Document:

EX-10.2

 Exhibit 10.2 
  

 
 EXECUTION COPY 

SECOND STEP TRANSFER AGREEMENT 

dated as of November 19, 2015 

among 
 THE LESSEES FROM
TIME TO TIME PARTY HERETO, 
 as Sellers 

and 
 MOBILE LEASING
SOLUTIONS, LLC, 
 as Buyer 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I     DEFINITIONS AND RELATED MATTERS
	  	 	2	  
			
	 SECTION 1.1
	 	Defined Terms	  	 	2	  
			
	 SECTION 1.2
	 	Other Interpretive Matters	  	 	9	  
		
	 ARTICLE II     AGREEMENT TO PURCHASE AND SELL
	  	 	9	  
			
	 SECTION 2.1
	 	Purchase and Sale	  	 	9	  
			
	 SECTION 2.2
	 	Assignment and Assumption of Customer Lease-End Rights and Obligations	  	 	9	  
			
	 SECTION 2.3
	 	Purchase Price	  	 	9	  
			
	 SECTION 2.4
	 	Reserved	  	 	10	  
			
	 SECTION 2.5
	 	No Recourse	  	 	10	  
			
	 SECTION 2.6
	 	Intention of the Parties	  	 	10	  
			
	 SECTION 2.7
	 	Like-Kind Exchanges	  	 	10	  
		
	 ARTICLE III     PAYMENT OF DEFERRED PURCHASE PRICE AMOUNT AND CONTINGENT PURCHASE PRICE
	  	 	11	  
			
	 SECTION 3.1
	 	Deferred Purchase Price Amount	  	 	11	  
			
	 SECTION 3.2
	 	Contingent Purchase Price	  	 	11	  
		
	 ARTICLE IV     REPRESENTATIONS AND WARRANTIES
	  	 	11	  
			
	 SECTION 4.1
	 	Mutual Representations and Warranties	  	 	11	  
			
	 SECTION 4.2
	 	Additional Representations and Warranties of the Lessees	  	 	13	  
			
	 SECTION 4.3
	 	Additional Representations and Warranties of the Buyer	  	 	14	  
		
	 ARTICLE V     GENERAL COVENANTS
	  	 	14	  
			
	 SECTION 5.1
	 	Mutual Covenants	  	 	14	  
			
	 SECTION 5.2
	 	Additional Covenants of the Lessees	  	 	15	  
			
	 SECTION 5.3
	 	Additional Covenants of the Buyer	  	 	17	  
		
	 ARTICLE VI     CORPORATE SEPARATENESS
	  	 	19	  
			
	 SECTION 6.1
	 	Corporate Separateness	  	 	19	  
		
	 ARTICLE VII     INVESTMENT COMPANY ACT PROVISIONS
	  	 	22	  
			
	 SECTION 7.1
	 	Representations and Agreements of the Lessees.	  	 	22	  
			
	 SECTION 7.2
	 	Representations and Agreements of the Buyer.	  	 	23	  
		
	 ARTICLE VIII     MISCELLANEOUS
	  	 	24	  
			
	 SECTION 8.1
	 	Amendments, etc	  	 	24	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

  

							
	 	 	 	  	Page	 
	 SECTION 8.2
	 	No Waiver; Remedies	  	 	25	  
			
	 SECTION 8.3
	 	Notices, Etc	  	 	25	  
			
	 SECTION 8.4
	 	Binding Effect; Assignment	  	 	25	  
			
	 SECTION 8.5
	 	Survival	  	 	25	  
			
	 SECTION 8.6
	 	Costs and Expenses	  	 	25	  
			
	 SECTION 8.7
	 	Execution in Counterparts; Integration	  	 	25	  
			
	 SECTION 8.8
	 	Governing Law	  	 	26	  
			
	 SECTION 8.9
	 	Waiver of Jury Trial	  	 	26	  
			
	 SECTION 8.10
	 	Consent to Jurisdiction; Waiver of Immunities	  	 	26	  
			
	 SECTION 8.11
	 	Confidentiality	  	 	26	  
			
	 SECTION 8.12
	 	No Proceedings	  	 	26	  
			
	 SECTION 8.13
	 	Severability	  	 	26	  
			
	 SECTION 8.14
	 	Lessee Representative	  	 	27	  
		
	 Schedule I Devices
	  	 	1	  
		
	 Schedule II Related Customer Leases
	  	 	1	  
		
	 Schedule III Cash Purchase Price and Deferred Purchase Price
	  	 	1	  
		
	 Schedule IV UCC Details
	  	 	1	  
		
	 Schedule V Special Purpose Bankruptcy Remote Provisions
	  	 	1	  
		
	 Schedule VI Additional Definitions
	  	 	1	  

  
 -ii- 

 SECOND STEP TRANSFER AGREEMENT 

This SECOND STEP TRANSFER AGREEMENT, dated as of November 19, 2015 and effective as of the Lease Closing Date (this
“Agreement”), is among THE PERSONS IDENTIFIED ON THE SIGNATURE PAGES HERETO AS LESSEES, as sellers (collectively, the “Lessees” and, each, a “Lessee”), and MOBILE LEASING SOLUTIONS, LLC, a Delaware
limited liability company, as buyer (the “Buyer”). 
 W I T N E S S E T H: 

WHEREAS, pursuant to that certain First Step Transfer Agreement, dated as of the date hereof and effective as of the Lease Closing Date (as
amended, supplemented or otherwise modified from time to time, the “First Step Transfer Agreement”), among the Originators and the Lessees, the Originators will on the Lease Closing Date contribute Devices and Related Customer
Leases to the Lessees as further described in the First Step Transfer Agreement; 
 WHEREAS, each Lessee wishes to sell and the Buyer wishes
to purchase such Devices and the Customer Lease-End Rights and Obligations under the Related Customer Leases pursuant to and in accordance with the terms hereof; 

WHEREAS, the Buyer has agreed to pay to the Lessees the Cash Purchase Price, the Deferred Purchase Price Amount and the Contingent Purchase
Price, in each case, in accordance with the terms hereof; 
 WHEREAS, pursuant to that certain Master Lease Agreement, dated as of the date
hereof and effective as of the Lease Closing Date (as amended, supplemented or otherwise modified from time to time, the “Master Lease Agreement”), by and among the Lessees, Servicer, Buyer and Collateral Agent, as supplemented by
each Device Lease Schedule agreed as of the Lease Closing Date by the Lessees and Buyer (the Master Lease Agreement together with each Device Lease Schedule, collectively, the “Device Leases” and, each, a “Device
Lease”), Buyer will on the Lease Closing Date commence leasing the Devices to the relevant Lessee; 
 WHEREAS, Servicer will
service the Devices and Related Customer Leases for Lessees and the Buyer pursuant to the Servicing Agreement; 
 WHEREAS, the Parties
intend that the Transaction Documents create a financing for all U.S. federal, state and local income tax purposes, and thus specifically that (i) the Cash Purchase Price paid under this Agreement at closing be treated for such purposes as
amounts loaned by Buyer for which the Devices provide security and that (ii) the Rental Payments payable to Buyer under the Device Leases be treated for such purposes as payments on such indebtedness owed to Buyer; 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 

DEFINITIONS AND RELATED MATTERS 

SECTION 1.1 Defined Terms. In this Agreement, capitalized terms not otherwise defined herein have the meaning provided for such terms
in Appendix A to the Master Lease Agreement. In addition, the following terms used herein have the meanings indicated below: 

“Agreement” shall have the meaning provided in the preamble of this Agreement. 

“Available Funds” shall have the meaning provided in the Servicing Agreement. 

“Buyer” shall have the meaning provided in the preamble of this Agreement. 

“Buyer Obligations” shall have the meaning provided in Section 7.1(b) of this Agreement. 

“Buyer Permitted Lien” means 

(a) Liens created under the Transaction Documents; 

(b) Liens securing Debt under any Permitted Additional Tranche; 

(c) Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings diligently conducted, provided that
adequate reserves with respect thereto are maintained on the books of Buyer in conformity with GAAP; 
 (d) pledges or deposits in the
ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; 

(e) Liens on insurance policies and proceeds thereof securing the financing of the premiums with respect thereto; 

(f) Liens on equipment arising from precautionary UCC financing statements regarding operating leases of equipment; 

(g) Liens that are contractual or common law rights of set-off relating to (A) the establishment of depository relations in the ordinary
course of business with banks not given in connection with the issuance of Debt or (B) pooled deposit or sweep accounts of Buyer to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Buyer and
(ii) other Liens securing cash management obligations (that do not constitute Indebtedness) in the ordinary course of business; or 

(h) Liens of a collection bank arising under Section 4-208 or Section 4-210 of the UCC on items in the course of collection. 

“Cash Purchase Price” shall have the meaning provided in Section 2.3(i) of this Agreement. 

  
 2 

 “Collections” shall have the meaning provided in the Servicing Agreement. 

“Contingent Device Purchase Price” means an amount (which may be less than zero) equal to: 

(a) the sum of: 

(i) the aggregate Device Net Sale Proceeds in respect of all Device disposals on or prior to the Final Settlement Date; plus

 (ii) the sum of all Device Dilution Payments on or prior to the Final Settlement Date; plus 

(iii) the sum of all Customer Purchase Price Amounts on or prior to the Final Settlement Date; plus 

(iv) the aggregate Sprint Net Sale Proceeds in respect of all Device disposals on or prior to the Final Settlement Date; plus

 (v) the sum of all Forward Purchase Price Amounts in respect of all Device disposals on or prior to the Final Settlement
Date; minus 
 (b) the sum of: 

(i) the aggregate Device Residual Values for each of the Devices referred to in clause (a)(i), (ii), (iii), (iv) and
(v) as of the applicable Expected Sales Date of such Device; provided, however the Device Residual Value for a Device shall only be counted once in determining the amount of this clause (b)(i); plus 

(ii) the sum of all Supplemental Fixed Amounts; 

provided, the deductions in this clause (b) shall be without duplication of any amounts deducted from the calculation of Deferred Purchase Price Amount.

 “Contingent Rent Purchase Price” means an amount (which may be less than zero) equal to 

(a) the sum of: 

(i) all Excess Rental Payments on or prior to the Final Settlement Date; plus 

(ii) all Other Payments on or prior to the Final Settlement Date; plus 

(iii) all interest payments on the MLS Collection Account attributable to the deposit of Collections (other than Deemed
Collections and Device Repayment Purchase Price) into the MLS Collection Account prior to the Device Lease Payment Date that such Collections relate to; minus 

(b) the sum of: 

  
 3 

 (i) the sum of all Rental Payments and other amounts due and owing to Buyer by
any Lessee, Servicer or Guarantor as of the Final Settlement Date; plus 
 (ii) the aggregate additional interest expense
incurred by Buyer in respect of the Facilities as a result of Buyer not receiving Device Net Sale Proceeds (or Device Dilution Payments, Customer Purchase Price Amounts, Sprint Net Sale Proceeds or Forward Purchase Price Amounts in lieu thereof) in
respect of each Device on or prior to the applicable Expected Sales Date; provided such interest expense with respect to each applicable Device shall be calculated at the rate set forth in the applicable Financing Document applicable to the Device
Net Sale Proceeds (or Device Dilution Payments, Customer Purchase Price Amounts, Sprint Net Sale Proceeds or Forward Purchase Price Amounts in respect of such Device) for such Device that would have been repaid for the period between the Expected
Sales Date of such Device and the earlier of the Final Settlement Date and the date on which the Device Net Sale Proceeds (or Device Dilution Payments, Customer Purchase Price Amounts, Sprint Net Sale Proceeds or Forward Purchase Price Amounts in
lieu thereof) for such Device are actually received by Buyer; provided, further, this clause (ii) shall exclude additional interest expense with respect to any Device returned to Buyer (or its Nominated Agent) that satisfies the Device Return
Condition for any period after the Device Disposal Period for such Device; plus 
 (iii) all unreimbursed costs and fees of
Buyer (or its Nominated Agent) as of the Final Settlement Date to repair and restore Devices that when returned were not in Device Return Condition; provided any such repair cost or expense was incurred by Buyer (or its Nominated Agent) in
accordance with the Transaction Documents; plus 
 (iv) the sum of the aggregate Device Residual Values for each Non-Returned
Device (other than Non-Returned Devices in respect of which a Device Dilution Payment was made) as of the applicable Expected Sales Date of such Device without duplication of amounts deducted in clause (b)(ii) of the definition of Contingent Device
Purchase Price; 
 provided, however, the deductions in (b)(i)-(iv) shall be without duplication of any amounts deducted from the calculation of
Deferred Purchase Price Amount. 
 “Contingent Purchase Price” means the sum of the Contingent Device Purchase Price plus
the Contingent Rent Purchase Price; provided, however, in no event shall this amount be less than zero. 
 “Customer Lease-End
Rights and Obligations” means, with respect to any Related Customer Lease for a Device, (a) during the Term of a Device Lease for such Device, (i) the right to receive possession of such Device if returned by the Customer,
(ii) the right to receive purchase price payments or payments in lieu by Customers under such Related Customer Lease, (iii) the obligation to deliver title to such Device to the relevant Customer free and clear of any Adverse Claims by and
through the Buyer upon payment of the purchase price and all other amount due and owing for such Device under such Related Customer Lease, (iv) the right to terminate such Related Customer Lease in accordance with the early termination
provisions thereof if the Sprint Parties discontinue the Sprint Parties’ leasing program for Devices and (v)

  
 4 

 
the right to set the fair market value under such Related Customer Lease in relation to the Customer’s purchase option of such Device after the Scheduled Customer Lease Term and (b) at
all times after the Term of a Device Lease for such Device, all rights and obligations under such Related Customer Lease. 

“Customer Purchase Price Amounts” means with respect to any Device, all purchase price payments and payments in lieu of
delivery of such Device received by Buyer, directly or indirectly from the relevant Customers under the related Customer Lease. For the avoidance of doubt this amount shall not include payments on account of scheduled Customer Receivables. 

“Debt” means, at any time, indebtedness of any Person at any time, without duplication, all obligations for money borrowed or
raised, all obligations (other than accounts payable and other similar items arising in the ordinary course of business) for the deferred payment of the purchase price of property, and all capital lease obligations or other obligations which, in
each case, in accordance with GAAP, would be included in determining total liabilities as shown on the liability side of the balance sheet of such Person and all guarantees (whether contingent or otherwise) of such Person guaranteeing the Debt of
any other Person, whether directly or indirectly (other than endorsements for collection or deposit in the ordinary course of business). 

“Deemed Collections” shall have the meaning provided in the Servicing Agreement. 

“Deferred Purchase Price” shall have the meaning provided in Section 2.3(ii) of this Agreement. 

“Deferred Purchase Price Amount” shall have the meaning provided in Section 3.1 of this Agreement. 

“Deferred Purchase Price Interest” shall have the meaning provided in Schedule VI of this Agreement. 

“Delivery Costs” shall have the meaning provided in the Device Repurchase Agreement. 

“Device Dilution Payment” means with respect to any Device, any payment to Buyer on account of Dilutions in respect of the
Device Residual Value for such Device pursuant to Section 2.7(b) of the Servicing Agreement or Sections 2.9(a)(ii)(A)(3), 2.9(a)(ii)(B)(2), 2.9(a)(ii)(C)(2), 2.9(a)(iii)(A)(3) or 2.9(a)(iii)(B)(2) of the Master Lease Agreement. 

“Device Disposal Period” means, with respect to a Device, the period from the return of the Device to Buyer (or its Nominated
Agent) to the earlier of (a) in the case of a Device (other than a Reparable Device), 30 days thereafter and in the case of a Reparable Device, 45 days thereafter and (b) the date such Device is disposed of. 

“Device Handling Fee” shall have the meaning provided in the Support Services Agreement. 

“Device Losses” means with respect to a Device, an amount (which may be less than zero) equal to (a) the sum of
(i) the Device Net Sale Proceeds in respect of such Device disposal on or prior to the Final Settlement Date, (ii) any Device Dilution Payment in respect of such 

  
 5 

 
Device on or prior to the Final Settlement Date, (iii) any Customer Purchase Price Amount in respect of such Device on or prior to the Final Settlement Date, (iv) the Sprint Net Sale
Proceeds in respect of such Device disposal on or prior to the Final Settlement Date and (v) the Forward Purchase Price Amount in respect of such Device disposal on or prior to the Final Settlement Date; minus (b) the sum of (i) the
Device Residual Values for such Device as of the applicable Expected Sales Date of such Device plus (ii) the sum of all Rental Payments and other amounts due and owing to Buyer by any Lessee, Servicer or Guarantor as of the Final Settlement
Date in respect of such Device; plus (iii) the aggregate additional interest expense incurred by Buyer in respect of the Facilities as a result of Buyer not receiving Device Net Sale Proceeds (or Device Dilution Payments, Customer Purchase
Price Amounts, Sprint Net Sale Proceeds or Forward Purchase Price Amounts in lieu thereof) in respect of such Device on or prior to the applicable Expected Sales Date; provided such interest expense with respect to such Device shall be calculated at
the rate set forth in the applicable Financing Document applicable to the Device Net Sale Proceeds (or Device Dilution Payments, Customer Purchase Price Amounts, Sprint Net Sale Proceeds or Forward Purchase Price Amounts in respect of such Device)
for such Device that would have been repaid for the period between the Expected Sales Date of such Device and the earlier of the Final Settlement Date and the date on which the Device Net Sale Proceeds (or Device Dilution Payments, Customer Purchase
Price Amounts, Sprint Net Sale Proceeds or Forward Purchase Price Amounts in lieu thereof) for such Device are actually received by Buyer; provided, further, this clause (b)(iii) shall exclude additional interest expense with respect to such Device
that is returned to Buyer (or its Nominated Agent) and satisfies the Device Return Condition for any period after the Device Disposal Period for such Device; plus (iv) all unreimbursed costs and fees of Buyer (or its Nominated Agent) as of the
Final Settlement Date to repair and restore such Device that when returned was not in the Device Return Condition; provided any such repair cost or expense was incurred by Buyer (or its Nominated Agent) in accordance with the Transaction Documents;
plus (v) the Supplemental Fixed Amount in respect of such Device, provided, however, the deductions in (b)(i)-(v) shall be without duplication of any amounts deducted from the calculation of Contingent Purchase Price and clause (b)(i) of
Section 3.1. 
 “Device Net Sale Proceeds” means, with respect to a Device sold by Buyer (or its Nominated Agent) in
the secondary market, the Device Sale Proceeds for such Device less the Device Handling Fee payable with respect to such transfer incurred in connection with such sale. 

“Device Repayment Purchase Price” shall have the meaning provided in the Servicing Agreement. 

“Devices” means the wireless mobile device identified on Schedule I hereto and each other wireless mobile device received by
the Buyer in connection with a Like-Kind Exchange for any of the foregoing Devices. 
 “Device Sale Proceeds” means, with
respect to a Device sold by Buyer (or its Nominated Agent), the gross proceeds of sale of such Device. 

  
 6 

 “Excess Rental Payment” means with respect to a Customer Lease, all monthly
Customer Receivables paid by Customers in respect of any period after the Scheduled Customer Lease Term of such Customer Lease. 

“Facilities” means the Senior Loans and the Senior Subordinated Loans. 

“Financing Documents” means each of the documents evidencing the Facilities. 

“Forward Purchase Agreement” shall have the meaning provided in the Servicing Agreement. 

“Forward Purchase Price Amount” means, with respect to a Device sold by Buyer (or its Nominated Agent) to Forward Purchaser
under the Forward Purchase Agreement, the Fixed Price (as defined in the Forward Purchase Agreement) for such Device as of the Sale Date (as defined in the Forward Purchase Agreement) of such Device less the Originator Charge. 

“Forward Purchaser” means Hon Hai Precision Ind. Co., Ltd. 

“Income Tax” means any tax imposed on the net income or profits of any Person and any similar Taxes, including any minimum
Tax, net worth Tax, capital stock Tax or similar Tax. 
 “Independent Director” means a natural person who (I) is not
at the time of initial appointment, or at any time while serving as Independent Director of a Lessee, and has not been at any time during the preceding five (5) years: (a) a stockholder, member, director, manager (with the exception of
serving as an independent manager or independent director of any Lessee), officer, employee, partner, attorney or counsel of Guarantor or any of their respective Affiliates (other than the other Lessees); (b) a supplier or other Person who
derives any of its purchases or revenues from its activities with such Lessee or Guarantor or any of their respective Affiliates (except in such person’s capacity as an independent manager or independent director of any Lessee); or (c) a
member of the immediate family of any such supplier, stockholder, member, director, manager, officer, employee, partner, attorney, counsel or other Person described in clauses (a) or (b) above and (II) (1) has prior
experience as an independent manager or independent director for a company whose charter documents required the unanimous consent of all independent managers or independent directors thereof before such 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) has at least three years of relevant employment experience. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Lessee Representative” shall have the meaning provided in Section 8.14 of this Agreement. 

“Net Device Losses” means, with respect to any Device for which the calculation of Device Losses resulted in an amount less
than zero, an amount equal to the lesser of (i) the Deferred Purchase Price with respect to such Device and (ii) the Device Losses with respect to such Device (assuming the Device Losses are expressed as a positive amount solely for
purposes 

  
 7 

 
of this clause (ii)). As an example, if Device Losses are -50, for purposes of clause (ii), Device Losses would be expressed as 50. 

