Document:

Exhibit 10.2

 EXHIBIT 10.2 
  

 AMENDED AND RESTATED TRUST AGREEMENT 
 by and among 
 ACAS BUSINESS LOAN LLC, 2006-1, 
 as the Trust Depositor, 
 M&T
TRUST COMPANY OF DELAWARE,  
 as the Owner Trustee, Certificate Registrar, and Paying Agent, 
 and 
 AMERICAN CAPITAL STRATEGIES, LTD.,

 as the Servicer 
 Dated as of July 28, 2006 
  

 ACAS Business Loan Trust Notes, Series 2006-1 
 Class A, Class B, Class C, Class D and Class E Notes

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I    DEFINITIONS
	  	1
			
	         Section 1.01
	  	Capitalized Terms	  	1
	         Section 1.02
	  	Other Terms	  	3
	         Section 1.03
	  	Computation of Time Periods	  	3
	         Section 1.04
	  	Interpretation	  	3
	         Section 1.05
	  	References	  	4
	         Section 1.06
	  	Calculations	  	4
		
	 ARTICLE II    ORGANIZATION
	  	4
			
	         Section 2.01
	  	Name	  	4
	         Section 2.02
	  	Office	  	5
	         Section 2.03
	  	Purposes and Powers	  	5
	         Section 2.04
	  	Appointment of Owner Trustee	  	6
	         Section 2.05
	  	Organizational Expenses	  	6
	         Section 2.06
	  	Declaration of Trust	  	6
	         Section 2.07
	  	Liability of Trust Depositor	  	6
	         Section 2.08
	  	Title to Trust Property	  	6
	         Section 2.09
	  	Situs of Trust	  	7
	         Section 2.10
	  	Representations and Warranties of the Trust Depositor	  	7
	         Section 2.11
	  	Federal Income Tax Treatment	  	8
	         Section 2.12
	  	Covenants of the Trust Depositor	  	8
	         Section 2.13
	  	Special Purpose Entity Provisions	  	10
		
	 ARTICLE III    TRUST CERTIFICATES AND TRANSFER OF INTERESTS
	  	11
			
	         Section 3.01
	  	Ownership	  	11
	         Section 3.02
	  	The Trust Certificates	  	11
	         Section 3.03
	  	Authentication and Delivery of Trust Certificates	  	11
	         Section 3.04
	  	Registration of Transfer and Exchange of Trust Certificates	  	12
	         Section 3.05
	  	Mutilated, Destroyed, Lost or Stolen Trust Certificates	  	12
	         Section 3.06
	  	Persons Deemed Owners	  	13
	         Section 3.07
	  	Access to List of Certificateholder’s Name and Addresses	  	13
	         Section 3.08
	  	Maintenance of Office or Agency	  	13
	         Section 3.09
	  	Temporary Trust Certificate	  	13
	         Section 3.10
	  	Appointment of Paying Agent	  	14
	         Section 3.11
	  	Ownership by Trust Depositor of Trust Certificate	  	14
	         Section 3.12
	  	Transfer Restrictions	  	14
		
	 ARTICLE IV    ACTIONS BY OWNER TRUSTEE
	  	16
			
	         Section 4.01
	  	Prior Notice to Certificateholder with Respect to Certain Matters	  	16
	         Section 4.02
	  	Action by Owners with Respect to Certain Matters	  	17
	         Section 4.03
	  	Action by Owners with Respect to Bankruptcy	  	17
	         Section 4.04
	  	Restrictions on Owners’ Power	  	17

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 ARTICLE V    APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	17
			
	         Section 5.01
	  	Establishment of Trust Account	  	17
	         Section 5.02
	  	Application of Trust Funds	  	18
	         Section 5.03
	  	Method of Payment	  	18
	         Section 5.04
	  	No Segregation of Moneys; No Interest	  	18
	         Section 5.05
	  	Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others	  	18
	         Section 5.06
	  	Signature on Returns; Tax Matters Partner	  	19
		
	 ARTICLE VI    AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	19
			
	         Section 6.01
	  	General Authority	  	19
	         Section 6.02
	  	General Duties	  	19
	         Section 6.03
	  	Action Upon Instruction	  	19
	         Section 6.04
	  	No Duties Except as Specified in this Agreement or in Instructions	  	21
	         Section 6.05
	  	No Action Except Under Specified Documents or Instructions	  	21
	         Section 6.06
	  	Restrictions	  	21
		
	 ARTICLE VII    CONCERNING THE OWNER TRUSTEE
	  	22
			
	         Section 7.01
	  	Acceptance of Trusts and Duties	  	22
	         Section 7.02
	  	Furnishing of Documents	  	23
	         Section 7.03
	  	Representations and Warranties	  	23
	         Section 7.04
	  	Reliance; Advice of Counsel	  	23
	         Section 7.05
	  	Not Acting in Individual Capacity	  	24
	         Section 7.06
	  	Owner Trustee Not Liable for Trust Certificates, Notes or Contracts	  	24
	         Section 7.07
	  	Owner Trustee May Own Trust Certificates and Notes	  	25
		
	 ARTICLE VIII    COMPENSATION OF OWNER TRUSTEE
	  	25
			
	         Section 8.01
	  	Owner Trustee’s Fees and Expenses	  	25
	         Section 8.02
	  	Indemnification	  	25
	         Section 8.03
	  	Payments to the Owner Trustee	  	26
		
	 ARTICLE IX     TERMINATION OF TRUST AGREEMENT
	  	26
			
	         Section 9.01
	  	Termination of Trust Agreement	  	26
	         Section 9.02
	  	Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust Depositor	  	27

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 ARTICLE X     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	27
			
	         Section 10.01
	  	Eligibility Requirements for Owner Trustee	  	27
	         Section 10.02
	  	Resignation or Removal of Owner Trustee	  	28
	         Section 10.03
	  	Successor Owner Trustee	  	28
	         Section 10.04
	  	Merger or Consolidation of Owner Trustee	  	29
	         Section 10.05
	  	Appointment of Co-Trustee or Separate Trustee	  	29
		
	 ARTICLE XI    MISCELLANEOUS
	  	30
			
	         Section 11.01
	  	Supplements and Amendments	  	30
	         Section 11.02
	  	No Legal Title to Trust Estate in Owners	  	31
	         Section 11.03
	  	Limitations on Rights of Others	  	32
	         Section 11.04
	  	Notices	  	32
	         Section 11.05
	  	Severability of Provisions	  	34
	         Section 11.06
	  	Counterparts	  	34
	         Section 11.07
	  	Successors and Assigns	  	34
	         Section 11.08
	  	No Petition	  	34
	         Section 11.09
	  	No Recourse	  	35
	         Section 11.10
	  	Headings	  	35
	         Section 11.11
	  	Governing Law and Jury Waiver	  	35
	         Section 11.12
	  	Trust Certificate Transfer Restrictions	  	36

  

 -iii- 

 AMENDED AND RESTATED TRUST AGREEMENT 
 THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of July 28, 2006 (such agreement as amended, modified, supplemented, or restated from
time to time, the “Agreement”), is among ACAS BUSINESS LOAN LLC, 2006-1, a Delaware limited liability company, as the Trust Depositor (together with its successors and assigns, the “Trust Depositor”), M&T TRUST
COMPANY OF DELAWARE, as the Owner Trustee (together with its successors and assigns, the “Owner Trustee”) and AMERICAN CAPITAL STRATEGIES, LTD., as the Servicer (together with its successors and assigns, the
“Servicer”) and amends and restates in its entirety the Trust Agreement, dated as of July 11, 2006 (the “Original Trust Agreement”), between the parties hereto. 
 WHEREAS, the Trust Depositor and the Owner Trustee established a trust known as the ACAS Business Loan Trust 2006-1 pursuant to the Original Trust
Agreement and the Certificate of Trust (as defined below); 
 WHEREAS, the Trust Depositor desires to confirm its appointment of the
Owner Trustee as the trustee of the Trust; and 
 WHEREAS, the Owner Trustee is willing to continue to serve as trustee of the Trust.

 NOW, THEREFORE, based upon the above recitals, the mutual promises and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Capitalized Terms. 
 For all purposes of this Agreement, except as otherwise expressly provided below or unless the context otherwise requires, capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Transfer
and Servicing Agreement, dated as of July 28, 2006 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Transfer and Servicing Agreement”), among ACAS Business Loan
Trust 2006-1, as the Issuer, the Trust Depositor, as the Trust Depositor, American Capital Strategies, Ltd., as the Originator and as the Servicer and Wells Fargo Bank, National Association, as the Indenture Trustee and as the Backup Servicer.

 “Agreement” shall have the meaning given to such term in the Preamble hereof. 
 “Benefit Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, a plan
described in and subject to Section 4975 of the Code or any entity whose underlying assets include assets of any such employee benefit plan or plan by reason of an employee benefit plan’s or plan’s investment in the entity (including,
without limitation, insurance company general accounts). 

 “Certificate Balance” means $10.00. 
 “Certificate Distribution Account” means the account established and maintained as such pursuant to
Section 5.01. 
 “Certificate of Trust” means the Certificate of Trust filed for the Trust, pursuant to Section 3810(a) of
the Statutory Trust Statute, with the Secretary of State on July 11, 2006. 
 “Certificate Register” and “Certificate
Registrar” means the register maintained and the registrar (or any successor thereto) appointed pursuant to Section 3.04. 
 “Certificateholder” or “Holder” means, with respect to a Definitive Trust Certificate, the Person in whose name the Trust Certificate is registered in the Certificate Register. 
 “Code” shall have the meaning set forth in Section 3.12(f). 
 “Definitive Trust Certificate” shall have the meaning set forth in Section 3.09. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor legislation thereto, and the
regulations promulgated and the rulings issued thereunder. 
 “Expenses” shall have the meaning given to
such term in Section 8.02. 
 “Indemnified Parties” shall have the meaning given to such term
in Section 8.02. 
 “Notices” shall have the meaning given to such term in
Section 11.04. 
 “Owner Trustee” has the meaning given to such term in the Preamble.

 “Owner Trustee Corporate Trust Office” means the office of the Owner Trustee at which its corporate trust business shall be administered,
which initially shall be 1220 North Market Street, Suite 202, Wilmington, Delaware 19801, or such other office at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholder, the Servicer, the Indenture
Trustee, the Trust Depositor and the Originator. 
 “Owners” means the Holders of the Trust Certificates.

 “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.10.

 “Percentage Interest” shall mean (i) with respect to a Trust Certificate, the percentage set forth on the face thereof, and
(ii) with respect to a Class E Note, the fraction, expressed as a percentage, the numerator of which is the original principal balance of such Class E Note and the denominator of which is the aggregate original principal balance of the Class E
Note. 
 “Secretary of State” means the Secretary of State of the State of Delaware. 
 “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as amended from time to time. 

 

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 “Tax Matters Partner” shall have the meaning given to such term in subsection 5.06(b) hereof.

 “Transfer” shall have the meaning given to such term in subsection 3.12(d). 
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
 “Trust” means the trust governed by this Agreement. 
 “Trust Certificate” means a trust
certificate evidencing the beneficial equity interest of an Owner in the Trust, substantially in the form of Exhibit A hereto. 
 “Trust Depositor” has the meaning given to such term in the Preamble. 
 “Trust
Estate” means all right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II of the Transfer and Servicing Agreement, all rights of the Trust under the Swaps, all funds on
deposit from time to time in the Trust Accounts and the Certificate Distribution Account, all payments under the Swaps, and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the
Transfer and Servicing Agreement. 
 Section 1.02 Other Terms. 
 All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles. The symbol
“$” shall mean the lawful currency of the United States. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 Section 1.03 Computation of Time Periods. 
 Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”, the words
“to” and “until” each mean “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a later specified date”. 
 Section 1.04 Interpretation. 
 In this Agreement, unless a contrary intention appears: 
 (i) the singular number includes the plural number and
vice versa; 
 (ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if
such successors and assigns are permitted by the Transaction Documents; 
 (iii) reference to any gender includes each other
gender; 
  

 3 

 (iv) reference to day or days without further qualification means calendar days;

 (v) unless otherwise stated, reference to any time means New York, New York time; 
 (vi) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in a visible
form; 
 (vii) reference to any agreement (including any Transaction Document), document or instrument means such agreement,
document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to
any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 
 (viii) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and
reference to any Section or other provision of any Requirement of Law means that provision of such Requirement of Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of
such Section or other provision; and 
 (ix) references to “include” and “including” shall be deemed to
mean “include, without limitation” and “including, without limitation”, respectively. 
 Section 1.05
References. 
 All section references (including references to the Preamble), unless otherwise indicated, shall be to
Sections (and the Preamble) in this Agreement. 
 Section 1.06 Calculations. 
 Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360 day year and the actual
days elapsed in the relevant period and will be carried out to at least three decimal places. 
 ARTICLE II 
 ORGANIZATION 
 Section 2.01
Name. 
 The Trust shall be known as the “ACAS Business Loan Trust 2006-1”, in which name the Owner Trustee may conduct
the activities of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  

 4 

 Section 2.02 Office. 
 The office of the Trust shall be in care of the Owner Trustee at the Owner Trustee Corporate Trust Office or at such other address in the State of
Delaware as the Owner Trustee may designate by written notice to the Owner and the Trust Depositor. 
 Section 2.03 Purposes and
Powers. 
 The sole purpose of the Trust is, and the Trust shall have the power and authority, to manage the Trust Estate and collect
and disburse the periodic income therefrom for the use and benefit of the Owners, and, in furtherance of such purpose, to engage in the following ministerial activities: 
 (a) to issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to hold and sell the Notes and the Trust Certificates; 
 (b) with the proceeds of the sale of the Notes and the Trust Certificates, to purchase the Loans and other Loan Assets, and to pay the balance, if any,
to the Trust Depositor pursuant to the Transfer and Servicing Agreement; 
 (c) to assign, grant, transfer, pledge, mortgage and convey the
Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Owners pursuant to the Transfer and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture;

 (d) to enter into and perform its obligations under the Transaction Documents to which it is to be 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 the administration and conservation of the Trust Estate (including the administration of the Loans) and the making of distributions to the Owners, the Noteholders and the Swap Counterparties. The
Trust shall not engage in any activities other than in connection with the foregoing. Nothing contained herein shall be deemed to authorize the Trust to engage in any business operations or any activities other than those set forth in the
introductory sentence of this Section 2.03. Specifically, except as permitted by the Transaction Documents, the Trust shall have no authority to engage in any business operations, or acquire any assets other than those specifically
included in the Trust Estate under Section 1.01, or otherwise vary the assets held by the Trust. The Owner Trustee shall have no discretionary duties other than performing those ministerial acts set forth above necessary to accomplish
the purpose of this Trust as set forth in the introductory sentence of this Section 2.03. Notwithstanding anything to the contrary contained herein, the Trust may hold the Notes prior to their purchase by the Initial Purchasers.

  

 5 

 Section 2.04 Appointment of Owner Trustee. 
 The Trust Depositor hereby confirms the appointment of the Owner Trustee as trustee of the Trust as of the date hereof, to have all the rights, powers and
duties set forth herein, and the Owner Trustee hereby accepts such appointment. 
 Section 2.05 Organizational Expenses.

 The Trust Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee,
promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
 Section 2.06 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 sole purpose of conserving the Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Owners, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. 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 for the sole purpose and to the extent necessary to accomplish the purpose of this Trust as set forth in the introductory sentence of Section 2.03. 

Section 2.07 Liability of Trust Depositor. 
 (a) Pursuant to Section 3803(a) of the Statutory Trust Statute, the Trust Depositor shall be liable directly to and will indemnify any injured party or any other creditor of the Trust for all losses, claims,
damages, liabilities and expenses of the Trust to the extent that the Trust Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which Trust Depositor were a general partner
(including any Maryland personal property replacement tax that is imposed on the Trust as a partnership); provided that Trust Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the
Trust Certificates or a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for which the Trust
Depositor shall not be liable) shall be deemed third party beneficiaries of this paragraph. The obligations of the Trust Depositor under this subsection 2.07(a) shall be evidenced by the Trust Certificates described in Section 3.11.

 (b) Other than to the extent set forth in subsection 2.07(a), no Owner, solely by virtue of its being the Certificateholder, shall
have any personal liability for any liability or obligation of the Trust. 
 Section 2.08 Title to Trust Property.

 Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where Requirements of Law
in any jurisdiction requires title to any part of the Trust 

  

 6 

 
Estate to be vested in an Owner Trustee or Owner Trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be. If any portion of the Trust Estate is deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, (a) the Owner Trustee, upon having actual knowledge thereof, will immediately notify
the Indenture Trustee and the Servicer and (b) the Servicer will cause to be filed such UCC financing statements and related filings, documents, or writings as are necessary (or as shall be reasonably requested by the Indenture Trustee) to
maintain the Indenture Trustee’s security interest in the Collateral under the Transfer and Servicing Agreement. 
 Section 2.09
Situs of Trust. 
 The Trust will be located and administered in the State of Delaware or the State of Maryland; provided
that the Trust’s location for purposes of the UCC shall be the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Minnesota or the State of Delaware. The Trust shall not
have any employees in any state other than Delaware; provided that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in
Delaware or Minnesota and payments will be made by the Trust only from Delaware or Minnesota. The only office of the Trust will be at the Owner Trustee Corporate Trust Office. 
 Section 2.10 Representations and Warranties of the Trust Depositor. 
 The Trust Depositor hereby represents and warrants to the Owner Trustee that: 
 (a) The Trust Depositor is duly organized, validly existing and in good standing as a limited liability company under the laws of the State of Delaware,
with limited liability company power and authority to own its properties and to conduct its business and had at all relevant times, and has, limited liability company power, authority and legal right to acquire and own the Loan Assets. 

(b) The Trust Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications. 
 (c) The Trust Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Trust Depositor has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Owner Trustee on behalf of the Trust as part of the Trust Estate and has duly authorized such sale and assignment and deposit with the Owner Trustee on behalf of the Trust by all necessary limited liability company
action; and the execution, delivery and performance of this Agreement have been duly authorized by the Trust Depositor by all necessary limited liability company action. This Agreement constitutes the legal, valid and binding obligation of the Trust
Depositor and is enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of
equitable remedies. 
  

