Document:

Amended and Restated Receivables Sale Agreement

 EXHIBIT 10.2 
 AMENDED AND RESTATED 
 RECEIVABLES SALE AGREEMENT 

DATED AS OF OCTOBER 6, 2009 
 among 
 ARCH CHEMICALS, INC., 
 as an Originator, 
 ARCH TREATMENT TECHNOLOGIES, INC. 
 as an Originator, 
 ARCH WOOD PROTECTION, INC., 
 as an Originator, 
 ARCH PERSONAL CARE PRODUCTS, L.P., 
 as an Originator, 
 and 
 ARCH CHEMICALS RECEIVABLES CORP., 
 as Buyer 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	Article I Amounts and Terms of the Purchase	  	4
	 Section 1.1
	  	Initial Contribution of Receivables	  	4
	 Section 1.2
	  	Purchase of Receivables	  	4
	 Section 1.3
	  	Payment for the Purchase	  	5
	 Section 1.4
	  	Purchase Price Credit Adjustments	  	7
	 Section 1.5
	  	Payments and Computations, Etc.	  	8
	 Section 1.6
	  	Transfer of Records	  	8
	 Section 1.7
	  	Characterization	  	9
	 Section 1.8
	  	Letters of Credit	  	9
	Article II Representations and Warranties	  	10
	 Section 2.1
	  	Representations and Warranties of each Originator	  	10
	Article III Conditions of Purchase	  	14
	 Section 3.1
	  	Conditions Precedent to Purchase	  	14
	 Section 3.2
	  	Conditions Precedent to Subsequent Purchases	  	14
	Article IV Covenants	  	15
	 Section 4.1
	  	Affirmative Covenants of Originators	  	15
	 Section 4.2
	  	Negative Covenants of Originators	  	20
	Article V Termination Events	  	21
	 Section 5.1
	  	Termination Events	  	21
	 Section 5.2
	  	Remedies	  	23
	Article VI Indemnification	  	24
	 Section 6.1
	  	Indemnities by Originators	  	24
	 Section 6.2
	  	Other Costs and Expenses	  	26
	Article VII Miscellaneous	  	26
	 Section 7.1
	  	Waivers and Amendments	  	26
	 Section 7.2
	  	Notices	  	26
	 Section 7.3
	  	Protection of Ownership Interests of Buyer	  	27
	 Section 7.4
	  	Confidentiality	  	28
	 Section 7.5
	  	Bankruptcy Petition	  	29
	 Section 7.6
	  	Limitation of Liability	  	29
	 Section 7.7
	  	CHOICE OF LAW	  	29
	 Section 7.8
	  	CONSENT TO JURISDICTION	  	30
	 Section 7.9
	  	WAIVER OF JURY TRIAL	  	30
	 Section 7.10
	  	Integration; Binding Effect; Survival of Terms	  	30
	 Section 7.11
	  	Counterparts; Severability; Section References	  	31

  

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	 Exhibits
	 	
		
	 Exhibit I
	 	Definitions
		
	 Exhibit II
	 	Jurisdiction of Organization; Principal Place of Business; Location(s) of Records; Federal Employer Identification Number; Other Names
		
	 Exhibit III
	 	Lock-Boxes; Collection Accounts; Collection Banks
		
	 Exhibit IV
	 	Form of Compliance Certificate
		
	 Exhibit V
	 	Copy of Credit and Collection Policy
		
	 Exhibit VI
	 	Form of Subordinated Note
		
	 Exhibit VII
	 	Form of Purchase Report
		
	Schedules	 	
		
	 Schedule A
	 	List of Documents to Be Delivered to Buyer on or Prior to the Purchase
		
	 Schedule 1.1
	 	Initial Contributed Receivables

  

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 RECEIVABLES SALE AGREEMENT 
 THIS RECEIVABLES SALE AGREEMENT, dated as of October 6, 2009, is by and among ARCH CHEMICALS, INC., a Virginia corporation, ARCH
TREATMENT TECHNOLOGIES, INC., a Virginia corporation, ARCH WOOD PROTECTION, INC., a Delaware corporation, ARCH PERSONAL CARE PRODUCTS, L.P., a New Jersey limited partnership (each, an “Originator” and collectively, the
“Originators”), and ARCH CHEMICALS RECEIVABLES CORP., a Delaware corporation (“Buyer”). Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to
such terms in Exhibit I hereto (or, if not defined in Exhibit I hereto, the meaning assigned to such term in Exhibit I to the Purchase Agreement). 
 PRELIMINARY STATEMENTS 
 The Originators and the Seller are parties to that
certain Receivables Sale Agreement dated as of June 27, 2005 as amended, supplemented or otherwise modified through the date hereof (the “Existing Agreement”). 
 The parties hereto wish to amend and restate the Existing Agreement on the terms set forth herein. 
 Each Originator now owns, and from time to time hereafter will own, Receivables. Such Originator wishes to sell and assign to Buyer, and
Buyer wishes to purchase from such Originator, all of such Originator’s right, title and interest in and to such Receivables, together with the Related Security and Collections with respect thereto. 
 Each Originator and Buyer intend the transactions contemplated hereby to be true sales of the Receivables from such Originator to Buyer,
providing Buyer with the full benefits of ownership of the Receivables, and the Originators and Buyer do not intend these transactions to be, or for any purpose to be characterized as, loans from Buyer to any Originator. 
 Following the purchase of Receivables from the Originators, Buyer will sell the Receivables, the associated Related Security and Collections
pursuant to that certain Amended and Restated Receivables Purchase Agreement dated as of October 6, 2009 (as the same may from time to time hereafter be amended, supplemented, restated or otherwise modified, the “Purchase
Agreement”) among Buyer, Arch Chemicals, Inc. (“Arch Chemicals”), as initial Servicer, Market Street Funding LLC (“Market Street”), PNC Bank, National Association
(“PNC”), as agent and administrator pursuant to the terms of the Purchase Agreement (in such capacity, the “Administrator”) and PNC, as LC Bank (in such capacity, the “LC
Bank”). 
  

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 NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein
contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 Article I 
 Amounts and Terms of the Purchase 
 Section 1.1 Initial Contribution of Receivables. 
 On June 27, 2005 (the “Initial Cutoff Date”), each Originator contributed, assigned, transferred, set-over and
otherwise conveyed to Buyer, and Buyer accepted from such Originator, Receivables originated by such Originator and existing as of the close of business on the Business Day immediately prior to the Initial Cutoff Date having an aggregate Outstanding
Balance in the amount set forth on Schedule 1.1 (the “Initial Contributed Receivables”), together with all Related Security relating thereto and all Collections thereof. 
 Section 1.2 Purchase of Receivables. 
 (a)(i) Effective on the Initial Cutoff Date, in consideration for the Purchase Price and upon the terms and subject to the
conditions set forth in the Existing Agreement, each Originator thereby sold, assigned, transferred, set-over and otherwise conveyed to Buyer, without recourse (except to the extent expressly provided therein), and Buyer thereby purchased from each
Originator, all of such Originator’s right, title and interest in and to all Receivables existing as of the close of business on the Initial Cutoff Date (other than the Initial Contributed Receivables) and all Receivables thereafter arising
through and immediately prior to the date hereof, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the Initial Cutoff Date Buyer acquired all of each
Originators’ right, title and interest in and to all Receivables existing as of the Initial Cutoff Date and thereafter arising through and the date immediately prior to the date hereof, together with all Related Security relating thereto and
all Collections thereof. Buyer was obligated to pay the Purchase Price for the Receivables purchased hereunder in accordance with Section 1.3 of the Existing Agreement. 
 (ii) Effective on the date hereof, in consideration for the Purchase Price and upon the terms and subject to the conditions
set forth herein, each Originator does hereby sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse (except to the extent expressly provided herein), and Buyer does hereby purchase from each Originator, all of such
Originator’s right, title and interest in and to all Receivables existing as of the close of business on the date hereof and all Receivables thereafter arising through and including the Termination Date, together, in each case, with all Related
Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the date hereof Buyer shall acquire all of each Originators’ right, title and interest in and to all Receivables existing as of the date hereof
and thereafter arising through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. Buyer shall be obligated to pay the Purchase Price for the Receivables purchased hereunder in
accordance with Section 1.3. 
 (b) On the Monthly Reporting Date, each Originator shall (or shall
require the Servicer to) deliver to Buyer a report containing substantially the same information as the form of report set forth in Exhibit VII hereto (each such report being herein called a “Purchase Report”) with
respect to the Receivables sold by each Originator to Buyer

  

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during the Settlement Period then most recently ended. In addition to, and not in limitation of, the foregoing, in connection with the payment of the Purchase Price for any Receivables purchased
hereunder, Buyer may request that each Originator deliver, and each Originator shall deliver, such approvals, opinions, information or documents as Buyer may reasonably request. 
 (c) It is the intention of the parties hereto that the Purchase of Receivables made under the Existing Agreement and
hereunder shall constitute a sale and/or contribution, which sale and/or contribution, as the case may be, is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Receivables. Except for the Purchase Price Credits
owed pursuant to Section 1.4, the sale of Receivables under the Existing Agreement was made and the Sale of Receivables hereunder is made without recourse to any Originator; provided, however, that (i) each Originator
shall be liable to Buyer for all representations, warranties, covenants and indemnities made by such Originator pursuant to the terms of the Transaction Documents to which such Originator is a party, and (ii) such sale does not constitute and
is not intended to result in an assumption by Buyer or any assignee thereof of any obligation of any Originator or any other Person arising in connection with the Receivables, the related Contracts and/or other Related Security or any other
obligations of any Originator. In view of the intention of the parties hereto that the Purchase of Receivables made under the Existing Agreement and hereunder shall constitute a sale of such Receivables rather than loans secured thereby, each
Originator agrees that it will, on or prior to the date hereof and in accordance with Section 4.1(e)(iii), mark its master data processing system and all accounts receivable reports generated thereby with a legend reasonably acceptable
to Buyer and to the Administrator (as Buyer’s assignee), evidencing that Buyer has purchased such Receivables as provided in this Agreement and to note in its financial statements that its Receivables have been absolutely transferred to Buyer.
Upon the request of Buyer or the Administrator (as Buyer’s assignee), each Originator will execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may
be necessary or appropriate to perfect and maintain the perfection of Buyer’s ownership interest in the Receivables and the Related Security and Collections with respect thereto, or as Buyer or the Administrator (as Buyer’s assignee) may
reasonably request; provided, however, that unless and until an Amortization Event or an Unmatured Amortization Event has occurred, none of the Originators shall be required to take any actions to establish, maintain or perfect the
Buyer’s ownership interest in the Related Security other than the filing of financing statements under the UCC of all appropriate jurisdictions. 
 Section 1.3 Payment for the Purchase. 
 (a) The
Purchase Price for the Purchase of Receivables in existence as of the close of business on the Initial Cutoff Date (other than the Initial Contributed Receivables) was paid in full by Buyer to each Originator on June 27, 2005, and was paid to
each Originator in the following manner: 
 (i) by delivery of immediately available funds, to the extent of
funds on hand to Buyer or made available to Buyer in connection with its subsequent sale of an interest in such Receivables to Three Pillars Funding, LLC (“TPF”) under the Receivables Purchase Agreement dated as of
June 27, 2005 (as

  

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amended, supplemented and modified through the date hereof among Buyer, Servicer, TPF and SunTrust Robinson Humphrey, Inc. (formerly known as SunTrust Capital Markets), as administrator;
provided that a portion of such funds was offset by amounts such Originator agreed to make as capital contributions such that after giving effect thereto, the Buyer’s Net Worth was not less than the Required Capital Amount, and

 (ii) the balance, by delivery of the proceeds of the related subordinated revolving loan from such Originator
to Buyer (each, a “Subordinated Loan” and collectively, the “Subordinated Loans”) in an amount not to exceed the lesser of (A) the remaining unpaid portion of such Purchase Price and (B) the
maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net Worth less than the Required Capital Amount. Each Originator is hereby authorized by Buyer to endorse on the schedule attached to the related Subordinated Note an
appropriate notation evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of Buyer thereunder.

 The Purchase Price for each Receivable coming into existence and purchased by the Buyer after the Initial Cutoff Date shall be due and owing
in full by Buyer to the related Originator or its designee on the date each such Receivable came into existence (except that Buyer may, with respect to any such Purchase Price, offset against such Purchase Price any amounts owed by such Originator
to Buyer under the Existing Agreement and hereunder and which have become due but remain unpaid) and shall be paid to such Originator in the manner provided in the following paragraphs (b), (c) and (d). 
 (b) With respect to any Receivables coming into existence after the Initial Cutoff Date, on each Settlement Date, Buyer shall
pay, to the relevant Originator, the Purchase Price therefor in accordance with Section 1.3(d) and in the following manner: 
 first, by delivery of immediately available funds, to the extent of funds available to Buyer from its subsequent sale of an interest in the Receivables to Market Street under the Purchase Agreement or
other cash on hand; 
 second, if such Originator has requested a Letter of Credit pursuant to Section 1.8,
by Buyer’s obtaining and delivering such Letter of Credit; and 
 third, either (i) by delivery of the
proceeds of the related Subordinated Loan, provided that the making of any such Subordinated Loan shall be subject to the provisions set forth in Section 1.3(a)(ii) or (ii) unless such Originator or Buyer has declared the
Termination Date to have occurred pursuant to this Agreement, by accepting a contribution to its capital in an amount equal to the remaining unpaid balance of such Purchase Price. 
 Subject to the limitations set forth in Section 1.3(a)(ii), each Originator irrevocably agrees to advance each related
Subordinated Loan requested by Buyer on or prior to the Termination Date. The Subordinated Loans shall be evidenced by, and shall be payable in accordance with the terms and provisions of the related Subordinated Note and shall be payable solely
from funds which Buyer is not required under the Purchase Agreement to set aside for the benefit of, or otherwise pay over to, Market Street. 
  

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 (c) From and after the Termination Date, no Originator shall be obligated to
(but may, at its option): (i) sell Receivables to Buyer, or (ii) contribute Receivables to Buyer’s capital pursuant to clause third of Section 1.3(b) unless, in either case, such Originator reasonably determines that the
Purchase Price therefor will be satisfied with funds available to Buyer from sales of interests in the Receivables pursuant to the Purchase Agreement, Collections, proceeds of Subordinated Loans, other cash on hand or otherwise. 
 (d) Although the Purchase Price for each Receivable coming into existence after the Initial Cutoff Date shall be due and
payable in full by Buyer to the related Originator on the date such Receivable came into existence, settlement of the Purchase Price between Buyer and such Originator shall be effected on a monthly basis on Settlement Dates with respect to all
Receivables coming into existence during the same Calculation Period and based on the information contained in the Purchase Report delivered by such Originator for the Calculation Period then most recently ended. Although settlement shall be
effected on Settlement Dates, increases or decreases in the amount owing under the related Subordinated Note made pursuant to Section 1.3 and any contribution of capital by an Originator to Buyer made pursuant to
Section 1.3(b) shall be deemed to have occurred and shall be effective as of the last Business Day of the Calculation Period to which such settlement relates. 
 Section 1.4 Purchase Price Credit Adjustments. 
 If on any day:

 (a) the Outstanding Balance of a Receivable is: 
 (i) reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any other
adjustment or otherwise by any Originator or any Affiliate thereof, or as a result of any governmental or regulatory action, or, 
 (ii) reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related transaction or an unrelated transaction), or

 (iii) reduced on account of the obligation of any Originator or any Affiliate thereof to pay to the related
Obligor any rebate or refund; or 
 (iv) less than the amount included in calculating the Outstanding Balance for
purposes of any Purchase Report (for any reason other than such Receivable becoming a Defaulted Receivable or payment in full of the entire Outstanding Balance being made on such Receivable); or 
 (b) any of the representations and warranties set forth in Section 2.1(h), Section 2.1(i), Section
2.1(j), Section 2.1(r), Section 2.1(s), Section 2.1(t) are not true when made or deemed made with respect to any Receivable, 
  

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 then, in such event, Buyer shall be entitled to a credit (each, a “Purchase Price
Credit”) against the Purchase Price otherwise payable hereunder equal to, in the case of clause (a) above, the amount of such reductions relating to such Receivable and, in the case of clause (b) above, the
Outstanding Balance of such Receivable (calculated before giving effect to the applicable reduction or cancellation). If such Purchase Price Credit exceeds the Original Balance of the Receivables coming into existence on any day, then the related
Originator shall pay the remaining amount of such Purchase Price Credit in cash immediately, provided that if the Termination Date has not occurred, such Originator shall be allowed to deduct the remaining amount of such Purchase Price Credit from
any indebtedness owed to it under its Subordinated Note. 
 Section 1.5 Payments and Computations, Etc.

 All amounts to be paid or deposited by Buyer hereunder shall be paid or deposited in accordance with the terms hereof on
the day when due in immediately available funds to the account of the related Originator designated from time to time by such Originator or as otherwise directed by such Originator. In the event that any payment owed by any Person hereunder becomes
due on a day that is not a Business Day, then such payment shall be made on the next succeeding Business Day. If any Person fails to pay any amount hereunder when due, such Person agrees to pay, on demand, the Default Fee in respect thereof until
paid in full; provided, however, that such Default Fee shall not at any time exceed the maximum rate permitted by applicable law. All computations of interest payable hereunder shall be made on the basis of a year of 360 days for the
actual number of days (including the first but excluding the last day) elapsed. 
 Section 1.6 Transfer of
Records. 
 (a) In connection with the Purchase of Receivables hereunder, each Originator hereby sells,
transfers, assigns and otherwise conveys to Buyer all of such Originator’s right and title to and interest in the Records relating to all Receivables sold or contributed by it hereunder, without the need for any further documentation in
connection with the Purchase (it being understood and agreed that any Records that are not freely assignable (whether by express provision or by virtue of confidentiality provisions) according to their terms are excluded from such sale, transfer,
assignment or conveyance; provided, that upon reasonable request of the Buyer (or its assigns), the applicable Originator will use its reasonable efforts to obtain consent to the assignment from the relevant counterparty). In connection with
such transfer, each Originator hereby grants to each of Buyer, the Administrator and the Servicer an irrevocable, non-exclusive license to use, without royalty or payment of any kind, all software used by such Originator to account for the
Receivables, to the extent necessary to administer the Receivables, whether such software is owned by such Originator or is owned by others and used by such Originator under license agreements with respect thereto, provided that should the consent
of any licensor of such software be required for the grant of the license described herein, to be effective, the applicable Originator hereby agrees that upon the reasonable request of Buyer (or Buyer’s assignee), such Originator will use its
reasonable efforts to obtain the consent of such third-party licensor. The license granted hereby shall be irrevocable until the indefeasible payment in full of the Aggregate Unpaids, and shall terminate on the date this Agreement terminates in
accordance with its terms. 
  

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 (b) Each Originator (i) shall take such action requested by Buyer
and/or the Administrator (as Buyer’s assignee), from time to time hereafter, that may be reasonably necessary or appropriate to ensure that Buyer and its assigns under the Purchase Agreement have an enforceable ownership interest in the Records
relating to the Receivables purchased from the Originators hereunder; provided, however, that the applicable Originator shall not be required to take any actions with respect to its Records other than those required by Sections
1.6(a) and 4.1(e) hereto unless and until an Unmatured Amortization Event has occurred, and (ii) shall use its reasonable efforts to ensure that Buyer, the Administrator and the Servicer each has an enforceable right (whether by
license or sublicense or otherwise) to use all of the computer software used to account for the Receivables and/or to recreate such Records. 
 Section 1.7 Characterization. 
 If, notwithstanding the
intention of the parties expressed in Section 1.2(c), any sale or contribution by any Originator to Buyer of Receivables hereunder shall be characterized as a secured loan and not a sale or contribution or such sale or contribution, as
the case may be, shall for any reason be ineffective or unenforceable, then this Agreement shall be deemed to constitute a security agreement under the UCC and other applicable law. For this purpose and without being in derogation of the
parties’ intention that the sale of Receivables hereunder shall constitute a true sale thereof, each Originator hereby grants to Buyer a security interest in all of such Originator’s right, title and interest, whether now owned or
hereafter acquired, in, to and under all Receivables now existing and hereafter arising, all Collections and Related Security with respect thereto, each Lock-Box and Collection Account, all other rights and payments relating to the Receivables and
all proceeds of the foregoing to secure the prompt and complete payment of a loan deemed to have been made in an amount equal to the Purchase Price of the Receivables together with all other obligations of such Originator hereunder, which security
interest shall be prior to all other Adverse Claims thereto. Buyer and its assigns shall have, in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided to a secured creditor under the
UCC and other applicable law, which rights and remedies shall be cumulative. 
 Section 1.8 Letters of Credit.

 (a) Upon the request of any Originator and in accordance with Section 1.3, and subject to the terms and conditions
for issuing Letters of Credit under the Purchase Agreement (including any limitations therein on the amount of any such issuance), the Buyer agrees to cause the LC Bank to issue, on any Business Day specified by such Originator, Letters of Credit on
behalf of the Buyer (and, if applicable, on behalf of, or for the account of, any Originator in favor of such beneficiaries as such Originator may elect). The aggregate stated amount of the Letters of Credit being issued on any Business Day shall
constitute a credit against the aggregate Purchase Price otherwise payable by the Buyer on such Business Day pursuant to Section 1.3. To the extent that the aggregate stated amount of the Letters of Credit being issued on any Business Day
exceeds the aggregate Purchase Price payable by the Buyer on such Business Day, such excess shall be deemed to be a reduction in the outstanding principal balance of (and, to the extent necessary, the accrued but unpaid interest on) the applicable
Subordinated Note. The aggregate stated amount of Letters of Credit to be issued to any Originator on any Business Day cannot exceed the sum of the aggregate Purchase Price payable on such Business Day to such Originator plus the aggregate
outstanding principal balance of

  

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and accrued but unpaid interest on the Subordinated Note related to such Originator on such Business Day. In the event that any Letter of Credit issued (i) expires or is cancelled or
otherwise terminated with all or any portion of its stated amount undrawn, (ii) has its stated amount decreased (for a reason other than a drawing having been made thereunder) or (iii) the Buyer’s Reimbursement Obligation in respect
thereof is reduced for any reason other than by virtue of a payment made in respect of a drawing thereunder, then an amount equal to such undrawn amount or such reduction, as the case may be, shall be paid (i) in cash to such Originator on the
next Business Day and (ii) by adding such amount not paid in cash pursuant to subclause (i) above to the outstanding principal amount of the Subordinated Note issued to such Originator. 
 (b) In the event that any Originator requests a Letter of Credit hereunder, such Originator shall on a timely basis provide the Buyer with
such information as is necessary for the Buyer to obtain such Letter of Credit from the LC Bank. 
 (c) Each Originator agrees
to be bound by the terms of each Letter of Credit Application referenced in the Purchase Agreement and by the LC Bank’s interpretations of any Letter of Credit issued for the Buyer and by the LC Bank’s written regulations and customary
practices relating to letters of credit. 
 Article II 
 Representations and Warranties 
 Section 2.1
Representations and Warranties of each Originator. 
 Each Originator with respect to itself, hereby represents and
warrants to Buyer on the date hereof, on the date of the Purchase and on each date that any Receivable comes into existence that: 
 (a) Existence and Power. Such Originator’s jurisdiction of organization is correctly set forth in Exhibit II to this Agreement and such jurisdiction is its sole jurisdiction of
organization. Such Originator is duly organized under the laws of its jurisdiction of organization and is a “registered organization” as defined in the UCC in effect in such jurisdiction. Such Originator is validly existing and in good
standing under the laws of its jurisdiction of organization, and no other state or jurisdiction, and as to which such state or jurisdiction must maintain a public record showing the organization to have been organized. Such Originator is qualified
to do business and is in good standing as a foreign entity, and has and holds all corporate power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is
conducted except where the failure to so qualify or so hold could not reasonably be expected to have a Material Adverse Effect. 
 (b) Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by such Originator of this Agreement and each other Transaction Document to which it is a party, and
the performance of its obligations hereunder and thereunder and, such Originator’s use of the proceeds of the Purchase made hereunder,

  

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are within its organizational powers and authority and have been duly authorized by all necessary organizational action on its part. This Agreement and each other Transaction Document to which
such Originator is a party has been duly executed and delivered by such Originator. 
 (c) No Conflict.
The execution and delivery by such Originator of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its Organizational
Documents, (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment,
award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Originator or its Subsidiaries (except as created hereunder) except, in any case, where
such contravention or violation could not reasonably be expected to have a Material Adverse Effect; and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
 (d) Governmental Authorization. Other than the filing of the financing statements required hereunder, no authorization
or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution and delivery by such Originator of this Agreement and each other Transaction Document to which it is a
party and the performance of its obligations hereunder and thereunder. 
 (e) Actions, Suits. There are no
actions, suits or proceedings pending, or to the best of such Originator’s knowledge, threatened, against it, or any of its properties, in or before any court, arbitrator or other body, that could reasonably be expected to have a Material
Adverse Effect. Such Originator is not in default with respect to any order of any court, arbitrator or governmental body which default could reasonably be expected to have a Material Adverse Effect. 
 (f) Binding Effect. This Agreement and each other Transaction Document to which such Originator is a party constitute
the legal, valid and binding obligations of such Originator enforceable against such Originator in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other
similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (g) Accuracy of Information. All information (other than any projection or other forward-looking information)
heretofore furnished by such Originator or any of its Affiliates to Buyer (or its assigns) for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all
such information (other than any projection or other forward-looking information) hereafter furnished by such Originator or any of its Affiliates to Buyer (or its assigns) will be, true and accurate in every material respect on the date such
information is stated or certified and does not and will not contain any material misstatement of fact. 
  

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 (h) Use of Proceeds. No portion of any Purchase Price payment
hereunder will be used by such Originator (i) for a purpose that violates, or would be inconsistent with, any law, rule or regulation applicable to such Originator or (ii) to acquire any security in any transaction which is subject to
Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended other than the repurchase of equity securities of Arch Chemicals so long as such repurchase does not violate Sections 12, 13 or 14 of the Securities Exchange Act of 1934,
as amended. 
 (i) Good Title. Immediately prior to the Purchase hereunder and upon the creation of each
Receivable coming into existence after the Initial Cutoff Date, such Originator (i) is the legal and beneficial owner of the Receivables created by it and (ii) is the legal and beneficial owner of the Related Security with respect thereto,
free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions to perfect such Originator’s ownership interest in each Receivable, its Collections, “Supporting Obligations” (as defined in Article 9 of the UCC in effect in each relevant jurisdiction), each Originator’s right,
title and interest in, to and under each of the Transaction Documents to which it is a party, returned goods the sale of which gave rise to any Receivable, security interests in favor of any Originator that secure payment of such Receivable and all
other items of Related Security in which an interest therein may be perfected by the filing of a financing statement under Article 9 of the UCC and proceeds of the foregoing. 
 (j) Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is effective
to transfer to Buyer (and Buyer shall acquire from such Originator) (i) legal and equitable title to, with the right to sell and encumber each Receivable existing and hereafter arising, together with the Collections with respect thereto, and
(ii) all of such Originator’s right, title and interest in the Related Security associated with each Receivable, in each case, free and clear of any Adverse Claim, except as created by the Transactions Documents. There have been duly filed
all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer’s ownership interest in the Receivables, its Collections, “Supporting
Obligations” (as defined in Article 9 of the UCC in effect in each relevant jurisdiction), each Originator’s right, title and interest in, to and under each of the Transaction Documents to which it is a party, returned goods the sale of
which gave rise to any Receivable, security interests in favor of any Originator that secure payment of such Receivable and all other items of Related Security in which an interest therein may be perfected by the filing of a financing statement
under Article 9 of the UCC and proceeds of the foregoing. Such Originator’s jurisdiction of organization is a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made
generally available in a filing, record or registration system as a condition or result of such a security interest’s obtaining priority over the rights of a lien creditor which respect to collateral. 
 (k) Places of Business and Locations of Records. The principal places of business of such Originator and the offices
where it keeps all of its Records are located at the address(es) listed on Exhibit II. Such Originator’s Federal Employer Identification Number is correctly set forth on Exhibit II. 
  