“OFAC” shall have the meaning provided in the First Step Transfer Agreement. 

“Originator Charge” shall have the meaning provided in the Support Services Agreement. 

“Originator Device Fee” shall have the meaning provided in the Device Repurchase Agreement. 

“Other Payments” means the sum of all Collections received by Buyer, directly or indirectly from Customers under Customer
Leases (other than scheduled Customer Receivables and Customer Purchase Price Amounts). 
 “Patriot Act” shall have the
meaning provided in the First Step Transfer Agreement. 
 “Permitted Additional Tranches” means Buyer’s future
purchase and leaseback of mobile wireless devices and device leases arising from a mobile telephony operator’s cellular telephony business and financed with non-recourse secured Debt secured solely by such property and that does not constitute
Devices, Devices Leases or collateral securing any Device Lease and in respect of which the Persons providing such financing and their agents have entered into the MLS Intercreditor Agreement on the terms provided therein. 

“Purchase Price” shall have the meaning provided in Section 2.3 of this Agreement. 

“Qualified Purchaser” means a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment
Company Act. 
 “Related Customer Leases” means each Customer Lease with respect to a Device identified on Schedule II
hereto. 
 “Related Originator” shall have the meaning provided in the First Step Transfer Agreement. 

“Related Purchase Price” shall have the meaning provided in Section 2.3 of this Agreement. 

“Rent Payment Shortfall” means as of any date of determination, the sum of all accrued and unpaid Rental Payments as of such
date. 
 “Senior Loan Lenders” shall have the meaning provided in the Servicing Agreement. 

“Servicer Report” shall have the meaning provided in the Servicing Agreement. 

“Sprint Net Sale Proceeds” means, with respect to (i) a Device sold by Buyer (or its Nominated Agent) to any Originator
under the Device Repurchase Agreement, the Device Sale Proceeds for such Device less the Originator Device Fee less, to the extent not included in the Originator Device Fee, Delivery Costs and sales and transfer Taxes (not including any Income
Taxes), if any, payable with respect to such transfer incurred in connection with such sale, or (ii) a 

  
 8 

 
Device for which any Lessee has made payment under Sections 2.11(c) of the Master Lease Agreement, the amount of such payment. 

“Supplemental Fixed Amount” shall have the meaning provided in the Forward Purchase Agreement. 

“Support Services Agreement” shall have the meaning provided in the Servicing Agreement. 

“Transfer” shall have the meaning provided in Section 7.1(b) of this Agreement. 

SECTION 1.2 Other Interpretive Matters. The interpretation of this Agreement, unless otherwise specified, is subject to
Section 1.2 of the Master Lease Agreement. 
 ARTICLE II 

AGREEMENT TO PURCHASE AND SELL 

SECTION 2.1 Purchase and Sale. Upon the terms and subject to the conditions set forth in this Agreement, on the Lease Closing Date,
each Lessee, severally and for itself, hereby sells to the Buyer, and, in consideration of the payment of the Purchase Price, the Buyer hereby purchases from the relevant Lessee, all of such Lessee’s right, title and interest in, to and under
(a) each Device and (b) the Customer Lease-End Rights and Obligations under each Related Customer Lease. 
 SECTION 2.2
Assignment and Assumption of Customer Lease-End Rights and Obligations. For the purposes of this Agreement, (x) all sales of contractual and other rights of Lessees in connection with Devices and Related Customer Leases shall be deemed
to be absolute and irrevocable assignments thereof and (y) all purchases of contractual obligations by the Buyer shall be deemed to be assumptions thereof. From and after the date hereof (i) the Buyer shall have assumed the Customer
Lease-End Rights and Obligations under the Related Customer Leases and (ii) each Lessee shall have relinquished its rights and be released from its obligations under the Customer Lease-End Rights and Obligations under the Related Customer
Leases. For the avoidance of doubt, from and after the Lease Closing Date until the Term of a Device Lease for a Device has terminated or expired, the relevant Lessee shall be the lessor of record of the Device under the Related Customer Lease and
own the right to receive all scheduled Customer Receivables in connection with such Related Customer Lease. 
 SECTION 2.3 Purchase
Price. The purchase price for the Devices and the Customer Lease-End Rights and Obligations under the Related Customer Leases sold by each Lessee to the Buyer on the date hereof (each, a “Related Purchase Price” and, in the
aggregate, the “Purchase Price”) shall be payable by the Buyer as follows: 
 (a) first, on the Lease Closing Date, the
Buyer shall pay to the Lessee Representative, on behalf of the Lessees, a portion of the Related Purchase Price in cash (in immediately available funds) in the amount set forth on Schedule III under the heading “Cash Purchase Price”
(the “Cash Purchase Price”); 

  
 9 

 (b) second, a portion of such Related Purchase Price in the amount set forth on Schedule
III under the heading “Deferred Purchase Price” shall be deferred (the “Deferred Purchase Price”) and paid to the Lessee Representative, on behalf of the Lessees, in accordance with Section 3.1; and 

(c) third, the remaining portion of such Related Purchase Price shall be deferred and paid to the Lessee Representative, on behalf of the
Lessees, on the Final Settlement Date in accordance with Section 3.2 as the Contingent Purchase Price. 
 SECTION 2.4 Reserved.

 SECTION 2.5 No Recourse. Except as specifically provided in this Agreement, the purchase and sale of the Devices and the Customer
Lease-End Rights and Obligations under this Agreement shall be without recourse to any Lessee. 
 SECTION 2.6 Intention of the
Parties. It is the express intent of each of the parties hereto that each purchase and sale hereunder shall (except for U.S. federal, state and local income tax purposes) each severally constitute a true sale and absolute assignment of the
Devices and the Customer Lease-End Rights and Obligations by each Lessee to the Buyer (such that the Devices and the Customer Lease-End Rights and Obligations, other than those, if any, subsequently repurchased by the Lessees pursuant to the terms
of the Transaction Documents, would not be property of any Lessee’s estate in any Insolvency Event relating to any Lessee). As a protective measure in the event that, notwithstanding the foregoing, the conveyance of the Devices and the Customer
Lease-End Rights and Obligations to the Buyer is recharacterized by any third party as a pledge securing a loan, each Lessee does hereby grant to the Buyer a security interest in all of such Lessee’s now or hereafter existing right, title and
interest in, to and under the Devices and the Customer Lease-End Rights and Obligations and agrees that this Agreement shall constitute a security agreement under applicable law. Each Lessee hereby authorizes the Buyer, or its respective designees
(i) to file one or more financing or continuation statements, and amendments thereto and assignments thereof, relative to all or any of the Devices and the Customer Lease-End Rights and Obligations now existing or hereafter arising in the name
of such Lessee and (ii) to the extent permitted by Law and the Servicing Agreement, to notify Customers of the assignment of the Devices and related Customer Lease-End Rights and Obligations pursuant hereto. 

SECTION 2.7 Like-Kind Exchanges. At any time that Servicer (on behalf of the Lessee) does a Like-Kind Exchange under the relevant
Customer Lease and as permitted under the Servicing Agreement, the Lessee shall be deemed to have sold to Lessor the Device subject to the Like-Kind Exchange (“Like-Kind Exchange Device”) in exchange for the Purchase Price for such
Device that was or would have been payable in respect of the original Device. Any amount payable by Lessor in respect of the original Device shall now be payable by the Lessor in respect of such Like-Kind Exchange Device; provided, however, nothing
in this Section 2.7 shall operate as to require Lessor to pay any additional amounts on account of the Like-Kind Exchange Device that would not otherwise have been payable by Lessor under the Transaction Documents with respect to the original
Device. 

  
 10 

 ARTICLE III 

PAYMENT OF DEFERRED PURCHASE PRICE AMOUNT AND CONTINGENT PURCHASE PRICE 

SECTION 3.1 Deferred Purchase Price Amount. On the Final Settlement Date, the Buyer shall pay the Lessee Representative, on behalf of
the Lessees, in accordance with the Waterfall, an amount (which shall not be less than zero) (the “Deferred Purchase Price Amount”) equal to (a) the sum of (i) the aggregate Deferred Purchase Price plus (ii) the
remainder of (x) the aggregate amount of Deferred Purchase Price Interest accrued to such date minus (y) the aggregate amount of Deferred Purchase Price Interest paid to the Lessees to such date minus (b) the sum of (i) the
aggregate amount of Rent Payment Shortfalls to such date without duplication of any amounts deducted from the calculation of Contingent Rent Purchase Price and Net Device Losses plus (ii) the aggregate Net Device Losses to such date. 

SECTION 3.2 Contingent Purchase Price. On the Final Settlement Date, the Buyer shall pay the Lessee Representative, on behalf of the
Lessees, in accordance with the Waterfall, the Contingent Purchase Price. In the event, the Buyer does not have sufficient Available Funds to pay the Contingent Purchase Price solely as a result of (i) Marketing Services Provider’s failure
to timely pay to the Buyer the Device Net Sale Proceeds in accordance with the Support Services Agreement and/or (ii) Forward Purchaser’s failure to timely pay to the Buyer all amounts due and owing under the Forward Purchase Agreement
(the “Insufficient Amount”), the Lessees hereby agree that the Contingent Purchase Price shall be reduced by the Insufficient Amount (so long as the Contingent Purchase Price shall not be less than zero after giving effect to such
reduction) and Buyer shall transfer any claim it has to the Insufficient Amount to the Lessee Representative and agrees to cooperate with Lessee Representative in connection with pursuing any claim for the Insufficient Amount as reasonably requested
by Lessee Representative from time to time. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Mutual Representations and Warranties. Each Lessee represents and warrants to the Buyer, and the Buyer represents and
warrants to the Lessees, as of the Lease Closing Date, as follows: 
 (a) Organization and Good Standing. It has been duly organized
or incorporated in, and is validly existing as a corporation, exempted company or limited liability company, as applicable, in good standing under the Laws of its jurisdiction of organization or incorporation (where applicable), with power and
authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted and will be conducted, except to the extent that such failure could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Due Qualification. It is duly qualified to do business as a foreign organization in
good standing, if applicable, and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or
approvals, except where the failure to be in good standing or to hold any such qualifications, licenses and approvals could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(c) Power and Authority; Due Authorization. It (i) has all necessary power and authority to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party in any capacity and (B) carry out the terms of and perform its obligations under the Transaction Documents applicable to it and (ii) has duly authorized by all necessary
corporate or limited liability company action, as applicable, the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 

(d) Binding Obligations. This Agreement constitutes, and each other Transaction Document to be signed by such party when duly executed
and delivered by it will constitute, a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(e) No Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which it is
a party and the performance by it of the terms hereof and thereof will not, (i) violate or result in a default under (A) its articles or certificate of incorporation, memorandum and articles of association,
by-laws, certificate of formation, limited liability company agreement, or other organizational documents, as applicable, or (B) any material indenture or other material agreement or instrument binding on
it, (ii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or instrument except for any Lien that could not reasonably be expected to have a Material Adverse
Effect or arising under the Transaction Documents, or (iii) violate in any material respect any Law applicable to it or any of its properties. 

(f) Bulk Sales Act. No transaction contemplated hereby requires compliance by it with any bulk sales act or similar Law. 

(g) No Proceedings. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or,
to its Knowledge, threatened against or affecting it (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect, (ii) seeking to prevent the consummation of the transactions contemplated by this Agreement or any of the other Transaction Documents, or (iii) that otherwise involve this Agreement or any other Transaction
Document to which it is a party. 

  
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 (h) Governmental Approvals. No authorization or approval or other action by, and no notice
to or filing with, any Governmental Authority is required for its due execution, delivery and performance of this Agreement or any other Transaction Document to which it is a party or the transactions contemplated hereby or thereby, except, as
applicable, for the filing of UCC financing statements required under the Transaction Documents, filings with the Securities Exchange Commission to the extent required by applicable Law. 

SECTION 4.2 Additional Representations and Warranties of the Lessees. Each Lessee represents and warrants to the Buyer as of Lease
Closing Date and with respect to a Like-Kind Exchange Device, as of the date such Like-Kind Exchange Device is transferred Section 4.2(i)(i) only, as follows: 

(a) Valid Sale. This Agreement constitutes an absolute and irrevocable sale of the Devices and the Customer Lease-End Rights and
Obligations to the Buyer. 
 (b) Use of Proceeds. The use of all funds obtained by it under this Agreement will not conflict with or
contravene any of Regulations T, U and X promulgated by the Board of Governors of the Federal Reserve System. 
 (c) Quality of Title.
Prior to its sale to the Buyer hereunder, each Device and the Customer Lease-End Rights and Obligations in respect of each Related Customer Lease, is owned by it free and clear of any Adverse Claim (other than Permitted Device Liens); when the Buyer
purchases such Devices and Customer Lease-End Rights and Obligations, the Buyer shall have acquired them for fair consideration and reasonably equivalent value, free and clear of any Adverse Claims (other than Permitted Device Liens) and no valid
effective financing statement or other instrument similar in effect covering any Device and any Customer Lease-End Rights and Obligations is on file in any recording office, except such as may be filed (i) in favor of the relevant Lessee in
accordance with the First Step Transfer Agreement or any other Transaction Document (and assigned to MLS and further assigned to the Collateral Agent), (ii) in connection with any Permitted Device Lien. 

(d) UCC Details. Its true legal name as registered in the sole jurisdiction in which it is organized and the jurisdiction of such
organization are specified in Schedule IV and its chief executive office is at the address specified in Schedule IV (or at such other location, notified to the Buyer and Collateral Agent). Except as described in Schedule IV, it
has never had any, trade names, fictitious names, assumed names or “doing business as” names and is “located” in the jurisdiction specified in Schedule IV for purposes of Section 9-307 of the UCC. It is organized in
only a single jurisdiction. 
 (e) Adverse Change. Since the date of their formation, there has been no change in the financial
condition, business or prospects of the Lessees, taken as a whole, that could reasonably be expected to result in a Material Adverse Effect. 

(f) Investment Company Act. It is not an “investment company” under (and as defined in) the Investment Company Act. 

  
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 (g) Tax Returns and Payments. It has filed all federal income tax returns and all other
material tax returns that are required to be filed by it and has paid all taxes due pursuant to such returns or pursuant to any assessment received by it, except (i) for any such taxes or assessments, if any, that are being appropriately
contested in good faith by appropriate proceedings and with respect to which adequate reserves in conformity with GAAP have been provided or (ii) to the extent that the failure to do so could not reasonably be expected to result in a Material
Adverse Effect. No tax lien has been filed, and, to its Knowledge, no claim is being asserted, with respect to any such tax or assessment that could reasonably be expected to result in a Material Adverse Effect. 

(h) No Sanctions. It is not a Sanctioned Person. To its knowledge after due inquiry, no Customer was a Sanctioned Person at the time of
the relevant Originator’s entry into any Related Customer Lease with such Customer. It and its Affiliates: (i) have less than 15% of their assets in Sanctioned Countries and (ii) derive less than 15% of their operating income from
investments in, or transactions with Sanctioned Persons or Sanctioned Countries. Neither it nor any of its Affiliates engages in activities related to Sanctioned Countries, except for such activities as are (A) specifically or generally
licensed by OFAC or (B) otherwise in compliance with OFAC’s sanctions regulations. 
 (i) Eligible Devices and Related Customer
Leases. Each Device is (i) an Eligible Device and (ii) each Related Customer Lease is an Eligible Lease. 
 SECTION 4.3
Additional Representations and Warranties of the Buyer. Buyer represents and warrants to the Lessees as of Lease Closing Date that it is not an “investment company” under (and as defined in) the Investment Company Act. 

ARTICLE V 
 GENERAL
COVENANTS 
 SECTION 5.1 Mutual Covenants. At all times from the Lease Closing Date to the Final Settlement Date, each Lessee and
the Buyer shall: 
 (a) Compliance with Laws, Etc. Comply with all applicable Laws, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (b) Preservation of Existence. Except as
expressly permitted by Sections 5.2(h) or 5.2(i) with respect to the Lessees, preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing in each
jurisdiction where the failure to qualify or preserve and maintain such existence, rights, franchises, privileges and qualification could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(c) Tax. (i) Agree for all U.S. federal, state and local income tax purposes, (x) to treat the Cash Purchase Price paid
hereunder as amounts loaned by the Buyer for which the Devices transferred hereunder provide security, and to treat the Rental Payments payable to the Buyer under the Device Leases as payments on such indebtedness owed to

  
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the Buyer, (y) to treat any proceeds from any sale of a Device and any Excess Rentals Payments as income of the Lessees, with Buyer retaining the related cash only to secure payment of
amounts due under such indebtedness and (z) not to treat the Buyer as the owner of the Devices, unless, after the Lease Closing Date, a Change in Law occurs and, as confirmed by an Opinion of Counsel and after consultation in good faith with
the other Parties and their respective tax advisors, there is no substantial authority, within the meaning of Section 6662 of the Code, for such treatment, or there is a Final Determination of such treatment. 

(ii) The Parties acknowledge that the Buyer has entered into the Tax Services Agreement with the Servicer and Sprint, which
will govern responsibility for filing any Tax Returns and paying any Taxes that are due with respect to any payment made or any transfer of Devices or Customer Lease-End Rights and Obligations hereunder. All payments made, or deemed made, pursuant
to this Agreement shall be made free and clear of, and without deduction for, any Taxes except to the extent required by applicable Law. The Parties do not expect payments made pursuant to this Agreement to be subject to withholding or other
deduction of Taxes. Prior to withholding any Taxes from any payment hereunder, the Buyer and the Lessee Representative shall consult in good faith as to the withholding to be made; and 

(iii) Each transfer of the Devices contemplated hereunder is intended to be an exempt sale for resale for sales and use tax
purposes as the purchaser or transferee intends to re-sell or lease each Device in the same form or condition in which it was purchased to others in the normal course of the purchaser or transferee’s business. The Parties will cooperate to take
all steps to timely prepare and secure any exemption certificate, resale certificate or similar documentation requested or required by any jurisdiction for purposes of qualifying for or documenting such exemption. 

SECTION 5.2 Additional Covenants of the Lessees. At all times from the Lease Closing Date to the Final Settlement Date, each Lessee
shall: 
 (a) Evidence of Purchase. Maintain its accounting records to evidence that the Devices and Customer Lease-End Rights and
Obligations have been irrevocably transferred to the Buyer in accordance with this Agreement. 
 (b) Keeping of Records and Books of
Account; Delivery. Maintain and implement, or cause to be maintained and implemented, administrative and operating procedures (including an ability to recreate records evidencing the Devices and the Related Customer Leases in the event of the
destruction of the originals thereof, backing up on at least a daily basis on a separate backup computer from which electronic file copies can be readily produced and distributed to third parties being agreed to suffice for this purpose), and keep
and maintain, or cause to be kept and maintained (or transferred to Servicer), all documents, books, records and other information necessary or advisable for the collection of all Collections in respect of all Devices and the Related Customer
Leases. 
 (c) Location of Records. Keep its chief executive office and principal place of business at the address of such Lessee
referred to in Schedule IV or, upon thirty (30)

  
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days’ prior written notice to the Collateral Agent and the Buyer, at such other locations in jurisdictions where all action required under the Master Lease Agreement shall have been taken
and completed. 
 (d) PATRIOT ACT Information. Promptly following a request therefor, provide any documentation or other information
that the Buyer or any of its assignees under the Transaction Documents reasonably requests in order to comply with its ongoing obligations under the applicable “know your customer” and anti- money laundering rules and regulations,
including the PATRIOT Act. 
 (e) Continuation Statements. Authorize and deliver and file or cause to be filed appropriate
continuation statements not earlier than six months and not later than one month prior to the fifth anniversary of the date of filing of the financing statements filed in connection with the Lease Closing Date or any other financing statement filed
pursuant to this Agreement, in each case naming such Lessee as debtor, if the Final Settlement Date shall not have occurred. 
 (f)
Further Assurances. From time to time, at its expense, promptly execute and deliver all further instruments and documents, and take all further action that the Buyer or any of its assignees under the Transaction Documents may reasonably
request in order to perfect, protect or more fully evidence the purchases, sales and assignments and security interests hereunder, or to enable the Buyer or any such assignee to exercise or enforce any of their respective rights with respect to the
Devices and the Related Customer Leases. Without limiting the generality of the foregoing, each Lessee will upon the request of the Buyer or any of its assignees under the Transaction Documents 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. 
 (g)
Tax Matters. Each Lessee shall pay and discharge, or cause the payment and discharge of, all federal income taxes (and all other material taxes) of such Lessee when due and payable, except (x) such as may be paid thereafter without
penalty, (y) such as may be contested in good faith by appropriate proceeding and for which an adequate reserve has been established and is maintained in accordance with GAAP or (iii) where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (h) Mergers, Sales, Etc. Not consolidate or
merge with or into any other Person or sell, lease or transfer all or substantially any portion of its property and assets, or agree to do any of the foregoing, unless (i) the Buyer shall have received 30 days’ prior notice thereof,
(ii) no Lease Event of Default or Lease Default has occurred and is continuing or would result immediately after giving effect thereto, (iii) the Buyer shall have consented in writing thereto, if the resulting entity following such merger,
consolidation or other restructuring is any Person other than a Lessee, (iv) Guarantor reaffirms in a writing, in form and substance reasonably satisfactory to the Buyer, that its obligations under the Sprint Guarantee and the Performance
Support Agreement shall apply to the surviving entity and (v) the Buyer receives such additional certifications and opinions of counsel as it shall reasonably request. 

