Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
 AMENDED AND RESTATED RECEIVABLES
PURCHASE AGREEMENT 
 dated as of September 29, 2020 

among 
 TRIUMPH RECEIVABLES, LLC,

 as Seller 
 TRIUMPH GROUP,
INC., 
 as Servicer 
 THE
VARIOUS PURCHASERS, LC PARTICIPANTS AND PURCHASER AGENTS FROM 
 TIME TO TIME PARTY HERETO, 

PNC BANK, NATIONAL ASSOCIATION, 

as Administrator and as LC Bank 

and 
 PNC CAPITAL MARKETS LLC,

 as Structuring Agent 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	ARTICLE I	  	
	AMOUNTS AND TERMS OF THE PURCHASES	  	
			
	 Section 1.1
	  	Purchase Facility	  	2
			
	 Section 1.2
	  	Making Purchases	  	3
			
	 Section 1.3
	  	Purchased Interest Computation	  	5
			
	 Section 1.4
	  	Settlement Procedures	  	5
			
	 Section 1.5
	  	Fees	  	10
			
	 Section 1.6
	  	Payments and Computations, Etc	  	11
			
	 Section 1.7
	  	Increased Costs	  	11
			
	 Section 1.8
	  	Requirements of Law	  	12
			
	 Section 1.9
	  	Funding Losses	  	12
			
	 Section 1.10
	  	Taxes	  	13
			
	 Section 1.11
	  	Inability to Determine Euro-Rate or LMIR	  	14
			
	 Section 1.12
	  	Successor Euro-Rate or LMIR	  	15
			
	 Section 1.13
	  	Notice of Purchaser Termination Date	  	16
			
	 Section 1.14
	  	Letters of Credit; Participations	  	16
			
	 Section 1.15
	  	Issuance of Letters of Credit	  	17
			
	 Section 1.16
	  	Requirements For Issuance of Letters of Credit	  	18
			
	 Section 1.17
	  	Disbursements, Reimbursement	  	18
			
	 Section 1.18
	  	Repayment of Participation Advances	  	19
			
	 Section 1.19
	  	Documentation; Documentary and Processing Charges	  	19
			
	 Section 1.20
	  	Determination to Honor Drawing Request	  	20
			
	 Section 1.21
	  	Nature of Participation and Reimbursement Obligations	  	20
			
	 Section 1.22
	  	Indemnity	  	21
			
	 Section 1.23
	  	Liability for Acts and Omissions	  	22
		
	ARTICLE II	  	
	REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS	  	
			
	 Section 2.1
	  	Representations and Warranties; Covenants	  	23
			
	 Section 2.2
	  	Termination Events	  	23
		
	ARTICLE III	  	
	INDEMNIFICATION	  	
			
	 Section 3.1
	  	Indemnities by the Seller	  	24
			
	 Section 3.2
	  	Indemnities by the Servicer	  	25

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	ARTICLE IV	  			
	ADMINISTRATION AND COLLECTIONS	  			
			
	 Section 4.1
	  	Appointment of the Servicer	  	 	26	 
			
	 Section 4.2
	  	Duties of the Servicer	  	 	27	 
			
	 Section 4.3
	  	Lock-Box Account Arrangements	  	 	28	 
			
	 Section 4.4
	  	Enforcement Rights	  	 	29	 
			
	 Section 4.5
	  	Responsibilities of the Seller	  	 	30	 
			
	 Section 4.6
	  	Servicing Fee	  	 	30	 
		
	ARTICLE V	  			
	THE AGENTS	  			
			
	 Section 5.1
	  	Appointment and Authorization	  	 	30	 
			
	 Section 5.2
	  	Delegation of Duties	  	 	31	 
			
	 Section 5.3
	  	Exculpatory Provisions	  	 	32	 
			
	 Section 5.4
	  	Reliance by Agents	  	 	32	 
			
	 Section 5.5
	  	Notice of Termination Events	  	 	33	 
			
	 Section 5.6
	  	Non-Reliance on Administrator, Purchaser Agents and Other Purchasers	  	 	33	 
			
	 Section 5.7
	  	Purchasers, Administrator, Purchaser Agents and Affiliates	  	 	33	 
			
	 Section 5.8
	  	Indemnification	  	 	34	 
			
	 Section 5.9
	  	Successor Administrator	  	 	34	 
		
	ARTICLE VI	  			
	MISCELLANEOUS	  			
			
	 Section 6.1
	  	Amendments, Etc	  	 	34	 
			
	 Section 6.2
	  	Notices, Etc	  	 	35	 
			
	 Section 6.3
	  	Successors and Assigns; Participations; Assignments	  	 	35	 
			
	 Section 6.4
	  	Costs, Expenses and Taxes	  	 	37	 
			
	 Section 6.5
	  	No Proceedings; Limitation on Payments	  	 	38	 
			
	 Section 6.6
	  	GOVERNING LAW AND JURISDICTION	  	 	39	 
			
	 Section 6.7
	  	Confidentiality	  	 	39	 
			
	 Section 6.8
	  	Execution in Counterparts	  	 	40	 
			
	 Section 6.9
	  	Survival of Termination	  	 	40	 
			
	 Section 6.10
	  	WAIVER OF JURY TRIAL	  	 	40	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.11
	  	 Sharing of Recoveries
	  	 	40	 
			
	 Section 6.12
	  	 Right of Setoff
	  	 	41	 
			
	 Section 6.13
	  	 Entire Agreement
	  	 	41	 
			
	 Section 6.14
	  	 Headings
	  	 	41	 
			
	 Section 6.15
	  	 Purchaser Groups’ Liabilities
	  	 	41	 
			
	 Section 6.16
	  	 Call Option
	  	 	41	 
			
	 Section 6.17
	  	 [Reserved]
	  	 	42	 
			
	 Section 6.18
	  	 Joinder of Originators
	  	 	42	 
			
	 Section 6.19
	  	 Structuring Agent
	  	 	42	 
			
	 Section 6.20
	  	 Euro-Rate and LMIR Notification
	  	 	43	 
			
	 Section 6.21
	  	 USA Patriot Act
	  	 	43	 

  
 iii 

			
	 EXHIBIT I
	  	 Definitions

		
	 EXHIBIT II
	  	 Conditions of Purchases

		
	 EXHIBIT III
	  	 Representations and Warranties

		
	 EXHIBIT IV
	  	 Covenants

		
	 EXHIBIT V
	  	 Termination Events

		
	 SCHEDULE I
	  	 Credit and Collection Policy

		
	 SCHEDULE II
	  	 Lock-Box Banks and
Lock-Box Accounts

		
	 SCHEDULE III
	  	 Actions/Suits

		
	 SCHEDULE IV
	  	 Liens

		
	 SCHEDULE V
	  	 Non-Lockbox Accounts

		
	 SCHEDULE VI
	  	 Commitments

		
	 ANNEX A
	  	 Form of Information Package

		
	 ANNEX B-1
	  	 Form of Purchase Notice

		
	 ANNEX B-2
	  	 Form of Issuance Notice

		
	 ANNEX C
	  	 Form of Assumption Agreement

		
	 ANNEX D
	  	 Form of Transfer Supplement

		
	 ANNEX E
	  	 Form of Paydown Notice

		
	 ANNEX F
	  	 Form of Compliance Certificate

		
	 ANNEX G
	  	 Form of Weekly Report

		
	 ANNEX H
	  	 Form of Letter of Credit Application

		
	 ANNEX I
	  	 Closing Memorandum

  
 iv 

 This AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented
or otherwise modified from time to time, this “Agreement”) is entered into as of September 29, 2020, among TRIUMPH RECEIVABLES, LLC, a Delaware limited liability company, as seller (the “Seller”), TRIUMPH
GROUP, INC., a Delaware corporation (“Triumph”), as initial servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), THE VARIOUS PURCHASERS, LC PARTICIPANTS
AND PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO, PNC CAPITAL MARKETS LLC, a Pennsylvania limited liability company, as Structuring Agent, and PNC BANK, NATIONAL ASSOCIATION, as Administrator for each Purchaser Group (in such capacity, the
“Administrator”) and as issuer of Letters of Credit (in such capacity, together with its successors and assigns in such capacity, the “LC Bank”). 

PRELIMINARY STATEMENTS. Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit I. References in
the Exhibits hereto to the “Agreement” refer to this Agreement, as amended, restated, supplemented or otherwise modified from time to time. 

This Agreement amends and restates in its entirety, as of the Closing Date, the Receivables Purchase Agreement, dated as of August 7,
2008 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Prior Agreement”), among each of the parties hereto (other than the LC Bank and LC Participants). Upon the effectiveness of this
Agreement, the terms and provisions of the Prior Agreement shall, subject to this paragraph, be superseded hereby in their entirety. Notwithstanding the amendment and restatement of the Prior Agreement by this Agreement, (i) the Seller and the
Servicer shall continue to be liable to PNC and any other Indemnified Party or Affected Person (as such terms are defined in the Prior Agreement) for fees and expenses which are accrued and unpaid under the Prior Agreement on the date hereof
(collectively, the “Prior Agreement Outstanding Amounts”) and all agreements to indemnify such parties in connection with events or conditions arising or existing prior to the effective date of this Agreement and (ii) the
security interest created under the Prior Agreement shall remain in full force and effect as security for such Prior Agreement Outstanding Amounts until such Prior Agreement Outstanding Amounts shall have been paid in full. Upon the effectiveness of
this Agreement, each reference to the Prior Agreement in any other Transaction Document shall mean and be a reference to this Agreement. Nothing contained herein, unless expressly herein stated to the contrary, is intended to amend, modify or
otherwise affect any other instrument, document or agreement executed and/or delivered in connection with the Prior Agreement. For the avoidance of doubt, all Capital, Discount, Fees and all other amounts outstanding or owing by the Seller under the
Prior Agreement remain outstanding or owing by the Seller hereunder. 
 The Seller (i) desires to sell, transfer and assign an
undivided variable percentage interest in a pool of receivables, and the Purchasers desire to acquire such undivided variable percentage interest, as such percentage interest shall be adjusted from time to time based upon, in part, reinvestment
payments that are made by such Purchasers and (ii) may, subject to the terms and conditions hereof, request that the LC Bank issue or cause the issuance of one or more Letters of Credit. 

 In consideration of the mutual agreements, provisions and covenants contained herein, the
sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 

AMOUNTS AND TERMS OF THE PURCHASES 

Section 1.1    Purchase Facility. 

(a)    On the terms and subject to the conditions hereof, the Seller may, from time to time before the Facility
Termination Date, (i) request that (x) the Conduit Purchasers ratably (based on the aggregate Commitments of the Related Committed Purchasers in their respective Purchaser Groups), or, (y) only if a Conduit Purchaser denies such
request or is unable to fund, the Related Committed Purchasers ratably (based on their respective Commitments), in each case, make purchases of and reinvestments in undivided percentage ownership interests with regard to the Purchased Interest from
the Seller and (ii) request that the LC Bank issue or cause the issuance of Letters of Credit, in each case subject to the terms hereof (each such purchase, reinvestment or issuance is referred to herein as a “Purchase”).
Subject to Section 1.4(b), concerning reinvestments, at no time will a Conduit Purchaser have any obligation to make a Purchase. Each Related Committed Purchaser severally hereby agrees, on the terms and subject to the
conditions hereof, to make Purchases of and reinvestments in undivided percentage ownership interests with regard to the Purchased Interest from the Seller before the Facility Termination Date or, if earlier, the Purchaser Termination Date with
respect to such Related Committed Purchaser, based on the applicable Purchaser Group’s Ratable Share of each Purchase requested pursuant to Section 1.2(a) (and, in the case of each Related Committed Purchaser, its
Commitment Percentage of its Purchaser Group’s Ratable Share of such Purchase) and, on the terms and subject to the conditions of this Agreement, the LC Bank hereby agrees to issue Letters of Credit in return for (and each LC Participant hereby
severally agrees to make participation advances in connection with any draws under such Letters of Credit equal to such LC Participant’s Pro Rata Share of such draws) undivided percentage ownership interests with regard to the Purchased
Interest from the Seller from time to time before the Facility Termination Date. Notwithstanding anything to the contrary set forth in this Agreement, under no circumstances shall any Purchaser make any Purchase hereunder if, after giving effect to
such Purchase (i) such Purchaser’s aggregate Capital would exceed its Commitment, (ii) the Aggregate Capital plus the LC Participation Amount would (after giving effect to all Purchases on such date) exceed the Purchase Limit,
(iii) the sum of (A) the aggregate Capital of such Purchaser, plus (B) the aggregate Capital of each other Purchaser in its Purchaser Group, plus (C) the related LC Participant’s Pro Rata Share of the
LC Participation Amount, would exceed the Group Commitment of such Purchaser’s Purchaser Group or (iv) the Purchased Interest would exceed 100%. 

(b)    The Seller may, upon 30 days’ prior written notice to the Administrator and each Purchaser Agent, reduce the
unused portion of the Purchase Limit in whole or in part (but not below the amount which would cause the Aggregate Capital plus the LC Participation Amount to exceed the Purchase Limit or would cause the Group Capital of any Purchaser Group to
exceed its Group Commitment (after giving effect to such reduction)); provided that each partial 

  
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reduction shall be in the amount of at least $5,000,000, or an integral multiple of $1,000,000 in excess thereof and unless terminated in whole, the Purchase Limit shall in no event be reduced
below $50,000,000 (it being understood that the Purchased Interest shall not exceed 100%). Such reduction shall, unless otherwise agreed to in writing by the Seller, the Administrator and each Purchaser Agent be applied ratably to reduce the Group
Commitment of each Purchaser Group. 
 (c)    Each of the parties hereto hereby acknowledges and agrees that from and
after the Closing Date, the Purchaser Group that includes PNC, as a Purchaser Agent and as a Purchaser, shall not include a Conduit Purchaser, and each request by the Seller for ratable Purchases by the Conduit Purchasers pursuant to
Section 1.1(a) shall be deemed to be a request that the Related Committed Purchasers in PNC’s Purchaser Group make their ratable share of such Purchases. 

Section 1.2    Making Purchases. 

(a)    Each Funded Purchase (but not reinvestment or issuance of a Letter of Credit) hereunder may be made on any day upon
the Seller’s irrevocable written notice in the form of Annex B-1 (each, a “Purchase Notice”) delivered to the Administrator and each Purchaser Agent, in accordance with
Section 6.2 (which notice must be received by the Administrator and each Purchaser Agent before 2:00 p.m., New York City time) at least two Business Days before the requested Purchase Date, which notice shall specify:
(A) the amount requested to be paid to the Seller (such amount, which shall not be less than $1,000,000 or such lesser amount as agreed to by the Administrator and the Majority Purchaser Agents) and shall be in integral multiples of
$100,000, in each case with respect to each Purchaser Group, (B) the date of such Funded Purchase (which shall be a Business Day) and (C) the pro forma calculation of the Purchased Interest after giving effect to the increase in the
Aggregate Capital resulting from such Funded Purchase. 
 (b)    On the date of each Funded Purchase (but not
reinvestment or issuance of a Letter of Credit) of undivided percentage ownership interests with regard to the Purchased Interest hereunder, each applicable Purchaser shall, upon satisfaction of the applicable conditions set forth in Exhibit
II, make available to the Seller in same day funds, at PNC Bank, National Association, account number 1019825269 (or such other account as may be so designated in writing by the Seller to the Administrator and each Purchaser Agent) an
amount equal to the portion of Capital relating to the undivided percentage ownership interest then being funded by such Purchaser. 

(c)    Effective on the date of each Purchase, the Seller hereby sells and assigns to the Administrator for the benefit of
the Purchasers (ratably, based on each such Purchaser’s respective outstanding Capital plus its share of the LC Participation Amount) an undivided percentage ownership interest in: (i) each Pool Receivable then existing, (ii) all
Related Security with respect to such Pool Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. 

(d)    To secure all of the Seller’s obligations (monetary or otherwise) under this Agreement and the other
Transaction Documents to which it is a party, whether now or hereafter existing or arising, due or to become due, direct or indirect, absolute or contingent, the Seller 

  
 -3- 

 
hereby grants to the Administrator, for the benefit of the Purchasers, a security interest in all of the Seller’s right, title and interest (including any undivided interest of the Seller)
in, to and under all of the following, whether now or hereafter owned, existing or arising: (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-Box Accounts and all amounts on deposit therein, and all certificates and instruments, if any, from time to time evidencing such Lock-Box
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 such LC Collateral Account and amounts on deposit therein,
(vi) all rights (but none of the obligations) of the Seller under the Sale Agreement, (vii) all proceeds of, and all amounts received or receivable under any or all of, the foregoing and (viii) all of its other property (collectively,
the “Pool Assets”). The Seller hereby authorizes the Administrator to file financing statements describing 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. The Administrator, for the benefit of the Purchasers, shall have, with respect to the Pool Assets, and in addition to all the other rights and
remedies available to the Administrator and the Purchasers, all the rights and remedies of a secured party under any applicable UCC. The Seller hereby acknowledges and agrees that pursuant to the Prior Agreement, the Seller granted to the
Administrator a security interest in all of the Seller’s right, title and interest in, to and under the Pool Assets (as defined in the Prior Agreement). The Seller hereby confirms such security interest and acknowledges and agrees that such
security interest is continuing and is supplemented and restated by the security interest granted by the Seller pursuant to this Section 1.2(d). 

(e)    The Seller may, with the written consent of the Administrator and each Purchaser Agent, add additional Persons as
Purchasers (either to an existing Purchaser Group or by creating new Purchaser Groups) or cause an existing Purchaser to increase its Commitment in connection with a corresponding increase in the Purchase Limit; provided, however, that
the Commitment of any Purchaser may only be increased with the prior written consent of such Purchaser. Each new Purchaser (or Purchaser Group) shall become a party hereto, by executing and delivering to the Administrator and the Seller, an
Assumption Agreement in the form of Annex C hereto (which Assumption Agreement shall, in the case of any new Purchaser or Purchasers, be executed by each Person in such new Purchaser’s Purchaser Group). 

(f)    Each Related Committed Purchaser’s and related LC Participant’s obligations hereunder shall be several,
such that the failure of any Related Committed Purchaser or related LC Participant to make a payment in connection with any Purchase hereunder shall not relieve any other Related Committed Purchaser or related LC Participant of its obligation
hereunder to make payment for any Purchase. Further, in the event any Related Committed Purchaser or related LC Participant fails to satisfy its obligation to make a Purchase as required hereunder, upon receipt of notice of such failure from the
Seller or the Administrator (or any relevant Purchaser Agent), subject to the limitations set forth herein, the non-defaulting Related Committed Purchasers or related LC Participants in such defaulting Related
Committed Purchaser’s Purchaser Group shall fund the defaulting Related Committed Purchaser’s or related LC Participant’s Commitment Percentage of the related Purchase pro rata in proportion to their relative Commitment
Percentages (determined without regard to the Commitment Percentage of the defaulting Related Committed Purchaser; it being understood that a defaulting Related 

  
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Committed Purchaser’s Commitment Percentage of any Purchase shall be first put to the Related Committed Purchasers in such defaulting Related Committed Purchaser’s Purchaser Group and
thereafter if there are no other Related Committed Purchasers in such Purchaser Group or if such other Related Committed Purchasers are also defaulting Related Committed Purchasers, then such defaulting Related Committed Purchaser’s Commitment
Percentage of such Purchase shall be put to each other Purchaser Group ratably and applied in accordance with this paragraph (f)). Notwithstanding anything in this paragraph (f) to the contrary, no Related Committed Purchaser
shall be required to make a Purchase pursuant to this paragraph for an amount which would cause the aggregate Capital of such Related Committed Purchaser (after giving effect to such Purchase) to exceed its Commitment. 

Section 1.3    Purchased Interest Computation. The Purchased Interest shall be
initially computed on the Closing Date. Thereafter, until the Facility Termination Date, such Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than a Termination Day. From and after the
occurrence of any Termination Day, the Purchased Interest shall be deemed to be 100%. The Purchased Interest shall become zero on the Final Payout Date. 

Section 1.4    Settlement Procedures. 

(a)    The collection of the Pool Receivables shall be administered by the Servicer in accordance with this Agreement and
applicable regulatory law. The Seller shall provide to the Servicer on a timely basis all information needed for such administration, including notice of the occurrence of any Termination Day and current computations of the Purchased Interest. 

(b)    The Servicer shall, on each day on which Collections of Pool Receivables are received (or deemed received) by the
Seller or the Servicer: 
 (i)    set aside and hold in trust (and shall, at the request of the
Administrator, segregate in a separate account approved by the Administrator) for the benefit of each Purchaser Group, out of such Collections, first, an amount equal to the Aggregate Discount accrued through such day for each Portion of
Capital and not previously set aside, second, an amount equal to the fees set forth in each Purchaser Group Fee Letter accrued and unpaid through such day, and third, to the extent funds are available therefor, an amount equal to the
aggregate Purchasers’ Share of the Servicing Fee accrued through such day and not previously set aside, 

(ii)    subject to Section 1.4(f), if such day is not a Termination Day, remit to
the Seller, ratably, on behalf of each Purchaser Group, the remainder of such Collections. Such remainder shall, to the extent representing a return on the Aggregate Capital, be automatically reinvested ratably, according to each Purchaser’s
Capital, in Pool Receivables, and in the Related Security, Collections and other proceeds with respect thereto; provided, however, that if after giving effect to such reinvestment, (x) the Purchased Interest would exceed 100% or
(y) the sum of the Aggregate Capital plus the LC Participation Amount would exceed the Purchase Limit then in effect, then the Servicer shall not reinvest, but shall set aside and hold in trust for the benefit of the Purchasers (and shall, at
the request of the Administrator, segregate in a separate account 

  
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approved by the Administrator) a portion of such Collections that, together with the other Collections set aside pursuant to this paragraph, shall equal the amount necessary to reduce the
Purchased Interest to 100% or cause the sum of the Aggregate Capital plus the LC Participation Amount not to exceed the Purchase Limit, as the case may be, which amount shall either (x) be deposited ratably to each Purchaser Agent’s
account (for the benefit of its related Purchasers) or (y) be deposited in the LC Collateral Account, as applicable, on the next Settlement Date in accordance with Section 1.4(c); provided, further, that
(x) in the case of any Purchaser that is a Conduit Purchaser, if such Conduit Purchaser has provided notice (a “Declining Notice”) to its Purchaser Agent, the Administrator, and the Servicer that such Purchaser (a
“Declining Conduit Purchaser”) no longer wishes Collections with respect to any Portion of Capital funded or maintained by such Conduit Purchaser to be reinvested pursuant to this clause (ii), and (y) in the case of any
Purchaser with respect to which the Purchaser Termination Date has occurred (an “Exiting Purchaser”) then in either case (x) or (y), above, such Collections shall not be reinvested and shall instead be held in trust for the
benefit of such Purchaser and applied in accordance with clause (iii), below. 
 (iii)    if such
day is a Termination Day (or any day following the provision of a Declining Notice or the occurrence of the Purchaser Termination Date with respect to any Purchaser), set aside, segregate and hold in trust (and shall, at the request of the
Administrator, segregate in a separate account approved by the Administrator) for the benefit of each Purchaser Group the entire remainder of the Collections (or in the case of a Declining Conduit Purchaser or an Exiting Purchaser an amount equal to
such Declining Conduit Purchaser’s or Exiting Purchaser’s ratable share of such Collections based on its Capital; provided, that solely for the purpose of determining such Declining Conduit Purchaser’s or Exiting
Purchaser’s ratable share of such Collections, such Declining Conduit Purchaser’s or Exiting Purchaser’s Capital shall be deemed to remain constant from the date of the provision of a Declining Notice or the occurrence of the
Purchaser Termination Date with respect to such Purchaser, as the case may be, until the date such Declining Conduit Purchaser’s or Exiting Purchaser’s Capital has been paid in full; it being understood that if such day is also a
Termination Day, such Declining Conduit Purchaser’s or Exiting Purchaser’s Capital shall be recalculated taking into account amounts received by such Purchaser in respect of this parenthetical and thereafter Collections shall be set aside
for such Purchaser ratably in respect of its Capital (as recalculated)); provided, that if amounts are set aside and held in trust on any Termination Day (or any day following the provision of a Declining Notice or the occurrence of the
Purchaser Termination Date with respect to any Purchaser) and, thereafter, the conditions set forth in Section 2 of Exhibit II or giving rise to the related Facility Termination Date are satisfied or cured or waived
by the Majority Purchaser Agents (or in the case of a Declining Notice or the occurrence of the Purchaser Termination Date with respect to any Purchaser, such Declining Notice or occurrence of the Purchaser Termination Date with respect to such
Purchaser, as the case may be, has been revoked by the related Declining Conduit Purchaser or waived by the related Exiting Purchaser, as the case may be, and written notice thereof has been provided to the Administrator, the related Purchaser Agent
and the Servicer), such previously set-aside amounts shall, to the extent representing a return on Aggregate Capital (or the Capital of the Declining Conduit Purchaser or Exiting Purchaser, as the case may be)
and ratably in 

  
 -6- 

 
accordance with each Purchaser’s Capital, be reinvested in accordance with clause (ii) on the day of such subsequent satisfaction, cure or waiver of conditions or revocation of
Declining Notice or waiver of such Purchaser Termination Date, as the case may be, and 
 (iv)    release
to the Seller (subject to Section 1.4(f)) for its own account any Collections in excess, if any, of: (w) amounts required to be reinvested in accordance with clause (ii) or the proviso to clause
(iii) plus (x) the amounts that are required to be set aside pursuant to clause (i), the proviso to clause (ii) and clause (iii) plus (y) the Seller’s Share of the Servicing Fee accrued and unpaid through
such day and all reasonable and appropriate out-of-pocket costs and expenses of the Servicer for servicing, collecting and administering the Pool Receivables plus
(z) all other amounts then due and payable by the Seller under this Agreement (as notified to the Servicer by the Administrator) to the Purchasers, the LC Participants, the Purchaser Agents, the Administrator and any other Indemnified Party or
Affected Person. 
 (c)    The Servicer shall, in accordance with the priorities set forth in
Section 1.4(d), below, deposit into each applicable Purchaser Agent’s account (or such other account designated by such applicable Purchaser or its Purchaser Agent), on each Settlement Date in the case of Collections
held for each Purchaser with respect to such Purchaser’s Portion(s) of Capital pursuant to clause (b)(i) or paragraph (f), plus the amount of Collections then held for the related Purchasers pursuant to clauses (b)(ii) and
(iii) of this Section 1.4; provided, that if Triumph or an Affiliate thereof is the Servicer, such day is not a Termination Day and the Administrator has not notified Triumph (or such Affiliate) that such right
is revoked, Triumph (or such Affiliate) may retain the portion of the Collections set aside pursuant to clause (b)(i) that represents the aggregate Purchasers’ Share of the Servicing Fee. 

(d)    The Servicer shall distribute the amounts described (and at the times set forth) in
Section 1.4(c), as follows: 
 (i)    if such distribution occurs on a day that
is not a Termination Day: 
 (1)    first, to each Purchaser Agent ratably according to the
Discount accrued during the Yield Period ending on the Settlement Date on which such Discount is distributed (for the benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of all accrued and unpaid
Discount and Fees (other than Servicing Fees) with respect to each Portion of Capital maintained by such Purchasers, and 

(2)    second, if the Servicer has set aside amounts in respect of the Purchasers’ Share of the
Servicing Fee pursuant to clause (b)(i) and has not retained such amounts pursuant to paragraph (c), to the Servicer’s own account (payable in arrears on each Settlement Date) in payment in full of the aggregate of the Purchasers’ Share of
accrued Servicing Fees so set aside, and 

  
 -7- 

 (ii)    if such distribution occurs on a Termination
Day: 
 (1)    first, if Triumph or an Affiliate thereof is not the Servicer, to the
Servicer’s own account in payment in full of the Purchasers’ Share of all accrued Servicing Fees, 

(2)    second, to each Purchaser Agent ratably (based on the aggregate accrued and unpaid Discount
and Fees (other than Servicing Fees) payable to all Purchasers at such time) (for the benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of all accrued Discount and Fees with respect to each
Portion of Capital funded or maintained by the Purchasers within such Purchaser Agent’s Purchaser Group, 

(3)    third, to each Purchaser Agent ratably according to the aggregate of the Capital of each
Purchaser in each such Purchaser Agent’s Purchaser Group (for the benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of each Purchaser’s Capital, 

(4)    fourth, to the LC Collateral Account for the benefit of the LC Bank and the LC Participants
(x) the amount necessary to cash collateralize the LC Participation Amount until the amount of cash collateral held in such LC Collateral Account (other than amount representing LC Fee Expectation) equals 100% of the LC Participation Amount
(determined as if such Collections had been applied to reduce the aggregate outstanding amount of the LC Participation Amount) and (y) an amount equal to the LC Fee Expectation at such time (or such portion thereof not currently on deposit in
the LC Collateral Account); 
 (5)    fifth, if the Aggregate Capital and accrued Aggregate
Discount with respect to each Portion of Capital for all Purchaser Groups have been reduced to zero, and the Purchasers’ Share of all accrued Servicing Fees payable to the Servicer (if other than Triumph or an Affiliate thereof) have been paid
in full, to each Purchaser Group ratably, based on the amounts then due and payable to each (for the benefit of the Purchasers within such Purchaser Group), the Administrator and any other Indemnified Party or Affected Person in payment in full of
any other amounts then due and payable thereto by the Seller or Servicer hereunder, and 

(6)    sixth, to the Servicer’s own account (if the Servicer is Triumph or an Affiliate
thereof) in payment in full of the aggregate of the Purchasers’ Share of all accrued Servicing Fees. 
 Each Purchaser Agent, upon its receipt of any
such payments or distributions, shall distribute such amounts to the applicable Purchasers within its Purchaser Group ratably; provided that if such Purchaser Agent shall have received insufficient funds to pay all of the above amounts in
full on any such date, such Purchaser Agent shall pay such amounts to the applicable Purchasers within its Purchaser Group in accordance with the priority of payments forth above, and with respect to any such category above for which there are
insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to each such Person in such Purchaser Group) among all such Persons in such Purchaser Group entitled to payment

  
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thereof. After the Aggregate Capital, Aggregate Discount, fees payable pursuant to each Purchaser Group Fee Letter and Servicing Fees with respect to the Purchased Interest, and any other amounts
payable by the Seller and the Servicer to each Purchaser Group, the Administrator, the Structuring Agent or any other Indemnified Party or Affected Person hereunder, have been paid in full, and after an amount equal to 100% of the LC Participation
Amount and the LC Fee Expectation has been deposited in the LC Collateral Account, all additional Collections with respect to the Purchased Interest shall be paid to the Seller for its own account. 

(e)    For the purposes of this Section 1.4: 

(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, discount or other adjustment made by the Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the
Servicer, or any setoff or dispute between the Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the Servicer and an Obligor, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in
the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a Lock-Box Account for the benefit of the Purchasers and their assigns and for application
pursuant to this Section 1.4; 
 (ii)    if on any day any of the
representations or warranties in Sections 1(j) or 3(a) of Exhibit III is not true with respect to any Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full and
shall immediately pay any and all such amounts to a Lock-Box Account (or as otherwise directed by the Administrator at such time) for the benefit of the Purchasers and their assigns and for application
pursuant to this Section 1.4 (Collections deemed to have been received pursuant to clause (i) or (ii) of this paragraph (e) are hereinafter sometimes referred to as “Deemed
Collections”); 
 (iii)    except as 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
Administrator, any Purchaser Agent or any Purchaser 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 Seller and, accordingly, such Person shall have a claim against the Seller for such amount, payable when and to the extent that any distribution from
or on behalf of such Obligor is made in respect thereof. 

  
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 (f)    If at any time the Seller shall wish to cause the reduction of
Aggregate Capital (but not to commence the liquidation, or reduction to zero, of the entire Aggregate Capital) the Seller may do so as follows: 

(i)    the Seller shall give the Administrator, each Purchaser Agent and the Servicer written notice in the
form of Annex E (each, a “Paydown Notice”) (A) at least two Business Days prior to the date of such reduction for any reduction of the Aggregate Capital less than or equal to $20,000,000 (or such greater amount as agreed to
by the Administrator and the Majority Purchaser Agents) and (B) at least five Business Days prior to the date of such reduction for any reduction of the Aggregate Capital greater than $20,000,000, and each such Paydown Notice shall include,
among other things, the amount of such proposed reduction and the proposed date on which such reduction will commence; 

(ii)    on the proposed date of the commencement of such reduction and on each day thereafter, the Servicer
shall cause Collections not to be reinvested until the amount thereof not so reinvested shall equal the desired amount of reduction; and 

(iii)    the Servicer shall hold such Collections in trust for the benefit of each Purchaser ratably
according to its Capital, for payment to each such Purchaser (or its related Purchaser Agent for the benefit of such Purchaser) on the next Settlement Date (or such other date as agreed to by the Administrator) with respect to any Portions of
Capital maintained by such Purchaser immediately following the related current Yield Period, and the Aggregate Capital (together with the Capital of any related Purchaser) shall be deemed reduced in the amount to be paid to such Purchaser (or its
related Purchaser Agent for the benefit of such Purchaser) only when in fact finally so paid; 
 provided, that: 

(A)    the amount of any such reduction shall be not less than $1,000,000 or an integral multiple of
$100,000 in excess thereof (to be applied pro rata in accordance with the Aggregate Capital outstanding) and the Purchased Interest shall not exceed 100%; and 

(B)    with respect to any Portion of Capital, the Seller shall choose a reduction amount, and the date of
commencement thereof, so that to the extent practicable such reduction shall commence and conclude in the same Yield Period. 
 
Section 1.5    Fees. The Seller shall pay to each Purchaser Agent for the benefit of the Purchasers and Liquidity Providers in the related Purchaser Group and/or the Structuring Agent in accordance with the
provisions set forth in Section 1.4(d) certain fees in the amounts and on the dates set forth in one or more fee letter agreements, among the Seller, the applicable Purchaser Agent, the Administrator and/or the Structuring
Agent, respectively (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time, each, a “Purchaser Group Fee Letter”) and each of the Purchaser Group Fee Letters may be referred
to collectively as, the “Fee Letters”). 

  
 -10- 

 Section 1.6    Payments and
Computations, Etc. 
 (a)    All amounts to be paid or deposited by the Seller or the Servicer hereunder or under
any other Transaction Document shall be made without reduction for offset or counterclaim and shall be paid or deposited no later than 2:00 p.m. (New York City time) on the day when due in same day funds to the account for each Purchaser maintained
by the applicable Purchaser Agent (or such other account as may be designated from time to time by such Purchaser Agent to the Seller and the Servicer). All amounts received after 2:00 p.m. (New York City time) will be deemed to have been received
on the next Business Day. 
 (b)    The Seller or the Servicer, as the case may be, shall, to the extent permitted by
law, pay interest on any amount not paid or deposited by the Seller or the Servicer, as the case may be, when due hereunder, at an interest rate equal to 2.0% per annum above the Base Rate, payable on demand. 

(c)    All computations of interest under paragraph (b) and all computations of Discount, Fees and other
amounts hereunder shall be made on the basis of a year of 360 (or 365 or 366, as applicable, with respect to Discount or other amounts calculated by reference to the Base Rate) days for the actual number of days 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 Business Day and such extension of time shall be included in the computation of such payment or deposit. 

Section 1.7    Increased Costs. 

(a)    If, after the Initial Closing Date, the Administrator, any Purchaser, Purchaser Agent, Liquidity Provider or
Program Support Provider or any of their respective Affiliates (each an “Affected Person”) determines that any Change in Law affects or would affect the amount of capital required or expected to be maintained by such Affected
Person, and such Affected Person determines that the amount of such capital is increased by or based upon the existence of any commitment to make Purchases of (or otherwise to maintain the investment in) Pool Receivables or to issue or maintain any
such Letter of Credit or any related liquidity facility, credit enhancement facility and other commitments of the same type, then, upon demand by such Affected Person (with a copy to the Administrator), the Seller shall promptly pay such Affected
Person, from time to time as specified by such Affected Person, additional amounts sufficient to compensate such Affected Person for both increased costs (including any Taxes or Other Taxes that are Indemnified Taxes other than Indemnified Taxes
governed by Section 1.10) and maintenance of bargained for yield in the light of such circumstances, to the extent that such Affected Person determines such increase in capital to be allocable to the existence of any of such commitments. A
certificate as to such amounts submitted to the Seller and the Administrator by an authorized officer of such Affected Person shall be conclusive and binding for all purposes. 

(b)    If due to any Change in Law, there shall be any increase after the Initial Closing Date in the cost (including any
Taxes or Other Taxes that are Indemnified Taxes other than Indemnified Taxes governed by Section 1.10) to any Affected Person of agreeing to purchase or purchasing, or maintaining the ownership of, the Purchased Interest
(or its portion thereof and 

  
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including, without limitation, funding or maintaining its Capital or issuing or maintaining any Letter of Credit), then, upon demand by such Affected Person, the Seller shall promptly pay to such
Affected Person, from time to time as specified by such Affected Person, additional amounts sufficient to compensate such Affected Person for both increased costs and maintenance of bargained for yield. A certificate as to such amounts submitted to
the Seller and the Administrator by an authorized officer of such Affected Person shall be conclusive and binding for all purposes. 
 
Section 1.8    Requirements of Law. 
 (a)    If, after the Initial Closing Date,
any Affected Person determines that (i) the introduction of or any change in or in the interpretation of any law, rule or regulation after the date hereof, or (ii) compliance with any request, guideline or directive from any central bank
or other Governmental Authority (whether or not having the force of law) made after the Initial Closing Date: 

(i)    does or shall subject such Affected Person to any increase in the Purchased Interest (or its portion
thereof) or in the amount of Capital relating thereto, or 
 (ii)    does or shall impose, modify or hold
applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, Purchases, advances or loans by, or other credit extended by, or any other acquisition
of funds by, any office of such Affected Person that are not otherwise included in the determination of the Euro-Rate or LMIR hereunder, 
 and the result
of any of the foregoing is: (1) to increase the cost to such Affected Person of agreeing to purchase or purchasing or maintaining the ownership of undivided percentage ownership interests with regard to the Purchased Interest (or interests
therein), any Portion of Capital or any Letter of Credit, or (2) to reduce any amount receivable hereunder (whether directly or indirectly), then, in any such case, upon demand by such Affected Person, the Seller shall promptly pay to such
Affected Person additional amounts necessary to compensate such Affected Person for such additional cost or reduced amount receivable. All such amounts shall be payable as incurred. 

(b)    If an Affected Person requests compensation under this Section 1.8, a certificate
describing in reasonable detail such amounts and the basis for such Affected Person’s demand for such amounts shall be submitted to the Seller and the applicable Purchaser Agent by such Affected Person and shall be conclusive and binding for
all purposes, absent manifest error. 
 Section 1.9    Funding Losses. 

(a)    The Seller shall compensate each Affected Person, upon written request by such Person for all losses, expenses and
liabilities (including any interest paid by such Affected Person to lenders of funds borrowed by it to fund or maintain any Portion of Capital hereunder at an interest rate determined by reference to the Euro-Rate or LMIR and any loss sustained by
such Person in connection with the re-employment of such funds), which such Affected Person may sustain with respect to funding or maintaining such Portion of Capital at the Euro-Rate or LMIR if, for any
reason, after the applicable request by the Seller to fund or maintain such Portion of Capital at an interest rate determined by reference to the Euro-Rate or LMIR, such funding or maintenance does not occur on a date specified therefor. 