 7 

 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms
hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company operating agreement of the
Trust Depositor, or any indenture, agreement or other instrument to which the Trust Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of the properties of the Trust Depositor pursuant to the
terms of any such indenture, agreement or other instrument (other than pursuant to the Transaction Documents); nor violate any Requirements of Law or any order, rule or regulation applicable to the Trust Depositor of any court or of any Governmental
Authority having jurisdiction over the Trust Depositor or its properties. 
 (e) All approvals, authorizations, consents, orders or other
actions of any Person or any Governmental Authority required in connection with the execution and delivery of this Agreement and the fulfillment of the terms hereof have been obtained. 
 (f) There are no proceedings or investigations pending, or to the Trust Depositor’s best knowledge threatened, before any court, regulatory body,
administrative agency or other Governmental Authority having jurisdiction over the Trust Depositor or its properties: (i) asserting the invalidity of this Agreement, any of the other Transaction Documents or the Trust Certificates,
(ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Trust Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction Documents or the Trust Certificates or (iv) involving the Trust
Depositor and which might adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificates. 
 Section 2.11 Federal Income Tax Treatment. 
 In the event that the Trust Certificates and the Class E Note are
all owned by a single holder, it is the intention of the parties hereto that the Trust be disregarded as a separate entity for federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii) as in effect for periods
after January 1, 1997. In the event that the Trust Certificates and the Class E Note are owned by more than one holder, it is the intent of the Trust Depositor, the Servicer, the Holders of the Class E Note and the Certificateholders that, for
purposes of federal income taxes, the Trust be treated as a partnership. The Certificateholders and the Holders of the Class E Note, by acceptance of a Trust Certificate and a Class E Note, respectively, agree to treat the Trust Certificates and
Class E Notes as equity and to take no action inconsistent with the treatment of, the Trust and the Trust Certificates and Class E Notes for such tax purposes as just described. If applicable, neither the Owner Trustee nor the Trust Depositor shall
make the election provided under Section 754 or Section 761 of the Code, unless as required by law. 
 Section 2.12
Covenants of the Trust Depositor. 
 The Trust Depositor agrees and covenants that during the term of this Agreement, and to the
fullest extent permitted by Requirements of Law, that: 
  

 8 

 (a) in the event that (i) the Certificate Balance shall be reduced by realized losses and
(ii) any litigation with claims in excess of $1,000,000 to which the Trust Depositor is a party which shall be reasonably likely to result in a material judgment against the Trust Depositor that the Trust Depositor will not be able to satisfy
shall be commenced, during the period beginning immediately following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against the
Trust Depositor, such judgment has been satisfied), the Trust Depositor shall not pay any distribution to ACAS, or make any distribution on or in respect of its membership interests to ACAS, or repay the principal amount of any indebtedness of the
Trust Depositor held by ACAS, unless (x) after giving effect to such payment, distribution or repayment, the Trust Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation or (y) the
Rating Agencies shall not downgrade the then existing rating, if any, on the Trust Certificate with respect to any such payment, distribution or repayment; 
 (b) it shall not, for any reason, (i) institute proceedings for the Trust to be adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust,
(iii) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to the bankruptcy of the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Trust or a substantial part of the property of the Trust, (v) cause or permit the Trust to make any assignment for the benefit of creditors, (vi) admit in writing the inability of the Trust
to pay its debts generally as they become due, or (vii) declare or effect a moratorium on the debt of the Trust or take any action in furtherance of any such action; 
 (c) it shall not create, incur or suffer to exist any indebtedness or engage in any business, except, in each case, as permitted by its certificate of formation, limited liability company operating agreement and the
Transaction Documents; 
 (d) it shall obtain from each other party to each Transaction Document to which it or the Trust is a party, and
each other agreement entered into on or after the date hereof to which it or the Trust is a party, an agreement by each such counterparty that, prior to the occurrence of the event specified in subsection 9.01(e), such counterparty shall not
institute against, or join any other Person in instituting against, it or the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of
the United States; and 
 (e) it shall not, for any reason, (i) withdraw or attempt to withdraw from this Agreement, (ii) dissolve
or institute proceedings for it to be adjudicated bankrupt or insolvent, (iii) consent to the institution of bankruptcy or insolvency proceedings against it, (iv) file a petition seeking or consenting to reorganization or relief under any
applicable federal or state law relating to bankruptcy, (v) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of it or a substantial part of its property, (vi) make any
assignment for the benefit of creditors, (vii) admit in writing its inability to pay its debts generally as they become due, or (viii) declare or effect a moratorium on its debt or take any action in furtherance of any such action.

  

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 Section 2.13 Special Purpose Entity Provisions. 
 The Trust shall: 
 (a) maintain its own
separate books and records and bank accounts; 
 (b) at all times hold itself out to the public and all other Persons as a legal entity
separate from the Trust Depositor, the Owner Trustee and any other Person; 
 (c) file its own tax returns, if any, as may be required under
applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns, or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable
law; 
 (d) except as contemplated by the Transaction Documents, not commingle its assets with assets of any other Person; 
 (e) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence; 
 (f) maintain separate financial statements; 
 (g) pay its own liabilities only out of its own funds; 
 (h) maintain an arm’s-length relationship with its Affiliates, the
Trust Depositor and the Owner Trustee; 
 (i) pay the salaries of its own employees, if any; 
 (j) not hold out its credit or assets as being available to satisfy the obligations of others; 
 (k) allocate fairly and reasonably any overhead for shared office space; 
 (l) use separate stationery, invoices and checks; 
 (m) except as contemplated by the Transaction Documents,
not pledge its assets for the benefit of any other Person; 
 (n) correct any known misunderstanding regarding its separate identity;

 (o) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; 
 (p) observe all formalities required under the Delaware Statutory Trust Act; 
 (q) not acquire any obligations or securities of the Trust Depositor; 
  

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 (r) cause the trustees, officers, agents and other representatives of the Trust to act at all times with
respect to the Trust consistently and in furtherance of the foregoing and in the best interests of the Trust; 
 (s) not hold itself out to
be responsible for the decisions or actions respecting the daily business and affairs of others; 
 (t) not incur, assume or guaranty any
indebtedness other than as set forth in this Agreement or the Transaction Documents; and 
 (u) not lend any funds to any entity. 

ARTICLE III 
 TRUST CERTIFICATES
AND TRANSFER OF INTERESTS 
 Section 3.01 Ownership. 
 Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.05 and until the issuance of the Trust
Certificates, the Trust Depositor shall be the sole beneficiary of the Trust. 
 Section 3.02 The Trust Certificates.

 The Trust Certificates shall be substantially in the form of Exhibit A hereto. The Trust Certificates shall be issued in an
amount equal to the Certificate Balance. Except as otherwise set forth in a supplement to this Agreement, the Trust Certificates shall be issued from time to time in minimum Percentage Interests of 10% and integral multiples of 1% in excess thereof;
provided that one Trust Certificate may be issued in a different denomination. The Trust Certificates shall be executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee
and shall be deemed to have been validly issued when so executed. The Trust Certificates bearing the manual or facsimile signature of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Owner
Trustee shall be a valid and binding obligation of the Trust, notwithstanding that such individuals or any of them have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at
the date of such Trust Certificates. Each Trust Certificate shall be dated the date of its authentication. 
 Section 3.03
Authentication and Delivery of Trust Certificates. 
 The Owner Trustee or the Certificate Registrar shall cause to be
authenticated and delivered upon the order of the Trust Depositor, in exchange for the Loans and the other Loan Assets, simultaneously with the sale, assignment and transfer to the Trust of the Loans and other Loan Assets, and the constructive
delivery to the Owner Trustee of the Loan Files and the other Loan Assets, a Trust Certificate duly authenticated by the Owner Trustee or the Certificate Registrar, in the amount of the Certificate Balance evidencing the entire ownership of the
Trust, and Notes issued by the Owner Trustee and authenticated by the Indenture Trustee in aggregate principal amount of, in the case of (i) the Class A Notes, $291,000,000, (ii) the Class B Notes, 

  

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$37,000,000, (iii) the Class C Notes, $72,500,000, (iv) the Class D Notes, $35,500,000 and (v) the Class E Note, $64,000,000. No Trust
Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, unless there appears on such Trust Certificate a certificate of authentication substantially in the form set forth in the form of the Trust Certificate
attached hereto as Exhibit A, executed by the Owner Trustee or the Certificate Registrar, by manual signature, and such certificate upon any Trust Certificate shall be conclusive evidence, and the only evidence, that such Trust Certificate
has been duly authenticated and delivered hereunder. Upon issuance, authorization and delivery pursuant to the terms hereof, each Trust Certificate will be entitled to the benefits of this Agreement. 
 Section 3.04 Registration of Transfer and Exchange of Trust Certificates. 
 (a) The Certificate Registrar shall keep or cause to be kept, a Certificate Register, subject to such reasonable regulations as it may prescribe. The
Certificate Register shall provide for the registration of the Trust Certificates and transfers and exchanges of the Trust Certificates as provided herein. The Owner Trustee is hereby initially appointed Certificate Registrar for the purpose of
registering the Trust Certificates and transfers and exchanges of the Trust Certificates as herein provided. In the event that, subsequent to the Closing Date, the Owner Trustee notifies the Servicer that it is unable to act as Certificate
Registrar, the Servicer shall appoint another bank or trust company, agreeing to act in accordance with the provisions of this Agreement applicable to it, and otherwise acceptable to the Owner Trustee, to act as successor Certificate Registrar
hereunder. 
 (b) Upon surrender for registration of transfer of any Trust Certificate at the Owner Trustee Corporate Trust Office, the Owner
Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, one new Trust Certificate having the same aggregate principal amount. 
 (c) Every Trust Certificate presented or surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 
 (d) No service charge shall be made for any registration of transfer or exchange of a Trust Certificate, but the Owner Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer of a Trust Certificate. 
 (e) All Trust Certificates surrendered for registration of transfer shall be canceled and
subsequently destroyed by the Owner Trustee. 
 Section 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates.

 If (a) any mutilated Trust Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence
to its satisfaction of the destruction, loss or theft of any Trust Certificate, and (b) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the 

  

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Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and fractional undivided interest. In connection with the issuance of any new Trust Certificate under this Section 3.05, the
Owner Trustee may require the payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Any duplicate Trust Certificate issued pursuant to this Section 3.05 shall
constitute complete and indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 
 Section 3.06 Persons Deemed Owners. 
 Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and any of their respective agents may treat the Person in whose name any Trust Certificate
is registered as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, any Paying Agent or
any of their respective agents shall be affected by any notice of the contrary. 
 Section 3.07 Access to List of
Certificateholder’s Name and Addresses. 
 The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Trust
Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Trust Depositor, the name and address of the Certificateholder as of the most recent Record Date in such form as the Servicer
or the Trust Depositor may reasonably require. Every Certificateholder, by receiving and holding a Trust Certificate, agrees with the Servicer, the Trust Depositor and the Owner Trustee that none of the Servicer, the Trust Depositor or the Owner
Trustee shall be held accountable by reason of the disclosure of any such information as to the name and address of the Certificateholder hereunder, regardless of the source from which such information was derived. 
 Section 3.08 Maintenance of Office or Agency. 
 The Certificate Registrar shall maintain in Delaware an office or offices or agency or agencies where a Trust Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Certificate Registrar in respect of a Trust Certificate and this Agreement may be served. The Certificate Registrar hereby designates the Owner Trustee Corporate Trust Office as its office for such purposes. The Certificate Registrar shall
give prompt written notice to the Trust Depositor, the Servicer and to the Certificateholder of any change in the location of the Certificate Register or any such office or agency. 
 Section 3.09 Temporary Trust Certificate. 
 Pending the preparation of a definitive fully registered Trust Certificate (the “Definitive Trust Certificate”), the Owner Trustee, on behalf of the Trust, may execute, authenticate and deliver a
temporary Trust Certificate that is printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Trust Certificate in lieu of which it is issued. If a temporary
Trust Certificate is issued, the Trust 

  

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Depositor will cause a Definitive Trust Certificate to be prepared without unreasonable delay. After the preparation of a Definitive Trust Certificate, each
temporary Trust Certificate shall be exchangeable for a Definitive Trust Certificate upon surrender of the temporary Trust Certificate at the office or agency to be maintained as provided in Section 3.08 without charge to the Holder.
Upon surrender for cancellation of a temporary Trust Certificate, the Owner Trustee shall execute and authenticate and deliver in exchange therefor a like principal amount of a Definitive Trust Certificate. Until so exchanged, a temporary Trust
Certificate shall in all respects be entitled to the same benefits hereunder as a Definitive Trust Certificate. 
 Section 3.10
Appointment of Paying Agent. 
 The Paying Agent shall make distributions to the Certificateholder from the Certificate
Distribution Account pursuant to subsection 5.02(a) and shall report the amounts of such distributions to the Owner Trustee. Any 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 Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect. The Paying Agent initially shall be the Owner Trustee, and any co-paying agent chosen by the Paying Agent that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to resign as Paying
Agent upon 30 days’ written notice to the Owner Trustee. In the event that M&T Trust Company of Delaware shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust
company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholder in trust for the benefit of the Certificateholder
entitled thereto until such sums shall be paid to such Certificateholder. The Paying Agent shall return all unclaimed funds to the Owner Trustee and, upon removal of a Paying Agent, such Paying Agent shall also return all funds in its possession to
the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying
Agent and/or the Certificate Registrar, and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 Section 3.11 Ownership by Trust Depositor of Trust Certificate. 
 The Trust Depositor shall on the Closing Date purchase from the Trust a Trust Certificate representing the Certificate Balance. 
 Section 3.12 Transfer Restrictions. 
 The Trust Certificates may not be offered, transferred or sold except to the Trust Depositor or an Affiliate thereof or to institutional “accredited investors” (as defined in Rule 501(a)(1)-(3) or
(7) under the Securities Act) who are United States persons (as defined in 

  

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Section 7701(a)(30) of the Code) in reliance on an exemption from the registration requirements of the Securities Act. The Trust Certificates may not be
offered, transferred or sold to any natural persons. 
 (a) The Trust Certificates have not been registered or qualified under the Securities
Act, or any state securities law. No transfer, sale, pledge or other disposition of any Trust Certificate shall be made unless such disposition is made pursuant to an effective registration statement under the Securities Act and effective
registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification. No transfer of any Trust Certificates shall be made if such transfer would require the Trust
to register as an “investment company” under the Investment Company Act of 1940, as amended. In the event that a transfer is to be made, the transferee shall execute and deliver to the Owner Trustee a certification substantially in the
form of Exhibit B hereto. In the event that such transfer is to be made in reliance on the availability of an exemption under the Securities Act, the Owner Trustee may require the prospective transferee to provide an opinion of counsel satisfactory
to it that such transfer may be made pursuant to an exemption from the Securities Act, which opinion of counsel shall not be an expense of the Owner Trustee or of the Trust. 
 (b) The Trust Certificates may not be acquired by, for the account of or with any assets of a Benefit Plan and any such purported transfer shall not be
effective. Each holder and transferee of a Trust Certificate shall be required to represent (i) that it is not a Benefit Plan and is not acquiring such Trust Certificate for the account of or with the assets of a Benefit Plan and (ii) that
if such Trust Certificate is subsequently deemed to be a Benefit Plan asset, it will dispose of such Trust Certificate. 
 (c) Each Trust
Certificate will bear the legends set forth in paragraph 7 of Exhibit B hereto. 
 (d) No transfer, sale, pledge or other disposition of one
or more Trust Certificates (a “Transfer”) shall be made unless, (i) simultaneously with the Transfer, a proportionate amount of Class E Notes are transferred so that the ratio of the Percentage Interest of the Trust
Certificates so Transferred to all Trust Certificates and the ratio of the Percentage Interest of the Class E Notes so transferred to the Percentage Interest of all Class E Notes are equal, (ii) the Transfers of the Trust Certificates and Class
E Notes referred to herein are made to the same Person and (iii) the Percentage Interest of the Trust Certificates and Class E Notes, respectively, so Transferred, is no less than ten (10) percent. 
 (e) Notwithstanding any other provision herein or elsewhere, other than to determine that any certification delivered to the Owner Trustee pursuant to
subsection 3.12(a) is substantially in the form of Exhibit B hereto and to determine (including, without limitation, based on one or more certificates from the Person transferring such Trust Certificate and/or the Note Registrar) that any
transfer of a Trust Certificate described in such certification delivered to the Owner Trustee complies with subsection 3.12(d), the Owner Trustee shall have no obligation to determine whether or not any transfer or exchange or proposed or
purported transfer or exchange of a Trust Certificate is permitted under or in accordance with this Agreement, and the Owner Trustee shall have no personal liability to any Person in connection with any transfer or exchange or proposed or purported
transfer or exchange (and/or registration thereof). 
  

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 (f) If the transferee of a Class E Note and Certificate is a partnership, a limited liability company, a
grantor trust (within the meaning of Sections 671-679 of the Internal Revenue Code of 1986, as amended (the “Code”)) or an S corporation (within the meaning of Section 1361 of the Code) (each a “flow-through entity”),
except as previously disclosed to the Trust Depositor in writing, no person or entity will own, directly or indirectly through one or more flow-through entities, an interest in the transferee such that more than 65% of the value of the Person’s
interest in the Purchaser is attributable to the transferee’s investment in the Trust. 
 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 Section 4.01 Prior Notice to Certificateholder with Respect to Certain Matters. 
 Subject to the provisions and
limitation of Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing
of the proposed action, the Indenture Trustee shall have consented to such action in the event any Notes are outstanding and the Certificateholders shall not have notified the Owner Trustee in writing prior to the thirtieth (30th) day after such notice is given that such Certificateholders has withheld consent or provided alternative direction:

 (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Loans)
and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Loans); 
 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust
Statute); 
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment materially and adversely affects the interest of any Owner; 
 (e) the amendment, change or modification of the Transfer and
Servicing Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially and adversely affect the interests of any Owner; or 
 (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a
successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee or Certificate Registrar of its obligations under the Indenture or the Agreement, as applicable. 
  

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 Section 4.02 Action by Owners with Respect to Certain Matters. 
 Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not have the power, except upon the direction of the
Owners, to (a) remove the Servicer pursuant to Section 8.02 of the Transfer and Servicing Agreement, (b) except as expressly provided in the Transaction Documents, sell the Loans or other Trust Assets after the termination of the
Indenture, (c) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (d) authorize the merger or consolidation of the Trust with or into any other statutory trust
or entity (other than in accordance with Section 3.10 of the Indenture) or (e) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the
Owners. 
 Section 4.03 Action by Owners with Respect to Bankruptcy. 
 Subject to subsection 2.12(b), the Owner Trustee shall not have the power to commence a voluntary proceeding in a bankruptcy relating to the Trust
without the prior approval of the Owners and the delivery to the Owner Trustee by such Owners of a certificate certifying that such Owners reasonably believe that the Trust is insolvent. 
 Section 4.04 Restrictions on Owners’ Power. 
 The Owners shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any
of the Transaction Documents or would be contrary to the purpose of this Trust as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 ARTICLE V 
 APPLICATION OF TRUST
FUNDS; CERTAIN DUTIES 
 Section 5.01 Establishment of Trust Account. 
 (a) The Owner Trustee, for the benefit of the Certificateholder, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account
(the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. 
 (b) The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all
proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate
Distribution Account ceases to be an Eligible Deposit Account, the Servicer or the Indenture Trustee in accordance with Section 7.01 of the Transfer and Servicing Agreement establish a new Certificate Distribution Account as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account. The funds in the Certificate Distribution Account will be held and invested in accordance with the provisions of Article VII of the Transfer and
Servicing Agreement. 
  