  
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 (i) Change in Organization, Etc. Not change its jurisdiction of organization or
incorporation or its name, identity or corporate organization structure or make any other change such that (i) any financing statement filed or other action taken to perfect the Buyer’s interests hereunder would become seriously misleading
or would otherwise be rendered ineffective unless such Lessee shall have given Buyer and the Collateral Agent not less than 30 days’ prior written notice of such change or (ii) it would no longer be a special purpose entity or would result
in a violation of its corporate separateness covenants in Section 6.1. 
 SECTION 5.3 Additional Covenants of the Buyer. At all
times from the Lease Closing Date to the Final Settlement Date, the Buyer shall: 
 (a) Notices. Promptly (but in any event within
three (3) Business Day after obtaining Knowledge thereof) notify the Lessee Representative of the existence of any Default or Event of Default (or the equivalent thereof) under and as defined in the applicable Financing Documents describing
with particularity the nature of such event. 
 (b) Books and Records. Maintain proper books of record and account, in which full,
true and correct entries in conformity with tax-based accounting consistently applied will be made of all financial transactions and matters involving the assets and business of the Buyer. 

(c) Inspection Rights. Permit representatives and independent contractors of the Lessees, at their own expense, to visit and inspect any
of its offices, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its officers having direct knowledge or responsibility of the subject
matter in order to confirm Buyer’s performance of its obligations under this Agreement, provided, however, that such visits, inspections or examinations will be made at a reasonable time during normal business hours with due regard for, and
minimal disruption of, the business of the Buyer, and will not (a) occur more frequently than once in any 12-month period and (b) be made without five (5) Business Days’ prior written notice. 

(d) Enforcement of Support Services Agreement. Promptly enforce the obligations of Marketing Services Provider under the Support
Services Agreement to cause resale of Devices in accordance with the Support Services Agreement and the deposit of proceeds in respect thereof, in accordance with the terms of such agreement and the other Transaction Documents. 

(e) Replacement of Logistics Services Provider and/or Marketing Services Provider. If a termination event has occurred and is continuing
under Section 10.1 of the Support Services Agreement, upon one (1) Business Day prior written notice of any Sprint Party to the Buyer requesting termination of the Support Services Agreement, the Buyer shall deliver written notice to the
Logistics Services Provider and Marketing Services Provider terminating the Support Services Agreement. 

  
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 (f) Fair Market Value under Customer Leases for Devices. Promptly (and in no event later
than one (1) Business Day after request by any Sprint Party), provide such Sprint Party with the fair market value in relation to a Customer’s purchase option of a Device under a Related Customer Lease for any period after the relevant
Scheduled Customer Lease Term, provided, however, Buyer’s determination of the fair market value of such Device shall be the higher of (x) the Secondary Market Value of such Device on the basis that such Device is a Grade B Device and
(y) the fair market value of such Device determined by the relevant Sprint Party acting reasonably provided in writing by a Sprint Party to Buyer at the time of or prior to any Sprint Party’s request under this Section 5.3(f). 

(g) [Reserved]. 
 (h)
[Reserved]. 
 (i) Access to Buyer Database. Promptly (and in no event later than one (1) Business Day after request by
any Sprint Party), provide such Sprint Party with read-only access to Buyer’s database in respect of the Devices for purposes of billing and accounting reconciliation. 

(j) [Reserved]. 
 (k)
Special Purpose Entity/Bankruptcy Remoteness. The Buyer shall comply with the special purpose entity and bankruptcy remoteness provisions set forth in Schedule V. 

(l) Indebtedness Covenant. Except for Debt incurred to finance Buyer’s purchases in respect of Permitted Additional Tranches, Buyer
shall not create, incur, assume, guarantee, permit to exist or otherwise become directly or indirectly liable for or in respect of any Debt or other obligation or purchase any asset (whether or not pursued for gain or other pecuniary advantage),
except in accordance with the Transaction Documents and as permitted by its certificate of formation and limited liability company agreement. 

(m) Liens. Buyer shall not create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now
owned or hereafter acquired, other than Buyer Permitted Liens. 
 (n) Application of Collections. Not declare or make or permit any
other Person to declare or make, directly or indirectly, any payment or distribution of cash constituting Collections or Rental Payments other than in accordance with the Waterfall. 

(o) Amendment or Waiver of Transaction Documents. Not cause, consent to, or permit, any termination, modification, amendment, variance
or waiver of timely compliance with any term or condition of any of the Transaction Documents (other than the Sprint Transaction Documents) without (i) first providing five (5) Business Days prior notice to a Lessee Representative along
with a copy of or the terms of the proposed modification, amendment, variance or waiver and (ii) in the case of any modification, amendment, variance or waiver that would reasonably be expected to be materially

  
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adverse to any Sprint Party first obtaining the prior written consent of the Lessee Representative; provided, however, Buyer shall promptly provide the Lessee Representative with a copy of any
such modification, amendment, variance or waiver. 
 (p) Actions Under Related Customer Leases. Not take enforcement actions or
exercise remedies or take any other action under the Related Customer Leases other than through the Servicer. 
 (q) Servicing
Information. Provide and cause Marketing Services Provider to provide to the Servicer all data and other information necessary to permit the Servicer to prepare and deliver each Servicer Report in accordance with and at the times required under
the Servicing Agreement. 
 (r) Further Assurances. From time to time, at the expense of the Lessees, promptly execute and deliver all
further instruments and documents, and take all further action that the Lessee Representative may reasonably request in order to perfect, protect or more fully evidence the purchases, sales and assignments and security interests hereunder or under
the other Transaction Documents, or to enable the Lessees or any Affiliate thereof to exercise or enforce any of their respective rights hereunder and under the other Transaction Documents. Without limiting the generality of the foregoing, the Buyer
will upon the request of the Lessee Representative authorize and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, and take such other actions, as may be necessary or
appropriate to perfect and protect any Liens granted by the Buyer to the Lessees. 
 ARTICLE VI 

CORPORATE SEPARATENESS 

SECTION 6.1 Corporate Separateness. Each Lessee hereby acknowledges that the Buyer is entering into the transactions contemplated by
this Agreement and the other Transaction Documents in reliance upon each Lessee’s identity as a legal entity separate from Guarantor, the Servicer, the Originators and their respective Affiliates. In addition to and consistent with the other
covenants set forth herein, each Lessee shall take such actions as shall be required in order that: 
 (a) Special Purpose Entity.
Each Lessee will be a special purpose limited liability company whose primary activities are restricted in its memorandum and articles of association to: (i) acquiring, owning, holding or selling interests in the Devices and the related
Customer Leases in accordance with the Transaction Documents, (ii) granting security interests in the Devices, the related Customer Leases and any of its other assets required to be granted by it under the Transaction Documents,
(iii) entering into and exercising its rights and performing its obligations under the Customer Leases and the Transaction Documents (iv) acting as lessor under Customer Leases and as lessee under Device Leases, receiving the Purchase
Price for the sale of Devices and other rights, under Customer Leases and any other payments due to it under the Transaction Documents, paying amounts due under the Master Lease Agreement and other 

  
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Transaction Documents, and declaring and paying dividends and distributions to its Related Originator from such amounts and (v) conducting such other activities as it deems necessary or
appropriate to carry out the primary activities described above or as otherwise contemplated by the Transaction Documents. 
 (b)
Commingling. Except as otherwise expressly permitted by any Transaction Document, no Lessee shall commingle any of its assets or funds with those of any of its Affiliates (other than any other Lessee); 

(c) Independent Director. At least one member of each Lessee’s board of directors shall be an Independent Director and the
memorandum and articles of association of such Lessee shall provide: (i) for the same definition of “Independent Director” as used herein, (ii) that such Lessee’s board of directors shall not approve, or take any other
action to cause the filing of, a voluntary bankruptcy petition with respect to such Lessee unless the Independent Director shall approve the taking of such action in writing before the taking of such action and (iii) that the provisions
required by clauses (i) and (ii) of this sentence cannot be amended except in accordance with this Agreement and without the prior written consent of the Independent Director and the Buyer; 

(d) Corporate Formalities. Each Lessee will strictly observe corporate formalities in its dealings with the Servicer, the Originators
and any Affiliates thereof (other than any other Lessee). Except as permitted under the Transaction Documents, the Lessees shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Originators and any Affiliates
(other than any other Lessee) thereof has independent access, other than the Servicer’s right to access such accounts in accordance with the Transaction Documents. Each Lessee shall procure that its Related Originator maintain such
Lessee’s memorandum and articles of association and other organizational documents in conformity with this Agreement; 
 (e) Conduct
of Business. Each Lessee shall conduct its affairs strictly in accordance with its organizational documents and observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special
members’ and board of directors’ (or managers’) meetings appropriate to authorize all corporate 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, intercompany transaction accounts; 

(f) No Other Business or Debt. No Lessee shall engage in any business or activity except as set forth in the Transaction Documents to
which it is a party nor incur any indebtedness or liability other than as expressly permitted by the Transaction Documents to which it is a party. 

(g) Books and Records. Each Lessee’s books and records will be maintained separately from those of the Servicer, the Originators
and any of their Affiliates (other than any other Lessee) and in a manner such that it will not be difficult or costly to segregate, ascertain or otherwise identify the assets and liabilities of such Lessee from the

  
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assets and liabilities of the Servicer, the Originators and any of their Affiliates (other than any other Lessee); 

(h) Operating Expenses. Each Lessee’s operating expenses will not be borne by the Servicer, any Originator or any of their
Affiliates (other than any other Lessee), except from capital contributions from its equity holders or as expressly contemplated by the Transaction Documents to which it is a party. 

(i) Disclosure of Transactions. All financial statements of the Servicer, the Originators, and any of their Affiliates that are
consolidated to include any Lessee will disclose that (i) such Lessee’s sole business consists of the purchase or acceptance through capital contributions of the Devices and Related Customer Lease from its Related Originator, the
subsequent retransfer of or granting of a security interest in such Devices and certain rights and obligations under the Related Customer Leases to the Buyer pursuant to this Agreement, the subsequent lease of the Devices pursuant to the Device
Leases to which it is a party and performing its obligations under the Customer Leases and the Transaction Documents to which it is a party, (ii) such Lessee is a separate legal entity with its own separate creditors who will be entitled, upon
its liquidation, to be satisfied out of the Lessee’s assets prior to any assets or value in the Lessee becoming available to the Lessee’s equity holders and (iii) the assets of the Lessee are not available to pay creditors of the
Servicer, any Originator or any Affiliate thereof (other than any other Lessee); 
 (j) Arm’s-Length Relationships. Each Lessee
shall maintain an arm’s-length relationship with the Servicer, each Originator, and its other Affiliates. Except as expressly contemplated by the Transaction Documents to which it is a party, no Lessee, on the one hand, or the Servicer, any
Originator, or any of its other Affiliates, on the other hand, will be or will hold itself out to be responsible for the debts of the other (other than any other Lessee) or the decisions or actions respecting the daily business and affairs of the
other. Each Lessee, the Servicer, any Originators, and its other Affiliates will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport to operate as an integrated single economic unit
with respect to each other or in their dealing with any other entity (other than among the Lessee); 
 (k) Allocation of Overhead. To
the extent that any Lessee, on the one hand, and the Servicer, any Originator or any Affiliate thereof, on the other hand, have offices in the same location, there shall be a fair and appropriate allocation of overhead costs between them, and such
Lessee shall bear its fair share of such expenses, which may be paid through the Servicing Fee or otherwise; 
 (l) Identification.
Each Lessee shall at all times hold itself out to the public under such Lessee’s own name as a legal entity separate and distinct from its equity holders, members, managers, the Servicer, any Originator or any Affiliate thereof (other than any
other Lessee); 
 (m) Capital. Each Lessee shall maintain adequate capital in light of its contemplated business operations; 

  
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 (n) Additional Agreements. Each Lessee also agrees that: 

(i) no Lessee shall issue any security of any kind except certificates evidencing equity interests issued to its Related
Originator in connection with its formation, or incur, assume, guarantee or otherwise become directly or indirectly liable for or in respect of any obligation other than, (i) such Lessee’s liability for obligations under the Transaction
Documents to which it is a party, (ii) as otherwise expressly permitted or contemplated by the Transaction Documents to which it is a party and (iii) ordinary course operating expenses; 

(ii) no Lessee shall sell, pledge or dispose of any of its assets, except as permitted by, or as provided in, the Transaction
Documents to which it is a party; 
 (iii) no Lessee shall purchase any asset (or make any investment, by share purchase,
loan or otherwise) except as specifically permitted by, or as provided in, the Transaction Documents to which it is a party; 

(iv) no Lessee shall make any payment, directly or indirectly, to, or for the account or benefit of, any owner of any security
interest or equity interest in such Lessee or any Affiliate of any such owner (except, in each case, as expressly permitted by, or as provided in, the Transaction Documents to which it is a party); 

(v) no Lessee shall make, declare or otherwise commence or become obligated in respect of, any dividend, stock or other
security redemption or purchase, distribution or other payment to, or for the account or benefit of, any owner of any equity interest in such Lessee to any such owner or any Affiliate of any such owner other than from funds received by it under the
Transaction Documents to which it is a party and so long as, in any case, the result would not directly or indirectly cause such Lessee to be considered insolvent; 

(vi) No Lessee shall have any employees; and 

(vii) Each Lessee will provide for not less than ten (10) Business Days’ prior written notice to the Buyer of any
removal, replacement or appointment of any director that is currently serving or is proposed to be appointed as an Independent Director of such Lessee, such notice to include the identity of the proposed replacement Independent Director, together
with a certification that such replacement satisfies the requirements for an Independent Director set forth in this Agreement and the memorandum and articles of association of such Lessee. 

ARTICLE VII 
 INVESTMENT
COMPANY ACT PROVISIONS 
 SECTION 7.1 Representations and Agreements of the Lessees. Each Lessee makes the representation and
warranties in Section 7.1(a), (c), (d), (e) and (f) to the Buyer as of the Lease Closing Date and makes the agreements in Section 7.1(b) and (f) from the Lease Closing Date to the Final Settlement Date. 

  
 22 

 (a) Assuming the correctness of the representations and agreements of the Buyer in
Section 7.2, each Lessee represents that it is a Qualified Purchaser. 
 (b) Each Lessee understands and agrees that if in the future it
decides to sell, transfer, assign, pledge or otherwise dispose of, in whole or in part (each, a “Transfer”) its interest in the Deferred Purchase Price Amount or the Contingent Purchase Price (collectively, the “Buyer
Obligations”), such Lessee will only Transfer such Buyer Obligations to a Qualified Purchaser (it being understood and agreed that any subsequent Transfers of such Buyer Obligations shall only be made to a Qualified Purchaser). 

(c) Each Lessee is acquiring the Buyer Obligations for its own account, for investment purposes only and not with a view to distribute or
resell such Buyer Obligations in whole or in part. 
 (d) Each Lessee represents and warrants that it was offered the Buyer Obligations
through private negotiations, not through any general solicitation or general advertising, or through any solicitation by a person not previously known to such Lessee in connection with investments generally. 

(e) Each Lessee has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of
its investment in the Buyer Obligations and is able to bear such risks, and has obtained, in its judgment, sufficient information from the Buyer or its authorized representatives to evaluate the merits and risks of such investment. Each Lessee has
evaluated the risks of investing in the Buyer Obligations and has determined that the Buyer Obligations is a suitable investment for it. Each Lessee can afford a complete loss of the investment in the Buyer Obligations and can afford to hold the
investment in the Buyer Obligations for an indefinite period of time. 
 (f) Assuming the correctness of the representations and agreements
of the Buyer in Section 7.2, if any Lessee would be an “investment company” under the Investment Company Act but for the exceptions provided by section 3(c)(1) or 3(c)(7) thereof, then it hereby: (i) represents and warrants that
it has obtained the consent to its treatment as a Qualified Purchaser from the appropriate beneficial owners of its securities in accordance with the requirements of Section 2(a)(51)(C) of, and Rule 2a51-2 promulgated under, the Investment
Company Act; (ii) consents to the treatment of the Buyer as a Qualified Purchaser; and (iii) represents and warrants that it has obtained the consent to such treatment from the appropriate beneficial owners of its securities in accordance
with the requirements of Section 2(a)(51)(C) of, and Rule 2a51-2 promulgated under, the Investment Company Act. 
 SECTION 7.2
Representations and Agreements of the Buyer. The Buyer makes the representation and warranties in Section 7.2(a), (c), (d), (e) and (f) to the Lessees as of the Lease Closing Date and makes the agreements in Section 7.2(b)
and (f) from the Lease Closing Date to the Final Settlement Date. 
 (a) Assuming the correctness of the representations and agreements
of the Lessees in Section 7.1, the Buyer represents that it is a Qualified Purchaser. 

  
 23 

 (b) The Buyer understands and agrees that if in the future it decides to Transfer any Device
Lease, the Buyer will only Transfer such Device Lease to a Qualified Purchaser (it being understood and agreed that any subsequent Transfers of such Device Lease shall only be made to a Qualified Purchaser). 

(c) The Buyer is acquiring the Device Leases for its own account, for investment purposes only and not with a view to distribute or resell such
Device Leases in whole or in part. 
 (d) The Buyer represents and warrants that it was offered the Device Leases through private
negotiations, not through any general solicitation or general advertising, or through any solicitation by a person not previously known to the Buyer in connection with investments generally. 

(e) The Buyer has such knowledge and experience in financial and business matters that the Buyer is capable of evaluating the merits and risks
of its investment in the Device Leases and is able to bear such risks, and has obtained, in the Buyer’s judgment, sufficient information from the Lessees or their authorized representatives to evaluate the merits and risks of such investment.
The Buyer has evaluated the risks of investing in the Device Leases and has determined that the Device Leases are a suitable investment for the Buyer. The Buyer can afford a complete loss of the investment in the Device Leases and can afford to hold
the investment in the Device Leases for an indefinite period of time. 
 (f) Assuming the correctness of the representations and agreements
of the Lessees in Section 7.1 and that the Senior Loan Lenders and the Senior Subordinated Loan Creditor have obtained and given the consents described in this Section 7.2(f) to the extent applicable to such Senior Loan Lenders and Senior
Subordinated Loan Creditor for purposes of this Section 7.2(f), if the Buyer would be an “investment company” under the Investment Company Act but for the exceptions provided by section 3(c)(1) or 3(c)(7) thereof, then the Buyer
hereby: (i) represents and warrants that it has obtained the consent to its treatment as a Qualified Purchaser from the appropriate beneficial owners of its securities in accordance with the requirements of Section 2(a)(51)(C) of, and Rule
2a51-2 promulgated under, the Investment Company Act; (ii) consents to the treatment of the Lessees as Qualified Purchasers; and (iii) represents and warrants that it has obtained the consent to such treatment from the appropriate
beneficial owners of its securities in accordance with the requirements of Section 2(a)(51)(C) of, and Rule 2a51-2 promulgated under, the Investment Company Act. 

ARTICLE VII 

IMISCELLANEOUS 
 SECTION
8.1 Amendments, etc. No amendment or waiver of any provision of this Agreement or consent to any departure by any Lessee therefrom shall in any event be effective unless the same shall be in writing and signed by the Buyer and the Lessee
Representative and, if such amendment or waiver affects the obligations of Guarantor or any of its Affiliates, Guarantor 

  
 24 

 
consents in writing thereto, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

SECTION 8.2 No Waiver; Remedies. No failure on the part of the Buyer or any Lessee to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The
rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by Law. 
 SECTION 8.3 Notices,
Etc. The provisions of Section 21 of the MLS Intercreditor Agreement shall apply as if fully set forth herein. 
 SECTION 8.4
Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Each Lessee acknowledges that Buyer’s rights under this Agreement may be
assigned as collateral to the Collateral Agent for the benefit of the Finance Parties, and Lessees consent to such assignments; provided that such assignment shall neither release Buyer from the performance of its obligations under this Agreement
nor impair any Lessee’s rights under this Agreement. The parties hereto agree that the Collateral Agent (and any of its assignees) is an intended third-party beneficiary of this Agreement and is entitled to enforce the rights of Buyer arising
hereunder. 
 SECTION 8.5 Survival. The rights and remedies with respect to any breach of any representation and warranty made by any
Lessee or the Buyer pursuant to Article IV and the provisions of Sections 8.4, 8.5, 8.6, 8.8, 8.9, 8.10, 8.11, 8.12 and 8.14 shall survive any termination of this Agreement. 

SECTION 8.6 Costs and Expenses. Each party agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses
incurred by the other party in connection with the negotiation, preparation, execution and delivery of any amendment of or consent or waiver under this Agreement (whether or not consummated) requested by such party, or the enforcement of, or any
actual or reasonably claimed breach of, this Agreement, including reasonable and documented accountants’, auditors’, consultants’ and attorneys’ fees and expenses to any of such Persons and the reasonable and documented fees and
charges of any independent accountants, auditors, consultants or other agents incurred in connection with any of the foregoing or in advising such Persons as to their respective rights and remedies under this Agreement in connection with any of the
foregoing. 
 SECTION 8.7 Execution in Counterparts; Integration. This Agreement may be executed in any number of counterparts and by
the different parties 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. Executed counterparts may be delivered electronically.
This Agreement, together with the other Transaction Documents, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire understanding among the
parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings. 