  
 -12- 

 (b)    If an Affected Person requests compensation under this
Section 1.9, a certificate describing in reasonable detail such amounts and the basis for such Affected Person’s demand for such amounts shall be submitted to the Seller and the applicable Purchaser Agent by such
Affected Person and shall be conclusive and binding for all purposes. 

Section 1.10    Taxes. 

(a)    The Seller agrees that: 

(i)    Any and all payments by the Seller under this Agreement and any other Transaction Document shall be
made free and clear of and without deduction or withholding for any Taxes or Other Taxes; provided, however that such payments shall exclude overall income, franchise or branch profits taxes, in any case, imposed on the Person
receiving such payment by the Seller hereunder by the jurisdiction under whose laws such Person is organized, the jurisdiction of such Person’s principal place of business or the jurisdiction in which such Person holds its undivided percentage
ownership interest in the Purchased Interest, or any political subdivision thereof and any U.S. federal withholding Taxes imposed under FATCA (all such Taxes other than those referred to in the proviso above shall hereinafter be referred to as
“Indemnified Taxes”). If the Seller shall be required by law to deduct or withhold any Indemnified Taxes from or in respect of any sum payable hereunder to any Purchaser, any Liquidity Provider, Program Support Provider or the
Administrator, then the sum payable shall be increased by the amount necessary to yield to such Person (after payment of all Taxes or Other Taxes and including such deductions and withholdings applicable to additional sums payable under this
Section 1.10) an amount equal to the sum it would have received had no such deductions or withholdings been made. 

(ii)    Whenever any Taxes are payable by the Seller pursuant to this
Section 1.10, as promptly as possible thereafter, the Seller shall send to the Administrator for its own account or for the account of any Purchaser or any Liquidity Provider or other Program Support Provider, as the case
may be, a certified copy of an original official receipt showing payment thereof or such other evidence of such payment as may be available to the Seller and acceptable to the taxing authorities having jurisdiction over such Person. If the Seller
fails to pay any Indemnified Taxes when due to the appropriate taxing authority or fails to remit to the Administrator the required receipts or other required documentary evidence pursuant to this Section 1.10, the Seller
shall indemnify the Administrator and/or any other Affected Person, as applicable, for any incremental Indemnified Taxes, interest or penalties that may become payable by such party as a result of any such failure. 

(b)    The Seller shall indemnify each Affected Person within ten days after written demand therefor, for the full amount
of any Indemnified Taxes paid by such Affected Person on or with respect to any payment by or on account of any obligation of the Seller hereunder (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under

  
 -13- 

 
this Section 1.10) 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. Notwithstanding anything to the contrary in Sections 1.7, 1.8, 3.1 or 6.4(a), Indemnified Taxes shall be governed exclusively by this
Section 1.10. 
 (c)    If an Affected Person determines, in its sole discretion, that it has
received a refund or credit of any Taxes or Other Taxes as to which it has been indemnified by the Seller pursuant to this Section 1.10, it shall pay over such refund or credit to the Seller (but only to the extent of
indemnity payments made, or additional amounts paid, by the Seller under this Section 1.10 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Affected Person and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund net of any applicable Taxes payable in
respect of such interest); provided, that the Seller, upon the request of such Affected Person, agrees to repay the amount paid over to the Seller (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to such Affected Person in the event such Affected Person is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (c), in no event will an Affected Person be required to pay
any amount to the Seller pursuant to this paragraph (c) the payment of which would place such Affected Person in a less favorable net after-Tax position than such Affected Person would have been in if the
Tax or Other 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 or Other Tax had never been paid. This
Section 1.10 shall not be construed to require any Affected Person to make available its tax returns (or any other information relating to its Taxes which it deems confidential) to the Seller or any other Person. 

(d)    If an Affected Person requests indemnification or repayment under this Section 1.10, a
certificate describing in reasonable detail such amounts and the basis for such Affected Person’s demand for such amounts shall be submitted to the Seller and the applicable Purchaser Agent by such Affected Person and shall be conclusive and
binding for all purposes, absent manifest error. 
 (e)    Notwithstanding anything to the contrary in this Agreement
(including, for the avoidance doubt, Section 1.2), all parties to this Agreement covenant and agree to treat any Purchase under this Agreement as debt for all federal income tax purposes (the “Intended Tax
Treatment”), and as such it is understood that for such federal income tax purposes Purchased Interests will be treated as evidence of indebtedness, each Purchase will be treated as a loan from the applicable Purchaser to the Seller secured
by an undivided ownership interest in the Pool Receivables and Related Security, all Collections and other proceeds thereof, and all rights and remedies of the Seller under the Sale Agreement (it further being understood that all payments
representing Discount, fees and other amounts accrued under this Agreement or the other Transaction Documents shall be deemed to constitute interest payments). All parties to this Agreement agree not to take any position on any tax return
inconsistent with the Intended Tax Treatment. 
 Section 1.11    Inability to
Determine Euro-Rate or LMIR. 

  
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 (a)    If the Administrator (or any Purchaser Agent) determines before
the first day of any Yield Period (or solely with respect to LMIR, on any day) (which determination shall be final and conclusive) that, by reason of circumstances affecting the interbank eurodollar market generally, (i) deposits in dollars (in
the relevant amounts for such Yield Period) are not being offered to banks in the interbank eurodollar market for such Yield Period, (ii) adequate means do not exist for ascertaining the Euro-Rate or LMIR for such Yield Period (or portion
thereof) or (iii) the Euro-Rate or LMIR does not accurately reflect the cost to any Purchaser (as determined by the related Purchaser or the applicable Purchaser Agent) of maintaining any Portion of Capital during such Yield Period (or portion
thereof), then the Administrator shall give notice thereof to the Seller. Thereafter, until the Administrator or such Purchaser Agent notifies the Seller that the circumstances giving rise to such suspension no longer exist, (a) no Portion of
Capital shall be funded at the Alternate Rate determined by reference to the Euro-Rate or LMIR and (b) the Discount for any outstanding Portions of Capital then funded at the Alternate Rate determined by reference to the Euro-Rate or LMIR
shall, on the last day of the then current Yield Period (or solely with respect to LMIR, immediately), be converted to the Alternate Rate determined by reference to the Base Rate. 

(b)    If, on or before the first day of any Yield Period (or solely with respect to LMIR, on any day), the Administrator
shall have been notified by any Purchaser, Purchaser Agent or Liquidity Provider that such Person has determined (which determination shall be final and conclusive) that, any enactment, promulgation or adoption of or any change after the date hereof
in any applicable law, rule or regulation, or any change in interpretation or administration thereof by a governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by such
Person with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for such Person to fund or maintain any Portion of Capital at the
Alternate Rate determined by reference to the Euro-Rate or LMIR, the Administrator shall notify the Seller thereof. Upon receipt of such notice, until the Administrator notifies the Seller that the circumstances giving rise to such determination no
longer apply, (a) no Portion of Capital shall be funded at the Alternate Rate determined by reference to the Euro-Rate or LMIR and (b) the Discount for any outstanding Portions of Capital then funded at the Alternate Rate determined by
reference to the Euro-Rate or LMIR shall be converted to the Alternate Rate determined by reference to the Base Rate either (i) on the last day of the then current Yield Period (or solely with respect to LMIR, immediately) if such Person may
lawfully continue to maintain such Portion of Capital at the Alternate Rate determined by reference to the Euro-Rate or LMIR to such day, or (ii) immediately, if such Person may not lawfully continue to maintain such Portion of Capital at the
Alternate Rate determined by reference to the Euro-Rate or LMIR to such day. 

Section 1.12    Successor Euro-Rate or LMIR. 

(a)    Notwithstanding anything to the contrary herein or in any other Transaction Document, if the Administrator
determines that a Benchmark Transition Event or an Early Opt-in Event has occurred with respect to the Euro-Rate or LMIR, the Administrator and the Seller may amend this Agreement to replace the Euro-Rate or
LMIR, as applicable, with a Benchmark Replacement; and any such amendment will become effective at 5:00 p.m. New York City time on the fifth (5th) Business Day after the Administrator has provided such proposed amendment

  
 -15- 

 
to all Purchasers, so long as the Administrator has not received, by such time, written notice of objection to such amendment from the Majority Purchaser Agents. Until the Benchmark Replacement
with respect to the Euro-Rate or LMIR, as applicable, is effective, each Portion of Capital funded at the Alternate Rate determined by reference to the Euro-Rate or LMIR will continue to be funded at the Alternate Rate determined by reference to the
Euro-Rate or LMIR, as applicable; provided however, during a Benchmark Unavailability Period (i) the Discount for any outstanding Portions of Capital then funded at the Alternate Rate determined by reference to (A) the
Euro-Rate shall be converted to the Alternate Rate determined by reference to the Base Rate at the expiration of the existing Yield Period (or sooner, if the Administrator cannot continue to lawfully maintain such affected Portion of Capital at the
Alternate Rate determined by reference to the Euro-Rate or LMIR, as applicable) and (B) LMIR shall be converted to the Alternate Rate determined by reference to the Base Rate immediately and (ii) the component of the Alternate Rate based
upon the Euro-Rate or LMIR, as applicable, will not be used in any determination of the Alternate Rate. 
 (b)    In
connection with the implementation of a Benchmark Replacement, the Administrator will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

(c)    The Administrator will promptly notify the Seller and the Purchasers of (i) the implementation of any
Benchmark Replacement, (ii) the effectiveness of any Benchmark Replacement Conforming Changes and (iii) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrator
or the Majority Purchaser Agents pursuant to this Section 1.12 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an
event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in
each case, as expressly required pursuant to this Section 1.12. 

Section 1.13    Notice of Purchaser Termination Date. Each Purchaser Agent agrees
to give the Seller, the Servicer and the Administrator written notice of the decision by the Liquidity Providers under the Liquidity Agreement related to the Conduit Purchaser in such Purchaser Agent’s Purchaser Group regarding the extension of
the then current scheduled commitment expiration date under such Liquidity Agreement at least 90 days’ prior to such scheduled commitment expiration date. 

Section 1.14    Letters of Credit; Participations. Subject to the terms and
conditions hereof and the satisfaction of the applicable conditions set forth in Exhibit II, the LC Bank shall issue or cause the issuance of Letters of Credit (“Letters of Credit”) on behalf of the Seller (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 Seller); provided,
however, that the LC Bank’s obligation to issue a Letter of Credit shall be subject in all respects to the limitations set forth in Section 1.1(a). Discount 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. 

  
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 Section 1.15    Issuance of Letters
of Credit. 
 (a)    The Seller may request that the LC Bank, upon two (2) Business Days’ prior written
notice submitted on or before 2:00 p.m., New York City time, issue a Letter of Credit by delivering to the Administrator, each Purchaser Agent and the LC Bank a letter of credit application (the “Letter of Credit Application”),
substantially in the form of Annex H attached hereto and an Issuance Notice, in substantially the form of Annex B-2 hereto, in each case completed to the satisfaction of the Administrator and the
LC Bank; and such other certificates, documents and other papers and information as the Administrator and the LC Bank may reasonably request. 

(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 date in clause (a) of the definition of “Facility 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 date in clause (a) of the definition of “Facility
Termination Date” or (y) the LC Bank determines that any condition precedent (including, without limitation, those set forth in Section 1.1(a) or Exhibit II) to issuing such Letter of Credit hereunder is
not satisfied (other than any such condition requiring the Seller to submit a 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 Seller
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 

  
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Participant’s Pro Rata Share, in such Letter of Credit, each drawing made thereunder and the obligations of the Seller 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 Section 1.15(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 Seller shall not have reimbursed such amount in full to the LC Bank pursuant to Section 1.17(a), each LC Participant shall be
obligated to make Participation Advances with respect to such Letter of Credit in accordance with Section 1.17(b). 

Section 1.16    Requirements For Issuance of Letters of Credit. The Seller shall
authorize and direct the LC Bank to name the Seller, an Originator or an Affiliate of an Originator as the “Applicant” or “Account Party” of each Letter of Credit. 

Section 1.17    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 Administrator, each Purchaser Agent and the Seller of such request. The Seller shall reimburse (such obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”)
the LC Bank prior to noon (New York City time), on each day (or if such day is not a Business Day, on the next succeeding Business Day) 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. Available funds on deposit in the LC Collateral Account may be applied by the Administrator to satisfy the Reimbursement Obligation in respect of such drawing or a portion
thereof. In the event the Seller fails to so reimburse the LC Bank for the full amount of any drawing under any Letter of Credit by noon (New York City time) on the Drawing Date (including because the conditions precedent to a Purchase requested by
the Seller pursuant to Section 1.2 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 1.17 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 Purchase 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 Overnight Bank Funding 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 

  
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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 Indemnified Parties have been fully reimbursed for all payments made under or relating to Letters of Credit. 
 Section 1.18    
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 Seller (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 Discount on the Purchases 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 Seller, or to
a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of the payments made by the Seller 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 Overnight Bank Funding 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)    Pursuant to and in accordance with Section 1.4(d)(ii)(4), if any Letters of Credit are
outstanding and undrawn on the Facility Termination Date, the LC Collateral Account shall be funded from Collections (or, at the Seller’s sole option in the Seller’s sole discretion, by other funds available to the Seller) 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 (such fees to accrue, as reasonably estimated and documented to the Seller and the Servicer by the LC
Bank, the “LC Fee Expectation”). 
 Section 1.19    Documentation;
Documentary and Processing Charges. The Seller 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 Seller 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 Seller’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 Seller’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 Seller shall pay
to the LC Bank for its own account any 

  
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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 upon demand and payable pursuant to and in accordance with the priority of payments set forth in Section 1.4 and shall be nonrefundable. 

Section 1.20    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. 

Section 1.21    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 Seller 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 under all circumstances, including the following circumstances: 

(a)    any set-off, counterclaim, recoupment, defense or other
right which such LC Participant may have against the LC Bank, the Administrator, the Purchaser Agents, the Purchasers, the Seller, the Servicer, an Originator, the Performance Guarantor or any other Person for any reason whatsoever; 

(b)    the failure of the Seller 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; 

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

(d)    any claim of breach of warranty that might be made by the Seller, an Originator or an 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 Seller, 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 LC Participant, the
Administrator, any Purchaser or any Purchaser Agent or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Seller or any
Affiliates of the Seller and the beneficiary for which any Letter of Credit was procured); 

  
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 (e)    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 Administrator or the LC Bank has been notified thereof; 

(f)    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; 

(g)    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; 

(h)    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 Seller; 
 (i)    any Material Adverse Effect on the Seller, any Originator or
any Affiliates thereof; 
 (j)    any breach of this Agreement or any other Transaction Document by any
party thereto; 
 (k)    the occurrence or continuance of an Insolvency Proceeding with respect to the
Seller, any Originator or any Affiliate thereof; 
 (l)    the fact that a Termination Event or an
Unmatured Termination Event shall have occurred and be continuing; 
 (m)    the fact that this Agreement
or the obligations of Seller or Servicer hereunder shall have been terminated; and 
 (n)    any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing. 

Section 1.22    Indemnity. In addition to other amounts payable hereunder, the
Seller hereby agrees to protect, indemnify, pay and save harmless the Administrator, the LC Bank, each LC Participant, each other Indemnified 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 Administrator, the LC Bank, any LC Participant, any other Indemnified 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 or its Affiliates as determined by a final non-appealable judgment of a court of competent jurisdiction or (b) the wrongful dishonor 

  
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by the LC Bank 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”). 
 
Section 1.23    Liability for Acts and Omissions. As between the Seller, on the one hand, and the Administrator, the LC Bank, the LC Participants, the Purchaser Agents and the Purchasers, on the other hand, the
Seller 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 respective foregoing, none of the Administrator, the LC
Bank, the LC Participants, the Purchaser Agents or the Purchasers shall be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for
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 Purchaser 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 Seller against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among the Seller 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 encrypted; (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 Administrator, the LC Bank, the LC Participants, the Purchaser Agents and the Purchasers,
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 Administrator, the LC Bank, the LC Participants, the Purchaser
Agents or the Purchasers or their respective Affiliates, be liable to the Seller 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 Administrator, the LC Bank, the LC Participants, the Purchaser Agents and the Purchasers 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 

  
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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 Administrator, the LC
Bank, the LC Participants, the Purchaser Agents or the Purchasers 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. 
 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 Seller, any LC
Participant or any other Person. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES; COVENANTS; 

TERMINATION EVENTS 
 
Section 2.1    Representations and Warranties; Covenants. Each of the Seller and the Servicer hereby makes the representations and warranties, and hereby agrees to perform and observe the covenants, applicable to
it set forth in Exhibits III and IV, respectively. 

Section 2.2    Termination Events. If any of the Termination Events set forth in
Exhibit V shall occur, the Administrator may (with the consent of the Majority Purchaser Agents) or shall (at the direction of the Majority Purchaser Agents), by notice to the Seller, declare the Facility Termination Date
to have occurred (in which case the Facility Termination Date shall be deemed to have occurred); provided, that automatically upon the occurrence of any event (without any requirement for the passage of time or the giving of notice) described
in paragraph (e) of Exhibit V, the Facility Termination Date shall occur. Upon any such declaration, occurrence or deemed occurrence of the Facility Termination Date, the Administrator, each Purchaser Agent and each Purchaser
shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights and remedies provided after default under the UCC and under other applicable law, which rights and remedies shall be cumulative. 

  
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 ARTICLE III 

INDEMNIFICATION 
 
Section 3.1    Indemnities by the Seller. Without limiting any other rights any such Person may have hereunder or under applicable law, the Seller hereby agrees to indemnify and hold harmless the Administrator,
each Purchaser Agent, each Liquidity Provider, each Program Support Provider and each Purchaser and their respective officers, directors, agents and employees (each an “Indemnified Party”) from and against any and all damages,
losses, claims, liabilities, penalties, costs and expenses (including Attorney Costs) (all of the foregoing collectively, the “Indemnified Amounts”) at any time imposed on or incurred by any Indemnified Party arising out of or
otherwise relating to any Transaction Document, the transactions contemplated thereby or the acquisition of any portion of the Purchased Interest, or any action taken or omitted by any of the Indemnified Parties (including any action taken by the
Administrator as attorney in fact for the Seller or any Originator hereunder or under any other Transaction Document), whether arising by reason of the acts to be performed by the Seller hereunder or otherwise, excluding only Indemnified Amounts to
the extent (a) a final judgment of a court of competent jurisdiction holds such Indemnified Amounts resulted from gross negligence or willful misconduct of the Indemnified Party seeking indemnification, (b) the financial inability to pay
of the Obligor and for which reimbursement would constitute recourse to any Originator, Triumph, the Seller or the Servicer for uncollectible Receivables or (c) such Indemnified Amounts constitute Taxes other than any Taxes or Other Taxes that
represent losses, claims, damages, etc. arising from any non-Tax claim; provided, however that nothing contained in this sentence shall limit the liability of the Seller or the Servicer or limit
the recourse of any Indemnified Party to the Seller or the Servicer for any amounts otherwise specifically provided to be paid by the Seller or the Servicer hereunder. Without limiting the foregoing indemnification, but subject to the limitations
set forth in clauses (a), (b) and (c) of the previous sentence, the Seller shall indemnify each Indemnified Party for Indemnified Amounts (including losses in respect of uncollectible Receivables, regardless, for purposes
of these specific matters, of whether reimbursement therefor would constitute recourse to the Seller or the Servicer) to the extent relating to or resulting from: 

(i)    the failure of any Receivable included in the calculation of the Net Receivables Pool Balance as an
Eligible Receivable to be an Eligible Receivable; 
 (ii)    any representation or warranty or statement
made or deemed made by the Seller (or any employee, officer or agent of the Seller) under or in connection with this Agreement, any Transaction Document, any Information Package, any Weekly Report or any other information or report delivered by or
on behalf of the Seller pursuant hereto, which shall have been false or incorrect in any material respect when made or deemed made; 

(iii)    the failure by the Seller to comply with any applicable law, rule or regulation related to any
Receivable or related Contract, or the nonconformity of any Receivable or related Contract with any such applicable law, rule or regulation; 

(iv)    the failure of the Seller to vest and maintain vested in the Administrator, for the benefit of the
Purchasers, a first-priority perfected ownership or security interest in the Purchased Interest and the property conveyed hereunder, free and clear of any Adverse Claim other than the Judgment Lien; 

  
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 (v)    any commingling by the Seller or the Servicer of
funds to which the Administrator, any Purchaser Agent or any Purchaser is entitled hereunder with any other funds of the Seller or any Originator; 

(vi)    the failure to have filed, or any delay in filing, financing statements or other similar
instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables in, or purporting to be in, the Receivables Pool and the other Pool Assets, whether at the time of any Purchase or at any
other time; 
 (vii)    any failure of a Lock-Box Bank to comply
with the terms of the applicable Lock-Box Agreement; 

(viii)    any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the
Obligor to the payment of any Receivable, or any other claim resulting from the sale or lease of goods or the rendering of services related to such 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; 

(ix)    any failure of the Seller (or any of its Affiliates acting as Servicer or Sub-Servicer) to perform its duties or obligations in accordance with the provisions of this Agreement, any Contract or any other Transaction Document to which it is a party; 

(x)    any action taken by the Administrator as attorney in fact for the Seller or any Originator pursuant
to this Agreement or any other Transaction Document; 
 (xi)    any reduction in Capital as a result of
the distribution of Collections pursuant to Section 1.4(d), if all or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason; 

(xii)    the use of proceeds of Purchases or the issuance of any Letter of Credit; or 

(xiii)    any environmental liability claim, products liability claim or personal injury or property damage
suit or other similar or related claim or action of whatever sort, arising out of or in connection with any Receivable or any other suit, claim or action of whatever sort relating to any of the Transaction Documents. 

Section 3.2    Indemnities by the Servicer. Without limiting any other rights that
any Indemnified Party may have hereunder or under applicable law, the Servicer hereby agrees to indemnify and hold harmless each Indemnified Party from and against any and all Indemnified Amounts arising out of or resulting from (whether directly or
indirectly): (a) the failure of any information contained in any Information Package or Weekly Report, as of the date such Information Package or Weekly Report is delivered pursuant to Sections 1(a)(ii) and 2(a)(ii) or Sections
1(a)(iii) and 2(a)(iii), as applicable, of Exhibit IV to be true and correct, or the failure of any other information provided to such Indemnified Party by, or on behalf of, the Servicer to be true and correct in all material
respects, (b) the failure of any representation, warranty or statement made or deemed made by the Servicer (or any of its officers) under or in connection 

  
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with this Agreement or any other Transaction Document to which it is a party, to have been true and correct as of the date made or deemed made, (c) the failure by the Servicer to comply with
any applicable law, rule or regulation with respect to any Pool Receivable or the related Contract, (d) any dispute, claim, offset or defense of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool
resulting from or related to the collection activities with respect to such Receivable, (e) any failure of the Servicer to perform its duties or obligations in accordance with the provisions hereof or any other Transaction Document to which it
is a party or (f) the failure by the Seller to pay when due any amount described in Section 1.10; excluding only such amounts to the extent a final judgment of a court of competent jurisdiction holds that such amounts
resulted from gross negligence or willful misconduct of the Indemnified Party seeking indemnification; provided, however that nothing contained in this sentence shall limit the liability of Seller or the Servicer or limit the recourse
of any Indemnified Party to the Seller or the Servicer for any amounts otherwise specifically provided to be paid by the Seller or the Servicer hereunder. 

ARTICLE IV 

ADMINISTRATION AND COLLECTIONS 

Section 4.1    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 4.1. Until the Administrator gives notice to Triumph (in accordance with this Section 4.1) of the designation of a new Servicer,
Triumph 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 a Termination Event, the Administrator may (with the consent of the Majority Purchaser
Agents) or shall (at the direction of the Majority Purchaser Agents) designate as Servicer any Person (including itself) to succeed Triumph 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 paragraph (a), Triumph agrees that it will terminate its activities as Servicer hereunder in a manner that the Administrator determines will facilitate the transition of the performance of such activities to
the new Servicer, and Triumph shall cooperate with and assist such new Servicer. In connection with such cooperation, Triumph shall, upon request by the Administrator: (i) assemble all of the records (including all Contracts) necessary or
desirable to collect the Pool Receivables and the Related Security and transfer such records to the successor Servicer, (ii) transfer or license to the successor Servicer the use of all licenses, hardware or software necessary or desirable to
collect the Pool Receivables and the Related Security, and make the same available to the Administrator or its designee (for the benefit of the Purchasers), at a place selected by the Administrator, and (iii) segregate all cash, checks and
other instruments received by it from time to time constituting Collections in a manner reasonably acceptable to the Administrator and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed
instruments of transfer, to the Administrator or its designee. 

  
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 (c)    Triumph acknowledges that, in making their decision to execute
and deliver this Agreement, the Administrator and each member in each Purchaser Group have relied on Triumph’s agreement to act as Servicer hereunder. Accordingly, Triumph agrees that it will not voluntarily resign as Servicer. 

(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 have agreed in writing to perform the 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 Seller, the Administrator and each member of each Purchaser Group shall have the right
to look solely to the Servicer for performance, and (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrator 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); provided, however,
that if any such delegation is to any Person other than an Originator or an Affiliate of Triumph, the Administrator and the Majority Purchaser Agents shall have consented in writing in advance to such delegation. 

(e)    At any time following the occurrence and during the continuation of a Termination Event, the Administrator may
request the Servicer to, and upon such request the Servicer shall: (i) assemble all of the records reasonably necessary or desirable to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer,
except to the extent prohibited by applicable law, licenses or other agreement, the use of all software necessary or desirable to collect the Pool Receivables and the Related Security, and make the same available to the Administrator or its designee
(for the benefit of the Purchasers), except to the extent prohibited by applicable law, licenses or other agreement, at a place selected by the Administrator, and (ii) segregate all cash, checks and other instruments received by it from time to
time constituting Collections in a manner reasonably acceptable to the Administrator and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Administrator or its
designee. 
 Section 4.2    Duties of the Servicer. 

(a)    The Servicer shall take or cause to be taken all such action as may be necessary or advisable to administer and
collect each Pool Receivable from time to time, all in accordance with this Agreement and all applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the applicable Credit and Collection Policy. The
Servicer shall set aside for the accounts of the Seller and the Purchasers the amount of Collections to which each is entitled in accordance with Article I hereof. The Servicer may, in accordance with the applicable Credit and Collection
Policy, take such action, including extensions, amendments, modifications, waivers or restructurings of Pool Receivables and the related Contracts (each such action, a “Modification”), as the Servicer may reasonably determine to be
appropriate to maximize Collections thereof or reflect adjustments permitted under the Credit and Collection Policies; provided, however, that for the purposes of this Agreement: (i) no Modification shall 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) no Modification shall alter the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable under this

  
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Agreement or limit the rights of any Purchaser, Purchaser Agent or the Administrator under this Agreement and (iii) if a Termination Event or Unmatured Termination Event has occurred and is
continuing and Triumph or an Affiliate thereof is serving as the Servicer, Triumph or such Affiliate may make a Modification only upon prior approval of the Administrator. The Seller shall deliver to the Servicer and the Servicer shall hold for the
benefit of the Seller and the Administrator (individually and for the benefit of the Purchasers, in accordance with their respective interests), all records and documents (including computer tapes or disks) with respect to each Pool Receivable.
Notwithstanding anything to the contrary contained herein, if a Termination Event has occurred and is continuing, the Administrator (with the consent of the Majority Purchaser Agents) may direct the Servicer (whether the Servicer is Triumph or any
other Person) to commence or settle any legal action to enforce collection of any Pool Receivable or to foreclose upon or repossess any Related Security. 

(b)    The Servicer shall, as soon as practicable following actual receipt of collected funds, turn over to the Seller the
collections of any indebtedness to which the Seller is entitled that is not a Pool Receivable, less, if Triumph 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 Triumph or an Affiliate thereof, shall, as soon as practicable upon
demand, deliver to the Seller all records in its possession that evidence or relate to any indebtedness to which the Seller is entitled 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. 
 After such termination, if Triumph or an Affiliate thereof was not the Servicer on the date of such termination, the
Servicer shall promptly deliver to the Seller all books, records and related materials that the Seller previously provided to the Servicer, or that have been obtained by the Servicer, in connection with this Agreement. 

Section 4.3    Lock-Box Account
Arrangements. Prior to the Closing Date, the Seller shall have entered into Lock-Box Agreements with all of the Lock-Box Banks and delivered counterparts of each to
the Administrator. Upon the occurrence of a Termination Event or a Minimum Liquidity Event, the Administrator may (with the consent of the Majority Purchaser Agents) or shall (upon the direction of the Majority Purchaser Agents) at any time
thereafter give notice to each Lock-Box Bank that the Administrator is exercising its rights under the Lock-Box Agreements to do any or all of the following: (a) to
have the exclusive control of the Lock-Box Accounts transferred to the Administrator (for the benefit of the Purchasers) and to exercise exclusive dominion and control over the funds deposited therein,
(b) to have the Collections that are sent to the respective Lock-Box Accounts redirected pursuant to the Administrator’s instructions rather than deposited in the applicable Lock-Box Account, and (c) to take any or all other actions permitted under the applicable Lock-Box Agreement. The Seller hereby agrees that if the Administrator gives
such notice to a Lock-Box Bank that the Administrator is exercising its rights under the related Lock-Box Agreement pursuant to clause (a) above, the
Administrator shall have exclusive control (for the benefit of the Purchasers) of the proceeds (including Collections) of all Pool Receivables and the Seller hereby further agrees to take any other action that the Administrator or any Purchaser
Agent may reasonably request to transfer such control. 

  
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Any proceeds of Pool Receivables received by the Seller or the Servicer thereafter shall be sent immediately to, or as otherwise instructed by, the Administrator. The parties hereto hereby
acknowledge that if at any time the Administrator takes control of any Lock-Box Account, the Administrator shall not have any rights to the funds therein in excess of the unpaid amounts due to the
Administrator, any member of any Purchaser Group, any Indemnified Party or Affected Person or any other Person hereunder, and the Administrator shall distribute or cause to be distributed such funds in accordance with
Section 
4.2(b) and Article I (in each case as if such funds were held by the Servicer thereunder). 
 Section 4.4    
Enforcement Rights. 
 (a)    At any time following the occurrence of a Termination Event: 

(i)    the Administrator may direct the Obligors that payment of all amounts payable under any Pool
Receivable is to be made directly to the Administrator or its designee; 
 (ii)    the Administrator may
instruct the Seller or the Servicer to give notice of the Purchaser Groups’ interest in Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrator or its designee on behalf of such Purchaser
Groups), and the Seller or the Servicer, as the case may be, shall give such notice at the expense of the Seller or the Servicer, as the case may be; provided, that if the Seller or the Servicer, as the case may, fails to so promptly notify
each Obligor, the Administrator (at the Seller’s or the Servicer’s, as the case may be, expense) may so notify the Obligors; 

(iii)    the Administrator may request the Servicer to, and upon such request the Servicer shall:
(A) assemble all of the records necessary or desirable to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer the use of all software necessary or desirable to collect the Pool Receivables and
the Related Security, and make the same available to the Administrator or its designee (for the benefit of the Purchasers) at a place selected by the Administrator, and (B) segregate all cash, checks and other instruments received by it from
time to time constituting Collections in a manner acceptable to the Administrator and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Administrator or its
designee; and 
 (iv)    the Administrator may collect any amounts due from any Originator under the Sale
Agreement. 
 (b)    The Seller hereby authorizes the Administrator (on behalf of each Purchaser Group), and irrevocably
appoints the Administrator as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Seller, which appointment is
coupled with an interest, to take any and all steps in the name of the Seller and on behalf of the Seller necessary or desirable, in the determination of the Administrator, after the occurrence of a Termination Event, to collect any and all amounts
or portions thereof due under any and all Pool Assets, including endorsing the name of the Seller on checks and other instruments representing 

  
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Collections and enforcing such Pool Assets. 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 4.5    Responsibilities of the Seller. 

(a)    Anything herein to the contrary notwithstanding, the Seller shall: (i) perform all of its obligations, if any,
under the Contracts related to the Pool Receivables to the same extent as if interests in such Pool Receivables had not been transferred hereunder, and the exercise by the Administrator, the Purchaser Agents or the Purchasers of their respective
rights hereunder shall not relieve the Seller from such obligations, and (ii) pay when due any taxes, including any sales taxes payable in connection with the Pool Receivables and their creation and satisfaction. The Administrator, the
Purchaser Agents or any of the Purchasers shall not have any obligation or liability with respect to any Pool Asset, nor shall any of them be obligated to perform any of the obligations of the Seller, Servicer, Triumph or the Originators thereunder.

 (b)    Triumph 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, Triumph shall conduct the data-processing functions of the administration of the Receivables and the Collections thereon in
substantially the same way that Triumph conducted such data-processing functions while it acted as the Servicer. 

Section 4.6    Servicing Fee. 

(a)    Subject to paragraph (b), the Servicer shall be paid a fee (the “Servicing Fee”) equal to
1.00% per annum (the “Servicing Fee Rate”) of the average aggregate Outstanding Balance of the Pool Receivables. The Purchasers’ Share of such fee shall be paid through the distributions contemplated by
Section 1.4(d), and the Seller’s Share of such fee shall be paid directly by the Seller. 

(b)    If the Servicer ceases to be Triumph or an Affiliate thereof, the servicing fee shall be the greater of:
(i) the amount calculated pursuant to paragraph (a), and (ii) an alternative amount specified by the successor Servicer not to exceed 105% of the aggregate reasonable costs and expenses incurred by such successor Servicer in connection
with the performance of its obligations as Servicer. 
 ARTICLE V 

THE AGENTS 
 
Section 5.1    Appointment and Authorization. 
 (a)    Each Purchaser and Purchaser
Agent hereby irrevocably designates and appoints PNC Bank, National Association, as the “Administrator” hereunder and authorizes the Administrator to take such actions and to exercise such powers as are delegated to the Administrator
hereby and to exercise such other powers as are reasonably incidental thereto. 

  
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The Administrator shall hold, in its name, for the benefit of each Purchaser, ratably, the Purchased Interest. The Administrator shall not have any duties other than those expressly set forth
herein or any fiduciary relationship with any Purchaser or Purchaser Agent, and no implied obligations or liabilities shall be read into this Agreement, or otherwise exist, against the Administrator. The Administrator does not assume, nor shall it
be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Seller or Servicer. Notwithstanding any provision of this Agreement or any other Transaction Document to the contrary, in no event shall the Administrator
ever be required to take any action which exposes the Administrator to personal liability or which is contrary to the provision of any Transaction Document or applicable law. 

(b)    Each Purchaser hereby irrevocably designates and appoints the respective institution identified as the Purchaser
Agent for such Purchaser’s Purchaser Group on the signature pages hereto or in the Assumption Agreement or Transfer Supplement pursuant to which such Purchaser becomes a party hereto, and each authorizes such Purchaser Agent to take such action
on its behalf under the provisions of this Agreement and to exercise such powers and perform such duties as are expressly delegated to such Purchaser Agent by the terms of this Agreement, if any, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Purchaser Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Purchaser or
other Purchaser Agent or the Administrator, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Purchaser Agent shall be read into this Agreement or otherwise exist against such Purchaser
Agent. 
 (c)    Except as otherwise specifically provided in this Agreement, the provisions of this
Article V are solely for the benefit of the Purchaser Agents, the Administrator and the Purchasers, and none of the Seller or Servicer shall have any rights as a third-party
beneficiary or otherwise under any of the provisions of this Article V. Furthermore, no Purchaser shall have any rights as a third-party beneficiary or otherwise under any of the provisions hereof in respect of a Purchaser
Agent which is not the Purchaser Agent for such Purchaser. 
 (d)    In performing its functions and duties hereunder,
the Administrator shall act solely as the agent of the Purchasers and the Purchaser Agents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller or Servicer or any of their
successors and assigns. In performing its functions and duties hereunder, each Purchaser Agent shall act solely as the agent of its respective Purchaser and does not assume nor shall be deemed to have assumed any obligation or relationship of trust
or agency with or for the Seller, the Servicer, any other Purchaser, any other Purchaser Agent or the Administrator, or any of their respective successors and assigns. 

Section 5.2    Delegation of Duties. The Administrator 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 Administrator shall not be
responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

  
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 Section 5.3    Exculpatory
Provisions. None of the Purchaser Agents, the Administrator or any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted (i) with the consent or at the direction of the Majority
Purchaser Agents (or in the case of any Purchaser Agent, the Purchasers within its Purchaser Group that have a majority of the aggregate Commitment of such Purchaser Group) or (ii) in the absence of such Person’s gross negligence or
willful misconduct. The Administrator shall not be responsible to any Purchaser, Purchaser Agent or other Person for (i) any recitals, representations, warranties or other statements made by the Seller, the Servicer, any Originator or any of
their Affiliates, (ii) the value, validity, effectiveness, genuineness, enforceability or sufficiency of any Transaction Document, (iii) any failure of the Seller, the Servicer, any Originator or any of their Affiliates to perform any
obligation hereunder or under the other Transaction Documents to which it is a party (or under any Contract), or (iv) the satisfaction of any condition specified in Exhibit II. The Administrator shall not have any
obligation to any Purchaser or Purchaser Agent to ascertain or inquire about the observance or performance of any agreement contained in any Transaction Document or to inspect the properties, books or records of the Seller, the Servicer, any
Originator or any of their respective Affiliates. 
 Section 5.4    Reliance by
Agents. 
 (a)    Each Purchaser Agent and the Administrator shall in all cases be entitled to rely, and shall be
fully protected in relying, upon any document or other writing or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person and upon advice and statements of legal counsel (including counsel to
the Seller), independent accountants and other experts selected by the Administrator. Each Purchaser Agent and the Administrator shall in all cases be fully justified in failing or refusing to take any action under any Transaction Document unless it
shall first receive such advice or concurrence of the Majority Purchaser Agents (or in the case of any Purchaser Agent, the Purchasers within its Purchaser Group that have a majority of the aggregate Commitment of such Purchaser Group), and
assurance of its indemnification, as it deems appropriate. 
 (b)    The Administrator shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Majority Purchaser Agents or the Purchaser Agents, and such request and any action taken or failure to act pursuant thereto shall be binding
upon all Purchasers, the Administrator and Purchaser Agents. 
 (c)    The Purchasers within each Purchaser Group with a
majority of the Commitment of such Purchaser Group shall be entitled to request or direct the related Purchaser Agent to take action, or refrain from taking action, under this Agreement on behalf of such Purchasers. Such Purchaser Agent shall in all
cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of such Majority Purchaser Agents, and such request and any action taken or failure to act pursuant thereto shall be binding upon all
of such Purchaser Agent’s Purchasers. 
 (d)    Unless otherwise advised in writing by a Purchaser Agent or by any
Purchaser on whose behalf such Purchaser Agent is purportedly acting, each party to this Agreement may assume that (i) such Purchaser Agent is acting for the benefit of each of the Purchasers in respect of which such Purchaser Agent is
identified as being the “Purchaser Agent” in the definition of 

  
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“Purchaser Agent” hereto, as well as for the benefit of each assignee or other transferee from any such Person, and (ii) each action taken by such Purchaser Agent has been duly
authorized and approved by all necessary action on the part of the Purchasers on whose behalf it is purportedly acting. Each Purchaser Agent and its Purchaser(s) shall agree amongst themselves as to the circumstances and procedures for removal,
resignation and replacement of such Purchaser Agent. 
 Section 5.5    Notice of
Termination Events. Neither any Purchaser Agent nor the Administrator shall be deemed to have knowledge or notice of the occurrence of any Termination Event or Unmatured Termination Event unless such Administrator has received notice from any
Purchaser, Purchaser Agent, the Servicer or the Seller stating that a Termination Event or an Unmatured Termination Event has occurred hereunder and describing such Termination Event or Unmatured Termination Event. In the event that the
Administrator receives such a notice, it shall promptly give notice thereof to each Purchaser Agent whereupon each such Purchaser Agent shall promptly give notice thereof to its related Purchasers. In the event that a Purchaser Agent receives such a
notice (other than from the Administrator), it shall promptly give notice thereof to the Administrator. The Administrator shall take such action concerning a Termination Event or an Unmatured Termination Event as may be directed by the Majority
Purchaser Agents unless such action otherwise requires the consent of all Purchasers), but until the Administrator receives such directions, the Administrator may (but shall not be obligated to) take such action, or refrain from taking such action,
as the Administrator deems advisable and in the best interests of the Purchasers and the Purchaser Agents. 

