Document:

Amended and Restated Trust Agreement

 Exhibit 10.4 
 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2011-3 
 AMENDED AND RESTATED

 TRUST AGREEMENT 
 between 
 SANTANDER DRIVE AUTO RECEIVABLES LLC, 

as the Seller 
 and 
 DEUTSCHE BANK TRUST COMPANY DELAWARE, 

as the Owner Trustee 
 Dated as of September 15, 2011 

  

					
		  		  	Amended and Restated Trust Agreement (2011-3)

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I         DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1.
	  	 Capitalized Terms
	  	 	1	  
			
	 SECTION 1.2.
	  	 Other Interpretive Provisions
	  	 	1	  
		
	 ARTICLE II         ORGANIZATION
	  	 	2	  
			
	 SECTION 2.1.
	  	 Name
	  	 	2	  
			
	 SECTION 2.2.
	  	 Office
	  	 	2	  
			
	 SECTION 2.3.
	  	 Purposes and Powers
	  	 	2	  
			
	 SECTION 2.4.
	  	 Appointment of the Owner Trustee
	  	 	3	  
			
	 SECTION 2.5.
	  	 Initial Capital Contribution of Trust Estate
	  	 	3	  
			
	 SECTION 2.6.
	  	 Declaration of Trust
	  	 	3	  
			
	 SECTION 2.7.
	  	 Organizational Expenses; Liabilities of the Holders
	  	 	3	  
			
	 SECTION 2.8.
	  	 Title to the Trust Estate
	  	 	3	  
			
	 SECTION 2.9.
	  	 Representations and Warranties of the Seller
	  	 	4	  
			
	 SECTION 2.10.
	  	 Situs of Issuer
	  	 	5	  
			
	 SECTION 2.11.
	  	 Covenants of the Residual Interestholders
	  	 	5	  
		
	 ARTICLE III         RESIDUAL INTEREST AND TRANSFER OF
CERTIFICATES
	  	 	5	  
			
	 SECTION 3.1.
	  	 Initial Ownership
	  	 	5	  
			
	 SECTION 3.2.
	  	 Authorization of the Certificates
	  	 	5	  
			
	 SECTION 3.3.
	  	 Form of the Certificate
	  	 	5	  
			
	 SECTION 3.4.
	  	 Registration of the Certificates
	  	 	5	  
			
	 SECTION 3.5.
	  	 Transfer of the Certificate
	  	 	5	  
			
	 SECTION 3.6.
	  	 Lost, Stolen, Mutilated or Destroyed Certificates
	  	 	7	  
			
	 SECTION 3.7.
	  	 Appointment of the Certificate Paying Agent
	  	 	8	  
		
	 ARTICLE IV         ACTIONS BY OWNER TRUSTEE
	  	 	8	  
			
	 SECTION 4.1.
	  	 Prior Notice to Residual Interestholder with Respect to Certain Matters
	  	 	8	  
			
	 SECTION 4.2.
	  	 Action by Residual Interestholder with Respect to Certain Matters
	  	 	9	  
			
	 SECTION 4.3.
	  	 Action by Residual Interestholder with Respect to Bankruptcy
	  	 	9	  
			
	 SECTION 4.4.
	  	 Restrictions on Residual Interestholder’s Power
	  	 	9	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 4.5.
	  	 Majority Control
	  	 	10	  
		
	 ARTICLE V         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	10	  
			
	 SECTION 5.1.
	  	 Application of Trust Funds
	  	 	10	  
			
	 SECTION 5.2.
	  	 Method of Payment
	  	 	10	  
			
	 SECTION 5.3.
	  	 Signature on Returns
	  	 	10	  
			
	 SECTION 5.4.
	  	 Certificate Distribution Account
	  	 	10	  
		
	 ARTICLE VI         AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	11	  
			
	 SECTION 6.1.
	  	 General Authority
	  	 	11	  
			
	 SECTION 6.2.
	  	 General Duties
	  	 	11	  
			
	 SECTION 6.3.
	  	 Action upon Instruction
	  	 	11	  
			
	 SECTION 6.4.
	  	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	12	  
			
	 SECTION 6.5.
	  	 No Action Except under Specified Documents or Instructions
	  	 	12	  
			
	 SECTION 6.6.
	  	 Restrictions
	  	 	12	  
		
	 ARTICLE VII         CONCERNING OWNER TRUSTEE
	  	 	13	  
			
	 SECTION 7.1.
	  	 Acceptance of Trusts and Duties
	  	 	13	  
			
	 SECTION 7.2.
	  	 Furnishing of Documents
	  	 	15	  
			
	 SECTION 7.3.
	  	 Representations and Warranties
	  	 	15	  
			
	 SECTION 7.4.
	  	 Reliance; Advice of Counsel
	  	 	15	  
			
	 SECTION 7.5.
	  	 Not Acting in Individual Capacity
	  	 	16	  
			
	 SECTION 7.6.
	  	 The Owner Trustee May Own Notes
	  	 	16	  
			
	 SECTION 7.7.
	  	 Compliance with Patriot Act
	  	 	16	  
		
	 ARTICLE VIII         COMPENSATION OF OWNER TRUSTEE
	  	 	16	  
			
	 SECTION 8.1.
	  	 The Owner Trustee’s Compensation
	  	 	16	  
			
	 SECTION 8.2.
	  	 Indemnification
	  	 	17	  
			
	 SECTION 8.3.
	  	 Payments to the Owner Trustee
	  	 	17	  
		
	 ARTICLE IX         TERMINATION OF TRUST AGREEMENT
	  	 	17	  
			
	 SECTION 9.1.
	  	 Dissolution of Issuer
	  	 	17	  
			
	 SECTION 9.2.
	  	 Termination of Trust Agreement
	  	 	18	  
			
	 SECTION 9.3.
	  	 Limitations on Termination
	  	 	18	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE X        SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER
TRUSTEES
	  	 	18	  
			
	 SECTION 10.1.
	  	 Eligibility Requirements for the Owner Trustee
	  	 	18	  
			
	 SECTION 10.2.
	  	 Resignation or Removal of the Owner Trustee
	  	 	18	  
			
	 SECTION 10.3.
	  	 Successor Owner Trustee
	  	 	19	  
			
	 SECTION 10.4.
	  	 Merger or Consolidation of the Owner Trustee
	  	 	20	  
			
	 SECTION 10.5.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	20	  
		
	 ARTICLE XI        MISCELLANEOUS
	  	 	21	  
			
	 SECTION 11.1.
	  	 Amendments
	  	 	21	  
			
	 SECTION 11.2.
	  	 No Legal Title to Trust Estate in Residual Interestholder
	  	 	22	  
			
	 SECTION 11.3.
	  	 Limitations on Rights of Others
	  	 	23	  
			
	 SECTION 11.4.
	  	 Notices
	  	 	23	  
			
	 SECTION 11.5.
	  	 Severability
	  	 	23	  
			
	 SECTION 11.6.
	  	 Separate Counterparts
	  	 	23	  
			
	 SECTION 11.7.
	  	 Successors and Assigns
	  	 	23	  
			
	 SECTION 11.8.
	  	 No Petition
	  	 	23	  
			
	 SECTION 11.9.
	  	 Information Request
	  	 	24	  
			
	 SECTION 11.10.
	  	 Headings
	  	 	24	  
			
	 SECTION 11.11.
	  	 GOVERNING LAW
	  	 	25	  
			
	 SECTION 11.12.
	  	 Waiver of Jury Trial
	  	 	25	  
			
	 SECTION 11.13.
	  	 Form 10-D and Form 10-K Filings
	  	 	25	  
			
	 SECTION 11.14.
	  	 Form 8-K Filings
	  	 	25	  
			
	 SECTION 11.13.
	  	 Indemnification
	  	 	25	  

  
 -iii-

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of
September 15, 2011 (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”) between SANTANDER DRIVE AUTO RECEIVABLES LLC, a Delaware limited liability company, as the depositor
(the “Seller”), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking corporation, as the owner trustee (“Deutsche Bank” and in such capacity the “Owner Trustee”). 

RECITALS 
 WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of July 18, 2011 (the “Original Trust Agreement”), pursuant to which the Issuer (as
defined below) was created; and 
 WHEREAS, in connection with the issuance of the Notes, the parties have
agreed to amend and restate the Original Trust Agreement; 
 NOW THEREFORE, IN CONSIDERATION of the mutual
agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined
in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) between the Issuer, the Seller, the
Servicer, and U.S. Bank National Association, as Indenture Trustee. 
 SECTION 1.2. Other Interpretive
Provisions. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates
and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given
to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware
and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any
particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or
other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without
limitation”; (f) references to any law or regulation refer to that law or regulation as 

  

					
		  		  	Amended and Restated Trust Agreement (2011-3)

 
amended from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns. 

ARTICLE II 

ORGANIZATION 
 SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as “Santander Drive Auto Receivables Trust 2011-3” (the “Issuer”), in which name
the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to
the Residual Interestholder, the Seller and the Administrator. 
 SECTION 2.3. Purposes and Powers. The
purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 
 (a) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and principal of
the Notes and distributions to the Residual Interestholder; 
 (b) to acquire the property and
assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account and the Reserve Account and to pay the organizational, start-up and transactional
expenses of the Issuer; 
 (c) to assign, grant, transfer, pledge, mortgage and convey the Trust
Estate pursuant to the Indenture and to hold, manage and distribute to the Residual Interestholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 

(d) to enter into and perform its obligations under the Transaction Documents to which it is a party;

 (e) to engage in those activities, including entering into agreements, that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
 (f) subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the
Residual Interestholder and the Noteholders. 
 The Owner Trustee is hereby authorized to engage in the foregoing activities on
behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other
Transaction Documents. 

  

					
		  	2	  	Amended and Restated Trust Agreement (2011-3)

 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby
appoints the Owner Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum
of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 

SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust
upon and subject to the conditions set forth herein for the use and benefit of the Residual Interestholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer
constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for federal income or state and local income,
franchise and value added tax purposes, so long as there is a single beneficial owner of the Residual Interest, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized as debt. The parties
agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate
from its owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership
(that is not treated as a publicly traded partnership), and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State
of Delaware as required by Section 3810(a) of the Statutory Trust Statute. Notwithstanding anything herein or in the Statutory Trust Statute to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business
trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7.
Organizational Expenses; Liabilities of the Holders. 
 (a) The Servicer shall pay
organizational expenses of the Issuer as they may arise. 
 (b) No Residual Interestholder
(including the Seller if the Seller becomes a Residual Interestholder) shall have any personal liability for any liability or obligation of the Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested at all times in the Issuer as a separate legal entity. 

  

					
		  	3	  	Amended and Restated Trust Agreement (2011-3)

 SECTION 2.9. Representations and Warranties of the Seller. The Seller
hereby represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The
Seller is a Delaware limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power and authority required to own its assets and operate its business as presently
owned or operated, and to execute, deliver and to perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would
materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Seller of
each Transaction Document to which it is a party and the Underwriting Agreement (i) have been duly authorized by all necessary action on the part of the Seller and (ii) do not violate or constitute a default under (A) any applicable
law, rule or regulation, (B) its organizational instruments or (C) any material agreement or instrument to which the Seller is a party or by which its properties are bound (other than violations of such laws, rules, regulations or
agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Seller’s ability
to perform its obligations under, the Transaction Documents to which it is a party). 
 (c) No
Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than UCC filings
and other than (i) approvals and authorizations that have previously been obtained and filings which have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse
effect on the ability of the Seller to perform its obligations under the Underwriting Agreement or the Transaction Documents to which it is a party. 

(d) Binding Effect. Each of the Transaction Documents to which the Seller is a party and the
Underwriting Agreement constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or
other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

(e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge
of the Seller, threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance

  

					
		  	4	  	Amended and Restated Trust Agreement (2011-3)

 
of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would
materially and adversely affect the performance by the Seller of its obligations under this Agreement or any of the other Transaction Documents. 
 SECTION 2.10. Situs of Issuer. The Issuer shall be located in the State of Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware).

 SECTION 2.11. Covenants of the Residual Interestholders. Each Residual Interestholder, by becoming a
beneficial owner of the Residual Interest, hereby acknowledges and agrees (a) that the Residual Interestholder is subject to the terms, provisions and conditions of the Certificate, to which the Residual Interestholder agrees to be bound; and
(b) that it shall not take any position in such Residual Interestholder’s tax returns inconsistent with Section 2.6 herein and Section 2.14 of the Indenture. 

ARTICLE III 
 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES 
 SECTION
3.1. Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificate, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the Certificate, the Seller will no longer be a beneficiary
of the Issuer, except to the extent that the Seller is the Certificateholder. 
 SECTION 3.2. Authorization
of the Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and
delivered to or upon the written order of the Seller, signed by its chairman of the board, its president, its chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any
assistant treasurer, without further corporate action by the Seller. The Certificates shall represent 100% of the beneficial interest in the Issuer and shall be fully paid and nonassessable. 

SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued in the form of a typewritten
Certificate representing a definitive Certificate, substantially in the form of Exhibit A hereto. The Owner Trustee shall execute and authenticate or cause to be authenticated, each definitive Certificate in accordance with the written
instructions of the Depositor. 
 SECTION 3.4. Registration of the Certificates. The Owner Trustee shall
maintain at its office referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Residual Interestholder at the time of such appointment, a register for the registration and transfer of any
Certificate. 
 SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign,
convey or otherwise transfer all or any of its right, title and interest in the Certificate; provided, that (i) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the

  

					
		  	5	  	Amended and Restated Trust Agreement (2011-3)

 
opinion of such counsel, such transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes and (ii) the Certificate may not be acquired
by or for the account of or with any assets of a Benefit Plan or any governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law; provided that the condition set forth in
(i) above will not apply to a transfer of 100% of the Certificate or Certificates to an Affiliate of the Depositor or its designated nominee, provided such Affiliate shall certify in writing to the Owner Trustee that it is a C
Corporation for U.S. federal income tax purposes (within the meaning of Section 1361(a)(2) of the Code) or a disregarded entity 100% owned (directly or indirectly) by a C Corporation for U.S. federal income tax purposes (within the meaning of
Section 1361(a)(2) of the Code). By accepting and holding a Certificate (or any interest therein), the holder thereof shall be deemed to have represented and warranted that it is not, and is not purchasing the Certificate (or any interest
therein) on behalf of or with any assets of, a Benefit Plan or any governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law. The Owner Trustee shall have no duty to independently
determine that the requirement in (ii) above is met and shall incur no liability to any person in the event the holder of the Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and
in the Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such
transfer may be made by the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such signature
guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s Certificate,
the Owner Trustee shall record the name of such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing
such beneficial interest in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s
new percentage of beneficial interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such
transfer. The Owner Trustee may treat the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 

(b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner
Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the
transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and (e) of this
Section 3.5. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 

  

					
		  	6	  	Amended and Restated Trust Agreement (2011-3)

 (d) No transfer (or purported transfer) of all or any part
of a Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab
initio, and no person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the Certificates and the Non-Investment Grade
Notes (unless, with respect to the Non-Investment Grade Notes, a Debt-For-Tax Opinion has been delivered). For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates and the Non-Investment Grade
Notes, as applicable, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S corporation (each such entity, a “flow-through
entity”) shall be treated as a Certificateholder or Noteholder, as applicable, unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value
of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

(e) No transfer shall be permitted if the same is effected through an established securities market or
secondary market or substantial equivalent thereof within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under Section 7704 of the Code. 