  
 25 

 SECTION 8.8 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF. 

SECTION 8.9 Waiver of Jury Trial. EACH LESSEE AND THE BUYER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY AMENDMENT, INSTRUMENT OR DOCUMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING OR OTHER
RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY. 

SECTION 8.10 Consent to Jurisdiction; Waiver of Immunities. EACH LESSEE AND THE BUYER HEREBY ACKNOWLEDGES AND AGREES THAT: 

(a) IT IRREVOCABLY (i) SUBMITS TO THE JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT
AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, (ii) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN ANY OTHER COURT, AND (iii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING. 
 (b) TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR
FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS
OBLIGATIONS UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
 SECTION 8.11 Confidentiality. Each party hereto agrees to comply with, and
be bound by, the confidentiality provisions of Section 20 of the MLS Intercreditor Agreement as if they were set forth herein. 

SECTION 8.12 No Proceedings. The provisions of Section 24.2 of the MLS Intercreditor Agreement shall apply as if fully set forth
herein. 
 SECTION 8.13 Severability. Any provisions of this Agreement that are prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of 

  
 26 

 
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 8.14 Lessee Representative. 

(a) Each Lessee hereby irrevocably appoints and constitutes SLV- III LLC (“Lessee Representative”) as its agent and
attorney-in-fact to (i) provide all notices and instructions to be given by the Lessees or any thereof under this Agreement and the other Transaction Documents (and any notice or instruction provided by Lessee Representative shall be deemed to
be given by the applicable Lessee and shall bind such Lessee), (ii) receive notices and instructions to be given to the Lessees or any thereof under this Agreement and the other Transaction Documents (and any notice or instruction provided to
the Lessee Representative shall be deemed to have been given to the applicable Lessee), (iii) make payments required to be paid by the Lessees or any thereof Lessee under this Agreement and the other Transaction Documents (and any payment made
by Lessee Representative shall be deemed to be paid by the applicable Lessee), (iv) receive payments and disbursements to be made to the Lessees or any thereof under this Agreement and the other Transaction Documents (and any payment made to
Lessee Representative shall be deemed to be paid to the applicable Lessee), (v) grant any security interest required to be granted by any Lessee under the Transaction Documents, including any security interest in the Servicer Collection
Accounts, and execute and deliver any deposit account control agreement with respect to any such security interest granted by a Lessee in the Servicer Collection Accounts or other deposit accounts in the name of any Lessee, (vi) take such
action on behalf of the Lessees as the Lessee Representative deems appropriate to effectuate the sale and leaseback arrangements contemplated under the Transaction Documents and to exercise such other powers as are reasonably incidental thereto to
carry out the purposes of this Agreement and the other Transaction Documents (and any action by Lessee Representative shall be deemed to be made by the applicable Lessee and shall bind such Lessee) and (vii) execute and deliver any amendments,
consents, waivers or other instruments related to this Agreement and the other Transaction Documents on behalf of the Lessees (and any such amendment, consent, waiver or other instrument shall be binding upon and enforceable against such other
Lessee to the same extent as if made directly by such Lessee). 
 (b) Lessee Representative hereby accepts the appointment by the Lessees to
act as the agent and attorney-in-fact of the Lessees pursuant to this Section 8.14. Lessee Representative shall ensure that the disbursement of any payments to any Lessee paid to or for the account of Lessee Representative shall be paid to or
for the account of such Lessee. 
 (c) No resignation or termination of the appointment of Lessee Representative as agent as aforesaid shall
be effective, except after ten (10) Business Days’ prior written notice to the Buyer. If Lessee Representative resigns under this Agreement, the Lessees shall be entitled to appoint a successor Lessee Representative (which shall be a
Lessee). Upon the acceptance of its appointment as successor Lessee Representative hereunder, such successor Lessee Representative shall succeed to all the rights, powers and duties of 

  
 27 

 
the retiring Lessee Representative and the term “Lessee Representative” shall mean such successor Lessee Representative and the retiring or terminated Lessee Representative’s
appointment, powers and duties as Lessee Representative shall be terminated. 
 [SIGNATURE PAGES FOLLOW] 

  
 28 

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

			
	 For and on behalf of each of:

SLV - I LLC
 SLV - II LLC

SLV - III LLC
 SLV - IV LLC

SLV - V LLC
 SLV - VI LLC

SLV - VII LLC
 SLV - VIII LLC

SLV - IX LLC
 SLV - X LLC

SLV - XI LLC
 SLV - XII LLC

SLV - XIII LLC
 SLV - XIV LLC

SLV - XV LLC
 SLV - XVI LLC

SLV - XVII LLC
 SLV - XVIII LLC

SLV - XIX LLC
 SLV - XX LLC

SLV - XXI LLC
 SLV - XXII LLC, each a
Lessee

		
	 By:
	 	 /s/ Stefan K. Schnopp

	 Name:
	 	 Stefan K. Schnopp

	 Title:
	 	 Director

	
	 SLV-III LLC, as Lessee Representative

		
	 By:
	 	 /s/ Stefan K. Schnopp

	 Name:
	 	 Stefan K. Schnopp

	 Title:
	 	 Director

 
			
	 MOBILE LEASING SOLUTIONS, LLC

as Buyer

		
	 By:
	 	 /s/ Jeffrey P. Krisel

	 Name
	 	 Jeffrey P. Krisel

	 Title:
	 	 PresidentEX-10.3

 Exhibit 10.3 

Execution Copy 
 MASTER LEASE
AGREEMENT 
 Dated as of November 19, 2015 

among 
 MOBILE LEASING
SOLUTIONS, LLC, 
 as Lessor 

and 
 LESSEES FROM TIME TO TIME
PARTY HERETO, 
 as Lessee 

and 
 SPRINT SPECTRUM L.P.

 as Servicer 
 and 

MIZUHO BANK, LTD. 
 as
Collateral Agent 
 COUNTERPART NO. [            ] OF 5 SERIALLY NUMBERED
MANUALLY EXECUTED COUNTERPARTS. TO 
 THE EXTENT (IF ANY) THAT THIS DOCUMENT CONSTITUTES CHATTEL PAPER UNDER THE 

UNIFORM COMMERCIAL CODE, NO SECURITY INTEREST IN THIS DOCUMENT MAY BE CREATED 

THROUGH THE TRANSFER AND POSSESSION OF ANY COUNTERPART OTHER THAN COUNTERPART 

NO. 1. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	  
		
	 SECTION 1.1 Defined Terms
	  	 	1	  
	 SECTION 1.2 Interpretation
	  	 	1	  
		
	 ARTICLE II DEVICE LEASES
	  	 	2	  
		
	 SECTION 2.1 Agreement to Lease
	  	 	2	  
	 SECTION 2.2 Deemed Delivery
	  	 	3	  
	 SECTION 2.3 Ownership of the Devices
	  	 	3	  
	 SECTION 2.4 Subleasing
	  	 	4	  
	 SECTION 2.5 Software and Other Rights
	  	 	4	  
	 SECTION 2.6 Approved Devices
	  	 	5	  
	 SECTION 2.7 Term
	  	 	5	  
	 SECTION 2.8 Rent and Other Payments
	  	 	5	  
	 SECTION 2.9 Termination of a Device Lease
	  	 	6	  
	 SECTION 2.10 Title Transfer
	  	 	9	  
	 SECTION 2.11 Returned Devices
	  	 	9	  
	 SECTION 2.12 Non-Return Remedies
	  	 	10	  
	 SECTION 2.13 Like-Kind Exchanges
	  	 	10	  
	 SECTION 2.14 Updates to Devices Subject to Device Leases
	  	 	10	  
	 SECTION 2.15 Quiet Enjoyment
	  	 	10	  
		
	 ARTICLE III LEASE EVENTS OF DEFAULT
	  	 	11	  
		
	 SECTION 3.1 Lease Events of Default
	  	 	11	  
	 SECTION 3.2 Remedies
	  	 	12	  
		
	 ARTICLE IV INDEMNITIES
	  	 	13	  
		
	 SECTION 4.1 Indemnities
	  	 	13	  
		
	 ARTICLE V CONDITIONS PRECEDENT
	  	 	14	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	15	  
		
	 SECTION 6.1 Organization and Good Standing
	  	 	15	  
	 SECTION 6.2 Due Qualification
	  	 	16	  
	 SECTION 6.3 Power and Authority; Due Authorization
	  	 	16	  
	 SECTION 6.4 Binding Obligations
	  	 	16	  
	 SECTION 6.5 No Violation
	  	 	16	  
	 SECTION 6.6 No Proceedings
	  	 	16	  
	 SECTION 6.7 Licenses and approvals
	  	 	17	  
	 SECTION 6.8 Software licenses    
	  	 	17	  

  
 i 

					
	 ARTICLE VII COVENANTS
	  	 	17	  
		
	 SECTION 7.1 Affirmative Covenants
	  	 	17	  
	 SECTION 7.2 Negative Covenants
	  	 	19	  
		
	 ARTICLE VIII EXCLUSION OF LIABILITY; ACKNOWLEDGEMENT
	  	 	20	  
		
	 SECTION 8.1 Exclusion of Liability
	  	 	20	  
	 SECTION 8.2 Acknowledgments
	  	 	20	  
		
	 ARTICLE IX COLLATERAL
	  	 	21	  
		
	 SECTION 9.1 Granting Clause
	  	 	21	  
	 SECTION 9.2 Granting Clause to Collateral Agent
	  	 	22	  
	 SECTION 9.3 UCC Financing Statements
	  	 	22	  
	 SECTION 9.4 No Assumption of Liability
	  	 	22	  
	 SECTION 9.5 Further Assurances
	  	 	23	  
	 SECTION 9.6 Power of Attorney
	  	 	23	  
		
	 ARTICLE X
	  	 	23	  
		
	 TAXES
	  	 	23	  
		
	 SECTION 10.1 Consistency of Treatment
	  	 	23	  
	 SECTION 10.2 Taxes
	  	 	23	  
	 SECTION 10.3 Payments
	  	 	23	  
	 SECTION 10.4 Gross Up
	  	 	24	  
	 SECTION 10.5 Non-Duplication
	  	 	24	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	24	  
		
	 SECTION 11.1 Amendments, etc.
	  	 	24	  
	 SECTION 11.2 No Waiver
	  	 	24	  
	 SECTION 11.3 Notices
	  	 	24	  
	 SECTION 11.4 Data File
	  	 	25	  
	 SECTION 11.5 Binding Effect
	  	 	25	  
	 SECTION 11.6 Third Party Rights
	  	 	25	  
	 SECTION 11.7 Execution in Counterparts; Integration
	  	 	25	  
	 SECTION 11.8 Governing Law
	  	 	25	  
	 SECTION 11.9 Waiver of Jury Trial
	  	 	25	  
	 SECTION 11.10 Consent to Jurisdiction; Waiver of Immunities
	  	 	26	  
	 SECTION 11.11 No Proceedings
	  	 	26	  
	 SECTION 11.12 Severability
	  	 	26	  

  

					
	Appendix	  	A Definitions	  	

  
 ii 

			
	Schedule 1	  	Device Lease Schedule
	Schedule 2	  	Device Residual Values
	Schedule 3	  	Schedule Of Approved Devices
	Schedule 4	  	Forms Of Customer Leases
	Schedule 5	  	Additional Information
	Schedule 6	  	Repair Costs

  
 iii 

 MASTER LEASE AGREEMENT 

This MASTER LEASE AGREEMENT, dated as of November 19, 2015 and effective as of the Lease Closing Date, (this
“Agreement”) is among MOBILE LEASING SOLUTIONS, LLC, a Delaware limited liability company (“Lessor”), THE PERSONS IDENTIFIED ON THE SIGNATURE PAGES HERETO AS LESSEES (collectively,
“Lessees” and, each, a “Lessee”), SPRINT SPECTRUM L.P., a Delaware limited partnership (“Sprint Spectrum” or “Servicer”), and MIZUHO BANK, LTD., as collateral agent
for the Finance Parties (“Collateral Agent”). 
 W I T N E S S E T H: 

WHEREAS, the parties hereto are entering into this Agreement for the purpose of establishing the terms and conditions by which Lessor will
lease Devices from time to time to the relevant Lessee; and 
 WHEREAS, the leasing of the Devices shall be governed by the terms and
conditions in this Agreement, as well as the terms and conditions set forth in the relevant Device Lease Schedule and any related documentation. 

NOW, THEREFORE, in consideration of the premises and the mutual promises contained in this Agreement, the parties hereto agree as follows:

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1 Defined Terms. Capitalized terms used and not otherwise defined in this Agreement are used as defined in (or by
reference in) Appendix A (Definitions). 
 SECTION 1.2 Interpretation. For purposes of this Agreement and the other Sprint
Transaction Documents, unless the context otherwise requires: 
 (a) accounting terms not otherwise defined herein, and accounting terms
partly defined herein to the extent not defined, shall have the respective meanings given to them under, and shall be construed in accordance with, GAAP; 

(b) 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; 
 (c) the words “hereof”, “herein” and “hereunder” and words of similar import used in this
Agreement or in any other Sprint Transaction Document refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document); 

(d) references to any clause, section, schedule or exhibit are references to clauses, sections, schedules and exhibits in or to this Agreement
(or the certificate or other document in which the reference is made) and references to any paragraph, subsection, clause or other 

  
 1 

 
subdivision within any section or definition refer to such paragraph, subsection, clause or other subdivision of such section or definition; 

(e) the term “including” means “including without limitation”; 

(f) references to any Law refer to that Law as amended from time to time and include any successor Law; 

(g) references to any agreement or other document refer to that agreement or other document as from time to time amended or supplemented, or as
the terms of such agreement are waived or modified, in each case in accordance with the terms of such agreement or document; 
 (h)
references to any Party include that Party’s successors and permitted assigns; 
 (i) headings in this Agreement or in any other Sprint
Transaction Document are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision thereof; 

(j) unless otherwise specifically provided with respect to any computation of a period of time, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each means “to but excluding”, and the word “within” means “from and
excluding a specified date and to and including a later specified date”; 
 (k) a reference to assets includes present and future
properties, undertakings, revenues, rights and benefits of every description; 
 (l) a reference to an authorisation includes an approval,
authorisation, consent, exemption, filing, licence, notarisation, registration and resolution; 
 (m) a reference to a disposal of any asset,
undertaking or business includes a sale, lease, licence, transfer, loan or other disposal by a person of that asset, undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions); 

(n) unless otherwise defined, capitalised terms defined in this Agreement in the singular form shall have a corresponding meaning when used in
the plural form, and vice versa; and 
 (o) “$”, “USD” and “dollars” denote the lawful currency of the United
States of America. 
 ARTICLE II 

DEVICE LEASES 

SECTION 2.1 Agreement to Lease 

  
 2 

 (a) Agreement to Lease. Upon satisfaction of all conditions precedent set out in
Article V (Conditions Precedent) and the transfer of title to the Devices from Lessees to Lessor pursuant to the Second Step Transfer Agreement, Lessor hereby agrees to lease such Devices to Lessees and Lessees hereby agree to lease such
Devices from Lessor, from time to time, on the terms and conditions set forth in this Agreement and the Device Lease Schedule with respect to the relevant Devices being leased (this Agreement together with a Device Lease Schedule, each a
“Device Lease” and, collectively, the “Device Leases”). This Agreement is intended to be incorporated by reference into each Device Lease Schedule agreed to from time to time as particular Devices are leased by
Lessor to the relevant Lessee. Each Device Lease is intended to be a separate instrument of lease. As to Devices leased pursuant to any such individual Device Lease, the terms of the applicable Device Lease Schedule shall control over the terms of
this Agreement in the event of conflict. The rights, remedies, powers and privileges of Lessor and the relevant Lessee under each Device Lease shall be interpreted separately and apart from any other Device Lease. 

(b) Acceptance of each Device Lease. Entry into each Device Lease is subject to the relevant Lessee and Lessor agreeing to a Device
Lease Schedule. The relevant Lessee agrees to initially provide or cause to be provided to Lessor the information required by each Device Lease Schedule to the extent such information is available to such Lessee. Lessor agrees to evaluate the
information provided by the relevant Lessee, work with the relevant Lessee to reconcile any discrepancies and provide or cause to be provided any additional information required for each Device Lease Schedule, in each case, as promptly as possible.

 (c) Intention of the Parties. It is the express intent of each of the parties hereto that each Device Lease constitute a true lease
and not a sale of the Devices. As a protective measure in the event that, notwithstanding the foregoing, the lease of the Devices to Lessees is recharacterized by any third party as a sale, then solely in that event and for the expressly limited
purposes thereof, each Lessee does hereby grant to Lessor a security interest in all of such Lessee’s now or hereafter existing right, title and interest to, and under the Devices and agrees that this Agreement shall constitute a security
agreement under applicable Law. Each Lessee hereby authorizes Lessor or its respective designee to file one or more financing or continuation statements, and amendments thereto and assignments thereof, relative to all or any of the Devices now
existing or hereafter arising in the name of such Lessee. 
 SECTION 2.2 Deemed Delivery 

(a) Upon the relevant Lessee and Lessor agreeing to a Device Lease on the Lease Closing Date, Lessor shall be deemed to have delivered the
relevant Devices under such Device Lease to the relevant Lessee and the relevant Lessee will be deemed to have accepted such Devices. 
 (b)
Each Lessee accepts the leasing of the Devices by it and receives the Devices on an “as-is where-is” basis. 
 SECTION 2.3
Ownership of the Devices 

  
 3 

 (a) Ownership. At all times during the Term of each Device Lease, full legal title
to the Devices will remain vested in Lessor to the exclusion of Lessees, notwithstanding the possession and use thereof by Lessees or any Customers. Lessees and Servicer each agree that at all times during the Term of each Device Lease for each
Device, it shall not (i) imply or represent that any Person other than Lessor owns the Devices, (ii) sell or dispose of or directly or indirectly attempt to sell or dispose of the Devices in any way other than to a Customer pursuant to a
Customer Lease, (iii) part with possession of the Devices without the prior written consent of Lessor other than pursuant to Section 2.4 (Subleasing) or as otherwise contemplated herein, and (iv) place on the Devices any plates,
stickers or marks that are inconsistent with the ownership of the Devices by Lessor. For the avoidance of doubt, and without limiting the obligations of Servicer under the Servicing Agreement, Lessees shall have no obligation with respect to a
Customer’s use or stewardship of a Device. 
 (b) Liens. At all times during the Term of each Device Lease, Lessees and
Servicer shall not directly or indirectly give or allow another Person to give any interest in or Lien over the Devices or any Device Lease, other than Permitted Device Liens. Lessees shall promptly, at their own cost and expense, take such action
as may be necessary to duly discharge or eliminate any such Liens (other than Permitted Device Liens) upon obtaining Knowledge thereof. 

SECTION 2.4 Subleasing 

(a) Lessor acknowledges that the relevant Lessee is subleasing each Device to a Customer. The relevant Lessee agrees to ensure that: 

(i) at such time that a Customer Lease is in effect, the Customer is legally and contractually bound by the terms of such
Customer Lease with respect to a relevant Device; 
 (ii) no Customer Lease prevents such Lessee from complying with its
obligations under a Device Lease to which it is a party or any other Transaction Document to which it is a party; 
 (iii)
neither such Lessee, nor any Customer Lease, shall directly or indirectly give any impression or confirmation or otherwise provide that the relevant Customer shall be or may become the legal and beneficial owner of any Device at any time other than
if the Customer exercises any option to purchase the Device under such Customer Lease as permitted thereby; 
 (iv) such
Lessee has all material licenses and authorizations necessary in connection with Lessee’s subleasing of the Devices to the Customers pursuant to the Customer Lease; and 

(v) the Customer Leases will be administered in accordance with this Agreement and the Servicing Agreement. 

SECTION 2.5 Software and Other Rights 

  
 4 

 (a) The Devices may contain software in which none of the parties hereto have ownership or other
proprietary rights. Where required by a software owner or manufacturer, the relevant Lessee will enter into a license or other agreement for the use of the software. Any such agreement will be separate and distinct from each Device Lease, and Lessor
will have no rights or obligations thereunder unless otherwise agreed by it in writing. To the extent that Lessor is the owner or has rights in software related to the Devices and such rights are transferable by Lessor, Lessor hereby grants to
Lessees such rights that Lessor has (if any) to use such software during the Term of the applicable Device Lease. No separate license fee is payable by Lessees to Lessor in relation to such software. Lessee acknowledges that Lessor has made no
representation or warranty to Lessees as to Lessor’s title to or ability to grant rights to Lessees for any software available on any Device. 

SECTION 2.6 Approved Devices 

(a) Lessor and Lessees acknowledge and agree that a full list of Approved Devices as at the date hereof is set out on Schedule 3 (Schedule
of Approved Devices) to this Agreement (“Schedule of Approved Devices”). 
 (b) Lessor shall be entitled at any time to
amend or replace the Schedule of Approved Devices without Lessee’s consent in order to add additional Devices of a new Type to such Approved Schedule and/or remove Devices from the Schedule of Approved Devices. 