Section 5.6    Non-Reliance on Administrator,
Purchaser Agents and Other Purchasers. Each Purchaser expressly acknowledges that none of the Administrator, the Purchaser Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrator, or any Purchaser Agent hereafter taken, including any review of the affairs of the
Seller, Triumph, the Servicer or any Originator, shall be deemed to constitute any representation or warranty by the Administrator or such Purchaser Agent, as applicable. Each Purchaser represents and warrants to the Administrator and the Purchaser
Agents that, independently and without reliance upon the Administrator, Purchaser Agents or any other Purchaser 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 Seller, Triumph, the Servicer or the Originators, and the Receivables and its own decision to enter into this Agreement and
to take, or omit, action under any Transaction Document. Except for items specifically required to be delivered hereunder, the Administrator shall not have any duty or responsibility to provide any Purchaser Agent with any information concerning the
Seller, Triumph, the Servicer or the Originators or any of their Affiliates that comes into the possession of the Administrator or any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates. 

Section 5.7    Purchasers, Administrator, Purchaser Agents and Affiliates. Each of
the Administrator, the Purchasers and the Purchaser Agents and any of their respective Affiliates may extend credit to, accept deposits from and generally engage in any kind of banking, trust, debt, equity or other business with the Seller, Triumph,
the Servicer or any Originator or any of their Affiliates. With respect to the acquisition of the Eligible Receivables pursuant to this 

  
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Agreement, each of the Purchaser Agents and the Administrator shall have the same rights and powers under this Agreement as any Purchaser and may exercise the same as though it were not such an
agent, and the terms “Purchaser” and “Purchasers” shall include, to the extent applicable, each of the Purchaser Agents and the Administrator in their individual capacities. 

Section 5.8    Indemnification. Each Related Committed Purchaser shall indemnify
and hold harmless the Administrator (but solely in its capacity as Administrator) and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Seller, the Servicer or any Originator and without limiting the
obligation of the Seller, the Servicer, or any Originator to do so), ratably (based on its Commitment) from and against any and all liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses and disbursements of
any kind whatsoever (including in connection with any investigative or threatened proceeding, whether or not the Administrator or such Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against
the Administrator or such Person as a result of, or related to, any of the transactions contemplated by the Transaction Documents or the execution, delivery or performance of the Transaction Documents or any other document furnished in connection
therewith (but excluding any such liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses or disbursements resulting solely from the gross negligence or willful misconduct of the Administrator or such Person as
finally determined by a court of competent jurisdiction). 

Section 5.9    Successor Administrator. The Administrator may, upon at least five
(5) days’ notice to the Seller, each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and the LC Bank and has
accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator,
and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and
3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator. 

ARTICLE VI 

MISCELLANEOUS 
 
Section 6.1    Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Transaction Document, or consent to any departure by the Seller or the Servicer therefrom, shall be effective
unless in a writing signed by the Administrator, the LC Bank and the Majority Purchaser Agents, and, in the case of any amendment, by the other parties thereto; 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, to the extent required by the securitization program of any Conduit Purchaser, no such material amendment shall be effective until the Rating Agency
Condition shall have been satisfied with respect thereto; provided, further that no amendment to the definition of “Concentration Percentage” shall be effective until the Rating Agency Condition shall have been satisfied with
respect thereto; provided, further that no such amendment or waiver shall, without the consent of each 

  
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affected Purchaser, (A) extend the date of any payment or deposit of Collections by the Seller or the Servicer, (B) reduce the rate or extend the time of payment of Discount,
(C) reduce any fees payable to the Administrator, any Purchaser Agent or any Purchaser pursuant to the applicable Purchaser Group Fee Letter, (D) change the amount of Capital of any Purchaser, any Purchaser’s pro rata share of the
Purchased Interest or any Related Committed Purchaser’s Commitment, (E) amend, modify or waive any provision of the definition of “Majority Purchaser Agents” or this Section 6.1, (F) consent to or permit
the assignment or transfer by the Seller of any of its rights and obligations under this Agreement, (G) change the definition of “Eligible Receivable,” “Loss Reserve,” “Loss Reserve Percentage,” “Designated
Ineligible Receivable,” “Dilution Reserve,” “Dilution Reserve Percentage,” “Yield Reserve,” “Dilution Component Reserve” or “Termination Event”, (H) amend or modify the Pro Rata Share of any LC
Participant, or (I) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (H) above in a manner that would circumvent the intention of the restrictions set forth
in such clauses. No failure on the part of the Purchasers, the Purchaser Agents or the Administrator 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. 

Section 6.2    Notices, Etc. All notices and other communications provided for
hereunder shall, unless otherwise stated herein, be in writing (including facsimile and email communications) and shall be personally delivered or sent by facsimile or email, or by overnight mail, to the intended party at the mailing or email
address or facsimile number of such party set forth under its name on the signature pages hereof (or in any other document or agreement pursuant to which it is or became a party hereto), or at such other address or facsimile number as shall be
designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective (i) if delivered by overnight mail, when received, and (ii) if transmitted by facsimile or email, when sent,
receipt confirmed by telephone or electronic means. 
 Section 6.3    Successors and
Assigns; Participations; Assignments. 
 (a)    Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. Except as otherwise provided herein, neither the Seller nor the Servicer may assign or transfer any of its rights or delegate any of its duties hereunder or
under any Transaction Document without the prior consent of the Administrator, the Purchaser Agents and the LC Bank. 

(b)    Participations. Except as otherwise specifically provided herein, any Purchaser may sell to one or more
Persons (each, a “Participant”) participating interests in the interests of such Purchaser hereunder; provided, however, that no Purchaser shall grant any participation under which the Participant shall have rights to
approve any amendment to or waiver of this Agreement or any other Transaction Document. Such Purchaser shall remain solely responsible for performing its obligations hereunder, and the Seller, each Purchaser Agent and the Administrator shall
continue to deal solely and directly with such Purchaser in connection with such Purchaser’s rights and obligations hereunder. A Purchaser shall not agree with a Participant to restrict such Purchaser’s right to agree to any amendment
hereto. 

  
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 (c)    Assignments by Related Committed Purchasers. Any Related
Committed Purchaser may assign to one or more Persons (each, a “Purchasing Related Committed Purchaser”), acceptable to (i) the Administrator, the LC Bank and the related Purchaser Agent, in its sole discretion if such assignee
is an Affiliate of any member of an existing Purchaser Group and (ii) solely with respect to any assignee that is not an Affiliate of a member of an existing Purchaser Group, the Administrator and the related Purchaser Agent and, so long as no
Termination Event has occurred, the Seller (such consent not to be unreasonably withheld), any portion of its Commitment pursuant to a supplement hereto, substantially in the form of Annex D with any changes as have been approved by the
parties thereto (each, a “Transfer Supplement”), executed by each such Purchasing Related Committed Purchaser, such selling Related Committed Purchaser, such related Purchaser Agent and the Administrator. Any such assignment by a
Related Committed Purchaser cannot be for an amount less than $20,000,000. Upon (i) the execution of the Transfer Supplement, (ii) delivery of an executed copy thereof to the Seller, such related Purchaser Agent and the Administrator and
(iii) payment by the Purchasing Related Committed Purchaser to the selling Related Committed Purchaser of the agreed purchase price, if any, such selling Related Committed Purchaser shall be released from its obligations hereunder to the extent
of such assignment and such Purchasing Related Committed Purchaser shall for all purposes be a Related Committed Purchaser party hereto and shall have all the rights and obligations of a Related Committed Purchaser hereunder to the same extent as if
it were an original party hereto. The amount of the Commitment of the selling Related Committed Purchaser allocable to such Purchasing Related Committed Purchaser shall be equal to the amount of the Commitment of the selling Related Committed
Purchaser transferred regardless of the purchase price, if any, paid therefor. The Transfer Supplement shall be an amendment hereof only to the extent necessary to reflect the addition of such Purchasing Related Committed Purchaser as a
“Related Committed Purchaser” and a related “LC Participant” and any resulting adjustment of the selling Related Committed Purchaser’s Commitment and, if applicable, selling related LC Participant’s Pro Rata Share of
the LC Participation Amount. 
 (d)    Assignments to Liquidity Providers and other Program Support Providers.
Any Conduit Purchaser may at any time grant to one or more of its Liquidity Providers or other Program Support Providers, participating interests in its portion of the Purchased Interest. In the event of any such grant by such Conduit Purchaser of a
participating interest to a Liquidity Provider or other Program Support Provider, such Conduit Purchaser shall remain responsible for the performance of its obligations hereunder. The Seller agrees that each Liquidity Provider and Program Support
Provider of any Conduit Purchaser hereunder shall be entitled to the benefits of Section 1.7. 

(e)    Other Assignment by Conduit Purchasers. Each party hereto agrees and consents (i) to any Conduit
Purchaser’s assignment, participation, grant of security interests in or other transfers of any portion of, or any of its beneficial interest in, the Purchased Interest (or portion thereof), including without limitation to any collateral agent
in connection with its commercial paper program and (ii) to the complete assignment by any Conduit Purchaser of all of its rights and obligations hereunder to any other Person, and upon such assignment such Conduit Purchaser shall be released
from all obligations and duties, if any, hereunder; provided, however, that such Conduit Purchaser may not, without the prior consent of its Related Committed Purchasers, make any such transfer of its rights hereunder unless the
assignee (i) is principally 

  
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engaged in the purchase of assets similar to the assets being purchased hereunder, (ii) has as its Purchaser Agent the Purchaser Agent of the assigning Conduit Purchaser and
(iii) issues commercial paper or other Notes with credit ratings substantially comparable to the ratings of the assigning Conduit Purchaser. Any assigning Conduit Purchaser shall deliver to any assignee a Transfer Supplement with any changes as
have been approved by the parties thereto, duly executed by such Conduit Purchaser, assigning any portion of its interest in the Purchased Interest to its assignee. Such Conduit Purchaser shall promptly (i) notify each of the other parties
hereto of such assignment and (ii) take all further action that the assignee reasonably requests in order to evidence the assignee’s right, title and interest in such interest in the Purchased Interest and to enable the assignee to
exercise or enforce any rights of such Conduit Purchaser hereunder. Upon the assignment of any portion of its interest in the Purchased Interest, the assignee shall have all of the rights hereunder with respect to such interest (except that the
Discount therefor shall thereafter accrue at the rate, determined with respect to the assigning Conduit Purchaser unless the Seller, the related Purchaser Agent and the assignee shall have agreed upon a different Discount). 

(f)    Opinions of Counsel. If required by the Administrator or the applicable Purchaser Agent or to maintain the
ratings of any Conduit Purchaser, each Transfer Supplement must be accompanied by an opinion of counsel of the assignee as to such matters as the Administrator or such Purchaser Agent may reasonably request. 

(g)    Certain Pledges. Without limiting the right of any Purchaser to sell or grant interests, security interests
or participations to any Person as otherwise described in this Section 6.3, any Purchaser may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure its
obligations as a Purchaser hereunder, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Purchaser from any of its obligations hereunder or
substitute any such pledgee or assignee for such Purchaser as a party hereto. 
 (h)    Register. The
Administrator, acting solely for this purpose as a non-fiduciary agent of the Seller, shall maintain a register (the “Register”) on which it shall record each Purchaser or assignee, as
applicable, with respect to such person’s rights under this Agreement and in respect of the Commitments, Purchased Interests, and Discount. The Register shall include the names and addresses of the Purchaser, assignees, participants or
successors and the percentage or portion of such rights and obligations assigned or participated. The entries in the Register shall be conclusive absent manifest error; provided, however, that a failure to make any such recordation, or any error in
such recordation shall not affect the Seller’s obligations in respect of such rights. 

Section 6.4    Costs, Expenses and Taxes. 

(a)    By way of clarification, and not of limitation of Sections 1.7 or 3.1, the Seller shall pay to
the Administrator, the LC Bank each Liquidity Agent, each Purchaser Agent and each member of each Purchaser Group on demand all costs and expenses in connection with (i) the preparation, execution, delivery and administration (including
amendments or waivers of any provision) of this Agreement or the other Transaction Documents and other documents to be delivered hereunder and thereunder, (ii) the sale of the Purchased Interest (or any portion

  
 -37- 

 
thereof) from the Seller to the Purchasers hereunder, (iii) the perfection (and continuation) of the Administrator’s rights in the Receivables, Collections and other Pool Assets,
(iv) the enforcement by the Administrator, the LC Bank, any Purchaser Agent or any member of any Purchaser Group of the obligations of the Seller, the Servicer or the Originators under the Transaction Documents or of any Obligor under a
Receivable and (v) the maintenance by the Administrator of the Lock-Box Accounts (and any related lock-box or post office box), including Attorney Costs of legal
counsel for the Administrator, the LC Bank and any member of any Purchaser Group relating to any of the foregoing or to advising the Administrator, the LC Bank, any member of any Purchaser Group, any related Liquidity Provider or any other related
Program Support Provider about its rights and remedies under any Transaction Document or any other document, agreement or instrument related thereto and all costs and
out-of-pocket expenses (including Attorney Costs) of the Administrator, the LC Bank, each Purchaser Agent and each Purchaser in connection with the enforcement or
administration of the Transaction Documents or any other document, agreement or instrument related thereto. The Seller shall reimburse the Administrator, the LC Bank and each Purchaser Agent for the cost of such Person’s auditors auditing the
books, records and procedures of the Seller or the Servicer and the cost of such Person’s due diligence. The Seller shall reimburse each Conduit Purchaser on demand for all reasonable costs and expenses incurred by such Conduit Purchaser in
connection with the Transaction Documents or the transactions contemplated thereby, including certain costs related to the Rating Agencies and reasonable fees and out of pocket expenses of counsel of the Administrator and each member of any
Purchaser Group for advice relating to such Conduit Purchaser’s operation in connection with the transactions contemplated by the Transaction Documents. 

(b)    In addition, the Seller shall pay on demand any and all stamp, franchise and other taxes and fees payable in
connection with the execution, delivery, filing and recording of this Agreement or the other documents or agreements to be delivered hereunder, and agrees to save each Indemnified Party and Affected Person harmless from and against any liabilities
with respect to or resulting from any delay in paying or omission to pay such taxes and fees. 

Section 6.5    No Proceedings; Limitation on Payments. 

(a)    Each of the Seller, Triumph, the Servicer, the Administrator, the LC Bank, the Purchaser Agents, the Purchasers,
each assignee of the Purchased Interest or any interest therein, and each Person that enters into a commitment to purchase the Purchased Interest or interests therein, hereby covenants and agrees that it will not institute against, or join any other
Person in instituting against, any Conduit Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and one day after the
latest maturing Note issued by such Conduit Purchaser is paid in full. The provisions of this paragraph shall survive any termination of this Agreement. Each party hereto agrees that it will not institute against, or join any Person in instituting
against, the Seller any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar law, for one year and one day after which all indebtedness and other obligations of the Seller
hereunder and under each other Transaction Document shall have been paid in full; provided that, if a Termination Event has occurred and is continuing, the Administrator may take any such action with the prior written consent of the Majority
Purchaser Agents and the LC Bank. 

  
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 (b)    Notwithstanding any provisions contained in this Agreement to the
contrary, no Conduit Purchaser shall or shall be obligated to, pay any amount, if any, payable by it pursuant to this Agreement or any other Transaction Document unless (i) such Conduit Purchaser has received funds which may be used to make
such payment and which funds are not required to repay the Notes when due and (ii) after giving effect to such payment, either (x) such Conduit Purchaser could issue Notes to refinance all outstanding Notes (assuming such outstanding Notes
matured at such time) in accordance with the program documents governing such Conduit Purchaser’s securitization program or (y) all Notes are paid in full. Any amount which such Conduit Purchaser does not pay pursuant to the operation of
the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against or company obligation of such Conduit Purchaser for any such insufficiency unless and until such Conduit Purchaser satisfies the provisions
of clauses (i) 
and (ii) above. The provisions of this paragraph shall survive any termination of this Agreement. 
 Section 6.6    
GOVERNING LAW AND JURISDICTION. 
 (a)    THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF
NEW YORK. 
 (b)    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF
THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE
OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY 
BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. 
 Section 6.7    
Confidentiality. Unless otherwise required by applicable law (including any disclosure required by the Exchange Act, except with respect to any Fee Letter), each of the Seller and the Servicer agrees to maintain the confidentiality of this
Agreement and the other Transaction Documents (and all drafts thereof) in communications with third parties and otherwise; provided, that this Agreement may be disclosed (a) to third parties to the extent such disclosure is made pursuant
to a written agreement of confidentiality in form and substance reasonably satisfactory to the Administrator and each Purchaser Agent and (b) to the Seller’s and 

  
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Servicer’s legal counsel and auditors if they agree to hold it confidential; provided, further, that this Agreement and the other Transaction Documents may be disclosed to any
nationally recognized statistical rating organization. Unless otherwise required by applicable law, rules or regulations, the Purchaser Agents and the Purchasers agree to maintain the confidentiality of
non-public financial information regarding the Seller, the Servicer and the Originators; provided, that such information may be disclosed (i) to third parties to the extent such disclosure is made
pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Servicer, (ii) to legal counsel and auditors of the Purchasers, the Purchaser Agents or the Administrator if they agree to hold it
confidential, (iii) to the rating agencies rating the Notes of any Conduit Purchaser or any nationally recognized statistical rating organization, (iv) to any Program Support Provider or potential Program Support Provider (if such
potential Program Support Provider agrees to hold it confidential), (v) to any placement agency placing the Notes, and (vi) to any regulatory authorities having jurisdiction over the Administrator, the Purchaser Agents, any Purchaser, any
Program Support Provider or any Liquidity Provider. 
 Section 6.8    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. 

Section 6.9    Survival of Termination. The provisions of Sections 1.7,
1.9, 1.10, 1.21, 1.22, 3.1, 3.2, 6.4, 6.5, 6.6, 6.7, 6.10 and 6.15 shall survive any termination of this Agreement. 

Section 6.10    WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES THEIR
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING THAT SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE
VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 

Section 6.11    Sharing of Recoveries. Each Purchaser agrees that if it receives
any recovery, through set-off, judicial action or otherwise, on any amount payable or recoverable hereunder in a greater proportion than should have been received hereunder or otherwise inconsistent with the
provisions hereof, then the recipient of such recovery shall purchase for cash an interest in amounts owing to the other Purchasers (as return of Capital or otherwise), without representation or warranty except for the representation and warranty
that such interest is being sold by each such other Purchaser free and clear of any Adverse Claim created or granted by such other Purchaser, in the amount necessary to create proportional participation by the

  
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Purchaser in such recovery. If all or any portion of such amount is thereafter recovered from the recipient, such purchase shall be rescinded and the purchase price restored to the extent of such
recovery, but without interest. 
 Section 6.12    Right of Setoff. Each
Purchaser is hereby authorized (in addition to any other rights it may have) at any time after the occurrence of a Termination Event 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 Purchaser (including by any branches or agencies of such Purchaser) to, or for the account of, the Seller against amounts owing by the Seller hereunder (even if contingent or
unmatured). 
 Section 6.13    Entire Agreement. This Agreement and the other
Transaction Documents embody the entire agreement and understanding between the parties hereto, and supersede all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and
thereof. 
 Section 6.14    Headings. The captions and headings of this
Agreement and any Exhibit, Schedule or Annex hereto are for convenience of reference only and shall not affect the interpretation hereof or thereof. 

Section 6.15    Purchaser Groups’ Liabilities. The obligations
of each Purchaser Agent and each Purchaser under the Transaction Documents are solely the corporate obligations of such Person. Except with respect to any claim arising out of the willful misconduct or gross negligence of the Administrator, any
Purchaser Agent or any Purchaser, no claim may be made by the Seller or the Servicer or any other Person against the Administrator, any Purchaser Agent or any Purchaser or their respective Affiliates, directors, officers, employees, 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 therewith; and each of Seller and 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. 
 Section 6.16    Call Option. The Seller
shall have the right to repurchase the Purchased Interest from the Purchasers on any Settlement Date on the terms hereinafter set forth in this Section 6.16. The Seller shall give the Administrator and each Purchaser Agent
at least ten (10) Business Days’ prior written notice of such repurchase and upon payment of the repurchase price for the Purchased Interest, as hereinafter provided, the Purchasers shall be deemed to have reconveyed the Purchased Interest
to the Seller without recourse, representation or warranty except for a representation from the related Purchasers that the Purchased Interest assigned is (or concurrently with the Administrator’s receipt of such repurchase price shall become)
free of any lien, security interest or other charge or encumbrance created by the Purchasers. The Seller shall pay such repurchase price for the Purchased Interest in immediately available funds to the Administrator in an amount equal to the sum of
(i) the aggregate of the Discount accrued for each Portion of Capital for the Purchasers accrued to and including the repurchase date, (ii) the Capital for the Purchasers, (iii) the amounts payable pursuant to each of Sections
1.5, 1.7, 1.8 and 1.9 and Article III of which the Seller has notice) related to the Purchased Interest accrued to 

  
 -41- 

 
and including the repurchase date, (iv) all other obligations that are then due and payable and (v) if Triumph is not the Servicer, the Purchasers’ Share of the Servicing Fee
allocated to the Purchased Interest that has accrued to and including the repurchase date. 

Section 6.17    [Reserved]. 

Section 6.18    Joinder of Originators. Each of the parties hereto hereby
acknowledge and agree that solely in connection with the joinder of any additional Person as an “Originator” under the Sale Agreement pursuant to Section 4.3 of the Sale Agreement, that so long as each of the Joinder Conditions are
satisfied as of the date of such joinder, then neither the Administrator nor any Purchaser or Purchaser Agent shall require any Material Amendment to this Agreement solely in connection with such joinder. 

For purposes of this Section 6.18, the terms set forth below shall have the following meanings: 

“Joinder Conditions” means each of the following conditions: (i) no Termination Event or Unmatured Termination Event has
occurred and is continuing or would result from such joinder, (ii) each of the conditions set forth in Section 4.3 of the Sale Agreement have been satisfied before the date of such joinder and (iii) such additional Person is both
(A) organized under the laws of a State of the United States and (B) a Small New Originator. 
 “Material
Amendment” means an amendment to any of the following: (i) the definition of “Eligible Receivable”, “Loss Reserve”, “Loss Reserve Percentage”, “Dilution Reserve”, “Dilution Reserve
Percentage”, “Yield Reserve”, “Dilution Component Reserve”, “Net Receivables Pool Balance”, “Excess Concentration” or “Total Reserves” or (ii) any “Termination Event” set forth on
Exhibit V; provided, however, that “Material Amendment” shall not include an amendment to any of the following: (i) Schedule II to this Agreement or (ii) the definition of “Excluded
Receivable”. 
 “Small New Originator” means any Person that is joined to the Sale Agreement as an
“Originator” pursuant to Section 4.3 thereof that satisfies each of the following conditions immediately prior to the effectiveness of its addition: (i) the aggregate Outstanding Balance of all Receivables originated by such
Person does not exceed 10% of the aggregate Outstanding Balance of all Receivables then in the Receivables Pool and (ii) the aggregate credit sales made by such Person during the prior twelve (12) calendar months does not exceed 10% of the
aggregate credit sales made by all Originators during the prior twelve (12) calendar months. 

Section 6.19    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 1.5. Each 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 the Transaction Documents.

  
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 Section 6.20    Euro-Rate and LMIR
Notification. Section 1.12 of this Agreement provides a mechanism for determining an alternative rate of interest in the event that one or more of the Euro-Rate or LMIR is no longer available or in certain other
circumstances. The Administrator does not warrant or accept any responsibility for and shall not have any liability with respect to, the administration, submission or any other matter related to either of the Euro-Rate or LMIR or with respect to any
alternative or successor rate thereto, or replacement rate therefor. 

Section 6.21    USA Patriot Act. Each of the Administrator and each of the
Purchasers hereby notifies the Seller 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 Administrator and the Purchasers may be required to obtain, verify and record information that identifies the Seller, the Servicer and the Performance Guarantor, which information includes the name, address, tax identification
number and other information regarding the Seller, the Servicer and the Performance Guarantor that will allow the Administrator and the Purchasers to identify the Seller, 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 Seller and the Servicer agrees to provide the Administrator and the Purchasers, 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 6.22    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. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 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. 
  

			
	TRIUMPH RECEIVABLES, LLC, as Seller

 
			
		
	By:	 	 /s/ James F. McCabe, Jr

			
	Name:	 	James F. McCabe, Jr.

 
			
	Title:	 	Senior Vice President and
		 	Chief Financial Officer

  

	
	Address:
	
	 899 Cassatt Road
 Suite 210

Berwyn, PA 19312

	
	Attention: Adam M. Cohn & Jared T. Allen
	Telephone: 610 727-5295 & 610 727-6767
	Facsimile: 601 251-1555
	Email: amcohn@triumphgroup.com & jaredallen@triumphgroup.com

  

			
	TRIUMPH GROUP, INC., individually and as
Servicer

 
			
		
	By:	 	 /s/ James F. McCabe, Jr

			
	Name:	 	James F. McCabe, Jr.

 
			
	Title:	 	Senior Vice President and
		 	Chief Financial Officer

  

	
	Address:
	
	 899 Cassatt Road
 Suite 210

Berwyn, PA 19312

	
	Attention: Adam M. Cohn & Jared T. Allen
	Telephone: 610 727-5295 & 610 727-6767
	Facsimile: 601 251-1555
	Email: amcohn@triumphgroup.com & jaredallen@triumphgroup.com

  
 S-1 

 
			
	THE PURCHASER GROUPS:
	
	PNC BANK, NATIONAL ASSOCIATION, as
Purchaser Agent for the PNC Purchaser Group

 
			
		
	By:	 	 /s/ Michael Brown

 

			
	Name:	 	Michael Brown

 
			
	Title:	 	Senior Vice President

  

			
	Address:	  	PNC Bank, National Association
		  	The Tower at PNC Plaza
		  	300 Fifth Avenue, 11th Floor
		  	Pittsburgh, PA 15222
		
	Attention:	  	Brian Stanley
	Telephone:	  	(412) 768-2001
	Facsimile:	  	(412) 803-7142
	Email:	  	brian.stanley@pnc.com;
		  	ABFAdmin@pnc.com

  
 S-2 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
as Related Committed Purchaser and as an
LC
Participant

 
			
		
	By:	 	 /s/ Michael Brown

 

			
	Name:	 	Michael Brown

 
			
	Title:	 	Senior Vice President

  

			
	Address:	  	PNC Bank, National Association
		  	The Tower at PNC Plaza
		  	300 Fifth Avenue, 11th Floor
		  	Pittsburgh, PA 15222
		
	Attention:	  	Brian Stanley
	Telephone:	  	(412) 768-2001
	Facsimile:	  	(412) 803-7142
	Email:	  	brian.stanley@pnc.com;
		  	ABFAdmin@pnc.com

  
 S-3 

 
			
	 PNC CAPITAL MARKETS LLC, as Structuring
Agent

			
		
	By:	 	 /s/ Michael Brown

 

			
	Name:	 	Michael Brown

 
			
	Title:	 	Managing Director

  

			
	Address:	  	PNC Bank, National Association
		  	The Tower at PNC Plaza
		  	300 Fifth Avenue, 11th Floor
		  	Pittsburgh, PA 15222
		
	Attention:	  	Brian Stanley
	Telephone:	  	(412) 768-2001
	Facsimile:	  	(412) 803-7142
	Email:	  	brian.stanley@pnc.com;
		  	ABFAdmin@pnc.com

  
 S-4 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as Administrator

 
			
		
	By:	 	 /s/ Michael Brown

 

			
	Name:	 	Michael Brown

 
			
	Title:	 	Senior Vice President

  

			
	Address:	  	PNC Bank, National Association
		  	The Tower at PNC Plaza
		  	300 Fifth Avenue, 11th Floor
		  	Pittsburgh, PA 15222
		
	Attention:	  	Brian Stanley
	Telephone:	  	(412) 768-2001
	Facsimile:	  	(412) 803-7142
	Email:	  	brian.stanley@pnc.com;
		  	ABFAdmin@pnc.com

  

			
	PNC BANK, NATIONAL ASSOCIATION, as LC
Bank

 
			
		
	By:	 	 /s/ Michael Brown

 

			
	Name:	 	Michael Brown

 
			
	Title:	 	Senior Vice President

  

			
	Address:	  	PNC Bank, National Association
		  	The Tower at PNC Plaza
		  	300 Fifth Avenue, 11th Floor
		  	Pittsburgh, PA 15222
		
	Attention:	  	Brian Stanley
	Telephone:	  	(412) 768-2001
	Facsimile:	  	(412) 803-7142
	Email:	  	brian.stanley@pnc.com;
		  	ABFAdmin@pnc.com

  
 S-5 

 EXHIBIT I 

DEFINITIONS 
 As used in
this Agreement (including its Exhibits, Schedules and Annexes), each of the following terms shall have the following meaning (such meaning to be equally applicable to both the singular and plural forms of the terms defined). Unless otherwise
indicated, all Section, Annex, Exhibit and Schedule references in this Exhibit are to Sections of and Annexes, Exhibits and Schedules to this Agreement. 

“2014 Bonds” means Triumph’s 5.25% Senior Notes due 2022 in the original principal amount of $300,000,000.00. 

“2017 Bonds” means Triumph’s 7.75% Senior Notes due 2025 in the original principal amount of $500,000,000.00. 

“Adjusted LC Participation Amount” means, at any time, 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). 
 “Administrator” has the meaning
set forth in the preamble to this Agreement. 
 “Adverse Claim” means a lien, security interest or other charge or
encumbrance, or any other type of preferential arrangement; it being understood that any thereof in favor of the Administrator (for the benefit of the Purchasers) shall not constitute an Adverse Claim. 

“Affected Person” has the meaning set forth in Section 1.7 of this Agreement. 

“Affiliate” means, as to any Person: (a) any Person that, directly or indirectly, is in control of, is controlled by or
is under common control with such Person, or (b) who is a director or officer: (i) of such Person or (ii) of any Person described in clause (a), except that, in the case of each Conduit Purchaser, Affiliate shall mean the
holder of its capital stock or membership interest, as the case may be. For purposes of this definition, control of a Person shall mean the power, direct or indirect: (x) to vote 25% or more of the securities having ordinary voting power for
the election of directors of such Person, or (y) to direct or cause the direction of the management and policies of such Person, in either case whether by ownership of securities, contract, proxy or otherwise. 

“Aggregate Capital” means at any time the aggregate outstanding Capital of all Purchasers at such time. 

“Aggregate Discount” at any time, means the sum of the aggregate for each Purchaser of the accrued and unpaid Discount with
respect to each such Purchaser’s Capital at such time. 
 “Agreement” has the meaning set forth in the preamble
hereto. 
 “Alternate Rate” for any Yield Period for any Capital (or portion thereof) funded by any Purchaser other than
through the issuance of Notes, means an interest rate per annum equal to: (i) solely with respect to PNC, as a Purchaser, (a) the daily average LMIR for such Yield Period or 

  
 I-1 

 
(b) if LMIR is unavailable as described in Section 1.11 or 1.12, the Base Rate for such Yield Period or (ii) with respect to any Purchaser other than PNC,
(a) the Euro-Rate for such Yield Period or (b) if the Euro-Rate is unavailable as described in Section 1.11 or 1.12, the Base Rate for such Yield Period; provided, however, that the
“Alternate Rate” for any day while a Termination Event exists shall be an interest rate equal to 2.0% per annum above the Base Rate in effect on such day. 

“Anti-Terrorism Laws” means any applicable laws or regulation relating to terrorism, 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 or regulations, all as amended, supplemented or replaced from time to time. 

“Assumption Agreement” means an agreement substantially in the form set forth in Annex C to this
Agreement. 
 “Attorney Costs” means and includes all reasonable fees, costs and disbursements of any law firm or other
external counsel, the reasonable allocated cost of internal legal services and all reasonable disbursements of internal counsel. 

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from
time to time. 
 “Bankruptcy Opinion” means each opinion of counsel regarding true sale and substantive consolidation
matters delivered to the Administrator and each Purchaser Group (including, without limitation, such opinion delivered on the Closing Date). 

“Base Rate” means, for any day, 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 Administrator as its “reference rate”. Such “reference rate” is set by the Administrator based upon various factors, including the Administrator’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 

(b)    0.50% per annum above the latest Overnight Bank Funding Rate. 

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate that has been selected by the Administrator
and the Seller giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the Euro-Rate or LMIR, as applicable, for U.S. dollar-denominated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so
determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the Euro-Rate or LMIR with an alternate
benchmark rate for each applicable Yield Period, the 

  
 I-2 

 
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrator and the Seller
(a) giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Euro-Rate or LMIR, as applicable, with the applicable
Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for such replacement of the Euro-Rate or LMIR, as applicable, for U.S. dollar-denominated credit facilities at such time and (b) which may also reflect adjustments to account for (i) the effects of the transition from the
Euro-Rate or LMIR, as applicable, to the Benchmark Replacement and (ii) yield- or risk-based differences between the Euro-Rate or LMIR, as applicable, and the Benchmark Replacement. 

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

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the Euro-Rate or LMIR: 

(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Euro-Rate or LMIR, as applicable, permanently or indefinitely ceases to provide the Euro-Rate or LMIR,
as applicable; or 
 (2)     in the case of clause (3) of the definition of “Benchmark Transition Event,”
the date of the public statement or publication of information referenced therein. 
 “Benchmark Transition Event” means
the occurrence of one or more of the following events with respect to the Euro-Rate or LMIR: 
 (1)     a public
statement or publication of information by or on behalf of the administrator of the Euro-Rate or LMIR, as applicable, announcing that such administrator has ceased or will cease to provide the Euro-Rate or LMIR, as applicable, permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Euro-Rate or LMIR, as applicable; 

(2)     a public statement or publication of information by a Governmental Authority having jurisdiction over the
Administrator, the regulatory supervisor for the administrator of the 

  
 I-3 

 
Euro-Rate or LMIR, as applicable, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Euro-Rate or LMIR, as applicable, a resolution authority
with jurisdiction over the administrator for the Euro-Rate or LMIR, as applicable, or a court or an entity with similar insolvency or resolution authority over the administrator for the Euro-Rate or LMIR, as applicable, which states that the
administrator of the Euro-Rate or LMIR, as applicable, has ceased or will cease to provide the Euro-Rate or LMIR, as applicable, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Euro-Rate or LMIR, as applicable; or 
 (3)     a public statement or
publication of information by the regulatory supervisor for the administrator of the Euro-Rate or LMIR, as applicable, or a Governmental Authority having jurisdiction over the Administrator announcing that the Euro-Rate or LMIR, as applicable, is no
longer representative. 
 “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to the Euro-Rate or LMIR and solely to the extent that the Euro-Rate or LMIR, as applicable, has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that
such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Euro-Rate or LMIR, as applicable, for all purposes hereunder in accordance with Section 1.12 and (y) ending at
the time that a Benchmark Replacement has replaced the Euro-Rate or LMIR, as applicable, for all purposes hereunder pursuant to Section 1.12. 

“Boeing Commercial Division” means the “Boeing Commercial Airplanes” division of The Boeing Company. 

“Boeing Military Division” means the “Boeing Military Airplanes” division of The Boeing Company. 

“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 the Euro-Rate or LMIR, dealings are carried out in the London interbank market. 

“Capital” means with respect to any Purchaser, without duplication, the aggregate amounts (i) paid to, or on behalf of,
the Seller in connection with all Funded Purchases made by such Purchaser pursuant to this Agreement, (ii) paid by such Purchaser, as an LC Participant, to the LC Bank in respect of a Participation Advance made by such Purchaser to LC Bank
pursuant to this Agreement and (iii) with respect to the Purchaser that is the LC Bank, paid by the LC Bank with respect to all drawings under Letters of Credit to the extent such drawings have not been reimbursed by the Seller or funded by
Participation Advances, in each case, as reduced from time to time by Collections distributed and applied on account of such Capital pursuant to Section 1.4(d) of this Agreement; 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. 

  
 I-4 

 “Change in Control” means (i) that Triumph ceases to own, directly or
indirectly, (a) 100% of the voting equity interests of the Seller free and clear of all Adverse Claims unless the Administrator and the Majority Purchaser Agents provide prior written consent with respect thereto or (b) a majority of the voting
equity interests of any Originator or (ii) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
Commission under the Exchange Act) of 20% or more of the outstanding voting stock of Triumph. 
 “Change in Law” means the
occurrence, after the Initial 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, (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 Basel
III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Closing
Date” means September 29, 2020. 
 “Collections” means, with respect to any Pool Receivable: (a) all
funds that are received by any Originator, Triumph, the Seller or the Servicer in payment of any amounts owed in respect of such Receivable (including purchase price, finance charges, interest and all other charges), or applied to amounts owed in
respect of such Receivable (including insurance payments 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 and (c) all other proceeds of such Pool Receivable. 

“Commitment” means, with respect to any Related Committed Purchaser or LC Participant, as applicable, the maximum aggregate
amount which such Purchaser is obligated to pay hereunder on account of all Funded Purchases or Participation Advances, as applicable, as set forth on Schedule VI hereto or in the Assumption Agreement or Transfer Supplement pursuant to which
it became a Purchaser, as such amount may be modified in connection with any subsequent assignment pursuant to Section 6.3(c) or in connection with a change in the Purchase Limit pursuant to
Section 1.1(b). 
 “Commitment Percentage” means, for each Related Committed Purchaser or related
LC Participant in a Purchaser Group, the Commitment of such Related Committed Purchaser or related LC Participant, as the case may be, divided by the total of all Commitments of all Related Committed Purchasers or related LC Participants, as the
case may be, in such Purchaser Group. 
 “Company Note” has the meaning set forth in Section 3.2
of the Sale Agreement. 

  
 I-5 

 “Concentration Percentage” means, at any time, (a) for any Special
Obligor, 15.0%, (b) for any Group A Obligor, 12%, (c) for any Group B Obligor, 10%, (d) for any Group C Obligor 8% and (e) for any Group D Obligor (i) except as set forth in clause (ii) below, 5%, or (ii) solely with
respect to any Safran Special Obligor, 7.5%; provided, that the Administrator may, in its sole discretion, increase the “Concentration Percentage” for any particular Obligor; provided, further, that the Administrator
may, in its sole discretion, at any time thereafter, upon 5 Business Days’ written notice to the Seller and the Servicer, decrease the then applicable “Concentration Percentage” of any such Obligor which has been increased pursuant to
the proviso above to a percentage satisfactory to it at such time, which such decrease shall not result in the applicable “Concentration Percentage” being lower than the related “Concentration Percentage” set forth in clauses
(b), (c), (d) or (e) above; provided, further, that the Administrator may, in its sole discretion at any time while a Ratings Trigger Event is continuing, upon 10 Business Days’ written notice to the
Seller and the Servicer, decrease the then applicable “Concentration Percentage” of any Special Obligor or Safran Special Obligor to a percentage satisfactory to it at such time, which such decrease shall not result in the applicable
“Concentration Percentage” being lower than the related “Concentration Percentage” set forth in clauses (b), (c), (d)(i) or (e)(i) above. 