(f) Each transferee (i) shall be required to represent and warrant that it is a Person who is a U.S.
Tax Person and (ii) shall provide a certification of non-foreign status, in such form as may be requested by the Depositor or the Owner Trustee (e.g. IRS Form W-9), signed under penalties of perjury (and such other certification,
representations or opinion of counsel as may be requested by the Depositor or the Owner Trustee). 
 SECTION
3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed,
lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for
the same percentage of beneficial interest in the Issuer as the Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the
issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange
of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall constitute
complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

  

					
		  	7	  	Amended and Restated Trust Agreement (2011-3)

 SECTION 3.7. Appointment of the Certificate Paying Agent. The
Certificate Paying Agent shall make distributions to Residual Interestholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee and the Servicer;
provided, however, that no such reports shall be required so long as the Depositor or an affiliate of the Depositor is the sole Residual Interestholder. Any Certificate Paying Agent shall have the revocable power to withdraw funds from
the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent shall initially be Deutsche Bank, and any co-paying agent chosen by the Certificate Paying Agent.
Deutsche Bank shall be permitted to resign as Certificate Paying Agent upon thirty (30) days’ written notice to the Owner Trustee. If Deutsche Bank shall no longer be the Certificate Paying Agent, the Owner Trustee shall appoint a
successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Owner Trustee to execute and
deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that as Certificate Paying Agent, such successor Certificate Paying Agent or
additional Certificate Paying Agent shall hold all sums, if any, held by it for payment to the Residual Interestholders in trust for the benefit of the Residual Interestholders entitled thereto until such sums shall be paid to such Residual
Interestholders. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee. The
rights, protections, indemnities and immunities of the Owner Trustee under this Agreement shall apply to the Owner Trustee also in its role as Certificate Paying Agent or Certificate Registrar for so long as the Owner Trustee shall act as
Certificate Paying Agent or Certificate Registrar and, to the extent applicable, to any other paying agent, certificate registrar or authenticating agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall
include any co-paying agent unless the context requires otherwise. 
 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 10 days before
the taking of such action (or if 10 days’ advance notice is impracticable, as much advance notice as is practicable), the Owner Trustee shall have notified the Residual Interestholder in writing of the proposed action and the Residual
Interestholder shall not have notified the Owner Trustee in writing that the Residual Interestholder has withheld consent or provided alternative direction: 

(a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is required; 

  

					
		  	8	  	Amended and Restated Trust Agreement (2011-3)

 (b) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Residual Interestholder; 

(c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration
Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Residual Interestholder; or 

(d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the
assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Residual Interestholder,
to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to
Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the Residual Interestholder. 
 SECTION 4.3. Action by Residual
Interestholder with Respect to Bankruptcy. 
 (a) The Issuer shall not, without the
prior written consent of the Owner Trustee and 100% of the Residual Interestholders, commence a Bankruptcy Event with respect to the Issuer. In considering whether to give or withhold written consent to the Bankruptcy Event by the Issuer, the Owner
Trustee, with the consent of the Residual Interestholder, shall consider the interests of the Noteholders in addition to the interests of the Issuer and whether the Issuer is insolvent. The Owner Trustee shall have no duty to give such written
consent to a Bankruptcy Event by the Issuer if the Owner Trustee shall not have been furnished (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national
reputation stating that in the opinion of such firm the Issuer is then insolvent. The Owner Trustee shall not be personally liable to any Noteholder or Residual Interestholder on account of the Owner Trustee’s good faith reliance on the
provisions of this Section and no Noteholder or Residual Interestholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for giving or withholding its consent to any such Bankruptcy Event. 

(b) The parties hereto stipulate and agree that no Residual Interestholder has power to commence any
Bankruptcy Action on the part of the Issuer. 
 SECTION 4.4. Restrictions on Residual
Interestholder’s Power. The Residual Interestholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under

  

					
		  	9	  	Amended and Restated Trust Agreement (2011-3)

 
this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

SECTION 4.5. Majority Control. To the extent that there is more than one Residual Interestholder, any action which
may be taken or consent or instructions which may be given by the Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than
50% of the beneficial interest in the Issuer at the time of such action. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1. Application of Trust Funds. Distributions on the Residual Interest shall be made in accordance with
the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the Lien of the Indenture, the Certificate Paying Agent shall promptly distribute to the Residual Interestholder all other amounts (if any) received by the Certificate
Paying Agent on behalf of the Issuer in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Certificate Paying Agent shall distribute all amounts received (if any) by the Issuer and the Owner Trustee
in respect of the Trust Estate at the direction of the Residual Interestholder. 
 SECTION 5.2. Method of
Payment. Subject to the Indenture, distributions required to be made to the Residual Interestholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Residual Interestholder
pursuant to this Agreement or any other Transaction Document shall be made to the Residual Interestholder by wire transfer, in immediately available funds, to the account of the Residual Interestholder designated by the Residual Interestholder to
the Owner Trustee and Indenture Trustee in writing. 
 SECTION 5.3. Signature on Returns. Subject to
Section 2.6, the Residual Interestholder shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner
Trustee at the written direction of the Residual Interestholder. 
 SECTION 5.4. Certificate Distribution
Account. The Certificate Distribution Account shall be established pursuant to Section 4.1 of the Sale and Servicing Agreement. The Residual Interestholder shall possess all right, title and interest in and to all funds on deposit
from time to time in the Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion
and control of the Certificate Paying Agent for the benefit of the Residual Interestholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee,
if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days (or such longer period) establish a new Certificate Distribution Account as an Eligible Account and shall
transfer any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account. 

  

					
		  	10	  	Amended and Restated Trust Agreement (2011-3)

 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1.
General Authority. The Owner Trustee is authorized and directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each certificate or other document attached as an exhibit to or
contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution
thereof, and at the written direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $214,100,000, Class A-2 Notes in the aggregate principal amount of
$293,800,000, Class A-3 Notes in the aggregate principal amount of $92,100,000, Class B Notes in the aggregate principal amount of $93,450,000, Class C Notes in the aggregate principal amount of $118,030,000, Class D Notes in the aggregate principal
amount of $88,520,000 and Class E Notes in the aggregate principal amount of $29,510,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the
Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller, the Administrator or the Residual Interestholder recommends or directs in writing with respect to the Transaction Documents, except
to the extent that this Agreement expressly requires the consent of the Residual Interestholder for such action. 
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other
Transaction Documents in the interest of the Residual Interestholder, subject to Transaction Documents, and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under
any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the
Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the
administration, servicing or collection of the Receivables. 
 SECTION 6.3. Action upon Instruction.
(a) Subject to Article IV, and in accordance with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time
by written instruction of the Residual Interestholder pursuant to Article IV. 
 (b)
Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to
result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law. 

  

					
		  	11	  	Amended and Restated Trust Agreement (2011-3)

 (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to
its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner
Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Residual Interestholder requesting instruction as to the course
of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Residual Interestholder received, the Owner Trustee shall not
be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the
Residual Interestholder, and shall have no liability to any Person for such action or inaction. 
 SECTION 6.4.
No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust
Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any
document or written instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties (including fiduciary duties existing at law or in equity) or obligations shall be read into this Agreement or any Transaction
Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or
Lien granted to it hereunder or to prepare or file any Commission filing (including any filings required under the Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document. Deutsche Bank nevertheless agrees that it
will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, Deutsche Bank that are not related to the ownership or the
administration of the Trust Estate. 
 SECTION 6.5. No Action Except under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (ii) in accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 

SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the
purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the 

  

					
		  	12	  	Amended and Restated Trust Agreement (2011-3)

 
Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state
income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added
tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 
 ARTICLE VII 
 CONCERNING OWNER TRUSTEE 

SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction
Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except
(i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Deutsche Bank in its individual capacity,
(iii) for liabilities arising from the failure of Deutsche Bank to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any
fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exemptions set forth in the preceding sentence): 

(a) The Owner Trustee shall not be liable for any error of judgment made in good faith by any officer or
employee of the Owner Trustee. 
 (b) Under no circumstances shall the Owner Trustee be
personally liable hereunder for any indebtedness of the Issuer. 
 (c) The Owner Trustee shall
not be personally liable for the payment of any tax imposed on the Issuer or amounts that are includable in the federal gross income of the Residual Interestholder. 

(d) No provision of this Agreement shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such funds or adequate indemnity against such risk or
liability is not assured or provided to its reasonable satisfaction. 
 (e) Under no circumstance
shall the Owner Trustee be liable for any representation, warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing.

  

					
		  	13	  	Amended and Restated Trust Agreement (2011-3)

 (f) The Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by the Administrator, the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for performing or supervising the performance of any obligations or duties under this Agreement, the
Administration Agreement, the Sale and Servicing Agreement or the Indenture, or under any other document contemplated hereby or thereby, which are to be performed by the Administrator, the Indenture Trustee or the Servicer or any other Person under
such documents. 
 (g) The Owner Trustee shall not be responsible for or in respect of the
recitals herein, the validity or sufficiency of this Agreement, or for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of the Trust Estate or for or in respect of the validity or
sufficiency of the Transaction Documents or any other document contemplated thereby to which the Owner Trustee is not a party. 
 (h) Notwithstanding anything contained herein or in any of the Transaction Documents to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State
of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority
or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the
State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of
the transactions by the Owner Trustee contemplated hereby. 
 (i) The Owner Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Residual Interestholder, the Servicer or the Administrator. 

(j) The Owner Trustee shall be under no duty to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or written direction of the Residual Interestholder, unless such
Residual Interestholder has offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein
or thereby. The Owner Trustee shall not be liable for the performance of any discretionary act enumerated in this Agreement or in any Transaction Document other than for its gross negligence, bad faith or willful misconduct in the performance of any
such act. 
 (k) All funds deposited with the Owner Trustee hereunder may be held in a
non-interest bearing account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of the investment thereof at the direction of the Residual Interestholder. 

  

					
		  	14	  	Amended and Restated Trust Agreement (2011-3)

 (l) In no event shall the Owner Trustee be liable for any
damages in the nature of punitive, special, indirect or consequential damages however styled, including, without limitation, lost profits, or for losses due to forces beyond the control of the Owner Trustee, including, without limitation, strikes,
work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided to the
Owner Trustee. 
 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Residual
Interestholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction
Documents. 
 SECTION 7.3. Representations and Warranties. Deutsche Bank hereby represents and warrants
to the Seller for the benefit of the Residual Interestholder, that: 
 (a) It is a banking
corporation duly incorporated and validly existing in good standing under the laws of the State of Delaware and having an office within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement. 
 (b) It has taken all corporate action necessary to authorize
the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable
against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of
creditors of banks generally and to equitable limitations on the availability of specific remedies. 
 (d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will
contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 

SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone
in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and
effect. As to any fact or matter the method of the 

  

					
		  	15	  	Amended and Restated Trust Agreement (2011-3)

 
determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee
shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected in good faith and (ii) may consult with counsel, accountants and other
skilled persons knowledgeable in the relevant area to be selected in good faith and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in
accordance with the written opinion or advice of any such counsel, accountants or other such persons. 
 SECTION
7.5. Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Deutsche Bank acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having
any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 

SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become
the owner or pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator, the Underwriters and their respective Affiliates in banking transactions with the same rights as it would have if it were not the
Owner Trustee, and the Seller, the Indenture Trustee, the Administrator, the Underwriters and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 

SECTION 7.7. Compliance with Patriot Act. In order to comply with laws, rules, regulations and executive orders in
effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Owner Trustee is required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Owner Trustee. Accordingly, the Depositor shall cause to be provided to the Owner Trustee upon its reasonable request from time to time such identifying
information and documentation as may be available to the Depositor in order to enable the Owner Trustee to comply with Applicable Law. 
 ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 

SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to Deutsche Bank
pursuant to Section 3.11 of the Sale and Servicing Agreement from 

  

					
		  	16	  	Amended and Restated Trust Agreement (2011-3)

 
time to time compensation for all services rendered by Deutsche Bank under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee,
shall reimburse Deutsche Bank upon its request for all reasonable expenses, disbursements and advances incurred or made by Deutsche Bank in accordance with any provision of this Agreement (including the reasonable compensation, expenses and
disbursements of such agents, experts and counsel as Deutsche Bank may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense may be attributable to its willful misconduct, gross
negligence (other than an error in judgment) or bad faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid by the Issuer in accordance with Section 4.4 of the Sale and Servicing Agreement or
Section 5.4(b) of the Indenture, as applicable. 
 SECTION 8.2. Indemnification. The Seller
shall cause the Servicer to indemnify Deutsche Bank in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss,
liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Deutsche Bank in its individual capacity and as trustee
or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of Deutsche Bank hereunder; provided,
however, that neither the Seller nor the Servicer shall be liable for or required to indemnify Deutsche Bank from and against any of the foregoing expenses or indemnities arising or resulting from (i) its own willful misconduct, bad
faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Deutsche Bank in its individual capacity, (iii) liabilities arising from the failure of Deutsche Bank
to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the
extent not paid by the Servicer, such indemnification shall be paid by the Issuer in accordance with, and solely to the extent set forth in, Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture,
as applicable. The provisions of this Section 8.2 shall survive the termination of this Agreement and the resignation or removal of the Owner Trustee. 

SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article
VIII and the Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 

SECTION 9.1. Dissolution of Issuer. The Issuer shall dissolve upon the discharge of the Indenture in accordance
with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Residual Interestholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the Residual
Interestholder’s legal representatives or 

  

					
		  	17	  	Amended and Restated Trust Agreement (2011-3)

 
heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto. 
 SECTION 9.2. Termination of Trust
Agreement. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt
of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the
absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e)
of the Statutory Trust Statute. The Certificate Paying Agent, upon surrender of the outstanding Certificates shall distribute the remaining Trust Estate (if any) in accordance with Article V hereof and, at the written direction and expense of the
Residual Interestholder, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory
Trust Statute, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 
 SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1 and 9.2, neither the Seller nor the Residual Interestholder shall be entitled to revoke or terminate
the Issuer. 
 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 

SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank
(i) authorized to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall publish reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving such notice of resignation, the Seller and the
Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which

  

					
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instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint
or to petition for the appointment of any such successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment.

 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of
Section 10.1 and shall fail to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the
Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the
Administrator may remove the Owner Trustee. If the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner
Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee.
The Seller shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Seller, the Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of
its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance
such successor Owner Trustee shall be eligible pursuant to Section 10.1. 

  

					
		  	19	  	Amended and Restated Trust Agreement (2011-3)

 Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section, the Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall fail to mail (or cause
to be mailed) such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. Any successor Owner Trustee appointed pursuant to
this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 

SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any Person into which the Owner Trustee may be merged
or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business
of the Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder;
provided that such Person shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and
mail notice of such merger or consolidation to the Seller and the Administrator. 
 SECTION 10.5. Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the
Seller and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to
make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee
shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee
jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to

  

					
		  	20	  	Amended and Restated Trust Agreement (2011-3)

 
the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

 (ii) no trustee under this Agreement shall be personally liable by reason of any act or
omission of any other trustee under this Agreement; and 
 (iii) the Seller and the Owner Trustee
acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any
notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Seller and the Administrator. 

Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine
whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 
 ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.1. Amendments. 

(a) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee without the
consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 
 (i) the Seller delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Seller notifies the
Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

  

					
		  	21	  	Amended and Restated Trust Agreement (2011-3)

 (b) This Agreement may also be amended from time to time by
the Seller and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any proposed amendment or consent,
but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by
Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 

(c) Any term or provision of this Agreement may also be amended from time to time by the Seller and the
Owner Trustee to correct a material misstatement or omission of the terms of this Agreement in the Prospectus or an offering memorandum with respect to the Non-Investment Grade Notes without the consent of the Indenture Trustee, any Noteholder, the
Issuer or any other Person, provided, however, that the Seller shall provide written notification of such amendment to the Indenture Trustee and promptly after execution of any such amendment, the Seller shall furnish a copy of such
amendment to the Indenture Trustee. 
 (d) Prior to the execution of any amendment pursuant to
this Section 11.1, the Seller shall provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller shall furnish
a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall be effective which affects the rights, protections or duties
of the Indenture Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 
 (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment
is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the
Owner Trustee’s own rights, duties or immunities under this Agreement. 
 SECTION 11.2. No Legal Title
to Trust Estate in Residual Interestholder. The Residual Interestholder shall not have legal title to any part of the Trust Estate. The Residual Interestholder shall be entitled to receive distributions with respect to its undivided beneficial
interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Residual Interestholder to and in its ownership interest in the Trust Estate shall
operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 

  

					
		  	22	  	Amended and Restated Trust Agreement (2011-3)

 SECTION 11.3. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Residual Interestholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices
shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested or via electronic
transmission, if to the Owner Trustee, addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

 (b) Any notice required or permitted to be given to a Residual Interestholder shall be given
by first-class mail, postage prepaid, at the address of such Residual Interestholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the Residual Interestholder receives such notice. 

SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding
upon, and inure to the benefit of, the Seller, the Owner Trustee and its successors and the Residual Interestholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument
or action by the Residual Interestholder shall bind the successors and assigns of the Residual Interestholder. 

SECTION 11.8. No Petition. 

(a) To the fullest extent permitted by law each of the Owner Trustee (in its individual capacity), the
Seller, the Residual Interestholder, by accepting the Residual Interest, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that prior to the date which is one year
and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties such party shall not commence, join or institute, with any other Person, any proceeding against
such 

  

					
		  	23	  	Amended and Restated Trust Agreement (2011-3)

 
Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

(b) The Seller’s obligations under this Agreement are obligations solely of the Seller and will not
constitute a claim against the Seller to the extent that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity
and as the Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby
acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the
Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant
documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations
and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering
into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and agrees that no adequate
remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will
survive the termination of this Agreement. 
 SECTION 11.9. Information Request. Owner Trustee shall
provide any information regarding the Issuer in its possession reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle. 
 SECTION 11.10. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

  

					
		  	24	  	Amended and Restated Trust Agreement (2011-3)

 SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 11.12. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably
waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.13. Form 10-D and Form 10-K Filings. So long as the Seller is filing Exchange Act Reports with respect
to the Issuer (i) no later than each Payment Date, the Owner Trustee shall notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and
substance reasonably acceptable to the Seller and (ii) no later than March 15 of each calendar year, commencing March 15, 2012, the Owner Trustee shall notify the Seller in writing of any affiliations or relationships between the
Owner Trustee and any Item 1119 Party; provided, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year. 