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 Section 5.02 Application of Trust Funds. 
 (a) After the Indenture is discharged, the Paying Agent will deposit in the Certificate Distribution Account amounts received for distribution pursuant
hereto, in the following priority: (i) FIRST, to the Owner Trustee for all fees and expenses owed thereto and for any other amounts payable pursuant to Article IX hereof and (ii) SECOND, to the Certificateholders. 
 (b) Upon request, the Paying Agent shall send to the Certificateholders the statement or statements provided to the Owner Trustee by the Servicer
pursuant to Section 9.01 of the Transfer and Servicing Agreement with respect to such Distribution Date. 
 (c) In the event that any
withholding tax is imposed on the Trust’s payment (or allocation of income) to the Certificateholders, such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section 5.02. The
Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Owners sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholders shall be
treated as cash distributed to such Certificateholders at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Paying
Agent may in its sole discretion withhold such amounts in accordance with this subsection 5.02(c). 
 Section 5.03 Method of
Payment. 
 Subject to subsection 9.01(c) respecting the final payment upon retirement of the Trust Certificate, distributions
required to be made to any Certificateholder of record on the related Record Date shall be made by wire transfer of immediately available funds to the bank account of such Certificateholder appearing in the Certificate Register. 
 Section 5.04 No Segregation of Moneys; No Interest. 
 Subject to Sections 5.01 and 5.02, moneys received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law or the Transfer and Servicing Agreement and may
be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
 Section 5.05 Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others. 
 The
Servicer shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis that is consistent with the fiscal year basis used by the Originator, (b) deliver to the Owners, as may be required by the Code and
applicable Treasury Regulations, such information as may be required to enable the Owners to prepare its federal and state income tax returns, (c) file any tax returns relating to the Trust and make such elections as from time to time may be
required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the federal income tax treatment for the Trust as set forth 

  

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in Section 2.11, (d) cause any such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any
withholding tax as described in and in accordance with subsection 5.02(c) with respect to income or distributions to the Owners. 
 Section 5.06 Signature on Returns; Tax Matters Partner. 
 (a) The Trust Depositor shall sign on behalf of the
Trust the tax returns of the Trust. 
 (b) If Subchapter K of the Code should become applicable to the Trust, the initial Certificateholder
shall be designated the “tax matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 6.01 General Authority. 
 Subject to the provisions and limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which the Trust is to be a party, each certificate or other
document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party and any amendment or other agreement related thereto, as evidenced conclusively by the Owner Trustee’s execution thereof. In
addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as
the Servicer recommends with respect to the Transaction Documents. 
 Section 6.02 General Duties. 
 Subject to the provisions and limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge (or cause to be
discharged through the Servicer) all of its responsibilities pursuant to the terms of this Agreement and the Transaction Documents to which the Trust is a party and under which it has expressly assumed any responsibility and to administer the Trust
in the interest of the Owners, subject to the 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 Servicer has agreed in the Transfer and Servicing Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Transaction Document, and the Owner
Trustee (in its capacity as such and individually) shall not be held liable for the default or failure of the Servicer to carry out its obligations under the Transfer and Servicing Agreement. 
 Section 6.03 Action Upon Instruction. 
 (a) Subject to Article IV, in accordance with the terms of the Transaction Documents, the Owners may by written instruction direct the Owner Trustee in the management of the Trust. 
  

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 (b) The Owner Trustee shall not be required to take any action hereunder or under any other Transaction
Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee, is contrary to the terms hereof or of any other Transaction
Document or is otherwise contrary to Requirements of Law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses
of action permitted or required by the terms of this Agreement or under any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Owners requesting instruction
as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Owners received, the Owner Trustee shall not be liable on account of such action 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 and the other Transaction Documents as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action
or inaction. 
 (d) In the event that the Owner Trustee is unsure as to the applicability of any provision of this Agreement or any other
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 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 may give notice (in such form as shall be appropriate under the circumstances) to the Owners requesting
instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction 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 other Transaction Documents as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action
or inaction. 
 (e) Notwithstanding anything contained herein 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 registration with, licensing by or the taking of any other similar action in respect of, any state or other Governmental Authority of any
jurisdiction other than the State of Delaware by or with respect to the Owner Trustee; (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 being 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 in this Agreement. In the event that the Owner Trustee has determined that any action set forth in clauses (i)-(iii) will result in the consequences stated therein, the Servicer
and the Owner Trustee shall appoint one or more Persons to act as co-trustee pursuant to Section 10.05. 
  

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 Section 6.04 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 Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any other 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 for the Trust or to record this Agreement or any other Transaction Document, which shall be the responsibility of the Servicer pursuant to the Transfer and Servicing Agreement. The Owner Trustee 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, the Owner Trustee in its individual capacity that
are not related to the ownership or the administration of the Trust Estate. The Owner Trustee has not participated in the preparation of the Offering Memorandum and shall not be liable to any Person on account of any statement therein or omission
therefrom, except as to information furnished in writing to the Trust specifically for use in connection with the preparation of the Offering Memorandum or the admission to trading of the Offered Notes. 
 Section 6.05 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 (a) in accordance with
the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (b) in accordance with the other Transaction Documents and (c) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.03. 
 Section 6.06 Restrictions. 
 The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or
(b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would result in the Trust becoming taxable as a corporation for federal or state income tax purposes. The Owners shall not direct the Owner Trustee to take actions
that would violate the provisions of this Section 6.06. 
  

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 ARTICLE VII 
 CONCERNING THE OWNER TRUSTEE 
 Section 7.01 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
answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct or gross negligence or (ii) in the case of the inaccuracy of any representation or warranty
contained in Section 7.03 expressly made by the Owner Trustee in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
 (a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee which did not result from gross
negligence on the part of such Responsible Officer; 
 (b) 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 Servicer or any Owner; 
 (c) no provision of this Agreement or any other
Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Transaction Document if the Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents, including the principal of and interest on the Notes; 
 (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the
Trust Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for or in respect of the validity or sufficiency of the Transaction Documents, other than the certificate of authentication on the
Trust Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Owner, other than as expressly provided for herein or expressly agreed to in the Transaction Documents;

 (f) the Owner Trustee shall not be liable for the default or misconduct of the Servicer, the Trust Depositor, the Indenture Trustee or the
Servicer under any of the Transaction Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the other Transaction Documents that are required to be
performed by the Servicer under the Transfer and Servicing Agreement (including pursuant to Section 5.03 thereof), the Indenture Trustee under the Indenture or the Servicer or the Trust Depositor under the Transfer and Servicing Agreement; and

  

 22 

 (g) the Owner Trustee shall be under no obligation 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 other Transaction Document, at the request, order or direction of the Owners, unless such Owner has
offered to 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 right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act. 
 Section 7.02 Furnishing of Documents. 
 The Owner Trustee shall furnish to the Owners 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 7.03 Representations and Warranties.

 The Owner Trustee hereby represents and warrants to the Trust Depositor and the Owners that: 
 (a) It is a limited purpose trust company duly organized and validly existing in good standing under the laws of 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) 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 (i) 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,
(ii) constitute any default under its charter documents, bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound, or (iii) result in the creation or
imposition of any lien, charge or encumbrance on the Trust Estate resulting from actions by or claims against the Owner Trustee individually which are unrelated to this Agreement or the other Transaction Documents. 
 Section 7.04 Reliance; Advice of Counsel. 
 (a) The Owner Trustee shall incur no 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 entity 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 

  

 23 

 
matter the method of 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 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 other Transaction Documents, the Owner Trustee may, at the expense of the Trust Depositor, (i) act directly or through its agents or attorneys pursuant to agreements entered
into by any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys as shall have been selected by the Owner Trustee with reasonable care, and (ii) consult with counsel, accountants and other
skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be 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 7.05 Not Acting in Individual Capacity. 
 Except as provided in this Article VII, in accepting the trusts hereby created, M&T Trust Company of Delaware acts solely as 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 other Transaction Document shall look only to the Trust Estate for payment
or satisfaction thereof. 
 Section 7.06 Owner Trustee Not Liable for Trust Certificates, Notes or Contracts. 

The recitals contained herein and in each Trust Certificate (other than the signature and countersignature of the Owner Trustee and the certificate of
authentication on the Trust Certificates) shall be taken as the statements of the Trust Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or
sufficiency of this Agreement, any other Transaction Document or the Trust Certificates (other than the signature and countersignature of the Owner Trustee and the certificate of authentication on the Trust Certificates) or the Notes, or of any Loan
or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Loan, or the perfection and priority of any security interest created by any Loan
in any Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Certificateholder under this Agreement or the
Noteholders under the Indenture, including, without limitation, (a) the existence, condition and ownership of any Collateral; (b) the existence and enforceability of any insurance thereon; (c) the existence and contents of any Loan on
any computer or other record thereof; (d) the validity of the assignment of any Loan to the Trust or of any intervening assignment; (e) the completeness of any Loan; (f) the performance or enforcement of any Loan; (g) the
compliance by the Trust Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document or the accuracy of any such warranty or representation; or (h) any action of the Servicer, the
Indenture Trustee, the Servicer or any subservicer taken in the name of the Owner Trustee. 
  

 24 

 Section 7.07 Owner Trustee May Own Trust Certificates and Notes. 
 The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Trust Certificates or Notes and may deal with the Trust
Depositor, the Servicer, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
 ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 
 Section 8.01 Owner Trustee’s Fees and Expenses. 
 The Owner Trustee shall receive from the Servicer or the Trust as compensation for its services hereunder such fees as have been separately agreed upon and which shall be paid consistent with Section 5.19 and
Section 7.05 of the Transfer and Servicing Agreement. Additionally, the Owner Trustee shall be entitled to be reimbursed by the Trust or Servicer for its other reasonable expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 
 Section 8.02 Indemnification. 
 The Trust and the Servicer, jointly and severally, shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its successors, assigns and servants (collectively, the “Indemnified Parties”) from and
against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the other Transaction Documents, the
Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Trust and the Servicer shall not be liable for or required to indemnify an Indemnified Party from and against
Expenses arising or resulting from any of the matters described in the third sentence of Section 7.01; provided that the Trust shall only be liable for or required to indemnify an Indemnified Party to the extent provided in
Section 7.05 of the Transfer and Servicing Agreement. The indemnities contained in this Section 8.02 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of any claim,
action or proceeding for which indemnity will be sought pursuant to this Section 8.02, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Trust Depositor, which approval shall not be unreasonably
withheld. 
  

 25 

 Section 8.03 Payments to the Owner Trustee. 
 Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Trust Estate immediately after such
payment. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 Section 9.01 Termination of Trust Agreement. 
 (a) This Trust shall dissolve and terminate in accordance with Section 3808 of the Statutory Trust Statute upon the earlier of (i) the day
following the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Transfer and Servicing Agreement and Article V; provided that, the
Trust Depositor shall have delivered a written notice to the Owner Trustee electing to terminate the Trust, and (ii) the time provided in Section 9.02. The bankruptcy, liquidation, dissolution, death or incapacity of any Owner,
other than the Trust Depositor as described in Section 9.02, shall not (x) operate to terminate this Agreement or the Trust, (y) entitle such Owner’s legal representatives or 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 Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in subsection 9.01(a), neither the Trust Depositor nor any Holder shall be entitled to revoke or terminate the Trust.

 (c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Trust
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of termination from the Servicer
given pursuant to Section 10.01 of the Transfer and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust
Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such
notice is given to the Certificateholder. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to
Section 5.02 after payment by the Trust or the Servicer of any expenses incurred pursuant to Section 9.01(e). 
 (d)
In the event that a Certificateholder shall not surrender its Trust Certificate(s) for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to such
Certificateholder to surrender its Trust Certificate(s) for cancellation and receive the final distribution with respect thereto. If within 

  

 26 

 
one year after the second notice the Trust Certificate(s) shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender of its Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Trust Depositor. 
 (e) Upon
the winding up of the Trust and payment of all liabilities in accordance with Section 3808 of the Statutory Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the
Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute at which time the Trust shall terminate. The Servicer shall be the liquidator of the Trust. 
 Section 9.02 Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust Depositor. 
 In the event that an Insolvency Event shall occur with respect to the Trust Depositor, the Trust shall dissolve in accordance with
Section 9.01, 90 days after the date of such event, unless, within such 90 day period, the Owner Trustee shall have received written instructions from the Required Holders not to dissolve the Trust. Promptly after the occurrence of any
Insolvency Event with respect to the Trust Depositor or the Trust, the Trust Depositor shall give the Indenture Trustee, the Owner Trustee and each Swap Counterparty written notice thereof, and the Indenture Trustee shall give prompt written notice
to the Noteholders thereof. Upon a dissolution pursuant to this Section 9.02, the Owner Trustee shall direct the Indenture Trustee promptly to sell, at the expense of the Trust, the Trust Estate in a commercially reasonable manner and on
commercially reasonable terms. It shall be a condition precedent to such dissolution that each Swap be terminated in accordance with its terms and all amounts including Swap Breakage Costs owed to the Swap Counterparties shall be paid in full. The
proceeds of such a sale of the Trust Estate shall be treated as Collections under the Transfer and Servicing Agreement. 
 ARTICLE X

 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 10.01 Eligibility Requirements for Owner Trustee. 
 The Owner Trustee shall at all times be a Person (a) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute,
(b) authorized to exercise corporate trust powers, (c) having (or having a parent that has) a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities, and
(d) having (or having a parent that has) a rating of at least Baa3 by Moody’s and BBB- by Fitch (if rated by Fitch). If such corporation 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 10.01, 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. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01, the Owner Trustee shall resign immediately in the manner and with the effect specified
in Section 10.02. 
  

 27 

 Section 10.02 Resignation or Removal of Owner Trustee. 
 (a) The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Servicer. Upon
receiving such notice of resignation, the Servicer shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which 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. Any successor Owner Trustee appointed hereunder shall promptly file an amendment to the Certificate of Trust to the extent required by Delaware law. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Servicer, 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 Servicer may remove the Owner Trustee. If the Servicer shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Servicer 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. 
 (b) Any resignation or removal of the Owner
Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 10.02 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03
and payment of all fees and expenses owed to the outgoing Owner Trustee. The Servicer shall provide notice of such resignation or removal of the Owner Trustee to each Rating Agency and each Swap Counterparty. 
 Section 10.03 Successor Owner Trustee. 
 (a) Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Servicer, 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 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 Servicer 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. 
  

 28 

 (b) No successor Owner Trustee shall accept appointment as provided in this Section 10.03
unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01. 
 (c) Upon acceptance
of appointment by a successor Owner Trustee pursuant to this Section 10.03, the Servicer shall mail notice thereof to the Certificateholder, the Indenture Trustee, the Noteholders, the Swap Counterparties and each Rating Agency. If the
Servicer shall fail to mail such notice within ten days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 
 Section 10.04 Merger or Consolidation of Owner Trustee. 
 Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall
be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, 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; provided that such corporation shall be eligible pursuant to Section 10.01; and provided further that the Owner Trustee shall mail
notice of such merger or consolidation to each Rating Agency and each Swap Counterparty. 
 Section 10.05 Appointment of
Co-Trustee or Separate Trustee. 
 (a) 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 or any Collateral may at the time be located, the Servicer 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 Servicer and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as 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 Trust or any part thereof and, subject to the other provisions of this Section 10.05, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or
desirable. If the Servicer 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 Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 10.03. 
 (b) Each separate trustee and co-trustee shall, to the extent permitted by Requirements of 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 

  

 29 

 
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 the Trust Estate 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 Servicer and the Owner Trustee acting jointly may at any
time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) 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 X. 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 a copy thereof given to the Servicer. 
 (d) Any separate trustee or
co-trustee may at any time appoint the Owner Trustee as 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 die, 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 co-trustee or separate trustee. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01
Supplements and Amendments. 
 (a) The Agreement may be amended by the Trust Depositor and the Owner Trustee, without the consent
of any of the Noteholders, the Certificateholders or the Swap Counterparties, to cure any ambiguity, to correct or supplement any provisions in this Agreement or to add any other provisions with respect to matters or questions arising under this
Agreement that shall not be inconsistent with the provisions of this Agreement; provided that any such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder, the
Certificateholders or any Swap Counterparty. 
  

 30 

 (b) This Agreement may also be amended from time to time by the Trust Depositor, and the Owner Trustee,
with the consent of the Required Holders and each Swap Counterparty, 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, the Swap Counterparties or the Certificateholders; provided that no such amendment shall increase or reduce in any manner the amount of, or accelerate or delay the timing of, (i) collections of payments on Loans or
distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders, or (ii) eliminate the Certificateholders’ consent or reduce the aforesaid percentage of the Outstanding Amount of the Notes
required to consent to any such amendment, without the consent of the Holders of all outstanding Notes and the Trust Certificates. 
 (c)
Prior to the execution of any such amendment or consent, the Trust Depositor shall furnish written notification of the substance of such amendment or consent, together with a copy thereof, to the Indenture Trustee, the Servicer and each Rating
Agency. 
 (d) Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Noteholder, the Certificateholders and each Swap Counterparty. It shall not be necessary for the consent of the Certificateholders, Noteholders, Swap Counterparties or the Indenture Trustee pursuant to
this Section 11.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the
Certificateholders, Noteholders or Swap Counterparties provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders, Noteholders and Swap Counterparties
shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
 (e) Promptly after the execution of any amendment to
the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
 (f) Prior to the
execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement
and the Transaction Documents. The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 Section 11.02 No Legal Title to Trust Estate in Owners. 
 The Owners shall not have legal title to any part of the Trust Estate. The Owners shall be entitled to receive distributions with respect to its undivided ownership interest herein only in accordance with Articles
V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Owners 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. 
  

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 Section 11.03 Limitations on Rights of Others. 
 Except as provided in Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Trust Depositor, the
Owners, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07), 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 11.04 Notices. 
 All notices, demands, certificates, requests and communications hereunder (“Notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return
receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, (b) one Business Day after delivery to an overnight courier, (c) on the date personally delivered to an authorized
officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: 
  

	 	(i)	if to the Servicer or any Seller: 

  

	 	    	American Capital Strategies, Ltd. 