“Concentration Reserve” means, at any time, the product of (a) the Capital at such time, multiplied by (b)(i) the
Concentration Reserve Percentage divided by (ii) 1 minus the Concentration Reserve Percentage. 
 “Concentration Reserve
Percentage” means at any time (a) the largest of the following: (i) sum of five (5) largest Group D Obligor Receivables balances (up to the Concentration Percentage for each Obligor), (ii) sum of the three (3) largest
Group C Obligor Receivables balances (up to the Concentration Percentage for each Obligor), (iii) sum of the two (2) largest Group B Obligor Receivables balances (up to the Concentration Percentage for each Obligor), (iv) the largest Group A
Obligor Receivables balance (up to the Concentration Percentage for each Obligor), divided by (b) the aggregate Outstanding Balance of all Eligible Receivables. 

“Conduit Purchasers” means each commercial paper conduit that is a party to this Agreement, as a purchaser, or that becomes a
party to this Agreement, as a purchaser pursuant to an Assumption Agreement or Transfer Supplement. 
 “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. 
 “Covered Entity” means (a) the Seller, the Servicer, Triumph and each
Originator 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 (x) ownership of, or
power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause
the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. 

  
 I-6 

 “CP Rate” means, for any Conduit Purchaser and for any Yield Period for any
Portion of Capital (a) the per annum rate equivalent to the weighted average cost (as determined by the applicable Purchaser Agent and which shall include commissions of placement agents and dealers, incremental carrying costs
incurred with respect to Notes of such Person maturing on dates other than those on which corresponding funds are received by such Conduit Purchaser, other borrowings by such Conduit Purchaser (other than under any Program Support Agreement) and any
other costs associated with the issuance of Notes) of or related to the issuance of Notes that are allocated, in whole or in part, by the applicable Purchaser Agent to fund or maintain such Portion of Capital (and which may be also allocated in part
to the funding of other assets of such Conduit Purchaser); provided, however, that if any component of such rate is a discount rate, in calculating the “CP Rate” for such Portion of Capital for such Yield Period, the
applicable Purchaser Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum; provided, further, that notwithstanding anything in this
Agreement or the other Transaction Documents to the contrary, the Seller agrees that any amounts payable to the Purchasers in respect of Discount for any Yield Period with respect to any Portion of Capital funded by such Purchaser at the CP Rate
shall include an amount equal to the portion of the face amount of the outstanding Notes issued to fund or maintain such Portion of Capital that corresponds to the portion of the proceeds of such Notes that was used to pay the interest component of
maturing Notes issued to fund or maintain such Portion of Capital, to the extent that such Purchaser had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Notes (for purposes of the
foregoing, the “interest component” of Notes equals the excess of the face amount thereof over the net proceeds received by such Purchaser from the issuance of Notes, except that if such Notes are issued on an interest-bearing basis its
“interest component” will equal the amount of interest accruing on such Notes through maturity) or (b) any other rate designated as the “CP Rate” for such Conduit Purchaser in an Assumption Agreement or Transfer Supplement
pursuant to which such Person becomes a party as a Conduit Purchaser to this Agreement, or any other writing or agreement provided by such Conduit Purchaser to the Seller, the Servicer and the applicable Purchaser Agent from time to time. The
“CP Rate” for any day while a Termination Event or an Unmatured Termination Event exists shall be an interest rate equal to 2.0% per annum above the Base Rate as in effect on such day. 

“Credit and Collection Policy” means, as the context may require, those receivables credit and collection policies and
practices of each Originator and of Triumph in effect on the date of this Agreement and described in Schedule I to this Agreement, as modified in compliance with this Agreement. 

“Days’ Sales Outstanding” means, for any calendar month, an amount computed as of the last day of such calendar month
equal to: (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three most recent calendar months ended on the last day of such calendar month divided by (b)(i) the aggregate credit sales made by
the Originators during the three calendar months ended on the last day of such calendar month divided by (ii) 90. 
 “Debt”
means: (a) indebtedness for borrowed money, (b) obligations evidenced by bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred purchase price of property or services, (d) obligations as lessee
under leases that shall have been or should be, in accordance with GAAP, recorded as capital leases, and (e) obligations under direct or indirect 

  
 I-7 

 
guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of
others of the kinds referred to in clauses (a) through (d). 
 “Declining Conduit Purchaser” has the
meaning set forth in Section 1.4(b)(ii) of this Agreement. 
 “Declining Notice” has the meaning
set forth in Section 1.4(b)(ii) of this Agreement. 
 “Deemed Collections” has the meaning set
forth in Section 1.4(e)(ii) of this Agreement. 
 “Default Ratio” means the ratio (expressed as a
percentage and rounded to the nearest 1/100 of 1%) computed as of the last day of each calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted Receivables (excluding, solely for purposes
of calculating the Default Ratio in clauses (i) and (ii) of paragraph (f) of Exhibit V to this Agreement, Designated Ineligible Receivables) during such calendar month (other than Receivables that became
Defaulted Receivables as a result of an Event of Bankruptcy with respect to the Obligor thereof during such month), by (b) the aggregate credit sales made by the Originator during the calendar month that is 6 calendar months before such
calendar month. 
 “Defaulted Receivable” means a Receivable: 

(a)    as to which any payment, or part thereof, remains unpaid for more than 150 days from the original
due date for such payment, or 
 (b)    without duplication (i) as to which an Event of Bankruptcy
shall have occurred with respect to the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto, or (ii) that has been written off the Seller’s books as uncollectible. 

“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 calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day (excluding Designated Ineligible Receivables) by
(b) the aggregate Outstanding Balance of all Pool Receivables on such day (excluding Designated Ineligible Receivables). 

“Delinquent Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for more than 90 days
from the original due date for such payment. 
 “Designated Ineligible Receivable” means a Receivable due from any Obligor
which is identified by the Servicer on the Information Package or Weekly Report for the then most recent calendar month or week, as applicable, as a Receivable not generally representative of the other Pool Receivables; provided, that,
at no time shall the aggregate Outstanding Balance of all Designated Ineligible Receivables exceed 10% of the aggregate Outstanding Balance of all Pool Receivables. Once designated as such, a Designated Ineligible Receivable will continue to be a
Designated Ineligible Receivable until retired or paid in full. 

  
 I-8 

 “Dilution Component Reserve” means at any time, the product of (a) the
sum of the Aggregate Capital and the Adjusted LC Participation Amount, and (b)(i) the Dilution Component Reserve Percentage, divided by (ii) 1 minus the Dilution Component Reserve Percentage. 

“Dilution Component Reserve Percentage” means, at any time, the product of (a) the Twelve-Month Average Dilution Ratio
multiplied by (b) the Dilution Horizon. 
 “Dilution Horizon” means, for any calendar month, the ratio (expressed as a
percentage and rounded to the nearest 1/100th of 1%) computed as of the last day of such calendar month of: (a) the sum of (x) the aggregate credit sales made by all the Originators during the most recent calendar month and (y) the
product of (A) 50% and (B) the aggregate credit sales made by all Originators during the second most recent calendar month, to (b) the Net Receivables Pool Balance at the last day of such calendar month. 

“Dilution Ratio” means 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 calendar month by dividing: (a) the aggregate amount of payments made or owed by the Seller pursuant to Section 1.4(e)(i) of this Agreement during such calendar
month by (b) the aggregate credit sales made by all the Originators during the calendar month that is one month prior to such calendar month. 

“Dilution Reserve” means, on any day, an amount equal to: (a) the sum of the Aggregate Capital plus the Adjusted LC
Participation Amount at the close of business of the Servicer on such day multiplied by (b) (i) the Dilution Reserve Percentage on such day, divided by (ii) 100% minus the Dilution Reserve Percentage on such day. 

“Dilution Reserve Percentage” means on any date, the product of (a) the Dilution Horizon multiplied by (b) the sum
of (i) 2.50 times the Twelve-Month Average Dilution Ratio and (ii) the Dilution Spike Factor. 
 “Dilution Spike
Factor” means, for any calendar month, the product of a) the positive difference, if any, between: (i) the highest Dilution Ratio for any calendar month during the twelve most recent calendar months and (ii) the Twelve-Month
Average Dilution Ratio for such twelve months and (b) (i) the highest Dilution Ratio for any calendar month during the twelve most recent calendar months, divided by (ii) the Twelve-Month Average Dilution Ratio for such twelve months. 

“Discount” means with respect to any Purchaser: 

(a)    for any Portion of Capital for any Yield Period with respect to any Purchaser to the extent such
Portion of Capital will be funded by such Purchaser during such Yield Period through the issuance of Notes: 
 CPR x C x ED/360 + YPF 

  
 I-9 

 (b)    for any Portion of Capital for any Yield Period
with respect to any Purchaser to the extent such Portion of Capital will not be funded by such Purchaser during such Yield Period through the issuance of Notes: 

AR x C x ED/Year + YPF 
 where:

  

					
			
	AR	  	=	  	the Alternate Rate for such Portion of Capital for such Yield Period with respect to such Purchaser,
			
	C	  	=	  	the Capital with respect to such Portion of Capital during such Yield Period with respect to such Purchaser,
			
	CPR	  	=	  	the CP Rate for the Portion of Capital for such Yield Period with respect to such Purchaser,
			
	ED	  	=	  	the actual number of days during such Yield Period,
			
	Year	  	=	  	if such Portion of Capital is funded based upon: (i) the Euro-Rate or LMIR, 360 days, and (ii) the Base Rate, 365 or 366 days, as applicable, and
			
	YPF	  	=	  	the Yield Protection Fee, if any, for the Portion of Capital for such Yield Period with respect to such Purchaser;

 provided, that no provision of this Agreement shall require the payment or permit the collection of Discount in excess
of the maximum permitted by applicable law; and provided further, that Discount for any Portion of Capital 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. 
 “Drawing Date” has the meaning set forth in
Section 1.17(a) of this Agreement. 
 “Early Opt-in
Event” means a determination by the Administrator that U.S. dollar-denominated credit facilities being executed at such time, or that include language similar to that contained in this Section 1.12, are being
executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Euro-Rate or LMIR for loans in U.S. dollars. 

“Eligible Foreign Obligor” means an Obligor which is both (i) either (A) organized under the laws of any country (other
than the United States) that has a long-term foreign currency rating of at least “A” by Standard & Poor’s and “A2” by Moody’s or (B) organized under the laws of an OECD Country and (ii) not a
Sanctioned Person. 
 “Eligible Receivable” means, at any time, a Pool Receivable: 

(a)    the Obligor of which (i) is (x) organized under the laws of any State of the United States or
is qualified to do business in any State of the United States, (y) an 

  
 I-10 

 
Eligible Foreign Obligor or (z) a government or a governmental subdivision or department, affiliate or agency, (ii) is not subject to any action of the type described in paragraph
(e) of Exhibit V to this Agreement, (iii) is not an Affiliate of Triumph or any Affiliate of any Originator and (iv) is not a Sanctioned Person; 

(b)    (i) that is denominated and payable only in U.S. dollars in the United States, and (ii) the
Obligor with respect to which has been instructed in writing by the Servicer, the Seller, the applicable Originator or the applicable Sub-Servicer, if any, in accordance with Sections 1(f) and
2(f) of Exhibit IV to remit Collections in respect thereof to a Lock-Box Account in the United States, 

(c)    that does not have a stated maturity which is more than 90 days after the original invoice date of
such Receivable, 
 (d)    that arises under a duly authorized Contract for the sale and delivery of
goods and services in the ordinary course of an Originator’s business, 
 (e)    that arises under a
duly authorized Contract that is in full force and effect and that is a legal, valid and binding obligation of the related Obligor, enforceable against such Obligor in accordance with its terms, 

(f)    that conforms in all material respects with all applicable laws, rulings and regulations in effect
and the transfer of which does not violate any applicable law, rule or regulation in effect, 

(g)    that is not the subject of any default, dispute, offset, hold back defense, Adverse Claim,
litigation or other claim (other than the Judgment Lien solely in respect of a Receivable originated by Triumph Composite Systems, Inc.), 

(h)    that satisfies all applicable requirements of the applicable Credit and Collection Policy, 

(i)    that has not been modified, waived or restructured since its creation, except as permitted pursuant
to Section 4.2 of this Agreement, 
 (j)    in which the Seller owns good and
marketable title, free and clear of any Adverse Claims (other than the Judgment Lien solely in respect of a Receivable originated by Triumph Composite Systems, Inc.), and that is freely assignable by the Seller (including without any consent of the
related Obligor) and the representations and warranties with respect to such Receivable set forth in Sections (3)(a), (b) and (c) of Exhibit III are true at such time, 

(k)    for which the Administrator (for the benefit of each Purchaser) shall have (i) a valid and
enforceable undivided percentage ownership or security interest, to the extent of the Purchased Interest, and (ii) a valid and enforceable first-priority perfected security interest therein and in the Related Security and Collections with
respect thereto, in each case free and clear of any Adverse Claim (other than the Judgment Lien solely in respect of a Receivable originated by Triumph Composite Systems, Inc.), 

  
 I-11 

 (l)    that constitutes an “account” each as
defined in the UCC and that is not evidenced by instruments or chattel paper, 
 (m)    that is not a
Defaulted Receivable, a Delinquent Receivable or a Designated Ineligible Receivable, 
 (n)    for which
none of the Originator thereof, the Seller or the Servicer has established any offset arrangements with the related Obligor, 

(o)    for which Defaulted Receivables of the related Obligor do not exceed 50% of the Outstanding Balance
of all such Obligor’s Receivables, 
 (p)    that represents amounts that are earned and payable by
the Obligor that are not subject to the performance of additional services or the delivery of additional products or goods by the Originator thereof, 

(q)    that was created in the United States by an Originator that is organized under the laws of any State
of the United States, 
 (r)    the related invoice for which does not include an Excluded Receivable,
and 
 (s)    that if the Obligor of such Receivable is The Boeing Company, such Receivable is owing by
the “Boeing Defense, Satellite & Space” division of The Boeing Company. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to
any successor sections. 
 “ERISA Affiliate” means: (a) any corporation that is a member of the same controlled group
of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as the Seller, any Originator or Triumph, (b) a trade or business (whether or not incorporated) under common control (within the meaning of
Section 414(c) of the Internal Revenue Code) with the Seller, any Originator or Triumph, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Internal Revenue Code) as the Seller, any
Originator, any corporation described in clause (a) or any trade or business described in clause (b). 

“Euro-Rate” means with respect to any Yield Period, the greater of (a) 0.75% and (b) the interest rate per annum
determined by the Administrator by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate per annum equal to the London interbank market offered rate for U.S. dollars as reported on
Reuters Screen LIBOR01 Page (or on any successor or substitute page providing rate quotations comparable to those currently provided on such page, as determined by the Administrator 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 Yield Period for an amount comparable to the

  
 I-12 

 
Portion of Capital to be funded at the Alternate Rate determined by reference to the Euro-Rate during such Yield Period by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage.
The Euro-Rate may also be expressed by the following formula: 
  

					
	
Euro-Rate =    
	 	 London interbank offered rates reported on Reuters Screen

LIBOR01 Page or appropriate successor

     
  

1.00 - Euro-Rate Reserve Percentage
	 	 
 

                          
                                         
         
  
 

 where “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”). The Euro-Rate shall be adjusted with respect to any Portion of Capital funded at the Alternate Rate determined by reference to the Euro-Rate that is outstanding on the
effective date of any change in the Euro-Rate Reserve Percentage as of such effective date The applicable Purchaser Agent shall give prompt notice to the Seller of the Euro-Rate as determined or adjusted in accordance herewith (which determination
shall be conclusive absent manifest error). 
 “Event of Bankruptcy” 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 or any composition, marshalling 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 cases (a) and (b)
undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code. 
 “Excess Concentration” means,
without duplication, the sum of the following amounts: 
 (i)    the amount by which the Outstanding
Balance of Eligible Receivables of each Obligor then in the Receivables Pool exceeds an amount equal to: (a) the Concentration Percentage for such Obligor multiplied by (b) the aggregate Outstanding Balance of all Eligible Receivables then
in the Receivables Pool; 
 (ii)    the amount by which the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivable Pool, the Obligor of which is an Eligible Foreign Obligor, exceeds 25.0% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; 

(iii)    the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivable Pool, the Obligor of which is an Eligible Foreign Obligor which resides in the Largest Foreign Country, exceeds 12.5% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; 

(iv)    the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivable Pool, the Obligor of which is an Eligible Foreign 

  
 I-13 

 
Obligor which resides in any country other than the Largest Foreign Country, exceeds 5.0% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; 

(v)    the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool with stated maturities which are more than 30 days but less than or equal to 60 days after the original invoice date of such Receivable exceeds 60.0% of the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool; 
 (vi)    the amount by which the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivables Pool with stated maturities which are more than 60 days but less than or equal to 90 days after the original invoice date of such Receivable exceeds 30.0% of the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivables Pool; 
 (vii)    the amount by which the aggregate Outstanding
Balance of all Eligible Receivables then in the Receivables Pool the Obligor of which is a Governmental Entity exceeds 10.0% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; and 

(viii)    the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool the Obligor of which is a Canadian resident exceeds 10.0% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; 

provided, that the Administrator may, in its sole discretion at any time while a Ratings Trigger Event is continuing, upon 10 Business
Days’ written notice to the Seller and the Servicer, decrease any or all of the percentages set forth in clauses (ii) – (viii) above to a percentage satisfactory to it at such time, which for the avoidance of doubt may be 0%.

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

“Excluded Receivable” means any indebtedness and other obligations owed to the Seller (as the assignee of the related
Originator) or any such related Originator by, or any right of such Originator to payment from or on behalf of: 

(a)    GKN Westland Aerospace Inc., GKN Holdings pls and its affiliates, each as an Excluded Receivable Obligor, where The
Triumph Group Operations, Inc. (as successor to Triumph Fabrications – Hot Springs, LLC) is the Originator, which indebtedness is sold to Citibank, N.A. pursuant to that certain Supplier Agreement, dated as of November 11, 2014, between
The Triumph Group Operations, Inc. (as successor to Triumph Fabrications – Hot Springs, LLC) and Citibank, N.A.; 

(b)    Honeywell International Inc., as the Excluded Receivable Obligor, where: 

(i)    Triumph Gear Systems—Macomb, Inc. is the Originator, which indebtedness is sold to GE Capital
or MUFG Bank, Ltd. pursuant to that certain Purchase Agreement, dated September 29, 1995 (as amended on December 11, 2006), between Triumph Gear Systems—Macomb, Inc. and GE Capital; 

  
 I-14 

 (ii)    Triumph Thermal Systems, LLC is the Originator,
which indebtedness is sold to GE Capital or MUFG Bank, Ltd. pursuant to that certain Purchase Agreement, dated April 11, 2007, between Triumph Thermal Systems, LLC and GE Capital; or 

(iii)    Triumph Engine Control Systems, LLC is the Originator, which indebtedness is sold to GE Capital or
MUFG Bank, Ltd. pursuant to that certain Purchase Agreement, dated October 21, 2013, between Triumph Engine Control Systems, LLC and GE Capital, 

(c)    United Technologies Corp. or Sikorsky Aircraft Corporation, as the Excluded Receivable Obligor, where: 

(i)    The Triumph Group Operations, Inc. (as successor to Triumph Fabrications – Hot Springs, LLC) is
the Originator, which indebtedness is sold to Citibank, N.A. pursuant to a Supplier Member Agreement, dated as of January 23, 2004, among The Triumph Group Operations, Inc. (as successor to Triumph Fabrications – Hot Springs, LLC),
Citibank, N.A. and Orbian Corp.; 
 (ii)    Triumph Controls, LLC is the Originator, which indebtedness
is sold to Citibank, N.A. pursuant to a certain Supplier Agreement, dated as of March 17, 2010, between Triumph Controls, LLC and Citibank, N.A.; 

(iii)    Triumph Actuation Systems – Connecticut, LLC is the Originator, which indebtedness is sold to
Citibank, N.A. pursuant to a certain Supplier Agreement, dated as of September 29, 2011, between Triumph Actuation Systems – Connecticut, LLC and Citibank, N.A.; 

(iv)    Triumph Actuation Systems – Connecticut, LLC (DBA): Triumph Aerospace Systems – Seattle
is the Originator, which indebtedness is sold to Citibank, N.A. pursuant to a certain Supplier Agreement, dated as of September 29, 2011, between Triumph Actuation Systems – Connecticut, LLC (DBA): Triumph Aerospace Systems—Seattle
and Citibank, N.A.; 
 (v)    Triumph Gear Systems – Macomb, Inc. is the Originator, which
indebtedness is sold to Citibank, N.A. pursuant to that certain Supplier Agreement, dated as of June 16, 2004, between Triumph Gear Systems—Macomb, Inc. (f/k/a ACR Industries, Inc.) and Citibank, N.A.; or 

(vi)    Triumph Actuation Systems – Valencia, Inc. is the Originator, which indebtedness is sold to
Citibank, N.A. pursuant to a certain Supplier Agreement between Triumph Actuation Systems – Valencia, Inc. and Citibank, N.A., 

(d)    General Electric Company, its divisions, business units and/or affiliates (each, a “GE Business”),
as the Excluded Receivable Obligor(s), where Triumph Engine Control Systems, LLC, Triumph Thermal Systems, LLC, Triumph Gear Systems, Inc., Triumph 

  
 I-15 

 
Actuation Systems – Connecticut, LLC, Triumph Controls, LLC, Triumph Gear Systems—Macomb, Inc. or Triumph Accessory Services – Grand Prairie, Inc. is the Originator, which
indebtedness is sold to GE Capital or MUFG Bank, Ltd. pursuant to each of the purchase orders and purchase requests made from time to time by any GE Business, Triumph Engine Control Systems, LLC, Triumph Thermal Systems, LLC, Triumph Gear Systems,
Inc., Triumph Actuation Systems – Connecticut, LLC, Triumph Controls, LLC, Triumph Gear Systems—Macomb, Inc. or Triumph Accessory Services – Grand Prairie, Inc. for the benefit of GE Capital; 

(e)    the Boeing Commercial Division, as the Excluded Receivable Obligor, where one of the below-listed Persons is an
Originator, which indebtedness is sold to Citibank, N.A., pursuant to a certain Supplier Agreement, dated as of February 24, 2016, among Citibank, N.A. and certain Subsidiaries of Triumph; 

Triumph Composite Systems, Inc. 

Triumph Insulation Systems, LLC 

Triumph Actuation Systems – Valencia, Inc. 

Triumph Actuation Systems, LLC     

Triumph Thermal Systems, LLC     

Triumph Actuation Systems – Yakima, LLC 

Triumph Airborne Structures, LLC 

Triumph Controls, LLC 
 Triumph
Thermal Systems – Maryland, Inc. 
 Triumph Engine Control Systems, LLC 

(f)    the Boeing Military Division, as the Excluded Receivable Obligor, where one of the below-listed Persons is an
Originator, which indebtedness is sold to Citibank, N.A., pursuant to a certain Supplier Agreement, dated as of February 24, 2016, among Citibank, N.A. and certain Subsidiaries of Triumph; 

Triumph Controls, LLC 
 Triumph
Thermal Systems – Maryland, Inc. 
 Triumph Engine Control Systems, LLC 

(g)    Rolls Royce, its divisions, business units and/or affiliates (each, a “RR Business”), as the
Excluded Receivable Obligor(s), where Triumph Gear Systems – Macomb, Inc. or Triumph Gear Systems, Inc. is the Originator, which indebtedness is sold to Citibank, N.A., pursuant to each of the purchase orders and purchase requests made from
time to time by any RR Business, Triumph Gear Systems – Macomb, Inc. or Triumph Gear Systems, Inc. for the benefit of Citibank, N.A.; 

(h)    Goodrich Landing Gear, LLC, Goodrich Corporation, Goodrich Power Systems and AMI Industries, Inc., their respective
divisions, business units and/or affiliates (each, a “Goodrich Business”), as the Excluded Receivable Obligor(s), where Triumph Actuation Systems – Connecticut, LLC, Triumph Actuation Systems, LLC or Triumph Insulation Systems,
LLC is the Originator, which indebtedness is sold to Citibank, N.A., pursuant to each of the purchase orders and purchase requests made from time to time by any Goodrich Business or Triumph Actuation Systems – Connecticut, LLC, Triumph
Actuation Systems, LLC or Triumph Insulation Systems, LLC for the benefit of Citibank, N.A.; 

  
 I-16 

 (i)    Rohr, Inc., its divisions, business units and/or affiliates
(each, a “Rohr Business”), as the Excluded Receivable Obligor(s), where Triumph Actuation Systems – Connecticut, LLC is the Originator, which indebtedness is sold to Citibank, N.A., pursuant to each of the purchase orders and
purchase requests made from time to time by any Rohr Business or Triumph Actuation Systems – Connecticut, LLC for the benefit of Citibank, N.A.; 

(j)    Airbus S.A.S., its divisions, business units and/or affiliates (each, an “Airbus Business”), as
the Excluded Receivable Obligor(s), where Triumph Actuation Systems, LLC or Triumph Insulation Systems, LLC is the Originator, which indebtedness is sold to Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.
(“MUFJ”) pursuant to each of the purchase orders and purchase requests made from time to time by any Airbus Business, Triumph Actuation Systems, LLC or Triumph Insulation Systems, LLC for the benefit of MUFJ; and 

(k)    Delta Airlines Inc., its divisions, business units and/or affiliates (each, a “Delta Business”),
as the Excluded Receivable Obligor(s), where Triumph Accessory Services – Grand Prairie, Inc., The Triumph Group Operations, Inc. or Triumph Airborne Structures, LLC is the Originator, which indebtedness is sold to Citibank, N.A., pursuant to
each of the purchase orders and purchase requests made from time to time by any Delta Business or Triumph Accessory Services – Grand Prairie, Inc., The Triumph Group Operations, Inc. or Triumph Airborne Structures, LLC for the benefit of
Citibank, N.A.; 
 in each case whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each instance
arising in connection with the sale of goods or the rendering of services, and includes, without limitation, the obligation to pay any finance charges, fees and other charges with respect thereto. 

“Excluded Receivable Obligor” means, with respect to any Excluded Receivable, the Person obligated to make payments relating
to such Excluded Receivable. 
 “Exiting Purchaser” has the meaning set forth in
Section 1.4(b)(ii) of this Agreement. 
 “Facility Termination Date” means, the earliest to occur
of: (a) December 6, 2022, (b) the date determined pursuant to Section 2.2 of this Agreement, (c) the date that is 91 days prior to the stated maturity date of the 2014 Bonds, (d) the date which is 30
days after the date on which the Administrator and each Purchaser Agent has received written notice from the Seller of its election to terminate the Purchase Facility and (e) the Seller shall fail to cause the amendment or modification of any
Transaction Document or related opinion as required by Moody’s or Standard and Poor’s, and such failure shall continue for 30 days after such amendment or modification is initially requested. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its
principal functions. 
 “Fee Letters” has the meaning set forth in Section 1.5 of this Agreement.

  
 I-17 

 “Fees” means the fees payable by the Seller to each member of each
Purchaser Group pursuant to the applicable Purchaser Group Fee Letter. 
 “Final Payout Date” means the latest of
(i) the Facility Termination Date, (ii) the date on which no Capital of or Discount in respect of the Purchased Interest shall be outstanding, (iii) the date on which the LC Participation Amount is zero ($0) and no Letters of Credit
issued hereunder remain outstanding and undrawn, (iv) the date all other amounts owing to the Purchaser Agents, the Purchasers and the Administrator by the Seller, the Originators, the Servicer and the Performance Guarantor under this Agreement
and each of the other Transaction Documents have been paid in full and (v) all accrued Servicing Fees have been paid in full. 

“Funded Purchase” shall mean a Purchase that is made pursuant to Section 1.2(b). 

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

“GE Capital” means General Electric Capital Corporation. 

“Governmental Acts” has the meaning set forth in Section 1.22 of this Agreement. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, and any Person owned or controlled,
through stock or capital ownership or otherwise, by any of the foregoing. 
 “Governmental Entity” means a federal agency,
branch, or other governmental entity or authority of the United States or a state agency, branch, or governmental entity or authority of any state in the United States. 

“Group A Obligor” means any Obligor with a short-term rating of at least: (a)
“A-1” by Standard & Poor’s, or if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of “A+” or better by Standard &
Poor’s on its long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Al” or better by Moody’s on
its long-term senior unsecured and uncredit-enhanced debt securities. 
 “Group B Obligor” means any Obligor, other than a
Group A Obligor, with a short-term rating of at least: (a) “A-2” by Standard & Poor’s, or if such Obligor does not have a short-term rating from Standard & Poor’s, a
rating of “BBB” to “A” by Standard & Poor’s on its long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P2” by Moody’s, or if such Obligor does not have a short-term
rating from Moody’s, “Baa2” to “A2” by Moody’s on its long-term senior unsecured and uncredit-enhanced debt securities. 

“Group C Obligor” means any Obligor, other than a Group A Obligor or a Group B Obligor, with a short-term rating of at least:
(a) “A-3” by Standard & Poor’s, or if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of
“BBB-” by Standard & Poor’s on its long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P3” by Moody’s, or if such Obligor does not have a
short-term rating from Moody’s, “Baa3” by Moody’s on its long-term senior unsecured and uncredit-enhanced debt securities. 

  
 I-18 

 “Group Capital” means with respect to any Purchaser Group, an amount equal
to the aggregate of all Capital of the Purchasers within such Purchaser Group. 
 “Group Commitment” means with respect to
any Purchaser Group the aggregate of the Commitments of each Purchaser within such Purchaser Group. 
 “Group D Obligor”
means any Obligor that is not a Group A Obligor, a Group B Obligor, a Group C Obligor or a Special Obligor. 
 “Indemnified
Amounts” has the meaning set forth in Section 3.1 of this Agreement. 
 “Indemnified
Party” has the meaning set forth in Section 3.1 of this Agreement. 
 “Indemnified
Taxes” has the meaning set forth in Section 1.10 of this Agreement. 
 “Independent
Director” has the meaning set forth in Section 3(c) of Exhibit IV to this Agreement. 

“Information Package” means each report, in substantially the form of Annex A to this Agreement, furnished by or on
behalf of the Servicer to the Administrator and each Purchaser Agent pursuant to this Agreement. 
 “Initial Closing Date”
means August 7, 2008. 
 “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, composition, marshaling of assets for creditors, or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each case undertaken under U.S. Federal, state or foreign law, including
the Bankruptcy Code. 
 “Intended Tax Treatment” has the meaning set forth in Section 1.10(e) of
this Agreement. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of the Internal Revenue Code also refer to any successor sections. 

“Judgment Lien” means that certain judgment lien against Triumph Composite Systems, Inc. in favor of Charlotte G. Reves
referencing case # 08-9-04293-6, dated May 20, 2008, which is on file in Spokane County, Washington, so long as the
aggregate liability with respect to such judgment (including attorney’s fees of the plaintiff) does not exceed $250,000. 

“Largest Foreign Country” means, on any date of determination, the country where Eligible Foreign Obligors reside with the
largest aggregate Outstanding Balance of Eligible Receivables; provided, however, that such country shall be The United Kingdom, France or Germany. 

  
 I-19 

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

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

“LC Fee Expectation” has the meaning set forth in Section 1.18(c) of this Agreement. 

“LC Participant” means each Person listed as such (and its respective Commitment) for each Purchaser Group as set forth on
the signature pages of this Agreement or in any Assumption Agreement or Transfer Supplement. 
 “LC Participation Amount”
means, at any time, the sum of the undrawn face amount of all Letters of Credit outstanding at such time. 
 “LCR Security”
means any commercial paper or security (other than equity securities issued to Triumph) 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). 
 “Letter of Credit” means any
stand-by letter of credit issued by the LC Bank pursuant to this Agreement. 
 “Letter of
Credit Application” has the meaning set forth in Section 1.15 of this Agreement. 
 “Liquidity
Agent” means each of the banks acting as agent for the various Liquidity Providers under each Liquidity Agreement. 

“Liquidity Agreement” means any agreement entered into in connection with this Agreement pursuant to which a Liquidity
Provider agrees to make purchases or advances to, or purchase assets from, any Conduit Purchaser in order to provide liquidity for such Conduit Purchaser’s Purchases. 

“Liquidity Provider” means each bank or other financial institution that provides liquidity support to any Conduit Purchaser
pursuant to the terms of a Liquidity Agreement. 
 “LMIR” means for any day during any Yield Period, the greater of (a)
0.75% and (b) the one-month Eurodollar rate for U.S. dollar deposits as reported on the Reuters Screen LIBOR01 Page or any other 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 United States 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 Administrator from another recognized source for interbank quotation), in each case, changing when and as such rate changes. 

  
 I-20 

 “Lock-Box Account” means each
account and post office box listed on Schedule II to this Agreement and maintained at a bank, postal institution or other financial institution acting as a Lock-Box Bank pursuant to a Lock-Box Agreement for the purpose of receiving Collections. 

“Lock-Box Agreement” means an agreement, among the Seller, the Servicer, the
Administrator and a Lock-Box Bank, governing the terms of the related Lock-Box Accounts. 

“Lock-Box Bank” means any of the banks, postal institutions or other financial
institutions holding one or more Lock-Box Accounts. 
 “Loss Reserve” means, on any
date, an amount equal to: (a) the sum of the Aggregate Capital plus the Adjusted LC Participation Amount at the close of business of the Servicer on such date multiplied by (b)(i) the Loss Reserve Percentage on such date divided by (ii) 1,
minus the Loss Reserve Percentage on such date. 
 “Loss Reserve Percentage” means, on any date, (i) the product of
(A) 2.50 times the highest average of the Default Ratios for any three consecutive calendar months during the twelve most recent calendar months multiplied by (B) the sum of (X) the aggregate credit sales made by all Originators during the
five most recent calendar months, and (Y) the Weighted Average Credit Percentage, multiplied by the aggregate credit sales made by all Originators during the sixth most recent calendar month, divided by (ii) the Net Receivables Pool
Balance as of such date. 
 “Majority Purchaser Agents” means, at any time, the Purchaser Agents which in their related
Purchaser Group have Related Committed Purchasers whose Commitments aggregate more than 50% of the aggregate of the Commitments of all Related Committed Purchasers in all Purchaser Groups; provided, however, that so long as any one
Related Committed Purchaser’s Commitment is greater than 50% of the aggregate Commitments and there is more than one Purchaser Group, then “Majority Purchaser Agents” shall mean a minimum of two Purchaser Agents which in their related
Purchaser Group have Related Committed Purchasers whose Commitments aggregate more than 50% of the aggregate Commitment of all Related Committed Purchasers in all Purchaser Groups. 

“Material Adverse Effect” means, relative to any Person with respect to any event or circumstance, a material adverse effect
on: 
 (a)    the assets, operations, business or financial condition of such Person, 

(b)    the ability of any of such Person to perform its obligations under this Agreement or any other
Transaction Document to which it is a party, 
 (c)    the validity or enforceability of any of the
Transaction Documents, or the validity, enforceability or collectibility of the Pool Receivables, or 

(d)    the status, perfection, enforceability or priority of the Administrator’s, any Purchaser’s
or the Seller’s interest in the Pool Assets. 

  
 I-21 

 “Material Indebtedness” means borrowed money or the extension of credit or
any other Debt, or commitment for any of the foregoing, under which Triumph or any Subsidiary of Triumph may be obligated as a borrower or guarantor in excess of $10,000,000.00 in the aggregate. 

“Minimum Liquidity Event” shall exist and be continuing at any time that Triumph’s and its Subsidiaries’ aggregate
cash (excluding any such cash that is contractually required to be set aside, segregated or otherwise reserved or that is otherwise encumbered) is not at least $75,000,000 at such time. 

“Modification” has the meaning set forth in Section 4.2(a) of this Agreement. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA. 

“Net Receivables Pool Balance” means, at any time: (a) the Outstanding Balance of Eligible Receivables then in the
Receivables Pool minus (b) the Excess Concentration. 
 “Notes” means short-term promissory notes issued, or to be
issued, by any Conduit Purchaser to fund its investments in accounts receivable or other financial assets. 
 “Obligor”
means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable. 

“OECD Country” means a country which is a member of the Organization for Economic Cooperation and Development. 

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

“Originator” means each Person from time to time party to the Sale Agreement as an Originator. 

“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, this Agreement or any other Transaction Document. 
 “Outstanding Balance” of any Receivable at any time
means the then outstanding principal balance thereof. 
 “Overnight Bank Funding Rate” means for any day, the rate
comprised of both overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York
(“NYFRB”), as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by 

  
 I-22 

 
such other recognized electronic source (such as Bloomberg) selected by the Administrator for the purpose of displaying such rate); provided, that if such day is not a Business Day, the
Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by
the Administrator at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged
shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Seller. 

“Participant” has the meaning set forth in Section 6.3(b) of this Agreement. 

“Participation Advance” has the meaning set forth in Section 1.17(b) of this Agreement. 

“Paydown Notice” has the meaning set forth in Section 1.4(f) of this Agreement. 

“Performance Guarantor” means Triumph. 

“Performance Guaranty” means the Amended and Restated Performance Guaranty, dated as of the Closing Date, by the Performance
Guarantor, in favor of the Administrator for the benefit of the Purchasers and Purchaser Agents, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

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

“PNC” means PNC Bank, National Association. 

“Pool Assets” has the meaning set forth in Section 1.2(d) of this Agreement. 

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

“Portion of Capital” means, with respect to any Purchaser and its related Capital, the portion of such Capital being funded
or maintained by such Purchaser by reference to a particular interest rate basis. 
 “Prior Agreement” has the meaning set
forth in the preamble to this Agreement. 
 “Prior Agreement Outstanding Amounts” has the meaning set forth in the preamble
to this Agreement. 
 “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. 

“Program Support Agreement” means and includes any Liquidity Agreement and any other agreement entered into by any Program
Support Provider providing for: (a) the issuance of 

  
 I-23 

 
one or more letters of credit for the account of any Conduit Purchaser, (b) the issuance of one or more surety bonds for which the such Conduit Purchaser is obligated to reimburse the
applicable Program Support Provider for any drawings thereunder, (c) the sale by such Conduit Purchaser to any Program Support Provider of the Purchased Interest (or portions thereof) maintained by such Conduit Purchaser and/or (d) the
making of loans and/or other extensions of credit to any Conduit Purchaser in connection with such Conduit Purchaser’s securitization program contemplated in this Agreement, together with any letter of credit, surety bond or other instrument
issued thereunder. 
 “Program Support Provider” means and includes with respect to each Conduit Purchaser any Liquidity
Provider and any other Person (other than any customer of such Conduit Purchaser) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Purchaser pursuant to any
Program Support Agreement. 
 “Purchase” has the meaning set forth in Section 1.1(a) of this
Agreement. 
 “Purchase and Sale Indemnified Amounts” has the meaning set forth in Section 9.1 of
the Sale Agreement. 
 “Purchase and Sale Indemnified Party” has the meaning set forth in
Section 9.1 of the Sale Agreement. 
 “Purchase and Sale Termination Date” has the meaning set
forth in Section 1.4 of the Sale Agreement. 
 “Purchase and Sale Termination Event” has the
meaning set forth in Section 8.1 of the Sale Agreement. 
 “Purchase Date” means the date of
which a Purchase or a reinvestment is made pursuant to this Agreement. 
 “Purchase Facility” has the meaning set forth in
Section 1.1 of the Sale Agreement. 
 “Purchase Limit” means $75,000,000, as such amount may be
reduced pursuant to Section 1.1(b) of this Agreement or otherwise in connection with any Exiting Purchaser. References to the unused portion of the Purchase Limit shall mean, at any time, the Purchase Limit minus the sum of
the then outstanding Aggregate Capital plus the LC Participation Amount. 
 “Purchase Notice” has the meaning set forth in
Section 1.2(a) to this Agreement. 
 “Purchased Interest” means, at any time, the undivided
percentage ownership interest in: (a) each and every Pool Receivable now existing or hereafter arising, (b) all Related Security with respect to such Pool Receivables and (c) all Collections with respect to, and other proceeds of,
such Pool Receivables and Related Security. Such undivided percentage interest shall be computed as: 

  
 I-24 

 Aggregate Capital + Adjusted LC Participation Amount + Total Reserves 

Net Receivables Pool Balance 
 The Purchased
Interest shall be determined from time to time pursuant to Section 1.3 of this Agreement. 