SECTION 11.14. Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer,
the Owner Trustee shall promptly notify the Seller, but in no event later than four (4) Business Days after its occurrence, of any Reportable Event of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a
Reportable Event described in clause (a) or (b) of the definition thereof as to which the Seller or the Servicer has actual knowledge). The Owner Trustee shall be deemed to have actual knowledge of any such event solely to
the extent that it relates to the Owner Trustee in its individual capacity or any action taken by the Owner Trustee (and not by someone else on its behalf) under this Agreement. 

SECTION 11.15. Indemnification. (a) Deutsche Bank shall indemnify the Seller, each Affiliate of the Seller or
each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the
foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising
out of or based upon: 
 (i) (A) any untrue statement of a material fact contained in any
information provided in writing by Deutsche Bank to the Seller or its affiliates under Sections 11.13 or 11.14 (such information, the “Provided Information”), or (B) the omission to state in the Provided
Information a material fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of
clarification, that clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other information communicated in connection with a sale or purchase of

  

					
		  	25	  	Amended and Restated Trust Agreement (2011-3)

 
securities, without regard to whether the Provided Information or any portion thereof is presented together with or separately from such other information; or 

(ii) any failure by Deutsche Bank to deliver any information, report, or other material when and as
required under Sections 11.13 or 11.14. 
 (b) In the case of any failure of
performance described in clause (a)(ii) of this Section, Deutsche Bank shall promptly reimburse the Seller for all costs reasonably incurred in order to obtain the information, report or other material not delivered as required by Deutsche
Bank. 
 (c) Notwithstanding anything to the contrary contained herein, in no event shall
Deutsche Bank be liable under this Section 11.15 for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if Deutsche Bank has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 [Remainder of Page Intentionally Left Blank] 

  

					
		  	26	  	Amended and Restated Trust Agreement (2011-3)

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

			
	 DEUTSCHE BANK TRUST COMPANY DELAWARE, 
 as Owner Trustee

		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	 Elizabeth B. Ferry

	Title:	 	 Vice President

  

			
		
	By:	 	 /s/ Susan T. Rodriguez

	Name:	 	 Susan T. Rodriguez

	Title:	 	 Assistant Vice President

  

					
		  	S-1	  	Amended and Restated Trust Agreement (2011-3)

 
			
	SANTANDER DRIVE AUTO RECEIVABLES LLC
		
	By:	 	 /s/ Andrew Kang

	Name:	 	 Andrew Kang

	Title:	 	 Vice President

  

					
		  	S-2	  	Amended and Restated Trust Agreement (2011-3)

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	 NUMBER

R-            
	 	100% BENEFICIAL INTEREST

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2011-3 

CERTIFICATE 
 Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales
contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans. 

(This Certificate does not represent an interest in or obligation of Santander Drive Auto Receivables LLC, Santander
Consumer USA Inc. or any of their respective Affiliates, except to the extent described below.) 
 THIS
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE
WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A
TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH ANY ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF
ERISA, (B) A “PLAN” DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF
THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR (D) ANY GOVERNMENTAL, NON-U.S., OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL,
STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”). 
 THIS CERTIFIES THAT
                                         
    is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate of SANTANDER DRIVE AUTO RECEIVABLES TRUST 2011-3, a Delaware statutory trust (the “Issuer”)

  

					
		  	A-1	  	Amended and Restated Trust Agreement (2011-3)

 
formed by Santander Drive Auto Receivables LLC, a Delaware limited liability company, as depositor (the “Seller”). 

The Issuer was created pursuant to a Trust Agreement dated as of July 18, 2011 (as amended and restated as of
September 15, 2011, the “Trust Agreement”), between the Seller and Deutsche Bank Trust Company Delaware, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of September 15, 2011, between the Seller, the Issuer, U.S. Bank
National Association, as Indenture Trustee, and Santander Consumer USA Inc., as Servicer, as the same may be amended or supplemented from time to time. 
 This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this
Certificate are subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote
Party in respect of all securities issued by the Bankruptcy Remote Parties such Person shall not commence, join or institute against, with any other Person, any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 By accepting and
holding this Certificate (or any interest herein), the holder hereof shall be deemed to have represented and warranted that it is not, and is not purchasing on behalf of or with any assets of, a Benefit Plan or a governmental, non-U.S., church or
any other employee benefit plan or retirement arrangement that is subject to Similar Law. 
 It is the intention
of the parties to the Trust Agreement that, solely for federal income or state and local income, franchise and value added tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate
from such Certificateholder, and if there is more than one Certificateholder, the Issuer will be treated as a partnership that is not treated as a publicly traded partnership; and (ii) the Notes will be characterized as debt. By

  

					
		  	A-2	  	Amended and Restated Trust Agreement (2011-3)

 
accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment. 

By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents a beneficial interest
in the Issuer only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or
their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 

  

					
		  	A-3	  	Amended and Restated Trust Agreement (2011-3)

 IN WITNESS WHEREOF, the Issuer has caused this Certificate to be duly
executed. 
  

							
		 		 	 SANTANDER DRIVE AUTO RECEIVABLES
 TRUST 2011-3
  

By: Deutsche Bank Trust Company Delaware, not in its individual capacity, but solely as Owner Trustee

				
	Dated:                     	 		 	By:	 	 

  

					
		  	A-4	  	Amended and Restated Trust Agreement (2011-3)

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

							
		 		 	DEUTSCHE BANK TRUST COMPANY
DELAWARE, not in its individual capacity but
solely as Owner Trustee
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  

					
		  	A-5	  	Amended and Restated Trust Agreement (2011-3)Loan and Security Agreement

 Exhibit 10.14 
 UBIQUITI NETWORKS, INC. 
 EAST WEST BANK 

LOAN AND SECURITY AGREEMENT 

 This LOAN AND SECURITY
AGREEMENT is entered into as of September 15, 2011 by and between EAST WEST BANK (“Agent”), the financial institutions named on the signature page hereof (each, a “Lender” and collectively, the
“Lenders”) and UBIQUITI NETWORKS, INC. (“Borrower”) (this “Agreement”). 

RECITALS 
 Borrower wishes to continue to obtain credit from time to time from Lenders, and Lenders desire to extend credit to Borrower. This Agreement states the terms on which Lenders will advance credit to
Borrower, and Borrower will repay the amounts owing to Agent and Lenders. 
 AGREEMENT 

The parties agree as follows: 
  

	1.	 DEFINITIONS AND CONSTRUCTION. 

1.1        Definitions. As used in this Agreement, the following
terms shall have the following definitions: 
 “Accounts” means all presently existing
and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or
the rendering of services by Borrower, whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books
relating to any of the foregoing. 
 “Advance” or “Advances” means a cash
advance or cash advances made under the Revolving Facility. 
 “Affiliate” means, with
respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers and
directors. 
 “Anti-Terrorism Laws” means any laws relating to terrorism or money
laundering, including Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC. 

“Blocked Person” means any Person: (a) listed in the annex to, or is otherwise subject to
the provisions of, Executive Order No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224,
(c) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in
Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Borrower’s Books” means all of Borrower’s books and records including: ledgers;
records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Borrowing Base” means an amount equal to eighty percent (80%) of Eligible Accounts.

 “Borrowing Base Certificate” means a certificate in substantially the form of
attached Exhibit D. 
 “Business Day” means any day that is not a Saturday,
Sunday, or other day on which Lenders in the State of California are authorized or required to close. 

  
 1 

 “Change in Control” shall mean a transaction in
which any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a
majority of the Board of Directors of Borrower, who did not have such power before such transaction. 

“Closing Date” means the date of this Agreement. 

“Code” means the California Uniform Commercial Code. 

“Collateral” means the property described on attached Exhibit A. 

“Compliance Certificate” means a certificate in substantially the form of attached Exhibit
C. 
 “Contingent Obligation” means, as applied to any Person, any direct or
indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly
guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any reimbursement obligations with respect to undrawn letters of credit issued
for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designed to protect
a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of
business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support
arrangement. 
 “Copyrights” means any and all copyright rights, copyright applications,
copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held.

 “Credit Commitments” means the commitment of a Lender to make Credit Extensions under
this Agreement. 
 “Credit Extension” means each Advance, Term Advance, or any other
extension of credit by Lenders for the benefit of Borrower hereunder. 
 “Daily Balance”
means the amount of the Obligations outstanding and owed at the end of a given day. 
 “Eligible
Accounts” means those Accounts that arise in the ordinary course of Borrower’s business that are due within not more than ninety (90) days from invoice date and that comply with all of Borrower’s representations and
warranties set forth in Section 5.4; provided, that standards of eligibility may be fixed and revised from time to time by Agent. Eligible Accounts shall not include the following: 

(a)        Accounts that the account debtor has failed to pay within
ninety (90) days of invoice date; 
 (b)        Accounts
with respect to an account debtor, twenty-five percent (25%) of whose Accounts the account debtor has failed to pay within ninety (90) days of invoice date; 

(c)        Accounts with respect to which the account debtor is an
officer, employee, or agent of Borrower; 

  
 2 

 (d)        Accounts with
respect to which goods are placed on consignment, guaranteed sale, sale or return, sale on approval, bill and hold, or other terms by reason of which the payment by the account debtor may be conditional; 

(e)        Accounts with respect to which the account debtor is an
Affiliate of Borrower; 
 (f)        Accounts with respect to
which the account debtor does not have its principal place of business in the United States, other than Eligible Foreign Accounts; 
 (g)        Accounts with respect to which the account debtor is the United States or any department, agency, or instrumentality of the United States, unless
Borrower has assigned its payment rights to Agent and the assignment has been acknowledged under the Federal Assignment of Claims Act of 1940, as amended; 
 (h)        Accounts with respect to which Borrower is liable to the account debtor for goods sold or services rendered by the account debtor to Borrower, but
only to the extent of any amounts owing to the account debtor against amounts owed to Borrower; 

(i)        Accounts with respect to an account debtor, including
Subsidiaries and Affiliates, whose total obligations to Borrower exceed twenty five percent (25%) of all Accounts, to the extent such obligations exceed the aforementioned percentage; 

(j)        Accounts with respect to which the account debtor disputes
liability or makes any claim with respect thereto as to which Agent believes that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or claim), or is subject to any Insolvency Proceeding, or becomes
insolvent, or goes out of business; and 
 (k)        Accounts
the collection of which Agent reasonably determines to be doubtful. 
 “Eligible Foreign
Accounts” means Accounts with respect to which the account debtor does not have its principal place of business in the United States and that (i) are supported by credit insurance or one or more letters of credit in an amount and
of a tenor, and issued by an insurer or a financial institution, respectively, reasonably acceptable to Agent, (ii) are billed to an address in the United States, if approved by Agent following the Collateral audit or (iii) that Agent
approves on a case-by-case basis. 
 “Equipment” means all present and future machinery,
equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 

“Event of Default” has the meaning assigned in Article 8. 

“GAAP” means generally accepted accounting principles as in effect from time to time. 

“Governmental Authority” means any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization. 
 “Indebtedness” means
(a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations
evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations and (d) all Contingent Obligations. 

  
 3 

 “Insolvency Proceeding” means any proceeding
commenced by or against any person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other Bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria,
compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
 “Intellectual Property” means all of Borrower’s right, title, and interest in and to the following: 

(a)        Copyrights, Trademarks and Patents; 

(b)        Any and all trade secrets, and any and all intellectual
property rights in computer software and computer software products now or hereafter existing, created, acquired or held; 
 (c)        Any and all design rights which may be available to Borrower now or hereafter existing, created, acquired or held; 

(d)        Any and all claims for damages by way of past, present and
future infringement of any of the rights included above, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; 

(e)        All licenses or other rights to use any of the Copyrights,
Patents or Trademarks, and all license fees and royalties arising from such use to the extent permitted by such license or rights; 
 (f)        All amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and 

(g)        All proceeds and products of the foregoing, including without
limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing. 
 “Interest Period” means for each LIBOR Rate Advance, a period 30, 60 and 90 days, as Borrower may elect, or such other period as Agent and Borrower may agree upon, provided that
the last day of an Interest Period for a LIBOR Rate Advance shall be determined in accordance with the practices of the LIBOR interbank market as from time to time in effect. 

“Inventory” means all present and future inventory in which Borrower has any interest, including
merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter
owned by or in the custody or possession, actual or constructive, of Borrower, including such inventory as is temporarily out of its custody or possession or in transit and including any returns upon any accounts or other proceeds, including
insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower’s Books relating to any of the foregoing. 

“Investment” means any beneficial ownership of (including stock, partnership interest or other
securities) any Person, or any loan, advance or capital contribution to any Person. 

“IPO” means the initial sale by Borrower of its capital stock pursuant to a registration
statement filed on Form S-1 in accordance with the Securities Act of 1933, as amended. 

“IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 “Lender Expenses” means all: reasonable costs or expenses (including reasonable
attorneys’ fees and expenses) incurred by Agent or a Lender in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and reasonable attorneys’ fees and
expenses of Agent and any Lenders incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is brought. 

  
 4 

 “LIBOR Base Rate” means, for any Interest Period for
a LIBOR Rate Advance, the rate of interest per annum determined by Agent to be the per annum rate of interest at which deposits in United States Dollars are offered to Agent in the London interbank market in which Agent customarily participates at
11:00 a.m. (local time in such interbank market) three (3) Business Days before the first day of such Interest Period for a period approximately equal to such Interest Period and in an amount approximately equal to the principal amount of such
Advance. 
 “LIBOR Rate” shall mean, for any Interest Period for a LIBOR Rate Advance, a
rate per annum (rounded upwards, if necessary, to the nearest 1/16 of 1%) equal to (i) the LIBOR Base Rate for such Interest Period divided by (ii) 1 minus the Reserve Requirement for such Interest Period. 

“LIBOR Rate Advances” means any Credit Extension or a portion thereof on which interest is
payable based on the LIBOR Rate in accordance with the terms hereof. 
 “Lien” means any
mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 
 “Loan
Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other agreement entered into between or among Borrower, Agent and Lenders in connection with this Agreement, all as amended or extended from
time to time. 
 “Majority Lenders” means as of any date of determination, Lenders owed
not less than 51% of the then aggregate unpaid principal amount of the Credit Extensions, or, if no principal amount of the Credit Extensions is outstanding, then Lenders having not less than 51% of the Credit Commitments. 

“Material Adverse Effect” means a material adverse effect on (i) the business, operations or
financial condition of Borrower, (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents or (iii) the validity or enforcement of Agent’s security interest in the Collateral.

 “Negotiable Collateral” means all of Borrower’s present and future letters of
credit of which it is a beneficiary, notes, drafts, instruments, securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 

“Net Income” means for any fiscal period the amount set forth on the statement of income and
retained earnings (or equivalent statement) for such period opposite the line item entitled “Net Income”. 
 “Obligations” means all debt, principal, interest, Lender Expenses and other amounts owed to Lenders or Agent by Borrower pursuant to this Agreement or any other agreements with
Agent or Lenders, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing
from Borrower to others that Agent may have obtained by assignment. 

“OFAC” is the U.S. Department of Treasury Office of Foreign Assets Control.

 “OFAC Lists” are, collectively, the Specially Designated Nationals and
Blocked Persons List maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC
or pursuant to any other applicable Executive Orders. 
 “Patents” means all patents,
patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Periodic Payments” means all installments or similar recurring payments that Borrower may now or
hereafter become obligated to pay to Agent for the ratable benefit of Lenders under this Agreement. 

“Permitted Indebtedness” means: 

  
 5 

 (a)        Indebtedness of Borrower
in favor of Lenders arising under this Agreement or any other Loan Document; 

(b)        Indebtedness existing on the Closing Date and disclosed in the
Schedule; 
 (c)        Indebtedness of Borrower and its Subsidiaries
not to exceed $1,500,000 in the aggregate in any fiscal year secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of
the equipment financed with such Indebtedness; 
 (d)        
Subordinated Debt; 
 (e)        Indebtedness to trade creditors
incurred in the ordinary course of business; 
 (f)        Indebtedness
of any Subsidiary to Borrower that constitutes a Permitted Investment by Borrower under clause (e) of the definition of Permitted Investment; 
 (g)        Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified
to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be; and 

(h)        other Indebtedness not to exceed $1,500,000 in aggregate principal
amount at any one time outstanding. 
 “Permitted Investment” means: 

(a)        Investments (including Subsidiaries) existing on the Closing Date
disclosed in the Schedule; 
 (b)        (i) marketable direct
obligations issued or unconditionally guaranteed by the United States or its agencies or any State maturing within one (1) year from its acquisition; (ii) commercial paper maturing no more than one (1) year after its creation and
having the highest rating from either Standard & Poor’s Corporation or Moody’s Investors Service, Inc.; (iii) Agent’s certificates of deposit issued maturing no more than one (1) year after issue; (iv) mutual
funds having at least 95% of their assets invested in the foregoing Investments; and (v) other Investments permitted by Borrower’s investment policy that has been approved by its board of directors; 

(c)        Investments of Subsidiaries in or to Borrower; Investments of
Borrower or Subsidiaries in or to Borrower’s Subsidiaries, solely in the amounts required to fund such Subsidiary’s operations in the ordinary course of business and consistent with past practices in an aggregate amount not to exceed
$2,500,000 at any time; 
 (d)        Investments consisting of
(A) travel advances, employee relocation loans and other employee loans and advances in the ordinary course of business and (B) non-cash loans to employees, officers or directors relating to the purchase of equity securities of Borrower
pursuant to employee stock purchase plans or arrangements approved by Borrower’s board of directors; 

(e)        Repurchases of stock from former employees, directors, or consultants
of Borrower under the terms of applicable repurchase agreements in an aggregate amount not to exceed $5,000,000 in any fiscal year, as long as an Event of Default does not exist at the time of a repurchase or would exist immediately after giving
effect to such repurchase; 
 (f)        Investments consisting of the
endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of Borrower; 
 (g)        Investments consisting of deposit accounts in which Agent has a perfected security interest; 

  
 6 

 (h)        Investments accepted in
connection with Transfers permitted by Section 7.1; 

(i)        Investments (including debt obligations) received in connection with
the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(j)        Investments consisting of notes receivable of, or prepaid royalties
and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (j) shall not apply to Investments of Borrower in any Subsidiary; 

(k)        Investments pursuant to or arising under currency agreements or
interest rate agreements arising in the ordinary course of business; 

(l)        other Investments aggregating not in excess of $500,000 at any time.