	 	    	2 Bethesda Metro Center, 14th Floor

	 	    	Bethesda, Maryland 20814 

	 	    	Attention: Compliance Officer 

	 	    	Facsimile No.: (301) 654-6714 

  

	 	(ii)	if to the Trust Depositor: 

  

	 	    	ACAS Business Loan LLC, 2006-1 

	 	    	2 Bethesda Metro Center, 14th Floor

	 	    	Bethesda, Maryland 20814 

	 	    	Attention: Compliance Officer 

	 	    	Facsimile No.: (301) 654-6714 

  

	 	(iii)	if to the Indenture Trustee: 

  

	 	    	Wells Fargo Bank, National Association 

	 	    	Sixth Street and Marquette Avenue 

	 	    	MAC N9311-161 

	 	    	Minneapolis, Minnesota 55479 

	 	    	Attention: Corporate Trust Services/Asset Backed 

                       Administration 

	 	    	Facsimile No.: (612) 667-3464 

  

 32 

	 	(iv)	if to the Owner Trustee: 

  

	 	    	M&T Trust Company of Delaware 

	 	    	1220 North Market Street, Suite 202 

	 	    	Wilmington, Delaware 19801 

	 	    	Attention: Robert D. Brown 

	 	    	Facsimile No.: (302) 661-2266 

  

	 	(v)	if to S&P: 

  

	 	    	Standard & Poor’s Inc. 

	 	    	55 Water Street, 41st Floor

	 	    	New York, New York 10041 

	 	    	Attention: Surveillance: CDO Surveillance 

	 	    	Facsimile No.: (212) 438-2662 

	 	    	email: cdo_surveillance@sandp.com 

  

	 	(vi)	if to Moody’s: 

  

	 	    	Moody’s Investors Service, Inc. 

	 	    	99 Church Street 

	 	    	New York, New York 10007 

	 	    	Attention: CDO Monitoring Department 

	 	    	Facsimile No. : (212) 553-3707 

	 	    	email: cdomonitoring@moodys. com 

  

	 	(vii)	if to Fitch: 

  

	 	    	Fitch, Inc. 

	 	    	One State Street Plaza 

	 	    	New York, New York 10004 

	 	    	Attention: CDO Surveillance 

	 	    	Facsimile No.: (212) 514-6501 

	 	    	email: cdo.surveillance@fitchratings.com 

  

	 	(viii)	if to the Initial Purchasers: 

  

	 	    	Wachovia Capital Markets, LLC 

	 	    	Citigroup Global Markets Inc. 

	 	    	Banc of America Securities LLC 

	 	    	BMO Capital Markets Corp. 

	 	    	Credit Suisse Securities (USA) LLC 

	 	    	Dresdner Kleinwort Wasserstein Securities LLC 

	 	    	WestLB AG, London Branch 

	 	    	c/o Wachovia Capital Markets, LLC 

	 	    	One Wachovia Center, Mail Code: NC0610 

	 	    	301 South College Street 

	 	    	Charlotte, North Carolina 28288-0610 

	 	    	Attention: Asset Securitization Division 

	 	    	Facsimile No.: (704) 383-4012 

  

 33 

	 	(ix)	if to the Swap Counterparties: 

  

	 	    	At the address set forth for such party in the applicable Swap. 

 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or different address to which subsequent notices shall be sent. 
 Section 11.05 Severability of Provisions. 
 If any one or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Trust Certificates or the rights of the Holder thereof, and
any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenants, agreements, provisions or terms in any other jurisdiction. 
 Section 11.06 Counterparts. 
 This Agreement may be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 11.07 Successors and Assigns. 
 All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Trust Depositor and the Owner Trustee and their respective successors and permitted assigns, and each Owner
and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by an Owner shall bind the successors and assigns of such Owner. 
 Section 11.08 No Petition. 
 The Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee, each Noteholder and each Swap Counterparty, by accepting the benefits of this Agreement, covenants and
agrees that, prior to the date that is one year and one day (or such longer preference period as shall then be in effect) after the payment in full of all amounts owing in respect of each Class of Notes rated by any Rating Agency, it will not
institute against Trust Depositor or the Trust, or join any other Person in instituting against the Trust Depositor or the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under
the laws of the United States or any state of the United States; provided that nothing herein shall prohibit the Indenture Trustee from filing proofs of claim or otherwise participating in any such proceedings instituted by any other Person.
This Section 11.08 will survive the termination of this Agreement. 
  

 34 

 Section 11.09 No Recourse. 
 Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificate represent beneficial interests
in the Trust only and do not represent interests in or obligations of the Trust Depositor, the Servicer, the Originator, the Servicer, the Owner Trustee, the Indenture Trustee or any of the respective Affiliates, and no recourse may be had against
such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the other Transaction Documents. The Owner by accepting a Trust Certificate (a) acknowledges that such Trust
Certificate represents a beneficial interest in the Trust and Trust Assets only and does not represent an interest in or an obligation of the Trust Depositor, the Servicer, the Originator, the Servicer, the Owner Trustee, the Indenture Trustee, or
any Affiliate of the foregoing, and no recourse may be had against any such party or their assets, except as may be expressly set forth or contemplated in the Transaction Documents and (b) enters into the undertakings and agreements provided
for such Certificateholder set forth in Section 13.09 of the Transfer and Servicing Agreement. The right to distributions of Trust Assets or the proceeds thereof arising under this Agreement or the Trust Certificates shall be payable solely in
accordance with the priority set forth in Section 7.05 of the Transfer and Servicing Agreement until the final discharge of the Indenture, and no Owner or Certificateholder shall have any recourse against the Trust except in accordance
therewith. The provisions of this Section 11.09 shall survive any termination of this Agreement. 
 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. 
 Section 11.11 Governing Law and Jury Waiver. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND 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; AND 
 (b)
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH
PERSON HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II)
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SUBSECTION 11.11(b). 
  

 35 

 Section 11.12 Trust Certificate Transfer Restrictions. 
 The Trust Certificates may not be acquired by, for the account of or with any assets of a Benefit Plan. By accepting and holding a Trust Certificate, the
Holder thereof shall be deemed to have represented and warranted that it is not, and is not acting for the account of or with any assets of, a Benefit Plan nor will it hold such Trust Certificate if the Trust Certificate is subsequently deemed to be
a Benefit Plan asset. 
 [Remainder of Page Intentionally Left Blank] 
  

 36 

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

			
	 ACAS BUSINESS LOAN LLC, 2006-1, as the
 Trust Depositor

		
	By:	 	 /s/ John Hooker

	Name:	 	John Hooker
	Title:	 	Vice President
	
	 M&T TRUST COMPANY OF DELAWARE, as
 the Owner Trustee, Certificate Registrar, and
 Paying Agent

		
	By:	 	 /s/ Robert Brown

	Name:	 	Robert Brown
	Title:	 	Robert Brown
	
	 AMERICAN CAPITAL STRATEGIES, LTD.,
 as
the Servicer

		
	By:	 	 /s/ John Hooker

	Name:	 	John Hooker
	Title:	 	Vice President

 Amended and Restated Trust Agreement 
 ACAS Business Loan Trust 2006-1 

 EXHIBIT A 
 FORM OF TRUST CERTIFICATE 
 THIS TRUST CERTIFICATE (“TRUST CERTIFICATE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND TO A PERSON WHO HAS FURNISHED TO THE OWNER TRUSTEE (A) AN INVESTMENT LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN AFFILIATE THEREOF, OR AN
INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)-(3) or (7) UNDER THE SECURITIES ACT AND (B) IF REQUIRED, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE. 
 NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY, 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”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A PLAN DESCRIBED IN AND SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR
PLAN’S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS). BY ACCEPTING AND HOLDING THIS TRUST CERTIFICATE, THE HOLDER HEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND FOR THE
ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ANY OF THE FOREGOING ENTITIES AND IS NOT AND FOR THE ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ACTING FOR THE ACCOUNT OF OR WITH ANY ASSETS OF ANY OF THE FOREGOING ENTITIES. FURTHER, THIS TRUST CERTIFICATE MAY
BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE. 
 IF THE TRANSFEREE OF A CLASS E NOTE AND TRUST
CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY, A GRANTOR TRUST (WITHIN THE MEANING OF SECTIONS 671-679 OF THE CODE) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”),
EXCEPT AS PREVIOUSLY DISCLOSED TO THE TRUST DEPOSITOR IN WRITING, NO PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S
INTEREST IN THE PURCHASER IS ATTRIBUTABLE TO THE TRANSFEREE’S INVESTMENT IN THE TRUST. 
  

 A-2 

 THIS TRUST CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE TRUST CERTIFICATES (A “TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE
TRANSFER A PROPORTIONATE AMOUNT OF CLASS E NOTES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO
TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES
AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
  

					
	NUMBER                     	 	CUSIP NO.                     	 	PERCENTAGE INTEREST:                     

  

 A-3 

 ACAS BUSINESS LOAN TRUST 2006-1 
 TRUST CERTIFICATE 
 This Trust Certificate evidences a beneficial ownership interest in the Trust, as
defined below, the property of which includes primarily the Loans transferred to the Trust by ACAS Business Loan LLC, 2006-1. 
 (This Trust Certificate
does not represent an interest in or obligation of the Trust Depositor (as defined below), the Servicer (as defined below) or the Owner Trustee (as defined below) (as such or in their individual capacities) or any of their respective affiliates,
except to the extent described below.) 
 THIS CERTIFIES THAT ACAS BUSINESS LOAN LLC, 2006-1 is the registered owner of the nonassessable, fully paid,
beneficial ownership interest in ACAS BUSINESS LOAN TRUST 2006-1 (the “Trust”) formed by ACAS Business Loan LLC, 2006-1, in the Percentage Interest evidenced hereby. 
 The Trust is governed by an Amended and Restated Trust Agreement, dated as of July 28, 2006 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the
“Trust Agreement”), among ACAS Business Loan LLC, 2006-1, as trust depositor (the “Trust Depositor”), M&T Trust Company of Delaware, as owner trustee (the “Owner Trustee”) and American Capital
Strategies, Ltd., as the servicer (the “Servicer”), 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 Trust Agreement or the Transfer and Servicing Agreement (as defined in the Trust Agreement). 
 This Trust Certificate is one of a
duly authorized issue of ACAS Business Loan Trust 2006-1 Trust Certificates (herein called the “Trust Certificates”). This Trust 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 Trust Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. 
 Under the Trust Agreement, there will be distributed on each Payment Date, to the Person in whose name this Trust Certificate is registered at the close of business on the Record Date, such Certificateholder’s Percentage Interest in
the amount to be distributed to Certificateholders on such Payment Date pursuant to the terms of the Trust Agreement, the Transfer and Servicing Agreement and the Indenture. 
 The Holder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Transfer
and Servicing Agreement and the Indenture. 
 It is the intent of the Trust Depositor, the Servicer, the Holders of the Class E Note and the
Certificateholders that, for purposes of federal income taxes, in the event that the Trust Certificates and the Class E Notes are owned by more than one Holder, the Trust will be treated as a partnership, the partners of which are the
Certificateholders and the Holders of the Class E 

  

 A-4 

 
Notes and, in the event that the Trust Certificates and the Class E Notes are all owned by a single holder, the Trust will be treated as a division of such
holder. The Certificateholders and the Holders of the Class E Notes, by acceptance of a Trust Certificate and a Class E Note, respectively, agree to treat the Trust Certificates and Class E Notes as equity and to take no action inconsistent with the
treatment of, the Trust and the Trust Certificates and Class E Notes for such tax purposes as just described. 
 Each Certificateholder, by its acceptance of
a Trust Certificate, covenants and agrees that such Certificateholder will not, prior to the date which is one year and one day (or such longer preference period as shall then be in effect) after the termination of the Indenture, institute against
the Trust or the Trust Depositor, or join in any institution against the Trust or the Trust Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the other Transaction Documents. 
 Distributions on this Trust Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the
presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due
notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Trust Certificate at the office or agency maintained for that purpose by the Paying Agent. 
 Reference is hereby made to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner
Trustee or the Certificate Registrar, by manual signature, this Trust Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Transfer and Servicing Agreement or be valid for any purpose. 
 THIS TRUST CERTIFICATE SHALL BE GOVERNED BY AND 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. 
 [Remainder of
page left intentionally blank] 
  

 A-5 

 IN WITNESS WHEREOF, the Owner Trustee or the Certificate Registrar, on behalf of the Trust and not in its
individual capacity, has caused this Trust Certificate to be duly executed. 
 Date: 
  

			
	ACAS BUSINESS LOAN TRUST 2006-1
		
	By:	 	 M&T TRUST COMPANY OF
 DELAWARE, solely as Owner
Trustee and
 not in its individual capacity

		
	By:	 	  

		 	Authorized Signatory

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Trust Certificates of ACAS Business Loan Trust 2006-1 referred to in the within-mentioned Trust Agreement. 
 Date: 
  

			
	 M&T TRUST COMPANY OF DELAWARE,
 solely as
Owner Trustee and not in its individual
 capacity

		
	By:	 	  

		 	Authorized Signatory
		 	or
	
	 M&T TRUST COMPANY OF DELAWARE, as
 Certificate Registrar

		
	By:	 	  

		 	Authorized Signatory

  

 A-6 

 [REVERSE OF TRUST CERTIFICATE] 
 The Trust Certificates do not represent an obligation of, or an interest in, the Trust Depositor, the Servicer, the Owner Trustee or any affiliates of
any of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Transaction Documents. In addition, this Trust Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Loans (and certain other amounts), all as more specifically set forth herein and in the Transaction
Documents. A copy of each of the Transaction Documents may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Trust Depositor and at such other places, if any, designated by the
Trust Depositor. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the
rights and obligations of the Trust Depositor and the rights of the Certificateholders under the Trust Agreement at any time, by the Trust Depositor and the Owner Trustee with the consent of the Required Holders. Any such consent by the Required
Holders shall be conclusive and binding on such Holder and on all future Holders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Trust Certificates. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest in the Trust will
be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is the Owner Trustee. 
 The
Trust Certificates are issuable only as registered Trust Certificates without coupons in minimum Percentage Interests of 10% and integral multiples of 1% in excess thereof; provided that one Trust Certificate may be issued in a different
denomination. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as
requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or
governmental charge payable in connection therewith. 
 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or
the Certificate Registrar may treat the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the
contrary. 
  

 A-7 

 This Trust Certificate may not be transferred directly or indirectly to (a) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a plan described in and subject to Section 4975 of the Code or (c) any entity whose underlying assets include assets of any such employee benefit plan
or plan by reason of an employee benefit plan’s or plan’s investment in the entity (including, without limitation, insurance company general accounts). By accepting and holding this Trust Certificate, the Holder hereof shall be deemed to
have represented and warranted that it is not and for the entire period of its holding will not be any of the foregoing entities and is not and for the entire period of its holding will not be acting for the account of or with any assets of any of
the foregoing entities. 
 This Trust Certificate may not be transferred to any Person who is not a United States person, as such term is
defined in Section 7701(a)(30) of the Code. 
 Each purchaser of the Trust Certificates shall be required, prior to purchasing a Trust
Certificate, to execute the Purchaser’s Representation and Warranty Letter in the form attached to the Trust Agreement as Exhibit B. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon (i) the payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and
the Transfer and Servicing Agreement and the disposition of all property held as part of the Trust and (ii) the written consent of the Certificateholders. 
 [Remainder of page left intentionally blank] 
  

 A-8 

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 (Please print or type name and address, including postal zip code, of assignee) 
  

 the within Trust Certificate, and all rights
thereunder, hereby irrevocably constituting and appointing 
  

 to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
 Dated: 
  

	
	 *

	 Signature Guaranteed:

	
	 *

  

	*	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  

 A-9 

 EXHIBIT B 
 [Form of Purchaser’s Representation and Warranty Letter] 
 ACAS Business Loan Trust 2006-1 
 c/o M&T Trust Company of Delaware, 
 as Owner Trustee 
 1220 Market Street, Suite 202 
 Wilmington, Delaware 19801 
 Attention: Corporate Trust Administration 
 Re: ACAS Business Loan Trust
2006-1 
 Ladies and Gentlemen: 
 In connection
with our proposed acquisition of Trust Certificates (the “Trust Certificates”) issued under the Amended and Restated Trust Agreement, dated as of July 28, 2006 (as amended, modified, restated, replaced, waived, substituted,
supplemented or extended from time to time, the “Agreement”), between ACAS Business Loan LLC, 2006-1, as Trust Depositor (the “Trust Depositor”), M&T Trust Company of Delaware, as Owner Trustee (the
“Owner Trustee”) and American Capital Strategies, Ltd., as servicer (the “Servicer”), the undersigned (the “Purchaser”) represents, warrants and agrees that: 
 (i) It is the Trust Depositor or an Affiliate thereof, or an institutional “accredited investor” as defined in Rule 50l(a)(1)-(3) or
(7) under the Securities Act (as defined below) and is acquiring the Trust Certificates for its own institutional account or for the account of an institutional accredited investor. 
 (ii) It is not and for the entire period of its holding will not be (a) an employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to Title I of ERISA, (b) a plan described in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), or (c) an entity (including an insurance company general account) whose underlying assets include assets of any such employee benefit plan or plan by reason of the investment by any such employee benefit plan or plan
in any such entity. 
 (iii) It is a United States person as defined in Section 7701(a)(30) of the Code. 
 (iv) It has such knowledge and experience in evaluating business and financial matters so that it is capable of evaluating the merits and risks of an
investment in the Trust Certificates. It understands the full nature and risks of an investment in the Trust Certificates and based upon its present and projected net income and net worth, it believes that it can bear the economic risk of an
immediate or future loss of its entire investment in the Trust Certificates. 
 (v) It understands that the Trust Certificates will be
offered in a transaction not involving any public offering within the meaning of the Securities Act, and that, if in the future it decides to resell, pledge or otherwise transfer any Trust Certificates, such Trust Certificates may be resold, pledged
or transferred only (a) to a Person who the seller reasonably believes is an 

  

 B-1 

 
institutional “accredited investor” as defined in Rule 501(a)(1)-(3) or (7) under the Securities Act that purchases for its own account
or for the account of another institutional accredited investor or (b) pursuant to an effective registration statement under the Securities Act. 
 (vi) If the transferee of a Class E Note and Certificate is a partnership, a limited liability company, a grantor trust (within the meaning of Sections 671-679 of the Code) or an S corporation (within the meaning of
Section 1361 of the Code) (each a “flow-through entity”), except as previously disclosed to the Trust Depositor in writing, no person or entity will own, directly or indirectly through one or more flow-through entities, an interest in
the transferee such that more than 65% of the value of the person’s interest in the Purchaser is attributable to the transferee’s investment in the Trust. 
 (vii) It understands that each Trust Certificate will bear legends substantially to the following effect: 
 THIS TRUST
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND TO A PERSON WHO HAS FURNISHED TO THE OWNER TRUSTEE (A) AN INVESTMENT LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN
AFFILIATE THEREOF, OR AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE SECURITIES ACT AND (B) IF REQUIRED, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE. 
 NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY, 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”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A PLAN DESCRIBED IN AND SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR
PLAN’S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS). BY ACCEPTING AND HOLDING THIS TRUST CERTIFICATE, THE HOLDER HEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND FOR THE
ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ANY OF THE FOREGOING ENTITIES AND IS NOT AND FOR THE ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ACTING FOR THE ACCOUNT OF OR WITH ANY ASSETS OF ANY OF THE FOREGOING ENTITIES. FURTHER, THIS TRUST CERTIFICATE MAY
BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE. 
  