(c) Upon any amendment or replacement of the Schedule of Approved Devices in accordance with Section 2.6(b) (Approved
Devices), Lessor shall provide Lessees with a new Schedule of Approved Devices (in the form set out in Schedule 3 (Schedule of Approved Devices)). The Approved Devices for the purposes of any Device Lease
entered into pursuant to Section 2.1(Agreement to Lease) following such amendment or replacement shall be the Devices listed on such new Schedule of Approved Devices and such new Schedule of Approved Devices shall replace all
previous schedules. 
 (d) For the avoidance of doubt, any amendment or replacement of the Schedule of Approved Devices shall not,
however, affect any Device Leases which are in place prior to Lessor providing the new Schedule of Approved Devices to Lessees. 

SECTION 2.7 Term 

(a) The term (the “Term”) of each Device Lease shall commence on the relevant Device Lease Commencement Date and, subject to
paragraph (b) below, end on the Device Lease Expiration Date. 
 (b) Each Device leased under a Device Lease shall be leased for the
Term of such Device Lease, subject to termination of the Device Lease with respect to a particular Device in accordance with Section 2.9 (Termination of a Device Lease). 

SECTION 2.8 Rent and Other Payments 

(a) Rent. Lessees will pay or cause to be paid to Lessor or its Nominated Agent (by paying into the MLS Collection Account, or any other
bank account as notified by Lessor) on 

  
 5 

 
each Device Lease Payment Date, throughout the Term of each Device Lease, the Rental Payments for each Device subject to a Device Lease. Rental Payments for each Device subject to a Device Lease
are payable for each calendar month (or the relevant portion thereof) on the Device Lease Payment Date until the Device Lease for such Device terminates. The Lessor will issue an invoice in the amount of the Rental Payments due for each month on the
5th day of each month (or, if not a Business Day, on the next Business Day). Once paid, each Rental Payment is not refundable for any reason unless such Rental Payment has been paid in error or
when not actually due and payable. Each transfer of Available Funds into the MLS Collection Account in respect of scheduled Customer Receivables or Rental Payments due during the calendar month of the applicable Device Lease Payment Date, payments
by Guarantor under the Sprint Guarantee in respect of Rental Payments due during the calendar month of the applicable Device Lease Payment Date and the portion of any Dilution that is in respect of a Rental Payment due during the calendar month of
the applicable Device Lease Payment Date shall be deemed satisfaction, first, of Lessees’ obligation to make a scheduled Rental Payment on the relevant Device Lease Payment Date and second, any other payment due and owing under this Agreement,
to the extent of the amount paid by any Sprint Party into the MLS Collection Account during the relevant period. 
 (b) [Reserved]

 (c) Electronic Fund Transfers. Lessees shall, and shall take all necessary actions so that all payments under each Device Lease
will be made by electronic fund transfer. 
 (d) Obligations Absolute. During the Term of each Device Lease, Lessees’ obligation
to make the Rental Payments and other payments due under such Device Leases is absolute and unconditional and is not affected or reduced by: 

(i) any Lessee or any Customer being unable to use the Devices; 

(ii) the failure by any Customer (x) to make any payment under a Customer Lease or otherwise or (y) to return a
Device to the relevant Lessee or Lessor; 
 (iii) the Devices being damaged, lost, stolen, not in the possession of any
Lessee or any Customer, or not working at any time; 
 (iv) any set-off, counterclaim or other right any Lessee has or claims
to have against Lessor or another Person; or 
 (v) Lessor’s title to or ability to grant rights to use software being
defective for any reason, or the unavailability of any required software to any Lessees or any Customer. 
 Notwithstanding any other
provision of this Agreement or any Device Lease to the contrary, no Lessee shall be impaired in the exercise of any right it may have to assert and sue upon any claim it may have against Lessor in a separate action. 

SECTION 2.9 Termination of a Device Lease . The Device Lease with respect to a Device will be terminated upon the occurrence of
any of the following: 

  
 6 

 (a) Servicer Termination of the Customer Lease. Servicer will (on behalf and acting at the
direction of the relevant Lessee) have terminated or be deemed to have terminated, as applicable, a Customer Lease with respect to a Device on the below terms and, upon such termination of the relevant Customer Lease, the Device Lease with respect
to such Device will be terminated: 
 (i) Return Device Satisfying the Device Return Condition but Customer has not paid
all Customer Receivables. If at any time during the Term of the Device Lease for such Device, the relevant Customer returns such Device satisfying the Device Return Condition but has not paid all amounts due and owing under the related Customer
Lease, delivery of such Device to Lessor (or its Nominated Agent) together with payment by Servicer to Lessor of (1) all previously accrued and unpaid Rental Payments, if any, plus (2) the Rental Payments that would have accrued under the
Device Lease during the remainder of the Scheduled Device Lease Term. 
 (ii) Return Device Not Satisfying the Device
Return Condition. If the relevant Customer returns such Device not satisfying the Device Return Condition: 
 (A) prior
to the last day of the Scheduled Customer Lease Term of the related Customer Lease, delivery of such Device to Lessor (or its Nominated Agent) together with payment by Servicer to Lessor of the sum of (1) all previously accrued and unpaid
Rental Payments, if any, plus (2) the Rental Payments that would have accrued under the Device Lease during the remainder of the Scheduled Device Lease Term, plus (3) the Device Residual Value as of the Expected Sales Date; 

(B) on the last day of the Scheduled Customer Lease Term of the related Customer Lease, delivery of such Device to Lessor (or
its Nominated Agent) together with payment by Servicer to Lessor of the sum of (1) all previously accrued and unpaid Rental Payments, if any, plus (2) the Device Residual Value as of the Expected Sales Date; or 

(C) at any time after the last day of the Scheduled Customer Lease Term of the related Customer Lease but prior to the Device
Lease Expiration Date for such Device, delivery of such Device to Lessor (or its Nominated Agent) together with payment by Servicer to Lessor of the sum of (1) all previously accrued and unpaid Rental Payments during the Scheduled Device Lease
Term, if any, plus (2) the lesser of (x) Device Residual Value as of the return date of such Device to Lessor (or its Nominated Agent) and (y) the Device Residual Value as of the Expected Sales Date. 

(iii) Non-Returned Device. If the Customer has not returned such Device (other than as a result of an exercise by the
Customer of its purchase option or by making a payment in lieu of delivery of the Device): 
 (A) on or prior to the last day
of the Scheduled Customer Lease Term of the related Customer Lease, payment by Servicer to Lessor of the sum of (1) all 

  
 7 

 
previously accrued and unpaid Rental Payments, if any, plus (2) the Rental Payments that would have accrued during the remainder of the Scheduled Device Lease Term, plus (3) the Device
Residual Value as of the Expected Sales Date; or 
 (B) at any time after the last day of the Scheduled Customer Lease Term
of the related Customer Lease but prior to the Device Lease Expiration Date for such Device, payment by Servicer to Lessor of the sum of (1) all previously accrued and unpaid Rental Payments during the Scheduled Device Lease Term, if any, plus
(2) the lesser of (x) the Device Residual Value as at the date of termination, and (y) the Device Residual Value as of the Expected Sales Date. 

(b) Termination of the Customer Lease By Customer Performance. If the Customer Lease terminates in accordance with its terms under the
following scenarios: 
 (i) if the relevant Customer returns such Device satisfying the Device Return Condition prior to the
last day of the Scheduled Customer Lease Term of the related Customer Lease, delivery of such Device to Lessor (or its Nominated Agent) together with payment to Lessor of the sum of (A) all previously accrued and unpaid Rental Payments, if any,
plus (B) the Rental Payments that would have accrued during the remainder of the Scheduled Device Lease Term; 
 (ii) if
the relevant Customer returns such Device satisfying the Device Return Condition on or at any time after the last day of the Scheduled Customer Lease Term, delivery of such Device to Lessor (or its Nominated Agent) plus all previously accrued and
unpaid Rental Payments, if any; 
 (iii) if prior to the last day of the Scheduled Customer Lease Term and the Customer has
made a payment in lieu of delivery of such Device, payment to Lessor of the sum of (A) all previously accrued and unpaid Rental Payments, if any, plus (B) the Rental Payments that would have accrued during the remainder of the Scheduled
Device Lease Term, plus (C) the required purchase price payment under the Customer Lease; 
 (iv) if on last day of the
Scheduled Customer Lease Term of the related Customer Lease the Customer exercises a purchase option in relation to such Device under the Customer Lease, payment to Lessor of the purchase option price under the Customer Lease plus all previously
accrued and unpaid Rental Payments, if any; or 
 (v) if at any time after the last day of the Scheduled Customer Lease Term
of the related Customer Lease but prior to the Device Lease Expiration Date for such Device the Customer exercises a purchase option in relation to such Device under the Customer Lease, payment to Lessor of the purchase option price as of the
purchase option exercise date plus all previously accrued and unpaid Rental Payments, if any, during the Scheduled Device Lease Term. 
 (c)
Originator Repurchase Event. If the relevant Originator purchases a Rent Shortfall Returned Device in accordance with the Device Repurchase Agreement. 

  
 8 

 SECTION 2.10 Title Transfer. Upon a Customer Lease termination under Section
2.9(b)(iii), (iv) or (v) (Termination of the Customer Lease by Customer Performance) Lessor shall transfer to the relevant Customer, title to the relevant Device free and clear of all Liens (including any rights of the relevant Lessee therein
which such Lessee agrees to automatically and concurrently release) by and through Lessor. 
 SECTION 2.11 Returned Devices 

(a) Returned Devices. At all times during the Term of each Device Lease, Lessees covenant and agree to return or cause the return of
each Device to the Device Return Address of Lessor (or its Nominated Agent) within the Required Return Period to the extent it has received such Device from the relevant Customer. For the avoidance of doubt, Lessees’ obligation under this
Section 2.11 (Returned Devices) is not in any way conditional upon returned Devices satisfying the Device Return Condition. 
 (b)
Procedure for Returned Devices. Upon the return of a Device by the relevant Customer during the Term, the relevant Lessee will or will cause Servicer to: 

(i) at Lessor’s expense (which includes all transport, insurance and related costs within its jurisdiction), ship such
Device within the Required Return Period to the Device Return Address of Lessor (or its Nominated Agent); 
 (ii) ensure that
such Device is packed in a manner normally used for the transportation of similar Devices; 
 (iii) use commercially
reasonable efforts to procure that the Device contains no network block, barring or password protection and in particular, Lessee shall ensure that the Devices will be unlocked by Servicer for use on any wireless network; 

(iv) use commercially reasonable efforts to procure that the Customer disables the “Find My iPhone” feature at the
time of the Customer’s return of such Device and, if the Customer does not disable the “Find my iPhone” feature, carry out the Non-Return Remedies in respect of that Customer (other than a Protected Customer) and such Device shall be
treated as a Non-Returned Device for the purposes of this Transaction; 
 (v) provide the PUK for each Device to Lessor; and

 (vi) pay, or reimburse the Lessor for, any shipping costs and expenses incurred pursuant to Section 2.11(b)(i)
(Procedure for Returned Devices) above within 5 Business Days of shipping such Devices. 
 (c) Lessee Failure to Return. If
any Lessee (or its Nominated Agent) fails to return to Lessor (or its Nominated Agent) by the Device Lease Expiration Date any Device returned to any Sprint Party by a Customer, the relevant Lessee shall pay to Lessor the higher of (i) the
Device Residual Value for such Device as of the Expected Sales Date, or (ii) the Secondary Market Value for such Device as of the Expected Sales Date on the basis that such Device is a Grade B Device, no later than 5 Business Days after Lessee
having Knowledge of such failure to return unless Servicer has already paid such amount. 

  
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 SECTION 2.12 Non-Return Remedies 

If a Customer (other than a Protected Customer) is in breach of a payment or a delivery obligation under its Customer Lease which has not been
remedied by the Customer, Servicer, any Lessee or any other Person (other than the Guarantor) by the Non-Return Remedies Commencement Date: 

(a) Servicer shall use commercially reasonable efforts to collect, without incurring any obligation to the extent that (notwithstanding its
commercially reasonable efforts) it does not collect, the Customer’s payment under the Customer Lease (and all further payments made by the Customer thereunder, including the Customer’s payment for or in respect of the Device) and shall
remit any such Customer payments it does collect (i) to the extent such amount has not been previously remitted to Lessor as a regularly scheduled Rental Payment or another payment due and owing to Lessor under this Agreement, to Lessor and
(ii) otherwise to the relevant Lessee; and 
 (b) neither Servicer nor any other Sprint Party will provide any new or incremental
device, accessory, network service (or other asset or service) which it is not already providing (or already obligated to provide, or will be obligated to provide with the passage of time and/or a payment or performance by Customer which Servicer or
other Sprint Party is obligated to accept) as of the date of such breach under contract (including pursuant to applicable terms and conditions) to such Customer (by sale, lease or otherwise) until such breach is remedied (the “Non-Return
Remedies”), 
 provided that paragraphs (a) and (b) above shall not apply if Servicer terminates the Customer Lease in
accordance with Section 2.7 (Right to Terminate Customer Leases) of the Servicing Agreement. 
 SECTION 2.13
Like-Kind Exchanges. If at any time during the Term of a Device Lease, that Servicer performs a Like-Kind Exchange, the Like-Kind Exchange Device shall be automatically substituted for the original Device and such Like-Kind Exchange Device
shall be subject to the relevant Device Lease to the same extent and on the same terms as the original Device, including the Rental Payments, which shall be the same as the Rental Payments that would otherwise have been due with respect to the
original Device. Lessor agrees that, upon consummation of the Like-Kind Exchange, title to the original Device free and clear of all Liens by and through Lessor shall pass automatically from Lessor to Lessee on an as-is basis without any warranty
whatsoever from Lessor. 
 SECTION 2.14 Updates to Devices Subject to Device Leases. The Devices subject to the relevant Device
Lease shall be deemed to be automatically amended without further action upon a Like-Kind-Exchange or the termination of any Device Lease with respect to any Device. Upon the request of any Lessee or Lessor, Servicer shall provide a status
report reflecting the Devices then leased pursuant to any Device Lease. 
 SECTION 2.15 Quiet Enjoyment 

Lessor covenants that during the Term of a Device Lease, so long as no Lease Event of Default shall have occurred and be continuing, neither
Lessor nor any Person claiming any 

  
 10 

 
interest in the Devices by, through or under Lessor shall disturb Lessees’ quiet enjoyment of the Devices and the Customer Leases under such Device Lease. Collateral Agent covenants that
during the Term of a Device Lease, so long as no Lease Event of Default shall have occurred and be continuing, Collateral Agent shall not disturb Lessees’ quiet enjoyment of the Devices and the Customer Leases under such Device Lease 

ARTICLE III 
 LEASE
EVENTS OF DEFAULT 
 SECTION 3.1 Lease Events of Default 

A Lease Event of Default occurs if: 

(a) any Lessee (or the Guarantor on its behalf) fails to make any Rental Payment within 5 Business Days following the due date thereof; 

(b) any Lessee (or the Guarantor on its behalf) fails to pay any other amount (other than as set forth in Section 3.1(a)(Lease Events
of Default)) due and payable under this Agreement or a Device Lease unless such breach is remedied within 10 Business Days following the date of receipt of a written notice from Lessor specifying the breach; 

(c) any Lessee breaches Section 2.3(b) (Liens), Section 2.12 (Non-Return Remedies), Section 4.1(a) (Indemnities),
Section 6.7 (Licenses and approvals), Section 7.1(i) (Notification of default.), Section 7.2(b) (No Modification of Customer Leases), or Section 7.2(c) (Change in Credit and Collection Policy or Business) of this
Agreement, and such breach is not remedied within 10 Business Days of the date of receipt of written notice from Lessor specifying the breach; 

(d) any Lessee breaches any other representation, warranty, covenant or other provision of this Agreement or any other Transaction Document in
any material respect (other than as specified in paragraphs (a), (b) and (c) above), and such breach is not remedied within 10 Business Days of the date of receipt of written notice from Lessor specifying the breach; 

(e) any Originator breaches any provision of any Transaction Document to which it is a party in any material respect and such breach is not
remedied within 10 Business Days of the date of receipt of written notice from Lessor specifying the breach; 
 (f) [reserved]; 

(g) a Servicer Replacement Event occurs; 

(h) Sprint’s license to provide wireless telephony services is terminated and not replaced; 

(i) the occurrence of an Insolvency Event with respect to a Sprint Party; 

  
 11 

 (j) the Guarantor fails to pay any amount due and payable under the Sprint Guarantee, or the
Sprint Guarantee is terminated or ceases to be in full force and effect for any reason (other than termination in accordance with its terms) before the Final Settlement Date, unless such breach is remedied within 5 Business Days of the date of
receipt of a written notice from Lessor specifying the breach; 
 (k) a Change of Control has occurred; or 

(l) the Performance Support Provider fails to perform any of its obligations under the Performance Support Agreement, or the Performance
Support Agreement is terminated or ceases to be in full force and effect for any reason before the Final Settlement Date, unless such breach is remedied within 5 Business Days of the date of receipt of a written notice from Lessor specifying the
breach. 
 SECTION 3.2 Remedies 

(a) Upon the occurrence and continuance of a Lease Event of Default, Lessor may terminate this Agreement and/or any one or more (including all)
of the Device Leases (or any portion thereof) by providing written notice of termination to the relevant Lessees. Lessor shall be deemed to have given each Lessee a notice terminating all relevant Device Leases immediately upon the occurrence of an
Insolvency Event with respect to any Lessee or the Guarantor. For the avoidance of doubt, the occurrence of a Lease Event of Default under a Device Lease will trigger a Lease Event of Default under all Device Leases entered into under this Agreement
(regardless of the identity of Lessee and whether a Lease Event of Default has occurred under a particular Device Lease) unless otherwise waived by Lessor. 

(b) If this Agreement or any Device Lease hereunder (or any portion thereof) has been terminated pursuant to paragraph (a) above: 

(i) in relation to the occurrence of the Lease Event of Default under Section 3.1(d) (Lease Events of Default)
above then Lessees shall pay only the Present Value Device Lease Amount for the relevant Devices within 5 Business Days of receipt of an invoice from Lessor. Upon payment of the Present Value Device Lease Amount, title free and clear of all Liens
arising by and through Lessor to the relevant Devices (and all Customer Lease-End Rights and Obligations) shall hereby pass from Lessor to the relevant Lessee on an as-is basis without any warranty whatsoever from Lessor and no further Rental
Payments shall be payable by the relevant Lessee in respect of such Devices; 
 (ii) subject to Section 3.2(c)
(Remedies), in relation to the occurrence of any Lease Events of Defaults (other than the Lease Event of Default under Section 3.1(d)(Lease Events of Default)) prior to the end of the Term, then Lessees must pay the Device Lease Early
Termination Amount for the relevant Devices to Lessor within 5 Business Days of receipt of an invoice from Lessor. Upon payment of the Device Lease Early Termination Amount, title free and clear of all Liens by and through Lessor to the relevant
Devices and all Customer Lease-End Rights and Obligations, shall hereby pass from Lessor to the relevant Lessee on an as-is basis without any warranty whatsoever  

  
 12 

 
from Lessor and no further Rental Payments shall be payable by the relevant Lessee in respect of such Devices. 

(c) Notwithstanding anything herein to the contrary, upon the occurrence and continuance of any Lease Event of Default which does not satisfy
the below criteria, the sole remedy shall be that Lessees pay the Present Value Device Lease Amount for the relevant Devices within 5 Business Days of receipt of an invoice from Lessor: 

(i) the default covenant provision is customary in financing arrangements; 

(ii) the occurrence of the Lease Event of Default is objectively determinable (for example, subjective acceleration clauses
would not satisfy this condition); 
 (iii) predefined criteria, related solely to any Sprint Party and their operations,
have been established for the determination of the Lease Event of Default; and 
 (iv) it is reasonable to assume, based on
the facts and circumstances that exist at Device Lease inception, that the Lease Event of Default will not occur. In applying this condition, it is expected that any Person making such determination would consider recent trends in Lessees’
operations. 
 Upon payment of the Present Value Device Lease Amount in accordance with this Section 3.2 (c) (Remedies), title
free and clear of all Liens by and through Lessor to the relevant Devices (and all Customer Lease-End Rights and Obligations) shall hereby pass from Lessor to the relevant Lessee on an as-is basis without any warranty whatsoever from Lessor and no
further Rental Payments shall be payable by the relevant Lessee in respect of such Devices. 
 ARTICLE IV 

INDEMNITIES 

SECTION 4.1 Indemnities 

(a) Lessees hereby indemnify Lessor and its Members (each a “Lessee Indemnitee”) and hold any Lessee Indemnitee harmless from,
any and all losses, claims, damages, liabilities, charges, Lessee Covered Taxes, penalties, levies and related expenses (including the reasonable and documented fees and expenses of counsel for Lessor), including, on account of funds borrowed,
contracted for or used to fund any amount payable by a Lessee Indemnitee in connection with the purchase or the lease of any Devices subject to a Device Lease or proceedings related thereto (the “Liabilities”) incurred by any Lessee
Indemnitee, without duplication of any other amount paid, as a result of: 
 (i) a Device Lease (or any part of it) being
void, voidable or unenforceable for any reason; 
 (ii) the Devices being lost, stolen, damaged, or destroyed by, or
confiscated from, in each case, any Lessee; 

  
 13 

 (iii) the sublease of any Devices to a Customer; 

(iv) any information provided by or on behalf of a Sprint Party or any Affiliate for inclusion in a Device Lease Schedule being
incorrect; 
 (v) a Device Lease terminating in relation to some or all of the Devices before the end of the Term of that
Device Lease, except as otherwise expressly contemplated under this Agreement; 
 (vi) any failure by Lessee to comply with
its obligations in the Transaction Documents to which it is a party; or 
 (vii) any Lease Event of Default other than
(x) a Lease Event of Default under Section 3.1(d) (Lease Events of Default) or (y) a Lease Event of Default that does not satisfy the criteria in Section 3.2(c) (Lease Events of Default); 

provided, however, Lessee’s indemnity will not extend to (x) any Liability to the extent determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, fraud or willful misconduct of any Lessee Indemnitee, or (y) any Liability arising as a result of a Device being a Non-Returned Device. 