 “Permitted Liens” means the following: 

(a)        Any Liens existing on the Closing Date and disclosed in the Schedule
or arising under this Agreement or the other Loan Documents; 

(b)        Liens for taxes, fees, assessments or other governmental charges or
levies, either not delinquent or being contested or negotiated in good faith by appropriate proceedings and for which Borrower maintains adequate reserves; 
 (c)        Liens not to exceed $1,500,000 in the aggregate (i) upon or in any Equipment acquired or held by Borrower or any of its Subsidiaries to secure the
purchase price of such Equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined
solely to the property so acquired and improvements thereon, and the proceeds of such Equipment; 

(d)        Leases or subleases and non-exclusive licenses or sublicenses granted
in the ordinary course of Borrower’s business; 

(e)        carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business; 

(f)        pledges or deposits in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other social security legislation; 

(g)        Liens in favor of customs or revenue authorities arising as a matter
of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (h)        Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default; 

(i)        Liens in favor of other financial institutions arising in connection
with Borrower’s deposit and/or securities accounts held at such institutions, provided that Agent has a perfected security interest in the amounts held in such deposit and/or securities accounts to the extent required under Section 6.8;

 (j)        Liens incurred in connection with the extension, renewal
or refinancing of the indebtedness secured by Liens of the type described in clauses (a) through (g) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the
principal amount of the indebtedness being extended, renewed or refinanced does not increase; and 

  
 7 

 (k)        other Liens securing
Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed $100,000. 
 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation,
institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 

“Prime Rate” means the variable rate of interest, per annum, that appears in the Western Edition
of The Wall Street Journal, whether or not such rate is the lowest rate available from Agent or any Lender. 
 “Prime Rate Advances” means any Credit Extension or a portion thereof on which interest is payable based on the Prime Rate in accordance with the terms hereof. 

“Pro Rata Share” is the percentage interest of a Lender in a Credit Extension, as set forth below
its signature hereto. 
 “Reserve Requirement” means, for any Interest Period, the
average maximum rate at which reserves (including any marginal, supplemental or emergency reserves) are required to be maintained during such Interest Period under Regulation D against “Eurocurrency liabilities” (as such term is used
in Regulation D) by member banks of the Federal Reserve System. Without limiting the effect of the foregoing, the Reserve Requirement shall reflect any other reserves required to be maintained by a Lender by reason of any regulatory change
against (i) any category of liabilities which includes deposits by reference to which the LIBOR Rate is to be determined as provided in the definition of “LIBOR Base Rate” or (ii) any category of extensions of credit or other
assets which include Advances. 
 “Responsible Officer” means each of the Chief
Executive Officer, the Chief Financial Officer and the Controller of Borrower. 
 “Revolving
Facility” means the facility under which Borrower may request Lenders to issue Advances, as specified in Section 2.1.1 hereof. 
 “Revolving Line” initially means Credit Extensions of up to Five Million Dollars ($5,000,000) in aggregate outstanding principal amount at any time. 

“Revolving Maturity Date” means the second anniversary of the Closing Date. 

“Schedule” means the schedule of exceptions attached hereto, if any. 

“Subordinated Debt” means any debt incurred by Borrower that is expressly subordinated to the
debt owing by Borrower to Lenders on terms reasonably acceptable to Majority Lenders (and identified in writing as being such by Borrower and Majority Lenders). 

“Subsidiary” means any corporation or partnership in which (i) any general partnership
interest or (ii) more than 50% of the stock of which by the terms thereof ordinary voting power to elect the Board of Directors, managers or trustees of the entity shall, at the time as of which any determination is being made, is owned by
Borrower, either directly or through an Affiliate. 
 “Summit Notes” means the
Convertible Subordinated Promissory Notes, each dated July 21, 2011, issued by Borrower to Summit Investors I, LLC and certain of its Affiliates in the aggregate, original principal amount of $68,000,000. 

“Tangible Net Worth” means the net worth appearing on Borrower’s balance sheet at any date
as of which the amount thereof shall be determined, minus intangible assets, plus Subordinated Debt, on a consolidated basis determined in accordance with GAAP. 

  
 8 

 “Term Advance” means the cash advance of up to
Thirty Five Million Dollars ($35,000,000) made under Section 2.1.2. 
 “Total
Liabilities” means at any date as of which the amount thereof shall be determined, all obligations that are, in accordance with GAAP, classified as liabilities on the consolidated balance sheet of Borrower, including in any event all
Indebtedness, but excluding Subordinated Debt. 
 “Trademarks” means any trademark and
servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

1.2        Accounting Terms. All accounting terms not specifically
defined herein shall be construed in accordance with GAAP and all calculations made hereunder shall be made in accordance with GAAP. When used herein, the terms “financial statements” shall include the notes and schedules thereto.

  

	2.	 LOAN AND TERMS OF PAYMENT.  

2.1        Credit Extensions. 

Borrower promises to pay to Agent for account of the Lenders, in lawful money of the United States of America, the
aggregate unpaid principal amount of all Credit Extensions made by Lenders to Borrower as and when due under this Agreement. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at the rates set forth in this
Agreement. 
 2.1.1        Revolving Advances.

 (a)        Advance Amounts. Subject to and upon the
terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding principal amount not to exceed the lesser of the Revolving Line or the Borrowing Base, and each Lender shall make Advances up to its Pro Rata Share of
the requested Advance, provided no Lender shall at any time be required to make Advances in excess of the maximum Credit Commitment set forth below its signature to this Agreement. 

(b)        Borrowing Procedure. Whenever Borrower desires an
Advance, Borrower will notify Agent by facsimile transmission or telephone no later than 11:00 a.m. Pacific Time, on the Business Day that is three Business Days prior to the Business Day on which an Advance is to be made. Each such
notification shall be promptly confirmed by a Payment/Advance Form in substantially the form of Exhibit B-1. Agent shall give each Lender prompt written notice of the receipt of any such notification. Agent is authorized to make Advances
under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer. Agent shall be entitled to rely on any telephonic notice given by a person who Agent reasonably believes to be a Responsible
Officer or a designee thereof, and Borrower shall indemnify and hold Agent harmless for any damages or loss suffered by Agent as a result of such reliance to the extent set forth in Section 13.9. Before Borrower establishes a deposit account
with Agent, each Lender shall make an Advance by wire transfer to such account of Borrower as is specified in the Payment/Advance Form. After Borrower establishes a deposit account with Agent, Agent will credit the amount of Advances made under this
Section 2.1.1 to such deposit account, and any Lender that is not Agent shall make such Advance by wire transfer to such account. Each written request for an Advance, and each confirmation of a telephone request for such an Advance, shall be in
substantially the form of Exhibit B-1 hereto executed by Borrower. 

(c)        Payments. The outstanding principal balance of each
Advance shall bear interest until principal is due (computed daily on the basis of a 360 day year and actual days elapsed), at a floating rate per annum equal to the Prime Rate plus 0.25%, provided such rate shall in no case be less than the
one-month LIBOR Rate plus 1.0%. Borrower shall pay accrued and unpaid interest in arrears on each Advance on the 15th day of each calendar month. All Advances shall be due and payable on the Revolving Maturity Date. 

  
 9 

 (d)        Prepayment of
the Advances. Borrower may at any time prepay any Advance without premium or penalty. If the aggregate outstanding principal amount of the Advances at any time exceeds the lesser of the Borrowing Base or the Revolving Line, Borrower will
immediately pay to Agent, for the ratable benefit of Lenders, the amount of such excess. 

(e)        Lenders Disbursement. Unless Agent shall have received
notice from a Lender prior to the date of any Advance that such Lender will not make available to Agent such Lender’s Pro Rata Share of such Advance, Agent may assume that such Lender has made such portion available to Agent on the date of such
Advance in accordance with this Section and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to
Agent, such Lender and Borrower severally agree to repay to Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid
to Agent, at (i) in the case of Borrower, the interest rate applicable at the time to such Advance and (ii) in the case of such Lender, the Federal Funds Rate, as such rate is quoted in The Wall Street Journal on such date. If such Lender
shall repay to Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Pro Rata Share of such Advance for purposes of this Agreement. The failure of any Lender to make available its Pro Rata Share of any Advance
shall not relieve any other Lender of its obligation, if any, hereunder, to make available its Pro Rata Share of such Advance on the date of such Advance, but no Lender shall be responsible for the failure of any other Lender to make available its
Pro Rata Share of any Advance on the date of any Advance. 

2.1.2        Term Advance. 

(a)        Advance Amount; Payment. Subject to
the terms and conditions of this Agreement, each Lender will make its Pro Rata Share of the Term Advance to Borrower on the Closing Date by wire transfer of such amount to such account as Borrower specifies in writing to Agent. Borrower shall repay
the Term Advance in sixty (60) equal monthly installments, beginning on October 15, 2011, and continuing on the
15th day of each calendar month thereafter for so long as
any part of the Term Advance remains outstanding. The failure of any Lender to make available its Pro Rata Share of the Term Advance shall not relieve any other Lender of its obligation, if any, hereunder, to make available its Pro Rata Share of
such Term Advance on the date of such Term Advance, but no Lender shall be responsible for the failure of any other Lender to make available its Pro Rata Share of the Term Advance on the date of such Term Advance. On the Term Maturity Date, Borrower
shall repay the entire outstanding principal balance of the Term Advance, plus all accrued and unpaid interest thereon. 
 (b)        Interest. The outstanding principal balance of the Term Advance shall bear interest until principal is due (computed daily on the basis of
a 360 day year and actual days elapsed) at a rate per annum equal to the LIBOR Rate plus 2.50% when the Debt Service Ratio is at greater than or equal to 1.75 to 1.00, and the LIBOR Rate plus 3.00% at all other times. Borrower shall pay
interest on the Term Advance on the last day of each month. Unless continued pursuant to Section 2.7, the entire outstanding principal amount of the Term Advance shall be due and payable on the last day of the applicable LIBOR Rate Interest
Period. At no time may the outstanding Term Advance be subject to more than four LIBOR Rate Interest Periods, nor shall any part of the Term Advance be in an amount less than $5,000,000 for purposes of assigning an Interest Period. 

(c)        Optional Prepayment of the Term Advance. Borrower may
at any time prepay all or any part of the Term Advance without penalty or premium (other than amounts due and payable under Section 2.7), but may not reborrow any part of the Term Advance, once repaid. Each partial prepayment shall be in an
amount not less than One Million Dollars ($1,000,000) or such greater amount which is an integral multiple of $500,000. Each prepayment shall be made upon the irrevocable written or telephone notice of Borrower received by Agent not less than three
(3) Business Days prior to the date of the prepayment. The notice of prepayment shall specify the date of the prepayment and the amount of the prepayment. Each such prepayment shall be accompanied by the payment of accrued and unpaid interest
on the amount prepaid and any amount required by Section 2.7. 

  
 10 

 2.2        Interest Rates,
Payments, and Calculations. 
 (a)        Interest
Rates. Except as set forth in Section 2.2(b), the Advances shall bear interest, on the outstanding daily balance thereof, at the rates specified in Section 2.1.1, and the Term Advance shall bear interest, on the outstanding daily
balance thereof, at the rates specified in Section 2.1.2. 

(b)        Default Rate. All Obligations shall bear interest, from
and after the occurrence and during the continuance of an Event of Default, at a rate equal to three percent (3.0%) per annum above the interest rate applicable immediately prior to the occurrence of an Event of Default. Any such increase in
the interest rate shall cease and no longer be effective if no Event of Default has occurred and is continuing. 
 (c)        Payments. Agent shall, at its option, charge interest, all Lender Expenses, and all Periodic Payments against any of Borrower’s
deposit accounts or against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such
interest shall thereafter accrue interest at the rate then applicable hereunder. All payments shall be made free and clear of, and without deduction or withholding for, any present or future taxes or other charges imposed by any jurisdiction.

 (d)        Computation. In the event the Prime Rate is
changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. 

(e)        Withholding. Payments received by Agent or Lenders from
Borrower hereunder will be made free and clear of any withholding taxes, excluding net income taxes and franchise taxes imposed in lieu of net income taxes. Specifically, however, if at any time any Governmental Authority, applicable law, regulation
or international agreement requires Borrower to make any such withholding or deduction from any such payment or other sum payable hereunder to Lenders, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such
payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or deduction, each Lender receives a net sum equal to the sum which it would have received had no
withholding or deduction been required and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority. Borrower will not be required to increase any such amounts payable to any Lender with respect to any taxes
that are attributable to such Lender’s failure to deliver Internal Revenue Form W-8BEN or Form W-8ECL, to the extent applicable. Borrower will, upon request, furnish Lenders with proof reasonably satisfactory to Lenders indicating that Borrower
has made such withholding payment provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment
in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section shall survive the termination of this Agreement. 

(f)        Promissory Notes. Any Lender by written notice to the
Borrower (with a copy to the Agent) may request that Credit Extensions made by it be evidenced by a promissory note. In such event, Borrower shall promptly (and, in all events, within five Business Days of receipt of such request) execute and
deliver to such Lender a promissory note payable to such Lender in form and substance reasonably satisfactory to Borrower, such Lender and Agent) 
 (g)        Swap Fixed Rate. At Borrower’s request, Agent and Borrower shall enter into such agreements as are mutually acceptable to effect a
fixed rate swap arrangement in respect of the Obligations under this Agreement. 

2.3        Crediting Payments. So long as no Event of Default has
occurred and is continuing, Agent shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. If an Event of Default has occurred and is continuing, the receipt by Agent of any
wire transfer of funds, check, or other item of payment shall be immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and
until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Agent after 12:00 noon Pacific Time shall be

  
 11 

 
deemed to have been received by Agent as of the opening of business on the immediately following Business Day. Whenever any payment to Agent or Lenders under the Loan Documents would otherwise be
due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such
extension. 
 2.4        Payments to Lenders. Promptly
after its receipt of each payment from or on behalf of Borrower in respect of any Obligations of the Borrower hereunder, Agent shall distribute such payment to Lenders pro rata based upon their respective shares, if any, of the Obligations
with respect to which such payment was received. Agent shall make such distribution on the same Business Day if received from Borrower by 12:00 noon, Pacific Time, and on the next Business Day if received after 12:00 noon. 

2.5        Sharing of Payments. If any Lender shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of any Credit Extensions owing to it in excess of its Pro Rata Share of payments on account of the Credit Extensions obtained by all the
Lenders, then such Lender shall immediately purchase from the other Lenders such participations in the Credit Extensions owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them;
provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to
the extent of such recovery together with an amount equal to such Lender’s Pro Rata Share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section or
any other provision of this Agreement may, to the fullest extent permitted by law, exercise all of its rights of payment (including the right to set-off) with respect to such participation as fully as if such Lender were the direct creditor of
Borrower in the amount of such participation. 