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 (l) Collections. The conditions and requirements set forth in
subclause (i) of Section 4.1(i) have at all times since the Initial Cutoff Date, been satisfied and duly performed. The conditions and requirements set forth in subclause (ii) of Section 4.1(i) have
been satisfied from and after the Initial Cutoff Date. The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts of such Originator at each Collection Bank and the post office box number of each
Lock-Box, are listed on Exhibit III. Such Originator has not granted any Person, other than Buyer (and its assigns) dominion and control of any Lock-Box or Collection Account, or the right to take dominion and control of any such Lock-Box or
Collection Account at a future time or upon the occurrence of a future event. 
 (m) Material Adverse
Effect. Since June 30, 2009, no event has occurred that would have a Material Adverse Effect. 
 (n)
Names. The name in which such Originator has executed this Agreement is identical to the name of such Originator as indicated on the public record of its state of organization which shows such Originator to have been organized. In the past
five (5) years, such Originator has not used any corporate names, trade names or assumed names other than the name in which it has executed this Agreement and as listed on Exhibit II. 
 (o) Ownership of Buyer. Arch Chemicals owns, directly or indirectly, 100% of the issued and outstanding equity
interests of Buyer, free and clear of any Adverse Claim. Such equity interests are validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of Buyer. 
 (p) Not a Holding Company or an Investment Company. Such Originator is not a “holding company” or a
“subsidiary holding company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or any successor statute. Such Originator is not an “investment company” within the
meaning of the Investment Company Act of 1940, as amended, or any successor statute. 
 (q) Compliance with
Law. Such Originator has complied in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be
expected to have a Material Adverse Effect. Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to
truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation, except where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect. 
 (r) Compliance with Credit
and Collection Policy. Such Originator has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection
Policy, except such material change as to which Buyer (or its assigns) has been notified in accordance with Section 4.1(a)(vii). 
  

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 (s) Payments to Originator. With respect to each Receivable
transferred to Buyer hereunder, the Purchase Price received by such Originator constitutes reasonably equivalent value in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by such Originator
of any Receivable hereunder is or may be voidable under any section of the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
 (t) Enforceability of Contracts. Each Contract with respect to each Receivable is effective to create, and has
created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law). 
 (u) Eligible Receivables. Each Receivable reflected in any Purchase
Report as an Eligible Receivable was an Eligible Receivable on the date of its acquisition by Buyer hereunder. 
 (v) Accounting. The manner in which such Originator accounts for the transactions contemplated by this Agreement does not jeopardize the characterization of the transactions contemplated herein as being true sales. 
 (w) Contract Provisions. Except for customary adjustments in the ordinary course of business, no Contract with respect
to any Receivable contains provisions that either (i) permit or provide for any reduction in the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon or (ii) could otherwise hinder the ability to
receive Collections with respect to such Receivable. 
 Article III 
 Conditions of Purchase 
 Section 3.1 Conditions Precedent to Purchase. 
 The Purchase on
the Initial Cutoff Date under this Agreement is subject to the conditions precedent that (a) Buyer shall have been capitalized with the Initial Contributed Receivables, (b) Buyer shall have received on or before the Closing Date those
documents listed on Schedule A and (c) all of the conditions to the initial purchase under the Purchase Agreement shall have been satisfied or waived in accordance with the terms thereof. 
 Section 3.2 Conditions Precedent to Subsequent Purchases. 
 Each Purchase after the Initial Cutoff Date shall be subject to the further conditions precedent that: (a) the Facility Termination Date
shall not have occurred under the Purchase Agreement; (b) Buyer (or its assigns) shall have received such other approvals, opinions or

  

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documents as it may reasonably request and (c) on the date such Receivable came into existence, the following statements shall be true (and acceptance of the proceeds of any payment for such
Receivable shall be deemed a representation and warranty by each Originator that such statements are then true): 
 (i) the representations and warranties set forth in Article II are true and correct on and as of the date such Receivable came into existence as though made on and as of such date, except to the extent such representations and
warranties are expressly limited to an earlier date; and 
 (ii) no event has occurred and is continuing that
will constitute a Termination Event or an Unmatured Termination Event. 
 Notwithstanding the foregoing conditions precedent, upon payment of
the Purchase Price for any Receivable (whether by payment of cash, by delivery of a Letter of Credit, through an increase in the amounts outstanding under the related Subordinated Note, by offset of amounts owed to Buyer and/or by offset of capital
contributions), title to such Receivable and the Related Security and Collections with respect thereto shall vest in Buyer, whether or not the conditions precedent to Buyer’s obligation to pay for such Receivable were in fact satisfied. The
failure of any Originator to satisfy any of the foregoing conditions precedent, however, shall give rise to a right of Buyer to rescind the related purchase and direct such Originator to pay to Buyer an amount equal to the Purchase Price payment
that shall have been made with respect to any Receivables related thereto. 
 Article IV 
 Covenants 
 Section 4.1 Affirmative Covenants of Originators. 
 Until the date on which this Agreement
terminates in accordance with its terms, each Originator, with respect to itself hereby covenants as set forth below: 
 (a) Financial Reporting. Such Originator will maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish to Buyer (or its assigns): 
 (i) Annual Reporting. Within 90 days after the close of each of its fiscal years, audited, unqualified consolidated
financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for Arch Chemicals and its consolidated Subsidiaries for such fiscal year certified in a manner acceptable to Buyer
(or its assigns) by KPMG LLP, independent public accountants or any other independent public accountants of recognized national standing. 
 (ii) Quarterly Reporting. Within 45 days after the close of the first three (3) quarterly periods of each of its respective fiscal years, balance sheets of Arch Chemicals and its consolidated
Subsidiaries as at the close of each such period and consolidated statements of income and a statement of cash flows for Arch Chemicals and its Subsidiaries for the period from the beginning of such fiscal year to the end of such quarter, all
certified by its chief financial officer, principal accounting officer, treasurer or corporate controller. 
  

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 (iii) Compliance Certificate. Together with the financial statements
required hereunder, a compliance certificate in substantially the form of Exhibit IV signed by such Originator’s Authorized Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case
may be. 
 (iv) Shareholders Statements and Reports. Promptly after becoming publicly available to the
shareholders of such Originator, copies of all financial statements, reports and proxy statements furnished to them. 
 (v) S.E.C. Filings. Promptly after becoming publicly available, copies of all registration statements and annual, quarterly, monthly or other regular reports which such Originator or any of its Subsidiaries files with the Securities
and Exchange Commission. 
 (vi) Copies of Notices. Promptly upon its receipt of any notice, request for
consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than Buyer, the Administrator, Market Street or the LC Bank, copies of the same if such notice,
request, consent, financial statements, certification, report or other communication can reasonably be expected to have an adverse effect on the Receivables, the Related Security or the Buyer’s (or its assigns) rights therein. 
 (vii) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of any
material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such proposed change or amendment, and (B) if such proposed change or
amendment would be reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting Buyer’s (and the Administrator’s, as Buyer’s assignee) consent
thereto. 
 (viii) Other Information. Promptly, from time to time, such other information, documents,
records or reports relating to (i) the financial condition or operations of such Originator as Buyer (or its assigns) may from time to time reasonably request in order to protect the interests of Buyer (and its assigns) under or as contemplated
by this Agreement or (ii) the Receivables as the Buyer (or its assigns) may reasonably request. 
 Information required to be delivered pursuant to paragraphs (i), (ii), (iv) and (v) of this Section 4.1(a) shall be deemed to have been delivered by the date indicated therein,
provided that such information has been filed with the Securities and Exchange Commission by such date; provided further that the Originator shall deliver paper copies of the statements, reports, financial statements and other
information referred to in paragraph (i), (ii), (iv) and (v) of this Section 4.1(a) to the Buyer promptly upon request following such filing. 
  

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 (b) Notices. Such Originator will notify Buyer (or its assigns) in
writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
 (i) Termination Events or Unmatured Termination Events. The occurrence of each Termination Event and each Unmatured
Termination Event, by a statement of an Authorized Officer of such Originator. 
 (ii) Judgment and
Proceedings. (A) The entry of any judgment or decree against such Originator or any of its Subsidiaries if the amount of such judgment or decree then outstanding against such Originator and its Subsidiaries exceeds $10,000,000 after
deducting (1) the amount with respect to which such Originator or any such Subsidiary is insured and with respect to which the insurer has not disclaimed responsibility in writing, and (2) the amount for which such Originator or any such
Subsidiary is otherwise indemnified if the terms of such indemnification are satisfactory to Buyer (or its assigns), and (B) the institution of any litigation, arbitration proceeding or governmental proceeding against such Originator which,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (iii)
Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably be expected to have, a Material Adverse Effect. 
 (iv) Defaults Under Other Agreements. The occurrence of a default that could lead to an event of default or an event of default under any other financing arrangement in a principal amount greater
than or equal to $10,000,000 pursuant to which such Originator is a debtor or an obligor. 
 (c) Compliance
with Laws and Preservation of Existence. Such Originator will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to
so comply could not reasonably be expected to have a Material Adverse Effect. Such Originator will preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified
in good standing as a foreign entity in each jurisdiction where its business is conducted, except where the failure to so qualify or remain in good standing could not reasonably be expected to have a Material Adverse Effect. Notwithstanding the
preceding sentence, it is expressly understood and agreed that any Originator may merge or consolidate with, or transfer all or substantially all of its assets to, any other Originator, so long as Buyer (or its assigns) shall have received such
approvals, opinions or documents as it may reasonably request. 
 (d) Audits. In addition to information
that may be required pursuant to Section 4.1(a)(viii), each Originator will furnish to Buyer (or its assigns) from time to time such information with respect to it and the Receivables as Buyer (or its assigns) may reasonably request.
Each Originator will, from time to time during regular business hours as requested by Buyer (or its assigns), upon reasonable notice and at the sole cost of such Originator, permit Buyer (or its assigns) or their respective agents or representatives
(i) to examine and make copies of and abstracts from all Records in the

  

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possession or under the control of such Originator relating to the Receivables and the Related Security, including, without limitation, the related Contracts (other than any Confidential Contract
(except for any Confidential Contract as to which the related Obligor has consented to such disclosure or which may be disclosed to others who are subject to a confidentiality agreement) as to which the disclosure thereof cannot be satisfied by the
execution and delivery of a confidentiality agreement), and (ii) to visit the offices and properties of such Originator for the purpose of examining such materials described in clause (i) above, and to discuss matters relating
to such Originator’s financial condition or the Receivables and the Related Security or such Originator’s performance under any of the Transaction Documents or such Originator’s performance under the Contracts and, in each case, with
any of the officers or employees of Originator having knowledge of such matters (each of the foregoing examinations and visits, a “Review”); provided, however, that so long as no Termination Event has occurred
and is continuing, (A) such Originator shall only be responsible for the costs and expenses of one (1) Review in any one calendar year, and (B) the Buyer (or its assigns) will not request more than two (2) Reviews in any one
calendar year. 
 (e) Keeping and Marking of Records and Books. 
 (i) Such Originator will, maintain and implement administrative and operating procedures (including, without limitation, an
ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information, in each such case as reasonably necessary or advisable for the
collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Such Originator will give Buyer (or its
assigns) notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
 (ii) Such Originator will on or prior to the date hereof, mark its master data processing system and all accounts receivable reports generated thereby with a legend, reasonably acceptable to Buyer (or its
assigns), describing Buyer’s ownership interests in the Receivables and further describing the interests in the Receivables of the Administrator (on behalf of Market Street and the LC Bank and their assigns) under the Purchase Agreement.

 (f) Compliance with Contracts and Credit and Collection Policy. Such Originator will timely and fully
(i) perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, in each case to the same extent as though such Contracts had not
been transferred to the Buyer, but only to the extent there would not be an adverse effect upon the Receivables, and (ii) comply in all material respects with the Credit and Collection Policy in regard to each Receivable and the related
Contract. 
 (g) Ownership. Such Originator will take all necessary action to establish and maintain,
irrevocably in Buyer, (A) legal and equitable title to the Receivables and the Collections and (B) all of such Originator’s right, title and interest in the Related Security associated with the Receivables, in each case, free and
clear of any Adverse Claims other

  

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than Adverse Claims in favor of Buyer (and its assigns) (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC
(or any comparable law) of all appropriate jurisdictions to perfect Buyer’s interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Buyer as Buyer (or its
assigns) may reasonably request); provided, however, that unless and until an Amortization Event or an Unmatured Amortization Event has occurred, none of the Originators shall be required to take any actions to establish, maintain or
perfect the Buyer’s ownership interest in the Related Security other than the filing of financing statements under the UCC of all appropriate jurisdictions. 
 (h) Market Street’s and LC Bank’s Reliance. Such Originator acknowledges that the Administrator, Market
Street and the LC Bank are entering into the transactions contemplated by the Purchase Agreement in reliance upon Buyer’s identity as a legal entity that is separate from such Originator and any Affiliates thereof. Therefore, from and after the
date of execution and delivery of this Agreement, such Originator will take all reasonable steps including, without limitation, all steps that Buyer or any assignee of Buyer may from time to time reasonably request to maintain Buyer’s identity
as a separate legal entity and to make it manifest to third parties that Buyer is an entity with assets and liabilities distinct from those of such Originator and any Affiliates thereof and not just a division of such Originator or any such
Affiliate. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, such Originator (i) will not hold itself out to third parties as liable for the debts of Buyer nor purport to own the
Receivables and other assets acquired by Buyer, (ii) will take all other actions necessary on its part to ensure that Buyer is at all times in compliance with the “separateness covenants” set forth in Section 7.1(i) of the
Purchase Agreement and (iii) will cause all tax liabilities arising in connection with the transactions contemplated herein or otherwise to be allocated between such Originator and Buyer on an arm’s-length basis and in a manner consistent
with the procedures set forth in U.S. Treasury Regulations §§1.1502-33(d) and 1.1552-1. 
 (i)
Collections. Such Originator will cause (i) all proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (ii) each Lock-Box and Collection Account to be subject at all times to a
Collection Account Agreement that is in full force and effect. In the event any payments relating to Receivables are remitted directly to such Originator or any Affiliate of such Originator, such Originator will remit (or will cause all such
payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two (2) Business Days following receipt thereof and, at all times prior to such remittance, such Originator will itself hold or, if
applicable, will cause such payments to be held in trust for the exclusive benefit of Buyer and its assigns. Such Originator will transfer exclusive ownership, dominion and control of each Lock-Box and Collection Account to Buyer and, will not grant
the right to take dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to Buyer (or its assigns) as contemplated by this Agreement and the Purchase Agreement.

 (j) Taxes. Such Originator will file all tax returns and reports required by law to be filed by it and
promptly pay all taxes and governmental charges at any time owing, except any such taxes which are not yet delinquent or are being diligently contested in

  

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good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. Such Originator will pay when due any taxes payable in
connection with the Receivables, exclusive of taxes on or measured by income or gross receipts of Buyer and its assigns. 
 Section 4.2 Negative Covenants of Originators. 
 Until the date on which this Agreement terminates
in accordance with its terms, each Originator, with respect to itself, hereby covenants that: 
 (a) Change in
Name, Jurisdiction of Organization. Such Originator will not change (i) its name as it appears in official filings in the jurisdiction of its organization, (ii) its status as a “registered organization” (within the meaning of
Article 9 of any applicable enactment of the UCC) in such jurisdiction, (iii) its organizational identification number, if any, issued by its jurisdiction of organization, or (iv) its jurisdiction of organization unless it shall have:
(A) given Buyer (or its assigns) at least thirty (30) days’ prior written notice thereof and (B) delivered to Buyer (or its assigns) all financing statements, instruments and other documents requested by Buyer (or its assigns) in
connection with such change or relocation. 
 (b) Change in Payment Instructions to Obligors. Such
Originator will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box or Collection Account, unless Buyer (or its assigns) shall have received, at least
ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account or Lock-Box, an executed
Collection Account Agreement with respect to the new Collection Account or Lock-Box; provided, however, that such Originator may make changes in instructions to Obligors regarding payments if such new instructions require such Obligor
to make payments to another existing Collection Account. 
 (c) Modifications to Contracts and Credit and
Collection Policy. Such Originator will not make any material change or material amendment to the Credit and Collection Policy unless, at least 30 days prior to such material change or material amendment, it has delivered to the Buyer (or its
assigns) a copy of the Credit and Collection Policy then in effect and notice (i) indicating such proposed change or amendment, and (ii) if such proposed change would be reasonably likely to adversely affect the collectibility of the
Receivables or decrease the credit quality of any newly created Receivables, requesting Buyer’s (and the Administrator’s, as Buyer’s assignee) consent thereto. Except as otherwise permitted in its capacity as Servicer pursuant to the
Purchase Agreement, Originator will not extend, amend or otherwise modify the terms of any Receivable or Contract related thereto other than in accordance with the Credit and Collection Policy. 
 (d) Sales, Liens. Such Originator will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or
grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect
to any Contract under which any Receivable arises, or any

  

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Lock-Box or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, (i) the creation of the interests therein in favor of Buyer (and its
assigns) provided for herein or in any other Transaction Document and (ii) in connection with any transaction permitted by Section 4.1(c)), and such Originator will defend the right, title and interest of Buyer in, to and under any
of the foregoing property, against all claims of third parties claiming through or under such Originator. Such Originator shall not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar
arrangement on any of its inventory the sale of which gives rise to any Receivable. 
 (e) Accounting for
Purchase. Such Originator will not, and will not permit any Affiliate to, account for the transactions contemplated hereby in any manner other than the sale or capital contributions of the Receivables and the Related Security by such Originator
to Buyer or in any other respect account for or treat the transactions contemplated hereby in any manner other than as a sale or contribution of the Receivables and the Related Security by such Originator to Buyer except (i) to the extent that
such transactions are not recognized on account of consolidated financial reporting in accordance with generally accepted accounting principles and (ii) in accordance with applicable tax principles, each Purchase and contribution is ignored for
tax reporting purposes. 
 (f) Contract Provisions. Except for customary adjustments in the ordinary
course of business, such Originator will not permit any Contract with respect to any Receivable to contain provisions that either (i) permit or provide for any reduction in the Outstanding Balance of the Receivable created thereunder and any
accrued interest thereon or (ii) could otherwise hinder the ability to receive Collections with respect to such Receivable. 
 Article V 
 Termination Events 
 Section 5.1 Termination Events. 
 The occurrence of any one or more of the following events shall constitute a Termination Event: 
 (a) Any Originator shall fail (i) to make any payment or deposit required hereunder when due and such failure shall continue for three (3) consecutive Business Days, or (ii) to perform or
observe any term, covenant or agreement hereunder (other than as referred to in clause (i) of this paragraph (a)) or any other Transaction Document to which it is a party and such failure shall continue for ten
(10) consecutive Business Days. 
 (b)(i) Any representation or warranty made by any of the Originators in
this Agreement or the Receivables Purchase Agreement shall prove to have been incorrect in any respect when made or deemed made, (ii) any information contained in any Monthly Report shall prove to have been incorrect in any respect when made,
or (iii) any

  

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representation, warranty, certification or statement (other than relating to projections or other forward-looking information) made by any of the Originators in any other Transaction Document or
in any other document delivered pursuant hereto or thereto (other than in a Monthly Report) shall prove to have been incorrect in any material respect when made or deemed made; provided that no such event shall constitute a Termination Event
unless such event is unremedied for a period of ten (10) Business Days after the earlier to occur of (i) written notice thereof shall have been given by the Buyer (or its assigns) to the applicable Originator or (ii) an Authorized
Officer of such Originator shall have actual knowledge thereof or should have had knowledge thereof if such Authorized Officer had exercised reasonable care in the performance of his or her duties; provided, further that no
grace period shall apply to Sections 2.1(f), 2.1(i), 2.1(j), 2.1(n), 2.1(p) and 2.1(u); and provided, further no such event shall constitute a Termination Event if the Seller have timely
paid to the Administrator the Purchase Price Credit required to be paid as a result of such event in accordance with Section 1.4. 
 (c) Failure of any Originator to pay any Indebtedness when due in excess of $10,000,000 (after giving effect to any applicable grace periods); or the default by any Originator in the performance of any
term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due
prior to its stated maturity; or any such Indebtedness of any Originator shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof. 
 (d) an Event of Bankruptcy shall occur with respect to any Originator or any of its Subsidiaries. 
 (e) A Change of Control shall occur. 
 (f) One or more final judgments of a court of competent jurisdiction for the payment of money in an amount in excess of
$10,000,000, individually or in the aggregate, shall be entered against any Originator or any of its Subsidiaries on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue
unsatisfied and in effect for sixty (60) consecutive days without a stay of execution. 
 (g) This Agreement
shall terminate in whole or in part (except in accordance with its terms), or shall cease to be effective or to be the legally valid, binding and enforceable obligation of any Originator, or any Originator shall directly or indirectly contest in any
manner such effectiveness, validity, binding nature or enforceability, or Buyer (or its assigns) shall cease to have a valid and perfected first priority security interest in the Receivables, its Collections, “Supporting Obligations” (as
defined in Article 9 of the UCC in effect in each relevant jurisdiction), each Originator’s right, title and interest in, to and under each of the Transaction Documents to which it is a party, returned goods the sale of which gave rise to any
Receivable, security interests in favor of any Originator that secure payment of such Receivable and all other items of Related Security in which an interest therein may be perfected by the filing of financing statements under Article 9 of the UCC
and proceeds of the foregoing, or any Person shall contest the Buyer’s perfected first priority ownership interest in that portion of the

  

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Related Security in which perfection cannot be accomplished under Article 9 of the relevant UCC, or the Buyer (or its assigns) shall incur any loss resulting from any Originator’s failure to
perfect Buyer’s ownership interest in that portion of the Related Security in which perfection cannot be accomplished under Article 9 of the relevant UCC. 
 (h) The Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Tax Code with regard to any
of the Receivables or the Related Security or the PBGC shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the Receivables or the Related Security and any such lien shall not have been released within the earlier
to occur of (i) seven (7) days after the date of such filing and (ii) the day on which the Buyer (or any of its assigns) becomes aware of such filing. 
 (i) Any Plan of any Originator or any of its ERISA Affiliates: 
 (i) shall fail to be funded in accordance with the minimum funding standard required by applicable law, the terms of such
Plan, Section 412 of the Tax Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan under applicable law, the terms of such Plan or Section 412 of the Tax Code or
Section 303 of ERISA; or 
 (ii) is being, or has been, terminated or the subject of termination proceedings
under applicable law or the terms of such Plan; or 
 (iii) shall require any Originator or any of its ERISA
Affiliates to provide security under applicable law, the terms of such Plan, Section 401 or 412 of the Tax Code or Section 306 or 307 of ERISA; or 
 (iv) results in a liability to any Originator or any of its ERISA Affiliates under applicable law, the terms of such Plan, or
Title IV ERISA, 
 and there shall result from any such failure, waiver, termination or other event a liability to the PBGC or a Plan that would
have a Material Adverse Effect. 
 (j) Any other event shall occur which has, or could be reasonably expected to
have a Material Adverse Effect. 
 Section 5.2 Remedies. 
 Upon the occurrence and during the continuation of a Termination Event, Buyer may take any of the following actions: (a) declare the
Termination Date to have occurred, whereupon the Termination Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Originator; provided, however, that upon
the occurrence of a Termination Event described in Section 5.1(d), or of an actual or deemed entry of an order for relief with respect to any Originator under the Federal Bankruptcy Code, the Termination Date shall automatically occur,
without demand, protest or any notice of any kind, all of which are hereby expressly waived by each Originator and (b) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with respect to any amounts then
due and owing by each Originator to Buyer. The aforementioned rights and remedies shall be without limitation and shall be in addition to all other rights and remedies of

  

 23 

 
Buyer and its assigns otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without
limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative. 
 Article VI

 Indemnification 
 Section 6.1 Indemnities by Originators. 
 Without limiting any
other rights that Buyer may have hereunder or under applicable law, each Originator hereby agrees to indemnify (and pay upon demand to) Buyer and its assigns, officers, directors, agents and employees (each an “Indemnified
Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively
referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by Buyer of an interest in the Receivables,
excluding, however: 
 (a) Indemnified Amounts to the extent a final judgment of a court of competent
jurisdiction holds that such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
 (b) Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of
the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 
 (c) taxes imposed by the
United States, the Indemnified Party’s jurisdiction of organization (or in the case of an individual, primary resident) or any other jurisdiction in which such Indemnified Party has established a taxable nexus other than in connection with the
transaction contemplated hereby, on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by Market Street
or the LC Bank of Receivables under the Purchase Agreement as a loan or loans by Market Street or the LC Bank to Buyer secured by, among other things, the Receivables, the Related Security and the Collections; 
 provided, however, that nothing contained in this sentence shall limit the liability of any Originator or limit the recourse of Buyer to any
Originator for amounts otherwise specifically provided to be paid by such Originator under the terms of this Agreement. Without limiting the generality of the foregoing indemnification, but subject in each case to clauses (a),
(b) and (c) above, an Originator shall indemnify Buyer for Indemnified Amounts relating to or resulting from: 
 (i) any representation or warranty made by such Originator (or any officers of such Originator) under or in connection with any Purchase Report, this Agreement, any other Transaction Document or any other
information or report delivered by such Originator pursuant hereto or thereto for which Buyer has not received a Purchase Price Credit that shall have been false or incorrect when made or deemed made; 
  

 24 

 (ii) the failure by such Originator, to comply with any applicable law, rule
or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of such Originator to keep or perform any
of its obligations, express or implied, with respect to any Contract; 
 (iii) any failure of such Originator to
perform its duties, covenants or other obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (iv) any products liability, personal injury or damage, suit or other similar claim arising out of or in connection with merchandise, insurance or services that are the subject of any Contract or any
Receivable; 
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of
the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its
terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 
 (vi) the commingling of Collections of Receivables at any time with other funds; 
 (vii) any investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction
Document, the transactions contemplated hereby, the use of the proceeds of the Purchase hereunder, the ownership of the Receivables or any other investigation, litigation or proceeding relating to such Originator in which any Indemnified Party
becomes involved as a result of any of the transactions contemplated hereby; 
 (viii) any inability to litigate
any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 
 (ix) any Termination Event described in Section 5.1(d); 
 (x) any failure to vest and maintain vested in Buyer, or to transfer to Buyer, legal and equitable title to, and ownership
of, the Receivables and the Collections, and all of such Originator’s right, title and interest in the Related Security associated with the Receivables, in each case, free and clear of any Adverse Claim except for Adverse Claims in favor of the
Buyer and its assigns; 
 (xi) the failure to have filed, or any delay in filing, financing statements or other
similar instruments or documents under the UCC of any applicable

  

 25 

 
jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of the
Purchase or at any subsequent time; 
 (xii) any action or omission by such Originator which reduces or impairs
the rights of Buyer (or its assigns) with respect to any Receivable or the value of any such Receivable; 
 (xiii) any attempt by any Person to void the Purchase hereunder under statutory provisions or common law or equitable action; and 
 (xiv) the failure of any Receivable reflected as an Eligible Receivable on any Purchase Report to be an Eligible Receivable at the time acquired by Buyer. 
 Section 6.2 Other Costs and Expenses. 
 Each Originator shall pay to Buyer promptly on demand all reasonable costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement, the
transactions contemplated hereby and the other documents to be delivered hereunder. Each Originator shall pay to Buyer promptly on demand any and all reasonable costs and expenses of Buyer, if any, including reasonable counsel fees and expenses in
connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following a Termination
Event. 
 Article VII 
 Miscellaneous 
 Section 7.1 Waivers and Amendments. 