(b) Indemnity Continuing. Lessees’ indemnity is a continuing obligation, separate and independent from Lessee’s other
obligations. Lessees’ indemnity continues after a Device Lease ends or is terminated and it is not necessary for Lessor to incur an expense or cost or make a payment before it enforces a right of indemnity. 

(c) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, the parties hereto shall not assert, and
each party hereto hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential (including lost profits) or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Transaction Document or any agreement or instrument contemplated hereby, or the transactions contemplated hereby or thereby (save for claims in connection with breaches of
confidentiality). 
 ARTICLE V 

CONDITIONS PRECEDENT 
 The
purchase from, and lease to Lessees, of any Devices on the Lease Closing Date, shall be subject to the satisfaction of, or the waiver in writing by, Lessor of each of the conditions precedent set forth below: 

(a) Lessee has provided the Agreed Schedule Information with respect to all Devices to be subject to a Device Lease; 

(b) the Device Lease Schedule contains with respect to each Device to be leased, the information set out in Schedule 1 (Device Lease
Schedule); 

  
 14 

 (c) all Devices that are to be subject to such Device Lease are Approved Devices; 

(d) immediately prior to the contribution under the First Step Transfer Agreement, each Originator is the owner of unencumbered legal and
beneficial title to each Device that is to be subject to such Device Lease (other than the rights of Customers under the Customer Leases); 

(e) the Devices are Eligible Devices and the Customer Leases are Eligible Leases; 

(f) the representations and warranties of each Sprint Party set forth in Article VI or in any other Transaction Document are true and correct
in all material respects on and as of the Lease Closing Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case, such
representations and warranties shall have been true and correct as of such earlier date; 
 (g) no Lease Event of Default has occurred and is
continuing; 
 (h) all documents (including Customer Leases) required to be in effect with respect to the relevant Devices, are duly executed
by each party other than Lessor; 
 (i) all Sprint Transaction Documents have been executed and delivered to Lessor; 

(j) receipt of evidence that all Agreed Start-Up Costs have been paid or will be paid simultaneously with the consummation of the Transactions,

 (k) receipt of the Data File which contains all information for each Device Lease Schedule to which each Lessee and Lessor agree; and 

(l) Lessees shall have obtained any approvals, legal opinions, filings or other documents reasonably requested by Lessor. 

Lessees acknowledge and agree that this Agreement is not a committed facility and that Lessor is not obligated to purchase or lease any Devices
to Lessee or enter into any Device Lease. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

Each Lessee represents and warrants to Lessor that, as of the Lease Closing Date (with reference to the circumstances existing on each such
date): 
 SECTION 6.1 Organization and Good Standing 

It has been duly organized or incorporated in, and is validly existing as a corporation, exempted company, partnership or limited liability
company, as applicable in good standing under the Laws of its jurisdiction of organization or incorporation, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is
presently conducted and will be conducted, except to the extent that such failure 

  
 15 

 
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 6.2 Due Qualification 

It is duly qualified to do business as a foreign organization in good standing, if applicable, and has obtained all necessary qualifications,
licenses and approvals, in all jurisdictions in which its ownership or lease of property or the conduct of its business (including its obligations under this Agreement) requires such qualifications, licenses or approvals, except where the failure to
be in good standing or to hold any such qualifications, licenses and approvals could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 6.3 Power and Authority; Due Authorization 

It (i) has all necessary power and authority to (A) execute and deliver this Agreement and (B) carry out the terms of and
perform its obligations under this Agreement, and (ii) has duly authorized by all necessary corporate, partnership or limited liability company action, as applicable, the execution, delivery and performance of this Agreement. 

SECTION 6.4 Binding Obligations 

This Agreement constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 6.5 No Violation 

The due execution, delivery and performance by it of this Agreement shall not (i) violate or result in a default under, (A) its
articles or certificate of incorporation, memorandum and articles of association, by-laws, certificate of formation, limited liability company agreement, partnership agreement or other organizational documents, as applicable or (B) in the
context of the transactions contemplated by this Agreement and the other Transaction Documents, any material indenture, agreement or instrument binding on it, (ii) result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or instrument, except for any Lien that could not reasonably be expected to have a Material Adverse Effect or that arises under the Transaction Documents, or (iii) violate in any material
respect any Law applicable to it or any of its properties. 
 SECTION 6.6 No Proceedings 

There are no actions, suits or proceedings by or before any arbitrator or governmental authority pending against or, to its Knowledge,
threatened against or affecting it (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse

  
 16 

 
Effect, (ii) seeking to prevent the consummation of the purposes of this Agreement or the transactions contemplated hereby or (iii) that involve this Agreement. 

SECTION 6.7 Licenses and approvals 

No license, authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for its due
execution, delivery and performance of this Agreement or the transactions contemplated hereby, in each case, that has not been made or obtained other than registrations and notifications that are permitted to be obtained after the Lease Closing
Date, which Servicer shall obtain or cause to be obtained within the statutorily prescribed timeframe. 
 SECTION 6.8 Software
licenses 
 The execution and performance of the First Step Transfer Agreement and the Second Step Transfer Agreement do not infringe any
licenses or other agreements for the use of the software connected to the Device. 
 ARTICLE VII 

COVENANTS 
 At all times
from the Lease Closing Date to the Final Settlement Date, unless Lessor shall otherwise consent in writing: 
 SECTION 7.1
Affirmative Covenants 
 (a) Reporting Requirements. Each Lessee will furnish to Lessor promptly following a request therefor,
any documentation Lessor reasonably requests relating to such Lessee, the transactions contemplated hereby or the Lessee Collateral in order to comply with its obligations in relation to this Transaction, protect Lessor’s interest as
contemplated by this Agreement or any other Transaction Document or to comply with applicable Law; provided, Lessees shall not be required to furnish any information to the extent that any Lessee has determined in good faith it is prohibited from
furnishing such other information by any Law or a Contractual Obligation or because such information is Relevant Personal Data subject to Section 7.1(h) (Personal Data) (it being understood and agreed that this Section 7.1(a) (Reporting
Requirements) shall not be applied to augment the periodic reporting obligations of Sprint under Section 4(e) of the Performance Support Agreement). 

(b) Change in Accountants. Promptly after the occurrence thereof, notice of any change in the accountants of any Lessee. 

(c) Preservation of Existence. Except as expressly permitted by Sections 5.2(h) or 5.2(i) of the Second Step Transfer Agreement, each
Lessee shall (i) do all things necessary to remain duly organized, validly existing and qualified in good standing in its jurisdiction of organization, except where the failure to qualify or be in good standing could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect and (ii) maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, 

  
 17 

 
except where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(d) Compliance with Laws, Etc. Each Lessee shall comply with all applicable Laws, regulations and standards of all jurisdictions
applicable to each party’s performance under this Agreement (including, without limitation, consumer protection requirements, the U.S. Foreign Corrupt Practices Act and international anti-money laundering laws applicable to it) except where the
failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Lessees shall also comply with all applicable international export laws and sanctions regulations applicable to it with respect
to the export of the Devices except where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(e) Keeping of Records and Books of Account. Lessees shall (and shall cause Servicer to) maintain and implement administrative and
operating procedures (including an ability to recreate records evidencing Customer Receivables and any related contract in the event of the destruction of the originals thereof), and keep and maintain, all documents, books, computer tapes, disks,
Records and other information reasonably necessary or advisable for the collection and administration of all Customer Receivables (including records adequate to permit the daily identification of each new Customer Receivable and all Collections of
and adjustments to each existing Customer Receivable). Lessees shall give Lessor prompt notice of any material change in its administrative and operating procedures referred to in the previous sentence. 

(f) Furnishing of Information. Subject to any limitation in Section 7.1(h) (Personal Data), Lessees shall furnish or cause to be
furnished to Lessor from time to time such information with respect to the Customer Receivables and other Lessee Collateral as Lessor may reasonably request (it being understood and agreed that this Section 7.1(f) (Furnishing of Information)
shall not be applied to augment or duplicate the reporting obligations of Servicer under the Servicing Agreement). 
 (g) Inspection of
Records. Upon reasonable advance notice by Lessor to Lessees, Lessees shall, at any time and from time to time during regular business hours, as requested by Lessor permit Lessor, or its agents or representatives, at the expense of Lessees
(provided that unless a Lease Event of Default shall have occurred and is continuing, Lessees shall not be responsible for the expense of any such inspections other than one inspection per year by Lessor) (i) to examine and make copies of and
take abstracts from all books, records and documents (including computer tapes and disks) reasonably related to Lessee Collateral, including any related Customer Leases, and (ii) to visit the offices and properties of Lessees for the purpose of
examining such materials described in clause (i), and to discuss matters reasonably related to the Customer Leases and Device Leases or Lessees’ performance hereunder, and under the other Transaction Documents to which any Lessee is a
party, with any of the officers, directors, relevant employees or independent public accountants of the relevant Lessee having Knowledge of such matters. Subject to Section 20 (Confidential Information) of the MLS Intercreditor
Agreement, Lessor and such agents and representatives shall be bound to treat any information received pursuant to this paragraph (g) as confidential. 

  
 18 

 (h) Personal Data. Notwithstanding anything in any Transaction Document to the
contrary, each Lessee shall ensure that no Relevant Personal Data is transmitted or delivered to, or otherwise received by, Lessor if such transmission, delivery or receipt would result in the violation by such Person of any Applicable Data
Protection Laws or any Contractual Obligation; provided that, upon the request of Lessor at any time after a Lease Event of Default has occurred and is continuing, the relevant Lessee shall, in each case, at its own expense, co-operate, assist and
otherwise take all necessary actions as may be required to ensure that all Relevant Personal Data is transferred to Lessor (or such other Person as Lessor may direct) in accordance with all applicable Law and any Contractual Obligations, including
entering into any further deeds or documents which may be required to comply with any such legislation or regulations relating to data protection. 

(i) Notification of Default. Lessees shall furnish to Lessor and Collateral Agent as soon as possible and in any event within two
(2) Business Days after any Lessee obtains Knowledge of (A) the occurrence of any Lease Event of Default or Lease Default, a statement by an appropriate officer of the relevant Lessee setting forth details of such Lease Event of Default or
Lease Default and the action which it proposes to take with respect thereto, which information shall be updated promptly from time to time; (B) any litigation, investigation, proceeding or fact or circumstance that may exist at any time between
it and any Person that could reasonably be expected to result in a Material Adverse Effect or any litigation or proceeding to which it is a party relating to any Transaction Document, notice of such litigation, investigation or proceeding; and
(C) the existence of a Material Adverse Effect, notice of such Material Adverse Effect. 
 (j) Audit. In relation to the
administration of Devices and the Device Leases, Lessee shall upon reasonable advance notice provide access to its databases to Deloitte or another independent accounting firm selected by Lessor not more than twice a year, on a confidential basis,
at the expense of Lessor, to confirm compliance in all material respects of certain procedures with respect to certain documents and records relating to the administration of Device, Customer and Customer Lease information, including without
limitation the following: 
 (i) access to database to administer, among others, the identity, ownership, pricing and status of the Devices,

 (ii) access to database to administer, among others, the name and contact details of the Customers, and control compliance with
underwriting standards, compliance with relevant policies and laws, and 
 (iii) access to database to administer the existence and details
of the Customer Leases. 
 SECTION 7.2 Negative Covenants 

At all times from the Lease Closing Date to the Final Settlement Date, unless Lessor shall otherwise consent in writing: 

(a) No Modification of a Device. Lessees will not, and will not permit, the Devices in its possession to be modified, altered or
changed; provided, however, none of Lessees shall be 

  
 19 

 
responsible for any modifications, alterations or changes made by Customers or for any repairs made by a third-party maintenance provider on behalf of any Customer. 

(b) No Modification of Customer Leases. Lessees shall not amend, waive or otherwise modify any term or condition of any Customer Lease,
other than for the avoidance of doubt, any amendments, waivers and modifications made by Servicer in accordance with the Servicing Agreement or this Agreement. 

(c) Change in Credit and Collection Policy or Business. Lessees shall not (i) make or consent to any change or amendment to the
Credit and Collection Policy, other than for the avoidance of doubt, any changes or amendments made by Servicer in accordance with the Servicing Agreement and (ii) make any change in the character of their business. 

(d) Dilution. No Lessee shall take any action or omit to take any action that is within the relevant Lessee’s control that
would cause a Dilution (if taken by Servicer, any Sub-Servicer or any of their agents or representatives); provided that this Section 7.2(d) (Dilution) shall not limit Servicer’s ability to take actions and pay Dilutions under Section
2.9 (Termination of a Device Lease) or under the Servicing Agreement. 
 ARTICLE VIII 

EXCLUSION OF LIABILITY; ACKNOWLEDGEMENT 

SECTION 8.1 Exclusion of Liability 

(a) To the full extent permitted by any applicable Law, each party excludes all express or implied terms, conditions and warranties other than
those set out herein and in each Device Lease. 
 (b) Except as expressly provided for under the Transaction Documents, Lessor shall have no
liability for: 
 (i) replacing the relevant Devices with the same or similar Devices, or paying the cost of replacing the
relevant Devices, such obligation to remain at all times with the relevant Lessee under the relevant Customer Lease; or 

(ii) repairing the relevant Devices or paying for their repair, such obligation to remain at all times with the relevant Lessee
in accordance with the relevant Customer Lease. 
 (c) If the supplier or manufacturer of Devices has given Lessor warranties for those
Devices then, to the full extent permitted by Law, Lessee or Servicer may during the Term make any claim on the supplier or manufacturer that Lessor could have made. 

(d) Lessees shall not liable for any default or other underperformance by any Customer under its Customer Lease. 

SECTION 8.2 Acknowledgments . Each Lessee acknowledges that: 

  
 20 

 (a) it has not relied on Lessor’s skill or judgment in deciding to enter into any Device
Lease; 
 (b) it has taken its own advice as to the taxation, accounting and financial consequences of entering into any Device Lease, and
has not relied on Lessor in relation to any of these matters; 
 (c) it does not enter into any Device Lease as trustee of any trust or
settlement; 
 (d) it alone is responsible for examining the Devices before accepting them and for satisfying itself of, among other things:

 (i) their compliance with their description; 

(ii) their condition, suitability and fitness for Lessee’s purposes; and 

(iii) the validity of any supplier’s, manufacturer’s or dealer’s warranties or guarantees and entitlements to
patents or other intellectual property rights; 
 (e) except for any representation, warranty or undertaking that may be implied by Law,
Lessor has not made any representation, warranty or undertaking about the condition or quality of any Devices, their suitability or fitness for purpose, or their safety; and 

(f) Lessor may (but is not obliged to) do anything which should have been done by a Lessee under a Device Lease but which Lessor considers the
relevant Lessee has not done properly. 
 ARTICLE IX 

COLLATERAL 

SECTION 9.1 Granting Clause to Lessor. In order to secure the prompt and full payment and performance as and when due of any and
all obligations and indebtedness of Lessees to Lessor under this Agreement, now existing or hereafter created, each Lessee hereby collaterally assigns to Lessor, and grants to Lessor a security interest, in, all of such Lessee’s right, title
and interest in, to and under all personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Lessee, and regardless of where located (all of which will be collectively referred to as
the “Lessee Collateral”), including: 
 (1) all Accounts; 

(2) all Chattel Paper; 
 (3) all
Copyrights, Patents and Trademarks; 
 (4) all Documents; 

(5) all Equipment; 

  
 21 

 (6) all Fixtures; 

(7) all General Intangibles; 
 (8)
all Instruments; 
 (9) all Inventory; 

(10) all Investment Property; 

(11) all cash or Cash Equivalents; 

(12) all letters of credit, Letter-of-Credit Rights and Supporting Obligations; 

(13) all Deposit Accounts (including the Servicer Collection Accounts); 

(14) all Commercial Tort Claims (now or hereafter arising); 

(15) all Customer Leases; 
 (16)
the Transfer Agreements; and 
 (17) all accessions to, substitutions for and replacements, proceeds, insurance proceeds and products of the
foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the
foregoing. 
 SECTION 9.2 Granting Clause to Collateral Agent. Additionally, (i) each Lessee hereby grants to Collateral
Agent a security interest in all of such Lessee’s right, title and interest in, to and under Servicer Collection Accounts and all proceeds of the foregoing and (ii) the Lessee Representative hereby grants to Collateral Agent a security
interest in all of such Lessee Representative’s right, title and interest in, to and under Lessee Representative Account and all proceeds of the foregoing. 

SECTION 9.3 UCC Financing Statements. Each Lessee authorizes Lessor to file, transmit, or communicate, as applicable, from time to
time, Uniform Commercial Code financing statements, along with amendments and modifications thereto, in all filing offices reasonably selected by Lessor, listing the applicable Lessee as the debtor and Lessor as the secured party, and describing the
collateral covered thereby in such manner as Lessor may elect, including using descriptions such as “all personal property of debtor” or “all assets of debtor” or words of similar effect, in each case without such Lessee’s
signature. Each Lessee also hereby ratifies its authorization for Lessor to have filed in any filing office any financing statements filed prior to the date hereof. 

SECTION 9.4 No Assumption of Liability. The Lien on Lessee Collateral granted hereunder is given as security only and shall not
subject Lessor to, or in any way modify, any obligation or liability of Lessees relating to any Lessee Collateral. 

  
 22 

 SECTION 9.5 Further Assurances. Promptly upon request, but not later than three
Business Days thereafter, each Lessee shall deliver such instruments, assignments, or other documents or agreements, and shall take such actions, as Lessor reasonably deems appropriate under applicable Law to evidence or perfect its Lien on any
Lessee Collateral, or otherwise to give effect to the intent of this Agreement. 
 SECTION 9.6 Power of Attorney. In addition to
all of the powers granted to Lessor in this Article IX, each Lessee hereby appoint and constitute Lessor as such Lessee’s attorney-in-fact to sign Lessee’s name on any of documents, instruments and other item consistent with the terms of
this Agreement and the other Sprint Transaction Documents which Lessor may deem necessary or advisable to accomplish the purposes hereof (but Lessor shall not be obligated to and shall have no liability to any Lessee or any third party for failure
to so do or take action), and, upon the occurrence and during the continuance of a Lease Event of Default, (i) to convey any item of Lessee Collateral to any purchaser thereof and (ii) to make any payment or take any act necessary or
desirable to protect, collect or preserve any Lessee Collateral. Lessor’s authority hereunder shall include, without limitation, the authority to execute and give receipt for any certificate of ownership or any document, to transfer title to
any item of Lessee Collateral and to take any other actions arising from or incident to the powers granted to Lessor under this Agreement. This power of attorney is coupled with an interest and is irrevocable. 

ARTICLE X 
 TAXES

 SECTION 10.1 Consistency of Treatment. Lessor, Servicer, and Lessees acknowledge and agree, for all U.S. federal, state
and local income tax purposes, the parties intend (i) to treat the Cash Purchase Price under the Second Step Transfer Agreement at closing as amounts loaned by Lessor for which the Devices provide security, and to treat the Rental Payments
payable to Lessor under the Device Leases created by this Agreement and each Device Lease Schedule as payments on such indebtedness owed to the Lessor, and (ii) not to treat such Leases as “true leases” or treat the Lessor as the
owner of the Devices. The Lessor, Servicer, and Lessees agree not to take any position on any federal state or local income tax return or filing that is inconsistent with the previous sentence unless, after the Lease Closing Date, a Change in Law
occurs and, as confirmed by an Opinion of Counsel and after consultation in good faith with Lessor, Servicer and Lessees and their respective tax advisors, there is no substantial authority, within the meaning of Section 6662 of the Code, for
such treatment, or there is a Final Determination of such treatment. 
 SECTION 10.2 Taxes. The Lessees will be responsible for
Taxes with respect to the Device Leases as provided in the Tax Services Agreement. 
 SECTION 10.3 Payments. All payments made,
or deemed made, pursuant to this Agreement shall be made free and clear of, and without deduction for, any Taxes except to the extent required by applicable law. Prior to withholding any Taxes other than Lessee Covered Taxes from any payment
hereunder, Lessee(s) and/or Servicer shall consult with Lessor in good faith as to the withholding to be made. 