 B-2 

 IF THE TRANSFEREE OF A CLASS E NOTE AND TRUST CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY, A GRANTOR
TRUST (WITHIN THE MEANING OF SECTIONS 671-679 OF THE CODE) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”), EXCEPT AS PREVIOUSLY DISCLOSED TO THE TRUST DEPOSITOR IN WRITING, NO
PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S INTEREST IN THE PURCHASER IS ATTRIBUTABLE TO THE TRANSFEREE’S
INVESTMENT IN THE TRUST. 
 THIS TRUST CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE TRUST CERTIFICATES (A “TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE
TRANSFER A PROPORTIONATE AMOUNT OF CLASS E NOTES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO
TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES
AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
 (viii) It is acquiring the Trust Certificates
for its own account and not with a view to the public offering thereof in violation of the Securities Act (subject, nevertheless, to the understanding that disposition of its property shall at all times be and remain within its control). 

(ix) It has been furnished with all information regarding the Trust and Trust Certificates which it has requested from the Trust and the Trust
Depositor. 
 (x) Neither it nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of any Trust
Certificate, any interest in any Trust Certificate or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of any Trust Certificate, any interest in any Trust Certificate or any other similar
security from, or otherwise approached or negotiated with respect to any Trust Certificate, any interest in any Trust Certificate or any other similar security with, any Person in any manner or made any general solicitation by means of general
advertising or in any other manner, which would constitute a distribution of the Trust Certificates under the Securities Act or which would require registration pursuant to the Securities Act nor will it act, nor has it authorized or will authorize
any Person to act, in such manner with respect to any Trust Certificate. 
 (xi) For the purposes of Section 3(c)(a)(A) of the
Investment Company Act of 1940, as amended, it shall be counted as one purchaser. 
  

 B-3 

 (xii) It also is acquiring Class E Notes such that the ratio and Percentage Interest of the Class E Notes
being acquired to all Class E Notes and the ratio and Percentage Interest of the Trust Certificates being acquired to all Trust Certificates are equal. 
 [Remainder of page left intentionally blank] 
  

 B-4 

 Dated:
                         
  

			
	Very truly yours,
	
	  

	NAME OF PURCHASER
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	NOTE: To be executed by an executive officer

  

 B-5Exhibit 10.3

 EXHIBIT 10.3 
  

 ACAS TRANSFER AGREEMENT 
 between 
 AMERICAN CAPITAL STRATEGIES, LTD., 
 as the Originator, 
 and 
 ACAS BUSINESS LOAN LLC, 2006-1, 
 as
the Trust Depositor 
 Dated as of July 28, 2006 
  

 ACAS Business Loan Trust Notes, Series 2006-1 
 Class A, Class B, Class C, Class D and Class E Notes 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I.    DEFINITIONS
	  	2
			
	 Section 1.01.
	  	 Definitions
	  	2
	 Section 1.02.
	  	 Other Terms
	  	2
	 Section 1.03.
	  	 Computation of Time Periods
	  	2
	 Section 1.04.
	  	 Interpretation
	  	2
	 Section 1.05.
	  	 References
	  	3
	 Section 1.06.
	  	 Calculations
	  	3
		
	 ARTICLE II.    TRANSFER OF LOAN ASSETS
	  	3
			
	 Section 2.01.
	  	 Transfer of Loan Assets
	  	3
	 Section 2.02.
	  	 Conditions to Transfer of Initial Loan Assets to the Trust Depositor
	  	5
	 Section 2.03.
	  	 Acceptance by the Trust Depositor
	  	6
	 Section 2.04.
	  	 Conveyance of Substitute Loans
	  	6
	 Section 2.05.
	  	 Conveyance of Additional Loans
	  	8
	 Section 2.06.
	  	 Delivery of Loan Files
	  	10
	 Section 2.07.
	  	 Release of Released Amounts
	  	10
		
	 ARTICLE III.    REPRESENTATIONS AND WARRANTIES
	  	11
			
	 Section 3.01.
	  	 Representations and Warranties Regarding the Originator
	  	11
	 Section 3.02.
	  	 Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate
	  	15
	 Section 3.03.
	  	 Representations and Warranties Regarding the Initial Loans in the Aggregate
	  	16
	 Section 3.04.
	  	 Representations and Warranties Regarding the Loan Files
	  	16
	 Section 3.05.
	  	 Representations and Warranties Regarding Concentrations of Initial Loans
	  	16
	 Section 3.06.
	  	 Representations and Warranties By the Trust Depositor
	  	16
		
	 ARTICLE IV.    PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS
	  	19
			
	 Section 4.01.
	  	 Custody of Loans
	  	19
	 Section 4.02.
	  	 Filing
	  	19
	 Section 4.03.
	  	 Name Change or Relocation
	  	19
	 Section 4.04.
	  	 Chief Executive Office
	  	19
	 Section 4.05.
	  	 Costs and Expenses
	  	19
	 Section 4.06.
	  	 Sale Treatment
	  	19
	 Section 4.07.
	  	 Separateness from Trust Depositor
	  	20
		
	 ARTICLE V.    COVENANTS OF THE ORIGINATOR
	  	20
			
	 Section 5.01.
	  	 Corporate Existence; Merger or Consolidation
	  	20
	 Section 5.02.
	  	 Loans Not to be Evidenced by Promissory Notes
	  	20
	 Section 5.03.
	  	 Security Interests
	  	20

  

 - i - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 5.04.
	  	 Compliance with Law
	  	21
	 Section 5.05.
	  	 Liability of Originator
	  	21
	 Section 5.06.
	  	 Limitation on Liability of Originator and Others
	  	21
		
	 ARTICLE VI.    REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION
	  	21
			
	 Section 6.01.
	  	 Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties
	  	21
	 Section 6.02.
	  	 Reassignment of Repurchased or Substituted Loans
	  	22
		
	 ARTICLE VII.    ORIGINATOR INDEMNITIES
	  	22
			
	 Section 7.01.
	  	 Originator’s Indemnification
	  	22
	 Section 7.02.
	  	 Liabilities to Obligors
	  	23
	 Section 7.03.
	  	 Tax Indemnification
	  	23
	 Section 7.04.
	  	 Adjustments
	  	24
	 Section 7.05.
	  	 Operation of Indemnities
	  	24
		
	 ARTICLE VIII.    MISCELLANEOUS
	  	24
			
	 Section 8.01.
	  	 Amendment
	  	24
	 Section 8.02.
	  	 Governing Law
	  	25
	 Section 8.03.
	  	 Notices
	  	26
	 Section 8.04.
	  	 Severability of Provisions
	  	28
	 Section 8.05.
	  	 Third Party Beneficiaries
	  	28
	 Section 8.06.
	  	 Counterparts
	  	28
	 Section 8.07.
	  	 Headings
	  	28
	 Section 8.08.
	  	 No Bankruptcy Petition; Disclaimer
	  	29
	 Section 8.09.
	  	 Prohibited Transactions with Respect to the Issuer
	  	29
	 Section 8.10.
	  	 Assignment or Delegation by the Originator
	  	29
	 Section 8.11.
	  	 Limited Recourse
	  	29

  

 -ii- 

 ACAS TRANSFER AGREEMENT 
 THIS ACAS TRANSFER AGREEMENT, dated as of July 28, 2006, is between AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (together with
its successors and assigns, “ACAS”), as the originator (together with its successor and assigns, the “Originator”) and ACAS BUSINESS LOAN LLC, 2006-1, a Delaware limited liability company, as the trust depositor
(together with its successor and assigns, the “Trust Depositor”). 
 WHEREAS, in the regular course of its business,
the Originator originates, purchases or otherwise acquires Loans (as defined in the Transfer and Servicing Agreement); 
 WHEREAS, the
Trust Depositor desires to acquire the Initial Loans from the Originator and may acquire from time to time thereafter certain Additional Loans and Substitute Loans (such Initial Loans, Additional Loans and Substitute Loans, together with certain
related property as more fully described in the Transfer and Servicing Agreement, being the Loan Assets as defined herein); 
 WHEREAS, it is a condition to the Trust Depositor’s acquisition of the Initial Loans from the Originator that the Originator make certain representations and warranties regarding the Loan Assets for the benefit of the Trust
Depositor as well as the Issuer; 
 WHEREAS, the Trust Depositor is willing to purchase and accept assignment of the Loan Assets from
the Originator pursuant to the terms hereof; and 
 WHEREAS, on the Closing Date, the Trust Depositor will sell, convey and assign all
its right, title and interest in the Initial Loan Assets to ACAS Business Loan Trust 2006-1, a Delaware statutory trust (together with its successors and assigns, the “Issuer”), pursuant to a Transfer and Servicing Agreement, dated
as of the date hereof (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Transfer and Servicing Agreement”) among ACAS, as the originator and as the servicer, the Trust
Depositor, the Issuer, as the issuer, and Wells Fargo Bank, National Association, as the indenture trustee and the backup servicer. 
 WHEREAS, during the Pre-Funding Period and the Replenishment Period, the Trust Depositor intends to acquire Additional Loans from the Originator from time to time using Principal Collections with respect to the Loan Assets, and,
solely during the Pre-Funding Period, using Unused Proceeds, and convey such Additional Loans to the Issuer pursuant to the Transfer and Servicing Agreement and the Originator wishes to convey any such Additional Loans to the Trust Depositor;

 NOW, THEREFORE, based upon the above recitals, the mutual promises and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

 ARTICLE I. 
 DEFINITIONS 
 Section 1.01. Definitions. 
 Whenever capitalized terms are used but not defined in this Agreement, such terms shall have the meanings attributed to such terms in the Transfer and
Servicing Agreement, unless the context otherwise requires. 
 Section 1.02. Other Terms. 
 All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles. The symbol
“$” shall mean the lawful currency of the United States. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 Section 1.03. Computation of Time Periods. 
 Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”, the words
“to” and “until” each mean “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a later specified date”. 
 Section 1.04. Interpretation. 
 In this Agreement, unless a contrary intention appears: 
 (i) the singular number includes the plural number and
vice versa; 
 (ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if
such successors and assigns are permitted by the Transaction Documents; 
 (iii) reference to any gender includes each other
gender; 
 (iv) reference to day or days without further qualification means calendar days; 
 (v) unless otherwise stated, reference to any time means New York, New York time; 
 (vi) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in a visible
form; 
 (vii) reference to any agreement (including any Transaction Document), document or instrument means such agreement,
document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to
any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 
  

 2 

 (viii) reference to any Requirement of Law means such Requirement of Law as amended,
modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Requirement of Law means that provision of
such Requirement of Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; and 
 (ix) references to “include” and “including” shall be deemed to mean “include, without limitation” and
“including, without limitation” respectively. 
 Section 1.05. References. 
 All section references (including references to the Preamble), unless otherwise indicated, shall be to Sections (and the Preamble) in this Agreement.

 Section 1.06. Calculations. 
 Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360-day year and the actual days elapsed in the relevant period and will be carried out to
at least three decimal places. 
 ARTICLE II. 
 TRANSFER OF LOAN ASSETS 
 Section 2.01. Transfer of Loan Assets. 
 (a) The Originator shall sell, assign and convey assets to the Trust Depositor pursuant to the terms and provisions hereof. 
 (b) Subject to and upon the terms and conditions set forth herein, the Originator hereby sells, transfers, assigns, sets over and otherwise conveys to
the Trust Depositor, for a purchase price of $436,000,000 in cash, all of the right, title and interest of the Originator in and to the Initial Loan Assets. 
 To the extent the cash purchase price paid to the Originator for any Loan is less than the fair market value of such Loan, the difference between such fair market value and the cash purchase price shall be deemed to be a capital
contribution made by the Originator to the Trust Depositor on the Closing Date in the case of the Initial Loans and as of the related Cut-Off Date in the case of any Additional Loans or Substitute Loans. 
 (c) The Originator and the Trust Depositor each acknowledges with respect to itself that the representations and warranties of the Originator in
Sections 3.01, 3.02, 3.03, 3.04 and 3.05 and of the Trust Depositor in the Transfer and Servicing Agreement and in Section 3.06 will 

  

 3 

 
run to and be for the benefit of the Issuer, the Trustees and the Swap Counterparties, and the Issuer and the Trustees may enforce, directly (without joinder
of the Trust Depositor when enforcing against the Originator), the repurchase obligations of the Originator or the Trust Depositor, as applicable, with respect to breaches of such representations and warranties as set forth in the Transfer and
Servicing Agreement or in this Agreement. 
 (d) The sale, transfer, assignment, set-over and conveyance of the Loan Assets by the Originator
to the Trust Depositor pursuant to this Agreement does not constitute and is not intended to result in a creation or an assumption by the Trust Depositor or the Issuer of any obligation of the Originator in connection with the Loan Assets, or any
agreement or instrument relating thereto, including, without limitation, (i) any obligation to any Obligor not financed by the Originator, (ii) any taxes, fees, or other charges imposed by any Governmental Authority and (iii) any
insurance premiums that remain owing with respect to any Loan at the time such Loan is sold hereunder. Without limiting the foregoing, the Trust Depositor does not assume any obligation to purchase any additional notes or loans under agreements
governing the Loan Assets. 
 (e) The Originator and the Trust Depositor intend and agree that (i) the transfer of the Loan Assets from
the Originator to the Trust Depositor and the transfer of the Loan Assets from the Trust Depositor to the Issuer are intended to be a sale, conveyance and transfer of ownership of the Loan Assets rather than the mere granting of a security interest
to secure a borrowing and (ii) such Loan Assets shall not be part of the Originator’s or the Trust Depositor’s estate in the event of a filing of a bankruptcy petition or other action by or against such Person under any Insolvency
Law. In the event, however, that notwithstanding such intent and agreement, such transfers are deemed to be a grant of a mere security interest to secure indebtedness, the Originator shall be deemed to have granted (and hereby does grant) to the
Trust Depositor a perfected first priority security interest in such Loan Assets, and this Agreement shall constitute a security agreement under Requirements of Law, securing the repayment of the purchase price paid hereunder, and the obligations
and/or interests represented by the Securities and the obligations of the Issuer under the Swap Transactions and the Swaps, in the order and priorities, and subject to the other terms and conditions of, this Agreement, the Transfer and Servicing
Agreement, the Indenture, the Trust Agreement and the Swaps, together with such other obligations or interests as may arise hereunder and thereunder in favor of the parties hereto and thereto. 
 (f) If any such transfer of the Loan Assets is deemed to be the mere granting of a security interest to secure a borrowing, the Trust Depositor may, to
secure the Trust Depositor’s obligations under the Transfer and Servicing Agreement (to the extent that the transfer of the Loan Assets thereunder is deemed to be a mere granting of a security interest to secure a borrowing) repledge and
reassign (i) all or a portion of the Loan Assets pledged to the Trust Depositor by the Originator and with respect to which the Trust Depositor has not released its security interest at the time of such pledge and assignment, and (ii) all
proceeds thereof. Such repledge and reassignment may be made by the Trust Depositor with or without a repledge and reassignment by the Trust Depositor of its rights under any agreement with the Originator, and without further notice to or
acknowledgment from the Originator. The Originator waives, to the extent permitted by Requirements of Law, all claims, causes of action and remedies, whether legal or equitable (including any right of setoff), against the Trust Depositor or any
assignee of the Trust Depositor relating to such action by the Trust Depositor in connection with the transactions contemplated by this Agreement and the Transaction Documents. 
  

 4 

 Section 2.02. Conditions to Transfer of Initial Loan Assets to the Trust Depositor.

 On or before the Closing Date, the Originator shall deliver or cause to be delivered to the Trust Depositor, the Owner Trustee and the
Indenture Trustee each of the following documents, certificates and other items: 
 (a) a certificate of an officer of the Originator
substantially in the form of Exhibit C to the Transfer and Servicing Agreement; 
 (b) copies of resolutions of the Board of Directors
of the Originator and the Servicer or of the Executive Committee of the Board of Directors of the Originator and the Servicer approving the execution, delivery and performance of this Agreement and the transactions contemplated hereunder, certified
in each case by the Secretary or an Assistant Secretary of the Originator, the Servicer and the member of the Trust Depositor; 
 (c)
officially certified evidence dated within 30 days of the Closing Date of due formation and good standing of the Originator, the Servicer and the Trust Depositor under the laws of the State of Delaware; 
 (d) the initial List of Loans, certified by an officer of the Trust Depositor, together with an Assignment substantially in the form of Exhibit A
(along with the delivery of any instruments and Loan Documents as required under Section 2.08 of the Transfer and Servicing Agreement); 
 (e) a letter from each applicable Rating Agency assigning ratings not lower than those disclosed in the Offering Memorandum to each of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes; 
 (f) a letter from Ernst & Young LLP, or another nationally recognized accounting firm, addressed to the Originator and the Trust Depositor,
(i) stating that such firm has reviewed a sample of the Initial Loans and performed specific procedures for such sample with respect to certain loan terms and (ii) identifying those Initial Loans that do not conform to the procedures;

 (g) evidence of proper filing with appropriate offices in the UCC Filing Locations of UCC financing statements delivered by the
Originator, as debtor, naming the Trust Depositor as secured party (and the Issuer as assignee) and identifying the Loan Assets as collateral; 
 (h) an Officer’s Certificate listing the Servicer’s Servicing Officers; 
 (i) evidence of deposit in the Reserve Fund of
the Reserve Fund Initial Deposit by the Issuer; 
 (j) a fully executed copy of each Transaction Document; 
  

 5 

 (k) opinions of counsel for the Originator, in form and substance satisfactory to the Initial Purchasers
(and including as an addressee thereof each Rating Agency); 
 (l) an opinion of Winston & Strawn LLP to the effect that, for
federal income tax purposes, the Offered Notes will be characterized as debt and the Issuer will not be characterized as an association, taxable mortgage pool, or publicly traded partnership taxable as a corporation; 
 (m) an opinion of Winston & Strawn LLP to the effect that, for Maryland tax purposes, the Issuer will not be subject to income tax imposed by
the State of Maryland, and Holders of the Offered Notes that are not otherwise subject to State of Maryland income tax jurisdiction will not become subject to income taxation by the State of Maryland solely as a result of their ownership of the
Offered Notes; 
 (n) an opinion of Winston & Strawn LLP, in form and substance satisfactory to the Initial Purchasers, as to
certain true sale, non-consolidation and perfection of security interests issues; and 
 (o) an opinion of Arnold & Porter LLP,
counsel to the Company, (i) with respect to certain corporate matters and (ii) with respect to there being no consents required to transfer the Loans. 
 Section 2.03. Acceptance by the Trust Depositor. 
 On the Closing Date, if the conditions
set forth in Section 2.02 have been satisfied or waived in writing, the Originator shall deliver, on behalf of the Trust Depositor, to the Issuer the Loan Assets and such delivery to and acceptance by the Issuer shall be deemed to be delivery
to and acceptance by the Trust Depositor. 
 Section 2.04. Conveyance of Substitute Loans. 
 (a) (i) Subject to Sections 2.01(d) and 2.01(e) and the satisfaction of the conditions set forth in Section 2.04(b), the
Originator may at its option (but shall not be obligated to) (I) deposit to the Principal Collection Account the Transfer Deposit Amount with respect to the Loan as to which a Substitution Event has occurred and, then, prior to the expiry of
the Substitution Period, convey to the Trust Depositor one or more Loans as described in the following clause (II) in exchange for the funds so deposited or a portion thereof, or (II) contemporaneously, sell, transfer, assign, set over
and otherwise convey to the Trust Depositor (by delivery of an executed Subsequent Purchase Agreement substantially in the form attached as Exhibit J to the Transfer and Servicing Agreement), without recourse other than as expressly provided
herein and therein (and the Trust Depositor shall be required to purchase through cash payment or by exchange of one or more related Loans released by the Issuer to the Trust Depositor on the Subsequent Transfer Date), all of the right, title and
interest of the Originator in and to the Substitute Loan Assets, which, upon such transfer, shall become part of the “Loan Assets”). 
 (ii) Any substitution pursuant to this Section 2.04 shall be initiated by the delivery of a Notice of Substitution to the Indenture Trustee from the Servicer not later than the last day of the Substitution
Period in accordance with Section 2.04(a)(ii) of the Transfer and Servicing Agreement. 
  