 (a) No failure or delay on the part of Buyer (or its assigns) in exercising any power, right or remedy under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies
herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 
 (b) No provision of this Agreement may be amended, supplemented, modified or waived except in writing signed by each
Originator and Buyer and, to the extent required under the Purchase Agreement, the Administrator and the Liquidity Banks or the Required Liquidity Banks. Any material amendment, supplement, modification of waiver will required satisfaction of the
Rating Agency Condition. 
 Section 7.2 Notices. 
 All communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission
or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the

  

 26 

 
signature pages hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other
communication shall be effective (a) if given by telecopy, upon the receipt thereof, (b) if given by mail, ten (10) Business Days after the time such communication is deposited in the mail with first class postage prepaid or
(c) if given by any other means, when received at the address specified in this Section 7.2. 
 Section 7.3 Protection of Ownership Interests of Buyer. 
 (a) Each Originator agrees
that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that Buyer (or its assigns) may request, to perfect, protect or more fully
evidence the interest of Buyer hereunder and the interest in the Receivables, or to enable Buyer (or its assigns) to exercise and enforce their rights and remedies hereunder; provided, however, that unless and until an Amortization
Event or an Unmatured Amortization Event has occurred, none of the Originators shall be required to take any actions to establish, maintain or perfect the Buyer’s ownership interest in the Related Security other than the filing of financing
statements under the UCC of all appropriate jurisdictions. During the occurrence and continuance of an Unmatured Amortization or an Amortization Event, Buyer (or its assigns) may, at the related Originator’s sole cost and expense, direct such
Originator to notify the Obligors of Receivables of the ownership interests of Buyer under this Agreement. During the occurrence and continuance of an Unmatured Amortization or an Amortization Event, Buyer (or its assigns) may direct any Originator
(and if any Originator fails to do so) Buyer (or its assigns) may direct that payments of all amounts due or that become due under any or all Receivables be made directly to an account specified by the Buyer or its designee which may be an account
of the Buyer (or its assigns). 
 (b) If any Originator fails to perform any of its obligations hereunder, Buyer
(and Administrator, as Buyer’s assignee) may (but shall not be required to) upon notice to such Originator perform, or cause performance of, such obligations, and Buyer’s (or such assigns’) costs and expenses incurred in connection
therewith shall be payable by such Originator as provided in Section 6.2. Each Originator irrevocably authorizes Buyer (and Administrator, as Buyer’s assignee) at any time and from time to time in the sole discretion of Buyer (or
such assignee), and appoints Buyer (and such assignee) as its attorney(ies)-in-fact, to act on behalf of such Originator (i) to execute (if required) on behalf of such Originator as debtor or seller and to file financing statements necessary or
desirable in Buyer’s (or such assignee’s) sole discretion to perfect and to maintain the perfection and priority of the ownership interest of Buyer in the Receivables and associated Related Security and Collections and (ii) to file a
carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as Buyer (or Administrator, as Buyer’s assignee) in its sole discretion deems
necessary or desirable to perfect and to maintain the perfection and priority of Buyer’s ownership interest in the Receivables. This appointment is coupled with an interest and is irrevocable. (A) Each Originator hereby authorizes Buyer
(and Administrator, as Buyer’s assignee) to file financing statements and other filing or recording documents with respect to the Receivables and Related Security (including any amendments thereto, or continuation or termination statements
thereof), without further authorization of such Originator, in such form and in

  

 27 

 
such offices as Buyer (or such assignee) reasonably determines appropriate to perfect or maintain the perfection of the ownership or security interests of Buyer (and Administrator, as
Buyer’s assignee) hereunder, (B) each Originator acknowledges and agrees that it is not authorized to, and will not, file financing statements or other filing or recording documents with respect to the Receivables or Related Security
(including any amendments thereto, or continuation or termination statements thereof), without the express prior written approval by the Administrator (as Buyer’s assignee), consenting to the form and substance of such filing or recording
document, and (C) each Originator approves, authorizes and ratifies any filings or recordings made by or on behalf of the Administrator (as Buyer’s assignee) in connection with the perfection of the ownership or security interests in favor
of Buyer or the Administrator (as Buyer’s assignee). 
 Section 7.4 Confidentiality. 
 (a) Each Originator shall maintain and shall cause each of its employees and officers to maintain the confidentiality of the
Fee Letter and any confidential or proprietary information with respect to Market Street and the LC Bank and Market Street’s and the LC Bank’s business obtained by it or them in connection with the structuring, negotiating and execution of
the transactions contemplated herein, except that such Originator and its officers and employees may disclose such information to such Originator’s directors, external accountants and attorneys and in accordance with any applicable law, rule,
regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (b) Anything herein to the contrary notwithstanding, each Originator hereby consents to the disclosure of any nonpublic
information with respect to it (i) to Buyer, the Administrator, PNC, the LC Bank or Market Street by each other, (ii) by Buyer, the Administrator, PNC, the LC Bank or Market Street to any prospective or actual assignee or participant of
any of them and (iii) by the Administrator to any rating agency, Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to Market Street or any entity organized for the purpose of purchasing, or making
loans secured by, financial assets for which PNC or one of its affiliates acts as the administrator and/or agent and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person
is informed of the confidential nature of such information. In addition, Market Street, PNC, the LC Bank and the Administrator may disclose any such nonpublic information in accordance with any law, rule, regulation, direction, request or order of
any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (c) Buyer shall maintain and shall cause each of its employees and officers to maintain the confidentiality of any confidential or proprietary information with respect to each Originator, the Obligors and their respective businesses
obtained by it in connection with the due diligence evaluations, structuring, negotiating and execution of the Transaction Documents, and the consummation of the transactions contemplated herein and any other activities of Buyer arising from or
related to the transactions contemplated herein provided, however, that each of Buyer and its employees and officers shall be permitted to disclose such confidential or proprietary information: (i) to the Administrator, Market
Street, the LC Bank and PNC, (ii) to any prospective or actual assignee or participant who executes a confidentiality agreement for the benefit of any

  

 28 

 
Originator and Buyer on terms comparable to those required of Buyer hereunder with respect to such disclosed information, (iii) to any rating agency, provider of a surety, guaranty or credit
or liquidity enhancement to Market Street, (iv) to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, and (v) to the extent required pursuant to any applicable law, rule, regulation, direction,
request or order of any judicial, administrative or regulatory authority or proceedings with competent jurisdiction (whether or not having the force or effect of law) so long as such required disclosure is made under seal to the extent permitted by
applicable law or by rule of court or other applicable body; provided each such Person is informed of the confidential nature of such information. 
 Section 7.5 Bankruptcy Petition. 
 (a) Each of
the Originators and Buyer hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of Market Street, it will not institute against, or join any other Person in
instituting against, Market Street any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
 (b) Each of the Originators covenants and agrees that, prior to the date that is one year and one day after the payment in
full of all outstanding obligations of Buyer under the Purchase Agreement, it will not institute against, or join any other Person in instituting against, Buyer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
other similar proceeding under the laws of the United States or any state of the United States. 
 Section 7.6
Limitation of Liability. 
 Except with respect to any claim arising out of the willful misconduct or gross negligence
of Market Street, the Administrator, the LC Bank or any Liquidity Bank, no claim may be made by any Originator or any other Person against Market Street, the Administrator, the LC Bank or any Liquidity Bank or their respective Affiliates, directors,
officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this
Agreement, or any act, omission or event occurring in connection therewith; and each Originator hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist
in its favor. 
 Section 7.7 CHOICE OF LAW. 
 THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW) OF THE STATE OF NEW YORK. 
  

 29 

 Section 7.8 CONSENT TO JURISDICTION. 
 EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING
IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AGREEMENT AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT
FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF BUYER (OR ITS ASSIGNS) TO BRING PROCEEDINGS AGAINST ANY ORIGINATOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY ORIGINATOR AGAINST BUYER (OR ITS ASSIGNS) OR ANY AFFILIATE
THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ANY ORIGINATOR PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW
YORK. 
 Section 7.9 WAIVER OF JURY TRIAL. 
 EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN
TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY ORIGINATOR PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
 Section 7.10 Integration; Binding Effect; Survival of Terms. 
 (a) This Agreement and each other Transaction Document contain the final and complete integration of all prior expressions by
the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 
 (b) This Agreement shall be binding upon and inure to the benefit of each Originator, Buyer and their respective successors
and permitted assigns (including any trustee in bankruptcy). No Originator may assign any of its rights and obligations hereunder or any interest herein without the prior written consent of Buyer. Buyer may assign at any time its rights and
obligations hereunder and interests herein to any other Person without the consent of any Originator. Without limiting the foregoing, each Originator acknowledges that Buyer, pursuant to the Purchase Agreement, may assign to the Administrator, for
the benefit of Market Street and the LC Bank and their assigns, its rights, remedies, powers and privileges hereunder and that the Administrator may further assign such rights, remedies, powers and privileges to the extent permitted in the Purchase
Agreement. Each Originator agrees that the Administrator, as the assignee of Buyer, shall, subject to the terms of the Purchase Agreement, have the right to enforce this Agreement and to exercise directly all of Buyer’s rights and remedies
under this

  

 30 

 
Agreement (including, without limitation, the right to give or withhold any consents or approvals of Buyer to be given or withheld hereunder) and each Originator agrees to cooperate fully with
the Administrator in the exercise of such rights and remedies. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in
accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Originator pursuant to Article II; (ii) the indemnification and
payment provisions of Article VI; and (iii) Section 7.5 shall be continuing and shall survive any termination of this Agreement. 
 (c) This Agreement amends and restates the Existing Agreement in its entirety, effective as of the Closing Date, and is not intended to constitute a novation of the obligations thereunder. Nothing
contained herein shall terminate any security interests or subordinations previously granted in favor of Three Pillars Funding LLC (“TPF”) or SunTrust Robinson Humphrey, Inc. (f/k/a SunTrust Capital Markets, “STRH”) in connection
with the Existing Agreement and the transactions contemplated thereby; such security interests and subordinations are being assigned by TPF and STRH to Market Street and the Administrator, as applicable; and such security interest and subordinations
shall continue in full force and effect in favor of Market Street, the LC Bank and the Administrator, as applicable, from and after the Closing Date. 
 Section 7.11 Counterparts; Severability; Section References. 
 This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same Agreement. Delivery of an executed counterpart of a signature page by facsimile or other means of electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. Any provisions of this
Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,” “Section,”
“Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 
 [remainder of page intentionally left blank] 
  

 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered by their duly authorized officers as of the date hereof. 
  

			
	ARCH CHEMICALS, INC.
		
	By:	 	 /s/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	Treasurer
	
	Address:
	US Mail:
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention: Corporate Secretary
	Telephone No.: (203) 229-2900
	Facsimile No.: (203) 229-2713

 [additional signatures to follow] 
  

 32 

			
	ARCH TREATMENT TECHNOLOGIES, INC.
		
	By:	 	 /s/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	VP and Treasurer
	
	Address:
	US Mail:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention: Corporate Secretary
	Telephone No.: (203) 229-2900
	Facsimile No.: (203) 229-2713

 [additional signatures to follow] 
  

 33 

			
	ARCH WOOD PROTECTION, INC.
		
	By:	 	 /s/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	Treasurer
	
	Address:
	US Mail:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention: Corporate Secretary
	Telephone No.: (203) 229-2900
	Facsimile No.: (203) 229-2713
	
	ARCH PERSONAL CARE PRODUCTS, L.P.
		
	By:	 	Arch PCI, Inc., as general partner
		
	By:	 	 /s/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	Treasurer
	
	Address:
	US Mail:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention: Corporate Secretary
	Telephone No.: (203) 229-2900
	Facsimile No.: (203) 229-2713

 [additional signatures to follow] 
  

 34 

			
	ARCH CHEMICALS RECEIVABLES CORP.
		
	By:	 	 /s/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	Treasurer
	
	Address:
	US Mail:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention: Corporate Secretary
	Telephone No.: (203) 229-3576
	Facsimile No.: (203) 229-3143

 [end of signatures] 
  

 35 

 Exhibit I 
 Definitions 
 This is Exhibit I to the Agreement (as hereinafter defined).
As used in the Agreement and the Exhibits and Schedules thereto, capitalized terms have the meanings set forth in this Exhibit I (such meanings to be equally applicable to the singular and plural forms thereof). If a capitalized term is used in the
Agreement, or any Exhibit or Schedule thereto, and is not otherwise defined therein or in this Exhibit I, such term shall have the meaning assigned thereto in Exhibit I to the Purchase Agreement (hereinafter defined). 
 Administrator: As defined in the Preliminary Statements to the Agreement. 
 Agreement: The Amended and Restated Receivables Sale Agreement, dated as of October 6, 2009, between each Originator and Buyer, as the same may be amended, restated or otherwise modified.

 Buyer: As defined in the preamble to the Agreement. 
 Calculation Period: Each calendar month or portion thereof which elapses during the term of the Agreement. The first Calculation Period shall commence on the date of the Purchases hereunder and the
final Calculation Period shall terminate on the Termination Date. 
 Credit and Collection Policy: Each Originator’s credit and
collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit V, as modified from time to time in accordance with the Agreement. 
 Default Fee: A per annum rate of interest equal to the sum of (a) (the Prime Rate, plus (b) 2% per annum. 
 Discount Factor: A percentage calculated to provide Buyer with a reasonable return on its investment in the Receivables after taking account of
(a) the time value of money based upon the anticipated dates of collection of the Receivables and the cost to Buyer of financing its investment in the Receivables during such period and (b) the risk of nonpayment by the Obligors.
Originator and Buyer may agree from time to time to change the Discount Factor based on changes in one or more of the items affecting the calculation thereof, provided that any change to the Discount Factor shall take effect as of the commencement
of a Calculation Period, shall apply only prospectively and shall not affect the Purchase Price payment made prior to the Calculation Period during which Originator and Buyer agree to make such change. 
 Initial Contributed Receivables: As defined in Section 1.1. 
 Initial Cutoff Date: As defined in Section 1.1. 
 Material Adverse
Effect: A material adverse effect on (a) the financial condition or operations of Arch Chemicals and its Subsidiaries taken as a whole, (b) the ability of any Originator to perform its obligations under the Agreement or any other
Transaction Document, (c) the legality, validity or enforceability of the Agreement or any other Transaction Document, (d) any

  

 I-1 

 
Originator’s, Buyer’s, the Administrator’s, the LC Bank’s or Market Street’s interest in the Receivables generally or in any significant portion of the Receivables, the
Related Security or Collections with respect thereto, or (e) the collectability of the Receivables generally or of any material portion of the Receivables. 
 Net Worth: As of the last Business Day of each Calculation Period preceding any date of determination, the excess, if any, of (a) the sum of (i) the aggregate Outstanding Balance of the
Receivables at such time and (ii) the aggregate cash and cash equivalents held, over (b) the sum of (i) the Aggregate Invested Amount outstanding at such time, plus (ii) the aggregate outstanding principal balance of the
Subordinated Loans (including any Subordinated Loan proposed to be made on the date of determination) plus (iii) the LC Amount. 
 Organizational Documents: For any Person, the documents for its formation and organization, which, for example, (a) for a corporation are its corporate charter and bylaws, (b) for a partnership are its certificate of
partnership (if applicable) and partnership agreement, (c) for a limited liability company are its certificate of formation or organization and its operating agreement, regulations or the like and (d) for a trust is the trust agreement,
declaration of trust, indenture or bylaws under which it is created. 
 Original Balance: With respect to any Receivable coming into
existence after the Initial Cutoff Date, the Outstanding Balance of such Receivable on the date it was created. 
 Originator: As defined
in the preamble to the Agreement. 
 Purchase: The purchase pursuant to Section 1.2(a) of the Agreement by Buyer from any
Originator of the Receivables and the Related Security and Collections related thereto, together with all related rights in connection therewith. 
 Purchase Agreement: The meaning set forth in the Preliminary Statements to the Agreement. 
 Purchase Price: With respect
to the Purchase, the aggregate price to be paid by Buyer to any Originator for such Purchase in accordance with Section 1.3 of the Agreement for the Receivables, Collections and Related Security being sold to Buyer, which price shall
equal on any date (a) the product of (i) the Outstanding Balance of such Receivables on such date, multiplied by (ii) one minus the Discount Factor in effect on such date, minus (b) any Purchase Price Credits to be credited
against the Purchase Price otherwise payable in accordance with Section 1.4 of the Agreement. 
 Purchase Price Credit: As
defined in Section 1.4 of the Agreement. 
 Purchase Report: As defined in Section 1.2(b) of the Agreement.

 Receivable: All indebtedness and other obligations owed by any Obligor in the United States or Canada to any Originator (at the times
it arises, and before giving effect to any transfer or conveyance under the Agreement) or Buyer (after giving effect to the transfers under the Agreement) or in which any Originator or Buyer has a security interest or other interest, including,
without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible, arising in connection with the sale of goods or the rendering of services by any Originator and further includes,
without limitation, the obligation to pay any Finance Charges with respect thereto. 
  

 I-2 

 Related Security: With respect to any Receivable: 
 (a) all of the related Originator’s interest in the inventory and goods (including returned or repossessed inventory or
goods), if any, the sale, financing or lease of which by such Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 
 (b) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such
Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 
 (c) all guaranties, letters of credit, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the
Contract related to such Receivable or otherwise, 
 (d) all service contracts and other contracts and agreements
associated with such Receivable, 
 (e) all Records related to such Receivable, 
 (f) all of such Originator’s right, title and interest in each Lock-Box and each Collection Account, and 
 (g) all proceeds of any of the foregoing; 
 provided, however, that “Related Security” shall not include any Restricted Contract to the extent the assignment or transfer of, or the creation, attachment, perfection or
enforcement of a security interest in, such Restricted Contract is not authorized by Section 9-406(d) of the UCC as in effect in each relevant jurisdiction. 
 Reportable Event: Any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder, other than any such event for which the 30-day notice requirement under ERISA has been
waived in regulations issued by the PBGC. 
 Required Capital Amount: As of any date of determination, an amount equal to the greater of
(a) 3% of the Purchase Limit under the Purchase Agreement, and (b) the product of (i) 1.5 times the product of the Default Ratio times the Loss Horizon Ratio, each as determined from the most recent Monthly Report received from the
Servicer under the Purchase Agreement, and (ii) the Outstanding Balance of all Receivables as of such date, as determined from the most recent Monthly Report received from the Servicer under the Purchase Agreement. 
  

 I-3 

 Restricted Contract: Any Contract that contains an enforceable provision affirmatively restricting
the assignment of the related Originator’s rights under such Contract to another Person where such provision does not include any exception that could permit such an assignment to Buyer (other than obtaining the consent of another Person (other
than the Originator) if required by such Contract) or the breach of which provision would result in the termination of such Contract. 
 Subordinated Loan: As defined in Section 1.3(a) of the Agreement. 
 Subordinated Note: A promissory note in
substantially the form of Exhibit VI hereto as more fully described in Section 1.3 of the Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 Tax Code: The Internal Revenue Code of 1986, as the same may be amended from time to time. 
 Termination Date: The earliest to occur of (a) the Facility Termination Date (as defined in the Purchase Agreement), (b) the Business Day
immediately prior to the occurrence of a Termination Event set forth in Section 5.1(d), (c) the Business Day specified in a written notice from Buyer to any Originator following the occurrence of any other Termination Event, and
(d) the date which is 10 Business Days after Buyer’s receipt of written notice from the Originators that they wish to terminate the facility evidenced by this Agreement. 
 Termination Event: As defined in Section 5.1 of the Agreement. 
 Unmatured
Termination Event: An event which, with the passage of time or the giving of notice, or both, would constitute a Termination Event. 
 All
accounting terms not specifically defined herein shall be construed in accordance with GAAP. Unless otherwise specified, 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. 
  

 I-4 

 Exhibit VI 
 Form of Subordinated Note 
 SUBORDINATED NOTE 
             , 200   
 1. Note. FOR VALUE RECEIVED, the undersigned, Arch Chemicals Receivables Corp., a Delaware corporation
(“SPV”), hereby unconditionally promises to pay to the order of [ORIGINATOR NAME], a(n)              ***[corporation] [limited liability company]
[partnership]*** (“Originator”), in lawful money of the United States of America and in immediately available funds, on or before the date following the Termination Date which is one year and one day after the date on
which (a) the Outstanding Balance of all Receivables sold under the “Sale Agreement” referred to below has been reduced to zero and (b) Originator has paid to Buyer all indemnities, adjustments and other amounts which may be owed
thereunder in connection with the Purchase thereunder (the “Collection Date”), the aggregate unpaid principal sum outstanding of all “Subordinated Loans” made from time to time by Originator to SPV pursuant to and
in accordance with the terms of that certain Amended and Restated Receivables Sale Agreement dated as of October 6, 2009 between Originator and certain of its affiliates, as sellers, and SPV, as buyer (as amended, restated, supplemented or
otherwise modified from time to time, the “Sale Agreement”). Reference to Section 1.3 of the Sale Agreement is hereby made for a statement of the terms and conditions under which the loans evidenced hereby have
been and will be made. All terms which are capitalized and used herein and which are not otherwise specifically defined herein shall have the meanings ascribed to such terms in the Sale Agreement. 
 2. Interest. SPV further promises to pay interest on the outstanding unpaid principal amount hereof from the date hereof until
payment in full hereof at a rate equal to the 1-month LIBOR rate published in The Wall Street Journal on the first Business Day of each month (or portion thereof) during the term of this Subordinated Note, computed for actual days elapsed on the
basis of a year consisting of 360 days and changing on the first business day of each month hereafter (“LIBOR”); provided, however, that if SPV shall default in the payment of any principal hereof, SPV promises to pay, on
demand, interest at the rate equal to LIBOR plus 2.00% per annum on any such unpaid amounts, from the date such payment is due to the date of actual payment. Interest shall be payable on the first Business Day of each month in arrears;
provided, however, that SPV may elect on the date any interest payment is due hereunder to defer such payment and upon such election the amount of interest due but unpaid on such date shall constitute principal under this Subordinated Note. The
outstanding principal of any loan made under this Subordinated Note shall be due and payable on the Collection Date and may be repaid or prepaid at any time without premium or penalty. 
 3. Principal Payments. Originator is authorized and directed by SPV to enter on the grid attached hereto, or, at its option, in its
books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries shall constitute prima facie evidence of the
accuracy of the information so entered; provided that neither the failure of Originator to make any such entry or any error therein shall expand, limit or affect the obligations of SPV hereunder. 
  

 VI-1 

 4. Subordination. Originator shall have the right to receive, and SPV shall make, any
and all payments and prepayments relating to the loans made under this Subordinated Note, provided that, after giving effect to any such payment or prepayment, the SPV’s Net Worth would be less than the Required Capital Amount. Originator
hereby agrees that at any time during which the conditions set forth in the proviso of the immediately preceding sentence shall not be satisfied, Originator shall be subordinate in right of payment to the prior payment of any indebtedness or
obligation of SPV owing to the Administrator, the LC Bank or Market Street under that certain Amended and Restated Receivables Purchase Agreement dated as of October 6, 2009 (as amended, restated, supplemented or otherwise modified from time to
time, the “Purchase Agreement”) by and among SPV, Arch Chemicals, Inc., as initial Servicer, Market Street Funding LLC, PNC Bank, National Association as LC Bank (the “LC Bank”) and PNC Bank, National
Association, as agent and administrator for Market Street and its liquidity providers and the LC Bank (in such capacity, the “Administrator”). The subordination provisions contained herein are for the direct benefit of, and
may be enforced by, the Administrator, Market Street, the LC Bank and/or any of their respective assignees (collectively, the “Senior Claimants”) under the Purchase Agreement. Until the date on which the “Aggregate
Invested Amount” outstanding under the Purchase Agreement has been repaid in full and all other obligations of SPV and/or the Servicer thereunder and under the “Fee Letter” referenced therein (all such obligations, collectively, the
“Senior Claim”) have been indefeasibly paid and satisfied in full, Originator shall not institute against SPV any proceeding of the type described in Section 5.1(d) of the Sale Agreement unless and until the
Collection Date has occurred. Should any payment, distribution or security or proceeds thereof be received by Originator in violation of this Section 4, Originator agrees that such payment shall be segregated, received and held in trust for the
benefit of, and deemed to be the property of, and shall be immediately paid over and delivered to the Administrator for the benefit of the Senior Claimants. 
 5. Bankruptcy; Insolvency. Upon the occurrence of any proceeding of the type described in Section 5.1(d) of the Sale Agreement involving SPV as debtor, then and in any such event the
Senior Claimants shall receive payment in full of all amounts due or to become due on or in respect of the Aggregate Invested Amount and the Senior Claim (including “Yield” as defined and as accruing under the Purchase
Agreement after the commencement of any such proceeding, whether or not any or all of such Yield is an allowable claim in any such proceeding) before Originator is entitled to receive payment on account of this Subordinated Note, and to that end,
any payment or distribution of assets of SPV of any kind or character, whether in cash, securities or other property, in any applicable insolvency proceeding, which would otherwise be payable to or deliverable upon or with respect to any or all
indebtedness under this Subordinated Note, is hereby assigned to and shall be paid or delivered by the Person making such payment or delivery (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to
the Administrator for application to, or as collateral for the payment of, the Senior Claim until such Senior Claim shall have been paid in full and satisfied. 
 6. Amendments. This Subordinated Note shall not be amended or modified except in accordance with Section 7.1 of the Sale Agreement. The terms of this Subordinated Note may not be
amended or otherwise modified without the prior written consent of the Administrator for the benefit of Market Street and the LC Bank and their assigns. 
  