“Purchaser” means each Conduit Purchaser, each Related Committed Purchaser, each LC Participant and/or the LC Bank, as
applicable. 
 “Purchaser Agent” means each Person acting as agent on behalf of a Purchaser Group and designated as a
Purchaser Agent for such Purchaser Group on the signature pages to this Agreement or any other Person who becomes a party to this Agreement as a Purchaser Agent pursuant to an Assumption Agreement or a Transfer Supplement. 

“Purchaser Group” means, (i) for each Conduit Purchaser, such Conduit Purchaser, its Related Committed Purchasers (if
any), its related Purchaser Agent and related LC Participants and (ii) for PNC, PNC, as a Purchaser Agent, a Related Committed Purchaser, the LC Bank and an LC Participant. 

“Purchaser Group Fee Letter” has the meaning set forth in Section 1.5 of this Agreement. 

“Purchaser Termination Date” means, with respect to any Purchaser, the earlier to occur of: (a) the Facility Termination
Date and (b) the then current scheduled expiration of the commitments of the applicable Liquidity Provider for the Conduit Purchaser that is a member of such Purchaser’s Purchaser Group under the related Liquidity Agreement (such date as
extended as described hereafter in the proviso to this clause (b), the “Extended Date”), provided, that if the commitments of the applicable Liquidity Provider for the Conduit Purchaser that is a member of such
Purchaser’s Purchaser Group are extended under the related Liquidity Agreement, such date shall be automatically extended on the then current Extended Date for an additional period of not more than 364 days, which date the Seller shall be
notified of by the related Purchaser Agent. 
 “Purchasers’ Share” of any amount, at any time, means such amount
multiplied by the Purchased Interest at such time. 
 “Purchasing Related Committed Purchaser” has the meaning set forth in
Section 6.3(c) of this Agreement. 
 “Ratable Share” means, for each Purchaser Group, such
Purchaser Group’s aggregate Commitments divided by the aggregate Commitments of all Purchaser Groups. 
 “Rating
Agency” means each of Standard & Poor’s and Moody’s. 
 “Rating Agency Condition” means, when
applicable, with respect to any material event or occurrence, receipt by the Administrator (or the applicable Purchaser Agent) of written confirmation from each of Standard & Poor’s and Moody’s (and/or each other rating agency
then rating the Notes of the applicable Conduit Purchaser) that such event or occurrence shall not cause the rating on the then outstanding Notes of any applicable Purchaser to be downgraded or withdrawn. 

  
 I-25 

 “Ratings Trigger Event” means the occurrence of one or more of the
following events: (i) Triumph’s public corporate rating by S&P is below B, (ii) Triumph’s public corporate family rating by Moody’s is below B2, (iii) Triumph does not have a public corporate rating by S&P or
(iv) Triumph does not have a public corporate family rating by Moody’s. 
 “Receivable” means any indebtedness
and other obligations owed to any Originator, Triumph or the Seller or any right of the Seller, Triumph or any Originator to payment from or on behalf of an Obligor, whether constituting an account, chattel paper, payment intangible, instrument or
general intangible, in each instance arising in connection with the sale of goods or the rendering of services, and includes, without limitation, the obligation to pay any finance charges, fees and other charges with respect thereto. Excluded
Receivables shall not constitute Receivables. Indebtedness and other obligations arising from any one transaction, including, without limitation, indebtedness and other obligations represented by an individual invoice or agreement, shall constitute
a Receivable separate from a Receivable consisting of the indebtedness and other obligations arising from any other transaction. 

“Receivables Pool” means, at any time, all of the then outstanding Receivables purchased by the Seller pursuant to the Sale
Agreement prior to the Facility Termination Date. 
 “Register” has the meaning set forth in
Section 6.3(h) of this Agreement. 
 “Reimbursement Obligation” has the meaning set forth in
Section 1.17(a) of this Agreement. 
 “Related Committed Purchaser” means each Person listed as
such for each Conduit Purchaser as set forth on the signature pages of this Agreement or in any Assumption Agreement or Transfer Supplement. 

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

(a)     all of the Seller’s, the applicable Originator’s and Triumph’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)     solely to the extent applicable to such Receivable, all of the Seller’s, the applicable
Originator’s and Triumph’s rights, interests and claims under the Contracts relating to such Receivable, 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, and 

  
 I-26 

 (e)    all of the Seller’s rights, interests and
claims under the Sale Agreement and the other Transaction Documents. 
 “Relevant Governmental Body” means the Federal
Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“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” has the meaning set forth in Section 4043(c) of ERISA. 
 “Restricted Payments” has the meaning set
forth in Section 1(n) of Exhibit IV to this Agreement. 
 “Safran Special Obligor” means
Safran, S.A. or any Affiliate thereof, only for so long as both (i) less than 30% of the aggregate Outstanding Balance of all Receivables the Obligor of which is Safran S.A. or any Affiliate thereof, constitute Delinquent Receivables and
(ii) such Person constitutes a Group D Obligor (it being understood and agreed that if at any time any of the conditions set forth above are not satisfied, such Person shall no longer be a Safran Special Obligor). 

“Sale Agreement” means the Amended and Restated Purchase and Sale Agreement, dated as of the Closing Date, among the Seller,
the Originators and Triumph, as Servicer, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time. 

“Sanctioned Country” means a country subject to a sanctions program maintained under any Anti-Terrorism Law, including any
such country identified on the list maintained by OFAC and available at: http://www.treasury.gov/resource-center/sanctions/ Programs/Pages/Programs.aspx, or as otherwise published from time to time 

“Sanctioned Person” means (i) a person named on the list of “Specially Designated Nationals” or “Blocked
Persons” maintained by OFAC available at: http://www.treasury.gov/ resource center/sanctions/SDN List/Pages/default.aspx, or as otherwise published from time to time, (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. 

  
 I-27 

 “Second Lien Indenture” shall mean that certain Indenture, dated as of
September 23, 2019, among Triumph, the guarantors party thereto, and U.S. Bank National Association, as trustee and as collateral agent, as amended, amended and restated, supplemented or otherwise modified from time to time. 

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

“Seller’s Share” of any amount means the greater of: (a) $0 and (b) such amount minus the product of (i) such
amount multiplied by (ii) the Purchased Interest. 
 “Servicer” has the meaning set forth in the preamble to this
Agreement. 
 “Servicing Fee” shall mean the fee referred to in Section 4.6 of this Agreement.

 “Servicing Fee Rate” shall have the meaning set forth in Section 4.6 of this Agreement. 

“Settlement Date” means the 24th day of each calendar month (or if such
day is not a Business Day, the next occurring Business Day) provided, however, that on and after the occurrence and during the continuation of any Termination Event, the Settlement Date shall be the date selected as such by the
Administrator from time to time (it being understood that the Administrator may select such Settlement Date to occur as frequently as daily or, in the absence of any such selection, the date which would be the Settlement Date pursuant to this
definition). 
 “Special Obligor” means The Boeing Company or any Affiliate thereof, only for so long as (i) The
Boeing Company maintains a short-term rating of at least “A-1” from Standard & Poor’s and “P-1” by Moody’s and (ii) less than
30% of the aggregate Outstanding Balance of all Receivables the Obligor of which is The Boeing Company or any Affiliate thereof, constitute Delinquent Receivables (it being understood and agreed that if at any time the conditions set forth in both
clauses (i) and (ii) above are not satisfied, each such Person shall no longer be a Special Obligor). 

“Standard & Poor’s” or “S&P” means S&P Global Ratings. 

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

“Sub-Servicer” has the meaning set forth in Section 4.1(d)
of this Agreement. 
 “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.

  
 I-28 

 “Tangible Net Worth” means, with respect to any Person, (i) the total
assets of such Person, minus (ii) the total liabilities of such Person, minus (iii) the intangible assets of such Person, each as determined in accordance with GAAP. 

“Taxes” means any and all present or future taxes, imposts, duties, deductions, withholdings, assessments, charges, fees,
levies or other assessments (including income, gross receipts, profits, withholding, excise, property, sales, use, license, occupation and franchise taxes and including any related interest, penalties or other additions) imposed by any jurisdiction
or taxing authority (whether foreign or domestic). 
 “Termination Day” means: (a) each day on which the conditions
set forth in Section 2 of Exhibit II to this Agreement are not satisfied or (b) each day that occurs on or after the Facility Termination Date. 

“Termination Event” has the meaning specified in Exhibit V to this Agreement. 

“Total Reserves” means, at any time the greater of (a) the sum of (i) the Dilution Reserve, (ii) the Loss
Reserve and (iii) the Yield Reserve and (b) the sum of (i) the Concentration Reserve and (ii) the Dilution Component Reserve. 

“Transaction Documents” means this Agreement, the Lock-Box Agreements, each Purchaser
Group Fee Letter, the Sale Agreement, each Company Note, the Performance Guaranty and all other certificates, instruments, reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as
the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Transfer Supplement” has the meaning set forth in Section 6.3(c) of this Agreement. 

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

“Twelve-Month Average Dilution Ratio” means, as of any date, the arithmetic average of the Dilution Ratios for the twelve
most recent calendar months. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable
jurisdiction. 
 “United States” means the United States of America. 

“Unmatured Termination Event” means an event that, with the giving of notice or lapse of time, or both, would constitute a
Termination Event. 
 “Weekly Report” means each report, in substantially the form of Annex G to this Agreement,
furnished by or on behalf of the Servicer to the Administrator and each Purchaser Agent pursuant to this Agreement. 
 “Weighted
Average Credit Percentage” means, on any date of determination, the greater of (a) 0% and (b) the percentage determined pursuant to the following formula: 

  
 I-29 

	
	 100% x WACT – 30

30

 where: 

WACT = the Weighted Average Credit Terms as of the most recent calendar month. 

“Weighted Average Credit Terms” means, for any calendar month, the weighted average of the stated maturities of all
Receivables in the Receivables Pool during such calendar month, determined pursuant to the following formula (and rounded to the nearest 1/10,000): the product of 30, times the sum of (a)(I) one times (II) (x) the aggregate
Outstanding Balance of all Receivables in the Receivables Pool with stated maturities which are less than or equal to 30 days after the original invoice date of such Receivable, divided by (y) the aggregate Outstanding Balance of
all Receivables in the Receivables Pool, plus (b)(I) two times (II) (x) the aggregate Outstanding Balance of all Receivables in the Receivables Pool with stated maturities which are more than 30 days but less than or equal to 60
days after the original invoice date of such Receivable, divided by (y) the aggregate Outstanding Balance of all Receivables in the Receivables Pool, plus (c)(I) three times (II) (x) the aggregate Outstanding
Balance of all Receivables in the Receivables Pool with stated maturities which are more than 60 days but less than or equal to 90 days after the original invoice date of such Receivable, divided by (y) the aggregate Outstanding
Balance of all Receivables in the Receivables Pool; provided, however, that the following amounts shall be excluded from the forgoing computation (i) the aggregate Outstanding Balance of all Receivables then in the Receivables
Pool with stated maturities which are more than 90 days, (ii) the aggregate Outstanding Balance of all Receivables then in the Receivables Pool with stated maturities which are more than 30 days but less than or equal to 60 days after the
original invoice date of such Receivable, (iii) the aggregate Outstanding Balance of all Receivables then in the Receivables Pool with stated maturities which are more than 60 days but less than or equal to 90 days after the original invoice
date of such Receivable and (iv) the aggregate Outstanding Balance of all Receivables then in the Receivables Pool which are Delinquent Receivables. 

“Yield Period” means (a) with respect to any Portion of Capital funded by the issuance of Notes, (i) initially the
period commencing on (and including) the date of the initial Purchase or funding of such Portion of Capital and ending on (but not including) the next occurring Settlement Date, and (ii) thereafter, each period commencing on (and including) the
first day after the last day of the immediately preceding Yield Period for such Portion of Capital and ending on (but not including) the next occurring Settlement Date; and (b) with respect to any Portion of Capital not funded by the issuance
of Notes, (i) initially the period commencing on (and including) the date of the initial Purchase or funding of such Portion of Capital and ending such number of days later (including a period of one day) as the Administrator shall select, and
(ii) thereafter, each period commencing on the last day of the immediately preceding Yield Period for such Portion of Capital and ending such number of days later (including a period of one day) as the Seller shall select; provided, that

 (i)    any Yield Period (other than of one day) which would otherwise end on a day which is not a
Business Day shall be extended to the next succeeding Business Day; provided, however, if Discount in respect of such Yield Period is computed by reference 

  
 I-30 

 
to the Euro-Rate, and such Yield Period would otherwise end on a day which is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Yield Period
shall end on the next preceding Business Day; 
 (ii)    in the case of any Yield Period of one day,
(A) if such Yield Period is the initial Yield Period for a Purchase hereunder (other than a reinvestment), such Yield Period shall be the day of such Purchase; (B) any subsequently occurring Yield Period which is one day shall, if the
immediately preceding Yield Period is more than one day, be the last day of such immediately preceding Yield Period, and, if the immediately preceding Yield Period is one day, be the day next following such immediately preceding Yield Period; and
(C) if such Yield Period occurs on a day immediately preceding a day which is not a Business Day, such Yield Period shall be extended to the next succeeding Business Day; and 

(iii)    in the case of any Yield Period for any Portion of Capital which commences before the Facility
Termination Date and would otherwise end on a date occurring after the Facility Termination Date, such Yield Period shall end on such Facility Termination Date and the duration of each Yield Period which commences on or after the Facility
Termination Date shall be of such duration as shall be selected by the Administrator. 
 “Yield Protection Fee” means, for
any Yield Period, with respect to any Portion of Capital, to the extent that (i) any payments are made by the Seller to the related Purchaser in respect of such Capital hereunder prior to the applicable maturity date of any Notes or other
instruments or obligations used or incurred by such Purchaser to fund or maintain such Portion of Capital or (ii) any failure by the Seller to borrow, continue or prepay any Portion of Capital on the date specified in any Purchase Notice
delivered pursuant to Section 1.2 of this Agreement occurs, the amount, if any, by which: (a) the additional Discount related to such Portion of Capital that would have accrued through the maturity date of such Notes
or other instruments on the portion thereof for which payments were received from the Seller (or with respect to which the Seller failed to borrow such amounts), exceeds (b) the income, if any, received by such Purchaser from investing the
proceeds so received in respect of such Portion of Capital, as determined by the applicable Purchaser Agent, which determination shall be binding and conclusive for all purposes, absent manifest error. 

“Yield Reserve” means, at any time the sum of (a) all accrued and unpaid Discount at such time, plus (b) the
following amount: 
 {(BR + SFR) x 1.75(DSO) x (Aggregate Capital + Adjusted LC Participation Amount)} 

360 
 where: 

 

	 	BR	 =      the Base Rate in effect at such time, 

 

	 	DSO	 =      the Days’ Sales Outstanding, and 

 

	 	SFR	 =      the Servicing Fee Rate. 

  
 I-31 

 Other Terms. All accounting terms not specifically defined herein shall be construed
in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. Unless the context otherwise requires, “or” means
“and/or,” and “including” (and with correlative meaning “include” and “includes”) means including without limiting the generality of any description preceding such term. 

  
 I-32 

 EXHIBIT II 

CONDITIONS OF PURCHASES 

1.    Conditions Precedent to Effectiveness. This Agreement shall become effective as of the Closing Date when
(a) the Administrator shall have received each of the documents, agreements (in fully executed form), opinions of counsel, certificates and other deliverables listed on the closing memorandum attached as Annex I hereto, in each case, in form
and substance acceptable to the Administrator and (b) all fees and expenses payable by the Seller on the Closing Date to the Purchasers have been paid in full in accordance with the terms of the Transaction Documents. 

2.    Conditions Precedent to All Funded Purchases, Issuances of Letters of Credit and Reinvestments. Each Funded
Purchase (including the initial Funded Purchase), each issuance of any Letter of Credit and each reinvestment shall be subject to the further conditions precedent that: 

(a)    in the case of each Funded Purchase and the issuance of any Letter of Credit, the Servicer shall have delivered to
the Administrator and each Purchaser Agent on or before such Funded Purchase or issuance, as the case may be, in form and substance satisfactory to the Administrator and each Purchaser Agent, the most recent Information Package to reflect the level
of the Aggregate Capital, the LC Participation Amount and related reserves after such Purchase or issuance, as the case may be, and a completed Purchase Notice or Issuance Notice, as applicable, in the form of Annex
B-1 or B-2, as applicable; and 

(b)    on the date of such Funded Purchase, issuance or reinvestment the following statements shall be true (and
acceptance of the proceeds of such Funded Purchase, issuance or reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true): 

(i)    the representations and warranties contained in Exhibit III to this Agreement are true and
correct in all material respects on and as of the date of such Funded Purchase, issuance or reinvestment as though made on and as of such date except for representations and warranties which apply as to an earlier date (in which case such
representations and warranties shall be true and correct as of such earlier date); 
 (ii)    no event
has occurred and is continuing, or would result from such Funded Purchase or issuance, that constitutes a Termination Event or an Unmatured Termination Event; 

(iii)    the sum of the Aggregate Capital plus the LC Participation Amount, after giving effect to any such
Funded Purchase, issuance or reinvestment, as the case may be, shall not be greater than the Purchase Limit, and the Purchased Interest shall not exceed 100%; and 

(iv)    the Facility Termination Date has not occurred. 

  
 II-1 

 EXHIBIT III 

REPRESENTATIONS AND WARRANTIES 

1.    Representations and Warranties of the Seller. The Seller represents and warrants to the Administrator, each
Purchaser Agent and each Purchaser as of the date of execution of this Agreement that: 
 (a)    Existence and
Power. The Seller is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware, and has all organizational power and all governmental licenses, authorizations, consents and approvals required to
carry on its business in each jurisdiction in which its business is conducted. 
 (b)    Company and Governmental
Authorization, Contravention. The execution, delivery and performance by the Seller of this Agreement and each other Transaction Document to which it is a party are within the Seller’s organizational powers, have been duly authorized by all
necessary organizational action, require no action by or in respect of, or filing with (other than the filing of UCC financing statements and continuation statements), any governmental body, agency or official, and, do not contravene, or constitute
a default under, any provision of applicable law or regulation or of the operating agreement of the Seller or of any agreement, judgment, injunction, order, decree or other instrument binding upon the Seller or result in the creation or imposition
of any lien (other than liens in favor of the Administrator for the benefit of the Purchasers) on assets of the Seller. 

(c)    Binding Effect of Agreement. This Agreement and each other Transaction Document to which it is a
party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its respective terms, except as such enforceability may be limited by 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. 

(d)    Accuracy of Information. All information heretofore furnished by the Seller to the Administrator or any
Purchaser Agent pursuant to or in connection with this Agreement or any other Transaction Document is, and all such information hereafter furnished by the Seller to the Administrator or any Purchaser Agent in writing pursuant to this Agreement or
any Transaction Document will be, true and accurate in all material respects on the date such information is stated or certified. 

(e)    Actions, Suits. There are no actions, suits or proceedings pending or, to the best of the
Seller’s knowledge, threatened against or affecting the Seller or its properties, in or before any court, arbitrator or other body. 

(f)    Accuracy of Exhibits; Lock-Box Arrangements. The names and
addresses of all the Lock-Box Banks together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are
specified in Schedule II to this Agreement (or at such other Lock-Box Banks and/or with such other Lock-Box Accounts as have been notified to the Administrator),
and all Lock-Box Accounts are subject to Lock-Box Agreements. All information on each Exhibit, Schedule or Annex to this Agreement or the other Transaction Documents (as
updated by the 

  
 III-1 

 
Seller from time to time) is true and complete in all material respects. The Seller has delivered a copy of all Lock-Box Agreements to the Administrator.
The Seller has not granted any interest in any Lock-Box Account (or any related lock-box or post office box) to any Person other than the Administrator and, upon
delivery to a Lock-Box Bank of the related Lock-Box Agreement, the Administrator will have control of the Lock-Box Account at
such Lock-Box Bank. 
 (g)    No Material Adverse Effect. Since
the date of formation of Seller as set forth in its certificate of formation, there has been no Material Adverse Effect with respect to the Seller. 

(h)    Names and Location. The Seller has not used any company names, trade names or assumed names other than its
name set forth on the signature pages of this Agreement. The Seller is “located” (as such term is defined in the applicable UCC) in Delaware. The office where the Seller keeps its records concerning the Receivables is at the address set
forth below its signature to this Agreement. 
 (i)    Margin Stock. The Seller is not engaged in the business of
extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T, U and X, as issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Purchase will be used to purchase or
carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. 

(j)    Eligible Receivables. Each Pool Receivable included as an Eligible Receivable in the calculation of the Net
Receivables Pool Balance is an Eligible Receivable. 
 (k)    Credit and Collection Policy. The Seller has
complied in all material respects with the Credit and Collection Policy of each Originator with regard to each Receivable originated by such Originator. 

(l)    Investment Company Act. The Seller is neither (i) an “investment company,” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended, nor (ii) a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as
amended, and the applicable rules and regulations thereunder. 
 (m)    Ordinary Course of Business. Each
remittance of Collections by or on behalf of the Seller or pursuant to the Transaction Documents and any related accounts of any amounts owing hereunder in respect of the Purchases will have been (i) in payment of a debt incurred by the Seller
in the ordinary course of business or financial affairs of the Seller and (ii) made in the ordinary course of business or financial affairs of the Seller. 

(n)    Bankruptcy Opinion. The statements contained in the most recently delivered Bankruptcy Opinions are, in each
case, true and correct with respect to itself. 
 (o)    Anti-Money Laundering/International Trade Law
Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party, (a) 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; (b) 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 (c) engages
in any dealings or transactions prohibited by any Anti-Terrorism Law. 

  
 III-2 

 (p)    Liquidity Coverage Ratio. The Seller has not issued any
LCR Securities, and the Seller is a consolidated subsidiary of Triumph under GAAP. 
 2.    Representations and
Warranties of the Servicer. The Servicer represents and warrants to the Administrator, each Purchaser Agent and each Purchaser as of the date of execution of this Agreement that: 

(a)    Existence and Power. The Servicer is a corporation duly organized, validly existing and in good standing
under the laws of the State of its organization, and has all company power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted to the extent
material to the operating of its business. 
 (b)    Company and Governmental Authorization, Contravention. The
execution, delivery and performance by the Servicer of this Agreement and each other Transaction Document to which it is a party are within the Servicer’s organizational powers, have been duly authorized by all necessary organizational action,
require no action by or in respect of, or filing with, any governmental body, agency or official, and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the Certificate of Incorporation or By-Laws of the Servicer or of any judgment, injunction, order or decree or agreement or other material instrument binding upon the Servicer or result in the creation or imposition of any lien on assets of the
Servicer or any of its Subsidiaries. 
 (c)    Binding Effect of Agreement. This Agreement and each other
Transaction Document to which it is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by 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. 

(d)    Accuracy of Information. All information heretofore furnished by the Servicer to the Administrator or any
Purchaser Agent in writing pursuant to or in connection with this Agreement or any other Transaction Document is, and all such information hereafter furnished by the Servicer to the Administrator or any Purchaser Agent in writing pursuant to this
Agreement or any other Transaction Document will be, true and accurate in all material respects on the date such information is stated or certified. 

(e)    Actions, Suits. Except as set forth in Schedule III, there are no actions, suits or
proceedings pending or, to the best of the Servicer’s knowledge, threatened against or affecting the Servicer or any of its Affiliates or their respective properties, in or before any court, arbitrator or other body, which could reasonably be
expected to have a Material Adverse Effect upon the ability of the Servicer (or such Affiliate) to perform its obligations under this Agreement or any other Transaction Document to which it is a party. 

  
 III-3 

 (f)    Credit and Collection Policy. The Servicer and the
applicable Originator has complied in all material respects with the Credit and Collection Policy of such Originator with regard to each Receivable originated by such Originator. 

(g)    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 of 1940, as amended. 

(h)    Bankruptcy Opinion. The statements contained in the most recently delivered Bankruptcy Opinions are, in each
case, true and correct with respect to itself. 
 (i)    Anti-Money Laundering/International Trade Law
Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party, (a) 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; (b) 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 (c) engages
in any dealings or transactions prohibited by any Anti-Terrorism Law. 
 3.    Representations, Warranties and
Agreements Relating to the Security Interest. The Seller hereby makes the following representations, warranties and agreements with respect to the Receivables and Related Security: 

(a)    The Receivables. 

(i)    Creation. This Agreement creates a valid and continuing security interest (as defined in the
applicable UCC) in the Receivables included in the Receivables Pool in favor of the Administrator (for the benefit of the Purchasers), which security interest is prior to all other Adverse Claims (other than the Judgment Lien solely in respect of
Receivables originated by Triumph Composite Systems, Inc.), and is enforceable as such as against creditors of and purchasers from the Seller. 

(ii)    Nature of Receivables. The Receivables included in the Receivables Pool constitute either
“accounts” or “general intangibles” within the meaning of the applicable UCC. 

(iii)    Ownership of Receivables. The Seller owns and has good and marketable title to the
Receivables included in the Receivables Pool and Related Security free and clear of any Adverse Claim (other than the Judgment Lien solely in respect of Receivables originated by Triumph Composite Systems, Inc.). 

(iv)    Perfection and Related Security. The Seller has caused (and will cause each Originator to
cause), within one day after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables and Related Security
from such Originator to the Seller pursuant to the Sale Agreement, and the sale and security interest therein from the Seller to the Administrator under this Agreement, to the extent that such collateral constitutes “accounts” or
“general intangibles.” 

  
 III-4 

 (b)    The Lock-Box Accounts.

 (i)    Nature of Account. Each Lock-Box Account
constitutes a “deposit account” within the meaning of the applicable UCC. 

(ii)    Ownership. The Seller owns and has good and marketable title to the Lock-Box Accounts free and clear of any Adverse Claim. 

(iii)    Perfection. The Seller has delivered to the Administrator a fully executed Lock-Box Agreement relating to each Lock-Box Account, pursuant to which each applicable Lock-Box Bank, respectively, has agreed to
comply with all instructions originated by the Administrator (on behalf of the Purchasers) directing the disposition of funds in such Lock-Box Account without further consent by the Seller or the Servicer.

 (c)    Priority. 

(i)    Other than (A) the transfer of the Receivables to the Seller and the Administrator under the
Sale Agreement and this Agreement, respectively, and/or (B) the security interest granted to the Seller and the Administrator pursuant to the Sale Agreement and this Agreement, respectively, neither the Seller nor any Originator has pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables transferred or purported to be transferred under the Transaction Documents, the Lock-Box Accounts or any subaccount
thereof, except for any such pledge, grant or other conveyance which has been released or terminated. Neither the Seller nor any Originator has authorized the filing of, or is aware of any financing statements against either the Seller or such
Originator that include a description of Receivables transferred or purported to be transferred under the Transaction Documents, the Lock-Box Accounts or any subaccount thereof, other than any financing
statement (A) relating to the sale thereof by such Originator to the Seller under the Sale Agreement, (B) relating to the security interest granted to the Administrator under this Agreement, or (C) that has been released or
terminated. 
 (ii)    There are no (x) judgment, ERISA or tax lien filings against the Seller,
(y) judgment or ERISA lien filings against the Servicer or any Originator (other than as set forth on Schedule IV), or (z) tax lien filings against the Servicer or any Originator. 

(iii)    The Lock-Box Accounts are not in the name of any person
other than the Seller or the Administrator. Neither the Seller nor the Servicer has consented to any bank maintaining such account to comply with instructions of any person other than the Administrator, the Seller or the Servicer. 

(d)    Survival of Supplemental Representations. 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 such time as the Purchased Interest and all other obligations under this Agreement have been finally and fully paid
and performed. 

  
 III-5 

 (e)    Servicer to Maintain Perfection and Priority. In order to
evidence the interests of the Administrator under this Agreement, the Servicer shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably
requested by the Administrator or any Purchaser Agent) to maintain and perfect, as a first-priority perfected security interest, the Administrator’s security interest in the Receivables, Related Security and Collections. The Servicer shall,
from time to time and within the time limits established by law, prepare and present to the Administrator for the Administrator’s authorization and approval, all financing statements, amendments or continuations, or other filings necessary to
continue, maintain and perfect the Administrator’s security interest as a first-priority interest. The Administrator’s approval of such filings shall authorize the Servicer to file such financing statements under the UCC without the
signature of the Seller, any Originator or the Administrator 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, without the prior written consent of the Administrator and each Purchaser Agent. 

(f)    Collections. If made in accordance with the terms of this Agreement, each remittance of Collections by the
Seller to the Purchasers hereunder will have been (i) in payment of a debt incurred by the Seller in the ordinary course of business or financial affairs of the Seller and (ii) made in the ordinary course of business or financial affairs
of the Seller. 
 4.    Reaffirmation of Representations and Warranties. On the date of each Purchase and/or
reinvestment hereunder, and on the date each Information Package, Weekly Report or other report is delivered to the Administrator, any Purchaser Agent or any Purchaser hereunder, the Seller and the Servicer shall each be deemed to have certified
that (i) all representations and warranties of the Seller and the Servicer, as applicable, described in this Exhibit III, as from time to time amended in accordance with the terms hereof, 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 as of such date) and (ii) no event
has occurred and is continuing, or would result from such Purchase or reinvestment, that constitutes a Termination Event or an Unmatured Termination Event. 

  
 III-6 

 EXHIBIT IV 

COVENANTS 

1.    Covenants of the Seller. At all times from the date hereof until the Final Payout Date: 

(a)    Financial Reporting. The Seller will maintain a system of accounting established and administered in
accordance with GAAP as in effect in the appropriate jurisdiction, and the Seller (or the Servicer on its behalf) shall furnish to the Administrator and each Purchaser Agent: 

(i)    Annual Reporting. Promptly upon completion and in no event later than 120 days after
the close of each fiscal year of the Seller, annual unaudited financial statements of the Seller certified by a designated financial or other officer of the Seller. 

(ii)    Information Packages. As soon as available and in any event not later than two Business Days
prior to each Settlement Date, an Information Package as of the most recently completed calendar month. 

(iii)    Weekly Reports. If requested by the Administrator, in its sole discretion, at any time
while a Ratings Trigger Event is continuing, as soon as available and in any event not later than five Business Days after the last day of each calendar week, a Weekly Report as of the most recently completed calendar week. 

(iv)    Other Information. Such other information (including
non-financial information) as the Administrator may from time to time reasonably request. 

(b)    Notices. The Seller will notify the Administrator and each Purchaser Agent in writing of any of the
following events promptly upon (but in no event later than three Business Days after) a financial 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 Termination Events or Unmatured Termination
Events. The occurrence of any Termination Event or Unmatured Termination Event together with a statement of the chief financial officer or chief accounting officer of the Seller setting forth details of such Termination Event or such Unmatured
Termination Event and any action which the Seller proposes to take with respect thereto. 

(ii)    Representations and Warranties. The failure of any representation or warranty to be true in
any material respect when made or deemed made with respect to the Receivables included in the Receivables Pool. 

(iii)    Litigation. The institution of any litigation, arbitration proceeding or governmental
proceeding which could have a Material Adverse Effect with respect to the Seller. 

  
 IV-1 

 (iv)    Adverse Claim. (A) Any Person
shall obtain an Adverse Claim upon the Pool Receivables or Collections with respect thereto, (B) any Person other than the Seller, the Servicer or the Administrator shall obtain any rights or direct any action with respect to any Lock-Box Account (or related lock-box or post office box) or (C) any Obligor shall receive any change in payment instructions with respect to any Pool Receivable(s) from
a Person other than the Servicer, Triumph, an Originator or the Administrator. 
 (v)    ERISA and
Other Claims. (A) Upon the occurrence of a Reportable Event, such that the Seller or any ERISA Affiliate is required to file a report or notice with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S.
Department of Labor, that could result in the imposition of liability on the Seller and/or any such Affiliate, (B) upon the receipt of notice of a filing of a report or notice of a Reportable Event from any of the foregoing entities or a
Multiemployer Plan that could result in the imposition of liability on the Seller and/or any such Affiliate, (C) upon the withdrawal by either the Seller or any ERISA Affiliate from a Multiemployer Plan in either a complete withdrawal or a
partial withdrawal that results in or is reasonably likely to result in the imposition of a liability with respect to the Seller and/or any such Affiliate, or (D) upon the claim of a Multiemployer Plan against the Seller or any ERISA Affiliate
with respect to a failure of Seller or any ERISA Affiliate to make contributions to such Multiemployer Plan. 

(c)    Conduct of Business. The Seller 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. 

(d)    Compliance with Laws. The Seller will comply with all laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it may be subject. 
 (e)    Furnishing of Information and Inspection of
Receivables. The Seller will furnish to the Administrator, the LC Bank and each Purchaser Agent from time to time such information with respect to the Pool Receivables as the Administrator, the LC Bank or such Purchaser Agent may request. The
Seller will, (i) at the Seller’s expense, at any time and from time to time during regular business hours with reasonable prior written notice, subject to Section 6.7, permit the Administrator, the LC Bank or any
Purchaser Agent, or their respective agents or representatives, (A) to examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Pool Assets and (B) to visit the offices and properties of
the Seller for the purpose of examining such books and records, and to discuss matters relating to the Pool Receivables, other Pool Assets or the Seller’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 Seller (provided that representatives of the Seller are present during such discussions) having knowledge of such matters and (ii) without limiting the
provisions of clause (i) above, from time to time during regular business hours, at the Seller’s expense, upon reasonable prior written notice from the Administrator, the LC Bank and the Purchaser Agents, permit certified public
accountants or other auditors acceptable to the Administrator to conduct a review of its books and records with respect to the Pool Receivables. 

  
 IV-2 

 (f)    Payments on Receivables, Accounts. The Seller will, and
will cause each Originator to, at all times instruct all Obligors to deliver payments on the Pool Receivables to a Lock-Box Account. If any such payments or other Collections are received by the Seller or an
Originator, it shall hold such payments in trust for the benefit of the Administrator and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box
Account. The Seller will not permit funds other than Collections on Pool Receivables and other Pool Assets to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly identify such funds for segregation. The Seller will not, and will not permit the Servicer, any Originator or other Person to, commingle Collections or other funds to which
the Administrator, any Purchaser Agent or any Purchaser is entitled with any other funds. The Seller shall only add, and shall only permit an Originator to add, a Lock-Box Bank (or the related lock-box or post office box), or Lock-Box Account to those listed on Schedule II to this Agreement, if the Administrator has received notice of such addition, a copy of any
new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Agreement in form and substance acceptable to the Administrator from any such new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or close a Lock-Box Account (or the related lock-box or post office box), upon 30 days’ advance notice to and with the prior written consent of the Administrator. 

(g)    Sales, Liens, etc. Except as otherwise provided herein, the Seller 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 Pool Asset, or assign any right to
receive income in respect thereof. 
 (h)    Extension or Amendment of Pool Receivables. Except as the
Servicer is otherwise permitted in Section 4.2 of this Agreement, the Seller will not extend, amend or otherwise modify the terms of any Pool Receivable, or amend, modify or waive any term or condition of any Contract
related thereto, without the prior written consent of the Administrator and the Majority Purchaser Agents. The Seller shall at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be
observed by it under the Contracts related to the Pool Receivables, and timely and fully comply in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract. 

(i)    Change in Business. The Seller will not (i) make any change in the character of its business, which
change could impair the collectibility of any Pool Receivable or (ii) make any change in any Credit and Collection Policy that would reasonably be expected to materially adversely affect the collectibility of the Pool Receivables, the
enforceability of any related Contract or its ability to perform its obligations under the related Contract or the Transaction Documents, in the case of either (i) or (ii) above, without the prior written consent of the Administrator and the
Majority Purchaser Agents. The Seller shall not make any change in any Credit and Collection Policy without giving prior written notice thereof to the Administrator and each Purchaser Agent. 

(j)    Fundamental Changes. The Seller shall not, without the prior written consent of the Administrator and the
Majority Purchaser Agents, permit itself (i) to merge or consolidate 

  
 IV-3 

 
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 or (ii) to be owned by any Person other than Triumph. The Seller shall provide the Administrator with at least 30 days’ prior written notice before making any change in the Seller’s name or location or making
any other change in the Seller’s identity or structure that could impair or otherwise render any UCC financing statement filed in connection with this Agreement “seriously misleading” as such term (or similar term) is used in the
applicable UCC; each notice to the Administrator and the Purchaser Agents pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof. The Seller will also maintain and implement (or cause the Servicer to
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 (or cause
the Servicer to 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). 

(k)    Change in Payment Instructions to Obligors. The Seller shall not add to, replace or terminate any of the Lock-Box Accounts (or any related lock-box or post office box) listed in Schedule II hereto or make any change in its (or their) instructions to the Obligors regarding
payments to be made to the Lock-Box Accounts (or any related lock-box or post office box), unless the Administrator and each Purchaser Agent shall have received
(x) prior written notice of such addition, termination or change and (y) signed and acknowledged Lock-Box Agreements with respect to such new Lock-Box Accounts
(or any related lock-box or post office box). 
 (l)    Ownership Interest,
Etc. The Seller shall (and shall cause the Servicer to) (i) at its expense, take all action necessary or desirable to establish and maintain a valid and enforceable undivided percentage ownership or security interest, to the extent of the
Purchased Interest, in the Pool Receivables, the Related Security and Collections with respect thereto, and (ii) at its expense, in order to evidence the interests of the Administrator under this Agreement, from time to time take such action,
or execute and deliver such instruments as may be necessary to maintain and perfect, as a first-priority security interest, the Administrator’s security interest in the Receivables, Related Security and Collections. The Seller shall at its
expense, from time to time and within the time limits established by law, prepare and present to the Administrator for the Administrator’s authorization and approval, all financing statements, amendments or continuations, or other filings
necessary to continue, maintain and perfect the Administrator’s security interest as a first-priority security interest. The Administrator’s approval of such filings shall authorize the Seller to file such financing statements under the
UCC without the signature of the Seller, any Originator or the Administrator where allowed by applicable law. Notwithstanding anything else in the Transaction Documents to the contrary, the Seller 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, except with respect to any Person that ceases to be an Originator, without the prior written
consent of the Administrator. 
 (m)    Certain Agreements. The Seller will not amend, modify, waive, revoke or
terminate (or permit or cause any change to) any Transaction Document to which it is a party (except in accordance with the terms of such Transaction Document) or any provision of the Seller’s organizational documents which requires the consent
of the Independent Director. 

  
 IV-4 

 (n)    Restricted Payments. 

(i)    Except pursuant to clause (ii) below, the Seller will not: (A) purchase or redeem
any shares of its capital stock or membership interests, (B) declare or pay any dividend or distribution or set aside any funds for any such purpose, (C) prepay, purchase or redeem any Debt, (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”). 