2.6        Fees. Borrower shall pay to Agent the following:

 (a)        Term Facility Fee. On the Closing Date, a
fee equal to $122,500 on account of the Term Advance for pro rata distribution to the Lenders; 

(b)        Unused Facility Fee. Within 5 days of the last day of
each calendar quarter, a fee equal to 0.15% per annum of the difference between the Revolving Line and the average daily balance of outstanding Advances during such quarter for pro rata distribution to the Lenders; and 

(c)        Lender Expenses. On the Closing Date, all Lender
Expenses incurred through the Closing Date not to exceed $50,000 in the aggregate, including reasonable attorneys’ fees and expenses; and, after the Closing Date, all Lender Expenses, including reasonable attorneys’ fees and expenses, as
and when they become due. 
 2.7        Additional Provisions
Regarding LIBOR Advances. 
 (a)        Borrower may from
time to time submit in writing a request that any existing LIBOR Rate Advances continue for an additional Interest Period. Such request shall specify the amount of the Interest Period to be applicable to such LIBOR Rate Advances. Each written
request for a continuation of a LIBOR Rate Advance shall be substantially in the form of a Libor Rate Continuation Certificate as set forth on Exhibit B-2, which shall be duly executed by a Responsible Officer. Agent shall give each
Lender prompt written notice of the receipt of any such request. Subject to the terms and conditions contained herein, three (3) Business Days after Agent’s receipt of such a request from Borrower, such LIBOR Rate Advances shall continue,
as the case may be provided that: 
 (i)        no Event of
Default or event which with notice or passage of time or both would constitute an Event of Default exists; 

  
 12 

 (ii)        no party hereto
shall have sent any notice of termination of the Agreement; 

(iii)        Borrower shall have complied with such customary procedures
as Agent has established from time to time for Borrower’s requests for LIBOR Rate Advances; 

(iv)        the amount of a LIBOR Rate Advance shall be $1,000,000 or
such greater amount which is an integral multiple of $500,000; and 

(v)        Agent shall have determined that the Interest Period or LIBOR
Rate is available to Lenders as of the date of the request for such LIBOR Rate Advance. 
 Any request by
Borrower to continue any existing LIBOR Rate Advances shall be irrevocable. Notwithstanding anything to the contrary contained herein, no Lender shall be required to purchase United States Dollar deposits in the London interbank market or other
applicable LIBOR Rate market to fund any LIBOR Rate Advances, but the provisions hereof shall be deemed to apply as if Lenders had purchased such deposits to fund the LIBOR Rate Advances. 

(b)        Any LIBOR Rate Advances shall
automatically continue for the same Interest Period upon the last day of the applicable Interest Period, unless Agent has received and approved a complete and proper request to continue such LIBOR Rate Advance at least three (3) Business Days
prior to such last day in accordance with the terms hereof, provided that principal payments shall in all cases be paid on the 15th day of each month. Any LIBOR Rate Advances shall, at Agent’s or any Lender’s option, convert to Prime Rate
Advances in the event that an Event of Default shall occur and be continuing; provided that Agent will use its reasonable efforts to mitigate LIBOR break-funding costs by effecting such conversion on the last day of an Interest Period. Borrower
shall pay to Agent and or any affected Lender, within five Business Days’ of receipt by Borrower of written demand by Agent or such Lender, any amounts required to compensate Agent or such Lender for any loss (excluding loss of anticipated
profits but including customary LIBOR break-funding costs), cost or expense incurred by such Person, as a result of the conversion of LIBOR Rate Advances to Prime Rate Advances on any day other than the last day of an Interest Period pursuant to any
of the foregoing. 
 (c)        If for any reason (including
voluntary or mandatory prepayment or acceleration), Agent receives all or part of the principal amount of a LIBOR Rate Advance prior to the last day of the Interest Period for such LIBOR Rate Advance, Borrower shall, within five Business Days’
of receipt by Borrower of written demand by Agent, pay Agent for the ratable benefit of Lenders the amount (if any) by which (i) the additional interest which would have been payable on the amount so received had it not been received until the
last day of such Interest Period or term exceeds (ii) the interest that would have been recoverable by Agent by placing the amount so received on deposit in the certificate of deposit markets or the offshore currency interbank markets or United
States Treasury investment products, as the case may be, for a period starting on the date on which it was so received and ending on the last day of such Interest Period or term at the Federal Funds rate 

(d)        If (i) Agent shall have determined that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period, or (ii) Agent shall have received written notice from the Majority Lenders that the LIBOR Rate
determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their affected Loans during such Interest Period specifying in reasonable detail the basis for such a
determination, the Agent shall give telecopy or telephonic notice (promptly confirmed in writing) thereof to the Borrower and the relevant Lenders. If such notice is given (x) any LIBOR Advances requested to be made on the first day of such
Interest Period shall be made as Prime Rate Advances, and (y) any outstanding LIBOR Advances shall be converted, on the last day of the then-current Interest Period, to Prime Rate Advances. Until such notice has been withdrawn by the Agent, no
further LIBOR Advances shall be made or continued as such, nor shall the Borrower have the right to convert Credit Extensions to LIBOR Advances. 
 2.8        Additional Costs. In case any law, regulation, treaty or official directive or the interpretation or application thereof after the date
hereof by any court or any governmental authority charged with the administration thereof or the compliance with any guideline or request of any central bank or other governmental authority: 

  
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 (a)        subjects Agent or
a Lender to any tax with respect to payments of principal or interest or any other amounts payable hereunder by Borrower or otherwise with respect to the transactions contemplated hereby (except for franchise taxes and taxes on the overall net
income of Agent or such Lender); 
 (b)        imposes, modifies
or deems applicable any deposit insurance, reserve, special deposit or similar requirement against assets held by, or deposits in or for the account of, or loans by, Agent or a Lender; or 

(c)        imposes upon Agent or a Lender any other condition with
respect to its performance under this Agreement, 
 and the result of any of the foregoing is to increase the cost to Agent,
reduce the income receivable by Agent or any Lender or impose any expense upon Agent or any Lender, in each case with respect to the Obligations, Agent shall notify Borrower thereof. Borrower agrees to pay to Agent or the affected Lender the amount
of such increase in cost, reduction in income or additional expense as and when such cost, reduction or expense is incurred or determined, upon presentation by Agent or the affected Lender of a statement of the amount and setting forth Agent’s
or such Lender’s calculation thereof, all in reasonable detail, within five Business Days of Borrower’s receipt of such statement. For purposes of this Section, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L.
111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a “change in law”, regardless of the date enacted, adopted,
issued or promulgated, whether before or after the Closing Date. 

2.9        Term. This Agreement shall become effective on the
Closing Date and, subject to Section 13.14, shall continue in full force and effect for so long as any Obligations (other than inchoate indemnity Obligations) remain outstanding or Agent or any Lender has any obligation to make Credit
Extensions under this Agreement. Notwithstanding the foregoing, Agent and each Lender may terminate its obligation to make Credit Extensions under this Agreement immediately upon the occurrence and during the continuance of an Event of Default.
Notwithstanding termination, the Lien granted under this Agreement shall remain in effect for so long as any Obligations (other than inchoate indemnity Obligations) are outstanding. 

 

	3.	 CONDITIONS OF CREDIT EXTENSIONS. 

3.1        Conditions Precedent to Initial Credit Extension. The
obligation of a Lender to make the initial Credit Extension is subject to the condition precedent that Agent shall have received, in form and substance reasonably satisfactory to Agent and Lenders, the following: 

(a)        this Agreement; 

(b)        a certificate of the Secretary of Borrower with respect to
incumbency and resolutions authorizing the execution and delivery of this Agreement; 

(c)        a financing statement (Form UCC-1); 

(d)        a subordination agreement with respect to the Summit Notes;

 (e)        an opinion of Borrower’s counsel; 

(f)        certificates of insurance naming Agent as lender loss payee
and additional insured; 
 (g)        an audit of
Borrower’s Accounts (condition to initial Advance only, not Term Advance); 

(h)        promissory notes for each Lender; 

  
 14 

 (i)        good standing
certificates; 
 (j)        a Compliance Certificate; and

 (k)        such other documents, and completion of such other
matters, as Agent may reasonably deem necessary or appropriate. 

3.2        Conditions Precedent to all Credit Extensions. The
obligation of each Lender to make each Credit Extension, including the initial Credit Extension, is further subject to the following conditions: 
 (a)        Except for the Term Advance, timely receipt by Agent of the Payment/Advance Form as provided in Section 2.1; and 

(b)        the representations and warranties contained in Section 5
shall be true and correct in all material respects on and as of the date of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be
continuing, or would exist after giving effect to such Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date).
The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2(b). 

 

	4.	 CREATION OF SECURITY INTEREST. 

4.1        Grant of Security Interest. Borrower grants Agent, for
the ratable benefit of Lenders, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit of Lenders, the Collateral, wherever located, whether now owned
or hereafter acquired or arising, and all proceeds and products thereof. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in
the Collateral, subject only to Permitted Liens. If Borrower shall acquire a commercial tort claim (as defined in the Code) with a value exceeding $250,000, Borrower shall promptly notify Agent in a writing signed by Borrower of the general details
thereof (and further details as may be required by Agent) and grant to Agent, for the ratable benefit of Lenders, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be
in form and substance reasonably satisfactory to Agent. If this Agreement is terminated, Agent’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in
full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Lenders’ obligation to make Credit Extensions has terminated, Agent and Lenders shall, at Borrower’s sole cost and expense, release their Liens
in the Collateral. 
 4.2        Delivery of Additional
Documentation Required. Borrower shall from time to time execute and deliver to Agent, at the request of Agent, all Negotiable Collateral exceeding $250,000 in aggregate value, all financing statements and other documents that Agent may
reasonably request, in form reasonably satisfactory to Agent, to perfect and continue perfected the security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. 

4.3        Right to Inspect. Agent (through any of its officers,
employees, or agents) shall have the right, as a condition to making the initial Advance and thereafter from time to time, but no more than once a year (unless an Event of Default has occurred and is continuing), to audit Borrower’s Accounts,
inspect Borrower’s Books and to make copies thereof and to check, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral, during
normal business hours and (unless an Event of Default has occurred and is continuing) with reasonable prior notice to Borrower. 
 4.4        Pledge of Shares. Borrower pledges and grants to Agent, for the ratable benefit of Lenders, a security interest in 65% of the shares of
stock in Ubiquiti Networks International Limited, a Hong Kong company (“Ubiquiti Hong Kong”), in each case, owned by Borrower (the shares described in the foregoing clauses (a) and (b), collectively, the “Shares”), together
with all proceeds and substitutions thereof, all cash, stock and other moneys and 

  
 15 

 
property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the
performance of the Obligations. For avoidance of doubt, the Shares shall exclude 35% of the shares of stock in Ubiquiti Networks International Limited, a Hong Kong company, owned by Borrower. Borrower represents that the Shares are not evidenced by
any certificates or, if they are represented by one or more certificates, Borrower shall deliver such certificate(s) to Agent, accompanied by an instrument of assignment duly executed in blank by Borrower, and Borrower shall cause the books of each
such Subsidiary and any transfer agent to reflect such pledge. If an Event of Default has occurred and is continuing, Agent may effect the transfer of the Shares to the name of Agent and cause new certificates representing such securities to be
issued in the name of Agent or its transferee. Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Agent may reasonably request to perfect or continue the perfection of the security interest in the
Shares. Unless an Event of Default shall have occurred and be continuing, Borrower shall be entitled to exercise any rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be
cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All such rights to vote and give consents,
waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default. Borrower represents to Agent and Lenders that the Shares are not held in a brokerage or similar securities account. 

 

	5.	 REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants as follows: 

5.1        Due Organization and Qualification. Borrower is a
corporation duly existing under the laws of the State of Delaware and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, except to the extent that
the failure to be so qualified could not reasonably be expected to have a material adverse effect on Borrower’s business. 
 5.2        Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s powers, have been
duly authorized, and do not violate any provision of Borrower’s Certificate of Incorporation or Bylaws, nor will they constitute an event of default under any material agreement to which Borrower is a party or by which Borrower is bound.
Borrower is not in default under any material agreement to which it is a party or by which it is bound. 

5.3        No Prior Encumbrances. Borrower has good and marketable
title to the Collateral, free and clear of Liens, except for Permitted Liens. 

5.4        Bona Fide Accounts. The Accounts are bona fide existing
obligations of the Account debtors. The property giving rise to such Accounts has been delivered to the account debtor or to the account debtor’s agent for immediate shipment to and unconditional acceptance by the account debtor. 

5.5        Shares. Borrower has full power and authority to create
a first lien on the Shares and to pledge the Shares pursuant to this Agreement and is not subject to any contractual obligation the restricts such pledge. There are no subscriptions, warrants, rights of first refusal or other restrictions on, or
options exercisable with respect to, the Shares, except as has been disclosed to Agent in writing. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. The Shares are not the subject of any
present or, to Borrower’s knowledge, threatened suit, action, arbitration, administrative or other proceeding which could reasonably be expected to have a Material Adverse Effect, and Borrower knows of no reasonable grounds for the institution
of any such proceedings. 
 5.6        Merchantable
Inventory. All Inventory is in all material respects of good and marketable quality, free from all material defects. 
 5.7        Intellectual Property. Borrower is the sole owner of the material Intellectual Property, except for non-exclusive licenses granted by
Borrower to its customers or other third parties in the ordinary course of business. Each of the Patents is valid and enforceable, and no part of the Intellectual Property has been judged invalid or

  
 16 

 
unenforceable, in whole or in part, and except as disclosed in the Schedule, or as reported to the Agent pursuant to Section 6.3, no claim has been made that any part of the Intellectual
Property violates the rights of any third party, in each case except to the extent that could not reasonably be expected to have a material adverse effect on Borrower’s business. 

5.8        Name; Location of Chief Executive Office. Except as
disclosed in the Schedule, during the five years preceding the date of this Agreement, Borrower has not done business under any name other than that specified on the signature page hereof. The chief executive office of Borrower is located at the
address indicated in Section 10 hereof or at such other address as Borrower may notify Agent in writing in accordance with said Section 10. 
 5.9        Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any Subsidiary
before any court or administrative agency in which an adverse decision is reasonably likely to have a Material Adverse Effect. 
 5.10        No Material Adverse Change in Financial Statements. All consolidated financial statements other than projections related to Borrower and
any Subsidiary that are delivered by Borrower to Agent fairly present in all material respects Borrower’s consolidated financial condition as of the date thereof and Borrower’s consolidated results of operations for the period then ended
(subject, in the case of unaudited financial statements, to normal year-end and quarter-end adjustments and the absence of footnotes). There has not been a material adverse change in the consolidated financial condition of Borrower since the date of
the most recent of such financial statements submitted to Agent. 

5.11        Solvency, Payment of Debts. Borrower is solvent and
able to pay its debts (including trade debts) as they mature. 

5.12        Regulatory Compliance. Borrower is not an
“investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin
stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company”
or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws,
ordinances or rules, the violation of which could reasonably be expected to have a material adverse effect on its business, except as disclosed in public filings made with the US Securities and Exchange Commission and in disclosures filed with the
US Department of Commerce and US Treasury Department. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities
that are necessary to continue their respective businesses as currently conducted, except to the extent that failure to do so could not reasonably be expected to have a material adverse effect on their businesses. Except as disclosed in public
filings made with the US Securities and Exchange Commission and in disclosures filed with the US Department of Commerce and US Treasury Department, none of Borrower or its Affiliates or any of their respective agents acting or benefiting in any
capacity in connection with the transactions contemplated by this Agreement is (i) in violation of any Anti-Terrorism Law, (ii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, or (iii) is a Blocked Person. Neither Borrower nor, to the knowledge of Borrower, any of their Affiliates or agents acting or benefiting in any
capacity in connection with the transactions contemplated by this Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals
in, or otherwise engages in any transaction relating to, any property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law. Borrower and each Subsidiary have met the
minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. To Borrower’s knowledge, no event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in
Borrower’s incurring any liability that is reasonably likely to have a Material Adverse Effect. Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower has not violated any
statutes, laws, ordinances or rules applicable to it, violation of which is reasonably likely to have a Material Adverse Effect, except as disclosed in public filings made with the US Securities and Exchange Commission and in disclosures filed with
the US Department of Commerce and US Treasury Department. 

  
 17 

 5.13        Environmental
Condition. Except as disclosed in the Schedule or as reported to the Agent pursuant to Section 6.3, none of Borrower’s or any Subsidiary’s properties or assets has ever been used by Borrower or any Subsidiary or, to the best of
Borrower’s knowledge, by previous owners or operators, in the disposal of, or to produce, store, handle, treat, release, or transport, any hazardous waste or hazardous substance other than in accordance with applicable law in all material
respects; to the best of Borrower’s knowledge, none of Borrower’s properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a hazardous waste or hazardous substance
disposal site, or a candidate for closure pursuant to any environmental protection statute; no lien arising under any environmental protection statute has attached to any revenues or to any real or personal property owned by Borrower or any
Subsidiary; and neither Borrower nor any Subsidiary has received a summons, citation, notice, or directive from the Environmental Protection Agency or any other federal, state or other governmental agency concerning any material action or material
omission by Borrower or any Subsidiary resulting in the releasing, or otherwise disposing of hazardous waste or hazardous substances into the environment. 
 5.14        Taxes. Borrower and each Subsidiary has filed or caused to be filed all federal income tax returns required to be filed, and has paid, or
has made adequate provision for the payment of, all federal income taxes reflected therein. Borrower and each Subsidiary has filed or caused to be filed all material state and local tax returns required to be filed, and has paid, or has made
adequate provision for the payment of, all material state and local taxes reflected therein. 

5.15        Investments. Borrower does not own any stock,
partnership interest or other equity securities of any Person, except for Permitted Investments. 

5.16        Government Consents. Borrower and each Subsidiary has
obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted,
except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

5.17        Summit Notes. Unless terminated in accordance with their
respective terms, the Summit Notes attached to this Agreement are in full force and effect. 