 VI-2 

 7. GOVERNING LAW. THIS SUBORDINATED NOTE HAS BEEN MADE AND DELIVERED AT NEW YORK, NEW
YORK, AND SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE STATE OF NEW YORK. WHEREVER POSSIBLE EACH PROVISION OF THIS SUBORDINATED NOTE SHALL BE INTERPRETED IN
SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER APPLICABLE LAW, BUT IF ANY PROVISION OF THIS SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE LAW, SUCH PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR
INVALIDITY, WITHOUT INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS SUBORDINATED NOTE. 
 8.
Waivers. All parties hereto, whether as makers, endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. Originator additionally expressly waives all notice of the acceptance by any Senior
Claimant of the subordination and other provisions of this Subordinated Note and expressly waives reliance by any Senior Claimant upon the subordination and other provisions herein provided. 
 9. Assignment. This Subordinated Note may not be assigned, pledged or otherwise transferred to any party other than Originator
without the prior written consent of the Administrator, and any such attempted transfer shall be void. 
  

			
	ARCH CHEMICALS RECEIVABLES CORP.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 VI-3 

 Schedule 
 to 
 SUBORDINATED NOTE 
 SUBORDINATED LOANS AND PAYMENTS OF PRINCIPAL 
  

									
	 DATE
	  	 AMOUNT OF
         SUBORDINATED        

LOAN
	  	         AMOUNT OF        
 PRINCIPAL
 PAID
	  	 UNPAID
         PRINCIPAL        
 BALANCE
	  	         NOTATION MADE        
 BY (INITIALS)

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

 1 

 Schedule A 
 DOCUMENTS TO BE DELIVERED TO BUYER 
 ON OR PRIOR TO THE PURCHASE 
 1. Executed copies of the Amended and Restated Receivables Sale Agreement, duly executed by the parties thereto. 
 2. Copy of the Credit and Collection Policy to attach to the Receivables Sale Agreement as an Exhibit. 
 3. A certificate of each Originator’s [and, if applicable, its general partner’s] Secretary or Assistant Secretary certifying:

 (a) A copy of the Resolutions of its Board of Directors (or comparable body), authorizing its execution, delivery and
performance of the Amended and Restated Receivables Sale Agreement and the other documents to be delivered by it thereunder; 
 (b) A copy of its Organizational Documents (also certified, to the extent that such documents are filed with any governmental authority, by the Secretary of State of its jurisdiction of organization on or within thirty (30) days prior
to the Closing Date); 
 (c) Good Standing Certificates for such Person issued by the Secretaries of State of its state of
organization; and 
 (d) The names and signatures of the officers authorized on its behalf to execute the Amended and Restated
Receivables Sale Agreement and any other documents to be delivered by it thereunder. 
 4. Pre-filing state and federal tax
lien, judgment lien searches from the jurisdiction of organization and jurisdiction of its chief executive office and UCC lien searches from the jurisdiction of organization dated within thirty (30) days of the Closing Date against each
Originator . 
 5. Assignments of UCC financing statements, in form suitable for filing under the UCC in all jurisdictions as
may be necessary or, in the opinion of Buyer (or its assigns), desirable, under the UCC of all appropriate jurisdictions or any comparable law in order to perfect the ownership interests contemplated by the Amended and Restated Receivables Sale
Agreement. 
 6. UCC termination statements, if any, necessary to release all security interests and other rights of any Person
in the Receivables, Contracts or Related Security previously granted by any Originator, together with authorization to file the same. 
 7. Executed notices of or consents to, as applicable, assignments of the Collection Account Agreements for each Lock-Box and Collection Account. 
  

 1 

 8. A favorable opinion of legal counsel for the Originators (and, if applicable, its general
partner) reasonably acceptable to the Administrator which addresses the following matters and such other matters as the Administrator may reasonably request: 
 (a) due authorization, execution, delivery, enforceability and other corporate matters with respect to each of the Originators (and such general partner); 
 (b) the creation of a first priority perfected security interest in favor of the Buyer (and the Administrator for the benefit of the Secured
Parties as its assignee) in (1) all of the Receivables and (2) all proceeds of any of the foregoing; 
 (c) the
existence of a “true sale” of the Receivables from Originators to the Buyer under the Amended and Restated Receivables Sale Agreement; 
 (d) the inapplicability of the doctrine of substantive consolidation to Buyer and any Originator or its affiliates or in connection with any bankruptcy proceeding involving Buyer, any Originator or such
affiliates. 
 9. A Certificate of each Originator’s chief financial officer or treasurer certifying that, as of the
closing date, no Termination Event or Unmatured Termination Event exists and is continuing. 
 10. Executed copies of all
consents from and authorizations by any Persons and all waivers and amendments to existing credit facilities, that are necessary in connection with the Receivables Sale Agreement. 
 11. Executed Subordinated Note by Buyer in favor of each Originator. 
 12. If applicable, a direction letter executed by each Originator authorizing Buyer (and the Administrator, as its assignee) and directing
warehousemen to allow Buyer (and the Administrator, as its assignee) to inspect and make copies from each Originator’s books and records maintained at off-site data processing or storage facilities. 
  

 2Amended and Restated Receivables Purchase Agreement

 EXHIBIT 10.3 
 AMENDED AND RESTATED 
 RECEIVABLES PURCHASE AGREEMENT

 Dated as of October 6, 2009 
 Among 
 ARCH CHEMICALS RECEIVABLES CORP., as Seller, 
 ARCH CHEMICALS, INC., as initial Servicer, 
 MARKET STREET FUNDING LLC 
 and 
 PNC BANK, NATIONAL ASSOCIATION, as Administrator and as LC Bank 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	Article I Purchase Arrangements	  	2
		 	Section 1.1	  	Purchase Facility	  	2
		 	Section 1.2	  	Incremental Purchases	  	4
		 	Section 1.3	  	Decreases	  	5
		 	Section 1.4	  	Deemed Collections	  	5
		 	Section 1.5	  	Payment Requirements and Computations	  	6
		 	Section 1.6	  	Letters of Credit	  	6
		 	Section 1.7	  	Issuance of Letters of Credit	  	6
		 	Section 1.8	  	Requirements For Issuance of Letters of Credit	  	7
		 	Section 1.9	  	Disbursements, Reimbursement	  	7
		 	Section 1.10	  	Documentation	  	7
		 	Section 1.11	  	Determination to Honor Drawing Request	  	8
		 	Section 1.12	  	Nature of Reimbursement Obligations	  	8
		 	Section 1.13	  	Indemnity	  	9
		 	Section 1.14	  	Liability for Acts and Omissions	  	10
	Article II Payments and Collections	  	11
		 	Section 2.1	  	Payments of Recourse Obligations	  	11
		 	Section 2.2	  	Collections Prior to the Facility Termination Date	  	12
		 	Section 2.3	  	Application of Collections After the Facility Termination Date	  	13
		 	Section 2.4	  	Payment Rescission	  	13
		 	Section 2.5	  	Clean Up Call; Reconveyance of Purchased Assets	  	14
	Article III Commercial Paper Funding	  	14
		 	Section 3.1	  	CP Costs	  	14
		 	Section 3.2	  	Calculation of CP Costs	  	14
		 	Section 3.3	  	CP Costs Payments	  	15
		 	Section 3.4	  	Default Rate	  	15
	Article IV Liquidity Fundings	  	15
		 	Section 4.1	  	Liquidity Fundings	  	15
		 	Section 4.2	  	Yield Payments	  	15
		 	Section 4.3	  	Selection and Continuation of Interest Periods	  	15
		 	Section 4.4	  	Liquidity Funding Yield Rates	  	16
		 	Section 4.5	  	Suspension of the LIBO Rate	  	16
		 	Section 4.6	  	Default Rate	  	17
	Article V Representations and Warranties	  	17
		 	Section 5.1	  	Representations and Warranties of the Seller Parties	  	17
	Article VI Conditions of Purchases	  	22
		 	Section 6.1	  	Conditions Precedent to Initial Incremental Purchase	  	22
		 	Section 6.2	  	Conditions Precedent to All Purchases and Reinvestments	  	22
	Article VII Covenants	  	23
		 	Section 7.1	  	Affirmative Covenants of the Seller Parties	  	23
		 	Section 7.2	  	Negative Covenants of the Seller Parties	  	31
	Article VIII Administration and Collection	  	34

  

 i 

							
		 	Section 8.1	  	Designation of Servicer	  	34
		 	Section 8.2	  	Duties of Servicer	  	34
		 	Section 8.3	  	Collection Notices	  	36
		 	Section 8.4	  	Responsibilities of the Seller	  	37
		 	Section 8.5	  	Receivables Reports	  	37
		 	Section 8.6	  	Servicing Fee	  	37
	Article IX Amortization Events	  	37
		 	Section 9.1	  	Amortization Events	  	37
		 	Section 9.2	  	Remedies	  	40
	Article X Indemnification	  	41
		 	Section 10.1	  	Indemnities by the Seller Parties	  	41
		 	Section 10.2	  	Increased Cost and Reduced Return	  	44
		 	Section 10.3	  	Other Costs and Expenses	  	44
		 	Section 10.4	  	Allocations	  	45
	Article XI The Administrator	  	45
		 	Section 11.1	  	Authorization and Action	  	45
		 	Section 11.2	  	PNC and Affiliates	  	46
	Article XII Assignments and Participations	  	46
		 	Section 12.1	  	Assignments and Participations by Market Street and the LC Bank	  	46
		 	Section 12.2	  	Prohibition on Assignments by the Seller Parties	  	47
	Article XIII Miscellaneous	  	47
		 	Section 13.1	  	Waivers and Amendments	  	47
		 	Section 13.2	  	Notices	  	47
		 	Section 13.3	  	Protection of Administrator’s Security Interest	  	47
		 	Section 13.4	  	Confidentiality	  	49
		 	Section 13.5	  	Bankruptcy Petition	  	50
		 	Section 13.6	  	Limitation of Liability	  	50
		 	Section 13.7	  	No Recourse Against Market Street	  	51
		 	Section 13.8	  	Limitation on Payments	  	51
		 	Section 13.9	  	CHOICE OF LAW	  	51
		 	Section 13.10	  	CONSENT TO JURISDICTION	  	51
		 	Section 13.11	  	WAIVER OF JURY TRIAL	  	52
		 	Section 13.12	  	Integration; Binding Effect; Survival of Terms	  	52
		 	Section 13.13	  	Counterparts; Severability; Section References	  	53
		 	Section 13.14	  	Characterization	  	53

  

 ii 

			
	Exhibits	    	
		
	Exhibit I	    	Definitions
		
	Exhibit II	    	Form of Purchase Notice
		
	Exhibit III	    	Jurisdiction of Organization of the Seller Parties; Places of Business of the Seller Parties; Locations of Records; Federal Employer Identification Number(s)
		
	Exhibit IV	    	Names of Collection Banks; Lock-Boxes and Collection Accounts
		
	Exhibit V	    	Form of Compliance Certificate
		
	Exhibit VI	    	Form of Letter of Credit Application
		
	Exhibit VII	    	Credit and Collection Policy
		
	Exhibit VIII	    	Form of Monthly Report
		
	Exhibit IX	    	Form of Collateral Certificate
		
	Exhibit X	    	Form of Reduction Notice
		
	Schedules	    	
		
	Schedule A	    	Documents to be Delivered to the Administrator on or Prior to the Initial Purchase

  

 iii 

 AMENDED AND RESTATED 
 RECEIVABLES PURCHASE AGREEMENT 
 THIS AMENDED AND
RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of October 6, 2009, is entered into by and among: 
 (a) Arch Chemicals
Receivables Corp., a Delaware corporation (the “Seller”), 
 (b) Arch Chemicals, Inc., a Virginia
corporation (“Arch” or the “Servicer”), as initial Servicer (the Servicer together with the Seller, the “Seller Parties” and each, a “Seller Party”),

 (c) Market Street Funding LLC, a Delaware limited liability company (“Market Street”), and

 (d) PNC Bank, National Association, a national banking association (“PNC”), as agent and
administrator for Market Street and its assigns under the Transaction Documents (together with its successors and assigns in such capacity, the “Administrator”) and as issuer of Letters of Credit (in such capacity, together
with its successors and assigns in such capacity, the “LC Bank”). 
 Unless defined elsewhere herein,
capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I. 
 PRELIMINARY
STATEMENTS 
 The Seller, the Servicer, Three Pillars Funding LLC (“TPF”) and SunTrust Robinson
Humphrey, Inc (f/k/a SunTrust Capital Markets, as administrator “STRH”) are parties to that certain Receivables Purchase Agreement dated as of June 27, 2005, as amended, supplemented or otherwise modified through the date
hereof (the “Existing Agreement”). 
 The Seller has transferred and assigned Receivables Interest to TPF and
TPF has purchased Receivables Interest from the Seller pursuant to and in accordance with the Existing Agreement. 
 In
connection with the Agreement TPF assigned all of its right, title and interest and obligations in the Receivables Interest, the Existing Agreement and all other Transaction Documents as defined in the Existing Agreement) to Market Street as of the
Closing Date, pursuant to the Assignment and Assumption Agreement, dated as of the date hereof among the Seller, the Servicer, TPF, STRH, Market Street, the Administrator and the Originators. 
 The parties hereto wish to amend and restate the Exiting Agreement on the terms set forth herein. 
 The Seller (a) desires to transfer and assign Receivables from time to time and (b) may, subject to the terms and conditions
hereof, request that the LC Bank issue or cause the issuance of Letters of Credit. 

 Market Street shall purchase Receivable from the Seller from time to time either by issuing
its Commercial Paper or by availing itself of a Liquidity Funding to the extent available and the LC Bank shall issue Letters of Credit to the extent available. 
 PNC has been requested and is willing to act as agent and administrator on behalf of Market Street and the LC bank and their respective assigns in accordance with the terms hereof. 
 Article I 
 Purchase Arrangements 
 Section 1.1 Purchase Facility. 
 (a) Upon the terms and subject to the conditions of this Agreement (including, without limitation, Article VI), from
time to time prior to the Facility Termination Date, the Seller may request that (i) Market Street purchase from the Seller all of the Seller’s right, title and interest in the Purchased Assets, and Market Street shall make such Purchase
and/or (ii) the LC Bank issue Letters of Credit; provided that no Purchase (including without limitation, any deemed Purchase by Market Street pursuant to the terms of Section 1.1(d)) or issuance of Letters of Credit,
as applicable shall be made by Market Street or the LC Bank, respectively, if, after giving effect thereto, the (i) aggregate outstanding Invested Amount funded by Market Street or the LC Bank, as applicable, shall exceed (A) the
Commitment of Market Street or the LC Bank, as applicable, as the same may be reduced from time to time pursuant to Section 1.1(b), minus (B) in the case of the LC Bank, the face amount of any outstanding Letters of Credit or
(ii) the Aggregate Invested Amount would exceed the Purchase Limit or (iii) the Asset Coverage Ratio would be less than 1.0. It is the intent of Market Street to fund the Purchases by the issuance of Commercial Paper. If for any reason
Market Street is unable, or determines that it is undesirable, to issue Commercial Paper to fund or maintain its investment in the Purchase Assets, or is unable for any reason to repay such Commercial Paper upon the maturity thereof, Market Street
will avail itself of a Liquidity Funding to the extent available. If Market Street funds or refinances its investment in a Purchased Asset through a Liquidity Funding, in lieu of paying CP Costs on the Invested Amount pursuant to Article III
hereof, the Seller will pay Yield thereon at the Alternate Base Rate or the LIBO Rate, selected in accordance with Article IV hereof. Nothing herein shall be deemed to constitute a commitment of Market Street to issue Commercial Paper.

 (b) The Seller may, upon at least ten (10) Business Days’ notice to the Administrator, terminate in
whole or reduce in part, the unused portion of the Purchase Limit; provided that each partial reduction of the Purchase Limit shall be in an amount equal to $5,000,000 (or a larger integral multiple of $1,000,000 if in excess thereof).
Each such partial reduction shall automatically and ratably reduce the Commitments of Market Street and the LC Bank to make Purchases or issuances, as applicable. The Administrator shall promptly advise Market Street and the LC Bank of any
notice received by it pursuant to this Section 1.1(b); it being understood that (in addition to and without limiting any other requirements for termination, prepayment and/or the funding

  

 2 

 
of the LC Collateral Account hereunder) no such termination or reduction shall be effective unless and until (i) in the case of a termination, the amount on deposit in the LC Collateral
Account is at least equal to the then outstanding LC Amount and (ii) in the case of a partial reduction, the amount on deposit in the LC Collateral Account is at least equal to the difference between the then outstanding LC Amount and the
Commitment of the LC Bank as so reduced by such partial reduction. 
 (c) The Administrator hereby represents
that (i) pursuant to the Liquidity Agreement, Market Street has obtained a Liquidity Commitment from PNC and its assigns for an initial period of 364 days in an amount equal to 102% of the greater of (A) the Purchase Limit from time to
time in effect hereunder, and (B) the Aggregate Invested Amount outstanding from time to time hereunder, and (ii) while PNC may not be obligated to pay par for a Purchased Asset that is transferred to it pursuant to the Liquidity
Agreement, the only condition precedent to its obligation to pay the agreed-upon price thereunder is the absence of an Event of Bankruptcy with respect to Market Street. 
 (d) The Seller may, subject to this Section 1.1 and the other requirements and conditions herein, use the
proceeds of any Purchase by Market Street hereunder to satisfy its Reimbursement Obligations to the LC Bank (based on the outstanding amounts funded by the LC Bank) pursuant to Section 1.9 below. In addition, in the event the Seller
fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit on the applicable Drawing Date (out of its own funds available therefor, or otherwise, at such time), pursuant to Section 1.9 below, then
the Seller shall, automatically (and without the requirement of any further action on the part of any Person hereunder), be deemed to have requested a new Incremental Purchase from Market Street on such date, pursuant to the terms hereof, in an
amount equal to the amount of such Reimbursement Obligation at such time. Subject to the limitations on funding set forth in paragraph (a) above (and the other requirements and conditions herein), Market Street shall fund such deemed
Incremental Purchase request and deliver the proceeds thereof directly to the Administrator to be immediately distributed to the LC Bank in satisfaction of the Seller’s Reimbursement Obligation pursuant to Section 1.9. below,
to the extent of the amounts permitted to be funded by Market Street, at such time, hereunder. 
 (e) In
consideration for the payment by Market Street of the Cash Purchase Price set forth in the Purchase Notice on the date of the initial Purchase hereunder and Market Street’s agreement to make payments to the Seller from time to time in
accordance with Sections 2.2 and 2.3 effective upon the Seller’s receipt of such Cash Purchase Price on the date of the initial Purchase hereunder, the Seller hereby sells, conveys and assigns to Market Street all of the
Seller’s right, title and interest in and to the Purchased Assets existing on the date hereof or thereafter arising or acquired by the Seller from time to time prior to the Facility Termination Date. Subject to the terms and conditions hereof,
Market Street hereby purchases and accepts from the Seller the Purchased Assets sold, conveyed and assigned pursuant to Section 1.1(e). The Purchase Price shall consist of the sum of (a) the Cash Purchase Price and (b) the
Deferred Purchase Price. The Cash Purchase Price shall be paid pursuant to the terms of Section 1.2 and the Deferred Purchase Price shall be paid pursuant to the terms of clause seventh 

  

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of Sections 2.2(b) and 2.3. The foregoing sale, conveyance and assignment does not constitute and is not intended to result in the creation or an assumption by Market Street, any
Liquidity Bank or the LC Bank of any obligation of the Seller, any Originator, the Servicer or any other Person under or in connection with the Purchased Assets, all of which shall remain the obligations and liabilities of the Seller, such
Originator, the Servicer and/or such Person. For the avoidance of doubt there shall be no recourse to Market Street, a Liquidity Bank or the LC Bank for payment of the Deferred Purchase Price other than pursuant to the terms of clause
seventh of Sections 2.2(b) and 2.3 and the obligation to pay such Deferred Purchase Price shall be subject to the terms of Section 13.8. 
 Section 1.2 Incremental Purchases. 
 (a) The Seller shall provide the Administrator with at least two (2) Business Days’ prior written notice in a form
set forth as Exhibit II hereto of each Incremental Purchase (each, a “Purchase Notice”). Each Purchase Notice shall be subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable and shall
specify the requested Cash Purchase Price (which shall not be less than $1,000,000 or a larger integral multiple of $100,000) and the Purchase Date. Following receipt of a Purchase Notice, the Administrator will determine whether Market Street will
fund the requested Incremental Purchase through the issuance of Commercial Paper or through a Liquidity Funding. If Market Street determines to fund an Incremental Purchase through a Liquidity Funding, the Seller may cancel the Purchase Notice or,
in the absence of such a cancellation, the Incremental Purchase will be funded through a Liquidity Funding. On each Purchase Date, upon satisfaction of the applicable conditions precedent set forth in Article VI, Market Street shall
deposit to the Facility Account, in immediately available funds, no later than 2:00 p.m. (New York City time), an amount equal to the requested Cash Purchase Price. 
 (b) Whenever the LC Bank issues a Letter of Credit pursuant to Section 1.7 hereof, it shall, automatically
and without further action of any kind upon the effective date of issuance of such Letter of Credit, have irrevocably deemed to have agreed to make an Incremental Purchase as provided in Section 1.9 hereof in the event that such Letter
of Credit is subsequently drawn and such drawn amount shall not have been reimbursed pursuant to Section 1.9 upon such draw. All such Incremental Purchases shall accrue Yield at the LIBO Rate or Alternate Base Rate in the sole discretion
of the LC Bank from the date of such draw; provided, however, from and after the occurrence of an Amortization Event such Incremental Purchase shall accrue Yield at the Default Rate. In the event that any Letter of Credit expires or is
surrendered without being drawn (in whole or in part) then, in such event, the foregoing commitment to make Incremental Purchases shall expire with respect to such Letter of Credit and the LC Amount shall automatically decrease by the amount of the
Letter of Credit which is no longer outstanding. 
  

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 Section 1.3 Decreases. 
 The Seller shall provide the Administrator with prior written notice in conformity with the Required Notice Period in the form of Exhibit
X hereto (a “Reduction Notice”) of any proposed reduction of Aggregate Invested Amount. Such Reduction Notice shall designate (a) the date (the “Proposed Reduction Date”) upon which any such reduction of
Aggregate Invested Amount shall occur (which date shall give effect to the applicable Required Notice Period), and (b) the amount of Aggregate Invested Amount to be reduced which shall be applied ratably to all Purchased Assets in accordance
with the respective Invested Amounts thereof (the “Aggregate Reduction”). Only one (1) Reduction Notice shall be outstanding at any time. 
 Section 1.4 Deemed Collections. 
 If on any day: 
 (i) the Outstanding Balance of any Receivable is reduced or cancelled as a result of any defective or rejected goods or
services, any cash discount or any other adjustment by any Originator or any Affiliate thereof, or as a result of any governmental or regulatory action, or 
 (ii) the Outstanding Balance of any Receivable is reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related or an
unrelated transaction), or 
 (iii) the Outstanding Balance of any Receivable is reduced on account of the
obligation of any Originator or any Affiliate thereof to pay to the related Obligor any rebate or refund, or 
 (iv) the Outstanding Balance of any Receivable is less than the amount included in calculating the Net Pool Balance for purposes of any Monthly Report or Collateral Certificate (for any reason other than receipt of Collections or such
Receivable becoming a Defaulted Receivable), or 
 (v) any of the representations or warranties of the Seller set
forth in Section 5.1(g), Section 5.1(i), Section 5.1(j), Section 5.1(r), Section 5.1(s), Section 5.1(t) or Section 5.1(u) were not true when made with respect to any
Receivable, 
 then, on such day, the Seller shall be deemed to have received a Collection of such Receivable (A) in the
case of clauses (i)-(iv) above, in the amount of such reduction or cancellation or the difference between the actual Outstanding Balance and the amount included in calculating such Net Pool Balance, as applicable; and (B) in the
case of clause (v) above, in the amount of the Outstanding Balance of such Receivable and (in either case), not later than two (2) Business Days thereafter shall pay to the Administrator’s Account the amount of any such
Collection deemed to have been received in the same manner as actual cash collections are distributed under the terms of this Agreement. 
  

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 Section 1.5 Payment Requirements and Computations. 
 All amounts to be paid or deposited by a Seller Party pursuant to any provision of this Agreement shall be paid or deposited in accordance
with the terms hereof no later than 12:00 noon (New York City time) on the day when due in immediately available funds, and if not received before 12:00 noon (New York City time) shall be deemed to be received on the next succeeding
Business Day. If such amounts are payable to the Administrator for the account of Market Street, they shall be paid to the Administrator’s Account, for the account of Market Street until otherwise notified by the Administrator. Upon notice to
the Seller, the Administrator may debit the Facility Account for all amounts due and payable hereunder. All computations of Yield which accrues at the Alternate Base Rate shall be made on the basis of a year of 365 or 366 days, as applicable, for
the actual number of days elapsed. All computations of CP Costs, Yield (other than Yield which accrues at the Alternate Base Rate), per annum fees calculated as part of any CP Costs, per annum fees hereunder and per annum fees under the Fee Letter
shall be made on the basis of a year of 360 days for the actual number of days elapsed. If any amount hereunder shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day. 
 Section 1.6 Letters of Credit. 
 Subject to the terms and conditions hereof, the LC Bank shall issue or cause the issuance of Letters of Credit (“Letters of Credit”) on behalf of Seller (and, if applicable, on
behalf of, or for the account of, the Originators); provided, however, that the LC Bank will not be required to issue or cause to be issued any Letters of Credit to the extent that the issuance of such Letters of Credit would then
cause the Aggregate Invested Amount to exceed the Purchase Limit. The LC Amount shall not exceed in the aggregate, at any time, the Commitment of the LC Bank. All amounts drawn upon Letters of Credit shall accrue Yield at the LIBO Rate or in the
sole discretion of the LC Bank at the Alternate Base Rate; provided, however, that from and after the occurrence of an Amortization Event, all such drawn amounts shall accrue Yield at the Default Rate. Letters of Credit that have not
been drawn upon shall not accrue Yield. 
 Section 1.7 Issuance of Letters of Credit. 
 (a) The Seller may request the LC Bank, upon two (2) Business Days’ prior written notice pursuant to the
Purchase Notice substantially in the form of Exhibit II attached hereto submitted on or before 11:00 a.m., New York time, to issue a Letter of Credit by delivering to the Administrator, the LC Bank’s form of Letter of Credit
Application (the “Letter of Credit Application”), substantially in the form of Exhibit VI attached hereto completed to the satisfaction of the Administrator and the LC Bank; and, such other certificates, documents and
other papers and information as the Administrator may reasonably request. The Seller also has the right to give instructions and make agreements with respect to any Letter of Credit Application and the disposition of documents, and to agree with the
Administrator upon any amendment, extension or renewal of any Letter of Credit. 
 (b) Each Letter of Credit
shall, among other things, (i) provide for the payment of sight drafts or other written demands for payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein and
(ii) have an expiry date not later than twelve (12)

  

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months after such Letter of Credit’s date of issuance, extension or renewal, as the case may be, and in no event later than twelve (12) months after the Facility Termination Date. Each
Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank
(“UCP600”), or the International Standby Practices (ISP98), International Chamber of Commerce Publication Number 590, and any amendments or revisions thereof adhered to by the LC Bank (the “ISP98 Rules”), as
determined by the LC Bank. 
 (c) The Administrator shall promptly notify the LC Bank, at its address
for notices hereunder, of the request by the Seller for a Letter of Credit hereunder, and shall provide the LC Bank with the Letter of Credit Application delivered to the Administrator by the Seller pursuant to paragraph (a), above, by the
close of business on the day received or if received on a day that is not a Business Day or on any Business Day after 11:00 a.m., New York time, on such day, on the next Business Day. 
 Section 1.8 Requirements For Issuance of Letters of Credit. 
 The Seller shall authorize and direct the LC Bank to name the Seller or the Seller, on behalf of, or “for the benefit of” any
Originator as the “Applicant” or “Account Party” of each Letter of Credit, provided, in no event shall any Person (including any Originator) other than the Seller have any obligation to reimburse the LC Bank under the
terms of any Letter of Credit. 
 Section 1.9 Disbursements, Reimbursement. 
 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly
notify the Administrator and the Seller of such request. Provided that it shall have received such notice, the Seller shall reimburse (such obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement
Obligation”) the LC Bank prior to 12:00 p.m., New York time, on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so
paid by the LC Bank. In the event the Seller fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit by 12:00 p.m., New York time, on the Drawing Date, the Seller shall be deemed to have requested that
an Incremental Purchase be made by the LC Bank to be disbursed on the Drawing Date under such Letter of Credit, subject to the limitations set forth herein, including but not limited to Section 1.1(a). Any notice given by the
LC Bank pursuant to this Section may be oral if immediately confirmed in writing; provided, however, that the lack of any such written confirmation shall not affect the conclusiveness or binding effect of such notice.