(ii)    Subject to the limitations set forth in clause (iii) below, the Seller may make
Restricted Payments so long as such Restricted Payments are made only in one or more of the following ways: (A) the Seller may make cash payments (including prepayments) on the Company Notes in accordance with their respective terms, and
(B) if no amounts are then outstanding under any Company Note, the Seller may declare and pay dividends or make distributions. 

(iii)    The Seller may make Restricted Payments only out of the funds, if any, it receives pursuant to
Sections 1.4(b)(ii) and (iv), 1.4(c) and 1.4(d) of this Agreement. Furthermore, the Seller shall not pay, make or declare: (A) any dividend if, after giving effect thereto, the Tangible Net Worth of the Seller would
be less than $12,500,000, or (B) any Restricted Payment (including any dividend) if, after giving effect thereto, any Termination Event or Unmatured Termination Event shall have occurred and be continuing. 

(o)    Other Business. The Seller 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 or bankers’ acceptances) other than pursuant to this Agreement or
the Company Notes, or (iii) form any Subsidiary or make any investments in any other Person; provided, however, that the Seller shall be permitted to incur obligations to the extent necessary for the
day-to-day operations of the Seller (such as expenses for stationery, audits, maintenance of legal status, etc.). 

(p)    Use of Seller’s Share of Collections. The Seller shall apply the Seller’s Share of Collections to
make payments in the following order of priority: (i) the payment of its expenses (including all obligations then due and payable to the Purchasers, the Purchaser Agents and the Administrator under this Agreement and under the Purchaser Group
Fee Letters), (ii) the payment of accrued and unpaid interest on the Company Note and (iii) other legal and valid limited liability company purposes. 

(q)    Tangible Net Worth. The Seller will not permit its Tangible Net Worth, at any time, to be less than
$22,500,000. 
 (r)    Bankruptcy Opinion. The Seller shall comply with all covenants and obligations assumed to
be complied with by it in the Bankruptcy Opinion as if such covenants and obligations were set forth herein. 

  
 IV-5 

 (s)    Anti-Money Laundering/International Trade Law Compliance.
No Covered Entity will become a Sanctioned Person. No Covered Entity, either in its own right or through any third party, will (a) have 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; (b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any
dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the proceeds of any Purchase or reinvestment to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or
Sanctioned Person in violation of any Anti-Terrorism Law. The funds used to repay Seller’s obligations under this Agreement and each of the other Transaction Documents will not be derived from any unlawful activity. Each Covered Entity shall
comply with all Anti-Terrorism Laws. Seller shall promptly notify the Administrator in writing upon the occurrence of a Reportable Compliance Event. The Seller has not used and will not use the proceeds of any Purchase or reinvestment to fund any
operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

(t)    Liquidity Coverage Ratio. The Seller shall not issue any LCR Security. 

(u)    Taxes. The Seller shall file all income and material tax returns and will pay any and all taxes shown on
such tax returns, other than any taxes that the Seller is contesting in good faith and for which adequate reserves have been taken. 

2.    Covenants of the Servicer. At all times from the date hereof until the Final Payout Date: 

(a)    Reporting. The Servicer shall furnish to the Administrator and each Purchaser Agent: 

(i)    Compliance Certificates. So long as Triumph is the Servicer, together with the
financial information required to be delivered to the Administrator and each Purchaser Agent pursuant to Section 7(g) of the Performance Guaranty, if any, a compliance certificate in the form of Annex F attached hereto signed by its
chief executive officer, president or chief financial officer solely in their capacities as officers of the Servicer stating, among other things, that no Termination Event or Unmatured Termination Event exists, or if any Termination Event or
Unmatured Termination Event exists, stating the nature and status thereof. 
 (ii)    Information
Packages. As soon as available and in any event not later than four Business Days prior to each Settlement Date, an Information Package as of the most recently completed calendar month. 

(iii)    Weekly Reports. If requested by the Administrator, in its sole discretion, at any time
while a Ratings Trigger Event is continuing, as soon as available and in any event not later than five Business Days after the last day of each calendar week, a Weekly Report as of the most recently completed calendar week. 

  
 IV-6 

 (iv)    Other Information. Such other information
(including non-financial information) as the Administrator or any Purchaser Agent may from time to time reasonably request. 

(b)    Notices. The Servicer will notify the Administrator and each Purchaser Agent in writing of any of the
following events promptly upon (but in no event later than three Business Days after) a financial 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 Termination Events or Unmatured Termination
Events. The occurrence of any Termination Event or Unmatured Termination Event together with a statement of the chief financial officer or chief accounting officer of the Servicer setting forth details of such Termination Event or such Unmatured
Termination Event and any action which the Servicer proposes to take with respect thereto. 

(ii)    Representations and Warranties. The failure of any representation or warranty to be true
(when made or deemed made) in any material respect with respect to the Pool Receivables. 

(iii)    Litigation. The institution of any litigation, arbitration proceeding or governmental
proceeding which could have a Material Adverse Effect with respect to the Servicer. 
 (iv)    Adverse
Claim. (A) Any Person shall obtain an Adverse Claim upon the Pool Receivables or Collections with respect thereto (other than the creditor related to the Judgment Lien solely in respect of Receivables originated by Triumph Composite
Systems, Inc.), (B) any Person other than the Seller, the Servicer or the Administrator shall obtain any rights or direct any action with respect to any Lock-Box Account (or related lock-box or post office 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, Triumph, an Originator or the
Administrator. 
 (v)    ERISA and Other Claims. (A) Upon the occurrence of a Reportable
Event, such that the Servicer or any ERISA Affiliate is required to file a report or notice with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor, that could result in the imposition of liability
on the Servicer and/or any such Affiliate, (B) upon the receipt of notice of a filing of a report or notice of a Reportable Event from any of the foregoing entities or a Multiemployer Plan that could result in the imposition of liability on the
Servicer and/or any such Affiliate, (C) upon the withdrawal by either the Servicer or any ERISA Affiliate from a Multiemployer Plan in either a complete withdrawal or a partial withdrawal that results in or is reasonably likely to result in the
imposition of a liability with respect to the Servicer and/or any such Affiliate, or (D) upon the claim of a Multiemployer Plan against the Servicer or any ERISA Affiliate with respect to a failure of Servicer or any ERISA Affiliate to make
contributions to such Multiemployer Plan. 

  
 IV-7 

 (c)    Conduct of Business. The Servicer will (i) 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 (ii) do all things necessary to remain duly incorporated, validly existing and in good standing as a
domestic corporation in its jurisdiction of incorporation and (iii) maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

(d)    Compliance with Laws. The Servicer will comply with all laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it may be subject. 
 (e)    Furnishing of Information and Inspection of
Receivables. The Servicer will furnish to the Administrator and each Purchaser Agent from time to time such information with respect to the Pool Receivables as the Administrator or such Purchaser Agent may reasonably request. The Servicer will,
at the Servicer’s expense, at any time and from time to time during regular business hours with prior written notice (i) permit the Administrator or any Purchaser Agent, or their respective agents or representatives, (A) to examine
and make copies of and abstracts from all books and records relating to the Pool Receivables or other Pool Assets and (B) to visit the offices and properties of the Servicer for the purpose of examining such books and records, and to discuss
matters relating to the Pool Receivables, other Pool Assets 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 certified 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 reasonable prior written notice from the Administrator, permit certified public accountants or other auditors acceptable to the Administrator and the Purchaser Agents to conduct, a review of its books and
records with respect to the Pool Receivables. 
 (f)    Payments on Receivables, Accounts. The Servicer will at
all times instruct all Obligors to deliver payments on the Pool Receivables to a Lock-Box Account. If any such payments or other Collections are received by the Servicer, it shall hold such payments in trust
for the benefit of the Administrator and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Servicer will not permit funds other
than Collections on Pool Receivables and other Pool Assets to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account,
the Servicer will promptly identify such funds for segregation. The Servicer will not commingle Collections or other funds to which the Administrator, any Purchaser Agent or any Purchaser is entitled with any other funds. The Servicer shall only
add, a Lock-Box Bank (or the related lock-box or post office box), or Lock-Box Account to those listed on Schedule II to
this Agreement, if the Administrator has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box
Agreement in form and substance acceptable to the Administrator from any such new Lock-Box Bank. The Servicer shall only terminate a Lock-Box Bank or close a Lock-Box Account (or the related lock-box or post office box), upon 30 days’ advance notice to and with the prior written consent of the Administrator. 

(g)    Extension or Amendment of Pool Receivables. Except as the Servicer is otherwise permitted in
Section 4.2 of this Agreement, the Servicer will not extend, amend or 

  
 IV-8 

 
otherwise modify the terms of any Pool Receivable, or amend, modify or waive any term or condition of any Contract related thereto, without the prior written consent of the Administrator and the
Majority Purchaser Agents. The Servicer shall at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Pool Receivables, and
timely and fully comply in all material respects with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract. 

(h)    Change in Business. The Servicer will not (i) make any change in the character of its business, which
change could impair the collectibility of any Pool Receivable or (ii) make any change in any Credit and Collection Policy that would reasonably be expected to materially adversely affect the collectibility of the Pool Receivables, the
enforceability of any related Contract or its ability to perform its obligations under the related Contract or the Transaction Documents, in the case of either (i) or (ii) above, without the prior written consent of the Administrator and the
Majority Purchaser Agents. The Servicer shall not make any written change in any Credit and Collection Policy without giving prior written notice thereof to the Administrator and each Purchaser Agent. 

(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)    Change in Payment Instructions to Obligors. The Servicer shall not add to, replace or terminate any of the Lock-Box Accounts (or any related lock-box or post office box) listed in Schedule II hereto or make any change in its instructions to the Obligors regarding payments to
be made to the Lock-Box Accounts (or any related lock-box or post office box), unless the Administrator and each Purchaser Agent shall have received (x) prior
written notice of such addition, termination or change and (y) signed and acknowledged Lock-Box Agreements with respect to such new Lock-Box Accounts (or any
related lock-box or post office box). 
 (k)    Ownership Interest, Etc.
The Servicer shall, at its expense, take all action necessary or desirable to establish and maintain a valid and enforceable undivided percentage ownership or security interest, to the extent of the Purchased Interest, in the Pool Receivables, the
Related Security and Collections with respect thereto, and a first-priority perfected security interest in the Pool Assets, in each case free and clear of any Adverse Claim (other than the Judgment Lien solely in respect of Receivables originated by
Triumph Composite Systems, Inc.) in favor of the Administrator (on behalf of the Purchasers), including taking such action to perfect, protect or more fully evidence the interest of the Administrator (on behalf of the Purchasers) as the
Administrator or any Purchaser Agent, may reasonably request. 
 (l)    Bankruptcy Opinion. The Servicer shall
comply with all covenants and obligations assumed to be complied with by it in the Bankruptcy Opinion as if such covenants and obligations were set forth herein. 

  
 IV-9 

 (m)    Judgment Lien. Until the Judgment Lien is satisfied in
full, the Servicer shall cause Triumph Composite Systems, Inc., as Originator, to set aside and maintain adequate reserves therefor. Upon the full satisfaction of the Judgment Lien, the Servicer shall cause Triumph Composite Systems, Inc. to
promptly take all steps necessary to cause all filings in respect of the Judgment Lien to be released. 

(n)    [Reserved]. 

(o)    Anti-Money Laundering/International Trade Law Compliance. No Covered Entity will become a Sanctioned Person.
No Covered Entity, either in its own right or through any third party, will (a) have 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; (b) do
business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by any
Anti-Terrorism Law or (d) use the proceeds of any Purchase or reinvestment to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law. The funds used to repay Servicer’s obligations under this Agreement and each of the other Transaction Documents will not be derived from any unlawful activity. Each Covered Entity shall comply with all Anti-Terrorism Laws.
Servicer shall promptly notify the Administrator in writing upon the occurrence of a Reportable Compliance Event. 

(p)    Taxes. The Servicer will file all income and material tax returns and will pay any and all taxes shown on
such tax returns, other than any taxes that the Servicer is contesting in good faith and for which adequate reserves have been taken. 

3.    Separate Existence. Each of the Seller and the Servicer hereby acknowledges that the Purchasers, the
Purchaser Agents and the Administrator are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Seller’s identity as a legal entity separate from Triumph, the Originators and
their respective Affiliates. Therefore, from and after the date hereof, each of the Seller and the Servicer shall take all steps specifically required by this Agreement or reasonably required by the Administrator or any Purchaser Agent to continue
the Seller’s identity as a separate legal entity and to make it apparent to third Persons that the Seller is an entity with assets and liabilities distinct from those of Triumph, any Originator, the Servicer and any other Person, and is not a
division of Triumph, any Originator, the Servicer 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 Seller and the Servicer shall take such
actions as shall be required in order that: 
 (a)    The Seller will be a limited liability company whose primary
activities are restricted in its operating agreement to: (i) purchasing or otherwise acquiring from the Originators or Triumph, owning, holding, granting security interests or selling interests in Pool Assets, (ii) entering into agreements
for the selling and servicing of the Receivables Pool and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities; 

  
 IV-10 

 (b)    The Seller shall not engage in any business or activity, or incur
any indebtedness or liability (including, without limitation, any assumption or guaranty of any obligation of Triumph, any Originator, the Servicer or any Affiliate thereof), other than as expressly permitted by the Transaction Documents; 

(c)    Not less than one member of the Seller’s board of directors (the “Independent
Director”) shall be a natural person (A) who is not at the time of initial appointment and has not been at any time during the five (5) years preceding such appointment: (1) an equityholder, director, officer, employee,
member, manager (other than an independent manager), attorney or partner of Triumph, Seller, Servicer or any of their Affiliates; (2) a customer of, supplier to or other person who derives more than 1% of its purchases or revenues from its
activities with Triumph, Seller, Servicer or any of their Affiliates; (3) a person or other entity controlling, controlled by or under common control with any such equity holder, partner, member, manager, customer, supplier or other person; or
(4) a member of the immediate family of any such equity holder, director, officer, employee, member, manager, partner, customer, supplier or other person and (B) who has (1) prior experience as an independent director for a
corporation or an independent director or independent manager of a limited liability company whose charter documents required the unanimous consent of all independent directors or independent managers 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 (2) 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.
Under this clause (c), the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities,
by contract or otherwise. The operating agreement of the Seller shall provide that: (A) the Seller’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
Seller unless the Independent Director shall approve the taking of such action in writing before the taking of such action, and (B) such provision cannot be amended without the prior written consent of the Independent Director; 

(d)    The Independent Director shall not at any time serve as a trustee in bankruptcy for the Seller, Triumph, any
Originator, the Servicer or any of their respective Affiliates; 
 (e)    The Seller shall conduct its affairs in
accordance with its organizational documents and observe all necessary, appropriate and customary limited liability company formalities, including, but not limited to, holding all regular and special members’ and board of directors’
meetings appropriate to authorize all limited liability 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)    Any employee, consultant or agent of the Seller will be compensated from the Seller’s funds for services
provided to the Seller, and to the extent that Seller shares the same officers or other employees as Triumph, the Servicer or any Originator (or any other Affiliate thereof), the salaries and expenses relating to providing benefits to such officers
and other 

  
 IV-11 

 
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 officers and employees. The
Seller 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, and a manager, which manager will be fully compensated from the Seller’s funds; 

(g)    The Seller will contract with the Servicer to perform for the Seller all operations required on a daily basis to
service the Receivables Pool. The Seller will pay the Servicer the Servicing Fee pursuant hereto. The Seller will not incur any material indirect or overhead expenses for items shared with Triumph, the Servicer or any Originator (or any other
Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any, that the Seller (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee or the manager’s 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; it
being understood that Triumph, in its capacity as Servicer, shall pay all expenses relating to the preparation, negotiation, execution and delivery of the Transaction Documents, including legal, agency and other fees; 

(h)    The Seller’s operating expenses will not be paid by Triumph, the Servicer or any Originator or any Affiliate
thereof; 
 (i)    The Seller will have its own separate stationery; 

(j)    The Seller’s books and records will be maintained separately from those of Triumph, the Servicer, each
Originator and any other Affiliate thereof and in a manner such that it will not be difficult or costly to segregate, ascertain or otherwise identify the assets and liabilities of Seller; 

(k)    All financial statements of Triumph, the Servicer or any Originator or any Affiliate thereof that are consolidated
to include Seller will disclose that (i) the Seller is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Seller’s assets prior to any assets or value in the
Seller becoming available to the Seller’s equity holders and (ii) the assets of the Seller are not available to pay creditors of Triumph, the Servicer or the Originators or any other Affiliates of Triumph, the Servicer or the Originators;

 (l)    The Seller’s assets will be maintained in a manner that facilitates their identification and segregation
from those of Triumph, the Servicer, the Originators or any Affiliates thereof; 
 (m)    The Seller will observe
limited liability company formalities in its dealings with Triumph, the Servicer, the Originators or any Affiliates thereof, and funds or other assets of the Seller will not be commingled with those of Triumph, the Servicer, the Originators or any
Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Seller shall not maintain joint bank accounts or other depository accounts to 

  
 IV-12 

 
which Triumph or any Affiliate thereof (other than Triumph in its capacity as the Servicer) has independent access. The Seller 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 Triumph, the Originators or any Subsidiaries or other Affiliates thereof. The Seller 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 Seller and such Affiliate; 

(n)    The Seller will maintain arm’s-length relationships with Triumph, the
Servicer, the Originators (and any Affiliates thereof). Any Person that renders or otherwise furnishes services to the Seller will be compensated by the Seller at market rates for such services it renders or otherwise furnishes to the Seller.
Neither the Seller on the one hand, nor Triumph, the Servicer or any Originator, 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 Seller, Triumph, the Servicer and the Originators will promptly 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)    The Seller shall have a separate area from Triumph, the
Servicer and each Originator for its business (which may be located at the same address as such entities) and to the extent that any other such entity has offices in the same location, there shall be a fair and appropriate allocation of overhead
costs between them, and each shall bear its fair share of such expenses; and 
 (p)    To the extent not already covered
in paragraphs (a) through (o) above, Seller shall comply and/or act in accordance with the provisions of Section 6.4 of the Sale Agreement. 

  
 IV-13 

 EXHIBIT V 

TERMINATION EVENTS 
 Each
of the following shall be a “Termination Event”: 
 (a)    (i) the Seller, Triumph, any Originator or the
Servicer shall fail to perform or observe any term, covenant or agreement under this Agreement or any other Transaction Document, except as otherwise provided herein, such failure shall, solely to the extent capable of cure, continue for 15 days
after the earlier of any such Person’s knowledge or notice thereof or (ii) the Seller, Triumph, any Originator or the Servicer shall fail to make when due any payment or deposit to be made by it under this Agreement or any other
Transaction Document and such failure shall remain unremedied for two Business Days after the earlier of any such Person’s knowledge or notice thereof; 

(b)    any representation or warranty made or deemed made by the Seller, any Originator 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 Seller or the Servicer or any Originator pursuant to this Agreement or any other Transaction Document,
shall fail to have been true or correct in any material respect when made or deemed made or delivered and shall remain incorrect or untrue for 10 days after knowledge or notice thereof (if the representation or warranty is of a type that is capable
of being cured); 
 (c)    the Seller or the Servicer shall fail to deliver any Information Package or Weekly Report
when due pursuant to this Agreement, and such failure shall remain unremedied for five Business Days after the earlier of such Person’s knowledge or notice thereof; 

(d)    this Agreement or any Purchase or reinvestment pursuant to this Agreement shall for any reason: (i) cease to
create, or the Purchased Interest shall for any reason cease to be, a valid and enforceable first-priority perfected undivided percentage ownership or security interest in favor of the Administrator (for the benefit of the Purchasers) in each Pool
Receivable, the Related Security and Collections with respect thereto, free and clear of any Adverse Claim (other than the Judgment Lien solely in respect of Receivables originated by Triumph Composite Systems, Inc.), or (ii) cease to create
with respect to the Pool Assets in favor of the Administrator (for the benefit of the Purchasers), or the interest of the Administrator (for the benefit of the Purchasers) with respect to such Pool Assets shall cease to be, a valid and enforceable
first-priority perfected security interest, free and clear of any Adverse Claim (other than the Judgment Lien solely in respect of Receivables originated by Triumph Composite Systems, Inc.); 

(e)    the Seller, Triumph, the Servicer or any Originator shall generally not pay its debts as such debts become due,
shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Seller, Triumph, the Servicer or any Originator seeking to
adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any 

  
 V-1 

 
substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period
of 60 days, or any of the actions sought in such proceeding (including 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 Seller, Triumph, the Servicer or any Originator shall take any corporate action to authorize any of the actions set forth above in this paragraph; 

(f)    (i) the (A) Default Ratio shall exceed 3.5% or (B) Delinquency Ratio shall exceed (x) solely for the
calendar months of August 2020, September 2020 and October 2020, respectively, 15.0%, and (y) for any other calendar month, 12.0%, (ii) the average for three consecutive calendar months of: (A) the Default Ratio shall exceed 2.5%, (B)
the Delinquency Ratio shall exceed (x) solely for the three-calendar-month periods ending on the last day of August 2020, September 2020 and October 2020, respectively, 12.5% and (y) for any other three-calendar-month period, 10.0%, or
(C) the Dilution Ratio shall exceed 4.5% or (iii) Days’ Sales Outstanding exceeds 65 days; 
 (g)    a
Change in Control shall occur; 
 (h)    the Purchased Interest shall exceed 100% for two consecutive Business Days;

 (i)    (A) a default or event of default shall occur at any time under the terms of any other agreement involving
Material Indebtedness, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto, whether waived or not) any such Material Indebtedness when due (whether at stated
maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any such Material Indebtedness (and such right shall not have been waived) or the termination of any commitment to lend thereunder, or
(B) without limiting the foregoing, there occurs and is continuing any event of default giving rise to a right of acceleration or termination under (x) the 2014 Bonds, (y) the 2017 Bonds or (z) the Second Lien Indenture; 

(j)    the occurrence of any event that results in or is reasonably likely to result in either the Internal Revenue
Service or the Pension Benefit Guaranty Corporation filing one or more notices of lien asserting a claim or claims pursuant to the Internal Revenue Code, or ERISA, as applicable, against the assets of Seller, Triumph, any Originator or any ERISA
Affiliate; 
 (k)    a Purchase and Sale Termination Event shall have occurred; 

(l)    Triumph shall fail to perform in any material respect any of its obligations under the Performance Guaranty; or

 (m)    any Letter of Credit is drawn upon and is not fully reimbursed in accordance with
Section 1.17 of this Agreement. 

  
 V-2EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 AMENDED
AND RESTATED PURCHASE AND SALE AGREEMENT 
 Dated as of September 29, 2020 

among 
 VARIOUS ENTITIES LISTED ON
SCHEDULE I, 
 as the Originators, 

TRIUMPH GROUP, INC., 

individually and as Servicer, 

and 
 TRIUMPH RECEIVABLES, LLC

  

 CONTENTS 
  

							
	Clause	 	Subject Matter	  	Page	 
	 ARTICLE I

AGREEMENT TO PURCHASE AND SELL

2
	  

 

 

			
	SECTION 1.1	 	 Agreement To Purchase and Sell
	  	 	2	 
	SECTION 1.2	 	 Timing of Purchases
	  	 	3	 
	SECTION 1.3	 	 Consideration for Purchases
	  	 	3	 
	SECTION 1.4	 	 Purchase and Sale Termination Date
	  	 	3	 
	SECTION 1.5	 	 Intention of the Parties
	  	 	3	 
	
	 ARTICLE II

PURCHASE REPORT; CALCULATION OF PURCHASE PRICE

4
	  

 

 

			
	SECTION 2.1	 	 Purchase Report
	  	 	4	 
	SECTION 2.2	 	 Calculation of Purchase Price
	  	 	4	 
	
	 ARTICLE III

PAYMENT OF PURCHASE PRICE

5
	  

 

 

			
	SECTION 3.1	 	 Initial Purchase Price Payment
	  	 	5	 
	SECTION 3.2	 	 Subsequent Purchase Price Payments
	  	 	5	 
	SECTION 3.3	 	 Settlement as to Specific Receivables and Dilution
	  	 	6	 
	SECTION 3.4	 	 Reconveyance of Receivables
	  	 	7	 
	SECTION 3.5	 	 Letters of Credit
	  	 	7	 
	
	 ARTICLE IV

CONDITIONS OF PURCHASES
 8
	  

 

 

			
	SECTION 4.1	 	 Conditions Precedent to this Agreement
	  	 	8	 
	SECTION 4.2	 	 Certification as to Representations and Warranties
	  	 	10	 
	SECTION 4.3	 	 Additional Originators
	  	 	10	 
	SECTION 4.4	 	 Removal of Originators
	  	 	11	 
	
	 ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS

11
	  

 

 

			
	SECTION 5.1	 	 Existence and Power
	  	 	12	 
	SECTION 5.2	 	 Company and Governmental Authorization, Contravention
	  	 	12	 
	SECTION 5.3	 	 Binding Effect of Agreement
	  	 	12	 
	SECTION 5.4	 	 Accuracy of Information
	  	 	12	 
	SECTION 5.5	 	 Actions, Suits
	  	 	12	 
	SECTION 5.6	 	 Taxes
	  	 	13	 

  
 -i- 

 CONTENTS 
  

							
	Clause	 	Subject Matter	  	Page	 
	SECTION 5.7	 	 Compliance with Applicable Laws
	  	 	13	 
	SECTION 5.8	 	 Reliance on Separate Legal Identity
	  	 	13	 
	SECTION 5.9	 	 Investment Company
	  	 	13	 
	SECTION 5.10	 	 Perfection
	  	 	13	 
	SECTION 5.11	 	 Creation of Receivables
	  	 	13	 
	SECTION 5.12	 	 Credit and Collection Policy
	  	 	13	 
	SECTION 5.13	 	 Enforceability of Contracts
	  	 	14	 
	SECTION 5.14	 	 Location and Offices
	  	 	14	 
	SECTION 5.15	 	 Good Title
	  	 	14	 
	SECTION 5.16	 	 Names
	  	 	14	 
	SECTION 5.17	 	 Nature of Receivables
	  	 	14	 
	SECTION 5.18	 	 Bulk Sales, Margin Regulations, No Fraudulent Conveyance, Investment Company
	  	 	14	 
	SECTION 5.19	 	 Financial Condition
	  	 	14	 
	SECTION 5.20	 	 Licenses, Contingent Liabilities, and Labor Controversies
	  	 	15	 
	SECTION 5.21	 	 Reaffirmation of Representations and Warranties by each Originator
	  	 	16	 
	SECTION 5.22	 	 Ordinary Course of Business
	  	 	16	 
	SECTION 5.23	 	 Bankruptcy Opinion
	  	 	16	 
	
	 ARTICLE VI

COVENANTS OF THE ORIGINATORS

16
	  

 

 

			
	SECTION 6.1	 	 Affirmative Covenants
	  	 	16	 
	SECTION 6.2	 	 Reporting Requirements
	  	 	18	 
	SECTION 6.3	 	 Negative Covenants
	  	 	19	 
	SECTION 6.4	 	 Substantive Consolidation
	  	 	20	 
	
	 ARTICLE VII

ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF RECEIVABLES

22
	  

 

 

			
	SECTION 7.1	 	 Rights of the Company
	  	 	22	 
	SECTION 7.2	 	 Responsibilities of the Originators
	  	 	22	 
	SECTION 7.3	 	 Further Action Evidencing Purchases
	  	 	23	 
	 SECTION 7.4
	 	 Application of Collections
	  	 	24	 
	
	 ARTICLE VIII

PURCHASE AND SALE TERMINATION EVENTS

24
	  

 

 

			
	SECTION 8.1	 	 Purchase and Sale Termination Events
	  	 	24	 
	SECTION 8.2	 	 Remedies
	  	 	24	 

  
 -ii- 

 CONTENTS 
  

							
	Clause	 	Subject Matter	  	Page	 
	 ARTICLE IX

INDEMNIFICATION
 24
	  

 

 

			
	SECTION 9.1	 	 Indemnities by the Originators
	  	 	25	 
	
	 ARTICLE X

MISCELLANEOUS
 26
	  

 

 

			
	SECTION 10.1	 	 Amendments, etc
	  	 	26	 
	SECTION 10.2	 	 Notices, etc
	  	 	27	 
	SECTION 10.3	 	 No Waiver; Cumulative Remedies
	  	 	27	 
	SECTION 10.4	 	 Binding Effect; Assignability
	  	 	27	 
	SECTION 10.5	 	 Governing Law
	  	 	27	 
	SECTION 10.6	 	 Costs, Expenses and Taxes
	  	 	28	 
	SECTION 10.7	 	 SUBMISSION TO JURISDICTION
	  	 	28	 
	SECTION 10.8	 	 WAIVER OF JURY TRIAL
	  	 	28	 
	SECTION 10.9	 	 Captions and Cross References; Incorporation by Reference
	  	 	29	 
	SECTION 10.10	 	 Execution in Counterparts
	  	 	29	 
	SECTION 10.11	 	 Acknowledgment and Agreement
	  	 	29	 
	SECTION 10.12	 	 No Proceeding
	  	 	29	 
	SECTION 10.13	 	 Limited Recourse
	  	 	30	 

  
 -iii- 

			
	SCHEDULES
		
	Schedule I	  	 List of Originators

	Schedule II	  	 Location of Each Originator

	Schedule III	  	 Location of Books and Records of Originators

	Schedule IV	  	 Trade Names

	Schedule V            	  	 Actions/Suits

	Schedule VI	  	 Notice Addresses for Each Originator

	
	EXHIBITS
		
	Exhibit A	  	 Form of Purchase Report

	Exhibit B	  	 Form of Company Note

	Exhibit C	  	 Form of Joinder Agreement

  
 iv 

 THIS AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (as amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”), dated as of September 29, 2020 is entered into among the VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO (each, an “Originator”; and collectively,
“Originators”), TRIUMPH GROUP, INC., individually (“Triumph”) and as initial Servicer (as defined below), and TRIUMPH RECEIVABLES, LLC, a Delaware limited liability company (the “Company”). 

DEFINITIONS 
 Unless otherwise
indicated herein, capitalized terms used and not otherwise defined in this Agreement are defined in Exhibit I to the Amended and Restated Receivables Purchase Agreement, dated as of the date hereof (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among the Company, as Seller, Triumph, as initial Servicer (in such capacity, the “Servicer”), the various Purchasers, LC
Participants and Purchaser Agents from time to time party thereto, PNC Bank, National Association, as Administrator and as LC Bank, and PNC Capital Markets LLC, as Structuring Agent. All references herein to months are to calendar months unless
otherwise expressly indicated. 
 This Agreement amends and restates in its entirety, as of the Closing Date, the Purchase and Sale
Agreement, dated as of August 7, 2008 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Prior Agreement”), among each of the parties hereto. Upon the effectiveness of this Agreement, the
terms and provisions of the Prior Agreement shall, subject to this paragraph, be superseded hereby in their entirety. Notwithstanding the foregoing and for the avoidance of doubt, (a) all indemnification obligations of the Originators under the
Prior Agreement shall survive the Prior Agreement, (b) all sales of Receivables and Related Rights under the Prior Agreement by the Originators to the Company are hereby ratified and confirmed and shall survive the Prior Agreement and
(c) the security interests granted by the Originators pursuant to Section 1.5 of the Prior Agreement shall remain in full force and effect and shall survive the Prior Agreement as security for all obligations of the
Originators under the Prior Agreement until such obligations have been finally and fully paid and performed. Upon the effectiveness of this Agreement, each reference to the Prior Agreement in any other Transaction Document shall mean and be a
reference to this Agreement. Nothing contained herein, unless expressly herein stated to the contrary, is intended to amend, modify or otherwise affect any other instrument, document or agreement executed and/or delivered in connection with the
Prior Agreement. For the avoidance of doubt, all amounts outstanding or owing by the Company under the Company Notes remain outstanding or owing by the Company. 

BACKGROUND: 

1.    The Company is a special purpose limited liability company, all of the issued and outstanding membership interests
of which are owned by Triumph; 
 2.    The Originators generate Receivables in the ordinary course of their businesses;

 3.    The Originators wish to sell Receivables to the Company, and the
Company is willing to purchase Receivables from the Originators, on the terms and subject to the conditions set forth herein; 

4.    The Originators and the Company intend this transaction to be a true sale of Receivables by each Originator to the
Company, providing the Company with the full benefits of ownership of the Receivables, and the Originators and the Company do not intend the transactions hereunder to be characterized as a loan from the Company to any Originator. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 

AGREEMENT TO PURCHASE AND SELL 
 
SECTION 1.1 Agreement To Purchase and Sell. On the terms and subject to the conditions set forth in this Agreement, each Originator, severally and for itself, agrees to sell to the Company, and the Company agrees to purchase from such
Originator, from time to time on or after the Initial Closing Date, but before the Purchase and Sale Termination Date (as defined in Section 1.4), all of such Originator’s right, title and interest in and to: 

(a)    each Receivable of such Originator that existed and was owing to such Originator at the closing of
such Originator’s business on June 30, 2008 (the “Cut-off Date”); 

(b)    each Receivable generated by such Originator from and including the
Cut-off Date to but excluding the Purchase and Sale Termination Date; 

(c)    all rights to, but not the obligations of, such Originator under all Related Security with respect
to any of the foregoing Receivables; 
 (d)    all monies due or to become due to such Originator with
respect to any of the foregoing; 
 (e)    all books and records of such Originator to the extent related
to any of the foregoing; 
 (f)    all Collections and other proceeds and products of any of the
foregoing (each as defined in the UCC) that are or were received by such Originator on or after the Cut-off Date, including, without limitation, all funds which either are received by such Originator, the
Company or the Servicer from or on behalf of the Obligors in payment of any amounts owed (including, without limitation, invoice price, finance charges, interest and all other charges) in respect of any of the above Receivables or are applied to
such amounts owed by the Obligors (including, without limitation, any insurance payments that such Originator, the Company or the Servicer applies in the ordinary course of its business to amounts owed in respect of any of the above Receivables, and
net proceeds of sale or other disposition of repossessed goods or other collateral or property of the Obligors in respect of any of the above Receivables or any other parties directly or indirectly liable for payment of such Receivables); and 

  
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 (g)    all rights, remedies, powers, privileges, title
and interest (but not obligations) in and to each lock-box address and all Lock-Box 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) ((a) through (g), collectively, the “Collateral”). 

All purchases hereunder shall be made without recourse, but shall be made pursuant to, and in reliance upon, the representations, warranties and covenants of
the Originators set forth in this Agreement. No obligation or liability to any Obligor on any Receivable is intended to be assumed by the Company hereunder, and any such assumption is expressly disclaimed. The Company’s foregoing commitment to
purchase Receivables and the proceeds and rights described in clauses (c) through (g) (collectively, the “Related Rights”) is herein called the “Purchase Facility.” 

SECTION 1.2 Timing of Purchases. 

(a)    Initial Closing Date Purchases. Each Originator’s entire right, title and interest in (i) each
Receivable that existed and was owing to such Originator at the Cut-off Date, (ii) all Receivables created by such Originator from and including the Cut-off Date,
to and including the Initial Closing Date, and (iii) all Related Rights with respect thereto were automatically deemed to have been sold by such Originator to the Company on the Initial Closing Date. 

(b)    Subsequent Purchases. After the Initial Closing Date, until the Purchase and Sale Termination Date, each
Receivable and the Related Rights generated by each Originator shall be, and shall be deemed to have been sold by such Originator to the Company immediately (and without further action) upon the creation of such Receivable. 

SECTION 1.3 Consideration for Purchases. On the terms and subject to the conditions set forth in this
Agreement, the Company agrees to make Purchase Price payments to the Originators in accordance with Article III. 
 
SECTION 1.4 Purchase and Sale Termination Date. The “Purchase and Sale Termination Date” shall be the earliest to occur of (a) the date the Purchase Facility is terminated pursuant to
Section 8.2 and (b) the Final Payout Date. 
 SECTION 1.5 Intention of the
Parties. It is the express intent of each Originator and the Company that each conveyance by such Originator to the Company pursuant to this Agreement of the Receivables and Related Rights, including without limitation, all Receivables, if any,
constituting general intangibles as defined in the UCC, and all Related Rights be construed as a valid and perfected sale and absolute assignment (without recourse except as provided herein) of such Receivables and Related Rights by such Originator
to the Company (rather than the grant of a security interest to secure a debt or other obligation of such Originator) and that the right, title and interest in and to such Receivables and Related Rights conveyed to the Company be prior to

  
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the rights of and enforceable against all other Persons at any time, including, without limitation, lien creditors, secured lenders, purchasers and any Person claiming through such Originator.
Notwithstanding for foregoing, it is the intent of such Originator and the Company that (i) this Agreement shall be deemed to be, and hereby is, a security agreement within the meaning of the UCC; and (ii) each Originator hereby grants to
the Company as of the date of this Agreement, a security interest in, to and under all of such Originator’s right, title and interest in and to: (A) the Receivables and the Related Rights now existing and hereafter created by such
Originator transferred or purported to be transferred hereunder, (B) all monies due or to become due and all amounts received with respect thereto, (C) all books and records of such Originator to the extent related to any of the foregoing,
(D) all rights, remedies, powers, privileges, title and interest (but not obligations) of such Originator in and to each lock-box address and account (including, without limitation, all related Lock-Box Accounts) to which Collections or other proceeds with respect to such Receivables are sent, all amounts on deposit therein, and any related investment property acquired with any such collections or other
proceeds (as such term is defined in the applicable UCC) and (E) all proceeds and products of any of the foregoing to secure all of such Originator’s obligations hereunder. 

ARTICLE II 
 PURCHASE REPORT;
CALCULATION OF PURCHASE PRICE 
 SECTION 2.1 Purchase Report. On the Closing Date and on the 24th day of each calendar month thereafter (or if such day is not a Business Day, the next occurring Business Day) (each such date, a “Monthly Purchase Report Date”), the Servicer shall
deliver to the Company and each Originator a report in substantially the form of Exhibit A (each such report being herein called a “Purchase Report”) setting forth, among other things: 

(a)    Receivables purchased by the Company from each Originator on the Closing Date (in the case of the Purchase Report to
be delivered on the Closing Date); 
 (b)    Receivables purchased by the Company from each Originator during the period
commencing on the Monthly Purchase Report Date immediately preceding such Monthly Purchase Report Date to (but not including) such Monthly Purchase Report Date (in the case of each subsequent Purchase Report); and 

(c)    the calculations of reductions of the Purchase Price for any Receivables as provided in
Section 3.3 (a) and (b). 
 SECTION 2.2 Calculation of Purchase Price.
The “Purchase Price” to be paid to each Originator for the Receivables that are purchased hereunder from such Originator shall be determined in accordance with the following formula: 

 

					
	PP	 	=	    	OB x FMVD
			
	where:        	 	  
	    	  

			
	PP	 	=	    	Purchase Price for each Receivable as calculated on the relevant Payment Date.

  
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	OB	 	=	    	The Outstanding Balance of such Receivable on the relevant Payment Date.
			
	FMVD	 	=	    	Fair Market Value Discount, as measured on such Payment Date, which is equal to the quotient (expressed as percentage) of (a) one divided by (b) sum of (i) one, plus (ii) the product of (A) the Prime
Rate on such Payment Date, and (B) a fraction, the numerator of which is the Days’ Sales Outstanding (calculated as of the last Business Day of the calendar month next preceding such Payment Date) and the denominator of which is
365.