  
 23 

 SECTION 10.4 Gross Up. If a withholding or deduction of Lessee Covered Taxes is
required by law, with respect to any payment made to Lessor under a Device Lease during the Term of such Device Lease, Servicer and/or relevant Lessee(s) shall: 

(a) withhold or deduct the required amount from the covered payment; 

(b) pay (or procure the payment of) directly to the relevant authority the full amount required to be so withheld or deducted; 

(c) promptly forward to the recipient, with a copy to Lessor, an official receipt or other documentation reasonably satisfactory to Lessor
evidencing such payment to such authority; and 
 (d) pay (or procure the payment of) to Lessor such additional amount or amounts as is
necessary to ensure that the net amount actually received by Lessor will equal the full amount Lessor would have received had no such withholding or deduction of Lessee Covered Taxes been required. 

SECTION 10.5 Non-Duplication. The parties acknowledge that Lessor (and its Members) have entered into the Tax Services Agreement
with Servicer and Sprint and that such agreement addresses matters covered by this Agreement, and, specifically, provides an indemnity to Lessor for Lessee Covered Taxes. The Parties agree that indemnities calculated in respect of the Tax Services
Agreement shall take into account any gross-up made under Section 10.4 (Gross Up) to the extent required to avoid duplication. 

ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1 Amendments, etc. 

No amendment or other modification of any provision of this Agreement shall be effective unless the same shall be in writing and signed by the
parties hereto. No waiver of an obligation of any party hereto shall be effective unless in writing and signed by the other parties hereto. 

SECTION 11.2 No Waiver 

No failure on the part of any party hereto to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights and remedies herein provided are
cumulative and not exclusive of any rights or remedies provided by Law. 
 SECTION 11.3 Notices 

Section 21 (Notices) of the MLS Intercreditor Agreement is incorporated into this Agreement by way of reference. 

  
 24 

 SECTION 11.4 Data File 

The parties agree that the Data File to be delivered on or about the Lease Closing Date shall become integral part of this Agreement on the
Lease Closing Date. 
 SECTION 11.5 Binding Effect 

The parties to this Agreement may not assign any rights under this Agreement, except with the consent of the other parties to this Agreement
except Lessor may collaterally assign its rights under this Agreement for the benefit of the Finance Parties. 
 SECTION 11.6 Third
Party Rights 
 This Agreement shall, to the extent provided herein, inure to the benefit of the Finance Parties. Each party hereto
acknowledges that Lessor’s rights under this Agreement may be assigned to Collateral Agent and consents to such assignment and to the exercise of those rights directly by Collateral Agent. 

SECTION 11.7 Execution in Counterparts; Integration 

This Agreement may be executed in any number of counterparts and by the different parties 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. Executed counterparts may be delivered electronically. This Agreement, together with the other Transaction Documents,
contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire understanding among the parties hereto with respect to the subject matter hereof,
superseding all prior oral or written understandings with respect hereto. 
 SECTION 11.8 Governing Law 

THIS AGREEMENT AND THE DEVICE LEASES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF). 
 SECTION 11.9 Waiver of Jury
Trial 
 EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS
UNDER THIS AGREEMENT, THE DEVICE LEASES, ANY OTHER TRANSACTION DOCUMENT OR UNDER ANY AMENDMENT, INSTRUMENT OR DOCUMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY. 

  
 25 

 SECTION 11.10 Consent to Jurisdiction; Waiver of Immunities 

EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT: 

(a) IT IRREVOCABLY (i) SUBMITS TO THE JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT
AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, (ii) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN ANY OTHER COURT, AND (iii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING. 
 (b) TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR
FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS
OBLIGATIONS UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
 SECTION 11.11 No Proceedings 

The provisions of Section 24.2 (No Proceedings against MLS) of the MLS Intercreditor Agreement shall apply as if fully set
forth herein. 
 SECTION 11.12 Severability 

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

  
 26 

 SIGNATURE PAGE (MASTER LEASE AGREEMENT) 

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

			
	 For and on behalf of:
  

SLV - I LLC
 SLV - II LLC

SLV - III LLC
 SLV - IV LLC

SLV - V LLC
 SLV - VI LLC

SLV - VII LLC
 SLV - VIII LLC

SLV - IX LLC
 SLV - X LLC

SLV - XI LLC
 SLV - XII LLC

SLV - XIII LLC
 SLV - XIV LLC

SLV - XV LLC
 SLV - XVI LLC

SLV - XVII LLC
 SLV - XVIII LLC

SLV - XIX LLC
 SLV - XX LLC

SLV - XXI LLC
 SLV - XXII LLC, each a Lessee

 

	By:	 	 /s/ Stefan K. Schnopp

		
	Name:	 	 Stefan K. Schnopp

		
	Title:	 	 Director

 This is Counterpart No. [    ] of a total of 5 counterparts. Only Counterpart
No. 1 shall be considered chattel paper for purposes of the Uniform Commercial Code and a security interest may be perfected only by Counterpart No.1. 
  

  
 [S-1 Signature Page
to the Master Lease Agreement] 

 
			
	MOBILE LEASING SOLUTIONS, LLC
	as Lessor
		
	By:	 	 /s/ Jeffrey P. Krisel

	Name: Jeffrey P. Krisel
	Title: President

 This is Counterpart No. [    ] of a total of 5 counterparts. Only Counterpart
No. 1 shall be considered chattel paper for purposes of the Uniform Commercial Code and a security interest may be perfected only by Counterpart No.1. 

  
 [S-2 Signature Page
to the Master Lease Agreement] 

 
			
	SPRINT SPECTRUM L.P.
	as Servicer
		
	By:	 	 /s/ Tarek A. Robbiati

	Name: Tarek A. Robbiati
	Title: Treasurer

 This is Counterpart No. [    ] of a total of 5 counterparts. Only Counterpart
No. 1 shall be considered chattel paper for purposes of the Uniform Commercial Code and a security interest may be perfected only by Counterpart No.1. 

  
 [S-3 Signature Page
to the Master Lease Agreement] 

 
			
	MIZUHO BANK, LTD.
	as Collateral Agent
		
	By:	 	 /s/ Takashi Watanabe

		
	Name:	 	 Takashi Watanabe

		
	Title:	 	 Senior Vice President

 This is Counterpart No. [    ] of a total of 5 counterparts. Only Counterpart
No. 1 shall be considered chattel paper for purposes of the Uniform Commercial Code and a security interest may be perfected only by Counterpart No.1. 

  
 [S-4 Signature Page
to the Master Lease Agreement] 

 
			
	SLV - III LLC, as Lessee Representative
		
	By:	 	 /s/ Stefan K. Schnopp

	Name:	 	Stefan K. Schnopp
	Title:	 	Director

 This is Counterpart No. [    ] of a total of 5 counterparts. Only Counterpart No. 1 shall be
considered chattel paper for purposes of the Uniform Commercial Code and a security interest may be perfected only by Counterpart No.1. 

  
 [S-5 Signature Page
to the Master Lease Agreement]g 

 APPENDIX A 

DEFINITIONS 
 “1934
Act” means the Securities Exchange Act of 1934; 
 “Account Bank” has the meaning given to that term in the
Servicing Agreement; 
 “Account Control Agreement” has the meaning given to that term in the Servicing Agreement;

 “Actual Repair Costs” means the amounts specified in Schedule 6 (Repair Costs) or any updated amounts provided by the Lessee
Representative from time to time reflecting the actual repair costs generally charged by Sprint for repairs of the Eligible Devices; 

“Affiliate” means, with respect to any Person, another Person that, directly or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified; provided, however, for purposes of the Sprint Transaction Documents, neither Brightstar nor any of its Subsidiaries shall be considered Affiliates of any Sprint
Party;  
 “Agreed Schedule Information” means, with respect to a Device Lease: 

 

	(a)	a description of the Devices to be subject to such Device Lease; 

  

	(b)	the Device Lease Commencement Date; 

  

	(c)	the Scheduled Customer Lease Term; 

  

	(d)	the Device Lease Expiration Date; 

  

	(e)	the Device Lease Payment Dates; 

  

	(f)	the Rental Payments due under the Device Lease; and 

  

	(g)	the Device Residual Values for each Device subject to the Device Lease. 

 “Agreed Start-Up
Costs” means all costs and expenses which Lessor is responsible to pay in the amount agreed between the Lessor and the relevant provider of services; 

“Agreement” has the meaning given to that term in the preamble of this Agreement; 

“Applicable Data Protection Law” means all relevant provisions of the Data Protection Act 1998 and any other applicable data
protection legislation, guidelines and industry standards (to the extent applicable) in the jurisdictions from which and to which the relevant Services are to be performed; 

 “Approved Devices” means each of the devices listed on the Schedule of Approved Devices
as the same may be updated and amended from time to time in accordance with Section 2.6 (Approved Devices) of this Agreement; 

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

“Brightstar” means Brightstar Corp., a Delaware corporation; 

“Business Day” means a day other than Saturday or Sunday on which commercial banks in New York City, New York are not authorized or required
to be closed for business; 
 “Cash Equivalents” means, as at any date of determination, any of the following:
(a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (ii) issued by any agency of the United States the obligations of which are backed by the
full faith and credit of the United States, in each case maturing within one year after such date; (b) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any
public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial paper maturing no
more than three months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (d) certificates of deposit or bankers’ acceptances
maturing within three months after such date and issued or accepted by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (i) is at least “adequately
capitalized” (as defined in the regulations of its primary Federal banking regulator) and (ii) has Tier 1 capital (as defined in such regulations of not less than $1,000,000,000; and (e) shares of any money market mutual fund that
(i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than $5,000,000,000, and (iii) has the highest rating
obtainable from either S&P or Moody’s; 
 “Cash Purchase Price” has the meaning given to that term in the Second
Step Transfer Agreement; 
 “Change in Law” means any amendment to or change in the Tax laws (or any regulations or rulings
thereunder) of a jurisdiction or any political subdivision thereof, or any amendment or change in the administrative or judicial interpretation of such laws, which becomes legally effective with respect to the relevant documents or transactions, and
which occurs or is announced after the date of this Agreement. For the purpose of this definition “change” includes the introduction of a new law or interpretation, but does not include as of any date a proposal that is not effective;

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

 

	(a)	SoftBank ceases to own (directly or indirectly) more than 50% of the Voting Securities of Sprint; 

	(b)	the occurrence of any of the following: (i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all
or substantially all of Sprint’s and its Subsidiaries’ properties or assets, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the 1934 Act) other than to one or more Permitted Holders or
(ii) the adoption of any plan relating to Sprint’s liquidation or dissolution; 

  

	(c)	Sprint shall cease to own (directly) 100% of the Voting Securities of SCI; 

  

	(d)	SCI shall cease to own (directly or indirectly) 100% of the Voting Securities of Sprint Spectrum and each Originator; or 

  

	(e)	Sprint shall cease to own (directly or indirectly) 100% of the Voting Securities of Lessees; 

“Collateral Agent” has the meaning given to that term in the preamble of this Agreement; 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound which has been entered into in good faith; 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
a Person, whether through the ability to exercise voting power, by contract or otherwise, and “Controlling” and “Controlled” have meanings correlative thereto; 

“Copyrights” shall mean, with respect to any Lessee, all of such Lessee’s right, title and interest in and to all works of
authorship and all intellectual property rights therein, all United States and foreign copyrights (whether or not the underlying works of authorship have been published), including but not limited to copyrights in software and databases, all designs
(including but not limited to all industrial designs, “Protected Designs” within the meaning of 17 U.S.C. 1301 et. Seq. and Community designs), and all “Mask Works” (as defined in 17 U.S.C. 901 of the U.S. Copyright Act), whether
registered or unregistered, and with respect to any and all of the foregoing: (i) all registrations and applications for registration thereof, (ii) all extensions, renewals and restorations thereof, (iii) all rights to sue or
otherwise recover for any past, present and future infringement or other violation thereof, (iv) all proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages and proceeds of suit now
or hereafter due and/or payable with respect thereto, and (v) all other rights of any kind accruing thereunder or pertaining thereto throughout the world; 

“Credit and Collection Policy” has the meaning given to that term in the Servicing Agreement; 

 “Customer” means the “lessee” of a Device under a Customer Lease and an obligor
on a related Customer Receivable; 
 “Customer Lease” means a contract originally entered into between an Originator and a
Customer, in substantially the form attached as Schedule 3 of this Agreement; 
 “Customer Lease-End Rights and Obligations”
has the meaning given to that term in the Second Step Transfer Agreement; 
 “Customer Receivable” means all rental and other
payment obligations of a Customer under the relevant Customer Lease attributable to any date on or after the Lease Closing Date; 

“Data File” means the Adobe Acrobat pdf-file in read-only format with file name “Device Lease Schedule.pdf” on a CD ROM
identified and agreed to by Lessees and Lessor on the Lease Closing Date; 
 “Defaulted Customer Receivable” means any
Customer Receivable as to which any payment or any part thereof, is charged off, remains unpaid for more than sixty (60) days or for which any Lessee or Servicer has any Knowledge that the Customer thereon is subject to an Insolvency Event;

 “Defaulted Device Return” means (a) the failure by a Customer to timely return a Device pursuant to the terms of the
Customer Lease on or prior to the Required Return Date therefor and such Customer’s Customer Lease represents a Defaulted Customer Receivable; or (b) the return of a Device by a Customer not in the Device Return Condition; 

“Delinquent Receivables” means any Customer Receivable that is considered in collections pursuant to the Credit and Collections
Policy, provided, that upon such Customer Receivable being written off in accordance with the Credit and Collections Policy, such Customer Receivable shall not be considered a Delinquent Receivable; 

“Device” means a mobile wireless handset that is subject to a Device Lease at the time such handset is initially acquired by
Lessor; 
 “Device Lease” has the meaning given to that term under Section 2.1(a) (Agreement to Lease) of this Agreement;

 “Device Lease Commencement Date” means with respect to a Device Lease, the commencement date of such Device Lease as specified in
the relevant Device Lease Schedule; 
 “Device Lease Early Termination Amount” means with respect to a Device under a Device Lease
that has been terminated prior to the end of the Term, an amount equal to the sum of (a) any previously unpaid Rental Payments, (b) the Rental Payments that would have accrued under such Device Lease during the remainder of such Scheduled

 
Device Lease Term plus (b) the Device Residual Value of such Device as of the Expected Sales Date of such Device; 

“Device Lease Expiration Date” means with respect to a Device Lease, the scheduled expiration date of such Device Lease as set forth
in the relevant Device Lease Schedule; 
 “Device Lease Payment Date” means the last Business Day of a calendar month unless
otherwise provided in the Device Lease Schedules; 
 “Device Lease Schedule” means a schedule substantially in the form of Schedule 1 to
this Agreement and included in the Data File; 
 “Device Repurchase Agreement” means the Device Repurchase Agreement, dated as of
the date hereof and effective as of the Lease Closing Date, between the Originators and Lessor; 
 “Device Residual Value” means the device
residual value as set forth in Schedule 2 (Device Residual Values); 
 “Device Return Condition” means with respect to a Device, the
return conditions described below: 
  

	(a)	such Device is fully functional with no technical problems, with only reasonable wear and tear due to normal use. 

  

	(b)	Functional Criteria 

  

	 	(i)	such Device must be in a standard “working” condition, able to charge and power on and perform all core functions; and 

  

	 	(ii)	such Device has no activation locks (i.e. not network or iCloud locked); and 

  

	 	(iii)	Customer data must be cleared; and 

  

	 	(iv)	such Device’s LCD display must be functional with no visible damage; and 

  

	 	(v)	such Device’s external ports and buttons are free from damage, and are fully functional. 

  

	(c)	Cosmetic Criteria 

  

	 	(i)	such Device may have scratches on the front glass; provided that each scratch is reasonably consistent with normal use and are less than 50mm in length and 2mm in width, but no cracks on the front glass; and

	 	(ii)	such Device may have unlimited scratches on housing; provided that each scratch is reasonably consistent with normal use and are less than 80mm in length and 2mm in width; and 

 

	 	(iii)	such Device housing may have reasonable dents associated with normal wear, but no cracks; and 

  

	 	(iv)	such Device does not have any missing parts that would render it unfit to function; and 

  

	 	(v)	such Device’s external liquid indicators may be tripped but there must be no visible water damage or corrosion. 

“Device Return Address” means the following address:  
  

	(a)	Mobile Leasing Solutions, LLC, Dept 5001, 1950 USG Drive, Libertyville, IL 60048; or 

  

	(b)	any other address in the continental United States that Lessor designates by written notice to Lessees and Servicer; 

“Dilution” means a reduction in the Unpaid Balance attributable to any modification of any Customer Lease by Servicer (or any
Sub-Servicer or any agent or representative of either thereof) after the contribution thereof to the relevant Lessee, any non cash items including credits, rebates, billing errors, cash discounts, volume discounts, allowances, disputes, set offs,
counterclaims, charge-backs, returned or repossessed goods, sales and marketing discounts, warranties, any unapplied credit memos and other adjustments that are made in respect of a Customer Lease and shall include, but not be limited to,
circumstances in which Servicer (or any Sub-Servicer or any agent or representative of either thereof):  
  

	(a)	specifies (including by posting to its website) a purchase option price for a Device less than the fair market value notified by Lessor in writing to any Sprint Party upon request in accordance with Section 5.3(f)
(Fair Market Value under Customer Leases for Devices) of the Second Step Transfer Agreement; 

  

	(b)	forgives or reduces prior to the expiry of the Scheduled Customer Lease Term, any monthly Customer Receivable, retrospectively or prospectively, in the monthly invoice or otherwise, to an amount which is lower than that
set out in the Data File; 

  

	(c)	reduces, after the expiry of the Scheduled Customer Lease Term, a monthly Customer Receivable to an amount less than the monthly Customer Receivable payable during the Scheduled Customer Lease Term; 

 

	(d)	modifies the rental payments, or any other payment amount or obligation of a Customer, or the timing thereof, in a manner that is economically less favorable to Lessor; 

	(e)	charges a customer for repairs in an amount less than the Actual Repair Costs; 

  

	(f)	charges a customer for unreasonable wear and tear in an amount less than the Actual Repair Costs; 

  

	(g)	discontinues the leasing program and forgives the Customer any or all remaining rental payments under any Customer Lease; and 

  

	(h)	agrees to the terms of a return that are less favorable to Lessor than as set out in the returns policy at www.sprint.com/returns (as in existence on the Lease Closing Date); 

“Eligible Devices” means Apple: (a) iPhone 6 16 GB all colours; (b) iPhone 6 64 GB, all colours; (c) iPhone 6 128 GB,
all colours; (d) iPhone 6 Plus 16 GB all colours; (e) iPhone 6 Plus 16 GB all colours; and (e) iPhone 6 Plus 128 GB, all colours; 

“Eligible Leases” means as of any date of determination, a Customer Lease: 

 

	(a)	(i) which represents the lease of goods initially leased by an Originator and the Customer Receivables in respect of which are billed to the related Customer in the ordinary course of business, (ii) with respect to
which (x) all obligations of the Originator in connection with which have been fully performed, and (y) not more than thirty-one (31) days have passed since such Customer Receivable was billed to the related Customer, (iii) the
Customer Receivables with respect to which, no portion is in respect of any amount as to which the related Customer is permitted to withhold payment until the occurrence of a specified event or condition, (iv) the Customer Receivables with
respect to which, is not owed to any Originator or any Lessee as a bailee or consignee for another Person, and (v) the Customer Receivables with respect to which, is not issued under cash-in-advance or cash-on-account terms; 

 

	(b)	which constitutes either “chattel paper”, “electronic chattel paper” or an “account” as defined in Section 9-102(a) of the UCC; 

 

	(c)	which is not a Defaulted Customer Receivable or a Delinquent Receivable; 

  

	(d)	under which the Customer is not a Governmental Authority; provided, that any Customer Lease under which the lessee is a Governmental Authority but employee of such Governmental Authority is personally liable for the
Customer Receivables related to such Customer Lease shall be an “Eligible Lease”; 

  

	(e)	the transfer of which pursuant to the Transfer Agreements does not violate or contravene any Law or any related Transaction Document; 

 

	(f)	which is denominated and payable only in U.S. Dollars in the United States to any Sprint Party; 

  

	(g)	 that (i) is in full force and effect and constitutes the legal, valid and binding obligation of the related Customer to pay lease payments and
other amounts to a 

	 	
Sprint Party enforceable against such Customer in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar laws
relating to and limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or in law), (ii) is not subject to any dispute, offset, netting, litigation,
counterclaim or defense whatsoever (including defenses arising out of violations of usury Laws) (other than potential discharge in a bankruptcy of the related Customer), (iii) is not subject to any Lien (other than Permitted Device Liens), and
(iv) the Unpaid Balance of which is not subject to reduction, cancellation, setoff, special refunds or credits for any reason, including without limitation as a result of defective or rejected goods; 

 

	(h)	that does not contravene any Law applicable thereto (including Laws relating to usury, consumer protection, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy) in any respect which could, individually or in the aggregate, reasonably be expected to have a material adverse effect on the validity, collectability or enforceability of the related Customer Receivable or would or could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and with respect to which the origination thereof did not violate any such Law in any such respect; 