 Section 1.10 Documentation. 
 The Seller and the Originators agree to be bound by (a) the terms of the Letter of Credit Application, (b) the LC Bank’s interpretations of any Letter of Credit issued on behalf of
Seller or an Originator and (c) the LC Bank’s written regulations and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations and practices may be different from the
Seller’s own. In the event of a conflict between the Letter of Credit

  

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Application and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful misconduct by the LC Bank, the LC Bank
shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following the Seller’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.

 Section 1.11 Determination to Honor Drawing Request. 
 In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, the LC Bank shall be
responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing
condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth. 
 Section 1.12
Nature of Reimbursement Obligations. 
 The obligations of the Seller to reimburse the LC Bank upon a draw under
a Letter of Credit which has been honored by the LC Bank, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under all circumstances, including under the following
circumstances: 
 (i) any set-off, counterclaim, recoupment, defense or other right which the Seller may have
against Administrator, Market Street or any other Person for any reason whatsoever or any claim of breach of warranty that might be made by the Seller or the LC Bank against the beneficiary of a Letter of Credit, or the existence of any claim,
set-off, defense or other right which the Seller or the LC Bank may have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee
may be acting), the Administrator, Market Street, the Seller or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Seller
or any Subsidiaries of the Seller or any Affiliates of the Seller and the beneficiary for which any Letter of Credit was procured); 
 (ii) the failure of the Seller or any other Person to comply with the conditions set forth in this Agreement for the making of an Incremental Purchase, Reinvestments, requests for Letters of Credit or
otherwise; 
 (iii) any lack of validity or enforceability of any Letter of Credit; 
 (iv) the lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or
genuineness of, any draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand, instrument, certificate or other document proving to be forged, fraudulent, invalid, defective or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect, even if the Administrator or the LC Bank has been notified thereof; 
  

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 (v) payment by the LC Bank under any Letter of Credit against
presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit other than as a result of the gross negligence or willful misconduct of the LC Bank; 
 (vi) the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role
in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit; 
 (vii) any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form
requested by the Seller, unless the LC Bank has received written notice from the Seller of such failure within three Business Days after the LC Bank shall have furnished the Seller a copy of such Letter of Credit and such error is material
and no drawing has been made thereon prior to receipt of such notice; 
 (viii) any Material Adverse Effect on
the Seller, any Originator or any Affiliates thereof; 
 (ix) any breach of this Agreement or any Transaction
Document by any party thereto; 
 (x) the occurrence or continuance of an Event of Bankruptcy with respect to the
Seller, any Originator or any Affiliate thereof; 
 (xi) the fact that an Amortization Event or an Unmatured
Amortization Event shall have occurred and be continuing; 
 (xii) the fact that this Agreement or the
obligations of Seller or Servicer hereunder shall have been terminated; and 
 (xiii) any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing. 
 Section 1.13 Indemnity. 

In addition to other amounts payable hereunder, the Seller hereby agrees to protect, indemnify, pay and save harmless the Administrator,
the LC Bank and any of the LC Bank’s Affiliates that have issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses
(including reasonable fees and expenses of legal counsel to the LC Bank) which the Administrator, the LC Bank or any of their respective Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter
of Credit, except to the extent

  

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resulting from (a) the gross negligence or willful misconduct of the party to be indemnified as determined by a final judgment of a court of competent jurisdiction or (b) the wrongful
dishonor by the LC Bank of a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority
(all such acts or omissions herein called “Governmental Acts”). 
 Section 1.14 Liability for Acts
and Omissions. 
 As between the Seller, on the one hand, and the Administrator, the LC Bank and Market Street, on
the other, the Seller assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the respective foregoing, none of the
Administrator, the LC Bank or Market Street shall be responsible for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of
any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if the LC Bank shall have been notified thereof); (b) the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason;
(c) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim
of the Seller against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among the Seller and any beneficiary of any Letter of Credit or any such transferee; (d) errors, omissions, interruptions or
delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (e) errors in interpretation of technical terms; (f) any loss or delay in the transmission or otherwise of
any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (g) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or
(h) any consequences arising from causes beyond the control of the Administrator, the LC Bank and Market Street, including any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of the
LC Bank’s rights or powers hereunder. Nothing in the preceding sentence shall relieve the LC Bank from liability for its gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent
jurisdiction, in connection with actions or omissions described in such clauses (a) through (h) of such sentence. In no event shall the Administrator, the LC Bank, Market Street or their respective Affiliates, be liable to the Seller
or any other Person for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation reasonable fees and expenses of legal counsel to the LC Bank), or for any damages resulting from any
change in the value of any property relating to a Letter of Credit. 
 Without limiting the generality of the foregoing, the
Administrator, the LC Bank, and Market Street and each of their respective Affiliates (a) may rely on any written communication believed in good faith by such Person to have been authorized or given by or on behalf of the applicant for a
Letter of Credit; (b) may honor any presentation if the documents presented appear on their face to comply with the terms and conditions of the relevant Letter of Credit;

  

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(c) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or
otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the LC Bank or its Affiliates; (d) may honor any drawing that is payable upon
presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or
other document to arrive, or to conform in any way with the relevant Letter of Credit; (e) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and
(f) may settle or adjust any claim or demand made on the Administrator, the LC Bank, Market Street or their respective Affiliates, in any way related to any order issued at the applicant’s request to an air carrier, a letter of
guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other
documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit. 
 In
furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the LC Bank under or in connection with the Letters of Credit issued by it or any documents and certificates delivered
thereunder, if taken or omitted in good faith and without gross negligence or willful misconduct, as determined by a final nonappealable judgment of a court of competent jurisdiction, shall not put the LC Bank under any resulting liability to
the Seller or any other Person. 
 Article II 
 Payments and Collections 
 Section 2.1
Payments of Recourse Obligations. 
 The Seller hereby promises to pay the following (collectively, the
“Recourse Obligations”): 
 (a) all amounts due and owing under Section 1.3
or Section 1.4 or in order to avoid an Amortization Event under Section 9.1(m) or 9.1(q) on the dates specified therein; 
 (b) the fees set forth in the Fee Letter on the dates specified therein; 
 (c) all accrued and unpaid Yield on the Aggregate Invested Amount and drawings under a Letter of Credit accruing Yield at the Alternate Base Rate or the Default Rate on each Settlement Date applicable thereto; 
 (d) all accrued and unpaid Yield on the Aggregate Invested Amount and drawings under a Letter of Credit accruing Yield at the
LIBO Rate on the last day of each Interest Period applicable thereto; 
  

 11 

 (e) all accrued and unpaid CP Costs on the Aggregated Invested Amount funded
with Commercial Paper on each Settlement Date; and 
 (f) all Broken Funding Costs, Reimbursement Obligations and
Indemnified Amounts upon demand. 
 Section 2.2 Collections Prior to the Facility Termination Date.

 (a) Prior to the Facility Termination Date, any Deemed Collections received by the Servicer and any
Collections received by the Servicer shall be set aside and held in trust by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as provided in this Section 2.2. If at any time any Collections
are received by the Servicer prior to the Facility Termination Date, the Seller hereby requests and Market Street hereby agrees to make, simultaneously with such receipt, a reinvestment by payment of the Purchase Price under the Receivables Sale
Agreement (each, a “Reinvestment”) with the balance of each and every Collection received by the Servicer such that after giving effect to such Reinvestment, the Invested Amount of each Purchased Asset immediately after such
receipt and corresponding Reinvestment shall be equal to the amount of Invested Amount immediately prior to such receipt. 
 (b) On each day on which any of the conditions precedent set forth in Section 6.2 are not satisfied and on each Settlement Date prior to the Facility Termination Date, the Servicer shall remit
to the Administrator’s Account the amounts set aside during the preceding Settlement Period that have not been subject to a Reinvestment and apply such amounts (if not previously paid in accordance with Section 2.1) to the Aggregate
Unpaids in the order specified: 
 first, ratably to the payment of all accrued and unpaid CP Costs, Yield and Broken
Funding Costs (if any) that are then due and owing, 
 second, to the accrued and unpaid Servicing Fee, 
 third, ratably to the payment of all accrued and unpaid fees under the Fee Letter (if any) that are then due and owing, 

fourth, if required under Section 1.3 or Section 1.4 or in order to avoid an Amortization Event or
Unmatured Amortization Event under Section 9.1(m) or Section 9.1(q), to the ratable reduction of Aggregate Invested Amount, 
 fifth, if the Asset Coverage Ratio is less than 1.0 and any Letters of Credit are outstanding, an amount necessary to cash collateralize the LC Amount until the amount of cash collateral held in
the LC Collateral Account equals an amount necessary to make the Asset Coverage Ratio not less than 1.0, 
 sixth, for
the ratable payment of all other unpaid Recourse Obligations, if any, that are then due and owing, and 
 seventh, the
balance, if any, to the Seller in payment of the Deferred Purchase Price. 
  

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 (c) Prior to the Facility Termination Date, any Deemed Collections or
Collections received by the Servicer in excess of items first through seventh of Section 2.2(b) above shall be paid to the Seller. 
 (d) In the event that a Collection Notice has been delivered pursuant to any Collection Account Agreement, all amounts
received in any Collection Account shall at the sole discretion of the Administrator, either (i) be retained in such Collection Account or other account of the Administrator for such day, Settlement Period or part thereof and applied on the
Settlement Date in accordance with the terms of this Agreement or (ii) be released to the Seller and applied in accordance with the terms of this Agreement. 
 Section 2.3 Application of Collections After the Facility Termination Date. 
 On the Facility Termination Date and on each day thereafter, the Servicer shall set aside and hold in trust, for the benefit of the Secured Parties, all Collections received on each such day. On and after
the Facility Termination Date, the Servicer shall, on each Settlement Date and on each other Business Day specified by the Administrator: (a) remit to the Administrator’s Account the amounts set aside pursuant to the preceding sentence,
and (b) apply such amounts to reduce the Aggregate Unpaids as follows: 
 first, to the reimbursement of the
Administrator’s costs of collection and enforcement of this Agreement, 
 second, ratably to the payment of all
accrued and unpaid CP Costs, Yield and Broken Funding Costs, 
 third, to the accrued and unpaid Servicing Fee,

 fourth, ratably to the payment of all accrued and unpaid fees under the Fee Letter, 
 fifth, to the ratable reduction of Aggregate Invested Amount (with respect to the LC Amount, an amount necessary to cash
collateralize the LC Amount until the amount of cash collateral held in the LC Collateral Account equals the LC Amount), 
 sixth, for the ratable payment of all other Aggregate Unpaids, and 
 seventh, to the Seller in payment
of the Deferred Purchase Price. 
 Section 2.4 Payment Rescission. 
 No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion
of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Seller shall remain obligated for the amount of any payment or application so rescinded, returned
or refunded, and shall promptly pay to the Administrator (for application to the Person or Persons who suffered such rescission, return or refund) the full amount thereof, plus interest thereon at the Default Rate from the date of any such
rescission, return or refunding. 
  

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 Section 2.5 Clean Up Call; Reconveyance of Purchased Assets. 

(a) The Servicer (so long as the Servicer is an Affiliate of the Seller) shall have the right (after providing written
notice to the Administrator in accordance with the Required Notice Period), at any time following the reduction of the Aggregate Invested Amount to a level that is less than 10.0% of the highest Aggregate Invested Amount outstanding during the term
of this Agreement, to repurchase all, but not less than all, of the then outstanding Purchased Assets. The purchase price in respect thereof shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in
immediately available funds to the Administrator’s Account. Such repurchase shall be made free and clear of any Adverse Claim created by the Administrator but otherwise shall be without representation, warranty or recourse of any kind by, on
the part of, or against Market Street, the LC Bank or the Administrator. 
 (b) On the Final Payout Date, the
Administrator on behalf of the Secured Parties shall be considered to have reconveyed free and clear of any Adverse Claim created by the Administrator (but otherwise shall be without representation, warranty or recourse of any kind by, on the part
of, or against the Secured Parties or the Administrator) to the Seller all of the Administrator’s (on behalf of the Secured Parties) right, title and interest in, to and under the Receivables, Related Security and Collections with respect
thereto and shall at the request, and sole cost and expense, of the Seller, execute and deliver to the Seller, all such documents or instruments as are necessary to terminate the Administrator’s interest on behalf of Market Street, the
Liquidity Bank and the LC Bank in the Receivables, Related Security and Collections with respect thereto. 
 Article III 

 Commercial Paper Funding 
 Section 3.1 CP Costs. 
 The Seller shall pay CP Costs with
respect to the Invested Amount of all Purchased Assets funded through the issuance of Commercial Paper. Each Purchased Asset that is funded substantially with Pooled Commercial Paper will accrue CP Costs each day on a pro rata basis, based upon the
percentage share that the Invested Amount in respect of such Purchased Asset represents in relation to all assets held by Market Street and funded substantially with related Pooled Commercial Paper. 
 Section 3.2 Calculation of CP Costs. 
 Not later than the second Business Day immediately following each Calculation Period, Market Street shall calculate the aggregate amount of CP Costs applicable to its Purchased Assets for the Calculation
Period then most recently ended and shall notify the Seller of such aggregate amount. 
  

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 Section 3.3 CP Costs Payments. 
 On each Settlement Date, the Seller shall pay to the Administrator (for the benefit of Market Street) an aggregate amount equal to all
accrued and unpaid CP Costs in respect of the Invested Amount of all Purchased Assets funded with Commercial Paper for the Calculation Period then most recently ended in accordance with Article II. 
 Section 3.4 Default Rate. 
 From and after the occurrence of an Amortization Event, all Purchased Assets funded through the issuance of Commercial Paper shall accrue CP Costs at the Default Rate. 
 Article IV 
 Liquidity Fundings 
 Section 4.1 Liquidity Fundings. 
 Prior to the occurrence of an Amortization Event, the outstanding Invested Amount of each Purchased Asset funded with a Liquidity Funding
shall accrue Yield for each day during its Interest Period at either the LIBO Rate or the Alternate Base Rate in accordance with the terms and conditions hereof. Until the Administrator gives notice to the Seller of another Yield Rate in accordance
with Section 4.4, the initial Yield Rate for any Purchased Asset funded with a Liquidity Funding shall be the LIBO Rate (unless the Default Rate is then applicable). If any Purchased Asset initially funded with Commercial Paper is sold
to the Liquidity Banks pursuant to the Liquidity Agreement, such Purchased Asset shall be deemed to have an Interest Period commencing on the date of such sale. 
 Section 4.2 Yield Payments. 
 On the Settlement Date for each
Purchased Asset that is funded with a Liquidity Funding, the Seller shall pay to the Administrator (for the benefit of the Liquidity Banks) an aggregate amount equal to the accrued and unpaid Yield thereon for the entire Interest Period of each such
Liquidity Funding in accordance with Article II. 
 Section 4.3 Selection and Continuation of Interest
Periods. 
 (a) With consultation from (and approval by) the Administrator, the Seller shall from time to
time request Interest Periods for the Purchased Assets funded with Liquidity Fundings, provided that if at any time any Liquidity Funding is outstanding, the Seller shall always request Interest Periods such that at least one Interest
Period shall end on the date specified in clause (a) of the definition of Settlement Date. 
 (b) The
Seller or the Administrator, upon notice to and consent by the other received at least three (3) Business Days prior to the end of an Interest Period (the “Terminating Tranche”) for any Liquidity Funding, may, effective
on the last day of the Terminating Tranche: (i) divide any such Liquidity Funding into multiple Liquidity Fundings, (ii) combine any such Liquidity Funding with one or more other Liquidity Fundings that have a Terminating Tranche ending on
the same day as such Terminating Tranche or (iii) combine any such Liquidity Funding with a new Liquidity Funding to be made by the Liquidity Banks on the day such Terminating Tranche ends. 
  

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 Section 4.4 Liquidity Funding Yield Rates. 
 The Seller may request the LIBO Rate (subject to Section 4.5 below) or the Alternate Base Rate for each Liquidity Funding. The
Seller shall by 12:00 noon (New York City time): (a) at least three (3) Business Days prior to the expiration of any Terminating Tranche with respect to which the LIBO Rate is being requested as a new Yield Rate and (b) at least one
(1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Alternate Base Rate is being requested as a new Yield Rate, give the Administrator irrevocable notice of the requested new Yield Rate for the
Liquidity Funding associated with such Terminating Tranche. The Administrator in its sole discretion shall select the Yield Rate for each Liquidity Funding. The Administrator will give notice to the Seller of the Yield Rate selected by the
Administrator for each Liquidity Funding by 12:00 noon (New York City time) at least one (1) Business Day prior to the expiration of any Terminating Tranche. Until the Administrator gives notice to the Seller of another Yield Rate, the initial
Yield Rate for any Purchased Asset assigned or participated to the Liquidity Banks pursuant to the Liquidity Agreement shall be the LIBO Rate (unless the Default Rate is then applicable). 
 Section 4.5 Suspension of the LIBO Rate. 
 (a) If any Liquidity Bank notifies the Administrator that it has determined that funding its ratable share of the Liquidity
Fundings at a LIBO Rate would violate any applicable law, rule, regulation, or directive of any governmental or regulatory authority, whether or not having the force of law, or that (i) deposits of a type and maturity appropriate to match fund
its Liquidity Funding at such LIBO Rate are not available or (ii) such LIBO Rate does not accurately reflect the cost of acquiring or maintaining a Liquidity Funding at such LIBO Rate, then the Administrator will promptly notify the Seller
Parties and the Administrator shall suspend the availability of such LIBO Rate and require the Seller to select the Alternate Base Rate for any Liquidity Funding accruing Yield at such LIBO Rate; provided, however, the failure to so
notify any Seller Party shall not result in the non-suspension of the availability of such LIBO Rate. 
 (b) If
less than all of the Liquidity Banks give a notice to the Administrator pursuant to Section 4.5(a), each Liquidity Bank which gave such a notice shall be obliged, at the request of the Seller, Market Street or the Administrator, to
assign all of its rights and obligations hereunder to (i) another Liquidity Bank or (ii) another funding entity nominated by the Seller or the Administrator that is an Eligible Assignee willing to participate in the Liquidity Agreement
through the Liquidity Termination Date in the place of such notifying Liquidity Bank; provided that (A) the notifying Liquidity Bank receives payment in full of all Aggregate Unpaids owing to it (whether due or accrued), and
(B) the replacement Liquidity Bank otherwise satisfies the requirements of the Liquidity Agreement. 
  

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 (c) Upon the occurrence of any event giving rise to the operation of
Section 4.5(a) with respect to any Liquidity Bank, it will, if requested by the Seller, to the extent permissible under applicable law, endeavor in good faith to change the funding office at which it books its ratable share of any
Liquidity Funding accruing Yield at a LIBO Rate hereunder if such change would make it lawful for such Liquidity Bank to fund such Liquidity Funding at a LIBO Rate; provided, however, that such change may be made in such manner
that such Liquidity Bank, in its sole determination, suffers no unreimbursed cost or expense or any disadvantage whatsoever. 
 Section 4.6 Default Rate. 
 From and after the occurrence of an Amortization Event, all Liquidity
Fundings shall accrue Yield at the Default Rate. 
 Article V 
 Representations and Warranties 
 Section 5.1
Representations and Warranties of the Seller Parties. 
 Each Seller Party hereby represents and warrants to the
Administrator, Market Street and the LC Bank, as to itself, as of the date hereof and as of the date of each Incremental Purchase and the date of each Reinvestment that: 
 (a) Existence and Power. Such Seller Party’s jurisdiction of organization is correctly set forth in the preamble
to this Agreement and such jurisdiction is its sole jurisdiction of organization. Such Seller Party is duly organized under the laws of its jurisdiction of organization and is a “registered organization” as defined in the UCC in effect in
such jurisdiction. Such Seller Party is validly existing and in good standing under the laws of its jurisdiction of organization and no other state or jurisdiction, and such jurisdiction must maintain a public record showing the organization to have
been organized. Such Seller Party is duly qualified to do business and is in good standing as a foreign entity, and has and holds all organizational power and all governmental licenses, authorizations, consents and approvals required to carry on its
business in each jurisdiction in which its business is conducted except where the failure to so qualify or so hold could not reasonably be expected to have a Material Adverse Effect. 
 (b) Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by such Seller Party of
this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and, in the case of the Seller, the Seller’s use of the proceeds of Purchases made hereunder, are within
its corporate powers and authority and have been duly authorized by all necessary corporate action on its part. This Agreement and each other Transaction Document to which such Seller Party is a party has been duly executed and delivered by such
Seller Party. 
 (c) No Conflict. The execution and delivery by such Seller Party of this Agreement and
each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its Organizational Documents, (ii) any law, rule or regulation applicable to it,
(iii) any

  

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restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree
binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Seller Party or its Subsidiaries (except as created hereunder) except, in any case, where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect; and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
 (d) Governmental Authorization. Other than the filing of the financing statements required hereunder, no authorization
or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a
party and the performance of its obligations hereunder and thereunder. 
 (e) Actions, Suits. There are no
actions, suits or proceedings pending, or to the best of such Seller Party’s knowledge, threatened, against it, or any of its properties, in or before any court, arbitrator or other body, that could reasonably be expected to have a Material
Adverse Effect. Such Seller Party is not in default with respect to any order of any court, arbitrator or governmental body which default could reasonably be expected to have a Material Adverse Effect. 
 (f) Binding Effect. This Agreement and each other Transaction Document to which such Seller Party is a party
constitute the legal, valid and binding obligations of such Seller Party enforceable against such Seller Party in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (g) Accuracy of Information. All information (other than any projection or other forward-looking information)
heretofore furnished by such Seller Party or any of its Affiliates to the Administrator, Market Street or LC Bank for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or
thereby is, and all such information (other than any projection or other forward-looking information) hereafter furnished by such Seller Party or any of its Affiliates to the Administrator, Market Street or the LC Bank will be, true and accurate in
every material respect on the date such information is stated or certified and does not and will not contain any material misstatement of fact. 
 (h) Use of Proceeds. No proceeds of any Purchase hereunder will be used by such Seller Party (i) for a purpose that violates, or would be inconsistent with, (A) Section 7.2(e)
of this Agreement or (B) Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 12, 13 or 14 of the
Securities Exchange Act of 1934, as amended other than the repurchase of equity securities of Arch so long as such repurchase does not violate Sections 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 
  

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 (i) Good Title. The Seller is (i) the legal and beneficial owner
of the Receivables and (ii) is the legal and beneficial owner of the Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements
or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Seller’s ownership interest in each Receivable, its Collections, “Supporting Obligations” (as
defined in Article 9 of the UCC in effect in each relevant jurisdiction), the Seller’s right, title and interest in, to and under each of the Transaction Documents to which it is a party, returned goods the sale of which gave rise to any
Receivable, security interests in favor of the Seller that secures payment of such Receivable and all other items of Related Security in which an interest therein may be perfected by the filing of a financing statement under Article 9 of the UCC and
proceeds of the foregoing. 
 (j) Perfection. This Agreement is effective to create a valid security
interest in favor of the Administrator for the benefit of the Secured Parties in the Purchased Assets to secure payment of the Aggregate Unpaids, free and clear of any Adverse Claim except as created by the Transactions Documents. There have been
duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Administrator’s (on behalf of the Secured Parties) security interest
in the Receivables, its Collections, “Supporting Obligations” (as defined in Article 9 of the UCC in effect in each relevant jurisdiction), the Seller’s right, title and interest in, to and under each of the Transaction Documents to
which it is a party, returned goods the sale of which gave rise to any Receivable, security interests in favor of the Seller that secures payment of such Receivable and all other items of Related Security in which an interest therein may be
perfected by the filing of a financing statement under Article 9 of the UCC and proceeds of the foregoing. Such Seller Party’s jurisdiction of organization is a jurisdiction whose law generally requires information concerning the existence of a
nonpossessory security interest to be made generally available in a filing, record or registration system as a condition or result of such a security interest’s obtaining priority over the rights of a lien creditor which respect to collateral.

 (k) Places of Business and Locations of Records. The jurisdiction of organization and principal places
of business of such Seller Party and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit III or such other locations of which the Administrator has been notified in accordance with
Section 7.2(a) in jurisdictions where all action required by Section 13.3(a) has been taken and completed. The Seller’s Federal Employer Identification Number is correctly set forth on Exhibit III. 
 (l) Collections. The conditions and requirements set forth in subclause (i) of Section 7.1(j) and
Section 8.2 have at all times since the Closing Date, been satisfied and duly performed. The conditions and requirements set forth in subclause (ii) of Section 7.1(j)

  

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have been satisfied from and after the Closing Date. The names, addresses and jurisdictions of organization of all Collection Banks, together with the account numbers of the Collection Accounts
of the Seller at each Collection Bank and the post office box number of each Lock-Box, are listed on Exhibit IV. The Seller has not granted any Person, other than the Administrator as contemplated by this Agreement, dominion and control of
any Lock-Box or Collection Account, or the right to take dominion and control of any such Lock-Box or Collection Account at a future time or upon the occurrence of a future event. 
 (m) Material Adverse Effect. (i) The initial Servicer represents and warrants that since June 30, 2009, no
event has occurred that would have a material adverse effect on the financial condition or operations of the initial Servicer and its Subsidiaries taken as a whole or the ability of the initial Servicer to perform its obligations under this
Agreement, and (ii) the Seller represents and warrants that since June 30, 2009, no event has occurred that would have a material adverse effect on (A) the financial condition or operations of the Seller, (B) the ability of the
Seller to perform its obligations under the Transaction Documents, or (C) the collectability of the Receivables generally or any material portion of the Receivables. 
 (n) Names. The name in which the Seller has executed this Agreement is identical to the name of the Seller as
indicated on the public record of its state of organization which shows the Seller to have been organized. In the past five (5) years, the Seller has not used any corporate names, trade names or assumed names other than the name in which it has
executed this Agreement. 
 (o) Ownership of the Seller. Arch owns, directly or indirectly, 100% of the
issued and outstanding capital stock of the Seller, free and clear of any Adverse Claim. Such capital stock is validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of the Seller.