 6 

 (b) The Originator shall transfer to the Trust Depositor and the Trust Depositor shall transfer to the
Issuer the Substitute Loans and the other property and rights related thereto referenced in Section 2.04(a) above only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date (and the
delivery of a related Addition Notice by the Trust Depositor shall be deemed a representation and warranty by the Trust Depositor and of the Originator that such conditions have been or will be, as of the related Subsequent Transfer Date,
satisfied): 
 (i) the Trust Depositor shall have provided the Issuer and the Indenture Trustee with a timely Addition Notice
complying with the definition thereof, which notice shall in any event be no later than five days prior to the date of addition; 
 (ii) there shall have occurred, with respect to each such Substitute Loan, a corresponding Substitution Event with respect to one or more Loans then in the Loan Pool; 
 (iii) the Substitute Loan(s) being conveyed to the Issuer satisfy the Substitute Loan Qualification Conditions; 
 (iv) after giving effect to the inclusion of the applicable Substitute Loans in the Loan Pool effected after the Pre-Funding Period, the
Portfolio Criteria and the Portfolio Acquisition and Disposition Requirements are satisfied; provided that if any component of the Portfolio Criteria is not satisfied prior to giving effect to the inclusion of a Substitute Loan, the Portfolio
Criteria shall be deemed satisfied with respect to such component if the component is maintained or improved by the inclusion of such Substitute Loan; provided that for purposes of determining compliance with the Portfolio Criteria, any
Substitute Loan which does not have a rating from each Rating Agency as of the applicable Cut-Off Date will be deemed to have an S&P Rating of “CCC,” a Moody’s Rating of “Caa2” and a Fitch Rating of “CCC”
pending receipt of a rating estimate from the applicable Rating Agency. 
 (v) the Originator shall have delivered to the
Trust Depositor a duly executed written Subsequent Purchase Agreement, which shall include a Subsequent List of Loans listing the Substitute Loans; 
 (vi) the Trust Depositor shall have delivered to the Issuer a duly executed written Subsequent Transfer Agreement, which shall include a Subsequent List of Loans listing the Substitute Loans; 
 (vii) the Trust Depositor shall have deposited or caused to be deposited in the Collection Account all Collections received with respect
to the Substitute Loans on and after the related Subsequent Cut-Off Date; 
  

 7 

 (viii) as of each Subsequent Transfer Date, neither the Originator nor the Trust
Depositor was insolvent nor will either of them have been made insolvent by such transfer nor is either of them aware of any pending insolvency; 
 (ix) no selection procedures believed by the Originator or the Trust Depositor to be adverse to the interests of the Holders or the Swap Counterparties shall have been utilized in selecting the Substitute Loans; and

 (x) each of the representations and warranties made by the Originator and the Trust Depositor pursuant to Sections 3.02
(including, without limitation, that such Substitute Loan is an Eligible Loan), 3.03(b) (except that any reference in Section 3.03(b) to an Initial Loan shall be deemed a reference to a Substitute Loan and any reference to the
Cut-Off Date shall be a reference to the applicable Cut-Off Date for such Substitute Loan) and 3.04 hereof and, with respect to the Originator only, this Agreement, and applicable to the Substitute Loans shall be true and correct as of the
related Subsequent Transfer Date. 
 (c) the Originator shall, at its own expense, on or prior to the Subsequent Transfer Date, indicate in
its Computer Records that ownership of the Substitute Loans identified on the Subsequent List of Loans in the Subsequent Transfer Agreement has been sold to the Issuer through the Trust Depositor pursuant to this Agreement. 
 Section 2.05. Conveyance of Additional Loans. 
 (a) The Originator may, at its option (but shall not be obligated to) at any time during the Pre-Funding Period and the Replenishment Period and subject to the conditions set forth in this Section 2.05,
sell, transfer, assign set over and otherwise convey to the Trust Depositor (by delivery of a Subsequent Purchase Agreement in the form of Exhibit J to the Transfer and Servicing Agreement), the Originator’s right, title and interest in
Additional Loan Assets, which shall become part of the Loan Assets. 
 Upon the acquisition of any Additional Loan Assets pursuant to this
Section 2.05, such Additional Loan Assets shall thereupon be conveyed by the Trust Depositor to the Issuer and become part of the Indenture Collateral subject to the Lien of the Indenture. The Originator represents and warrants in
connection with the foregoing that it will not cause the Trust Depositor to acquire any Additional Loan pursuant to this Section 2.05 for the primary purpose of recognizing gains or decreasing losses resulting from market value changes.

 (b) During the Pre-Funding Period and the Replenishment Period, each Additional Loan to be purchased by the Trust Depositor for conveyance
to the Issuer for inclusion in the Loan Pool will be eligible for purchase by the Trust Depositor for conveyance to the Issuer and inclusion in the Indenture Collateral only if, after giving effect to the inclusion of the applicable Additional Loans
in the Loan Pool, the Portfolio Criteria and the Portfolio Acquisition and Disposition Requirements are satisfied; provided that if any component of the Portfolio Criteria is not satisfied prior to giving effect to the inclusion of an
Additional Loan, the Portfolio Criteria shall be deemed satisfied with respect to such component if the component is maintained or improved by the inclusion of such Additional Loan. For purposes of determining compliance 

  

 8 

 
with the Portfolio Criteria, any Additional Loan which does not have a rating from each Rating Agency as of the applicable Cut-Off Date will be deemed to
have an S&P Rating of “CCC,” a Moody’s Rating of “Caa2” and a Fitch Rating of “CCC” pending receipt of a rating estimate from the applicable Rating Agency. 
 (c) The Originator shall transfer to the Trust Depositor the Additional Loans and the other property and rights related thereto described in
Section 2.05(a) only upon the satisfaction of each of the following conditions on or prior to the related Transfer Date (and the delivery of a related Addition Notice by the Trust Depositor shall be deemed a representation and warranty
by the Trust Depositor and the Originator that such conditions are satisfied as of the related Subsequent Transfer Date): 
 (i) the Trust Depositor shall have provided the Issuer and the Indenture Trustee with a timely Addition Notice complying with the definition thereof contained herein, which Addition Notice shall be delivered no later than five days prior to
the related Subsequent Transfer Date; 
 (ii) after giving effect to the inclusion of the applicable Additional Loans in the
Loan Pool during the Replenishment Period, the Portfolio Criteria and the Portfolio Acquisition and Disposition Requirements are satisfied; provided that if any component of the Portfolio Criteria is not satisfied prior to giving effect to
the inclusion of such Additional Loan, the Portfolio Criteria shall be deemed satisfied with respect to such component if the component is maintained or improved by the inclusion of such Additional Loan; 
 (iii) the Originator shall have delivered to the Trust Depositor and Indenture Trustee a duly executed Subsequent Purchase Agreement,
which shall include a Subsequent List of Loans listing the Additional Loans; and 
 (iv) the Trust Depositor shall have
delivered to the Issuer a duly executed Subsequent Transfer Agreement, which shall include a Subsequent List of Loans listing the Additional Loans; 
 (v) the Trust Depositor shall have deposited or caused to be deposited in the Collection Account all Collections received with respect to the Additional Loans on and after the related Subsequent Cut-Off Date;

 (vi) as of each Subsequent Transfer Date, neither the Originator nor the Trust Depositor was insolvent nor will either of
them have been made insolvent by such transfer hereunder or under the Transfer and Servicing Agreement nor is either of them aware of any pending insolvency; 
 (vii) no selection procedures believed by the Originator or the Trust Depositor to be adverse to the interests of the Holders or the Swap
Counterparties shall have been utilized in selecting the Additional Loans; and 
 (viii) each of the representations and
warranties made by the Originator pursuant to Sections 3.02 (including without limitation that such Additional Loan is an 

  

 9 

 
Eligible Loan), 3.03(b) (except that any reference therein to an Initial Loan shall be deemed a reference to an Additional Loan and any reference to
the Cut-Off Date shall be a reference to the applicable Cut-Off Date for such Additional Loan) and 3.04 hereof applicable to the Additional Loans shall be true and correct as of the related Subsequent Transfer Date. 
 (d) the Originator shall, at its own expense, on or prior to the Subsequent Transfer Date, indicate in its Computer Records that ownership of the
Additional Loans identified on the Subsequent List of Loans in the Subsequent Transfer Agreement has been sold to the Issuer through the Trust Depositor pursuant to this Agreement and the Transfer and Servicing Agreement. 
 Section 2.06. Delivery of Loan Files. 
 The Originator shall deliver, on behalf of the Trust Depositor, possession of all “instruments” (within the meaning of Article 9 of the UCC) not constituting part of “chattel paper” (within the
meaning of such Article 9) that evidence any Loan, including all Underlying Notes (other than in the case of Noteless Loans), and all other portions of the Loan Files, to the Indenture Trustee on behalf of the Issuer five Business Days prior to the
applicable Assignment Date, in each case endorsed in blank without recourse, and shall deliver a copy of the Loan Register with respect to any Noteless Loan, together with an Officer’s Certificate of the Originator as to the accuracy thereof,
in accordance with the foregoing delivery requirements. Pursuant to Section 3.06 of the Indenture, the Issuer is required to deliver such instruments and Loan Files to the Indenture Trustee as pledgee under the Indenture for the benefit of the
Noteholders and the Swap Counterparties. Accordingly, the Trust Depositor hereby authorizes and directs the Originator to deliver possession of all such instruments and the Loan Files to the Indenture Trustee on behalf of and for the account of the
Issuer, as assignee of the Trust Depositor, and agrees that such delivery shall satisfy the condition set forth in the first sentence of this Section 2.06. The Originator shall also identify on the List of Loans (including any deemed
amendment thereof associated with any Additional Loans or Substitute Loans), whether by attached schedule or marking or other effective identifying designation, all Loans that are or are evidenced by such instruments. 
 Section 2.07. Release of Released Amounts. 
 Immediately upon the release to the Trust Depositor by the Indenture Trustee of the Released Amounts, the Trust Depositor hereby irrevocably agrees to release to the Originator such Released Amounts, which release
shall be automatic and shall require no further act by the Trust Depositor; provided, that, the Trust Depositor shall execute and deliver such instruments of release and assignment, or otherwise confirming the foregoing release
of any Released Amounts, as may be reasonably requested by the Originator. 
  

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 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 The Originator makes, and upon execution of each Subsequent Purchase
Agreement shall be deemed to make, the following representations and warranties, on which the Trust Depositor will rely in conveying the Loan Assets on the applicable Assignment Date to the Issuer, and on which the Issuer, the Holders and the Swap
Counterparties will rely. The Trust Depositor acknowledges that such representations and warranties are being made by the Originator for the benefit of the Issuer, the Holders and the Swap Counterparties. 
 Such representations and warranties speak as of the execution and delivery of this Agreement and as of the applicable Assignment Date, but shall survive
the sale, transfer and assignment of the Loan Assets to the Issuer. The repurchase obligation or substitution right of the Originator set forth in Section 6.01 constitutes the sole remedy available for a breach of a representation or
warranty of the Originator set forth in Sections 3.01, 3.02, 3.03, 3.04 or 3.05 of this Agreement. Notwithstanding the foregoing, the Originator shall not be deemed to be remaking any of the representations set
forth in Section 3.03 or 3.05 on a Subsequent Transfer Date with respect to the Additional Loans or the Substitute Loans, as such representations relate solely to the composition of the Initial Loans conveyed on the Closing Date;
provided that any inaccurate representation as to concentrations contained in any Addition Notice shall be subject to the same remedies hereunder as if such representation were made under Section 3.05 on the Closing Date with
respect to an Initial Loan. 
 Section 3.01. Representations and Warranties Regarding the Originator. 
 By its execution of this Agreement and each Subsequent Purchase Agreement, the Originator represents and warrants that: 
 (a) Organization and Good Standing. The Originator is a corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and has the requisite corporate power to own or lease its assets and to transact the business in which it is currently engaged. The Originator is duly qualified to do business as a foreign corporation and is in good
standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification, except where the failure so to qualify would not reasonably be expected to have a material adverse
effect on the business, properties, assets, or condition (financial or otherwise) of the Originator or Trust Depositor. The Originator is properly licensed in each jurisdiction to the extent required by the laws of such jurisdiction in order to
originate, and (if the Originator is to be the Servicer) service the Loans in accordance with the terms of the Transfer and Servicing Agreement. 
 (b) Authorization. The Originator has the corporate power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which the Originator is a party and all of the transactions
contemplated under this Agreement and the other Transaction Documents to which the Originator is a party, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction
Documents to which the Originator is a party. 
  

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 (c) Valid Sale. This Agreement effects, and each Subsequent Purchase Agreement, if any, shall
effect, a valid sale, transfer and assignment of the Loan Assets from the Originator to the Trust Depositor, enforceable against the Originator in accordance with their terms, except as enforcement of such terms may be limited by applicable
Insolvency Laws and general principles of equity, whether considered in a suit at law or in equity. 
 (d) Binding Agreements. This
Agreement and the other Transaction Documents to which the Originator is a party constitute the legal, valid and binding obligation of the Originator enforceable in accordance with their terms, except as enforcement of such terms may be limited by
applicable Insolvency Laws and general principles of equity, whether considered in a suit at law or in equity. 
 (e) No Consent
Required. The Originator is not required to obtain the consent of any other party or any consent, license, approval or authorization from, or registration or declaration with, any Governmental Authority in connection with the execution,
delivery, performance, validity or enforceability of this Agreement and the other Transaction Documents to which the Originator is a party except (i) for the filing of the UCC financing statements and (ii) such consents, licenses,
approvals, authorizations, registrations and declarations which have been obtained and are in full force and effect. 
 (f) No
Violations. The Originator’s execution, delivery and performance of this Agreement and the other Transaction Documents to which the Originator is a party will not violate any provision of any Requirements of Law or any order or decree of
any court or the Certificate of Incorporation or Bylaws of the Originator, or constitute (with or without notice or lapse of time or both) a breach of any material mortgage, indenture, contract or other agreement to which the Originator is a party
or by which the Originator or any of the Originator’s properties may be bound. 
 (g) Litigation. No litigation or administrative
proceeding of or before any court, tribunal or governmental body is currently pending, or, to the knowledge of the Originator, threatened, against the Originator or any of its respective properties or with respect to this Agreement or any other
Transaction Document to which the Originator is a party that, if adversely determined, would, in the reasonable opinion of the Originator, be expected to have a material adverse effect on the business, properties, assets or condition (financial or
other) of the Originator or the transactions contemplated by this Agreement or any other Transaction Document to which the Originator is a party. 
 (h) Name and Location; No Changes. The Originator’s name is as set forth in Section 8.03 and its location (within the meaning of Article 9 of the UCC) is the State of Delaware. The Originator has not changed its
name, identity, structure, existence or state of incorporation, whether by amendment of its certificate of incorporation, by reorganization or otherwise, and has not changed its location (within the meaning of Article 9 of the UCC) within the four
months preceding the Closing Date. 
 (i) No Bulk Sales. The execution, delivery and performance of this Agreement by the Originator
do not require compliance with any “bulk sales” laws by the Originator. 
  