 “Payment Date” means (i) the Closing Date and (ii) each Business Day
thereafter that the Originators are open for business. 
 “Prime Rate” means a per annum rate equal to
the “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal or if such information ceases to be published in The Wall Street Journal, such other publication as determined by the
Administrator in its sole discretion. 
 ARTICLE III 

PAYMENT OF PURCHASE PRICE 
 
SECTION 3.1 Initial Purchase Price Payment. The parties hereto hereby acknowledge and agree that the Originators have received payment in full of the aggregate Purchase Price due from the Company under the Prior Agreement for all sales of
Receivables and Related Rights occurring thereunder prior to the date hereof in accordance with the terms of the Prior Agreement. 
 
SECTION 3.2 Subsequent Purchase Price Payments. On each Payment Date subsequent to the Closing Date, on the terms and subject to the conditions set forth in this Agreement, the Company shall pay to each Originator the Purchase Price for
the Receivables generated by such Originator on such Payment Date: 
 (a)    First, in cash
to the extent the Company has cash available therefor (and such payment is not prohibited under the Receivables Purchase Agreement) and/or, if requested by an Originator and permitted under the Receivables Purchase Agreement, by causing the LC Bank
to issue one or more Letters of Credit in accordance with Section 3.5 and on the terms and conditions for issuing Letters of Credit under the Receivables Purchase Agreement; and 

(b)    Second, to the extent any portion of the Purchase Price remains unpaid, the principal
amount outstanding under the promissory note in the form of Exhibit B issued to such Originator (each such promissory note, as it may be amended, restated, supplemented, endorsed or otherwise modified from time to time, together with all
promissory notes issued from time to time in substitution therefor or renewal thereof in accordance with the Transaction Documents, each being herein called a “Company Note”) shall be automatically increased by an amount
equal to such remaining Purchase Price. 

  
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 For the avoidance of doubt, no portion of the Purchase Price shall be deemed to remain
unpaid for purposes of the foregoing to the extent that a Letter of Credit has been issued and applied as a credit against the Purchase Price pursuant to Section 3.5. 

The Servicer shall make all appropriate record keeping entries with respect to each of the Company Notes to reflect the foregoing payments and reductions made
pursuant to Section 3.3, and the Servicer’s books and records shall constitute rebuttable presumptive evidence of the principal amount of, and accrued interest on, each of the Company Notes at any time. Each Originator
hereby irrevocably authorizes the Servicer to mark the Company Notes “CANCELED” and to return such Company Notes to the Company upon the final payment thereof after the occurrence of the Purchase and Sale Termination Date. 

SECTION 3.3 Settlement as to Specific Receivables and Dilution. 

(a)    If, (i) on the day of purchase of any Receivable from an Originator hereunder, any of the representations or
warranties set forth in Sections 5.10, 5.15 and 5.17 are not true with respect to such Receivable or (ii) as a result of any action or inaction (other than solely as a result of the failure to collect such Receivable due to
a discharge in bankruptcy or similar insolvency proceeding or other credit related reasons with respect to the relevant Obligor) of such Originator, on any subsequent day, any of such representations or warranties set forth in
Sections 5.10, 5.15 and 5.17 is no longer true with respect to such Receivable, then the Purchase Price, with respect to such Receivable shall be reduced by an amount equal to the Outstanding Balance of such
Receivable and shall be accounted to such Originator as provided in clause (c) below; provided, that if the Company thereafter receives payment on account of Collections due with respect to such Receivable, the Company promptly
shall deliver such funds to such Originator. 
 (b)    If, on any day, the Outstanding Balance of any Receivable
purchased hereunder is reduced or adjusted as a result of any defective, rejected or returned goods or services, or any revision, cancellation, allowance, discount or other adjustment made by any Originator, the Company or the Servicer (of any
Affiliate thereof) or any setoff or dispute between any Originator or the Servicer and an Obligor as indicated on the books of the Company (or, for periods prior to the Closing Date, the books of such Originator), then the Purchase Price with
respect to such Receivable shall be reduced by the amount of such net reduction and shall be accounted to such Originator as provided in clause (c) below. 

(c)    Any reduction in the Purchase Price of any Receivable pursuant to clause (a) or (b) above shall
be applied as a credit for the account of the Company against the Purchase Price of Receivables subsequently purchased by the Company from such Originator hereunder; provided, however if there have been no purchases of Receivables from
such Originator (or insufficiently large purchases of Receivables) to create a Purchase Price sufficient to so apply such credit against, the amount of such credit: 

  
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 (i)    to the extent of any outstanding principal
balance under the Company Note payable to such Originator, shall be deemed to be a payment under, and shall be deducted from the principal amount outstanding under, the Company Note payable to such Originator; and 

(ii)    after making any deduction pursuant to clause (i) above, shall be paid in cash to the
Company by such Originator in the manner and for application as described in the following proviso; 
 provided, further, that at any
time (y) when a Termination Event or an Unmatured Termination Event exists under the Receivables Purchase Agreement or (z) on or after the Purchase and Sale Termination Date, the amount of any such credit shall be paid by such Originator
to the Company by deposit in immediately available funds into a Lock-Box Account for application by the Servicer to the same extent as if Collections of the applicable Receivable in such amount had actually
been received on such date. 
 SECTION 3.4 Reconveyance of Receivables. In the event that an
Originator has paid to the Company the full Outstanding Balance of any Receivable pursuant to Section 3.3, the Company shall reconvey such Receivable to such Originator, without representation or warranty, but free and
clear of all liens, security interests, charges, and encumbrances created by the Company. 
 SECTION 3.5
Letters of Credit. 
 (a)    Any Originator may request that the Purchase Price for Receivables sold on a Payment
Date be paid by the Company procuring the issuance of a Letter of Credit by the LC Bank. Upon the request of an Originator, and on the terms and conditions for issuing Letters of Credit under the Receivables Purchase Agreement (including any
limitations therein on the amount of any such issuance), the Company agrees to cause the LC Bank to issue, on the Payment Dates specified by such Originator, Letters of Credit on behalf of the Company (and, if applicable, on behalf of, or for the
account of, such Originator or an Affiliate of such Originator that is acceptable to the LC Bank in its sole discretion) in favor of the beneficiaries elected by such Originator or Affiliate of such Originator, with the consent of the Company. The
aggregate stated amount of the Letters of Credit being issued on any Payment Date on behalf of such Originator or an Affiliate of such Originator shall constitute a credit against the aggregate Purchase Price otherwise payable by the Company to such
Originator on such Payment Date pursuant to Section 3.2. To the extent that the aggregate stated amount of the Letters of Credit being issued on any Payment Date exceeds the aggregate Purchase Price payable by the Company
to such Originator on such Payment Date, such excess shall be deemed to be (i) a reduction in the outstanding principal balance of (and, to the extent necessary, the accrued but unpaid interest on) the Company Note payable to such Originator,
to the extent the outstanding principal balance (and accrued interest) is greater than such excess and/or (ii) a reduction in the Purchase Price payable on the Payment Dates immediately following the date any such Letter of Credit is issued. In
the event that any such Letter of Credit issued pursuant to this Section 3.5 (i) expires or is cancelled or otherwise terminated with all or any portion of its stated amount undrawn, (ii) has its stated amount
decreased (for a reason other than a drawing having been made thereunder) or (iii) the Company’s Reimbursement Obligation in respect thereof is reduced 

  
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for any reason other than by virtue of a payment made in respect of a drawing thereunder, then an amount equal to such undrawn amount or such reduction, as the case may be, shall either be paid
in cash to such Originator on the next Payment Date (but only to the extent that such payment is not prohibited under the Receivables Purchase Agreement) or, if the Company does not then have cash available therefor, shall be deemed to be added to
the outstanding principal balance of the Company Note payable to such Originator. Under no circumstances shall such Originator (or any Affiliate thereof (other than the Company)) nor, for the avoidance of doubt, the Servicer have any reimbursement
or recourse obligations in respect of any Letter of Credit. 
 (b)    In the event that an Originator requests that any
purchases be paid for by the issuance of a Letter of Credit hereunder, such Originator shall on a timely basis provide the Company with such information as is necessary for the Company to obtain such Letter of Credit from the LC Bank, and shall
notify the Company, the Servicer, each LC Participant and the Administrator of the allocations described in clause (a) above. Such allocations shall be binding on the Company and such Originator, absent manifest error. 

(c)    The Originators agree to be bound by the terms of each applicable Letter of Credit Application referenced in the
Receivables Purchase Agreement and that 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, in
each case subject to the terms and conditions set forth in the Receivables Purchase Agreement. 
 ARTICLE IV 

CONDITIONS OF PURCHASES 
 
SECTION 4.1 Conditions Precedent to this Agreement. This Agreement shall become effective concurrently with the effectiveness of the Receivables Purchase Agreement, so long as the Company and the Administrator (as the Company’s
assignee) and each Purchaser Agent shall have received, on or before the Closing Date, the following, each (unless otherwise indicated) dated the Closing Date, and each in form and substance satisfactory to the Company and the Administrator (as the
Company’s assignee) and each Purchaser Agent: 
 (a)    A copy of the resolutions of the board of directors or
managers of each Originator approving this Agreement and the other Transaction Documents to be executed and delivered by it and the transactions contemplated hereby and thereby, certified by the Secretary or Assistant Secretary of such Originator;

 (b)    Good standing certificates for each Originator issued as of a recent date acceptable to the Company and the
Administrator (as the Company’s assignee) by the Secretary of State (or similar official) of the jurisdiction of such Originator’s organization and each jurisdiction where such Originator is qualified to transact business; 

(c)    A certificate of the Secretary or Assistant Secretary of each Originator certifying the names and true signatures
of the officers authorized on such Person’s behalf to 

  
 8 

 
sign this Agreement and the other Transaction Documents to be executed and delivered by it (on which certificate the Servicer, the Company and the Administrator (as the Company’s assignee)
may conclusively rely until such time as the Servicer, the Company and the Administrator (as the Company’s assignee) shall receive from such Person a revised certificate meeting the requirements of this clause (c));

 (d)    The certificate or articles of incorporation or other organizational document of each Originator (including
all amendments and modifications thereto) duly certified by the Secretary of State of the jurisdiction of such Originator’s organization as of a recent date acceptable to the Administrator, together with a copy of the by-laws or limited liability company agreement of such Originator (including all amendments and modifications thereto), as applicable, each duly certified by the Secretary or an Assistant Secretary of such
Originator; 
 (e)    Proper financing statements (Form UCC-1) that have been
duly authorized and name each Originator as the debtor/seller and the Company as the buyer/assignor (and the Administrator, for the benefit of the Purchasers, as secured party/assignee) of the Receivables generated by such Originator as may be
necessary or, in the Company’s or the Administrator’s opinion, desirable under the UCC of all appropriate jurisdictions to perfect the Company’s ownership interest in all Receivables and such other rights, accounts, instruments and
moneys (including, without limitation, Related Security) in which an ownership or security interest has been assigned to it hereunder; 

(f)    A written search report from a Person satisfactory to the Company and the Administrator (as the Company’s
assignee) listing all effective financing statements that name the Originators as debtors or sellers and that are filed in all jurisdictions in which filings may be made against such Person pursuant to the applicable UCC, together with copies of
such financing statements (none of which, except for those described in the foregoing clause (e) (and/or released or terminated as the case may be prior to the date hereof), shall cover any Receivable or any Related Rights which are to be
sold to the Company hereunder), and tax and judgment lien search reports (including, without limitation, liens of the Pension Benefit Guaranty Corporation) from a Person satisfactory to the Company and the Administrator (as the Company’s
assignee) showing no evidence of such liens filed against any Originator; 
 (g)    Favorable opinions of in-house counsel to Triumph and external counsel to the Originators, in form and substance satisfactory to the Company, the Administrator and each Purchaser Agent; 

(h)    A Company Note in favor of each Originator, duly executed by the Company; 

(i)    Evidence (i) of the execution and delivery by each of the parties thereto of each of the other Transaction
Documents to be executed and delivered by it in connection herewith and (ii) that each of the conditions precedent to the execution, delivery and effectiveness of such other Transaction Documents has been satisfied to the Company’s and the
Administrator’s (as the Company’s assignee) satisfaction; and 

  
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 (j)    A certificate from an officer of each Originator to the effect
that such Originator has placed on the most recent, and has taken all steps reasonably necessary to ensure that there shall be placed on subsequent, summary master control data processing reports a legend reasonably acceptable to the Company and the
Administrator indicating that the Receivables described therein have been sold to the Company pursuant to this Agreement and that an interest in the same Receivables has been granted to the Administrator (for the benefit of the Purchasers) under the
Receivables Purchase Agreement. 
 SECTION 4.2 Certification as to Representations and Warranties.
Each Originator, by accepting the Purchase Price related to each purchase of Receivables generated by such Originator, shall be deemed to have certified that the representations and warranties contained in Article V, as from time to time
amended in accordance with the terms hereof, are true and correct on and as of such day, with the same effect as though made on and as of such day (except for representations and warranties which apply to an earlier date, in which case such
representations and warranties shall be true and correct as of such earlier date). 
 SECTION 4.3
Additional Originators. Additional Persons may be added as Originators hereunder, with the prior written consent of the Company, the Administrator, the LC Bank and each Purchaser Agent; provided that the following conditions are
satisfied on or before the date of such addition: 
 (a)    the Servicer shall have given the Company, the Administrator
and each Purchaser Agent at least thirty days’ prior written notice of such proposed addition and the identity of the proposed additional Originator and shall have provided such other information with respect to such proposed additional
Originator as the Administrator or any Purchaser Agent may reasonably request; 
 (b)    such proposed additional
Originator has executed and delivered to the Company, the Administrator and each Purchaser Agent an agreement substantially in the form attached hereto as Exhibit C (a “Joinder Agreement”); 

(c)    such proposed additional Originator has delivered to the Company and the Administrator (as the Company’s
assignee) and each Purchaser Agent each of the documents with respect to such Originator described in Sections 4.1 and 4.2, in each case in form and substance satisfactory to the Company, the Administrator (as the Company’s
assignee) and each Purchaser Agent; 
 (d)    unless the receivables intended to be sold by such additional Originator
to the Company hereunder are Receivables, the related underlying goods or services of which, are and will continue to be generated by an already existing Originator, the Administrator shall have received, to the extent required by the securitization
program of any Conduit Purchaser, a written statement from each applicable Rating Agency confirming that the addition of such Originator will not result in a downgrade or withdrawal of the current ratings of the Notes; and 

(e)    no Purchase and Sale Termination Date or Unmatured Purchase and Sale Termination Date shall have occurred and be
continuing. 

  
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 SECTION 4.4 Removal of Originators. Any Originator
hereunder may be removed from this Agreement with the prior written consent of the Company, the Administrator, the LC Bank and each Purchaser Agent; provided that (i) the following conditions are satisfied on or before the date of such
removal: 
 (a)    the Servicer shall have given the Company, the Administrator, the LC Bank and each Purchaser Agent at
least thirty days’ prior written notice of such proposed removal and the identity of such Originator and shall have provided such other information with respect to such Originator as the Administrator or any Purchaser Agent may reasonably
request; 
 (b)    such proposed removed Originator has executed and delivered to the Company, each other Originator,
the Administrator, the LC Bank and each Purchaser Agent an amendment to this Agreement effecting the removal of such Originator in form and substance acceptable to the Administrator, the LC Bank and each Purchaser Agent which shall include, among
other things, a statement by each Originator certifying that its representations and warranties contained in Article V, as from time to time amended in accordance with the terms hereof, are true and correct on and as of such day, with the
same effect as though made on and as of such day (except for representations and warranties which apply to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); 

(c)    no Purchase and Sale Termination Date or Unmatured Purchase and Sale Termination Date shall have occurred and be
continuing either before or immediately after giving effect to the removal of such Originator; 
 (d)    the Purchased
Interest shall not exceed 100% either before or immediately after giving effect to the removal of such Originator; and 

(e)    no Termination Event or Unmatured Termination Event (including, without limitation, any event described in
paragraph (h) of Exhibit V to the Receivables Purchase Agreement) shall have occurred and be continuing either before or immediately after giving effect to the removal of such Originator; and 

(ii)    within two (2) Business Days following the effectiveness of the removal of such Originator, the Servicer
shall have provided each Obligor with respect to an account receivable originated by such removed Originator, a written directive to remit (or cause to be remitted) all funds with respect to all such account receivables, to account(s) other than any
Lock-Box Account or the lock-boxes related thereto. 
 After giving effect to the removal of any
Originator, such removed Originator shall no longer be party to this Agreement or any other Transaction Document and shall no longer have any obligations or rights thereunder (other than such obligations which by their express terms survive
termination of this Agreement or such other Transaction Document). 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS 

In order to induce the Company to enter into this Agreement and to make purchases hereunder, each Originator hereby represents and warrants
with respect to itself that each 

  
 11 

 
representation and warranty concerning it or the Receivables sold by it hereunder, that is contained in the Receivables Purchase Agreement is true and correct, and hereby makes the
representations and warranties set forth in this Article V (except for the representations and warranties made in Section 5.19, which are only made by Triumph): 

SECTION 5.1 Existence and Power. Such Originator is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, and has all power and authority and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted
to the extent material to the operation of such Originator’s business. 
 SECTION 5.2 Company and
Governmental Authorization, Contravention. The execution, delivery and performance by such Originator of this Agreement are within such Originator’s company powers, have been duly authorized by all necessary company action, require no
action by or in respect of, or filing with (other than the filing of the UCC financing statements and continuation statements contemplated hereunder and disclosures and filings under applicable securities laws), any governmental body, agency or
official, and, do not contravene, or constitute a default under, any provision of applicable law or regulation or of the organizational documents of such Originator or of any agreement, judgment, injunction, order, decree or other instrument binding
upon such Originator or result in the creation or imposition of any lien (other than liens in favor of the Company and Administrator under the Transaction Documents) on assets of such Originator or any of its Subsidiaries. 

SECTION 5.3 Binding Effect of Agreement. This Agreement and each of the other Transaction Documents to
which it is a party constitutes the legal, valid and binding obligation of such Originator enforceable against such Originator in accordance with its terms, except as such enforceability may be limited by 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. 

SECTION 5.4 Accuracy of Information. All information heretofore furnished by such Originator to the
Company, the Administrator or any Purchaser Agent pursuant to or in connection with this Agreement or any other Transaction Document or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by such
Originator to the Company, the Administrator or any Purchaser Agent in writing pursuant to this Agreement or any Transaction Document will be, true and accurate in all material respects on the date such information is stated or certified. 

SECTION 5.5 Actions, Suits. Except as set forth in Schedule V (and solely with respect to such
related Originator) there are no actions, suits or proceedings pending or, to the best of such Originator’s knowledge, threatened against or affecting such Originator or any of its Affiliates or their respective properties, in or before any
court, arbitrator or other body, which could reasonably be expected to have a Material Adverse Effect upon the ability of such Originator (or such Affiliate) to perform its obligations under this Agreement or any other Transaction Document to which
it is a party. 

  
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 SECTION 5.6 Taxes. Such Originator has filed or caused
to be filed all U.S. federal income tax returns and all other material returns, statements, forms and reports for taxes, domestic or foreign, required to be filed by it and has paid all taxes payable by it which have become due or any assessments
made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except any taxes, fees or other charges that are being contested in good faith by appropriate
proceedings and for which the such Originator has set aside on its books adequate reserves. 
 SECTION 5.7
Compliance with Applicable Laws. Such Originator is in compliance with the requirements of all applicable laws, rules, regulations and orders of all governmental authorities except to the extent that the failure to comply would not be
reasonably expected to have a Material Adverse Effect with respect to such Originator. In addition, no Receivable sold hereunder contravenes any laws, rules or regulations applicable thereto or to such Originator. 

SECTION 5.8 Reliance on Separate Legal Identity. Such Originator acknowledges that each of the
Purchasers, the Purchaser Agents and the Administrator are entering into the Transaction Documents to which they are parties in reliance upon the Company’s identity as a legal entity separate from such Originator. 

SECTION 5.9 Investment Company. Such Originator is not an “investment company,” or a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 
SECTION 5.10 Perfection. Immediately preceding its sale of each Receivable hereunder, such Originator was the owner of such Receivable sold or purported to be sold, as the case may be, free and clear of any Adverse Claims (other than the
Judgment Lien solely in respect of Receivables originated and sold by Triumph Composite Systems, Inc.), and each such sale hereunder constitutes a valid sale, transfer and assignment of all of such Originator’s right, title and interest in, to
and under the Receivables sold by it, free and clear of any Adverse Claims (other than the Judgment Lien solely in respect of Receivables originated and sold by Triumph Composite Systems, Inc.). On or before the date hereof and before the
generation by such Originator of any new Receivable to be sold or otherwise conveyed hereunder, all financing statements and other documents, if any, required to be recorded or filed in order to perfect and protect the Company’s ownership
interest in such Receivable against all creditors of and purchasers from such Originator will have been duly filed in each filing office necessary for such purpose, and all filing fees and taxes, if any, payable in connection with such filings shall
have been paid in full. 
 SECTION 5.11 Creation of Receivables. Such Originator has exercised at
least the same degree of care and diligence in the creation of the Receivables sold or otherwise transferred hereunder as it has exercised in connection with the creation of receivables originated by it and not so transferred hereunder. 

SECTION 5.12 Credit and Collection Policy. Such Originator has complied in all material respects with
its Credit and Collection Policy in regard to each Receivable sold by it hereunder and each related Contract. 

  
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 SECTION 5.13 Enforceability of Contracts. Each
Contract related to any Receivable sold by such Originator hereunder is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the outstanding balance of such Receivable, enforceable against the
Obligor in accordance with its terms, without being subject to any defense, deduction, offset or counterclaim and such Originator has fully performed its obligations under such Contract. 

SECTION 5.14 Location and Offices. As of the date hereof, such Originator’s location (as such term
is defined in the applicable UCC) is at the address set forth on Schedule II hereto, and such location has not been changed for at least four months before the date hereof. The offices where such Originator keeps all records concerning the
Receivables are located at the addresses set forth on Schedule III hereto or such other locations of which the Company and the Administrator (as the Company’s assignee) has been given written notice in accordance with the terms hereof.

 SECTION 5.15 Good Title. Upon the creation of each new Receivable sold or otherwise conveyed or
purported to be conveyed hereunder and on the Closing Date for then existing Receivables, the Company shall have a valid and perfected first priority ownership interest in each Receivable sold to it hereunder, free and clear of any Adverse Claim
(other than the Judgment Lien solely in respect of Receivables originated and sold by Triumph Composite Systems, Inc.). 
 
SECTION 5.16 Names. Except as described in Schedule IV, such Originator has not used any corporate or company names, tradenames or assumed names other than its name set forth on the signature pages of this Agreement. 

SECTION 5.17 Nature of Receivables. Each Pool Receivable purchased hereunder and included in the
calculation of Net Receivables Pool Balance is, on the date of such purchase, an Eligible Receivable. 

SECTION 5.18 Bulk Sales, Margin Regulations, No Fraudulent Conveyance, Investment
Company. No transaction contemplated hereby requires compliance with or will become subject to avoidance under any bulk sales act or similar law. No use of funds obtained by such Originator hereunder will conflict with or contravene
Regulation T, U or X of the Federal Reserve Board. No purchase hereunder constitutes a fraudulent transfer or conveyance under any United States federal or applicable state bankruptcy or insolvency laws or is otherwise void or voidable under
such or similar laws or principles or for any other reason. 
 SECTION 5.19 Financial Condition. 

(a)    The consolidated balance sheets of Triumph and its consolidated subsidiaries as of June 30, 2020 and
the related statements of income and shareholders’ equity of Triumph and its consolidated subsidiaries for the fiscal year then ended certified by its independent accountants, copies of which have been furnished to the Company and the
Administrator (as the Company’s assignee), present fairly in all material respects the consolidated financial position of Triumph and its consolidated subsidiaries for the period ended on such date, all in accordance with GAAP consistently
applied; and since such date no event has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on Triumph. 

  
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 (b)    On the date hereof, and on the date of each purchase hereunder
(both before and after giving effect to such purchase), such Originator shall be Solvent. For purposes of this Agreement, “Solvent” means, with respect to any Person at any time, a condition under which: 

(i)    the fair value and present fair saleable value of such Person’s total assets is, on the date of
determination, greater than such Person’s total liabilities (including contingent and unliquidated liabilities) at such time; 

(ii)    the fair value and present fair saleable value of such Person’s assets is greater than the
amount that will be required to pay such Person’s probable liability on its existing debts as they become absolute and matured (“debts,” for this purpose, includes all legal liabilities, whether matured or unmatured, liquidated
or unliquidated, absolute, fixed, or contingent); 
 (iii) such Person is and shall continue to be able to pay all of its
liabilities as such liabilities mature; and 
 (iv)    such Person does not have unreasonably small
capital with which to engage in its current and in its anticipated business. 
 For purposes of this definition: 

(A)    the amount of a Person’s contingent or unliquidated liabilities at any time shall be that
amount which, in light of all the facts and circumstances then existing, represents the amount which can reasonably be expected to become an actual or matured liability; 

(B)    the “fair value” of an asset shall be the amount which may be realized within a reasonable
time either through collection or sale of such asset at its regular market value; 
 (C)    the
“regular market value” of an asset shall be the amount which a capable and diligent business person could obtain for such asset from an interested buyer who is willing to Purchase such asset under ordinary selling conditions; and 

(D)    the “present fair saleable value” of an asset means the amount which can be obtained if
such asset is sold with reasonable promptness in an arm’s-length transaction in an existing and not theoretical market. 

SECTION 5.20 Licenses, Contingent Liabilities, and Labor Controversies. 

(a)    Such Originator has not failed to obtain any licenses, permits, franchises or other governmental authorizations
necessary to the ownership of its properties or to the conduct of its business to the extent material to the operation of such Originator’s business. 

  
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 (b)    There are no labor controversies pending against such Originator
that have had (or could be reasonably expected to have) a Material Adverse Effect with respect to such Originator. 

(c)    (i) No actions or steps have been taken by the Pension Benefit Guaranty Corporation, the “plan sponsor”
(as defined in Section 3(16) of ERISA) or any other entity, to terminate any “pension plan” (as defined in Section 3(2) of ERISA), and no conditions exist and no events or transactions have occurred with respect to such plans,
that have had (or could be reasonably expected to have) a Material Adverse Effect with respect to such Originator. No conditions exist and no events or transactions have occurred with respect to a “multiemployer pension plan” (as defined
in Section 4001(a)(3) of ERISA) that could have (or could be reasonably expected to have) a Material Adverse Effect with respect to such Originator. 

SECTION 5.21 Reaffirmation of Representations and Warranties by each Originator. On each day that a new
Receivable is created, and when sold to the Company hereunder, such Originator shall be deemed to have certified that all representations and warranties set forth in this Article V are true and correct 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 as of such earlier date)). 

SECTION 5.22 Ordinary Course of Business. Each remittance of Collections by or on behalf of such
Originator or pursuant to the Transaction Documents and any related accounts of amounts owing hereunder will have been (i) in payment of a debt incurred by such Originator in the ordinary course of business or financial affairs of such
Originator and (ii) made in the ordinary course of business or financial affairs of such Originator. 

SECTION 5.23 Bankruptcy Opinion. The statements contained in the most recently delivered Bankruptcy
Opinions are, in each case, true and correct with respect to itself. 
 ARTICLE VI 

COVENANTS OF THE ORIGINATORS 
 
SECTION 6.1 Affirmative Covenants. From the date hereof until the Final Payout Date, each Originator will, unless the Administrator and the Company shall otherwise consent in writing: 

(a)    General Information. Such Originator shall furnish to the Company, the Administrator and each Purchaser Agent
such information as such Person may from time to time reasonably request. 
 (b)    Furnishing of Information and
Inspection of Records. Such Originator will furnish to the Company, the Administrator and each Purchaser Agent from time to time such information with respect to the Receivables as such Person may reasonably request. Such Originator will,
at such Originator’s expense, at any time and from time to time during regular business hours with reasonable prior written notice (i) permit the Company, the Administrator or any Purchaser Agent, or their respective agents or
representatives, (A) to examine and make copies of and abstracts from all books and records relating to the Receivables or other Pool 

  
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Assets and (B) to visit the offices and properties of such Originator for the purpose of examining such books and records, and to discuss matters relating to the Receivables, other Related
Rights or such Originator’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 such Originator (provided that
representatives of such Originator are present during such discussions) having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, from time to time during regular business hours, at
Originator’s expense, upon reasonable prior written notice from the Company, the Administrator or any Purchaser Agent, permit certified public accountants or other auditors acceptable to the Administrator and the Purchaser Agents to conduct, a
review of its books and records with respect to the Receivables. 
 (c)    Keeping of Records and Books. Such
Originator will have and maintain (i) administrative and operating procedures (including an ability to recreate records if originals are destroyed), (ii) adequate facilities, personnel and equipment and (iii) all records and other
information reasonably necessary for collection of the Receivables originated by such Originator (including records adequate to permit the daily identification of each new such Receivable and all Collections of, and adjustments to, each existing
such Receivable). Such Originator will give the Company, the Administrator and each Purchaser Agent at least 30 days’ prior written notice of any change in such administrative and operating procedures that causes them to be materially different
from the procedures described to the Company, the Administrator and each Purchaser Agent on or before the date hereof as such Originator’s then existing or planned administrative and operating procedures for collecting Receivables. 

(d)    Performance and Compliance with Receivables and Contracts. Such Originator will at its expense timely
and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under all Contracts or other documents or agreements related to the Receivables. 

(e)    Credit and Collection Policy. Such Originator will comply in all material respects with its Credit
and Collection Policy in regard to each Receivable originated by it and any related Contract or other related document or agreement. 

(f)    Receivable Purchase Agreement. Such Originator will perform and comply with each covenant and other
undertaking in the Receivables Purchase Agreement that the Company undertakes to cause such Originator to perform, subject to any grace periods for such performance provided for in the Receivables Purchase Agreement. 

(g)    Preservation of Existence. Such Originator shall preserve and maintain its existence as a corporation,
partnership or limited liability company, as applicable, and all rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign corporation, partnership or limited liability
company, as applicable, in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification would be reasonably expected to have a Material Adverse Effect with respect to such Originator.

 (h)    Location of Records. Keep its location (as such term is defined in the applicable UCC), and the offices
where it keeps its records concerning or related to Receivables, 

  
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at the address(es) referred to in Schedule II or Schedule III, respectively, or, upon 30 days’ prior written notice to the Company, the Administrator (as the Company’s
assignee) and each Purchaser Agent, at such other locations in jurisdictions where all action required by Section 7.3 shall have been taken and completed. 

(i)    Post Office Boxes. On or prior to the date hereof, deliver to the Servicer (on behalf of the Company) a
certificate from an authorized officer of such Originator to the effect that (i) the name of the renter of all post office boxes into which Collections may from time to time be mailed have been changed to the name of the Company (unless such
post office boxes are in the name of the relevant Lock-Box Banks) and (ii) all relevant postmasters have been notified that each of the Servicer and the Administrator are authorized to collect mail
delivered to such post office boxes (unless such post office boxes are in the name of the relevant Lock-Box Banks). 

(j)    Preservation of Security Interest. Take (and cause the Servicer to take) any and all action as the
Administrator may require to preserve and maintain the perfection and priority of the security interest of the Administrator (on behalf of the Purchasers) in the Collateral pursuant to this Agreement. 

(k)    Bankruptcy Opinion. Such Originator shall comply with all covenants and obligations assumed to be complied
with by it in the most recently delivered Bankruptcy Opinion as if such covenants and obligations were set forth herein. 

(l)    Judgment Lien.    Until the Judgment Lien is satisfied in full, Triumph Composite
Systems, Inc., as Originator, shall set aside and maintain adequate reserves therefor. Upon the full satisfaction of the Judgment Lien, Triumph Composite Systems, Inc. shall promptly take all steps necessary to cause all filings in respect of the
Judgment Lien to be released. 
 (m)    Taxes. Such Originator will file all income and material tax returns and
will pay any and all taxes shown on such tax returns, other than any taxes that such Originator is contesting in good faith and for which adequate reserves have been taken. 

SECTION 6.2 Reporting Requirements. From the date hereof until the first day following the Purchase and
Sale Termination Date, each Originator will, unless the Company, the Administrator and the Majority Purchaser Agents shall otherwise consent in writing, furnish to the Company, the Administrator and the Majority Purchaser Agents: 

(a)    Purchase and Sale Termination Events. As soon as possible, and in any event within two (2) Business Days
after such Originator becomes aware of the occurrence of each Purchase and Sale Termination Event or each event which with notice or the passage of time or both would become a Purchase and Sale Termination Event (an “Unmatured Purchase and
Sale Termination Event”), a written statement of the chief financial officer, chief executive officer or president of such Originator describing such Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event and
the action that such Originator proposes to take with respect thereto, in each case in reasonable detail; 

  
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 (b)    Proceedings. As soon as possible and in any event within
five (5) Business Days after such Originator becomes aware thereof, written notice of (i) litigation, investigation or proceeding of the type described in Section 5.5 not previously disclosed to the
Company, the Administrator and each Purchaser Agent which could be expected to have a Material Adverse Effect with respect to such Originator, and (ii) all material adverse developments that have occurred with respect to any previously
disclosed litigation, proceedings and investigations; and 
 (c)    Other. Promptly, from time to time, such
other information, documents, records or reports respecting the Receivables or the conditions or operations, financial or otherwise, of such Originator as the Company, the Administrator or any Purchaser Agent may from time to time reasonably request
in order to protect the interests of the Company, the Purchasers, the Purchaser Agents or the Administrator under or as contemplated by the Transaction Documents. 

SECTION 6.3 Negative Covenants. From the date hereof until the Final Payout Date, each Originator agrees
that, unless the Company, the Administrator and the Majority Purchaser Agents shall otherwise consent in writing, it shall not: 

(a)    Sales, Liens, Etc. Except as otherwise provided herein or in any other Transaction Document, sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to (other than the Judgment Lien solely in respect of Receivables originated by Triumph Composite Systems, Inc.), any
Receivable sold or otherwise conveyed or purported to be sold or otherwise conveyed hereunder or related Contract or Related Security, or any interest therein, or any Collections thereon, or assign any right to receive income in respect thereof.

 (b)    Extension or Amendment of Receivables. Except as otherwise permitted in
Section 4.2(a) of the Receivables Purchase Agreement and the applicable Credit and Collection Policy, make any Modification with respect to the terms of any Receivable in any material respect generated by it that is sold or
otherwise conveyed hereunder, or amend, modify or waive, in any material respect, the provisions of any Contract related thereto. 

(c)    Change in Business or Credit and Collection Policy. (i) Make any change in the character of its
business, which change could impair the collectibility of any Pool Receivable or (ii) make any change in its Credit and Collection Policy that would reasonably be expected to materially adversely affect the collectibility of the Receivables,
the enforceability of any related Contract or its ability to perform its obligations under the related Contract or the Transaction Documents, in the case of either (i) or (ii) above, without the prior written consent of the Administrator and
each Purchaser Agent. No Originator shall make any written change in any Credit and Collection Policy without giving prior written notice thereof to the Administrator and each Purchaser Agent. 

(d)    Receivables Not to be Evidenced by Promissory Notes or Chattel Paper. Except as otherwise provided in the
Receivables Purchase Agreement in regard to servicing, take any action to cause or permit any Receivable generated by it that is sold by it hereunder to become evidenced by any “instrument” or “chattel paper” (as defined in the
applicable UCC). 

  
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 (e)    Mergers, Acquisitions, Sales, etc. (i) Be a party to
any merger, consolidation or other restructuring, except a merger, consolidation or other restructuring where the Company, the Administrator and each Purchaser Agent have each (A) received 30 days’ prior notice thereof, (B) consented
in writing thereto if the resulting entity following such merger, consolidation or other restructuring is any Person other than an Originator, (C) received executed copies of all documents, certificates and opinions (including, without
limitation, opinions relating to bankruptcy and UCC matters) as the Company, the Administrator or any Purchaser Agent shall request and (D) been satisfied that all other action to perfect and protect the interests of the Company and the
Administrator, on behalf of the Purchasers, in and to the Receivables to be sold by it hereunder and other Related Rights, as requested by the Company, the Administrator or any Purchaser Agent shall have been taken by, and at the expense of such
Originator (including the filing of any UCC financing statements, the receipt of certificates and other requested documents from public officials and all such other actions required pursuant to Section 7.3) or
(ii) directly or indirectly sell, transfer, assign, convey or lease (A) whether in one or a series of transactions, all or substantially all of its assets or (B) any Receivables or any interest therein (other than pursuant to this
Agreement). 
 (f)    Lock-Box Banks. Make any changes in its
instructions to Obligors regarding Collections on Receivables sold or otherwise conveyed by it hereunder or add or terminate any bank as a Lock-Box Bank unless the requirements of
Section 1(f) of Exhibit IV to the Receivables Purchase Agreement have been met. 

(g)    Accounting for Purchases. Account for or treat (whether in financial statements or otherwise) the
transactions contemplated hereby in any manner other than as sales of the Receivables and Related Rights by such Originator to the Company. 

(h)    Transaction Documents. Enter into, execute, deliver or otherwise become bound after the Closing Date by any
agreement, instrument, document or other arrangement that restricts the right of such Originator to amend, supplement, amend and restate or otherwise modify, or to extend or renew, or to waive any right under, this Agreement or any other Transaction
Document. 
 (i)    Company Note. Sell, assign (by operation of law or otherwise) or otherwise dispose of, or
create or suffer to exist any Adverse Claim upon or with respect to any Company Note or any interest therein. 

SECTION 6.4 Substantive Consolidation. Each Originator hereby acknowledges that this Agreement and the
other Transaction Documents are being entered into in reliance upon the Company’s identity as a legal entity separate from such Originator and its Affiliates. Therefore, from and after the date hereof, each Originator shall take all reasonable
steps necessary to make it apparent to third Persons that the Company is an entity with assets and liabilities distinct from those of such Originator and any other Person, and is not a division of such Originator, 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, such Originator shall take such actions as shall be required in order that: 

  
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 (a)    such Originator shall not be involved in the day
to day management of the Company; 
 (b)    such Originator shall maintain separate corporate records and
books of account from the Company and otherwise will observe corporate formalities and have a separate area from the Company for its business (which may be located at the same address as the Company, and, to the extent that it and the Company have
offices in the same location, there shall be a fair and appropriate allocation of overhead costs between them, and each shall bear its fair share of such expenses); 

(c)    the financial statements and books and records of such Originator shall be prepared after the date
of creation of the Company to reflect and shall reflect the separate existence of the Company; provided, that the Company’s assets and liabilities may be included in a consolidated financial statement issued by an affiliate of the
Company; provided, however, that any such consolidated financial statement or the notes thereto shall make clear that the Company’s assets are not available to satisfy the obligations of such affiliate; 

(d)    except as permitted by the Receivables Purchase Agreement, (i) such Originator shall maintain
its assets (including, without limitation, deposit accounts) separately from the assets (including, without limitation, deposit accounts) of the Company and (ii) the Company’s assets, and records relating thereto, have not been, are not,
and shall not be, commingled with those of the Company; 
 (e)    all of the Company’s business
correspondence and other communications shall be conducted in the Company’s own name and on its own stationery; 

(f)    such Originator shall not act as an agent for the Company, other than Triumph in its capacity as the
Servicer, and in connection therewith, Triumph shall present itself to the public as an agent for the Company and a legal entity separate from the Company; 

(g)    such Originator shall not conduct any of the business of the Company in its own name; 

(h)    such Originator shall not pay any liabilities of the Company out of its own funds or assets; 

(i)    such Originator shall maintain an arm’s-length
relationship with the Company; 
 (j)    such Originator shall not assume or guarantee or become
obligated for the debts of the Company or hold out its credit as being available to satisfy the obligations of the Company; 

(k)    such Originator shall not acquire obligations of the Company; 

  
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 (l)    such Originator shall allocate fairly and
reasonably overhead or other expenses that are properly shared with the Company, including, without limitation, shared office space; 

(m)    such Originator shall identify and hold itself out as a separate and distinct entity from the
Company; 
 (n)    such Originator shall correct any known misunderstanding respecting its separate
identity from the Company; 
 (o)    such Originator shall not enter into, or be a party to, any
transaction with the Company, except in the ordinary course of its business and on terms which are intrinsically fair and not less favorable to it than would be obtained in a comparable arm’s-length
transaction with an unrelated third party; 
 (p)    such Originator shall not pay the salaries of the
Company’s employees, if any; and 
 (q)    to the extent not already covered in paragraphs
(a) through (p) above, such Originator shall comply and/or act in accordance with all of the other separateness covenants set forth in Section 3 of Exhibit IV to the Receivables Purchase Agreement. 