 (p) Not a Holding Company or an Investment Company. Such Seller Party is not a “holding
company” or a “subsidiary holding company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or any successor statute. Such Seller Party is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, or any successor statute. 
 (q) Compliance with Law. Such Seller Party has complied in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so
comply could not reasonably be expected to have a Material Adverse Effect. Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules
and regulations relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation, except
where such contravention or violation could not reasonably be expected to have a Material Adverse Effect. 
  

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 (r) Compliance with Credit and Collection Policy. Such Seller Party
has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy, except such material change as to which
the Administrator has been notified in accordance with Section 7.1(a)(vii). 
 (s) Payments to
Originators. With respect to each Receivable transferred to the Seller under the Receivables Sale Agreement, the Seller has given reasonably equivalent value to each of the Originators in consideration therefor and such transfer was not made for
or on account of an antecedent debt. No transfer by any Originator of any Receivable under the Receivables Sale Agreement is or may be voidable under any section of the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as
amended. 
 (t) Enforceability of Contracts. Each Contract with respect to each Receivable is effective to
create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms,
except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law). 
 (u) Eligible Receivables. Each Receivable included in the
Net Pool Balance as an Eligible Receivable on the date of any Monthly Report was an Eligible Receivable on such date. 
 (v) Purchase Limit and Maximum Aggregate Investment Amount. Immediately after giving effect to each Incremental Purchase hereunder, the Aggregate Invested Amount is less than or equal to the Purchase Limit and the Asset Coverage
Ratio is not less than 1.0. 
 (w) Accounting. The manner in which such Seller Party accounts for the
transactions contemplated by this Agreement and the Receivables Sale Agreement does not jeopardize the characterization of the transactions contemplated herein and therein as being true sales. 
 (x) Separateness. From the date of the formation of the Seller, the Seller has complied with all provisions of
Section 7.1(i) applicable to it. 
 (y) Contract Provisions. Except for customary adjustments
in the ordinary course of business, no Contract with respect to any Receivable contains provisions that either (i) permit or provide for any reduction in the Outstanding Balance of the Receivable created thereunder and any accrued interest
thereon or (ii) could otherwise hinder the ability to receive Collections with respect to such Receivable. 
  

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 Article VI 
 Conditions of Purchases 
 Section 6.1
Conditions Precedent to Initial Incremental Purchase. 
 The initial Incremental Purchase of a Purchased Asset under
this Agreement is subject to the conditions precedent that (a) the Administrator shall have received on or before the Closing Date those documents listed on Schedule A and (b) the Administrator shall have received all fees and
expenses required to be paid on such date pursuant to the terms of this Agreement and the Fee Letter. 
 Section 6.2
Conditions Precedent to All Purchases and Reinvestments. 
 Each Incremental Purchase, each Reinvestment and each
issuance of any Letter of Credit shall be subject to the further conditions precedent that (a) in the case of each such Purchase and each such issuance of any Letter of Credit: (i) the Servicer shall have delivered to the Administrator on
or prior to the date of such Purchase, in form and substance satisfactory to the Administrator, all Monthly Reports and Collateral Certificates as and when due under Section 8.5 and (ii) upon the Administrator’s request, the
Servicer shall have delivered to the Administrator at least three (3) days prior to such Purchase an interim Monthly Report showing the amount of Eligible Receivables; (b) the Administrator shall have received such other approvals,
opinions or documents as it may reasonably request and (c) on each Purchase Date, the following statements shall be true (and acceptance of the proceeds of such Incremental Purchase, Reinvestment or issuance shall be deemed a representation and
warranty by the Seller that such statements are then true): 
 (i) the representations and warranties set forth
in Section 5.1 are true and correct on and as of the date of such Incremental Purchase, Reinvestment or issuance as though made on and as of such Purchase Date, except to the extent such representations and warranties are expressly
limited to an earlier date; 
 (ii) no event has occurred and is continuing, or would result from such
Incremental Purchase, Reinvestment or issuance, that will constitute an Amortization Event, and no event has occurred and is continuing, or would result from such Incremental Purchase, Reinvestment or issuance, that would constitute an Unmatured
Amortization Event; 
 (iii) the Aggregate Invested Amount does not exceed the Purchase Limit in effect on such
Purchase Date; and 
 (iv) the Asset Coverage Ratio is not less than 1.0. 
 It is expressly understood that each Reinvestment shall, unless otherwise directed by the Administrator, Market Street or LC Bank, occur automatically on
each day that the Servicer shall receive any Collections without the requirement that any further action be taken on the part of any Person and notwithstanding the failure of the Seller to satisfy any of the foregoing conditions precedent in respect
of such Reinvestment. The failure of the Seller to satisfy any of the

  

 22 

 
foregoing conditions precedent in respect of any Reinvestment shall give rise to a right of the Administrator, which right may be exercised at any time on demand of the Administrator, to rescind
the related purchase and direct the Seller to pay to the Administrator’s Account, for the ratable benefit of Market Street and/or the LC Bank, an amount equal to the Collections prior to the Facility Termination Date that shall have been
applied to the affected Reinvestment. 
 Article VII 
 Covenants 
 Section 7.1 Affirmative
Covenants of the Seller Parties. 
 Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and
this Agreement terminates in accordance with its terms, each Seller Party hereby covenants, as to itself, as set forth below: 
 (a) Financial Reporting. Such Seller Party will maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish or cause
to be furnished to the Administrator: 
 (i) Annual Reporting. Within 90 days after the close of each of
its fiscal years, audited, unqualified consolidated financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for Arch and its consolidated subsidiaries for such fiscal year
certified in a manner acceptable to the Administrator by KPMG LLP, independent public accountants or any other independent public accountants of recognized national standing. 
 (ii) Quarterly Reporting. Within 45 days after the close of the first three (3) quarterly periods of each of its
respective fiscal years, balance sheets of each of the Seller Parties as at the close of each such period and consolidated statements of income and a statement of cash flows for Arch and its consolidated subsidiaries for the period from the
beginning of such fiscal year to the end of such quarter, all certified by its respective chief financial officer, principal accounting officer, treasurer or corporate controller. 
 (iii) Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate in
substantially the form of Exhibit V signed by such Seller Party’s Authorized Officer, and dated the date of such annual financial statement or such quarterly financial statement, as the case may be. 
 (iv) Shareholders Statements and Reports. Promptly after being mailed to the shareholders of such Seller Party copies
of all financial statements, reports and proxy statements so furnished to them. 
 (v) S.E.C. Filings.
Promptly after becoming publicly available, copies of all registration statements and annual, quarterly, monthly or other regular reports which such Seller Party or any of its Subsidiaries files with the Securities and Exchange Commission.

  

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 (vi) Copies of Notices. Promptly upon its receipt of any notice,
request for consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than the Administrator, Market Street or LC Bank, copies of the same if such notice,
request, consent, financial statements, certification, report or other communication can reasonably be expected to have an adverse effect on the Receivables, the Related Security or the Administrator’s rights therein. 
 (vii) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of any
material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment
would be reasonably likely to adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables, requesting the Administrator’s consent thereto. 
 (viii) Other Information. Promptly, from time to time, such other information, documents, records or reports relating
to (A) the financial condition or operations of such Seller Party as the Administrator may from time to time reasonably request in order to protect the interests of the Administrator, for the benefit of Market Street and the LC Bank, under or
as contemplated by this Agreement or (B) the Receivables as the Administrator may reasonably request. 
 Information required to be delivered pursuant to paragraphs (i), (ii), (iv) and (v) of this Section 7.1(a) shall be deemed to have been delivered by the date indicated therein, provided that
such information has been filed with the Securities and Exchange Commission by such date; provided further that such Seller Party shall deliver paper copies of the statements, reports, financial statements and other information referred to in
paragraphs (i), (ii), (iv) and (v) of this Section 7.1(a) to the Administrator promptly upon request following such filing. 
 (b) Notices. Such Seller Party will notify the Administrator in writing of any of the following promptly upon learning
of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
 (i) Amortization Events or Unmatured Amortization Events. The occurrence of each Amortization Event and each Unmatured Amortization Event, by a statement of an Authorized Officer of such Seller Party. 
 (ii) Judgments and Proceedings. (A) The entry of any judgment or decree against the Servicer or its Subsidiaries
if the amount of such judgment or decree then outstanding against the Servicer and its Subsidiaries exceeds $10,000,000 after deducting (1) the amount with respect to which the Servicer or any such Subsidiary, as the case may be, is insured and
with respect to which the

  

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insurer has not disclaimed responsibility in writing, and (2) the amount for which the Servicer or any such Subsidiary is otherwise indemnified if the terms of such indemnification are
satisfactory to the Administrator, and (B) the institution of any litigation, arbitration proceeding or governmental proceeding against the Servicer which, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect; and (C) the entry of any judgment or decree or the institution of any litigation, arbitration proceeding or governmental proceeding against the Seller. 
 (iii) Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably be expected
to have, a Material Adverse Effect. 
 (iv) Termination Date. The occurrence of the “Termination
Date” under and as defined in the Receivables Sale Agreement. 
 (v) Defaults Under Other Agreements.
The occurrence of a default or an event of default under any other financing arrangement pursuant to which the Seller is a debtor or an obligor; or the occurrence of a default that could lead to an event of default or an event of default under any
other financing arrangement in a principal amount greater than or equal to $10,000,000 pursuant to which the Servicer is a debtor or an obligor. 
 (vi) Notices under Receivables Sale Agreement. Copies of all notices delivered under the Receivables Sale Agreement. 
 (c) Compliance with Laws and Preservation of Corporate Existence. Such Seller Party will comply in all respects with
all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. Such Seller Party
will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where its business is
conducted, except where the failure to so preserve and maintain or qualify could not reasonably be expected to have a Material Adverse Effect. 
 (d) Audits. In addition to information that may be required pursuant to Section 7.1(a)(viii), each Seller Party will furnish to the Administrator from time to time such information with
respect to it and the Receivables as the Administrator may reasonably request. Such Seller Party will, from time to time during regular business hours as requested by the Administrator upon reasonable notice and at the sole cost of such Seller
Party, permit the Administrator, or its agents or representatives (and shall cause each Originator to permit the Administrator or its agents or representatives): (i) to examine and make copies of and abstracts from all Records in the possession
or under the control of such Person relating to the Purchased Assets, including, without limitation, the related Contracts (other than any Confidential Contract (except for Confidential Contracts as to which the related Obligor has consented to such
disclosure or which may be disclosed to others who are subject to a confidentiality agreement) as to which disclosure

  

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thereof cannot be satisfied by the execution and delivery of a confidentiality agreement), and (ii) to visit the offices and properties of such Person for the purpose of examining such
materials described in clause (i) above, and to discuss matters relating to such Person’s financial condition or the Purchased Assets or any Person’s performance under any of the Transaction Documents or any Person’s
performance under the Contracts and, in each case, with any of the officers or employees of the Seller or the Servicer having knowledge of such matters (each of the foregoing examinations and visits, a “Review”); provided,
however, that, so long as no Amortization Event has occurred and is continuing, (A) the Seller Parties shall only be responsible for the costs and expenses of one (1) Review by Administrator and one (1) Review by an independent
auditor selected by Administrator in any one calendar year, and (B) the Administrator will not request more than two (2) Reviews in any one calendar year. 
 (e) Keeping and Marking of Records and Books. 
 (i) The Servicer will (and will cause each Originator to) maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information, in each such case as
reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing
Receivable). The Servicer will (and will cause each Originator to) give the Administrator notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
 (ii) Such Seller Party will (and will cause each Originator to) on or prior to the date hereof, mark its master data
processing system and all accounts receivable reports generated thereby with a legend, reasonably acceptable to the Administrator, describing the Administrator’s security interest in the Purchased Assets. 
 (f) Compliance with Contracts and Credit and Collection Policy. Such Seller Party will (and will cause each Originator
to) timely and fully (i) perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, in each case to the same extent as though such
Contracts had not been transferred to the Administrator, but only to the extent there would not be an adverse effect upon the Receivables and (ii) comply in all material respects with the Credit and Collection Policy in regard to each
Receivable and the related Contract. 
 (g) Performance and Enforcement of Receivables Sale Agreement. The
Seller will, and will require each Originator to, perform each of their respective obligations and undertakings under and pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder in strict compliance with the terms thereof
and will vigorously enforce the rights and remedies accorded to the Seller under the Receivables Sale

  

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Agreement. The Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of the Administrator, as the Seller’s assignee) under the
Receivables Sale Agreement as the Administrator may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Receivables
Sale Agreement. 
 (h) Ownership. The Seller will (or will cause each Originator to) take all necessary
action to establish and maintain, irrevocably in Seller (i) legal and equitable title to the Receivables and the Collections and (ii) all of each Originator’s right, title and interest in the Related Security associated with the
Receivables, in each case, free and clear of any Adverse Claims, other than Adverse Claims in favor of the Administrator, for the benefit of the Secured Parties (including, without limitation, the filing of all financing statements or other similar
instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Administrator’s (for the benefit of the Secured Parties) security interest in the Purchased Assets and such other action to
perfect, protect or more fully evidence the interest of the Administrator for the benefit of the Secured Parties as the Administrator may reasonably request); provided, however, that unless and until an Amortization Event or an
Unmatured Amortization Event has occurred, no Seller Party shall be required to take any actions to establish, maintain or perfect the Administrator’s ownership interest in the Related Security other than the filing of financing statements
under the UCC of all appropriate jurisdictions. 
 (i) Reliance. The Seller acknowledges that the
Administrator, Market Street and the LC Bank are entering into the transactions contemplated by this Agreement in reliance upon the Seller’s identity as a legal entity that is separate from each Originator. Therefore, from and after the date of
execution and delivery of this Agreement, the Seller shall take all reasonable steps, including, without limitation, all steps that the Administrator, Market Street or the LC Bank may from time to time reasonably request, to maintain the
Seller’s identity as a separate legal entity and to make it manifest to third parties that the Seller is an entity with assets and liabilities distinct from those of each Originator and any Affiliates thereof (other than the Seller) and not
just a division of such Originator or any such Affiliate. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, the Seller will: 
 (i) Hold itself out to the public and conduct its own business in its own name and require that all full-time employees of
the Seller, if any, identify themselves as such and not as employees of any Originator (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as the Seller’s
employees); 
 (ii) compensate all employees, consultants and agents directly, from the Seller’s own funds,
for services provided to the Seller by such employees, consultants and agents and, to the extent any employee, consultant or agent of the Seller is also an employee, consultant or agent of any Originator or any Affiliate thereof, allocate the
compensation of such employee, consultant or agent between the Seller and such Originator or such Affiliate, as applicable, on a basis that reflects the services rendered to the Seller and such Originator or such Affiliate, as applicable;

  

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 (iii) separate stationery, invoices, checks and other business forms in its
own name; 
 (iv) conduct all transactions with each Originator and the Servicer (including, without limitation,
any delegation of its obligations hereunder as Servicer) strictly on an arm’s-length basis, allocate fairly and reasonably all overhead expenses (including, without limitation, telephone and other utility charges) for items shared between the
Seller and such Originator on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 
 (v) at all times have a Board of Directors and not less than one member of Seller’s Board of Directors shall be an
individual who (A) has (1) prior experience as an Independent Director for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent Directors thereof before such corporation or
limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (2) at least three years
of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or
securities, (B) is reasonably acceptable to the Administrator as evidenced in a writing executed by the Administrator (it being understood and agreed that any equity owner, manager or employee of Global Securitization Services, LLC or Lord
Securities Corporation is hereby consented to by the Administrator), (C) is not, and has not been for a period of five years prior to his or her appointment as an Independent Director of the Seller: (1) a stockholder (whether direct,
indirect or beneficial), customer, advisor or supplier of Arch or any of its respective Affiliates, (2) a director, officer, employee, partner, attorney or consultant of Arch or any of its Affiliates (Arch and its Affiliates other than the
Seller being hereinafter referred to as the “Parent Group”), (3) a person related to any person referred to in clauses (1) or (2) above, (4) a person or other entity controlling or under common control with any such
stockholder, partner, customer, supplier, employee, officer or director or (5) a trustee, conservator or receiver for any member of the Parent Group and (D) shall not at any time serve as a trustee in bankruptcy for the Seller, Arch or any
Affiliate thereof (such an individual meeting the requirements set forth above, the “Independent Director”), and causing its certificate of incorporation to provide that (w) at least one member of the Seller’s Board of Directors
shall be an Independent Director, (x) the Seller’s Board of Directors shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Seller unless a unanimous vote of the
Seller’s Board of Directors (which vote shall include the affirmative vote of all Independent Directors) shall approve the taking of such action in

  

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writing prior to the taking of such action, (y) the Seller’s Board of Directors shall not vote on any matter requiring the vote of its Independent Directors under its certificate of
incorporation unless and until at least one Independent Director is then serving on the Seller’s Board of Directors and (z) the provisions requiring an Independent Director and the provision described in clauses (x) and (y) of
this paragraph (v) cannot be amended without the prior written consent of each Independent Director (it being understood that, as used in this clause (v), “control” means the possession directly or indirectly of the power to direct or
cause the direction of management policies or activities of a person or entity whether through ownership of voting securities, by contract or otherwise); 
 (vi) observe all organizational formalities as a distinct entity, and ensure that all corporate actions relating to (A) the selection, maintenance or replacement of the Independent Director,
(B) the dissolution or liquidation of the Seller or (C) the initiation of, participation in, acquiescence in or consent to any bankruptcy, insolvency, reorganization or similar proceeding involving the Seller, are duly authorized by
unanimous vote of its Board of Directors (including the Independent Director); 
 (vii) maintain the
Seller’s books and records separate and distinct from those of each Originator and any Affiliate thereof and otherwise in such a manner so that such books and records are readily identifiable as its own assets rather than assets of any
Originator or any Affiliate thereof; 
 (viii) prepare its financial statements separately from those of each
Originator and insure that any consolidated financial statements of any Originator or any Affiliate thereof that include the Seller and that are filed with the Securities and Exchange Commission or any other governmental agency have notes clearly
stating that the Seller is a separate legal entity and that its assets will be available first and foremost to satisfy the claims of the creditors of the Seller; 
 (ix) except as herein specifically otherwise provided, maintain the funds and other assets of the Seller separate from, and
not commingled with, those of any Originator or any Affiliate thereof and only maintain bank accounts or other depository accounts to which the Seller alone is the account party, into which the Seller alone makes deposits and from which the Seller
alone (or the Administrator hereunder) has the power to make withdrawals; 
 (x) pay all of the Seller’s
operating expenses from the Seller’s own assets (except for certain payments by any Originator or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i)) and pay its own
liabilities out of its own funds; 
 (xi) operate its business and activities such that: it does not engage in
any business or activity of any kind, or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, other than

  

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the transactions contemplated and authorized by this Agreement and the Receivables Sale Agreement; and does not create, incur, guarantee, assume or suffer to exist any indebtedness or other
liabilities, whether direct or contingent, other than (A) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (B) the incurrence of obligations
under this Agreement, (C) the incurrence of obligations, as expressly contemplated in the Receivables Sale Agreement, to make payment to the applicable Originator thereunder for the purchase of Receivables from such Originator under the
Receivables Sale Agreement, and (D) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement; 
 (xii) maintain its corporate charter in conformity with this Agreement, such that it does not amend, restate, supplement or
otherwise modify its Certificate of Incorporation or By-Laws in any respect that would impair its ability to comply with the terms or provisions of any of the Transaction Documents, including, without limitation, Section 7.1(i) of this
Agreement; 
 (xiii) maintain the effectiveness of, and continue to perform under the Receivables Sale Agreement,
such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Receivables Sale Agreement, or give any consent, waiver, directive or approval thereunder or waive any default, action, omission or breach under the
Receivables Sale Agreement or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of the Administrator; 
 (xiv) maintain its corporate separateness such that it does not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of
transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets of, any Person, nor at any time create, have, acquire,
maintain or hold any interest in any Subsidiary; 
 (xv) maintain at all times the Required Capital Amount (as
defined in the Receivables Sale Agreement) and refrain from making any dividend, distribution, redemption of capital stock or payment of any subordinated indebtedness which would cause the Required Capital Amount to cease to be so maintained;

 (xvi) operate its business and activities such that it (A) does not hold itself out as having agreed to
guarantee or be obligated for the debts of any Originator or any Affiliate thereof, (B) does not hold out its credit as being available to satisfy the obligations of any Originator or any Affiliate thereof and (C) has not pledged assets
for the benefit of any Originator or any Affiliate thereof; and 
  

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 (xvii) take such other actions as are necessary on its part to ensure that
the facts and assumptions set forth in the opinion issued by Cravath, Swaine & Moore LLP, as counsel for the Seller, in connection with the closing or initial Purchase under this Agreement and relating to substantive consolidation issues,
and in the certificates accompanying such opinion, remain true and correct in all material respects at all times. 
 (j) Collections. Such Seller Party will cause (i) all proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (ii) each Lock-Box and Collection Account to be subject at all
times to a Collection Account Agreement that is in full force and effect. In the event any payments relating to the Purchased Assets are remitted directly to the Seller or any Affiliate of the Seller, the Seller will remit (or will cause all such
payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, the Seller will itself hold or, if applicable,
will cause such payments to be held in trust for the exclusive benefit of the Administrator, Market Street and the LC Bank. The Seller will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each Lock-Box
and Collection Account and shall not grant the right to take dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to the Administrator as contemplated by this
Agreement. 
 (k) Taxes. Such Seller Party will file all tax returns and reports required by law to be
filed by it and will promptly pay all taxes and governmental charges at any time owing, except any such taxes which are not yet delinquent or are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books. The Seller will pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or measured by income or gross receipts of the Administrator, Market Street or the
LC Bank. 
 (l) Payment to Applicable Originator. With respect to any Receivable purchased by the Seller
from an Originator, such sale shall be effected under, and in compliance with the terms of, the Receivables Sale Agreement, including, without limitation, the terms relating to the amount and timing of payments to be made to such Originator in
respect of the purchase price for such Receivable. 
 Section 7.2 Negative Covenants of the Seller Parties. 

 Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance
with its terms, each Seller Party hereby covenants, as to itself, that: 
 (a) Change in Name, Jurisdiction of
Organization. Such Seller Party will not change (i) its name as it appears in official filings in its jurisdiction of organization, (ii) its status as a “registered organization” (within the meaning of any applicable
enactment of the UCC), (iii) its organizational identification number, if any, issued by its

  

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jurisdiction of organization, or (iv) its jurisdiction of organization unless it shall have: (A) given the Administrator at least thirty (30) days’ prior written notice
thereof and (B) delivered to the Administrator all financing statements, instruments and other documents requested by the Administrator in connection with such change or relocation. 
 (b) Change in Payment Instructions to Obligors. Except as may be required by the Administrator
pursuant to Section 8.2(b), such Seller Party will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box or Collection Account, unless the
Administrator shall have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a
Collection Account or Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box; provided, however, that the Servicer may make changes in instructions to Obligors regarding payments if
such new instructions require such Obligor to make payments to another existing Collection Account. 
 (c)
Modifications to Contracts and Credit and Collection Policy. Such Seller Party will not, and will not permit any Originator to, make any material change or material amendment to the Credit and Collection Policy unless, at least 30 days prior
to such material change or material amendment, it has delivered to the Administrator a copy of the Credit and Collection Policy then in effect and notice (i) indicating such proposed change or amendment, and (ii) if such proposed change or
amendment would be reasonably likely to adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables, requesting the Administrator’s consent thereto. Except as provided in
Section 8.2(d), the Servicer will not, and will not permit any Originator to, extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy.

 (d) Sales, Liens. The Seller will not sell, assign (by operation of law or otherwise) or otherwise
dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any of the Purchased Assets, or assign any right to
receive income with respect thereto (other than, in each case, the sale hereunder and the creation of a security interest therein in favor of the Administrator as provided for herein or in any Transaction Document), and the Seller will defend the
right, title and interest of the Secured Parties in, to and under any of the foregoing property, against all claims of third parties claiming through or under the Seller or any Originator. The Seller will not create or suffer to exist any mortgage,
pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory the sale of which gives rise to any Receivable. 
 (e) Use of Proceeds. The Seller will not use the proceeds of the Purchases for any purpose other than (i) paying for Receivables and Related Security under and in accordance with the
Receivables Sale Agreement, including without limitation, making payments on the Subordinated Notes (as defined therein) to the extent permitted thereunder and under the Receivables Sale Agreement, (ii) paying its ordinary and necessary
operating expenses when and as due, and (iii) making Restricted Junior Payments to the extent permitted under this Agreement. 
  

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 (f) Termination Date Determination. The Seller will not designate the
Termination Date (as defined in the Receivables Sale Agreement), or send any written notice to any Originator in respect thereof, without the prior written consent of the Administrator, except with respect to the occurrence of such Termination Date
arising pursuant to Section 5.1(d) of the Receivables Sale Agreement. 
 (g) Restricted Junior
Payments. The Seller will not make any Restricted Junior Payment if after giving effect thereto, the Seller’s Net Worth (as defined in the Receivables Sale Agreement) would be less than the Required Capital Amount (as defined in the
Receivables Sale Agreement). 
 (h) Seller Indebtedness. The Seller will not incur or permit to exist any
Indebtedness or liability on account of deposits except: (i) the Aggregate Unpaids, (ii) the Subordinated Loans (as defined in the Receivables Sale Agreement), (iii) other current accounts payable arising in the ordinary course of
business and not overdue, (iv) the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (v) the incurrence of obligations under this Agreement, (vi) the incurrence
of obligations, as expressly contemplated in the Receivables Sale Agreement, to make payment to the Originators thereunder for the purchase of Receivables from such Originators under the Receivables Sale Agreement, and (vii) the incurrence of
operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement. The Seller shall not hold out its credit as available to satisfy the obligations of others, pledge its assets for the benefit of any other
entity, make loans or advances to any other entity or acquire obligations or securities of its shareholders. 
 (i) Prohibition on Additional Negative Pledges. No such Seller Party will enter into or assume any agreement (other than this Agreement and the other Transaction Documents) prohibiting the creation or assumption of any Adverse Claim
upon the Purchased Assets except as contemplated by the Transaction Documents, or otherwise prohibiting or restricting any transaction contemplated hereby or by the other Transaction Documents, and no such Seller Party will enter into or assume any
agreement creating any Adverse Claim upon the Subordinated Notes (as defined in the Receivables Sale Agreement). 
 (j) Contract Provisions. Except for customary adjustments in the ordinary course of business, such Seller Party will not (and will not permit any Originator to) permit any Contract with respect to any Receivable to contain provisions
that either (i) permit or provide for any reduction in the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon or (ii) could otherwise hinder the ability to receive Collections with respect to such
Receivable. 
  