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 (j) Solvency. The Originator on each date of, and after giving effect to, the transfer of the
Loans and any Additional Loans or Substitute Loans, as the case may be, to the Trust Depositor pursuant to this Agreement is and will be Solvent. 
 (k) Use of Proceeds. No proceeds of the sale of any Initial Loan, Additional Loan or Substitute Loan hereunder received by the Originator will be used by the Originator to purchase or carry any “margin stock” as such term
is defined in Regulation T, U or X of the Board of Governors of the Federal Reserve System. 
 (l) An Investment Company. The
Originator is properly registered as an “investment company” within the meaning, and is, and after consummation of the transactions contemplated by this Agreement and the other Transaction Documents will be, in compliance with all
requirements, of the Investment Company Act of 1940, as amended. 
 (m) Taxes. The Originator has filed or caused to be filed all tax
returns that, to its knowledge, are required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any
of its property by any Governmental Authority (other than any amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally accepted
accounting principles have been provided on the books of the Originator); no tax Lien has been filed and, to the Originator’s knowledge, no claim is being asserted, with respect to any such tax, fee or other charge. 
 (n) Sale Treatment. The Originator has treated the transfer of Loan Assets to the Trust Depositor for all purposes (other than sale treatment for
financial accounting purposes) as a sale and purchase on all of its relevant books, records, financial statements and other applicable documents, except to the extent applicable tax laws require otherwise. 
 (o) Marking of Files. The Originator will have, at its own expense, prior to the close of business on the Closing Date, indicated in its Computer
Records that ownership of the Loans transferred by it to the Trust Depositor and identified on the List of Loans have been sold to the Trust Depositor. 
 (p) Security Interest. 
 (i) This Agreement creates a valid, continuing and
enforceable security interest (as defined in the applicable UCC) in the Loan Assets in favor of the Trust Depositor, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of
and purchasers from the Originator; 
 (ii) such Loans, along with the related Loan Files, constitute either a “general
intangible,” a “payment intangible,” an “instrument,” an “account,” “investment property,” or “chattel paper,” within the meaning of the applicable UCC; 
 (iii) the Originator owns and has good and marketable title to such Loan Assets free and clear of any Lien, claim or encumbrance of any
Person (other than Permitted Liens); 
  

 13 

 (iv) the Originator has received all consents and approvals required by the terms of the
Loan Assets to the sale of the Loan Assets hereunder to the Trust Depositor; 
 (v) the Originator has caused the filing of
all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Requirements of Law in order to perfect the security interest in such Loan Assets granted to the Trust Depositor under this Agreement;

 (vi) other than the security interest granted to the Trust Depositor pursuant to this Agreement and the Transfer and
Servicing Agreement, the Originator has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Loan Assets except in connection with the Warehouse Transactions, which security interests will be terminated or
released on or prior to the applicable Transfer Date; 
 (vii) the Originator has not authorized the filing of and is not
aware of any financing statements against the Originator that include a description of collateral covering such Loan Assets other than any financing statement (A) relating to the security interest granted to the Trust Depositor under this
Agreement and the Transfer and Servicing Agreement, or (B) that has been terminated; 
 (viii) the Originator is not
aware of the filing of any judgment or tax Lien filings against the Originator; 
 (ix) all original executed copies of each
Underlying Note, if any, that constitute or evidence the Loan Assets have been delivered to the Indenture Trustee; 
 (x) the
Originator has received a written acknowledgment from the Indenture Trustee that the Indenture Trustee or its bailee is holding the Underlying Notes, if any, that constitute or evidence the Loan Assets solely on behalf of and for the benefit of the
Noteholders and the Swap Counterparties; and 
 (xi) none of the Underlying Notes or, in the case of Noteless Loans, the
Designated Loan Agreements and Loan Registers, that constitute or evidence the Loan Assets has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer and the Indenture
Trustee, as assignees of the Trust Depositor. 
 (q) Value Given. The cash payments and the corresponding increase in the
Originator’s equity interest in the Trust Depositor received by the Originator in respect of the purchase price of each Loan sold hereunder or under any Subsequent Purchase Agreement constitutes reasonably equivalent value in consideration for
the transfer to the Trust Depositor of such Loan under this Agreement, such transfer was not made for or on account of an antecedent debt owed by the Originator to the Trust Depositor, and such transfer was not and is not voidable or subject to
avoidance under any Insolvency Law. 
 (r) Mortgages. If a Loan is secured by real property and the Originator, other than solely in
its capacity as collateral agent under any Loan Document with an Obligor, is the mortgagee, the mortgage has been assigned by the Originator to the Trust Depositor and by the Trust Depositor to the Issuer and the Assignment of Mortgage has been
delivered to the Indenture Trustee. 
  

 14 

 (s) Selection Procedures. No selection procedures determined by the Originator to be materially
adverse to the interests of the Trust Depositor were utilized by the Originator in selecting the Loans to be sold, assigned, transferred, set-over and otherwise conveyed hereunder. 
 (t) Environmental. At the time of origination of each Loan where real property that is material to the operations of the related Obligor serves as
Collateral for such Loan, the related mortgaged property was free of contamination from toxic substances or hazardous wastes requiring action under Requirements of Law or is subject to ongoing environmental rehabilitation approved by the Servicer,
and, as of the Closing Date, the Originator has no knowledge of any such contamination from toxic substances or hazardous waste material on any such real property unless such items are below action levels. 
 The representations and warranties set forth in Section 3.01(p) shall survive the termination of this Agreement and no breach of such
representations and warranties may be waived by any party hereto without the satisfaction of the Rating Agency Condition with respect thereto. 
 Section 3.02. Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate. 
 The
Originator represents and warrants (x) with respect to subsections (a)-(b) below, as to each Loan as of the applicable Cut-Off Date, and (y) with respect to subsections (c)-(d) below, as to the Loan Pool in the
aggregate as of the applicable Cut-Off Date (after giving effect to the addition of any Substitute Loans or Additional Loans to the Loan Pool), that: 
 (a) List of Loans. The information set forth in the List of Loans (as the same may be amended or deemed amended in respect of a conveyance of Substitute Loans or Additional Loans on a Subsequent Transfer Date)
is true, complete and correct as of the applicable Cut-Off Date. 
 (b) Eligible Loan. Such Loan satisfies the criteria for the
definition of Eligible Loan set forth in the Transfer and Servicing Agreement as of the date of its conveyance hereunder. 
 (c) No
Fraud. Each Loan was originated or acquired without any fraud or material misrepresentation by the Originator or, to the best of the Originator’s knowledge, on the part of the Obligor. 
 (d) Loans Secured by Real Property. Less than 40% of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of
this Section 3.02(d), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real
property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan
was originated or acquired or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originated or acquired, was the only security for the Loan.

  

 15 

 Section 3.03. Representations and Warranties Regarding the Initial Loans in the Aggregate.

 The Originator represents and warrants, as of the Cut-Off Date for the Initial Loans, that: 
 (a) Amounts. The Aggregate Outstanding Loan Balance of the Loans as of the Closing Date equals the sum of (a) the aggregate principal balance
of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note on the Closing Date and (b) the amount of any Unused Proceeds, in each case as of such Cut-Off Date. 
 (b) Characteristics. The Initial Loans as of the related Cut-Off Date have the following additional characteristics: (i) the final Scheduled
Payment on the Loan with the latest maturity is not later than 36 months prior to the Legal Final Maturity Date; and (ii) no Initial Loan was originated after its related Cut-Off Date. 
 Section 3.04. Representations and Warranties Regarding the Loan Files. 
 The Originator represents and warrants as of the applicable Assignment Date that (i) to the extent that any Loans were pledged as collateral for any
of the Warehouse Transactions, immediately prior to such date (as applicable), a collateral custodian under the applicable Warehouse Transaction had possession of each original Underlying Note, if any, and a copy of the Loan and the related complete
Loan File, and there were no other custodial agreements relating to the same in effect except for a custodial agreement between ACAS and the applicable borrower or seller, as the case may be with respect to each Warehouse Transaction; (ii) each
of such documents which is required to be signed by the Obligor has been signed by the Obligor in the appropriate spaces; (iii) all blanks on any form have been properly filled in and each form has otherwise been correctly prepared; and
(iv) the complete Loan File for each Loan is in the possession of the Indenture Trustee. 
 Section 3.05. Representations and
Warranties Regarding Concentrations of Initial Loans. 
 The Originator represents and warrants as of the Closing Date, as to the
composition of the Initial Loans in the Loan Pool as of the Closing Date, that the Portfolio Criteria are satisfied with respect to the Initial Loans. 
 Section 3.06. Representations and Warranties By the Trust Depositor. 
 By its execution of
this Agreement and each Subsequent Purchase Agreement, the Trust Depositor represents and warrants to the Originator that: 
 (a)
Organization and Good Standing. The Trust Depositor is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware and has the power to own its assets and to transact the business in which it
is currently engaged. The Trust Depositor is duly qualified to do business as a foreign entity and is in good standing in 

  

 16 

 
each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification, except where the
failure so to qualify would not reasonably be expected to have a material adverse effect on the business, properties, assets, or condition (financial or other) of the Trust Depositor or the Issuer. 
 (b) Authorization. The Trust Depositor has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction
Documents to which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party, and to create the Issuer and cause it to make, execute, deliver and perform its obligations
under this Agreement and the other Transaction Documents to which it is a party, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a
party and to cause the Issuer to be created. 
 (c) Valid Sale. This Agreement effects, and each Subsequent Transfer Agreement, if
any, shall effect, a valid sale, transfer and assignment of the Loan Assets, enforceable against the Trust Depositor and creditors of and purchasers from the Trust Depositor, except as enforcement of such terms may be limited by applicable
Insolvency Laws and general principles of equity, whether considered in a suit at law or in equity. 
 (d) Binding Agreements. This
Agreement and the other Transaction Documents to which the Trust Depositor is a party constitute the legal, valid and binding obligation of the Trust Depositor enforceable in accordance with their terms, except as enforcement of such terms may be
limited by applicable Insolvency Laws and general principles of equity, whether considered in a suit at law or in equity. 
 (e) No
Consent Required. The Trust Depositor is not required to obtain the consent of any other party or any consent, license, approval or authorization from, or registration or declaration with, any Governmental Authority in connection with the
execution, delivery, performance, validity or enforceability of this Agreement or the other Transaction Documents to which it is a party except (i) for the filing of the UCC financing statements and (ii) such consent, licenses, approvals,
authorization registrations and declarations which have been obtained and are in full force and effect. 
 (f) No Violations. The
execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party by the Trust Depositor, and the consummation of the transactions contemplated hereby and thereby, will not violate any Requirement of
Law applicable to the Trust Depositor, or constitute a breach of any material mortgage, indenture, contract or other agreement to which the Trust Depositor is a party or by which the Trust Depositor or any of the Trust Depositor’s properties
may be bound, or result in the creation or imposition of any security interest, Lien, charge, pledge, preference, equity or encumbrance of any kind upon any of its properties pursuant to the terms of any such mortgage, indenture, contract or other
agreement, other than as contemplated by the Transaction Documents. 
 (g) Litigation. No litigation or administrative proceeding of
or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Trust Depositor 

  

 17 

 
threatened, against the Trust Depositor or any of its properties or with respect to this Agreement, the other Transaction Documents to which it is a party or
the Securities (i) that, if adversely determined, would in the reasonable judgment of the Trust Depositor be expected to have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of the Trust
Depositor or the Issuer or the transactions contemplated by this Agreement or the other Transaction Documents to which the Trust Depositor is a party or (ii) seeking to adversely affect the federal income tax or other federal, state or local
tax attributes of the Certificate or Notes. 
 (h) Bulk Sales. The execution, delivery and performance of this Agreement do not
require compliance with any “bulk sales” laws by the Trust Depositor. 
 (i) Solvency. The Trust Depositor, at the time of
and after giving effect to each conveyance of Loan Assets under the Transfer and Servicing Agreement is and will be Solvent. 
 (j)
Taxes. The Trust Depositor has filed or caused to be filed all tax returns that, to its knowledge, are required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and
with respect to which reserves in accordance with generally accepted accounting principles have been provided on the books of the Trust Depositor); no tax Lien has been filed and, to the Trust Depositor’s knowledge, no claim is being asserted,
with respect to any such tax, fee or other charge. 
 (k) Name and Location; No Changes. The Trust Depositor’s name is as set
forth in Section 13.04 and its location (within the meaning of Article 9 of the UCC) is the State of Delaware. The Trust Depositor has not changed its name, identity, structure, existence or state of formation, whether by amendment of its
certificate of formation, by reorganization or otherwise, and has not changed its location within the four months preceding the Closing Date. 
 (l) Not an Investment Company. The Trust Depositor is not, and, after giving effect to the transactions contemplated hereby and by the other Transaction Documents, will not be, required to be registered as an “investment
company” within the meaning of the Investment Company Act of 1940, as amended (or the Trust Depositor is exempt from all provisions of such act). 
 (m) Sale Treatment. The Trust Depositor has treated the transfer of Loan Assets to the Trust Depositor for all purposes (other than for financial accounting purposes) as a purchase on all of its relevant books,
records, financial statements and other applicable documents, except to the extent applicable tax laws require otherwise. 
 Such representations speak as of
the execution and delivery of this Agreement and as of the Closing Date in the case of the Initial Loans, and as of the applicable Subsequent Transfer Date in the case of the Additional Loans and the Substitute Loans, but shall survive the sale,
transfer and assignment of the Loans to the Issuer. 
  

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 ARTICLE IV. 
 PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS 
 Section 4.01. Custody of
Loans. 
 The contents of each Loan File shall be held in the custody of the Indenture Trustee under the terms of the Transfer and
Servicing Agreement and the Indenture for the benefit of, and as agent for, the Holders and the Swap Counterparties. 
 Section 4.02.
Filing. 
 On or prior to the Closing Date, the Originator shall cause the UCC financing statement(s) referred to in
Section 2.02(g) hereof to be filed. 
 Section 4.03. Name Change or Relocation. 
 (a) During the term of this Agreement, the Originator shall not change its name, structure, existence or location (as defined in Article 9 of the UCC)
without first giving at least 30 days’ prior written notice to the Owner Trustee, the Indenture Trustee and each Swap Counterparty. 
 (b) If any change in the Originator’s name, structure, existence, location (as defined in Article 9 of the UCC) or other action would make any financing or continuation statement or notice of ownership interest or Lien relating to any
Loan Asset seriously misleading within the meaning of applicable provisions of the UCC or any title statute, the Originator, no later than five Business Days after the effective date of such change, shall file such amendments as may be required to
preserve and protect the Trust Depositor’s, the Issuer’s and the Indenture Trustee’s interests in the Loan Assets and the proceeds thereof. 
 Section 4.04. Chief Executive Office. 
 During the term of this Agreement, and subject to
the other terms and provisions herein relating to changes in location, the Originator will maintain its chief executive office in one of the States of the United States. 
 Section 4.05. Costs and Expenses. 
 The Originator hereby confirms that the Servicer will
pay all reasonable costs and disbursements in connection with the perfection and the maintenance of perfection, as against all third parties, of the Indenture Trustee’s and the Issuer’s right, title and interest in and to the Loan Assets
(including, without limitation, the security interest in the Collateral related thereto and the security interests provided for in the Indenture). 
 Section 4.06. Sale Treatment. 
 The Originator shall treat the transfer of Loan Assets to the Trust Depositor for
all purposes (other than sale treatment for financial accounting purposes) as a sale on all of its relevant books, records, financial statements and other applicable documents, except to the extent applicable tax laws require otherwise. 

 

 19 

 Section 4.07. Separateness from Trust Depositor. 
 The Originator agrees to take or refrain from taking or engaging in with respect to the Trust Depositor each of the actions or activities specified in the
“substantive consolidation” opinion of Winston & Strawn LLP (including any certificates of the Originator attached thereto), delivered on the Closing Date, upon which the conclusions therein are based. 
 ARTICLE V. 
 COVENANTS OF THE
ORIGINATOR 
 Section 5.01. Corporate Existence; Merger or Consolidation. 
 (a) During the term of this Agreement except as provided in Section 5.01(b), the Originator will keep in full force and effect its existence,
rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement, the other Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. In addition, all
transactions and dealings between the Originator, the Trust Depositor and the Issuer will be conducted on an arm’s-length basis. 
 (b)
Any person into which the Originator may be merged or consolidated, or any corporation resulting from such merger or consolidation to which the Originator is a party, or any person succeeding by acquisition or transfer to substantially all of the
assets and to the business of the Originator, shall be the successor to the Originator hereunder, without execution or filing of any paper or any further act on the part of any of the parties hereto, notwithstanding anything herein to the contrary.

 (c) Upon the merger or consolidation of the Originator or transfer of substantially all of its assets and its business as described in
this Section 5.01, the Originator shall provide the Indenture Trustee, each Swap Counterparty and the Rating Agencies notice of such merger or consolidation within five Business Days after completion of the same. 
 Section 5.02. Loans Not to be Evidenced by Promissory Notes. 
 The Originator will take no action to cause any Loan not originally evidenced by an instrument as described in Section 2.06 hereof, to be
evidenced by an instrument (as defined in the UCC), except in connection with the enforcement or collection of such Loan. 
 Section 5.03. Security Interests. 
 The Originator will not sell, pledge, assign or transfer to any other Person,
or grant, create, incur, assume or suffer to exist any Lien on any Loan in the Loan Pool or related 

  

 20 

 
Collateral, whether now existing or hereafter transferred to the Trust Depositor, or any interest therein (other than pursuant to this Agreement). The
Originator will immediately notify the Trust Depositor, the Issuer and the Indenture Trustee of the existence of any Lien on any Loan in the Loan Pool or related Collateral, and the Originator shall defend the right, title and interest of the Trust
Depositor, the Issuer and the Indenture Trustee in, to and under the Loans in the Loan Pool and the related Collateral against all claims of third parties; provided that nothing in this Section 5.03 shall prevent or be deemed to
prohibit the Originator from suffering to exist Permitted Liens upon any of the Loans in the Loan Pool or any related Collateral. 
 Section 5.04. Compliance with Law. 
 The Originator hereby agrees to comply in all material respects with all
Requirements of Law applicable to the Originator. 
 Section 5.05. Liability of Originator. 
 The Originator shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Originator under this
Agreement. 
 Section 5.06. Limitation on Liability of Originator and Others. 
 The Originator and any director or officer or employee or agent of the Originator may rely in good faith on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising hereunder. The Originator and any director or officer or employee or agent of the Originator shall be reimbursed by the Trust Depositor for any liability or expense incurred by
reason of the Trust Depositor’s willful misfeasance, bad faith or negligence (except errors in judgment) in the performance of their respective duties hereunder, or by reason of the reckless disregard of their respective obligations and duties
hereunder. The Originator shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability.