ARTICLE VII 
 ADDITIONAL RIGHTS AND
OBLIGATIONS 
 IN RESPECT OF RECEIVABLES 

SECTION 7.1 Rights of the Company. Each Originator hereby authorizes the Company, the Servicer or their
respective designees or assignees under the Receivables Purchase Agreement (including, without limitation, the Administrator) to take any and all steps in such Originator’s name necessary or desirable, in their respective determination, to
collect all amounts due under any and all Receivables sold or otherwise conveyed or purported to be conveyed by it hereunder, including, without limitation, endorsing the name of such Originator on checks and other instruments representing
Collections and enforcing such Receivables and the provisions of the related Contracts that concern payment and/or enforcement of rights to payment. 

SECTION 7.2 Responsibilities of the Originators. Anything herein to the contrary notwithstanding: 

(a)    Collection Procedures. Each Originator agrees to direct its respective Obligors to make payments of
Receivables sold or otherwise conveyed or purported to be conveyed by it hereunder directly to a post office box related to the relevant Lock-Box Account at a Lock-Box
Bank. Each Originator further agrees to transfer any Collections of Receivables sold or conveyed by it hereunder that it receives directly to a Lock-Box Account within two (2) Business Days of receipt
thereof, and agrees that all such Collections shall be deemed to be received in trust for the Company and the Administrator (for the benefit of the Purchasers). 

  
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 (b)    Each Originator shall perform its obligations hereunder, and the
exercise by the Company or its designee of its rights hereunder shall not relieve such Originator from such obligations. 

(c)    None of the Company, the Servicer, the Purchasers, the Purchaser Agents or the Administrator shall have any
obligation or liability to any Obligor or any other third Person with respect to any Receivables, Contracts related thereto or any other related agreements, nor shall the Company, the Servicer, the Purchasers, the Purchaser Agents or the
Administrator be obligated to perform any of the obligations of such Originator thereunder. 
 (d)    Each Originator
hereby grants to the Administrator an irrevocable power of attorney, with full power of substitution, coupled with an interest, during the occurrence and continuation of a Purchase and Sale Termination Event to take in the name of such Originator
all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by such Originator or transmitted or received by the Company (whether or not from such Originator) in
connection with any Receivable sold or otherwise conveyed or purported to be conveyed by it hereunder or Related Right. 
 
SECTION 7.3 Further Action Evidencing Purchases. Each Originator agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action that the Company, the
Servicer, the Administrator or any Purchaser Agent may reasonably request in order to perfect, protect or more fully evidence the Receivables and Related Rights purchased by the Company hereunder, or to enable the Company to exercise or enforce any
of its rights hereunder or under any other Transaction Document. Without limiting the generality of the foregoing, upon the request of the Company, the Administrator or any Purchaser Agent, such Originator will: 

(a)    execute (if applicable), authorize and file such financing or continuation statements, or amendments
thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate; and 

(b)    on the Closing Date and from time to time, if requested thereafter, mark the master data processing
records that evidence or list such Receivables and related Contracts with the legend set forth in Section 4.1(j). 
 Each
Originator hereby authorizes the Company or its designee (including, without limitation, the Administrator) to file one or more financing or continuation statements, and amendments thereto and assignments thereof, without the signature of such
Originator, relative to all or any of the Receivables sold or otherwise conveyed or purported to be conveyed by it hereunder and Related Rights now existing or hereafter generated by such Originator. If any Originator fails to perform any of its
agreements or obligations under this Agreement, the Company or its designee (including, without limitation, the Administrator) may (but shall not be required to) itself perform, or cause the performance of, such agreement or obligation, and the
expenses of the Company or its designee (including, without limitation, the Administrator) incurred in connection therewith shall be payable by such Originator. 

  
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 SECTION 7.4 Application of Collections. Any payment by
an Obligor in respect of any indebtedness owed by it to any Originator shall, except as otherwise specified by such Obligor or required by applicable law and unless otherwise instructed by the Servicer (with the prior written consent of the
Administrator) or the Administrator, be applied as a Collection of any Receivable or Receivables of such Obligor to the extent of any amounts then due and payable thereunder before being applied to any other indebtedness of such Obligor. 

ARTICLE VIII 
 PURCHASE AND SALE
TERMINATION EVENTS 
 SECTION 8.1 Purchase and Sale Termination Events. Each of the following events
or occurrences described in this Section 8.1 shall constitute a “Purchase and Sale Termination Event”: 

(a)    The Facility Termination Date (as defined in the Receivables Purchase Agreement) shall have
occurred; or 
 (b)    Any Originator shall fail to make when due any payment or deposit to be made by it
under this Agreement or any other Transaction Document to which it is a party and such failure shall remain unremedied for two (2) Business Days; or 

(c)    Any representation or warranty made or deemed to be made by any Originator (or any of its officers)
under or in connection with this Agreement, any other Transaction Documents to which it is a party, or any other information or report delivered pursuant hereto or thereto shall prove to have been incorrect or untrue in any material respect when
made or deemed made or delivered; or 
 (d)    Any Originator shall fail to perform or observe any other
term, covenant or agreement contained in this Agreement or any other Transaction Document to which it is a party on its part to be performed or observed and such failure shall continue for fifteen (15) days after the earlier of such
Originator’s knowledge or notice thereof. 
 SECTION 8.2 Remedies. 

(a)    Optional Termination. Upon the occurrence and during the continuation of a Purchase and Sale Termination
Event, the Company (and not the Servicer), with the prior written consent of the Administrator, shall have the option, by notice to the Originators (with a copy to the Administrator and the Purchaser Agents), to declare the Purchase Facility to be
terminated. 
 (b)    Remedies Cumulative. Upon any termination of the Purchase Facility pursuant to
Section 8.2(a), the Company shall have, in addition to all other rights and remedies under this Agreement, all other rights and remedies provided under the UCC of each applicable jurisdiction and other applicable laws,
which rights shall be cumulative. 

  
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 ARTICLE IX 

INDEMNIFICATION 
 
SECTION 9.1 Indemnities by the Originators. Without limiting any other rights which the Company may have hereunder or under applicable law, each Originator, severally and for itself alone and Triumph, jointly and severally with each
Originator, hereby agrees to indemnify the Company and each of its officers, directors, employees and agents (each of the foregoing Persons being individually called a “Purchase and Sale Indemnified Party”), forthwith on demand,
from and against any and all damages, losses, claims, judgments, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively called “Purchase and Sale
Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of the failure of such Originator to perform its obligations under this Agreement or any other Transaction Document, or arising out of the claims
asserted against a Purchase and Sale Indemnified Party relating to the transactions contemplated herein or therein or the use of proceeds thereof or therefrom; excluding, however, (i) Purchase and Sale Indemnified Amounts to the
extent resulting from gross negligence or willful misconduct on the part of such Purchase and Sale Indemnified Party and (ii) any indemnification which has the effect of recourse for non-payment of the
Receivables due to a discharge in bankruptcy or similar insolvency proceeding or other credit related reasons with respect to the relevant Obligor. Without limiting the foregoing, and subject to the exclusions set forth in the preceding sentence,
each Originator, severally for itself alone and Triumph, jointly and severally with each Originator, shall indemnify each Purchase and Sale Indemnified Party for Purchase and Sale Indemnified Amounts relating to or resulting from: 

(a)    the transfer by such Originator of an interest in any Receivable to any Person other than the
Company; 
 (b)    the breach of any representation or warranty made by such Originator (or any of its
officers) under or in connection with this Agreement or any other Transaction Document, or any information or report delivered by Originator pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made; 

(c)    the failure by such Originator to comply with any applicable law, rule or regulation with respect to
any Receivable generated by such Originator sold or otherwise transferred or purported to be transferred hereunder or the related Contract, or the nonconformity of any Receivable generated by such Originator sold or otherwise transferred or
purported to be transferred hereunder or the related Contract with any such applicable law, rule or regulation; 

(d)    the failure by such Originator to vest and maintain vested in the Company an ownership interest in
the Receivables generated by such Originator sold or otherwise transferred or purported to be transferred hereunder free and clear of any Adverse Claim (other than the Judgment Lien solely in respect of Receivables originated by Triumph Composite
Systems, Inc.); 
 (e)    the failure to file, or any delay in filing, by such Originator financing
statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables or purported Receivables generated by such Originator sold or otherwise transferred or
purported to be transferred hereunder, whether at the time of any purchase or at any subsequent time to the extent required hereunder; 

  
 25 

 (f)    any dispute, claim, offset or defense (other than
discharge in bankruptcy or similar insolvency proceeding of an Obligor or other credit related reasons) of the Obligor to the payment of any Receivable or purported Receivable generated by such Originator sold or otherwise transferred or purported
to be transferred hereunder (including, without limitation, a defense based on such Receivable’s or the related Contract’s 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 the services related to any such Receivable or the furnishing of or failure to furnish such services; 

(g)    any product liability claim arising out of or in connection with services that are the subject of
any Receivable generated by such Originator; 
 (h)    the failure by such Originator to pay when due any
taxes, including, without limitation, sales, excise or personal property taxes; and 
 (i)    any tax or
governmental fee or charge, all interest and penalties thereon or with respect thereto, and all out-of-pocket costs and expenses, including the reasonable fees and
expenses of counsel in defending against the same, which are required to be paid by reason of the purchase or ownership of the Receivables generated by such Originator or any Related Security connected with any such Receivables. 

If for any reason the indemnification provided above in this Section 9.1 is unavailable to a Purchase and Sale Indemnified Party or
is insufficient to hold such Purchase and Sale Indemnified Party harmless, then each of the Originators, severally and for itself and Triumph, jointly and severally with each Originator, shall contribute to the amount paid or payable by such
Purchase and Sale Indemnified Party to the maximum extent permitted under applicable law. For the avoidance of doubt, neither an Originator nor Triumph shall provide an indemnity under this Section 9.1 with respect to any
net income or franchise tax imposed on a Purchaser (as defined under the Receivables Purchase Agreement) by the jurisdiction under the laws of which such Purchaser (as defined under the Receivables Purchase Agreement) is organized or any political
subdivision thereof. 
 ARTICLE X 

MISCELLANEOUS 
 
SECTION 10.1 Amendments, etc. 
 (a)    The provisions of this Agreement may from time to time be amended,
modified or waived, if such amendment, modification or waiver is in writing and executed by the Company and each Originator, with the prior written consent of the Administrator, the LC Bank and the Majority Purchaser Agents. 

(b)    No failure or delay on the part of the Company, the Servicer, any Originator or any third-party beneficiary in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude 

  
 26 

 
any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Company, the Servicer or any Originator in any case shall entitle it to any notice
or demand in similar or other circumstances. No waiver or approval by the Company or the Servicer under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or
approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

(c)    The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. 

SECTION 10.2 Notices, etc. All notices and other communications provided for hereunder shall, unless
otherwise stated herein, be in writing (including facsimile communication) and shall be delivered or sent by facsimile, or by overnight mail, to the intended party at the mailing address or facsimile number of such party set forth under its name on
Schedule VI hereof or at such other address or facsimile number as shall be designated by such party in a written notice to the other parties hereto or in the case of the Administrator or any Purchaser Agent, at their respective address for
notices pursuant to the Receivables Purchase Agreement. All such notices and communications shall be effective (i) if delivered by overnight mail, when received, and (ii) if transmitted by facsimile, when sent, receipt confirmed by
telephone or electronic means. 
 SECTION 10.3 No Waiver; Cumulative Remedies. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each Originator hereby authorizes the Company, at any time and from time to time, to the fullest extent permitted by law, to set off, against
any obligations of such Originator to the Company arising in connection with the Transaction Documents (including, without limitation, amounts payable pursuant to Section 9.1) that are then due and payable or that are not
then due and payable but have accrued, any and all indebtedness at any time owing by the Company to or for the credit or the account of such Originator. 

SECTION 10.4 Binding Effect; Assignability. This Agreement shall be binding upon and inure to the
benefit of the Company and each Originator and their respective successors and permitted assigns. No Originator may assign any of its rights hereunder or any interest herein without the prior written consent of the Company, the Administrator and
each Purchaser Agent, except as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such
time as the parties hereto shall agree. The rights and remedies with respect to any breach of any representation and warranty made by any Originator pursuant to Article V and the indemnification and payment provisions of
Article IX and Section 
10.6 shall be continuing and shall survive any termination of this Agreement. 
 SECTION 10.5 Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

  
 27 

 SECTION 10.6 Costs, Expenses and Taxes. In addition to
the obligations of the Originators under Article IX, each Originator, severally and for itself alone and Triumph, jointly and severally with each Originator, agrees to pay on demand: 

(a)    to the Company (and any successor and permitted assigns thereof) and any third-party beneficiary of
the Company’s rights hereunder all reasonable costs and expenses incurred by such Person in connection with the enforcement of this Agreement and the other Transaction Documents; and 

(b)    all stamp, franchise and other taxes and fees payable in connection with the execution, delivery,
filing and recording of this Agreement or the other Transaction Documents to be delivered hereunder, and agrees to indemnify each Purchase and Sale Indemnified Party against any liabilities with respect to or resulting from any delay in paying or
omitting to pay such taxes and fees. 
 SECTION 10.7 SUBMISSION TO JURISDICTION. EACH PARTY HERETO
HEREBY IRREVOCABLY (a) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK OR THE FEDERAL COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK OVER ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO ANY TRANSACTION DOCUMENT; (b) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR UNITED STATES FEDERAL COURT; (c) WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING; (d) IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF
SUCH PROCESS TO SUCH PERSON AT ITS ADDRESS SPECIFIED IN SECTION 10.2; AND (e) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECTION 10.7 SHALL AFFECT THE COMPANY’S RIGHT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING ANY ACTION OR PROCEEDING AGAINST ANY ORIGINATOR OR ITS PROPERTY IN THE
COURTS OF ANY OTHER JURISDICTIONS. 
 SECTION 10.8 WAIVER OF JURY TRIAL. EACH PARTY HERETO WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND AGREES THAT (a) ANY SUCH ACTION OR PROCEEDING SHALL

  
 28 

 
BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND (b) ANY PARTY HERETO (OR ANY ASSIGNEE OR THIRD-PARTY BENEFICIARY OF THIS AGREEMENT) MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF ANY OTHER PARTY OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY. 

SECTION 10.9 Captions and Cross References; Incorporation by Reference. The various captions (including,
without limitation, the table of contents) in this Agreement are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. References in this Agreement to any underscored Section or Exhibit
are to such Section or Exhibit of this Agreement, as the case may be. The Exhibits hereto are hereby incorporated by reference into and made a part of this Agreement. 

SECTION 10.10 Execution in Counterparts. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. 

SECTION 10.11 Acknowledgment and Agreement. By execution below, each Originator expressly acknowledges
and agrees that all of the Company’s rights, title, and interests in, to, and under this Agreement (but not its obligations), shall be assigned by the Company to the Administrator (for the benefit of the Purchasers) pursuant to the Receivables
Purchase Agreement, and each Originator consents to such assignment. Each of the parties hereto acknowledges and agrees that the Purchasers, the Purchaser Agents and the Administrator are third-party beneficiaries of the rights of the Company
arising hereunder and under the other Transaction Documents to which any Originator is a party, and notwithstanding anything to the contrary contained herein or in any other Transaction Document, during the occurrence and continuation of a
Termination Event under the Receivables Purchase Agreement, the Administrator, the Purchaser Agents and the Purchasers, as applicable, and not the Company, shall have the sole right to exercise all such rights and related remedies. 

SECTION 10.12 No Proceeding. Each Originator hereby agrees that it will not institute, or join any other
Person in instituting, against the Company any Insolvency Proceeding so long as any of the Company Notes remains outstanding and for at least one year and one day following the day on which all amounts owed by the Company under this Agreement and
the other Transaction Documents are paid in full. Each Originator further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Company shall not, and shall not be obligated to, pay any amount in respect of any
Company Note or otherwise to such Originator pursuant to this Agreement unless the Company has received funds which may, subject to Section 1.4 of the Receivables Purchase Agreement, be used to make such payment. Any amount which the Company
does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against or corporate obligation of the Company by such Originator for any such insufficiency unless and
until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any termination of this Agreement. 

  
 29 

 SECTION 10.13 Limited Recourse. Except as explicitly
set forth herein, the obligations of the Company under this Agreement or any other Transaction Documents to which it is a party are solely the obligations of the Company. No recourse under any Transaction Document shall be had against, and no
liability shall attach to, any officer, employee, director, or beneficiary, whether directly or indirectly, of the Company. The agreements in this Section 10.13 shall survive any termination of this Agreement. 

[Signature Pages Follow] 

  
 30 

 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. 
  

			
	TRIUMPH RECEIVABLES, LLC
		
	By:	 	 /s/ James F. McCabe, Jr
	Name: James F. McCabe, Jr.
	Title: Senior Vice President and
	          Chief Financial Officer

  

			
	    Address:        	 	899 Cassatt Road
		 	Suite 210
		 	Berwyn, PA
	
	        Attention: Adam M. Cohn & Jared T. Allen
	        Telephone: 610 727-5295 & 610 727-6767
	        Facsimile: 601 251-1555

  

			
	    TRIUMPH GROUP, INC.,
     as Servicer

		
	    By:	 	 /s/ James F. McCabe, Jr
	    Name: James F. McCabe, Jr.
	    Title: Senior Vice President and
	              Chief Financial Officer

  

			
	    Address:        	 	899 Cassatt Road
		 	Suite 210
		 	Berwyn, PA
	
	        Attention: Adam M. Cohn & Jared T. Allen
	        Telephone: 610 727-5295 & 610 727-6767
	        Facsimile: 601 251-1555

  
 S-1 

			
	        ORIGINATORS:
	
	        THE TRIUMPH GROUP OPERATIONS, INC.
		
	        By:	 	  /s/ James F. McCabe, Jr

	        Name: James F. McCabe, Jr.

			
	        Title: Senior Vice President, Chief Financial Officer and Treasurer

  

	
	         TRIUMPH ACTUATION SYSTEMS – CONNECTICUT,
LLC

	         TRIUMPH ACTUATION SYSTEMS, LLC

	         TRIUMPH CONTROLS, LLC

	         TRIUMPH GEAR SYSTEMS – MACOMB,
INC.

	         TRIUMPH AIRBORNE STRUCTURES, LLC

	         TRIUMPH ACTUATION SYSTEMS – VALENCIA,
INC.

	         TRIUMPH COMPOSITE SYSTEMS, INC.

	         TRIUMPH THERMAL SYSTEMS, LLC

	         TRIUMPH GEAR SYSTEMS, INC.

	         TRIUMPH ACCESSORY SERVICES – GRAND PRAIRIE,
INC.

	         TRIUMPH INSULATION SYSTEMS, LLC

	         TRIUMPH ENGINE CONTROL SYSTEMS, LLC

	         TRIUMPH ACTUATION SYSTEMS – YAKIMA,
LLC

	         TRIUMPH THERMAL SYSTEMS – MARYLAND,
INC.

  

			
	        By:	 	  /s/ James F. McCabe, Jr

	         Name: James F. McCabe,
Jr.

	        Title: Vice President & Treasurer

  
 S-2 

 Exhibit A 

FORM OF PURCHASE REPORT 
  

			
	Originator:	  	[Name of Originator]
		
	Purchaser:	  	TRIUMPH RECEIVABLES, LLC
	
	Payment Date:

			
		
	1.        	  	Outstanding Balance of Receivables Purchased:
		
	2.	  	Fair Market Value Discount:
		
	 	  	1/{1 + [(Prime Rate x Days’ Sales Outstanding]}
		
	 	  	                                      
                365
		
	 	  	Where:
		
	 	  	Prime Rate =                     
		
	 	  	Days’ Sales Outstanding =                     
		
	3.	  	Purchase Price (1 x 2) = $                     

  
 Exhibit A-1 

 Exhibit B 

COMPANY NOTE 
 New York, New York

                     ,
20     
 FOR VALUE RECEIVED, the undersigned, TRIUMPH RECEIVABLES, LLC, a Delaware limited liability company (the
“Company”), promises to pay to [                    ], a
[                    ] (“Originator”), on the terms and subject to the conditions set forth herein and in the Purchase and Sale
Agreement referred to below, the aggregate unpaid Purchase Price of all Receivables purchased by the Company from Originator pursuant to such Purchase and Sale Agreement, as such unpaid Purchase Price is shown in the records of Servicer. 

1.    Purchase and Sale Agreement. This Company Note is one of the Company Notes described in, and is subject to
the terms and conditions set forth in, that certain Amended and Restated Purchase and Sale Agreement dated as of September 29, 2020 (as the same may be amended, supplemented, amended and restated or otherwise modified in accordance with its
terms, the “Purchase and Sale Agreement”), among the Company, the Originator, and the various entities listed thereto as Originators. Reference is hereby made to the Purchase and Sale Agreement for a statement of certain other
rights and obligations of the Company and the Originator. 
 2.    Definitions. Capitalized terms used (but not
defined) herein have the meanings assigned thereto in the Purchase and Sale Agreement and in Exhibit I to the Receivables Purchase Agreement (as defined in the Purchase and Sale Agreement). In addition, as used herein, the following terms
have the following meanings: 
 “Bankruptcy Proceedings” has the meaning set forth in clause
(b) of paragraph 9 hereof. 
 “Final Maturity Date” means the Payment Date immediately
following the date that falls one year and one day after the Facility Termination Date. 
 “Senior
Interests” means, collectively, (i) all accrued Discount on the Purchased Interest, (ii) the fees referred to in Section 1.5 of the Receivables Purchase Agreement, (iii) all amounts payable pursuant
to Sections 1.7 or 6.4 of the Receivables Purchase Agreement, (iv) the Aggregate Capital and (v) all other obligations of the Company and the Servicer that are due and payable, to (a) the Purchasers, the Purchaser
Agents, the Administrator and their respective successors, permitted transferees and assigns arising in connection with the Transaction Documents and (b) any Indemnified Party or Affected Person arising in connection with the Receivables
Purchase Agreement, in each case, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, together with any and all interest and Discount accruing on any such
amount after the commencement of any 

  
 Exhibit B-1 

 
Bankruptcy Proceedings, notwithstanding any provision or rule of law that might restrict the rights of any Senior Interest Holder, as against the Company or anyone else, to collect such interest.

 “Senior Interest Holders” means, collectively, the Purchasers, the Administrator and the Indemnified
Parties and Affected Persons. 
 “Subordination Provisions” means, collectively, clauses
(a) through (l) of paragraph 9 hereof. 
 3.    Interest. Subject to the Subordination
Provisions set forth below, the Company promises to pay interest on this Company Note as follows: to (but excluding) the date on which the entire aggregate unpaid Purchase Price is fully paid, the aggregate unpaid Purchase Price from time to time
outstanding shall bear interest at a rate per annum equal to the rate of interest publicly announced from time to time by PNC Bank, National Association, as its “base rate”, “reference rate” or other comparable
rate, as determined by the Servicer. 
 4.    Interest Payment Dates. Subject to the Subordination Provisions set
forth below, the Company shall pay accrued interest on this Company Note on each Payment Date, and shall pay accrued interest on the amount of each principal payment made in cash on a date other than a Payment Date at the time of such principal
payment. 
 5.    Basis of Computation. Interest accrued hereunder shall be computed for the actual number of
days elapsed on the basis of a 365- or 366-day year. 

6.    Principal Payment Dates. Subject to the Subordination Provisions set forth below, payments of the principal
amount of this Company Note shall be made as follows: 
 (a)    The principal amount of this Company Note
shall be reduced by an amount equal to each payment deemed made pursuant to Section 3.3 of the Purchase and Sale Agreement; and 

(b)    The entire remaining unpaid Purchase Price of all Receivables purchased by the Company from
Originator pursuant to the Purchase and Sale Agreement shall be paid on the Final Maturity Date. 
 Subject to the Subordination Provisions set forth below,
the principal amount of and accrued interest on this Company Note may be prepaid by, and in the sole discretion of the Company, on any Business Day without premium or penalty. 

7.    Payment Mechanics. All payments of principal and interest hereunder are to be made in lawful money of the
United States of America in the manner specified in Article III of the Purchase and Sale Agreement. 

8.    Enforcement Expenses. In addition to and not in limitation of the foregoing, but subject to the Subordination
Provisions set forth below and to any limitation imposed by applicable law, the Company agrees to pay all expenses, including reasonable attorneys’ fees and legal expenses, incurred by Originator in seeking to collect any amounts payable
hereunder which are not paid when due. 

  
 Exhibit B-2 

 9.    Subordination Provisions. The Company covenants and agrees,
and Originator and any other holder of this Company Note (collectively, Originator and any such other holder are called the “Holder”), by its acceptance of this Company Note, likewise covenants and agrees on behalf of itself and any
holder of this Company Note, that the payment of the principal amount of and interest on this Company Note is hereby expressly subordinated in right of payment to the payment and performance of the Senior Interests to the extent and in the manner
set forth in the following clauses of this paragraph 9: 
 (a)    No payment or
other distribution of the Company’s assets of any kind or character, whether in cash, securities, or other rights or property, shall be made on account of this Company Note except to the extent such payment or other distribution is
(i) permitted under Section 1(n) of Exhibit IV to the Receivables Purchase Agreement or (ii) made pursuant to clause (a) or (b) of paragraph 6 of this Company Note; 

(b)    In the event of any dissolution, winding up, liquidation, readjustment, reorganization or other
similar event relating to the Company, whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership proceedings, or upon an assignment for the benefit of creditors, or any other marshalling of the
assets and liabilities of the Company or any sale of all or substantially all of the assets of the Company other than as permitted by the Purchase and Sale Agreement (such proceedings being herein collectively called “Bankruptcy
Proceedings”), the Senior Interests shall first be paid and performed in full and in cash before Originator shall be entitled to receive and to retain any payment or distribution in respect of this Company Note. In order to implement the
foregoing: (i) all payments and distributions of any kind or character in respect of this Company Note to which Holder would be entitled except for this clause (b) shall be made directly to the Administrator (for the benefit of the
Senior Interest Holders); (ii) Holder shall promptly file a claim or claims, in the form required in any Bankruptcy Proceedings, for the full outstanding amount of this Company Note, and shall use commercially reasonable efforts to cause said claim
or claims to be approved and all payments and other distributions in respect thereof to be made directly to the Administrator (for the benefit of the Senior Interest Holders) until the Senior Interests shall have been paid and performed in full and
in cash; and (iii) Holder hereby irrevocably agrees that Administrator (acting on behalf of the Purchasers), may in the name of Holder or otherwise, demand, sue for, collect, receive and receipt for any and all such payments or distributions,
and file, prove and vote or consent in any such Bankruptcy Proceedings with respect to any and all claims of Holder relating to this Company Note, in each case until the Senior Interests shall have been paid and performed in full and in cash; 

(c)    In the event that Holder receives any payment or other distribution of any kind or character from
the Company or from any other source whatsoever, in respect of this Company Note, other than as expressly permitted by the terms of this Company Note, such payment or other distribution shall be received in trust for the Senior Interest Holders and
shall be turned over by Holder to the Administrator (for the benefit of the 

  
 Exhibit B-3 

 
Senior Interest Holders) forthwith. Holder will mark its books and records so as clearly to indicate that this Company Note is subordinated in accordance with the terms hereof. All payments and
distributions received by the Administrator in respect of this Company Note, to the extent received in or converted into cash, may be applied by the Administrator (for the benefit of the Senior Interest Holders) first to the payment of any and all
expenses (including reasonable attorneys’ fees and legal expenses) paid or incurred by the Senior Interest Holders in enforcing these Subordination Provisions, or in endeavoring to collect or realize upon this Company Note, and any balance
thereof shall, solely as between Originator and the Senior Interest Holders, be applied by the Administrator (in the order of application set forth in Section 1.4(d) of the Receivables Purchase Agreement) toward the payment
of the Senior Interests; but as between the Company and its creditors, no such payments or distributions of any kind or character shall be deemed to be payments or distributions in respect of the Senior Interests; 

(d)    Notwithstanding any payments or distributions received by the Senior Interest Holders in respect of
this Company Note, while any Bankruptcy Proceedings are pending Holder shall not be subrogated to the then existing rights of the Senior Interest Holders in respect of the Senior Interests until the Senior Interests have been paid and performed in
full and in cash. If no Bankruptcy Proceedings are pending, Holder shall only be entitled to exercise any subrogation rights that it may acquire (by reason of a payment or distribution to the Senior Interest Holders in respect of this Company Note)
to the extent that any payment arising out of the exercise of such rights would be permitted under Section 1(n) of Exhibit IV to the Receivables Purchase Agreement; 

(e)    These Subordination Provisions are intended solely for the purpose of defining the relative rights
of Holder, on the one hand, and the Senior Interest Holders on the other hand. Nothing contained in these Subordination Provisions or elsewhere in this Company Note is intended to or shall impair, as between the Company, its creditors (other than
the Senior Interest Holders) and Holder, the Company’s obligation, which is unconditional and absolute, to pay Holder the principal of and interest on this Company Note as and when the same shall become due and payable in accordance with the
terms hereof or to affect the relative rights of Holder and creditors of the Company (other than the Senior Interest Holders); 

(f)    Holder shall not, until the Senior Interests have been paid and performed in full and in cash,
(i) cancel, waive, forgive, transfer or assign, or commence legal proceedings to enforce or collect, or subordinate to any obligation of the Company, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent,
or now or hereafter existing, or due or to become due, other than the Senior Interests, this Company Note or any rights in respect hereof or (ii) convert this Company Note into an equity interest in the Company, unless Holder shall, in either
case, have received the prior written consent of the Administrator; 
 (g)    Holder shall not, without
the advance written consent of the Administrator and Purchaser, commence, or join with any other Person in commencing, any Bankruptcy Proceedings with respect to the Company until at least one year and one day shall have passed since the Senior
Interests shall have been paid and performed in full and in cash; 

  
 Exhibit B-4 

 (h)    If, at any time, any payment (in whole or in
part) of any Senior Interest is rescinded or must be restored or returned by a Senior Interest Holder (whether in connection with Bankruptcy Proceedings or otherwise), these Subordination Provisions shall continue to be effective or shall be
reinstated, as the case may be, as though such payment had not been made; 
 (i)    Each of the Senior
Interest Holders may, from time to time, at its sole discretion, without notice to Holder, and without waiving any of its rights under these Subordination Provisions, take any or all of the following actions: (i) retain or obtain an interest in
any property to secure any of the Senior Interests; (ii) retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to any of the Senior Interests; (iii) extend or renew for one or more periods
(whether or not longer than the original period), alter or exchange any of the Senior Interests, or release or compromise any obligation of any nature with respect to any of the Senior Interests; (iv) amend, supplement, amend and restate, or
otherwise modify any Transaction Document; and (v) release its security interest in, or surrender, release or permit any substitution or exchange for all or any part of any rights or property securing any of the Senior Interests, or extend or
renew for one or more periods (whether or not longer than the original period), or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any such rights or property; 

(j)    Holder hereby waives: (i) notice of acceptance of these Subordination Provisions by any of the
Senior Interest Holders; (ii) notice of the existence, creation, non-payment or non-performance of all or any of the Senior Interests; and (iii) all diligence
in enforcement, collection or protection of, or realization upon, the Senior Interests, or any thereof, or any security therefor; 

(k)    Each of the Senior Interest Holders may, from time to time, on the terms and subject to the
conditions set forth in the Transaction Documents to which such Persons are party, but without notice to Holder, assign or transfer any or all of the Senior Interests, or any interest therein; and, notwithstanding any such assignment or transfer or
any subsequent assignment or transfer thereof, such Senior Interests shall be and remain Senior Interests for the purposes of these Subordination Provisions, and every immediate and successive assignee or transferee of any of the Senior Interests or
of any interest of such assignee or transferee in the Senior Interests shall be entitled to the benefits of these Subordination Provisions to the same extent as if such assignee or transferee were the assignor or transferor; and 

(l)    These Subordination Provisions constitute a continuing offer from the holder of this Company Note to
all Persons who become the holders of, or who continue to hold, Senior Interests; and these Subordination Provisions are made for the benefit of the Senior Interest Holders, and the Administrator may proceed to enforce such provisions on behalf of
each of such Persons. 
 10.    General. No failure or delay on the part of Originator in exercising any power or
right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other 

  
 Exhibit B-5 

 
power or right. No amendment, modification or waiver of, or consent with respect to, any provision of this Company Note shall in any event be effective unless (i) the same shall be in
writing and signed and delivered by the Company and Holder and (ii) all consents required for such actions under the Transaction Documents shall have been received by the appropriate Persons. 

11.    Maximum Interest. Notwithstanding anything in this Company Note to the contrary, the Company shall never be
required to pay unearned interest on any amount outstanding hereunder and shall never be required to pay interest on the principal amount outstanding hereunder at a rate in excess of the maximum nonusurious interest rate that may be contracted for,
charged or received under applicable federal or state law (such maximum rate being herein called the “Highest Lawful Rate”). If the effective rate of interest which would otherwise be payable under this Company Note would exceed the
Highest Lawful Rate, or if the holder of this Company Note shall receive any unearned interest or shall receive monies that are deemed to constitute interest which would increase the effective rate of interest payable by the Company under this
Company Note to a rate in excess of the Highest Lawful Rate, then (i) the amount of interest which would otherwise be payable by the Company under this Company Note shall be reduced to the amount allowed by applicable law, and (ii) any
unearned interest paid by the Company or any interest paid by the Company in excess of the Highest Lawful Rate shall be refunded to the Company. Without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or
received by Originator under this Company Note that are made for the purpose of determining whether such rate exceeds the Highest Lawful Rate applicable to Originator (such Highest Lawful Rate being herein called the “Originator’s
Maximum Permissible Rate”) shall be made, to the extent permitted by usury laws applicable to Originator (now or hereafter enacted), by amortizing, prorating and spreading in equal parts during the actual period during which any amount has
been outstanding hereunder all interest at any time contracted for, charged or received by Originator in connection herewith. If at any time and from time to time (i) the amount of interest payable to Originator on any date shall be computed at
Originator’s Maximum Permissible Rate pursuant to the provisions of the foregoing sentence and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to Originator would be less than the
amount of interest payable to Originator computed at Originator’s Maximum Permissible Rate, then the amount of interest payable to Originator in respect of such subsequent interest computation period shall continue to be computed at
Originator’s Maximum Permissible Rate until the total amount of interest payable to Originator shall equal the total amount of interest which would have been payable to Originator if the total amount of interest had been computed without giving
effect to the provisions of the foregoing sentence. 
 12.    Governing Law. THIS COMPANY NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

13.    Captions. Paragraph captions used in this Company Note are for convenience only and shall not affect the
meaning or interpretation of any provision of this Company Note. 

  
 Exhibit B-6 

 IN WITNESS WHEREOF, the Company has caused this Company Note to be executed as of the date
first written above.     
  

			
	 TRIUMPH RECEIVABLES, LLC
  

 

 
			
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  
 Exhibit B-7 

 Exhibit C 

FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT, dated as of
                    , 20     (this “Agreement”) is executed by
                    , a [corporation] organized under the laws of
                     (the “Additional Originator”), with its principal place of business located at
                    . 
 BACKGROUND: 

A.    Triumph Receivables, LLC, a Delaware limited liability company (the “Company”) and the various
entities from time to time party thereto, as Originators (collectively, the “Originators”), have entered into that certain Amended and Restated Purchase and Sale Agreement, dated as of September 29, 2020 (as amended, restated,
supplemented or otherwise modified through the date hereof, and as it may be further amended, restated, supplemented or otherwise modified from time to time, the “Purchase and Sale Agreement”). 

B.    The Additional Originator desires to become an Originator pursuant to Section 4.3 of the
Purchase and Sale Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Additional Originator hereby agrees as follows: 
 SECTION
1.    Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned thereto in the Purchase and Sale Agreement or in the Receivables Purchase Agreement (as defined
in the Purchase and Sale Agreement). 
 SECTION 2.    Transaction Documents. The Additional Originator hereby
agrees that it shall be bound by all of the terms, conditions and provisions of, and shall be deemed to be a party to (as if it were an original signatory to), the Purchase and Sale Agreement and each of the other relevant Transaction Documents.
From and after the later of the date hereof and the date that the Additional Originator has complied with all of the requirements of Section 4.3 of the Purchase and Sale Agreement, the Additional Originator shall be an
Originator for all purposes of the Purchase and Sale Agreement and all other Transaction Documents. The Additional Originator hereby acknowledges that it has received copies of the Purchase and Sale Agreement and the other Transaction Documents.

 SECTION 3.    Representations and Warranties. The Additional Originator hereby makes all of the
representations and warranties set forth in Article V (to the extent applicable) of the Purchase and Sale Agreement as of the date hereof (unless such representations or warranties relate to an earlier date, in which case as of such earlier
date), as if such representations and warranties were fully set forth herein. The Additional Originator hereby represents and warrants that its location (as defined in the applicable UCC) is
[                    ], and the offices where the Additional Originator keeps all of its Records and Related Security is as follows: 

  
 Exhibit C-1 

			
		 	    
		 	    
		 	    

 SECTION 4.    Miscellaneous. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York without regard to any otherwise applicable conflicts of law principles (other than Sections 5-1401 and 5-1402 of the
General Obligations Law of the State of New York). This Agreement is executed by the Additional Originator for the benefit of the Company, and its assigns, and each of the foregoing parties may rely hereon. This Agreement shall be binding upon, and
shall inure to the benefit of, the Additional Originator and its successors and permitted assigns. 
 [Signature Pages Follow] 

  
 Exhibit C-2 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly
authorized officer as of the date and year first above written. 
  

					
	[NAME OF ADDITIONAL ORIGINATOR]
		
	By: 	 	     
		 	Name:	 	      

					
	        	 	Title:	 	      

					
	
	Consented to:
	
	TRIUMPH RECEIVABLES, LLC

					
		
	By: 	 	 
		 	Name:	 	  

					
	       	 	Title:	 	  

					
	
	Acknowledged by:
	
	PNC BANK, NATIONAL ASSOCIATION,
 as Administrator

					
		
	By: 	 	 
		 	Name:	 	 

					
	       	 	Title:	 	  

					
	
	[PURCHASER AGENTS]

					
		
	By: 	 	 
		 	Name:	 	 

					
	       	 	Title:	 	  

					
	
	TRIUMPH GROUP, INC.,
 as Performance Guarantor

		
	By: 	 	 
		 	Name:	 	 

					
	       	 	Title:	 	      

  
 Exhibit C-3

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