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 Article VIII 
 Administration and Collection 
 Section 8.1
Designation of Servicer. 
 (a) The servicing, administration and collection of the Receivables shall
be conducted by such Person (the “Servicer”) so designated from time to time in accordance with this Section 8.1. Arch is hereby designated as, and hereby agrees to perform the duties and obligations of, the
Servicer pursuant to the terms of this Agreement. The Administrator may, upon the occurrence of an Unmatured Amortization Event (other than one arising as a result of a Voluntary Termination, unless another Unmatured Amortization Event occurs),
designate as Servicer any Person to succeed Arch or any successor Servicer provided that the Rating Agency Condition is satisfied. 
 (b) Arch may delegate, and Arch hereby advises the Administrator, Market Street and the LC Bank that it has delegated, to each Originator, as sub-servicer of the Servicer, certain of its duties and
responsibilities as Servicer hereunder in respect of the Receivables originated by such Originator. Without the prior written consent of the Administrator (which consent shall not be unreasonably withheld) Arch shall not be permitted to delegate any
of its duties or responsibilities as Servicer to any Person other than (i) the Seller, (ii) any Originator, and (iii) with respect to certain Defaulted Receivables, outside collection agencies in accordance with its customary
practices. Neither the Seller nor the Originators shall be permitted to further delegate to any other Person any of the duties or responsibilities of the Servicer delegated to it by Arch. If at any time the Administrator shall designate as Servicer
any Person other than Arch, all duties and responsibilities theretofore delegated by Arch to the Seller or any Originator may, at the discretion of the Administrator, be terminated forthwith on notice given by the Administrator to Arch and to the
Seller and such Originator. 
 (c) Notwithstanding the foregoing subsection (b): (i) Arch shall be
and remain primarily liable to the Administrator, Market Street and the LC Bank for the full and prompt performance of all duties and responsibilities of the Servicer hereunder and (ii) the Administrator, Market Street and the LC Bank shall be
entitled to deal exclusively with Arch in matters relating to the discharge by the Servicer of its duties and responsibilities hereunder. The Administrator, Market Street and the LC Bank shall not be required to give notice, demand or other
communication to any Person other than Arch in order for communication to the Servicer and its sub-servicer or other delegate with respect thereto to be accomplished. Arch, at all times that it is the Servicer, shall be responsible for providing any
sub-servicer or other delegate of the Servicer with any notice given to the Servicer under this Agreement. 
 Section 8.2 Duties of Servicer. 
 (a) The Servicer shall take or cause to be taken
all such actions as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection
Policy. 
  

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 (b) The Servicer will instruct all Obligors to pay all Collections directly
to a Lock-Box or Collection Account. The Servicer shall effect a Collection Account Agreement in a form reasonably acceptable to the Administrator with each bank party to a Collection Account at any time. In the case of any remittances received in
any Lock-Box or Collection Account that shall have been identified, to the satisfaction of the Servicer, to not constitute Collections or other proceeds of the Receivables or the Related Security, the Servicer shall promptly remit such items to the
Person identified to it as being the owner of such remittances. From and after the date the Administrator delivers to any Collection Bank a Collection Notice pursuant to Section 8.3, the Administrator may request that the Servicer, and
the Servicer thereupon promptly shall instruct all Obligors with respect to the Receivables, to remit all payments thereon to a new depositary account specified by the Administrator and, at all times thereafter, the Seller and the Servicer shall not
deposit or otherwise credit, and shall not permit any other Person to deposit or otherwise credit to such new depositary account any cash or payment item other than Collections. 
 (c) The Servicer shall administer the Collections in accordance with the procedures described herein and in Article
II. The Servicer shall set aside and hold in trust for the account of the Seller, Market Street and the LC Bank their respective shares of the Collections in accordance with Article II. The Servicer shall, upon the request of the
Administrator during the occurrence of an Unmatured Amortization Event, segregate, in a manner acceptable to the Administrator, all cash, checks and other instruments received by it from time to time constituting Collections from the general funds
of the Servicer or the Seller prior to the remittance thereof in accordance with Article II. If the Servicer shall be required to segregate Collections pursuant to the preceding sentence, the Servicer shall segregate and deposit with a bank
designated by the Administrator such allocable share of Collections of Receivables set aside for Market Street and the LC Bank on the first Business Day following receipt by the Servicer of such Collections, duly endorsed or with duly executed
instruments of transfer. 
 (d) The Servicer may, in accordance with the Credit and Collection Policy, extend the
maturity of any Receivable or adjust the Outstanding Balance of any Receivable as the Servicer determines to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the
status of such Receivable as a Delinquent Receivable or Defaulted Receivable or limit the rights of the Administrator, Market Street or the LC Bank under this Agreement. The Administrator shall have the right to direct the Servicer to commence or
settle any legal action with respect to any Receivable (whether or not such Receivable is a Defaulted or Delinquent Receivable) of an Obligor which is an Obligor under any Defaulted or Delinquent Receivable; provided, however, that the
Servicer shall not be required to comply with such direction if the Seller determines, in its reasonable business judgment, that it is preferable not to enforce or settle any Delinquent or Defaulted Receivable, in which case such Defaulted or
Delinquent Receivable (and, at the option of the Administrator, any other Receivable of such Obligor) shall be treated as a Deemed Collection, and payment shall be made thereon in a manner consistent with Section 1.4. 
  

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 (e) The Servicer shall hold in trust for the Seller and the Administrator,
Market Street and the LC Bank all Records that (i) evidence or relate to the Receivables, the related Contracts and Related Security or (ii) are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable
upon demand of the Administrator during the occurrence of an Unmatured Amortization Event, deliver or make available to the Administrator all such Records (other than any Record that contains confidentiality provisions (except for Records as to
which the related Obligor has consented to such delivery) that cannot be satisfied by the execution and delivery of a confidentiality agreement), at a place selected by the Administrator. The Servicer shall, as soon as practicable following receipt
thereof turn over to the Seller any cash collections or other cash proceeds received with respect to Indebtedness not constituting Receivables. The Servicer shall, from time to time at the request of the Administrator, Market Street or the LC Bank,
furnish to Market Street and the LC Bank (promptly after any such request) a calculation of the amounts set aside for Market Street and the LC Bank pursuant to Article II. 
 (f) Any payment by an Obligor in respect of any indebtedness owed by it to any Originator or the Seller shall, except as
otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrator, be applied as a Collection of any Receivable of such Obligor (starting with the oldest such Receivable) to the extent
of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. 
 Section 8.3 Collection Notices. 
 The Administrator is authorized at any time to date and to deliver
to the Collection Banks the Collection Notices. The Seller hereby transfers to the Administrator for the benefit of Market Street and the LC Bank, effective when the Administrator delivers such notice, the exclusive ownership and control of each
Lock-Box and the Collection Accounts. In case any authorized signatory of the Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall
nevertheless be valid as if such authority had remained in force. The Seller hereby authorizes the Administrator, and agrees that the Administrator shall be entitled (a) at any time after delivery of the Collection Notices, to endorse the
Seller’s name on checks and other instruments representing Collections, (b) at any time after the occurrence of an Amortization Event, to enforce the Receivables, the related Contracts and the Related Security, and (c) at any time
after the occurrence of an Amortization Event, to take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Administrator rather
than the Seller. 
  

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 Section 8.4 Responsibilities of the Seller. 
 Anything herein to the contrary notwithstanding, the exercise by the Administrator, on behalf of Market Street and the LC Bank, of the
Administrator’s rights hereunder shall not release the Servicer, any Originator or the Seller from any of their duties or obligations with respect to any Receivables or under the related Contracts. The Administrator, Market Street and the LC
Bank shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of the Seller or any Originator thereunder. 
 Section 8.5 Receivables Reports. 
 The Servicer shall prepare and forward to the Administrator (a) on each Monthly Reporting Date, a Monthly Report and
an electronic file of the data contained therein, (b) at such times as the Administrator may request upon reasonable advance notice, a listing by Obligor of all Receivables together with an aging of such Receivables, (c) on the last
Business Day of each month from June through and including November, a Collateral Certificate as of the 15th day of such month and an electronic file of the data contained therein, if the Seller requests a Purchase during such
month and has not delivered a Collateral Certificate or a Monthly Report within the two weeks preceding the proposed Purchase Date and (d) on the day two (2) Business Days after the request of the Administrator during the months of June
through and including November, a Collateral Certificate as of the 15th day of such month and an electronic file of the data contained therein; provided, however, that the Administrator’s request under this Section 8.5(d) shall be limited to no
more than one per month. 
 Section 8.6 Servicing Fee. 
 As compensation for the Servicer’s servicing activities on their behalf, the Servicer shall be paid the Servicing Fee in arrears on each
Settlement Date out of Collections. 
 Article IX 
 Amortization Events 
 Section 9.1
Amortization Events. 
 The occurrence of any one or more of the following events shall constitute an Amortization
Event: 
 (a) Any of the Seller Parties shall fail to make any payment or deposit required to be made by it under
the Transaction Documents and such failure shall continue for three (3) Business Days. 
 (b)(i) Any
representation or warranty made by any of the Seller Parties in this Agreement or the Receivables Sale Agreement shall prove to have been incorrect in any respect when made or deemed made, (ii) any information contained in any Monthly Report
shall prove to have been incorrect in any respect when made, or (iii) any representation, warranty, certification or statement (other than relating to projections or other forward-looking information) made by any of the Seller Parties in any
other

  

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Transaction Document or in any other document delivered pursuant hereto or thereto (other than in a Monthly Report) shall prove to have been incorrect in any material respect when made or deemed
made; provided, that no such event shall constitute an Amortization Event unless such event is unremedied for a period of ten (10) Business Days after the earlier to occur of (i) written notice thereof shall have been given by the
Administrator to such Seller Party or (ii) an Authorized Officer of such Seller Party shall have actual knowledge thereof or should have had knowledge thereof if such Authorized Officer had exercised reasonable care in the performance of his or
her duties; provided, further, that no grace period shall apply to Section 5.1(f), 5.1(i), 5.1(j), 5.1(n), 5.1(p), 5.1(u) or 5.1(v); and provided, further, no such event shall
constitute an Amortization Event if the Seller shall have timely paid to the Administrator the Deemed Collection required to be paid as a result of such event in accordance with Section 1.4. 
 (c) Any of the Seller Parties shall fail to perform or observe any covenant contained in Section 7.2 or
Section 8.5 when due. 
 (d) Any of the Seller Parties shall fail to perform or observe any other
covenant or agreement under any Transaction Documents and such failure shall continue for ten (10) consecutive Business Days. 
 (e) Failure of the Seller to pay any Indebtedness (other than the Aggregate Unpaids) when due or the default by the Seller in the performance of any term, provision or condition contained in any agreement
under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any such Indebtedness
of the Seller shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof. 
 (f) Failure of Arch or any of its Subsidiaries other than the Seller to pay Indebtedness in excess of $10,000,000 in
aggregate principal amount (hereinafter, “Material Indebtedness”) when due (after giving effect to any applicable grace periods with respect thereto); or the default by Arch or any of its Subsidiaries other than the Seller in the
performance of any term, provision or condition contained in any agreement under which any Material Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Material Indebtedness to cause,
such Material Indebtedness to become due prior to its stated maturity and, unless such Material Indebtedness is earlier accelerated, such default is not cured within 15 days after its occurrence; or any Material Indebtedness of Arch or any of its
Subsidiaries other than the Seller shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof. 
 (g) An Event of Bankruptcy shall occur with respect to any Seller Party or any of its Subsidiaries. 
  

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 (h) As at the end of any Calculation Period: 
 (i) the three-month rolling average Delinquency Ratio shall exceed (y) for the periods ending in April through August,
4.0% and (z) for all other periods, 7.0%, 
 (ii) the three-month rolling average Default Ratio shall exceed
2.5%, 
 (iii) the three-month rolling average Dilution Ratio shall exceed 8.0%, 
 (iv) the Account Receivable Turnover Ratio shall be less than 6.0%, or 
 (v) the Days Sales Outstanding Ratio shall be less than 80.0. 
 (i) A Change of Control shall occur. 
 (j)(i) One or more final judgments of a court of competent jurisdiction for the payment of money in an aggregate amount of
$12,500 or more shall be entered against the Seller or (ii) one or more final judgments of a court of competent jurisdiction for the payment of money in an amount in excess of $10,000,000, individually or in the aggregate, shall be entered
against Arch or any of its Subsidiaries (other than the Seller) on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for sixty
(60) consecutive days without a stay of execution. 
 (k) The “Termination Date” under and as
defined in the Receivables Sale Agreement shall occur under the Receivables Sale Agreement or any Originator shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring
Receivables to the Seller under the Receivables Sale Agreement. 
 (l) This Agreement shall terminate in whole or
in part (except in accordance with its terms), or shall cease to be effective or to be the legally valid, binding and enforceable obligation of the Seller, or any Originator shall directly or indirectly contest in any manner such effectiveness,
validity, binding nature or enforceability, or the Administrator for the benefit of Market Street and the LC Bank shall cease to have a valid and perfected first priority security interest in the Receivables, its Collections, “Supporting
Obligations” (as defined in Article 9 of the UCC in effect in each relevant jurisdiction), the Seller’s right, title and interest in, to and under each of the Transaction Documents to which it is a party, returned goods the sale of which
gave rise to any Receivable, security interests in favor of the Seller that secures payment of such Receivable and all other items of Related Security in which an interest therein may be perfected by the filing of a financing statement under Article
9 of the UCC and proceeds of the foregoing, or any Person shall contest the Administrator’s perfected first priority ownership interest in that portion of the Related Security in which perfection cannot be accomplished under Article 9 of the
relevant UCC, or any Secured Party shall incur any loss resulting from the Seller’s failure to perfect Administrator’s ownership interest in that portion of the Related Security in which perfection cannot be accomplished under Article 9 of
the relevant UCC. 
  

 39 

 (m) On any day, the Aggregate Invested Amount shall exceed the Purchase
Limit, and such failure shall continue unremedied for three (3) Business Days. 
 (n) The Internal Revenue
Service shall file notice of a lien pursuant to Section 6323 of the Tax Code with regard to any of the Receivables or the Related Security or the PBGC shall, file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the
Receivables or the Related Security, and any such lien shall not have been released within the earlier to occur of (i) seven (7) days after the date of such filing and (ii) the day on which the Administrator becomes aware of such
filing. 
 (o) Any Plan of any Seller Party or any of its ERISA Affiliates: 
 (i) shall fail to be funded in accordance with the minimum funding standard required by applicable law, the terms of such
Plan, Section 412 of the Tax Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan under applicable law, the terms of such Plan or Section 412 of the Tax Code or
Section 303 of ERISA; or 
 (ii) is being, or has been, terminated or the subject of termination proceedings
under applicable law or the terms of such Plan; or 
 (iii) shall require Arch or any of its ERISA Affiliates to
provide security under applicable law, the terms of such Plan, Section 401 or 412 of the Tax Code or Section 306 or 307 of ERISA; or 
 (iv) results in a liability to Arch or any of its ERISA Affiliates under applicable law, the terms of such Plan, or Title IV ERISA, 
 and there shall result from any such failure, waiver, termination or other event a liability to the PBGC or a Plan that would have a Material
Adverse Effect. 
 (p) Any event shall occur which has, or could be reasonably expected to have a Material
Adverse Effect. 
 (q) On any day a report is required to be delivered in accordance with
Section 8.5, the Asset Coverage Ratio is less than 1.0, and such failure shall continue unremedied for three (3) Business Days. 
 (r) Any Letter of Credit is drawn upon and, unless as a result of the LC Bank’s failure to provide the notice required by Section 1.9, not fully reimbursed pursuant to
Section 1.9 (including, if applicable, with the proceeds of any funding by the Issuer) within one Business Day from the date of such draw 
 Section 9.2 Remedies. 
 Upon the occurrence and during the
continuation of an Amortization Event, the Administrator may, or upon the direction of LC Bank or the Required Liquidity Banks shall, take any of the following actions: (a) except upon a Voluntary Termination (unless another

  

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Amortization Event occurs), replace the Person then acting as Servicer, (b) declare the Facility Termination Date to have occurred, whereupon Reinvestments shall immediately terminate and
the Facility Termination Date shall forthwith occur, all without demand, protest or further notice of any kind, all of which are hereby expressly waived by the Seller Parties; provided, however, that upon the occurrence of an Event of
Bankruptcy with respect to a Seller Party, the Facility Termination Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by such Seller Party, (c) deliver the Collection
Notices to the Collection Banks, (d) exercise all rights and remedies of a secured party upon default under the UCC and other applicable laws, and (e) notify Obligors of the Administrator’s security interest in the Receivables and
other Purchased Assets. The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Administrator, Market Street and the LC Bank otherwise available under any other provision
of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative. 
 Article X 
 Indemnification 
 Section 10.1 Indemnities by the Seller Parties. 
 Without limiting any other rights that the Administrator, Market Street or the LC Bank may have hereunder or under applicable law,
(a) the Seller hereby agrees to indemnify (and pay upon demand to) the Administrator, Market Street, the LC Bank, each of the Liquidity Banks and each of the respective assigns, officers, directors, agents and employees of the foregoing (each,
an “Indemnified Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees and disbursements (all of the
foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by Market Street
or any of its Liquidity Banks or the LC Bank of an interest in the Receivables, and (b) the Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any of them
arising out of the Servicer’s activities as Servicer hereunder excluding, however, in all of the foregoing instances under the preceding clauses (a) and (b): 
 (i) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified
Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
 (ii) Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related
Obligor; or 
 (iii) taxes imposed by the United States, the Indemnified Party’s jurisdiction of
organization (or in the case of an individual, his or her jurisdiction

  

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of primary residence) or any other jurisdiction in which such Indemnified Party has established a taxable nexus other than in connection with the transactions contemplated hereby, on or measured
by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by Market Street and/or the LC Bank of Receivables as a loan or
loans by Market Street or the LC Bank to the Seller secured by the Receivables, the Related Security, the Collection Accounts and the Collections; 
 provided, however, that nothing contained in this sentence shall limit the liability of the Seller Parties or limit the recourse of Market Street or the LC Bank to the Seller Parties for amounts otherwise specifically provided
to be paid by the Seller Parties under the terms of this Agreement. Without limiting the generality of the foregoing indemnification, the Seller shall indemnify the Administrator, Market Street and the LC Bank for Indemnified Amounts (including,
without limitation, losses in respect of uncollectible receivables, regardless of whether reimbursement therefor would constitute recourse to the Seller or the Servicer) relating to or resulting from: 
 (i) any representation or warranty made by a Seller Party or any Originator (or any officers of any such Person) under or in
connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made; 
 (ii) the failure by the Seller, the Servicer or any Originator to comply in any material respect with any applicable law,
rule or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of any Originator to keep or perform
any of its obligations, express or implied, with respect to any Contract; 
 (iii) any failure of the Seller, the
Servicer or any Originator to perform in any material respect its duties, covenants or other obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (iv) any products liability, personal injury or damage suit, or other similar claim arising out of or in connection with
merchandise, insurance or services that are the subject of any Contract or any Receivable; 
 (v) any dispute,
claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and
binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or
services; 
  

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 (vi) the commingling of Collections of Receivables at any time with other
funds; 
 (vii) any investigation, litigation or proceeding related to or arising from this Agreement or any
other Transaction Document, the transactions contemplated hereby, the use of the proceeds of any Purchase, the Purchased Assets or any other investigation, litigation or proceeding relating to the Seller, the Servicer or any Originator in which any
Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 
 (viii) any
inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding;

 (ix) any Amortization Event of the type described in Section 9.1(g); 
 (x) any failure of the Seller to acquire and maintain legal and equitable title to, and ownership of any of the Purchased
Assets from the applicable Originator, free and clear of any Adverse Claim (other than as created hereunder); or any failure of the Seller to give reasonably equivalent value to any Originator under the Receivables Sale Agreement in consideration of
the transfer by such Originator of any Receivable, or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action (except as created by the Transaction Documents); 
 (xi) any failure to vest and maintain vested in the Administrator for the benefit of Market Street and the LC Bank, or to
transfer to the Administrator for the benefit of the Secured Parties, a valid first priority perfected security interests in the Purchased Assets, free and clear of any Adverse Claim (except as created by the Transaction Documents); 
 (xii) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under
the UCC of any applicable jurisdiction or other applicable laws with respect to any Purchased Assets, and the proceeds thereof, whether at the time of any Purchase or at any subsequent time; 
 (xiii) any action or omission by a Seller Party which reduces or impairs the rights of the Administrator, Market Street or
the LC Bank with respect to any Purchased Assets or the value of any Purchased Assets; 
 (xiv) any attempt by
any Person to void any Purchase or the Administrator’s security interest in the Purchased Assets under statutory provisions or common law or equitable action; and 
  

 43 

 (xv) the failure of any Receivable included in the calculation of the Net
Pool Balance as an Eligible Receivable to be an Eligible Receivable at the time so included. 
 Section 10.2
Increased Cost and Reduced Return. 
 If after the date hereof, any Funding Source or the LC Bank shall be charged any
fee, expense or increased cost (other than taxes) on account of the adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy) or any change therein, or any change in the
interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law)
of any such authority, central bank or comparable agency or on account of the adoption of any change in (or change in the interpretation of) any generally accepted accounting principles or regulatory account principles applicable to such Funding
Source or the LC Bank (a “Regulatory Change”): (a) that subjects (or has the effect of subjecting) any Funding Source or the LC Bank to any charge or withholding on or with respect to any Funding Agreement or a Funding
Source’s obligations under a Funding Agreement or any Letter of Credit, as applicable, or on or with respect to the Receivables, or (b) that imposes, modifies or deems applicable (or has the effect of imposing, modifying or deeming
applicable) any reserve assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of a Funding Source or the LC Bank, or credit extended by a Funding Source or the LC Bank pursuant to a
Funding Agreement or a Letter of Credit, as applicable or (c) that imposes (or has the effect of imposing) any other condition the result of which is to increase the cost to a Funding Source or the LC Bank of performing its obligations under a
Funding Agreement or a Letter of Credit, as applicable, or to reduce the rate of return on a Funding Source’s or the LC Bank’s capital as a consequence of its obligations under a Funding Agreement or a Letter of Credit, as applicable, or
to reduce the amount of any sum received or receivable by a Funding Source or LC Bank under a Funding Agreement or a Letter of Credit, as applicable or to require any payment calculated by reference to the amount of interests or loans held or
interest received by it, then, promptly upon demand by the Administrator, the Seller shall pay to the Administrator, for the benefit of the relevant Funding Source or LC Bank, as applicable, such amounts charged to such Funding Source or the LC Bank
or such amounts to otherwise compensate such Funding Source or the LC Bank for such increase costs or such reduction; provided, however, that no Funding Source or LC Bank shall be entitled to any compensation for any increased
costs under this Section 10.2 unless the Administrator, such Funding Source or the LC Bank delivers a reasonably detailed certificate to the Seller setting forth the amounts and the basis for such increased costs. For avoidance of doubt,
any interpretation or implementation of Accounting Research Bulleting No. 51 by the Financial Accounting Standards Board (including Interpretation No. 46: Consolidation of Variable Interest Entities) promulgated after the date hereof shall
constitute an adoption, change, request or directive, and any implementations thereof shall be a “Regulatory Change.” 
  

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 Section 10.3 Other Costs and Expenses. 
 The Seller shall pay to the Administrator, Market Street and the LC Bank promptly on demand all reasonable costs and out-of-pocket expenses
in connection with the preparation, execution, delivery and administration of the Transaction Documents and the transactions contemplated thereby, the Liquidity Agreement, any Letter of Credit and, to the extent directly related to this Agreement,
the Program Documents (including any amendments or modifications of or supplements to the Program Documents directly related to this Agreement), including without limitation, the cost of Market Street’s and the LC Bank’s auditors auditing
the books, records and procedures of the Seller, reasonable fees and out-of-pocket expenses of legal counsel for Market Street, the LC Bank and the Administrator with respect thereto and with respect to advising Market Street and the LC Bank and the
Administrator as to their respective rights and remedies under this Agreement. The Seller shall pay to the Administrator promptly on demand any and all reasonable costs and expenses of the Administrator, Market Street and LC Bank, if any, including
reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of
this Agreement following an Amortization Event. The Seller shall reimburse Market Street and the LC Bank promptly on demand for all other costs and expenses incurred by Market Street or the LC Bank (“Other Costs”), including,
without limitation, the cost of auditing Market Street’s or the LC Bank’s books by certified public accountants, the cost of rating the Commercial Paper by independent financial rating agencies, and the reasonable fees and out-of-pocket
expenses of counsel for Market Street and the LC Bank or any counsel for any shareholder of Market Street or the LC Bank with respect to advising Market Street or the LC Bank or such shareholder as to matters relating to Market Street’s or the
LC Bank’s operations. 
 Section 10.4 Allocations. 
 Market Street and the LC Bank shall in its reasonable judgment allocate the liability for Other Costs among the Seller and other Persons with
whom Market Street or the LC Bank has entered into agreements to purchase interests in or finance receivables and other financial assets (“Other Customers”). If any Other Costs are attributable to the Seller and not
attributable to any Other Customer, the Seller shall be solely liable for such Other Costs. However, if Other Costs are attributable to Other Customers and not attributable to the Seller, such Other Customer shall be solely liable for such Other
Costs. All allocations to be made pursuant to the foregoing provisions of this Article X shall be made by Market Street and the LC Bank in their sole discretion and shall be binding on the Seller and the Servicer. 
 Article XI 
 The Administrator 
 Section 11.1 Authorization and Action. 
 Each of Market Street and the LC Bank, on behalf of itself and its assigns, hereby designates and appoints PNC to act as its agent and
administrator under this Agreement and under each other Transaction Document, and authorizes the Administrator to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrator by the terms of this
Agreement and the other Transaction Documents together with such powers as are reasonably incidental thereto, including, without limitation, the power to perfect all security interests granted under the Transaction Documents. 
  