5.18        Domestic Subsidiaries. Borrower shall cause any
Subsidiaries that are incorporated or organized from time to time under the laws of the United States, any state thereof or the District of Columbia to guarantee payment of Borrower’s Obligations under this Agreement on terms reasonably
acceptable to Agent. 
 5.19        Full Disclosure. No
written representation, warranty or other statement made by Borrower in any certificate or written statement furnished to Agent, as of the date such representation, warranty or other statement was made, taken together with all such written
certificates and written statements given to Agent, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized
by Agent and each Lender that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and
forecasts may differ from the projected or forecasted results). 
  

	6.	 AFFIRMATIVE COVENANTS. 

Borrower shall do all of the following: 

6.1        Good Standing. Borrower shall maintain its and each of
its Subsidiaries’ corporate existence in its jurisdiction of incorporation and maintain qualification in each jurisdiction in which the failure to so qualify is reasonably likely to have a Material Adverse Effect. Borrower shall maintain, and
shall cause each of its Subsidiaries to maintain in force all licenses, approvals and agreements, the loss of which is reasonably likely to have a Material Adverse Effect. 

  
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 6.2        Government
Compliance. Borrower shall meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply,
with all statutes, laws, ordinances and government rules and regulations to which it is subject, noncompliance with which is reasonably likely to have a material adverse effect on Borrower’s or such Subsidiary’s business. 

6.3        Financial Statements, Reports, Certificates. Borrower
shall deliver to Agent (for delivery to the Lenders) the following: (a) as soon as available, but in any event within 45 days after the end of each fiscal quarter before the IPO, and within 60 days after the end of each fiscal quarter after the
IPO, Borrower’s consolidated and consolidating financial statements, prepared in accordance with GAAP, consistently applied (provided that such documents will be deemed to be delivered on the date that the SEC makes such documents publicly
available and Borrower advises Agent of the same); (b) as soon as available, but in any event within 45 days after the end of each fiscal quarter, a Compliance Certificate signed by a Responsible Officer; (c) as soon as available, but in
any event within 120 days after the end of Borrower’s fiscal year, audited consolidated and consolidating financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on such
financial statements of PricewaterhouseCoopers LLP, or another independent certified public accounting firm of nationally recognized standing (provided that such documents will be deemed to be delivered on the date that the SEC makes such documents
publicly available and Borrower advises Agent of the same); (d) within 30 days of the last day of each month in which any Advance is outstanding (and within 30 days of the last day of each quarter in which no Advance is outstanding), a
Borrowing Base Certificate, together with an aged listing of Borrower’s accounts payable and accounts receivable, signed by a Responsible Officer; (e) within 60 days of the last day of each calendar year, board-approved projections for the
upcoming year on a consolidated and consolidating basis, broken down by quarter; (f) in the event that Borrower becomes subject to the reporting requirements under the Securities Exchange Act of 1934, as amended, within five (5) days of
filing, copies of (or a link to such documents on Borrower’s or another website on the Internet) all reports on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission (“SEC”), provided that such documents will be
deemed to be delivered on the date that the SEC makes such documents publicly available and Borrower advises Agent of the same; (g) promptly upon receipt by Borrower of written notice thereof, a report of any legal actions pending or threatened
against Borrower or any Subsidiary that is reasonably likely to result in damages or costs to Borrower or any Subsidiary of Five Hundred Thousand Dollars ($500,000) or more, and (h) such other financial information as Agent or a Lender may
reasonably request from time to time. 
 6.4        Inventory;
Returns. Borrower shall cause all returns and terminations of customer agreements to be on materially the same basis and in accordance with the usual customary practices of Borrower, as they exist at the time of the Closing Date. Borrower shall
promptly notify Agent of all terminations and of all disputes and claims, where the termination, dispute or claim involves more than Five Hundred Thousand Dollars ($500,000). 

6.5        Taxes. Borrower shall make, and shall cause each
Subsidiary to make, due and timely payment or deposit of all material federal, state, and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Agent, on demand, appropriate certificates attesting to the
payment or deposit thereof; and Borrower will make, and will cause each Subsidiary to make, timely payment or deposit of all material tax payments and withholding taxes required of it by applicable laws, including, but not limited to, those laws
concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Agent with proof satisfactory to Agent indicating that Borrower or a Subsidiary has made such payments or deposits; provided
that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower. 

6.6        Insurance. 

(a)        Borrower, at its expense, shall keep the Collateral insured
against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where Borrower’s business is
conducted. Borrower shall also maintain insurance relating to Borrower’s ownership and use of the Collateral in amounts and of a type that are customary to businesses similar to Borrower’s. 

  
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 (b)        All such policies
of insurance shall be in such form, with such companies, and in such amounts as are reasonably satisfactory to Agent. All such policies of property insurance shall contain a lender’s loss payable endorsement, in a form reasonably satisfactory
to Agent, showing Agent as an additional loss payee thereof and all liability insurance policies shall show the Agent as an additional insured, and shall specify that the insurer must give at least twenty (20) days notice to Agent before
canceling its policy for any reason. Upon Agent’s request, Borrower shall deliver to Agent certified copies of such policies of insurance and evidence of the payments of all premiums therefor. All proceeds payable under any such policy shall,
at the option of Agent at any time any Obligations are outstanding, be payable to Agent to be applied on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower
shall have the option of applying the proceeds of any casualty policy up to Five Hundred Thousand Dollars ($500,000) with respect to any loss, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or
repaired property shall be deemed Collateral in which Bank has been granted a first priority security interest, and (b) if an Event of Default has occurred and is continuing, all proceeds payable under such casualty policy shall, at the option
of Agent, be payable to Agent on account of the Obligations. 

6.7        Protection of Intellectual Property Rights.
(a) Protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; and (b) promptly advise Agent in writing of material infringement by a third party of its
Intellectual Property of which Borrower receives written notice. If Borrower decides to register any material copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Agent with at least fifteen (15) days
prior written notice of Borrower’s intent to register such material copyrights or mask works; and (y) take such actions as Agent may reasonably request to perfect and maintain a first priority perfected security interest in favor of Agent
in the Accounts arising out of the copyrights or mask works intended to be registered with the United States Copyright Office. 
 6.8        Deposit Accounts. From and after the date that is 90 days after the Closing Date, Borrower shall maintain its primary depository,
operating, and investment accounts with Agent, including a majority of its cash in such accounts. Borrower shall cause its Hong Kong subsidiary to maintain its primary depository, operating, and investment accounts with Agent, including a majority
of its cash in such accounts by the later of (i) the date that is 120 days after the Closing Date and (ii) the date that Agent offers online banking services in Hong Kong. Within 30 days after the Closing Date, Borrower shall deliver a
fully executed deposit account control agreement in form and substance reasonably acceptable to Agent in respect of any deposit accounts that Borrower maintains with an institution other than Agent. 

6.9        Debt Service Coverage. Beginning September 30,
2011, Borrower shall maintain, on a stand-alone basis, not including its Subsidiaries, a ratio of (i) Net Income plus all non-cash expenses to (ii) regularly scheduled principal and interest payments on the Credit Extensions for the
following four quarters of at least 1.50 to 1.00 as of the last day of each fiscal quarter, measured on a trailing four-quarter basis. 
 6.10        Leverage. Beginning September 30, 2011, on a consolidated basis, Borrower and its Subsidiaries shall maintain, as of the last day of
each fiscal quarter, a ratio of Total Liabilities to Tangible Net Worth: (a) so long as an IPO has not occurred, not to exceed 2.50 to 1.00 through December 31, 2011, and not to exceed 1.50 to 1.00 thereafter; and (b) if an IPO
occurs, not to exceed 1.50 to 1.00 through June 30, 2012, and not to exceed 1.25 to 1.00 thereafter. 

6.11        Summit Notes. Borrower shall pay at least $34,000,000
of the first proceeds of the Term Advance as a partial prepayment of the Summit Notes. Borrower shall use the first proceeds from the IPO to repay the remaining balance of the Summit Notes in full. 

6.12        Further Assurances. At any time and from time to time
Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Agent to effect the purposes of this Agreement. 

  
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	7.	 NEGATIVE COVENANTS. 

Borrower will not do any of the following: 

7.1        Dispositions. Convey, sell, lease, transfer or otherwise
dispose of (collectively, a “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, other than: (i) Transfers of Inventory in the ordinary course of business; (ii) Transfers of
non-exclusive licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries; (iii) Transfers of surplus, worn-out or obsolete Equipment; and (iv) Transfers constituting Permitted Investments and Permitted
Liens. 
 7.2        Change in Business. Suffer a Change
of Control, engage in any business, or permit any of its Subsidiaries to engage in any business, other than the businesses currently engaged in by Borrower and such Subsidiaries and any business substantially similar or related thereto (or
incidental thereto). 
 7.3        Mergers or
Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock
or property of another Person, except for Permitted Investments. A Subsidiary may merge or consolidate into another Subsidiary or the Borrower. 
 7.4        Indebtedness. Incur, assume or suffer to exist any Indebtedness, or permit any of its Subsidiaries to do so, except for Permitted
Indebtedness. 
 7.5        Capital Expenditures.

 (a)        Borrower will not make any expenditure for fixed
or capital assets (including, without limitation, expenditures for maintenance and repairs that should be capitalized in accordance with GAAP and including capitalized lease obligations) during any fiscal year, or permit any of its Subsidiaries to
do so, if as a result thereof, the aggregate amount of such expenditures for such fiscal year would exceed (x) prior to the IPO, $2,500,000, and (y) following the IPO, $5,000,000. 

(b)        Notwithstanding the foregoing, in the event that the amount of
capital expenditures permitted to be made by Borrower pursuant to clause (a) above in any fiscal year (before giving effect to any increase in such permitted expenditure amount pursuant to this clause (b)) is greater than the amount of
such capital expenditures made by Borrower during such fiscal year, such excess may be carried forward and utilized to make capital expenditures in succeeding fiscal years, provided that in no event shall the aggregate amount of capital expenditures
made by the Borrower during any fiscal year pursuant to Section 7.5(a) exceed 125% of the amount set forth for each fiscal year as set forth in Section 7.5(a). 

(c)        Notwithstanding the foregoing, Borrower may make capital
expenditures (which capital expenditures will not be included in any determination under the foregoing clause (a)) with insurance proceeds received by Borrower so long as such capital expenditures are used to replace or repair any properties or
assets in respect of which such insurance proceeds were paid. 

7.6        Encumbrances. Create, incur, assume or suffer to exist
any Lien with respect to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or enter into any agreement with any
Person other than Agent that prohibits or otherwise restricts Borrower from encumbering any of its property, other than (i) restrictions in equipment leases or equipment financing documents on Liens on the specific equipment being leased or
financed, (ii) customary restrictions with respect to transactions expressly permitted under Section 7.1 or 7.3 or (iii) prohibitions or restrictions which are deemed ineffective under applicable law. 

7.7        Distributions. Pay any dividends or make any other
distribution or payment on account of or in redemption, retirement or purchase of any capital stock, provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible
securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; (iii) Borrower may pay cash in lieu of 

  
 21 

 
fractional shares; and (iv) Borrower may repurchase the stock of former employees, officers or directors pursuant to stock repurchase agreements so long as an Event of Default does not exist
at the time of such repurchase and would not exist after giving effect to such repurchase, provided such repurchase does not exceed in the aggregate Five Million Dollars ($5,000,000) per fiscal year. 

7.8        Investments. Directly or indirectly acquire or own, or
make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 
 7.9        Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower
except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person;
provided, however, that the foregoing will not apply to (a) any transaction between Borrower and any of its Subsidiaries, or among two or more Subsidiaries, which is permitted by this Agreement, (b) reasonable and customary fees paid to
members of the boards of directors of Borrower or its Subsidiaries, or (c) compensation arrangements and benefit plans for officers, directors and other employees of Borrower and its Subsidiaries entered into or maintained in the ordinary
course of business 
 7.10        Subordinated Debt. Make
any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the
Subordinated Debt. 
 7.11        Inventory and Equipment. Store
the Inventory or the Equipment with a bailee, warehouseman, or similar party unless Agent and Lenders have received a pledge of the warehouse receipt covering such Inventory exceeding $250,000 in aggregate value. Except for Inventory sold in the
ordinary course of business and except for such other locations as Borrower may determine is reasonably necessary for the conduct of its business, Borrower shall keep the Inventory and Equipment only at the location set forth in Section 10
hereof and such other locations of which Borrower gives Agent prior notice. 

7.12        Compliance. Become an “investment company” or
be controlled by an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of
purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose, or fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction (not otherwise exempt under ERISA), as
each such term is defined in ERISA, to occur, fail to comply in any material respect with the Federal Fair Labor Standards Act or violate any law or regulation, which violation is reasonably likely to have a Material Adverse Effect, or a material
adverse effect on the Collateral or the priority of Agent’s Lien on the Collateral, or permit any of its Subsidiaries to do any of the foregoing. 
 7.13        Anti-Terrorism Laws. Agent notifies Borrower that pursuant to the requirements of Anti-Terrorism Laws, and Agent’s policies and
practices, Agent is required to obtain, verify and record certain information and documentation that identifies Borrower and their principals, which information includes the name and address of Borrower and their principals and such other
information that will allow Agent to identify such party in accordance with Anti-Terrorism Laws. Borrower will not, nor will Borrower permit any Subsidiary or Affiliate to, directly or indirectly, knowingly enter into any documents, instruments,
agreements or contracts with any Person listed on the OFAC Lists. Borrower shall immediately notify Agent if Borrower has knowledge that Borrower or any Subsidiary or Affiliate is listed on the OFAC Lists or (a) is convicted on, (b) pleads
nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to money laundering. Borrower will not, nor will Borrower permit any Subsidiary or Affiliate to,
directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of
any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law, or
(iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law.

  
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	8.	 EVENTS OF DEFAULT. 

Any one or more of the following events shall constitute an Event of Default by Borrower under this Agreement:

 8.1        Payment Default. If Borrower fails to
(a) make any payment of principal of any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable; 

8.2        Covenant Default. If Borrower fails to perform any
obligation under Section 6.1 (with respect to maintenance of Borrower’s existence), 6.3, 6.8, 6.9, 6.10 or 6.11, or violates any of the covenants contained in Article 7 of this Agreement; or if Borrower fails or neglects to perform,
keep, or observe any other material term, provision, condition, covenant, or agreement contained in this Agreement or in any other present or future agreement between Borrower and a Lender, and as to any default under such other term, provision,
condition, covenant or agreement that can be cured, has failed to cure such default within fifteen (15) days after Borrower receives notice thereof or any Responsible Officer of Borrower becomes aware thereof; provided, however, that if the
default cannot by its nature be cured within such period or cannot after diligent attempts by Borrower be cured within such period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable
period (which shall not in any case exceed thirty (30) days) or other longer period of time as agreed upon by Agent in writing to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall
not be deemed an Event of Default (provided that no Credit Extensions will be required to be made during such cure period); 
 8.3        Material Adverse Effect. If any circumstance arises that has or would reasonably be expected to have a Material Adverse Effect; 

8.4        Attachment. If any material portion of Borrower’s
or Ubiquiti Hong Kong’s assets is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or
distress warrant or levy has not been removed, discharged or rescinded within thirty (30) days or in any event not less than five (5) Business Days prior to the date of any proposed sale thereunder, or if Borrower or Ubiquiti Hong Kong is
enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any substantial part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any substantial portion of
Borrower’s or Ubiquiti Hong Kong’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s material assets by the United States Government, or any department, agency, or instrumentality
thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within thirty (30) days after Borrower or Ubiquiti Hong Kong receives notice thereof, provided that none of the foregoing shall constitute an Event of
Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower or Ubiquiti Hong Kong, as applicable (provided that no Credit Extensions will be required to be made during such cure period);

 8.5        Insolvency. If Borrower or Ubiquiti Hong
Kong generally fails to pay its debts as they become due, or if an Insolvency Proceeding is commenced by Borrower or Ubiquiti Hong Kong, or if an Insolvency Proceeding is commenced against Borrower or Ubiquiti Hong Kong and is not dismissed or
stayed within sixty (60) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 
 8.6        Other Agreements. If there is a default in any material agreement to which Borrower or Ubiquiti Hong Kong is a party with a third party or
parties resulting in the right by such third party or parties whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of One Million Dollars ($1,000,000); 

8.7        Subordinated Debt. If Borrower makes any payment on account of
Subordinated Debt, except to the extent such payment is allowed under any subordination agreement entered into with Agent; 

  
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 8.8        Judgments. If a
judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least One Million Dollars ($1,000,000) shall be rendered against Borrower or Ubiquiti Hong Kong and shall remain unsatisfied and unstayed for a
period of thirty (30) days or in any event later than five (5) Business Days prior to the date of any proposed sale to be held by or on behalf of the judgment creditor to satisfy any such judgment or judgments (provided that no Credit
Extensions will be made prior to the satisfaction or stay of such judgment); or 

8.9        Misrepresentations. If any warranty or representation by
Borrower set forth herein or in any certificate delivered to Agent by any Responsible Officer pursuant to this Agreement or to induce Agent to enter into this Agreement or any other Loan Document is incorrect in any material respect when made.