 ARTICLE VI. 
 REMEDIES
UPON MISREPRESENTATION; REPURCHASE OPTION 
 Section 6.01. Repurchases of, or Substitution for, Loans for Breach of
Representations and Warranties. 
 Upon a discovery by the Servicer, the Trust Depositor or the Trustees of a breach of a
representation or warranty of the Originator as set forth in Sections 3.01, 3.02, 3.03, 3.04, or 3.05, or as made or deemed made in any Addition Notice or any Subsequent Purchase Agreement relating to Substitute
Loans or Additional Loans, as applicable, that materially and adversely affects the interests of the Noteholders or any Swap Counterparty in such Loan (in either case without regard to the benefits of the Reserve Fund) (an “Ineligible
Loan”), the party discovering the breach shall give prompt written notice to the other parties; provided that the Trustees shall have no duty or obligation to inquire or to investigate the breach by the Originator of any of such
representations or warranties. The Originator shall repurchase each such 

  

 21 

 
Ineligible Loan at a repurchase price equal to the Transfer Deposit Amount, not later than the next succeeding Determination Date following the date the
Originator becomes aware of, or receives written notice from any Trustee, the Servicer or the Trust Depositor of, any such breach or inaccuracy and which breach or inaccuracy has not otherwise been cured; provided that if the Originator is
able to effect a substitution for any such Ineligible Loan in compliance with Section 2.04, the Originator may, in lieu of repurchasing such Loan, effect a substitution for such affected Loan with a Substitute Loan not later than the
date a repurchase of such affected Loan would be required hereunder; and provided further that with respect to a breach of representation or warranty relating to the Loans in the aggregate and not to any particular Loan, the Originator may
select Loans (without adverse selection) to repurchase (or substitute for) such that, had such Loans not been included as part of the Loan Assets (and, in the case of a substitution, had such Substitute Loan been included as part of the Loan Assets
instead of the selected Loan), there would have been no breach of such representation or warranty. Notwithstanding any other provision of this Agreement, the obligation of the Originator described in this Section 6.01 shall not
(a) terminate or be deemed released by any party hereto upon a Servicer Transfer pursuant to Article VIII of the Transfer and Servicing Agreement or (b) include any obligation to make payment on account of a breach of a Loan by an
Obligor subsequent to the date on which such Loan was transferred to the Issuer. The repurchase obligation described in this Section 6.01 is in no way to be satisfied with monies in the Reserve Fund. 
 Section 6.02. Reassignment of Repurchased or Substituted Loans. 
 Upon receipt by the Indenture Trustee for deposit in the Collection Account of the amounts described in Section 2.04(a) or 6.01 (or upon the
Subsequent Transfer Date related to a Substitute Loan described in Section 2.04(a) or 6.01), and upon receipt of a certificate of a Servicing Officer in the form attached as Exhibit E to the Transfer and Servicing
Agreement, the Indenture Trustee is required under the Transfer and Servicing Agreement to assign to the Trust Depositor, and the Trust Depositor shall assign to the Originator, all of the Issuer’s (or Trust Depositor’s, as applicable)
right, title and interest in the repurchased or substituted Loan and related Loan Assets without recourse, representation or warranty. Such reassigned Loan shall no longer thereafter be included in any calculations of Outstanding Loan Balances
required to be made hereunder or otherwise be deemed a part of the Loan Pool. 
 ARTICLE VII. 
 ORIGINATOR INDEMNITIES 
 Section 7.01. Originator’s Indemnification. 
 The Originator will defend and indemnify the Trust Depositor,
the Issuer, the Trustees, any agents of the Trustees and the Holders and the Swap Counterparties (any of which, an “Indemnified Party”) against any and all costs, expenses, losses, damages, claims and liabilities, joint or several,
including reasonable fees and expenses of counsel and expenses of litigation (collectively, “Costs”) arising out of or resulting from (i) this Agreement or the use, ownership or operation of any Collateral by the Originator or
the Servicer or any Affiliate of either, (ii) any representation or warranty or covenant made by the Originator in this Agreement being untrue or incorrect (subject to the limitations described in the Preamble to Article III of
this Agreement), 

  

 22 

 
and (iii) any untrue statement or alleged untrue statement of a material fact contained in the Offering Memorandum or in any amendment thereto or the
omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement was made in conformity with information furnished to the Trust Depositor by the Originator specifically for use therein; provided, however, that the Originator shall not be required to so indemnify
any such Indemnified Party for such Costs to the extent that such Cost shall be due to or arise from the willful misfeasance, bad faith or negligence of such Indemnified Party, or the failure of such Indemnified Party to comply with any express
undertaking, agreement or covenant made by such Indemnified Party in a Transaction Document to which it is a party or the breach subsequent to the Closing Date by an Obligor under a Loan. Notwithstanding any other provision of this Agreement, the
obligation of the Originator under this Section 7.01 shall not terminate upon a Servicer Transfer pursuant to Article VIII of the Transfer and Servicing Agreement and shall survive any termination of that agreement or this
Agreement. 
 Section 7.02. Liabilities to Obligors. 
 No obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Trustees, the Issuer, the Holders and the Swap
Counterparties under or as a result of this Agreement and the transactions contemplated hereby. 
 Section 7.03. Tax
Indemnification. 
 (a) The Originator agrees to pay, and to indemnify, defend and hold harmless the Trust Depositor, the Issuer, the
Trustees, the Holders and the Swap Counterparties from any taxes that may at any time be asserted with respect to, and as of the date of, the transfer of the Loans to the Trust Depositor and the transfer by the Trust Depositor of the Loans to the
Issuer and the further pledge by the Issuer to the Indenture Trustee, including, without limitation, any sales, gross receipts, general corporation, personal property, privilege or license taxes (but not including any federal, state or other taxes
arising out of the creation of the Issuer and the issuance of the Notes and Certificates) and costs, expenses and reasonable counsel fees in defending against the same, whether arising by reason of the acts to be performed by the Originator or the
Servicer under this Agreement or imposed against the Issuer, any Holder, any Swap Counterparty or otherwise. Notwithstanding any other provision of this Agreement, the obligation of the Originator under this Section 7.03 shall not
terminate upon a Servicer Transfer pursuant to Article VIII of the Transfer and Servicing Agreement and shall survive any termination of this Agreement. 
 (b) The Originator agrees to pay and to indemnify, defend and hold harmless the Issuer, the Trust Depositor, the Trustees, the Holders and the Swap Counterparties, on an after-tax basis (as hereinafter defined), from
any state or local personal property taxes, gross rent taxes, leasehold taxes or similar taxes that may at any time be asserted with respect to the ownership of the Loans (including security interests therein) and the receipt of rentals therefrom by
the Issuer, and costs, expenses and reasonable counsel fees in defending against the same, excluding, however, taxes based upon or measured by gross or net income or receipts (other than taxes imposed specifically with respect to rentals). As used
in this Section, the term “after-tax 

  

 23 

 
basis” shall mean, with respect to any payment to be received by an indemnified person, that the amount to be paid by the Originator shall be equal to
the sum of (i) the amount to be received without regard to this sentence, plus (ii) any additional amount that may be required so that after reduction by all taxes imposed under any federal, state and local law, and taking into account any
current credits or deductions arising therefrom, resulting either from the receipt of the payments described in both clauses (i) and (ii) hereof, such sum shall be equal to the amount described in clause
(i) above. 
 Section 7.04. Adjustments. 
 (a) The Originator agrees that, with respect to each Loan that provides for a Prepayment Amount less than the amount calculated in accordance with the
definition thereof, the Originator shall indemnify the Trust Depositor or the Issuer as assignee thereof in an amount at least equal to the excess of the “Prepayment Amount” as calculated in accordance with the definition thereof over the
amount otherwise payable upon prepayment of such Loan. 
 (b) The Originator hereby further agrees that if any real property collateral
securing any Loan described in Section 3.02(d) hereof becomes the subject of any claims, proceedings, Liens or encumbrances with respect to any material violation or claimed material violation of any federal or state environmental laws
or regulations, such Loan shall for all purposes hereunder be, at and following the time of discovery by the Originator, the Trust Depositor, the Servicer or any Trustee of such fact, deemed an Ineligible Loan subject to the same remedial and
recourse provisions hereunder as other Loans determined to be Ineligible Loans hereunder. 
 Section 7.05. Operation of
Indemnities. 
 Indemnification under this Article VII shall include, without limitation, reasonable fees and expenses of
counsel and expenses of litigation. If the Originator has made any indemnity payments to the Trust Depositor or the Trustees pursuant to this Article VII and the Trust Depositor or the Trustees thereafter collects any of such amounts from
others, the Trust Depositor or the Trustees will repay such amounts collected to the Originator, except that any payments received by the Trust Depositor or the Trustees from an insurance provider as a result of the events under which the
Originator’s indemnity payments arose shall be repaid prior to any repayment of the Originator’s indemnity payment. 
 ARTICLE
VIII. 
 MISCELLANEOUS 
 Section 8.01. Amendment. 
 (a) This Agreement may be amended by the Originator and the Trust Depositor, without
the consent of any Holders, to cure any ambiguity, to correct or supplement any provisions in this Agreement that are inconsistent with the provisions herein, or to add any other provisions with respect to matters or questions arising under this
Agreement that shall not be inconsistent with the provisions of this Agreement or make such changes as shall be necessary or advisable in order for the Offered Notes to be listed on the Irish Stock Exchange; provided that (i) the consent
of the Noteholders will be required unless the Issuer obtains an Opinion of 

  

 24 

 
Counsel stating that the amendment does not adversely affect in any material respect the interests of any Holder of the Offered Notes (which Opinion of
Counsel may rely on an Officer’s Certificate with respect to the effect of any such amendment on the economic interests of any Holder) and (ii) the consent of each Swap Counterparty will be required unless the Issuer obtains an Opinion of
Counsel stating that the amendment does not adversely affect in any material respect the interests of the Swap Counterparties. 
 (b) This
Agreement may also be amended from time to time by the Originator and the Trust Depositor, with the consent of the Servicer, the Indenture Trustee, the Owner Trustee on behalf of the Issuer, each Swap Counterparty and the Required Holders, 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 Holders; provided that no such amendment shall (i) increase or reduce in
any manner the amount of, or accelerate or delay the timing of or change the method of calculating Collections of payments on the Loans (including by way of amendment of related definitions), or (ii) change in any manner (including through
amendment of related definitions) the number or proportion of Noteholders that are required to consent to any such amendment, without the consent of all Noteholders and the Certificate of the relevant affected Class then outstanding. 
 (c) Prior to the execution of any such amendment or consent, the Originator shall cause the Indenture Trustee to furnish written notification of the
substance of such amendment or consent and a copy thereof to each Rating Agency. In addition, prior to the execution of any such amendment or consent, the Originator shall cause the Indenture Trustee to obtain written confirmation from each of Fitch
and S&P that entry into such amendment or consent satisfies the Fitch Rating Condition and the S&P Rating Condition, respectively. 
 (d) Promptly after the execution of any such amendment or consent, the Originator shall cause the Owner Trustee and the Indenture Trustee, as the case may be, to furnish written notification of the substance of such amendment or consent to
each Holder and each Swap Counterparty, respectively. It shall not be necessary for the consent of the Holders or the Swap Counterparties pursuant to Section 8.01(b) to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization by the Holders and the Swap Counterparties of the execution thereof shall be subject to such
reasonable requirements as the Owner Trustee or the Indenture Trustee may prescribe. 
 (e) Prior to the execution of any amendment to this
Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. Such Trustee may, but shall not be
obligated to, consent to any such amendment that affects such Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 Section 8.02. Governing Law. 
 (a) THIS AGREEMENT, INCLUDING THE RIGHTS, DUTIES AND REMEDIES OF THE PARTIES
HERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 

 

 25 

 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.02(b). 
 (c) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. 
 Section 8.03. Notices.

 All notices, demands, certificates, requests and communications hereunder (“notices”) shall be in writing and shall be
effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one
Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an Authorized Officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of
receipt, in all cases addressed to the recipient as follows: 
  

	 	(i)	If to the Originator: 

  

	 	  	American Capital Strategies, Ltd. 

	 	  	2 Bethesda Metro Center 

	 	  	14th Floor 

	 	  	Bethesda, Maryland 20814 

	 	  	Attention: Compliance Officer 

	 	  	Facsimile No.: (301) 654-6714 

  

 26 

	 	(ii)	If to the Trust Depositor: 

  

	 	  	ACAS Business Loan LLC, 2006-1 

	 	  	2 Bethesda Metro Center 

	 	  	14th Floor 

	 	  	Bethesda, Maryland 20814 

	 	  	Attention: Compliance Officer 

	 	  	Facsimile No.: (301) 654-6714 

  

	 	(iii)	If to S&P: 

  

	 	  	Standard & Poor’s Ratings Services, 

	 	  	a division of The McGraw-Hill Companies, Inc. 

	 	  	55 Water Street 

	 	  	41st Floor 

	 	  	New York, New York 10041 

	 	  	Attention: Surveillance: CDO Surveillance 

	 	  	Facsimile No.: (212) 438-2662 

 with an electronic
copy to: 
 cdo_surveillance@sandp.com (all Quarterly Reports and notices of payment defaults) 
 clo_loans@standardandpoors.com (all notices of payment defaults) 
  

	 	(iv)	If to Moody’s: 

  

	 	  	Moody’s Investors Service, Inc. 

	 	  	99 Church Street 

	 	  	New York, New York 10007 

	 	  	Attention: CDO Monitoring Department 

	 	  	Facsimile No.: (212) 553-3707 

	 	  	email: cdomonitoring@moodys.com 

  

	 	(v)	If to Fitch: 

  

	 	  	Fitch, Inc. 

	 	  	One State Street Plaza 

	 	  	New York, New York 10004 

	 	  	Attention: CDO Surveillance 

	 	  	Facsimile No.: (212) 514-6501 

	 	  	email: cdo.surveillance@fitchratings.com 

  

	 	(vi)	If to the Initial Purchasers: 

  

	 	  	Wachovia Capital Markets, LLC 

	 	  	Citigroup Global Markets Inc. 

	 	  	Banc of America Securities LLC 

  

 27 

	 	  	BMO Capital Markets Corp. 

	 	  	Credit Suisse Securities (USA) LLC 

	 	  	Dresdner Kleinwort Wasserstein Securities LLC 

	 	  	WestLB AG, London Branch 

	 	  	c/o Wachovia Capital Markets, LLC 

	 	  	One Wachovia Center, Mail Code: NC0610 

	 	  	301 South College Street 

	 	  	Charlotte, North Carolina 28288-0610 

	 	  	Attention: Asset Securitization Division 

	 	  	Facsimile No.: (704) 383-4012 

  

	 	(vii)	If to a Swap Counterparty: 

 At the address set forth for
such party in the applicable Swap. 
 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any
further or different address to which subsequent notices shall be sent. 
 Section 8.04. Severability of Provisions.

 If one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid,
then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this
Agreement, the Notes, the Certificates or the rights of the Holders thereof, and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenants, agreements, provisions or terms in
any other jurisdiction. 
 Section 8.05. Third Party Beneficiaries. 
 Except as otherwise specifically provided herein, the parties hereto hereby manifest their intent that no third party, other than each Trustee, each
Holder and each Swap Counterparty, shall be deemed a third party beneficiary of this Agreement, and specifically that the Obligors are not third party beneficiaries of this Agreement. 
 Section 8.06. Counterparts. 
 This Agreement may be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall together constitute but one and the same instrument. 
 Section 8.07. 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. 
  

 28 

 Section 8.08. No Bankruptcy Petition; Disclaimer. 
 (a) Each of the Originator and the Trust Depositor covenants and agrees that, prior to the date that is one year and one day (or, if longer, the
preference period then in effect plus one day) after the payment in full of all amounts owing in respect of all outstanding Classes of Notes rated by any Rating Agency, it will not institute against the Trust Depositor (in the case of the
Originator) or the Issuer, or join any other Person in instituting against the Trust Depositor or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the
United States or any state of the United States. This Section 8.08 will survive the termination of this Agreement. 
 (b) The
provisions of this Section 8.08 shall be for the third party benefit of those entitled to rely thereon, including the Holders and the Swap Counterparties, and shall survive the termination of this Agreement. 
 Section 8.09. Prohibited Transactions with Respect to the Issuer. 
 The Originator shall not: 
 (a) provide credit
to any Holder for the purpose of enabling such Holder to purchase Notes or Certificates, respectively; 
 (b) purchase any Notes or
Certificates in an agency or trustee capacity; or 
 (c) except in its capacity as Servicer as provided in the Transfer and Servicing
Agreement, lend any money to the Issuer. 
 Section 8.10. Assignment or Delegation by the Originator. 
 Except as specifically authorized hereunder, the Originator may not convey and assign or delegate any of its rights or obligations hereunder absent the
prior written consent of the Trust Depositor, the Trustees and the Swap Counterparties, and any attempt to do so without such consent shall be void. 
 Section 8.11. Limited Recourse. 
 The obligations of the Trust Depositor and the
Originator under this Agreement are solely the obligations of the Trust Depositor and the Originator. No recourse shall be had for the payment of any amount owing by the Trust Depositor or the Originator under this Agreement or for the payment by
the Trust Depositor or the Originator of any fee in respect hereof or any other obligation or claim of or against the Trust Depositor or the Originator arising out of or based upon this Agreement, against any employee, officer, director, Affiliate,
shareholder, partner or member of the Trust Depositor or the Originator or against the employee, officer, director, shareholder, partner or member or any Affiliate of such Person. The provisions of this Section 8.11 shall survive
termination of this Agreement 
 [Remainder of Page Intentionally Left Blank] 
  

 29 

  

 30 

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

			
	 AMERICAN CAPITAL STRATEGIES, LTD.,
 as
the Originator

		
	By:	 	 /s/ John Hooker

	Name:	 	John Hooker
	Title:	 	Vice President
	
	ACAS BUSINESS LOAN LLC, 2006-1,
as the Trust Depositor
		
	By:	 	 /s/ John Hooker

	Name:	 	John Hooker
	Title:	 	Vice President

 ACAS Business Loan Trust 2006-1 
 Transfer Agreement 

 Exhibit A 
 Form of Assignment 
 In accordance with the ACAS Transfer Agreement (the “ACAS
Transfer Agreement”), dated as of July 28, 2006, made by and between the undersigned, American Capital Strategies, Ltd., as Originator, and ACAS Business Loan LLC, 2006-1 (the “Trust Depositor”), as assignee
thereunder, the undersigned does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, on behalf of the Trust Depositor, (i) the Initial Loans and all Collections and other monies due or to become due in payment of such
Loans on and after the Closing Date, including any Prepayment Amounts, any Prepayment Premiums, any Late Charges, any payments in respect of a casualty or early termination, any Insurance Proceeds and any Liquidation Proceeds received with respect
to the foregoing; (ii) the Collateral related to such Loans (to the extent the Originator, other than solely in its capacity as collateral agent under any loan agreement with an Obligor, has been granted a Lien thereon), including the related
security interest granted by the Obligor under such Loans, all proceeds from any sale or other disposition of such Collateral, and all Insurance Policies; (iii) the Loan Files and all documents and records (including computer records) relating
thereto; (iv) all guarantees, indemnities, warranties and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Loans; (v) the Trust Accounts and all Trust Account Property (to the
extent of the Originator’s interest if any therein); and (vi) all income, payments, products, proceeds and other benefits of any and all of the foregoing. 
 Capitalized terms used herein have the meanings given such terms in the ACAS Transfer Agreement. 
 This
Assignment is made pursuant to and in reliance upon the representation and warranties on the part of the undersigned contained in Article III of the ACAS Transfer Agreement and no others. 
 IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed this [    ] day of
[                    ], 20[    ]. 
  

			
	AMERICAN CAPITAL STRATEGIES, LTD.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 ACAS Transfer Agreement 
  

 A-1

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