 

	(i)	which (i) was originated by the applicable Originator in the ordinary course of its business, (ii) satisfies the requirements of the Credit and Collections Policy in all material respects and (iii) has
been acquired by the applicable Lessee from its Related Originator pursuant to and in accordance with the terms of the First Step Transfer Agreement; 

  

	(j)	the Customer under which is not (i) the Lessor or any of the Members, or (ii) Sprint, any Originator, the Servicer or a Subsidiary of any of them or identified on Sprint’s or the Servicer’s records
as an employee of Sprint, the Servicer of any of their respective Subsidiaries; 

  

	(k)	the Customer under which is not a Sanctioned Person; 

  

	(l)	the Customer under which is required to make payments no less frequently than monthly under such Customer Lease; 

  

	(m)	the Customer under which is either (i) a Customer of an Originator or any of its Affiliates (prior to the transfer of the Customer Lease to the relevant Lessee) is a Prime Customer, or (ii) a Customer of an
Originator or any of its Affiliates (prior to the transfer of the Customer Lease to the Lessee) is a Near Prime Customer; 

  

	(n)	arose under an Customer Lease which (i) is substantially in the form of Schedule 4 (Customer Leases) hereto; and (ii) relates to a Eligible Device which is compatible with market technology and
service platforms; 

	(o)	the Customer under which is an active paying subscriber of Sprint’s or any of its Affiliates’ wireless services; 

  

	(p)	(i) that (A) has been outstanding beyond the date that is one payment after the origination date of such Customer Lease or (B) the Customer under which has been an active paying subscriber of Sprint’s or
any of its Affiliates’ wireless services for a minimum of thirteen (13) months immediately before the origination date of such Customer Lease; 

  

	(q)	the Customer under which has not elected to participate in the iPhone Forever Program; 

  

	(r)	all sales taxes to be paid in connection with the origination of such Customer Receivable have been fully paid or will be scheduled to be fully paid upon payment of installments on such Customer Lease to the extent
required by applicable Laws; 

  

	(s)	the Customer Receivable with respect to which, as of any date of determination, is not a Non Lock-Box Receivable (as defined in the Servicing Agreement) comprising any part of any amount in excess of 6.00% of the Unpaid
Balance of all Customer Receivables; and 

  

	(t)	which, as of any date of determination when aggregated with all other Customer Leases no Customer’s aggregate Unpaid Balance for all such Customer’s Customer Leases exceeds 1.00% of the aggregate balance of
the Unpaid Balance of all Eligible Leases, provided, that in the case of a Customer having one or more Affiliate Customers, all such Customers shall be considered a single Customer; 

“Expected Sales Date” means, with respect to a Device, the expected sale date of such Device as of the commencement of the Device Lease, in
each case, as specified in the relevant Device Lease Schedule; 
 “Final Determination” means the final resolution of liability for any
Lessee Covered Tax, for any issue and for any taxable period, by or as a result of (i) IRS Form 870-AD (or any similar or successor IRS form) or a comparable form under any state, local or foreign law on the date of acceptance by or on behalf
of the relevant Tax Authority, except that a Form 870-AD or comparable form that reserves the right of the taxpayer to file a claim for refund and/or the right of the Tax Authority to assert a further deficiency shall not constitute a Final
Determination with respect to the item or items so reserved, (ii) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed or reheard (except that a decision of a U.S. Court of
Appeals or highest state court shall be considered final notwithstanding the possibility of an application for a writ of certiorari can be made to the U.S. Supreme Court, unless such a writ has been applied for and granted), (iii) a closing
agreement or similar agreement entered into with a Tax Authority in connection with an administrative or judicial proceeding, (iv) an allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all
periods of limitations during which such refund or credit may be recovered by the jurisdiction imposing the Tax, (v) 

 
any other final resolution, including by reason of the expiration of the applicable period of limitations or the execution of a pre-filing agreement with the applicable Tax Authority, or
(vi) the occurrence of any event which the parties agree in writing is a Final Determination; 
 “Final Settlement Date” means
28 February 2018 unless, Lessees, Lessor, the Senior Agent (to the extent any Senior Loans are outstanding) and the Senior Subordinated Loan Creditor (to the extent any Senior Subordinated Loans are outstanding) agree on a different date;

 “Finance Parties” has the meaning given to that term in the Servicing Agreement; 

“First Step Transfer Agreement” means the First Step Transfer Agreement, dated as of the date hereof and effective as of the Lease
Closing Date among Lessees and each other Person party thereto as an Originator; 
 “GAAP” means, generally accepted
accounting principles in the United States of America; 
 “Governmental Authority” means any federal, state, regional or
local government or political subdivision thereof and any Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government; 

“Grade A” means with respect to a Device, such Device is like new.  

“Grade B” means with respect to a Device, such Device is fully functional with no technical problems, but does not satisfy Grade A.
 
 “Guarantor” means Sprint; 

“Incremental Rate” has the meaning given to that term in Schedule 5 (Additional Information); 

“Insolvency Event” shall be deemed to have occurred with respect to a Person if either: 

(a) (i) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator (or other similar official) for such Person or
all or substantially all of its assets, or any similar action with respect to such Person under any Law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue
unstayed or undismissed for a period of sixty (60) days; or (ii) an order for relief in respect of such Person shall be entered in an involuntary case under federal bankruptcy laws or other similar Laws now or hereafter in effect; or 

(b) such Person (i) shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement,
dissolution or other similar Law now or hereafter in effect, (ii) shall consent to the appointment of or taking 

 
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or (iii) shall make
any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors (or any board or Person holding
similar rights to control the activities of such Person) shall vote to implement any of the foregoing; 
 “iPhone Forever Program”
means the program offered by the Originators or the Servicer pursuant to which a Customer may, if such Customer has agreed to participate in such program upon entering into the relevant Customer Lease, in consideration for making a specified
additional monthly payment with respect to such Customer Lease, elect to trade in the Device subject to such Customer Lease upon the manufacturer of such Device releasing an upgraded version of such Device; 

“Knowledge” means, with respect to any Person (other than an individual) as to any event or circumstance, the actual knowledge of a
Responsible Officer of such Person (without independent investigation or inquiry and without imputing to such Responsible Officer the knowledge of any third party) or receipt by such Person of written notice of such event or circumstance;

 “Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law; 

“Lease Closing Date” means the date on which all conditions precedent pursuant to Article V (Conditions precedent) have been satisfied
or waived; 
 “Lease Default” means an event or circumstance which, after the giving of notice or lapse of time, or both, would
become a Lease Event of Default; 
 “Lease Event of Default” has the meaning given to that term under Section 3.1 (Lease Events
of Default) of this Agreement; 
 “Lessee” has the meaning given to that term in the preamble of this Agreement; 

“Lessee Collateral” has the meaning given to that term under Section 9.1 (Granting Clause to Lessee) of this Agreement; 

“Lessee Covered Taxes” has the meaning given that term under the Tax Services Agreement;  

“Lessee Indemnitee” has the meaning given to that term under Section 4.1(a) (Indemnities) of this Agreement; 

 “Lessee Representative” has the meaning given to that term under the Second Step Transfer
Agreement; 
 “Lessee Representative Account” has the meaning given to that term under the Servicing Agreement; 

“Lessor” has the meaning given to that term in the preamble of this Agreement; 

“Lessor’s Liens” means (a) any Lien arising out of a voluntary or involuntary transfer by Lessor of any of its rights, title
or interest in the Devices or the Device Leases (other than (i) this Lease or any Transaction Document, (ii) any transfer to any Lessee, as a result of an Event of Default or in connection with the exercise by the relevant Lessee of any
rights or options under the Transaction Documents or (iii) any Lien arising by, through or under any Lessee) or (b) any Lien of any Person arising by, through or under Lessor, not based upon or relating to the the Transaction Documents or
the transactions contemplated thereby; 
 “Liabilities” has the meaning given to that term under Section 4.1(a)
(Indemnities) of this Agreement; 
 “Lien” means any mortgage, deed of trust, pledge, security interest,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title
retention agreement and any financing lease having substantially the same economic effect as any of the foregoing; 
 “Like-Kind
Exchange” means, with respect to a Customer Lease, an exchange of a Device pursuant to which the replacement Device is a Type of Device that is currently an Approved Device that satisfies the Device Return Condition, is the same Type (or a
Type with a higher Device Residual Value) as the exchanged Device, and with respect to which the scheduled Customer Receivables under the modified Customer Lease are not less in amount, frequency and number than under the Customer Lease immediately
prior to such modification; 
 “Like-Kind Exchange Device means a replacement Device subject to a Like-Kind Exchange; 

“Logistics Services Provider” has the meaning given to that term under the Servicing Agreement; 

“Material Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on: 

 

	(a)	if a particular Person is specified, (i) the ability of such Person to perform its obligations under any Transaction Document to which it is a party or (ii) if a particular Person is not specified, the ability
of any Originator, Servicer, any Lessee or Sprint to perform its obligations under the Transaction Document to which it is a party; 

	(b)	(i) the validity or enforceability of any Sprint Transaction Document or (ii) the value, validity, enforceability or collectability of any material portion of Lessee Collateral; or 

 

	(c)	the status, existence, perfection, priority, enforceability or other rights and remedies of Collateral Agent or Lessor associated in respect of its interest in Lessee Collateral; 

“Members” means SBLS HD US, Inc. and JPLS HD US, Inc.; 

“MLS Collection Account” means the account notified by the Lessor in writing to Servicer, Lessees and Collateral Agent; 

“MLS Intercreditor Agreement” means the Intercreditor Agreement dated on or about the Lease Closing Date among the Lessee
Representative, the Senior Agent, the Senior Subordinated Loan Creditor, Lessor and the other parties thereto; 
 “Near Prime
Customer” means any Customer under a Customer Lease that was not a Prime Customer as of the date of origination of such Customer Lease, and which (i) has a credit class designation of “Q2”, “H1”, “S5” or
“T4”, or any equivalent credit class as set forth in the Credit and Collection Policies, and (ii) required a down payment of less than 35% of the device manufacturer’s suggested retail price, by the internal scoring system of the
Servicer or an Originator;  
 “Nominated Agent” means, with respect to a Party, a Person appointed to act as that
Party’s agent with respect to that Party’s obligations and rights under the Transaction Documents; 
 “Non-Return
Remedies” has the meaning given to that term under Section 2.12(b) (Non-Return Remedies) of this Agreement; 

“Non-Return Remedies Commencement Date” means: 
  

	(a)	in relation to a non-payment of any amount due under a Customer Lease, the date on which Servicer suspends service to the relevant Customer in accordance with the Credit and Collection Policies; 

 

	(b)	in relation to Device that is Non-Returned Device pursuant to Section (a) of the definition of Defaulted Device Returns, the Required Return Date therefor; and 

 

	(c)	in relation to a Device that, following its return did not satisfy the Device Return Condition, the date on which the Device was returned to a Sprint Party; 

“Non-Returned Device” means any Device that is subject to a Defaulted Device Return; 

“Opinion of Counsel” means the written opinion of a nationally or internationally recognized counsel that is selected by a Party to
decide questions of law raised by Transaction Documents; 

 “Originators” has the meaning given to that term under the First Step Transfer
Agreement; 
 “Party” and “Parties” means with respect to any Transaction Document, each party to the
relevant agreement; 
 “Patents” shall mean, with respect to any Lessee, all of such Lessee’s right, title and interest
in and to all patentable inventions and designs, all United States, foreign, and multinational patents, certificates of invention, and similar industrial property rights, and applications for any of the foregoing, including, without limitation,
(i) all reissues, substitutes, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (ii) all inventions and improvements described and claimed therein, (iii) all rights to sue or otherwise
recover for any past, present and future infringement or other violation thereof, (iv) all proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages, proceeds of suit and other payments
now or hereafter due and/or payable with respect thereto, and (v) all other rights accruing thereunder or pertaining thereto throughout the world; 

“Performance Support Agreement” means the Performance Support Agreement, dated as of the date hereof and effective as of the Lease
Closing Date, between Sprint and Lessor; 
 “Performance Support Provider” means Sprint; 

“Permitted Device Liens” means  
  

	(a)	Liens arising pursuant to any Transaction Document; 

  

	(b)	Liens of Customers under the Customer Leases; 

  

	(c)	Lessor’s Liens; 

  

	(d)	Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings diligently conducted and inchoate materialmen’s, mechanic’s, workmen’s, repairmen’s, employee’s,
or other like Liens arising in the ordinary course of business of Lessee for sums not yet due or that are being contested in good faith by appropriate proceedings diligently conducted, provided that adequate reserves with respect thereto are
maintained in conformity with GAAP; and 

  

	(e)	any customary rights of setoff, revocation, refund or chargeback and, as applicable, statutory or common law liens, in each case, of any Account Bank under the applicable Account Control Agreement. 

“Permitted Holder” means SoftBank and its Affiliates; 

“Person” means a natural individual, partnership, sole proprietorship, limited liability company, corporation (including a business trust),
joint stock company, trust, 

 
unincorporated association, joint venture, Governmental Authority or any other entity of whatever nature; 

“Present Value Device Lease Amount” means an amount equal to the sum of (a) all previously accrued and unpaid Rental Payments
plus (b) the remaining Rental Payments that would have accrued during the remainder of the Scheduled Device Lease Term discounted to present value at the Incremental Rate; 

“Prime Customer” means any Customer that was categorized as “Prime” by the internal scoring system of the Servicer or an
Originator as of the date of origination of the relevant Customer Lease or had graduated to such status as of Lease Closing Date; 

“Protected Customers” means any current or former Customer that (i) is or has been subject to protections under the Servicemembers Civil
Relief Act (the “SCRA”), but only with respect to, and to the extent of, Customer Receivables that are subject to the protections of the SCRA, or (ii) is a debtor in a bankruptcy proceeding, to the extent that the automatic
stay applies to such debtor’s Customer Receivables under Section 362 of the Bankruptcy Code; 
 “PUK” means personal
identification number unlock key; 
 “Records” means all contracts (including the Customer Lease), if any, and other documents,
purchase orders, invoices, agreements, books, records and any other media, materials or devices for the storage of information (including tapes, disks, punch cards, computer programs and databases and related property) maintained by Servicer or
Lessees with respect to the Customer Receivables; 
 “Related Originator” has the meaning given to that term under Annex 2 (Related
Originators; Related Lessees) of the First Step Transfer Agreement; 
 “Relevant Personal Data” has the meaning given to that
term under Section 8.1(l) of the Servicing Agreement; 
 “Rent Shortfall Returned Device” means a Returned Device in
respect of which the Customer has not paid all accrued and unpaid Customer Receivables with respect to such Device during the Scheduled Customer Lease Term; 

“Rental Payment” means, with respect to each Device Lease, the rental payments specified in the relevant Device Lease Schedule;

 “Reparable Device” has the meaning given to that term under the Device Repurchase Agreement; 

“Required Return Date” means the date a Customer is required to return a Device, which is promptly following the termination of a
Customer Lease and in any event not later than 30 calendar days following the termination of the Customer Lease; 
 “Required Return
Period” means to the extent a Sprint Party has received a Device from a Customer, the period ending 30 days after the earlier of (a) the last day of the 

 
Scheduled Customer Lease Term, and (b) the actual receipt of a Sprint Party of the Device; 

“Responsible Officer” means, as applicable, (i) an authorized officer of Lessor, or (ii) an authorized officer of any Sprint
Party. Any document delivered hereunder that is signed by a Responsible Officer of Lessor or any Sprint Party, as applicable, will be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership
and/or other action on the part of Lessor or such Sprint Party, as applicable, and such Responsible Officer will be conclusively presumed to have acted on behalf of Lessor or such Sprint Party, as applicable; 

“Returned Device” has the meaning given to that term under Section 2.3(a) of the Device Repurchase Agreement; 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any
Sanctions Authority; 
 “Sanctions Authorities” has the meaning given to it in the definition of Sanctioned Person;

 “Sanctioned Country” means, at any time, a country which is itself the subject or target of any country-wide Sanctions;

 “Sanctioned Person” means, at any time: 
  

	(a)	any person listed in any Sanctions-related list of designated persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State (“Sanctions
Authorities”); 

  

	(a)	any person operating, organized or resident in a Sanctioned Country; or 

  

	(b)	any person owned or controlled by any such person or persons. 

 “Scheduled Customer Lease
Term” means, with respect to any Customer Lease, a period representing the remaining number of obligatory monthly rental payments due under such Customer Lease at the time such Customer Lease and the associated Device are contributed by an
Originator to a Lessee as set forth in the relevant Device Lease Schedule; 
 “Scheduled Device Lease Term” means, with
respect to any Device Lease, means the period commencing on the Device Lease Commencement Date and ending on the last day of the Scheduled Customer Lease Term; 

“Schedule of Approved Devices” has the meaning given to that term under Section 2.6(a) (Approved Devices) of this
Agreement; 
 “SCI” means Sprint Communications, Inc; 

 “Second Step Transfer Agreement” means the Second Step Transfer Agreement, dated the date
hereof and effective as of the Lease Closing Date, between Lessees and Lessor; 
 “Secondary Market Value” has the meaning
given to that term under the Device Repurchase Agreement; 
 “Senior Agent” has the meaning given to that term under the Servicing
Agreement; 
 “Senior Loan Agreement” has the meaning given to that term under the Servicing Agreement; 

“Senior Loan” has the meaning given to that term under the Servicing Agreement; 

“Senior Subordinated Loan” has the meaning given to that term under the Servicing Agreement; 

“Senior Subordinated Loan Creditor” has the meaning given to that term under the Servicing Agreement; 

“Servicer” has the meaning given to that term under the Servicing Agreement; 

“Servicer Collection Accounts” has the meaning given to that term under the Servicing Agreement; 

“Servicer Replacement Event” has the meaning given to it under Section 3.1 of the Servicing Agreement; 

“Servicing Agreement” means the Servicing Agreement dated as of the date hereof amd effective as of the Lease Closing Date, among
Lessor, Servicer, Lessees and Collateral Agent; 
 “Settlement Date” has the meaning given to that term in the MLS
Intercreditor Agreement; 
 “SoftBank” means SoftBank Corp.; 

“Sprint” means Sprint Corporation, a Delaware corporation; 

“Sprint Guarantee” means the Guaranty, dated as of the date hereof and effective as of the Lease Closing Date, by Sprint in favor of
Lessor; 
 “Sprint Party” means Sprint, each Originator, Servicer, each Lessee, and each other Subsidiary of Sprint party to
a Transaction Document; 
 “Sprint Spectrum” has the meaning given to that term in the preamble of this Agreement; 

“Sprint Transaction Documents” has the meaning given to that term under the Servicing Agreement;  

 “Sub-Servicer” has the meaning given to that term under the Servicing Agreement;

 “Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership
interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent; 

“Tax Authority” has the meaning given to that term under the Tax Services Agreement; 

“Taxes” means all income, gross receipts, rental, franchise, excise, stamp, occupational, capital, value added, sales, use, ad valorem
(real and personal), property (real and personal) and taxes, fees, levies, imposts, charges or withholdings of any nature whatsoever, together with any assessments, penalties, fines, additions to tax and interest thereon, howsoever imposed, by any
Governmental Authority or other taxing authority in the United States or by any foreign government, foreign governmental subdivision or other foreign or international taxing authority; 

“Tax Services Agreement” has the meaning given to that term under the Servicing Agreement; 

“Term” has the meaning given to that term under Section 2.7 (Term) of this Agreement;  

“Trademarks” shall mean, with respect to any Lessee, all of such Lessee’s right, title and interest in and to all domestic,
foreign and multinational trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade dress, trade styles, logos, internet domain names, other inidicia of origin or source identification,
and general intangibles of a like nature, whether registered or unregistered, and, with respect to any and all of the foregoing, (i) all registrations and applications for registration thereof including, without limitation, (ii) all
extensions and renewals thereof, (iii) all of the goodwill of the business connected with the use of and symbolized by any of the foregoing, (iv) all rights to sue or otherwise recover for any past, present and future infringement,
dilution, or other violation thereof, (v) all proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages, proceeds of suit and other payments now or hereafter due and/or payable with
respect thereto, and (vi) all other rights of any kind accruing thereunder or pertaining thereto throughout the world; 

Transaction” means, collectively the transactions contemplated by the Transaction Documents;  

“Transaction Documents” has the meaning given to that term under the Servicing Agreement;  

“Transfer Agreements” means the First Step Transfer Agreement and the Second Step Transfer Agreement; 

 “Type” means, with respect to a Device, the make, model, memory and colour of such
Device; 
 “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code (or any similar or
equivalent legislation), as in effect from time to time in any applicable jurisdiction;  
 “Unpaid Balance” means, with
respect to any Customer Lease at any time, all remaining Customer Receivables payable by a Customer under such Customer Lease at and after such time; 

“Voting Securities” means, with respect to any Person, the stock or other ownership or equity interests, of whatever class or classes,
the holders of which ordinarily have the power to vote for the election of the members of the board of directors, managers, trustees or other voting members of the governing body of such Person (other than stock or other ownership or equity
interests having such power only by reason of the happening of a contingency); and 
 “Waterfall” has the meaning given to
that term under the Servicing Agreement.

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