  

	9.	 AGENT’S RIGHTS AND REMEDIES. 

9.1        Rights and Remedies. Upon the occurrence and during the
continuation of an Event of Default when any Obligations are outstanding, Agent may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 

(a)        Declare all Obligations, whether evidenced by this Agreement,
by any of the other Loan Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5 all Obligations shall become immediately due and payable without any action by
Agent); 
 (b)        Cease advancing money or extending credit
to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Agent; 
 (c)        Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Agent reasonably considers
advisable; 
 (d)        Make such payments and do such acts as
Agent considers necessary or reasonable to protect its security interest in the Collateral; 

(e)        Set off and apply to the Obligations any and all
(i) balances and deposits of Borrower held by Agent, or (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Agent; 

(f)        Ship, store, finish, repair, prepare for disposition, and
dispose of the Collateral in accordance with the Code, and apply any proceeds to the Obligations in whatever manner or order Agent deems appropriate, including without limitation the application of such proceeds to all costs and expenses incurred in
connection with such disposition; 
 (g)        Agent may credit
bid and purchase at any public sale; and 
 (h)        Any
deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 
 9.2        Power of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower irrevocably appoints
Agent (and any of Agent’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests for verification of Accounts or notify account debtors of Agent’s security interest in the Accounts;
(b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Agent’s possession; (c) sign Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account
debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies
of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Agent determines to be reasonable; (g) to file, in its sole discretion, one or more financing
or continuation statements and amendments thereto, relative to any of the 

  
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Collateral without the signature of Borrower where permitted by law; and (h) to dispose of the Collateral to the extent permitted under the Code; provided Agent may exercise such power of
attorney to sign the name of Borrower on any of the documents described in Section 4 regardless of whether an Event of Default has occurred. The appointment of Agent as Borrower’s attorney in fact, and each and every one of Agent’s
rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Agent’s obligation to provide advances hereunder is terminated. 

9.3        Accounts Collection. After the occurrence and during the
continuance of an Event of Default, Agent may notify any Person owing funds to Borrower of Agent’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Agent, receive in
trust all payments as Agent’s trustee, and immediately deliver such payments to Agent in their original form as received from the account debtor, with proper endorsements for deposit. 

9.4        Right of Set-off. Subject to Section 2.6, in addition to
any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence and during the continuation of an Event of Default, each Lender is authorized at any time or from time to
time, without presentment, demand, protest or other notice of any kind to Borrower or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and any other
Indebtedness at any time held or owing by such Lender (including, without limitation, by branches and agencies of such Lender wherever located) to or for the credit or the account of Borrower against and on account of the Obligations and liabilities
of Borrower to such Lender under this Agreement or under any of the other Loan Documents, and all other claims of any nature or description arising out of or connected with this Agreement or any other Loan Document, irrespective of whether or not
such Lender shall have made any demand hereunder and although said Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. 
 9.5        Agent and Lender Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as
required under the terms of this Agreement, then Agent may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; (b) set up such reserves under the Revolving Facility as Agent
deems necessary to protect Agent from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.6 of this Agreement, and take any action with respect to such policies as Agent
deems prudent. Any amounts so paid or deposited by Agent shall constitute Lender Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any
payments made by Agent shall not constitute an agreement by Agent to make similar payments in the future or a waiver by Agent of any Event of Default under this Agreement. After the occurrence and during the continuation of an Event of Default,
Borrower shall reimburse each Lender, upon demand, for all costs and expenses, including reasonable attorney’s fees, incurred in connection with any of the Loan Documents. 

9.6        [Reserved]. 

9.7        Agent’s Liability for Collateral. So long as Agent
complies with reasonable banking practices, Agent shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any
cause; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by
Borrower. 
 9.8        Shares. Borrower recognizes that Agent
may be unable to effect a public sale of any or all the Shares, by reason of certain prohibitions contained in federal securities laws and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Borrower acknowledges and
agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially
reasonable manner. Agent shall be under no obligation to delay a sale of any of the Shares for the period of time necessary to permit the issuer thereof to register such securities for public sale under federal securities laws or under applicable
state securities laws, even if such issuer would agree to do so. Upon the occurrence of an Event of Default which 

  
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continues, Agent shall have the right to exercise all such rights as a secured party under the California Uniform Commercial Code as it, in its sole judgment, shall deem necessary or appropriate,
including without limitation the right to liquidate the Shares and apply the proceeds thereof to reduce the Obligations. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Agent
(and any of Agent’s designated officers, or employees) as Borrower’s true and lawful attorney to enforce Borrower’s rights against any Subsidiary, including the right to compel any Subsidiary to make payments or distributions owing to
Borrower. 
 9.9        Remedies Cumulative. Agent’s rights
and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative. Agent shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Agent of
one right or remedy shall be deemed an election, and no waiver by Agent of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Agent shall constitute a waiver, election, or acquiescence by it. No waiver by
Agent shall be effective unless made in a written document signed on behalf of Agent and then shall be effective only in the specific instance and for the specific purpose for which it was given. 

9.10        Demand; Protest. Borrower waives demand, protest, notice of
protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any
time held by Agent on which Borrower may in any way be liable. 
  

	10.	 NOTICES. 

 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for
financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt
requested, or by telefacsimile to Borrower or Agent as the case may be, at its addresses set forth below: 
  

			
	If to Borrower:	  	 UBIQUITI NETWORKS, INC.
 91 East Tasman Drive
 San Jose, CA 95134

Attn: John Ritchie, Chief Financial Officer
 Fax: 408-351-4973

		
	If to Agent:	  	 EAST WEST BANK
 2350 Mission College Blvd., Suite 988
 Santa Clara, CA 95054

Attn: Calvin Cheng

Fax: (408) 588-9688

 The parties hereto may change the address at which they are to receive notices hereunder,
by notice in writing in the foregoing manner given to the other. 
  

	11.	 JURY TRIAL WAIVER; JUDICIAL REFERENCE.

 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, LENDERS AND AGENT EACH HEREBY
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND
ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS
LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

  
 26 

 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE
THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by
a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638
(or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such
court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant
provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records
relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply
to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The
parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery
rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or
of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against
collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

 

	12.	 THE AGENT. 

12.1        Authorization and Action. Each Lender appoints and authorizes
Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to Agent by the terms hereof, together with such powers as are reasonably incidental thereto. As to any matters not expressly provided
for by this Agreement (including enforcement or collection of the Notes), Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Majority Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that Agent shall not be required to take any action that exposes Agent to
personal liability or that is contrary to this Agreement or applicable law. Except as otherwise provided for in this Agreement, no Lender shall take any action to collect amounts due hereunder, enforce any obligations of Borrower or exercise any
remedies against Borrower arising out of this Agreement without the prior written consent of Agent. Agent agrees to give to each Lender prompt notice of (a) each notice or report given to it by Borrower pursuant to the terms of this Agreement
(including but not limited to those set forth in Section 6.3 hereof), and (b) any Event of Default hereunder. The provisions of this Article 12 are solely for the benefit of Lenders and Agent and Borrower has no rights as a third
party beneficiary of any of the provisions hereof. 

12.2        Agent’s Reliance, Etc. Neither Agent nor any of its
directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limitation of
the generality of the foregoing, Agent: (i) may treat the payee of any Note as the holder thereof until Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to Agent; (ii) may
consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or
experts; (iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement; (iv) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of Borrower or to inspect the property (including the books and records) of Borrower;

  
 27 

 
(v) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document
furnished pursuant hereto; and (vi) shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing believed by it to be genuine and signed or sent by the proper
party or parties. 
 12.3        East West Bank and Affiliates.
With respect to its obligations hereunder, the Advances made by it, and the Note issued to it, East West Bank shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not Agent; and
the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include East West Bank in its individual capacity. East West Bank and its respective Affiliates may accept deposits from, lend money to, act as trustee
under indentures of, and generally engage in any kind of business with, Borrower, any of its subsidiaries and any Person who may do business with or own securities of Borrower or any such subsidiary, all as if East West Bank were not Agent, and
without any duty to account therefor to Lenders. 

12.4        Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it
will, independently and without reliance upon Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement. 
 12.5        Indemnification. Lenders shall
indemnify Agent (to the extent not reimbursed by Borrower), ratably according to the respective principal amounts of the Obligations then held by each of them (or if no Obligations are at the time outstanding, ratably according to the respective
amounts of their Credit Commitments), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred
by, or asserted against Agent in any way relating to or arising out of this Agreement or any action taken or omitted by Agent under this Agreement in its capacity as Agent, provided that no Lender shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross negligence or willful misconduct. Without limiting the foregoing, each Lender shall reimburse Agent promptly upon
demand for its ratable share of any out-of-pocket expenses (including counsel fees) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that Agent is not reimbursed for such expenses by Borrower. Notwithstanding the foregoing, to the extent that both
Lenders and Borrower have indemnification obligations with respect to any matter, the indemnification obligations of Borrower shall be primary and the indemnification obligations of Lenders shall be secondary with respect to such matter, and if
Agent shall recover any amount from Borrower with respect to Borrower’s indemnification obligation for which the Agent has received any payment from Lenders, Agent shall return to such contributing Lenders on a pro rata basis any amount in
excess of the amount necessary to fully indemnify Agent 

12.6        Successor Agent. Agent may resign at any time by giving
written notice thereof to Lenders and Borrower and may be removed at any time with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders shall have the right to appoint a successor Agent with the prior
consent of Borrower, which consent shall not be unreasonably withheld or delayed, provided that such consent of the Borrower shall not be required at any time an Event of Default exists. If no successor Agent shall have been so appointed by the
Majority Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Agent’s giving of notice of resignation or the Majority Lenders’ removal of the retiring Agent, then the retiring Agent may, on
behalf of the Lenders, appoint a successor Agent, which shall be a commercial Lender organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $1,000,000,000. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be
discharged from its duties and obligations as Agent under this Agreement. After any retiring Agent’s resignation or removal hereunder as Agent, the provisions of this Article 12 shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was Agent under this Agreement 

  
 28 

	13.	 MISCELLANEOUS. 

 13.1        Amendments. No amendment or waiver of any provision of the Loan Documents nor consent to any departure by the Borrower therefrom, shall in
any event be effective unless the same shall be in writing and signed by the Majority Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: (a) waive any of the conditions specified in Section 3.1, (b) reduce the principal of, or interest on, the
Obligations or any fees or other amounts payable hereunder, (c) postpone any date fixed for, or amount of, any payment of principal of, or interest on, the Obligations or any fees or other amounts payable hereunder, (d) increase the Credit
Commitment of any Lender or subject such Lender to any additional obligations, (e) change the percentage of the Credit Commitments or of the aggregate unpaid principal amount of the Obligations, or the number of Lenders, which shall be required
for the Lenders or any of them to take any action hereunder, or release any material portion of any Collateral, (g) amend the definition of “Majority Lenders” set forth in Article 1, or (h) amend this Section 13.1; and
provided, further, that no amendment, waiver or consent shall, unless in writing and signed by Agent in addition to the Lenders required above to take such action, affect the rights or duties of Agent under this Agreement or any other Loan Document.
With the consent of the Majority Lenders, additional Lenders may execute this Agreement, and, as a consequence of such additions, the aggregate Credit Commitments hereunder may be increased. 

13.2        Notices, Etc. Except as otherwise set forth in this
Agreement, all notices and other communications provided for hereunder shall be in writing (including facsimile communication) and mailed or sent by facsimile or delivered, if to the Borrower, at its address set forth on the signature page hereof;
and if to any Lender, or an Agent, at its address set forth on the signature page hereof; or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties. All such notices and communications
shall be effective three (3) Business Days after deposit in the U.S. mail, postage prepaid, when sent by facsimile, or when delivered, respectively. 
 13.3        Additional Lenders; Assignments; Participations. 

(a)        None of the Loan Documents nor any rights thereunder may be
assigned by Borrower without the prior written consent of all the Lenders, which consent may be granted or withheld in the Lenders’ sole discretion. Upon prior written notice to Borrower, any Lender may assign, from time to time, all or any
portion of its Pro Rata Share of the Credit Commitments in an amount not less than the lesser of (i) $5,000,000 or (iii) one hundred percent (100%) of such Lender’s interest in the Credit Commitments and Obligations to
(i) an Affiliate of that Lender, without the prior written approval of Agent or Borrower, or (ii) any other financial institution acceptable to Agent and Borrower, which consent shall not be unreasonably withheld or delayed,
provided that an assignee may not assign its interest without the prior written consent of the Agent and Borrower, which consent shall not be required if an Event of Default has occurred and is continuing; and provided further that the
parties to each such assignment shall execute and deliver to Agent and Borrower an assignment agreement in form and substance reasonably acceptable to Agent. Upon (A) such execution and delivery and (B) except in the case of an assignment
pursuant to clause (i) of the preceding sentence, payment of a fee in the amount of $2,500 to Agent to cover administrative costs, from and after the effective date of such assignment (x) the assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to it, have the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been
assigned by it, relinquish its rights and be released from its obligations under this Agreement (other than pursuant to Section 13.3(f)), and, in the case of an assignment covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto, subject to its continuing obligations under Section 13.3(f). 
 (b)        If, in connection with any proposed amendment, waiver or consent to any of the provisions of this Agreement or any other Loan Document as
contemplated by Section 13.1, the consent of the Majority Lenders is required but cannot be obtained for the lack of consent by a Lender, then the Agent or Borrower shall have the right, but not the obligation, to cause any such non-accepting
or non-consenting Lender (each, a “Replaced Lender”) to assign (a “Forced Assignment”) all of the Credit Commitments and other rights and obligations of the Replaced Lender under the Loan Documents to another Person (which may be
a Lender or shall be any other Person reasonably acceptable to the Borrower (such Lender or other Person, a “Replacement Lender”)) identified by the Agent in writing to the Replaced Lender, provided that such Replacement Lender is willing
to consent to the proposed amendment, waiver or consent. 

  
 29 

 If a Forced Assignment occurs, the Replaced Lender and the Replacement
Lender shall enter into an Assignment and Acceptance, in form and substance acceptable to Agent, pursuant to which the Replacement Lender shall acquire all of the outstanding Credit Commitments of the Replaced Lender and, in connection therewith,
shall pay to the Replaced Lender in respect thereof an amount equal to the sum of (a) an amount equal to the principal of, and all accrued interest on, all outstanding Credit Commitments of the Replaced Lender, and (b) an amount equal to
all accrued, but theretofore unpaid, fees, expenses and other reimbursable costs owing to the Replaced Lender under the Loan Documents. Upon (i) the execution of an Assignment and Acceptance in connection with a Forced Assignment by the
Replaced Lender and the Replacement Lender; (ii) delivery of a copy of such Assignment and Acceptance to the Agent, together with payment instructions, addresses and related information with respect to the Replacement Lender; (iii) the
payment to the Replaced Lender by the Replacement Lender of the amounts referred to in the preceding sentence; (iv) the payment to the Replaced Lender by the Borrower all obligations of the Borrower due and owing to the Replaced Lender at such
time (other than those specifically described in the preceding sentence); and (v) the payment to the Agent by the Replacement Lender of a $3,500 processing fee; the Replacement Lender shall become a Lender hereunder and the Replaced Lender
shall cease to constitute a Lender hereunder, except with respect to indemnification provisions under this Agreement (including, without limitation, Section 13.11), which shall survive as to such Replaced Lender with respect to any liabilities
incurred by such Replaced Lender relating to periods prior to the date such Replaced Lender ceased to be a Lender hereunder. A Replacement Lender shall not be entitled to receive any greater payment under Section 2.2(e) and Section 2.8
with respect to any participation than the Replaced Lender would have been entitled to receive. 

(c)        Each Lender may sell, negotiate or grant participations to
other parties in all or part of the obligations of the Borrower outstanding under the Loan Documents, upon notice to the Agent and the Borrower; provided that any such sale, negotiation or participation shall be in compliance with the applicable
federal and state securities laws and the other requirements of this Section. No participant shall constitute a “Lender” under any Loan Document, and Borrower shall continue to deal solely and directly with Agent and the Lenders. A
Participant shall not be entitled to receive any greater payment under Section 2.2(e) and Section 2.8 with respect to any participation than its participating Lender would have been entitled to receive. 

(d)        Each Lender may disclose to any proposed assignee or
participant any information relating to Borrower or any of its Subsidiaries; provided, that prior to such disclosure such proposed assignee or participant shall have agreed in writing to keep any such information confidential substantially on the
terms of Section 13.3(f). 
 (e)        The grant of a
participation interest shall be on such terms as the granting Lender determines are appropriate, provided only that (i) the holder of such a participation interest shall not have any of the rights of a Lender under this Agreement, (ii) the
consent of the holder of such a participation interest shall not be required for amendments or waivers of provisions of the Loan Documents other than those that (A) extend the term of the Credit Commitments, (B) decrease the rate of
interest or the amount of any fee or any other amount payable to the Lenders under the Loan Documents, (C) reduce the principal amount payable under the Loan Documents, or (D) extend the date fixed for the payment of principal or interest
or any other amount payable under the Loan Documents, and (iii) the holder may not transfer or participate any of its interest without the consent of the Agent. 

