting of holders of Notes by the
affirmative vote of the holders of not less than 66 2/3% of the principal amount of Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of
the outstanding Notes. The quorum at any such meeting 

  
 -5- 

 
for passing an Extraordinary Resolution will be two or more persons holding or representing at least a majority in principal amount of the Notes at the time outstanding, or at any adjourned
meeting called by Québec or the Registrar, two or more persons being or representing holders of Notes whatever the principal amount of the Notes so held or represented. 

Governing Law 
 The Fiscal Agency Agreement and the Notes
shall be construed in accordance with, and governed by, the laws of Québec and the laws of Canada applicable therein. 
 Québec will
irrevocably consent to the fullest extent permitted by law to the giving of any relief (including, without limitation, the making, enforcement or execution against any property of any order or judgment) made or given in connection with any
proceedings arising out of, or in connection with, the Fiscal Agency Agreement and the Notes. 
 Events of Default 

In the event that (a) Québec shall default in the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the
same shall become due and payable, and such default shall continue for a period of 45 days or (b) default shall be made in the due performance or observance by Québec of any covenant or agreement contained in the Notes, other than the
payment of principal, interest or Additional Amounts, or the Fiscal Agency Agreement and such default shall continue for a period of 60 days or (c) Québec shall default in the payment of any principal of, or premium or interest, or
additional amounts, if any, on, any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days, provided that the foregoing
shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under a guarantee) for borrowed money with respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its equivalent
in other currencies), then at any time thereafter and during continuance of such default the registered holder of any Note (or its proxy) may deliver or cause to be delivered to Québec at Ministère des Finances, c/o Direction
générale des opérations bancaires et financières, 8, rue Cook, 2e étage, Québec, Québec, G1R 0A4, Canada, a written notice that such registered holder elects to declare the principal amount of the
Notes held by him (the serial number or numbers of the note or notes representing such Notes and the principal amount of the Notes owned by him and the subject of such declaration being set forth in such notice) to be due and payable and, in the
cases falling within either (a) or (c) above, on the 15th day after delivery of such notice, or, in the cases falling within (b) above, on the 30th day after delivery of such notice, the principal of the Notes referred to in such notice
plus accrued interest thereon shall become due and payable, unless prior to that time all such defaults theretofore existing shall have been cured. 
 Notices

 All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or, if posted
to an overseas address, by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it 

  
 -6- 

 
appears in the Register held by the Registrar; (ii) in the case of Notes represented by a Global Note, if delivered to CDS for communication by it to the persons shown in its records as
having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and
regulations of the relevant stock exchange or other relevant authority. As long as the Notes are listed on the Luxembourg Stock Exchange, and the rules of the Luxembourg Stock Exchange so require, notices will be published in a leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the Luxembourg Stock Exchange website at www.bourse.lu. Any such notice shall be deemed to have been given on the date of such delivery (or, if
delivered more than once or on different dates, on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday following such mailing and, in the case of publication, on the date of such publication or, if published
more than once or on different dates, on the first date on which publication is made. 
 Further Issue 

Québec may from time to time without notice to or consent of the holders of the Notes create and issue further notes having the same terms and
conditions as the Notes (or in all respects except for the payment of interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated and form a
single series with the outstanding Notes. Any further notes forming a single series with the outstanding Notes shall be issued with the benefit of, and subject to, an agreement supplemental to the Fiscal Agency Agreement. 

Prescription 
 Under current Québec law, an action to enforce a right
to payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due. 

  
 -7-

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