(f)        Each Lender understands that some of the information and
documents furnished to it pursuant to this Agreement may be confidential and each Lender agrees that it will keep all non-public information, documents and agreements so furnished to it confidential and will make no disclosure to other Persons of
such information or agreements until it shall have become public, except (i) to the extent required in connection with matters involving operations under or enforcement or amendment of the Loan Documents; (ii) to such Lender’s
examiners and auditors or in accordance with such Lender’s obligations under law or regulations or pursuant to subpoenas or other process to make information available to governmental agencies and examiners or to others; (iii) to any
corporate parent of any Lender so long as such parent agrees to accept such information or agreement subject to the restrictions provided in this Section 13.3(f); (iv) to any participant Lender or trust company of any Lender so long as
such participant shares the corporate parent with such Lender and agrees to keep such 

  
 30 

 
information, documents or agreement confidential in accordance with the restrictions provided in this Section 13.3(f); (v) to Agent or to any other Lender and their respective counsel
and other professional advisors and to its own counsel and professional advisors so long as such Persons are instructed to keep such information confidential in accordance with the provisions of this Section 13.3(f); (vi) to proposed
assignees and participants in accordance with Section 13.3(d); (vii) as Agent or Lender determines appropriate after the occurrence of an Event of Default; and (viii) with the prior written consent of the Borrower. 

13.4        Effectiveness; Binding Effect; Governing Law. This
Agreement shall become effective when it shall have been executed by the Borrower, Agent and each Lender and thereafter shall be binding upon and inure to the benefit of the Borrower, the Agent, each Lender and their respective successors and
assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of Agent and all the Lenders. THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW DOCTRINE. 

13.5        Consent to Jurisdiction; Venue; Agent for Service of
Process. All judicial proceedings brought against the Borrower with respect to this Agreement and the Loan Documents may be brought in any state or federal court of competent jurisdiction in the County of Santa Clara in the State of California,
and by execution and delivery of this Agreement, Borrower accepts for itself and in connection with its properties, generally and unconditionally, the nonexclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any
judgment rendered thereby in connection with this Agreement. Borrower irrevocably waives any right it may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding is brought in accordance with
this Section. Borrower designates and appoints each Responsible Officer, from time to time, and such other Persons as may hereafter be selected by Borrower irrevocably agreeing in writing to so serve as its agent to receive on its behalf service of
all process in any such proceedings in any such court, such service being hereby acknowledged by Borrower to be effective and binding service in every respect. A copy of any such process so served shall be mailed by registered mail to Borrower at
its address provided in the applicable signature page hereto, except that unless otherwise provided by applicable law, any failure to mail such copy shall not affect the validity of service of process. If any agent appointed by Borrower refuses to
accept service, Borrower hereby agrees that service upon it by mail shall constitute sufficient notice. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of Agent or any Lender to
bring proceedings against Borrower in courts of any jurisdiction. 

13.6        Entire Agreement. This Agreement with Exhibits and
Schedules and the other Loan Documents embody the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof, provided that any financing statements
previously filed for the benefit of Agent and/or any Lender shall continue to perfect Agent’s security interest in the Collateral. 
 13.7        Separability of Provisions. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

13.8        Obligations Several. The obligation of each Lender
hereunder is several, and no Lender shall be responsible for the obligation or commitment of any other Lender hereunder. Nothing contained in this Agreement and no action taken by the Lenders pursuant hereto shall be deemed to constitute the Lenders
to be a partnership, an association, a joint venture or any other kind of entity. 

13.9        Indemnification. Borrower shall indemnify, defend,
protect and hold harmless Agent, each Lender and their respective officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions
contemplated by the Loan Documents; and (b) all losses or Lender Expenses in any way suffered, incurred, or paid as a result of or in any way arising out of transactions between Agent or such Lender and Borrower under the Loan Documents
(including without limitation reasonable attorneys’ fees and expenses), except for losses caused by Agent’s or such Lender’s or their respective officers’, employees’ and agents’ gross negligence or willful misconduct.

  
 31 

 13.10        Time of
Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 

13.11        Counterparts. This Agreement may be executed in any
number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy or by e-mail delivery of a “.pdf” format data file shall be effective as delivery of a manually executed counterpart of this Agreement. Delivery of manually
executed counterparts of this Agreement shall immediately follow delivery by telecopy or by e-mail delivery. 

13.12        Survival. All covenants, representations and
warranties made in this Agreement shall continue in full force and effect so long as any Obligations (other than inchoate indemnity Obligations) remain outstanding. The obligations of Borrower to indemnify Agent and Lenders with respect to the
expenses, damages, losses, costs and liabilities described in Section 13.9 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against any of them have run. 

  
 32 

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

					
	BORROWER:
	
	UBIQUITI NETWORKS, INC.
		
	 By:
	 	 /s/ John Ritchie

		
	 Title:
	 	 Chief Financial Officer

	
	AGENT:
	
	EAST WEST BANK
		
	 By:
	 	 /s/ Calvin Cheng

		
	 Title:
	 	 First Vice President

	
	LENDERS:
	
	EAST WEST BANK
		
	 By:
	 	 /s/ Calvin Cheng

		
	 Title:
	 	 First Vice President

	
	Maximum Credit Commitment: $40,000,000
	
	Pro Rata Share: 100%

 EXHIBIT A 

COLLATERAL DESCRIPTION ATTACHMENT 
 TO LOAN AND SECURITY AGREEMENT 
 The Collateral shall consist of all right,
title and interest of Borrower in and to the property of Borrower, whether presently existing or hereafter created or acquired, and wherever located, including, but not limited to: 

All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently existing or
hereafter created or acquired, and wherever located, including, but not limited to: 

(a)        all accounts (including health-care-insurance receivables), chattel paper (including
tangible and electronic chattel paper), commercial tort claims, deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles (including payment intangibles and
software), goods (including fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), investment property
(including securities and securities entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records; 

(b)        any and all cash proceeds and/or noncash proceeds of any of the foregoing, including,
without limitation, insurance proceeds, and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform Commercial Code, as amended or supplemented from
time to time. 
 Notwithstanding the foregoing, the grant of a security interest as provided herein shall not extend to, and the
term “Collateral” shall not include: 
 (i)        any
Copyrights, Patents, Trademarks, any intent-to-use trademark applications, any other intellectual property rights now owned or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing,
or any other Intellectual Property; provided, however, that the Collateral shall include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in,
the foregoing (the “Rights to Payment”) Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security
interest in the Rights to Payment, then the Collateral shall automatically, and effective as of the Closing Date, include the Intellectual Property to the extent necessary to permit perfection of Agent’s security interest in the Rights to
Payment.; 
 (ii)        (x) any of the outstanding capital
stock of Ubiquiti Networks International Limited, to the extent that it is a controlled foreign corporation (as defined in the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder) in excess of 65% of the voting
power of all classes of capital stock of such controlled foreign corporation, and (y) any of the outstanding capital stock of any other Subsidiary of the Borrower that has been incorporated or formed under any laws other than the laws of the
United States, any state thereof or the District of Columbia; 

(iii)        any property subject to a Lien described in clauses
(a) or (c) of the definition of Permitted Lien if the granting of a Lien in such property is prohibited by or would constitute a default under any agreement or document governing such property (but only to the extent such prohibition is
effective under applicable law), provided that upon the termination or lapsing of any such prohibition, such property shall automatically be part of the Collateral; and 

(iv)        any general intangibles or other assets of the Debtor
(whether owned or held as licensee or lessee, or otherwise), to the extent that (i) such general intangibles or assets are not assignable or capable of being encumbered as a matter of law or under the terms of the license, lease or other
agreement 

 
applicable thereto (but solely to the extent that any such restriction is deemed effective under applicable law), without the consent of the licensor or lessor thereof or other applicable party
thereto and (ii) such consent has not been obtained; provided, however, that the foregoing grant of security interest shall extend to, and the term “Collateral” shall include, (A) any general intangible or asset which is
an account receivable or a proceed of, or otherwise related to the enforcement or collection of, any account receivable, or goods that are the subject of any account receivable; (B) any and all proceeds of any general intangibles or assets that
are otherwise excluded to the extent that the assignment or encumbrance of such proceeds is not so restricted; and (C) upon obtaining the consent of any such licensor, lessor or other applicable party’s consent with respect to any such
otherwise excluded general intangibles or assets, such general intangibles and assets as well as any and all proceeds thereof that might have theretofore have been excluded from such grant of a security interest and the term “Collateral.”

 EXHIBIT B-1 
  

			
	 

	  	

 Date:         
                                        
         
 To:            EAST WEST
BANK 
                   N. Cal Commercial
Banking Group 
                   Fax No.:
(408) 588-9684/9688 
 From:        Ubiquiti Networks, Inc. 

          Loan Account No.
                                        
        Note No.              
  

	 ̈	 On                     , please
advance $                     from the Revolving Line/Term Loan and credit deposit account
                                         
       . 

  

	 ̈	 On                     , please
debit $                     from deposit account no.
             and pay down our Revolving Line/Term Loan, Note no.             , and credit: Interest
only ( ), or Principal only (            ), or Principal & Interest ( ) . 

  

									
		 	 Authorized by: 
	 	 	 	 	 	
		 		 	(borrower signature)	 	phone no.	 	

  

	
	 

             Below For Bank Use Only

  

	
	 
	 
	 
	 
	 

  

							
	 Account Number
	 	            
  Account Name	 	            
    Debit	 	         
       Credit                    
	  	 	  	 	  	 	  
	  	 	  	 	  	 	  
	  	 	  	 	  	 	  

  

 EXHIBIT B-2 

LIBOR RATE CONTINUATION CERTIFICATE 
 The undersigned hereby certifies as follows: 
 I,
                                    , am the duly elected and
acting                             of UBIQUITI NETWORKS, INC. (“Borrower”). 

This LIBOR Rate Continuation Certificate is delivered on behalf of Borrower to EAST WEST BANK, as Agent, pursuant to the
Loan and Security Agreement among the Borrower, Agent, and the Lenders dated as of September 15, 2011 (the “Agreement”). The terms used herein that are defined in the Agreement have the same meaning herein as ascribed to them in the
Agreement. 
 Borrower requests on
                        , 201_ a LIBOR Rate Advance (the “Advance”) as follows: 

(a)          A continuation of an existing LIBOR Rate Advance as a
LIBOR Rate Advance. 
 (b)          The date on which the
Advance is to be made is                                 , 201_. 

(c)          The amount of the Advance is to be
                            
($                ), for an Interest Period of                  month(s).

 All representations and warranties of Borrower stated in the Agreement are true, correct and complete in all
material respects as of the date of this request for a loan; provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date. 

IN WITNESS WHEREOF, this LIBOR Rate Continuation Certificate is
executed by the undersigned as of this                              day of
                                    , 201_. 

 

					
	UBIQUITI NETWORKS, INC.	 	
		
	
By:                       
                                         
             
	 	
		
	
Title:                       
                                         
         
	 	

 For Internal Use Only 

 

							
	 LIBOR Pricing Date

 
	  	LIBOR Rate	  	LIBOR Rate Variance	  	Maturity Date
	 	  	 	  	 ___
%    
  
	  	 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

	TO:	 EAST WEST BANK, as Agent 

  

	FROM:	 UBIQUITI NETWORKS, INC. 

 The undersigned authorized officer of UBIQUITI NETWORKS, INC. hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement among Borrower, Agent and Lenders (the
“Agreement”), (i) Borrower is in compliance for the period ending                      with all covenants except as noted below
and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof (provided, that those representations and warranties expressly referring to another date are
true and correct in all material respects as of such date). Attached herewith are the required documents supporting the above certification. Borrower further certifies that these are prepared in accordance with Generally Accepted Accounting
Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. All days and periods specified relate to fiscal period end 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 Reporting Covenants
	  	 Required
	  	 Complies

			
	Company Financials	  	Quarterly within 45 days	  	Yes             No
			
	Annual Financials (CPA Audited)	  	FYE within 120 days (consolidated and consolidating)	  	Yes             No
			
	BBC, A/P and A/R Agings	  	Monthly within 30 days if Advances outstanding, quarterly within 30 days if not	  	Yes             No
				
	 Financial Covenants
	  	 Required
	  	 Actual
	  	 Complies

				
	Maintain:	  		  		  	
				
	Minimum trailing 4 quarters Debt Service Coverage (quarterly)
(Borrower only)	  	1.50:1.00	  	____:1.00	  	Yes             No
				
	Maximum Debt-TNW (quarterly)
(Borrower and Subsidiaries, on a consolidated basis)	  	*	  	____:1.00	  	Yes             No
				
	* Pre-IPO: 2.5:1.0 through 12/31/11, and 1.5:1.0 thereafter; post-IPO: 1.5:1.0 through 6/30/12, and 1.25:1.0 thereafter.	  		  		  	

 

			
	 Comments Regarding Exceptions:

		
	 See Attached.
	 	
		
	 Sincerely,
	 	
	
                             
                                
	 	
	 SIGNATURE
	 	
	
                             
                                
	 	
	 TITLE
	 	
	
                             
                                
	 	
	 DATE
	 	

	
	 AGENT USE ONLY

 
  

	  
 Received By:____________________
  

Date:________________
  

Reviewed By:____________________

 
 Compliance Status: Yes /
No
  
  

 

  
 2 

 EXHIBIT D 
 BORROWING BASE CERTIFICATE 
  

 
 Borrower: Ubiquiti Networks, Inc. 

Commitment Amount: $5,000,000 
  

 
  

									
	 ACCOUNTS RECEIVABLE
	  				  			
	 1.         Accounts Receivable Book Value as of
            
	  				  	 	$___________	  
	 2.         Additions (please explain on reverse)
	  				  	 	$___________	  
	 3.         TOTAL ACCOUNTS RECEIVABLE
	  				  	 	$___________	  
			
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  				  			
	 4.         Amounts over 90 days due
	  	 	$__________	  	  			
	 5.         Balance of 25% over 90 day accounts
	  	 	$__________	  	  			
	 6.         Concentration Limits
	  				  			
	 7.         Foreign Accounts
	  	 	$__________	  	  			
	 8.         Governmental Accounts
	  	 	$__________	  	  			
	 9.         Contra Accounts
	  	 	$__________	  	  			
	 10.       Demo Accounts
	  	 	$__________	  	  			
	 11.       Intercompany/Employee Accounts
	  	 	$__________	  	  			
	 12.       Other (please explain on reverse)
	  	 	$__________	  	  			
	 13.       TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  				  	 	$___________	  
	 14.       Eligible Accounts (#3 minus #13)
	  				  	 	$___________	  
	 15.       LOAN VALUE OF ACCOUNTS (80% of #14)
	  				  	 	$___________	  
			
	 BALANCES
	  				  			
	 16.       Maximum Loan Amount
	  				  	 	$5,000,000	  
	 17.       Total Funds Available [Lesser of #16 or #15]
	  				  	 	$___________	  
	 18.       Outstanding Advances
	  				  	 	$___________	  
	 19.       RESERVE POSITION (#17 minus #18)
	  				  	 	$___________	  

 Borrower represents and warrants that the information reflected in this Borrowing Base Certificate
complies in all material respects with the representations and warranties set forth in the Loan and Security Agreement among the undersigned, East West Bank as Agent and the Lenders named therein. 

Ubiquiti Networks, Inc. 
  

			
		
	By:  	 	 
		 	                Authorized Signer

 SCHEDULE OF EXCEPTIONS 

Permitted Indebtedness (Section 1.1) 
 Indebtedness incurred under a revolving credit account with Dell Financial Services L.L.C. that is secured by the lien described under Permitted Liens below. 

Permitted Investments (Section 1.1) 
 Wholly-owned Subsidiaries of Ubiquiti Networks, Inc.: 
 Ubiquiti
Networks International Limited (Hong Kong) 
 UAB “Devint” (Republic of Lithuania) 

Ubiquiti Networks (India) Private Limited (Republic of India) 

Permitted Liens (Section 1.1) 
 Debtor: Ubiquiti Networks, Inc. 
 Secured Party: Dell Financial Services L.L.C.

 File No.: 09-7188062435 (California) 
 Filing Date: 2/18/2009 
 Type: Equipment and software lien 

Intellectual Property (Section 5.7) 
 None. 
 Prior Names (Section 5.8) 

None. 

Litigation (Section 5.9) 

In or about June 2011, the Borrower filed a Disclosure with the Treasury Department’s Office of Foreign Assets Control (“OFAC”) concerning
possible violations of the Iranian Transactions Regulations (“ITR”), and the Disclosure is pending with OFAC. While the Borrower cannot predict with certainty how OFAC will resolve the Disclosure, the Borrower believes that the
resolution will not have a material adverse effect on the Borrower. The maximum civil penalty for violations of the ITR is $250,000 or twice the value of the transaction, whichever is greater. The Borrower took a charge of $1,625,000 in
fiscal year 2010 related to this matter. OFAC also has the option to try to have the matter referred to the Department of Justice for criminal prosecution. As the Commerce Department closed out a comparable Disclosure filed by the Company in
2011 with issuance of a warning letter and no monetary penalty, the Borrower does not believe the OFAC Disclosure and the resolution of it will have a material adverse effect on the Borrower. 

Environmental Condition (Section 5.13) 
 None.

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