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 Section 11.2 PNC and Affiliates. 
 PNC and its Affiliates may generally engage in any kind of business with Seller, Servicer, any Obligor, any of their respective Affiliates
and any Person who may do business with or own securities of any of the foregoing, all as if PNC were not Administrator and without any duty to account therefor to Market Street or the LC Bank. 
 Article XII 
 Assignments and Participations 
 Section 12.1 Assignments and Participations by Market Street and
the LC Bank. 
 (a) Each of the parties hereto, on behalf of its successors and assigns, hereby agrees
and consents to the complete or partial sale by Market Street of all or any portion of its rights under, interest in, title to and obligations under this Agreement to the Liquidity Banks pursuant to the Liquidity Agreement, regardless of whether
such sale constitutes an assignment or the sale of a participation in such rights and obligations. The LC Bank, with the prior written consent of the Administrator and the Seller (such consent not to be unreasonably withheld, conditioned or
delayed), may assign any of its interests, rights and obligations hereunder to an Eligible Assignee; provided, that (i) the amount to be assigned by the LC Bank hereunder shall not be less than $5,000,000 and (ii) prior
to the effective date of any such assignment, the assignee and assignor shall have executed and delivered to the Administrator an assignment and acceptance agreement in form and substance satisfactory to the Administrator; provided, further, that
the Seller’s consent shall not be required if an Amortization Event or Unmatured Amortization Event has occurred and is continuing. 
 (b) Notwithstanding anything contained in Section 12.1(a), the LC Bank may sell participations in all or any part of any Incremental Purchase or Incremental Purchases made by it to
another bank or other entity (the “LC Participant”) so long as (i) no such grant of a participation shall, without the consent of the Seller, require the Seller to file a registration statement with the SEC and (ii) no
holder of any such participation shall be entitled to require it to take or omit to take any action hereunder except that it may agree with such participant that, without such LC Participant’s consent, it will not consent to an amendment,
modification or waiver referred to in Section 13.1. Any such LC Participant shall not have any rights hereunder or under the Transaction Documents except that such LC Participant shall have rights under Sections 10.2 and
10.3 hereunder as if it were the LC Bank hereunder; provided that no such LC Participant shall be entitled to receive any payment pursuant to such sections which is greater in amount than the payment which the LC Bank would
have otherwise been entitled to receive in respect of the participation interest so sold. 
  

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 Section 12.2 Prohibition on Assignments by the Seller Parties.

 No Seller Party may assign any of its rights or obligations under this Agreement without the prior written consent of the
Administrator, Market Street and the LC Bank and without satisfying the Rating Agency Condition. 
 Article XIII

 Miscellaneous 
 Section 13.1 Waivers and Amendments. 
 No failure or delay on
the part of the Administrator, Market Street or the LC Bank in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any
other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be
effective only in the specific instance and for the specific purpose for which given. No provision of this Agreement may be amended, supplemented, modified or waived except in writing in accordance with the provisions of this
Section 13.10. Market Street, the LC Bank, the Seller and the Administrator, may enter into written modifications or waivers of any provisions of this Agreement, provided, however, that any material amendment, waiver or
other modification of this Agreement shall require satisfaction of the Rating Agency Condition. 
 Section 13.2
Notices. 
 Except as provided in this Section 13.2, all communications and notices provided for hereunder
shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages hereof or
at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (a) if given by telecopy, upon the receipt
thereof, (b) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (c) if given by any other means, when received at the address specified in this
Section 13.2. The Seller hereby authorizes the Administrator to effect Purchases and Interest Period and Yield Rate selections based on telephonic notices made by any Person whom the Administrator in good faith believes to be acting on
behalf of the Seller. The Seller agrees to deliver promptly to the Administrator a written confirmation of each telephonic notice signed by an authorized officer of the Seller; provided, however, the absence of such confirmation shall
not affect the validity of such notice. If the written confirmation differs from the action taken by the Administrator, the records of the Administrator shall govern absent manifest error. 
 Section 13.3 Protection of Administrator’s Security Interest. 
 (a) The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and
documents, and take all actions, that may be necessary or desirable, or that the Administrator may request, to perfect, protect or more

  

 47 

 
fully evidence the Administrator’s security interest in the Purchased Assets, or to enable the Administrator, Market Street or the LC Bank to exercise and enforce their rights and remedies
hereunder; provided, however, that unless and until an Amortization Event or an Unmatured Amortization Event has occurred, no Seller Party shall be required to take any actions to establish, maintain or perfect the Seller’s
ownership interest in the Related Security other than the filing of financing statements under the UCC of all appropriate jurisdictions. During the occurrence and continuance of an Unmatured Amortization Event or an Amortization Event, the
Administrator may, or the Administrator may direct the Seller or the Servicer to, notify the Obligors of Receivables, at the Seller’s expense, of the ownership or security interests of Market Street or the LC Bank under this Agreement. During
the occurrence and continuance of an Unmatured Amortization Event or an Amortization Event, the Administrator may direct the Seller or Servicer (and if the Seller or Servicer fails to do so) Administrator may direct that payments of all amounts due
or that become due under any or all Receivables be made directly to an account specified by the Administrator or its designee which may be an account of the Administrator or its designee. The Seller or the Servicer (as applicable) shall, at the
Administrator’s request, withhold the identities of the Administrator, Market Street and the LC Bank in any such notification. 
 (b) If any Seller Party fails to perform any of its obligations hereunder, the Administrator, Market Street or the LC Bank may (but shall not be required to) upon notice to such Seller Party perform, or
cause performance of, such obligations, and the Administrator’s, Market Street’s or the LC Bank’s costs and expenses incurred in connection therewith shall be payable by the Seller as provided in Section 10.3. The Seller
Parties irrevocably authorize the Administrator at any time and from time to time in the sole discretion of the Administrator, and appoints the Administrator as its attorney-in-fact, to act on behalf of the Seller Parties (i) to execute on
behalf of the Seller as debtor and to file financing statements necessary or desirable in the Administrator’s sole discretion to perfect and to maintain the perfection and priority of the interest of Market Street and the LC Bank in the
Receivables and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as the Administrator in its sole discretion deems
necessary or desirable to perfect and to maintain the perfection and priority of the Administrator’s security interest in the Purchased Assets, for the benefit of the Secured Parties. This appointment is coupled with an interest and is
irrevocable. Each of the Seller Parties hereby authorizes the Administrator to file financing statements and other filing or recording documents with respect to the Receivables and Related Security (including any amendments thereto, or continuation
or termination statements thereof), without the signature or other authorization of the Seller Parties, in such form and in such offices as the Administrator reasonably determines appropriate to perfect or maintain the perfection of the security
interest of the Administrator hereunder including, without limitation, financing statements naming Seller as debtor describing the collateral as “all assets” or “all personal property of the debtor, whether now owned and existing or
hereafter arising or acquired.” Each of the Seller Parties acknowledges and agrees that it is not authorized to, and will not, file financing statements or other filing or recording documents with respect to the Receivables or Related Security
(including any amendments thereto, or continuation or termination statements thereof), without the

  

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express prior written approval by the Administrator, consenting to the form and substance of such filing or recording document. Each of the Seller Parties approves, authorizes and ratifies any
filings or recordings made by or on behalf of the Administrator in connection with the perfection of the security interests in favor of the Seller or the Administrator. 
 Section 13.4 Confidentiality. 
 (a) Each of the
Seller Parties shall maintain and shall cause each of its employees and officers to maintain the confidentiality of any confidential or proprietary information with respect to the Administrator, Market Street and the LC Bank and their respective
businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that the Seller Parties and their respective officers and employees may disclose such information to such
Seller Party’s directors, external accountants and attorneys and in accordance with any applicable law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceeding (whether or not having
the force or effect of law). 
 (b) Anything herein to the contrary notwithstanding, the Seller Parties hereby
consent to the disclosure of any nonpublic information with respect to it (i) to the Administrator, the Liquidity Banks, the LC Bank or Market Street by each other, (ii) by the Administrator, Market Street or the LC Bank to any prospective
or actual assignee or participant of any of them and (iii) by the Administrator to any rating agency, Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to Market Street or any entity organized for the
purpose of purchasing, or making loans secured by, financial assets for which PNC acts as the administrator or agent and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided that
each such Person is informed of the confidential nature of such information. In addition, Market Street, the LC Bank and the Administrator may disclose any such nonpublic information in accordance with any law, rule, regulation, direction, request
or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (c) Market Street, the LC Bank and the Administrator shall each maintain and shall cause each of its employees and officers to maintain the confidentiality of any confidential or proprietary information
with respect to each Originator, the Obligors and their respective businesses obtained by it in connection with the due diligence evaluations, structuring, negotiating and execution of the Transaction Documents, and the consummation of the
transactions contemplated herein and any other activities of Market Street, the LC Bank or the Administrator arising from or related to the transactions contemplated herein provided, however, that each of Market Street, the LC Bank and
the Administrator and its employees and officers shall be permitted to disclose such confidential or proprietary information: (i) to any Liquidity Bank, (ii) to any prospective or actual assignee or participant of Market Street, the LC
Bank or the Administrator who execute a confidentiality agreement for the benefit of any Originator and Seller on terms comparable to those required of Market Street, the LC Bank and the Administrator hereunder with respect to such disclosed
information, (iii) to any rating agency, provider of a surety, guaranty or credit or liquidity enhancement to Market Street, (iv) to any

  

 49 

 
officers, directors, employees, outside accountants and attorneys of any of the foregoing, and (v) to the extent required pursuant to any applicable law, rule, regulation, direction, request
or order of any judicial, administrative or regulatory authority or proceedings with competent jurisdiction (whether or not having the force or effect of law). 
 (d) Notwithstanding any other express or implied agreement to the contrary contained herein, the parties agree and
acknowledge that each of them and each of their employees, representatives, and other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure, except to the extent that confidentiality is reasonably necessary to comply with U.S. federal or state securities
laws. For purposes of this paragraph, the terms “tax treatment” and “tax structure” have the meanings specified in Treasury Regulation section 1.6011-4(c). 
 Section 13.5 Bankruptcy Petition. 
 The Seller, the Servicer, the Administrator, the LC Bank and each Liquidity Bank hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all
outstanding senior indebtedness of Market Street, it will not institute against, or join any other Person in instituting against, Market Street any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar
proceeding under the laws of the United States or any state of the United States. 
 Section 13.6 Limitation of
Liability. 
 Except with respect to any claim arising out of the willful misconduct or gross negligence of Market
Street, the Administrator, the LC Bank or any Liquidity Bank, no claim may be made by a Seller Party or any other Person against Market Street, the Administrator, the LC Bank or any Liquidity Bank or their respective Affiliates, directors, officers,
employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement,
or any act, omission or event occurring in connection therewith; and the Seller Parties hereby waive, release, and agree not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor. 
  

 50 

 Section 13.7 No Recourse Against Market Street. 
 The obligations of Market Street under this Agreement are solely the limited liability company obligations of Market Street. No recourse
shall be had for any obligation, covenant or agreement (including, without limitation, the payment of any amount owing in respect to this Agreement or the payment of any Fee hereunder or for any other obligation or claim) arising out of or based
upon this Agreement or any other agreement, instrument or Transaction Document entered into pursuant hereto or in connection herewith against any member, employee, officer, director, manager, administrator or organizer of Market Street, as such, by
the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise. 
 Section 13.8 Limitation on Payments. 
 Notwithstanding any provisions contained in this Agreement to
the contrary, Market Street shall not, and shall not be obligated to, pay any amount pursuant to this Agreement unless (a) Market Street has received funds which may be used to make such payment and which funds are not required to repay the
Commercial Paper when due and (b) after giving effect to such payment, either (i) there is sufficient liquidity availability (determined in accordance with the Program Documents), under all of the liquidity facilities for Market
Street’s commercial paper program, to pay the “Face Amount” (as defined below) of all outstanding Commercial Papers when due or (ii) all Commercial Papers are paid in full. Any amount which Market Street does not pay pursuant to
the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against or an obligation of Market Street for any such insufficiency unless and until such payment may be made in accordance with
clauses (a) and (b) above. The agreements in this Section shall survive termination of this Agreement and payment of all obligations hereunder. As used in this Section, the term “Face Amount” means, with respect to
outstanding Commercial Papers, (x) the face amount of any such Commercial Papers issued on a discount basis, and (y) the principal amount of, plus the amount of all interest accrued and to accrue thereon to the stated maturity date of, any
such Commercial Papers issued on an interest-bearing basis. 
 Section 13.9 CHOICE OF LAW. 
 THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW AND EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE OWNERSHIP INTEREST OF SELLER OR THE SECURITY INTEREST OF THE ADMINISTRATOR, FOR THE BENEFIT OF THE SECURED
PARTIES, IN ANY OF THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 Section 13.10 CONSENT TO JURISDICTION. 
 EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO
THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR

  

 51 

 
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT, AND EACH SUCH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN
RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS
AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATOR, MARKET STREET OR THE LC BANK TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST
THE ADMINISTRATOR, MARKET STREET OR THE LC BANK OR ANY AFFILIATE OF THE ADMINISTRATOR, MARKET STREET OR THE LC BANK INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT
EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
 Section 13.11 WAIVER OF JURY TRIAL. 
 EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT
OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
 Section 13.12 Integration; Binding Effect; Survival of
Terms. 
 (a) This Agreement and each other Transaction Document contain the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written
understandings. 
 (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns (including any trustee in bankruptcy). This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and
effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by the Seller Parties pursuant to Article V,
(ii) the indemnification and payment provisions of Article X, and the provisions of Section 13.4 through and including Section 13.14 shall be continuing and shall survive any termination of this Agreement.

 (c) Each of the Seller Parties, Market Street, the LC Bank and the Administrator hereby acknowledges and
agrees that the Liquidity Banks are hereby made express third party beneficiaries of this Agreement and each of the other Transaction Documents. 
  

 52 

 (d) This Agreement amends and restates the Existing Agreement in its
entirety, effective as of the Closing Date, and is not intended to constitute a novation of the obligations thereunder. Nothing contained herein shall terminate any security interests or subordinations previously granted in favor of TPF or STRH in
connection with the Existing Agreement and the transactions contemplated thereby; such security interests and subordinations are being assigned by TPF and STRH to Market Street and the Administrator, as applicable; and such security interest and
subordinations shall continue in full force and effect in favor of Market Street, the LC Bank and the Administrator, as applicable, from and after the Closing Date. 
 Section 13.13 Counterparts; Severability; Section References. 
 This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same Agreement. Delivery of an executed counterpart of a signature page to this Agreement by fax or other means of electronic transmission shall be effective as delivery of a manually executed counterpart of a signature page to this
Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,”
“Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 
 Section 13.14 Characterization. 
 (a) It is the
intention of the parties hereto that, other than for federal, state and local income and franchise tax purposes, each Purchase hereunder shall constitute and be treated as an absolute and irrevocable sale, which Purchase shall provide Market Street
and/or the LC Bank with the full benefits of ownership of the applicable Purchased Assets. Except as specifically provided in this Agreement, each sale of a Purchased Asset hereunder is made without recourse to the Seller; provided,
however, that (i) the Seller shall be liable to Market Street, the LC Bank and the Administrator for all representations, warranties, covenants and indemnities made by the Seller pursuant to the terms of this Agreement, and
(ii) such sale does not constitute and is not intended to result in an assumption by Market Street, the LC Bank or the Administrator or any assignee thereof of any obligation of the Seller or any Originator or any other person arising in
connection with the Receivables, the Related Security, or the related Contracts, or any other obligations of the Seller or any Originator. It is the intention of the parties hereto that for federal, state and local income and franchise tax purposes
Market Street’s and/or the LC Bank’s acquisition of the Purchased Assets shall be treated as a secured loan by Market Street and the LC Bank to the Seller, and each party hereto agrees to characterize all Purchases hereunder as secured
loans on all tax returns filed by such party 
  

 53 

 (b) In addition to any ownership interest which the Administrator, Market
Street or the LC Bank may from time to time acquire pursuant hereto, the Seller hereby grants to the Administrator for the ratable benefit of Market Street, each Liquidity Bank and the LC Bank a valid security interest in all of the Seller’s
right, title and interest, whether now owned or hereafter acquired, in, to and under all Receivables now existing or hereafter arising, the Collections, each Lock-Box, each Collection Account, all Related Security, all other rights and payments
relating to such Receivables, all proceeds of the foregoing and all other assets of the Seller prior to all other liens on and security interests therein to secure the prompt and complete payment of the Aggregate Unpaids. The Administrator, on
behalf of Market Street, each Liquidity Bank and the LC Bank, shall have, in addition to the rights and remedies that it may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable
law, which rights and remedies shall be cumulative. 
 [signature pages follow] 
  

 54 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered by their duly authorized officers or attorneys-in-fact as of the date hereof. 
  

			
	ARCH CHEMICALS RECEIVABLES CORP.
		
	By:	 	 /S/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	VP and Treasurer

  

	
	Address:
	US Mail:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	c/o Arch Chemicals, Inc.
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention:                      Corporate Secretary
	Telephone No.:             (203) 229-3576
	Facsimile No.:              (203) 229-3143

  

			
	ARCH CHEMICALS, INC.
		
	By:	 	 /S/    W. PAUL
BUSH        

	Name:	 	W. Paul Bush
	Title:	 	Treasurer

  

	
	Address:
	US Mail:
	501 Merritt 7
	P.O. Box 5204
	Norwalk, CT 06856-5204
	
	Hand Delivery:
	501 Merritt 7
	Norwalk, CT 06851
	
	Attention:                      Corporate Secretary
	Telephone No.:             (203) 229-2900
	Facsimile No.:              (203) 229-2713

  

 55 

			
	MARKET STREET FUNDING LLC
		
	By:	 	 /S/    DORIS J.
HEARN        

	Name:	 	Doris J. Hearn
	Title:	 	Vice President
	
	Address:
	 Market Street Funding LLC
 c/o AMACAR Group, L.L.C.
 6525 Morrison Boulevard, Suite 318

	Charlotte, North Carolina 28211
	Attention:                    Douglas K. Johnson
	Telephone No.            704-365-0569
	Facsimile No.:            704-365-1362
	
	With a copy to:
	
	 PNC Bank, National Association
 One PNC Plaza, 26th Floor
 249 Fifth Avenue

	Pittsburgh, Pennsylvania 15222-2707
	Attention:                    William Falcon
	Telephone No.:            412-762-5442
	Facsimile No.:             412-762-9184

  

 56 

			
	PNC BANK, NATIONAL ASSOCIATION, as Administrator
		
	By:	 	 /S/    WILLIAM P.
FALCON        

	Name:	 	William P. Falcon
	Title:	 	Vice President
	
	Address:
	PNC Bank, National Association
	 One PNC Plaza, 26th Floor
 249 Fifth Avenue
 Pittsburgh, Pennsylvania 15222-2707

	Attention:                    William Falcon
	Telephone No.:            412-762-5442
	Facsimile No.:             412-762-9184

  

 57 

			
	PNC BANK, NATIONAL ASSOCIATION, as LC Bank
		
	By:	 	 /S/    ROBERT M.
MARTIN        

	Name:	 	Robert M. Martin
	Title:	 	Senior Vice President
	
	Address:
	PNC Bank, National Association
	Two Tower Center
	East Brunswick, NJ 08816
	Attention:                      Robert Martin
	Telephone No.:             203-861-0219
	Facsimile No.:              203-861-0340

  

 58 

 EXHIBIT I 
 DEFINITIONS 
 As used in the Agreement and the Exhibits and Schedules thereto, the
following terms shall have the meanings set forth in this Exhibit I (such meanings to be equally applicable to both the singular and plural forms of the terms defined). If a capitalized term is used in the Agreement, or any Exhibit or Schedule
thereto, and is not otherwise defined therein or in this Exhibit I, such term shall have the meaning assigned thereto in Exhibit I to the Receivables Sale Agreement (hereinafter defined). 
 Accounts Receivable Turnover Ratio: As of any Cut-Off Date, the ratio computed by dividing (a) the aggregate amount of Receivables generated
during the 12 Calculation Periods ending on such Cut-Off Date by (b) the average of the aggregate Outstanding Balance of all Receivables as of the last 12 Cut-Off Dates; provided that in no event shall any Excluded Receivable be included
in the numerator or denominator of the foregoing computation. 
 Adjusted Dilution Ratio: At any time, the rolling average of the
Dilution Ratio for the 12 Calculation Periods then most recently ended. 
 Administrator: As defined in the preamble to this Agreement.

 Administrator’s Account: Administrator’s Account # 1002422076, ABA No. 043000096, at PNC’s office at One PNC
Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania, Attn: William Falcon, Reference: Market Street Funding LLC/Arch Chemicals Receivables Corp. Transaction. 
 Adverse Claim: A lien, security interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person. 
 Affiliate: With respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control
with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities of the controlled Person or possesses, directly or indirectly, the
power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 
 Aggregate Invested Amount: On any date of determination, the sum of (a) the aggregate Invested Amount of Purchased Assets of Market Street plus (b) the LC Amount outstanding on such date.

 Aggregate Reduction: As defined in Section 1.3(b). 
 Aggregate Unpaids: At any time, an amount equal to the sum of (a) the Aggregate Invested Amount, plus (b) all Recourse Obligations (whether due or accrued) at such time. 
 Agreement: This Amended and Restated Receivables Purchase Agreement, as it may be amended or modified and in effect from time to time. 
  

 I-1 

 Alternate Base Rate: For any day, the rate per annum equal to the sum of (a) the higher as of
such day of (i) the Prime Rate, or (ii) one-half of one percent (0.50%) above the Federal Funds Effective Rate, plus (b) the Applicable Margin. For purposes of determining the Alternate Base Rate for any day, changes in the Prime Rate
or the Federal Funds Effective Rate shall be effective on the date of each such change. 
 Amortization Date: The earliest to occur of
(a) the day on which any of the conditions precedent set forth in Section 6.2 are not satisfied, (b) the Business Day immediately prior to the occurrence of an Event of Bankruptcy with respect to a Seller Party, (c) the
Business Day specified in a written notice from the Administrator following the occurrence of any other Amortization Event, and (d) the date which is ten (10) Business Days after the Administrator’s receipt of written notice from the
Seller that it wishes to terminate the facility evidenced by this Agreement. 
 Amortization Event: As defined in Article IX.

 Applicable Margin: As defined in the Fee Letter. 
 Arch: Arch Chemicals, Inc. 
 Asset Coverage Ratio: As of any date of determination,
the ratio computed by dividing (a) the sum of (i) the Net Pool Balance and (ii) the amount of cash collateral held in the LC Collateral Account, by (b) the sum of (i) Aggregate Invested Amount, plus (ii) the Required
Reserve. 
 Authorized Officer: With respect to any Person, its president, chief executive officer, any vice president, corporate
controller, treasurer or chief financial officer. 
 Broken Funding Costs: For any Purchased Asset which: (a) is funded with Pooled
Commercial Paper and has its Invested Amount reduced without compliance by the Seller with the notice requirements hereunder, or which is funded with other Commercial Paper and has its Investment Amount reduced on any date other than a Settlement
Date, or (b) does not become subject to an Aggregate Reduction following the delivery of any Reduction Notice or (c) is assigned by Market Street to the Liquidity Banks under the Liquidity Agreement or terminated prior to the date on which
it was originally scheduled to end; an amount equal to the excess, if any, of (i) the CP Costs or Yield (as applicable) that would have accrued during the remainder of the Interest Periods or the tranche periods for Commercial Paper determined
by the Administrator to relate to such Purchased Asset (as applicable) subsequent to the date of such reduction, assignment or termination (or in respect of clause (b) above, the date such Aggregate Reduction was designated to occur
pursuant to the Reduction Notice) of the Invested Amount of such Purchased Asset if such reduction, assignment or termination had not occurred or such Reduction Notice had not been delivered, over (ii) the sum of (A) to the extent all or a
portion of such Invested Amount is allocated to another Purchased Asset, the amount of CP Costs or Yield actually accrued during the remainder of such period on such Invested Amount for the new Purchased Asset, and (B) to the extent such
Invested Amount is not allocated to another Purchased Asset, the income, if any, actually received during the remainder of such period by the holder of such Purchased Asset from investing the portion of such Invested Amount not so allocated.

  

 I-2 

 Business Day: Any day on which banks are not authorized or required to close in New York,
New York, Philadelphia, Pennsylvania or Pittsburgh, Pennsylvania, and, (a) if the applicable Business Day relates to any computation or payment to be made with respect to the LIBO Rate, any day on which dealings in dollar deposits are
carried on in the London interbank market, and (b) if the applicable Business Day relates to any computation or payment to be made with respect to any Purchased Asset funded through the issuance of Commercial Paper or any CP Costs, any day on
which commercial paper markets in the United States are open. 
 Calculation Period: A calendar month. 
 Canadian Obligor: An Obligor which, if a natural person, is a resident of an Eligible Province or Territory, or, if a corporation or other business
organization, is organized under the laws of Canada or any Eligible Province or Territory and has its chief executive office in an Eligible Province or Territory. 
 Cash Purchase Price: With respect to any Incremental Purchase of a Purchased Asset, the amount paid to the Seller for such Purchased Asset which shall not exceed the least of (a) the amount
requested by the Seller in the applicable Purchase Notice, (b) the unused portion of the Purchase Limit on the applicable purchase date and (c) the excess, if any, of the Net Pool Balance (less the Required Reserve) on the applicable
purchase date over the aggregate outstanding amount of Aggregate Invested Amount determined as of the date of the most recent Monthly Report or Collateral Certificate. 
 Change of Control: (a) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
Commission under the Securities Exchange Act of 1934) of 51% or more of the outstanding shares of voting stock entitled to elect a majority of the board of directors of Arch, or (b) Arch ceases to own 100% of the outstanding shares of voting
stock of the Seller. 
 Charge-Offs: All Receivables (other than Excluded Receivables) not previously deemed Defaulted Receivables that
are written off by the Servicer or should, in accordance with the Credit and Collection Policy, be written off as uncollectible. 
 Closing
Date: October 6, 2009. 
 Collateral Certificate: A certificate, in substantially the form of Exhibit IX hereto
(appropriately completed), furnished by the Servicer to the Administrator pursuant to Section 8.5. 
 Collection Account:
Each concentration account, depositary account, lock-box account or similar account in which any Collections are collected or deposited and which is listed on Exhibit IV. 
 Collection Account Agreement: An agreement in form reasonably acceptable to the Administrator among an Originator, Servicer, the Seller, the Administrator and a Collection Bank establishing control
over a Collection Account. 
 Collection Bank: At any time, any of the banks holding one or more Collection Accounts. 
  

 I-3 

 Collection Notice: A notice, in substantially the form attached to a Collection Account Agreement
from the Administrator to a Collection Bank. 
 Collections: With respect to any Receivable, all cash collections and other cash proceeds
in respect of such Receivable, including, without limitation, all Finance Charges or other related amounts accruing in respect thereof and all cash proceeds of Related Security with respect to such Receivable. 
 Commercial Paper: Promissory notes of Market Street issued by Market Street in the commercial paper market to fund the Purchased Assets. 

Commitment: (a) As to Market Street, its commitment to make Purchases up to $80,000,000 and (b) as to the LC Bank, its commitment to
issue or to cause the issuance of Letters of Credit up to $30,000,000, as each such dollar amount may be reduced pursuant to Section 1.1(b) of this Agreement. 
 Concentration Limit: 
 (a) For any Group A Obligor 12.0% of
the aggregate Outstanding Balance of all Eligible Receivables; 
 (b) For any Group B Obligor, 6.0% of the
aggregate Outstanding Balance of all Eligible Receivables; or 
 (c) For any Group C Obligor, 4.0% of the
aggregate Outstanding Balance of all Eligible Receivables; 
 (d) For any Group D Obligor, 3.0% of the aggregate
Outstanding Balance of all Eligible Receivables; 
 (e) For any Special Obligor, 27.5% of the aggregate
Outstanding Balance of all Eligible Receivables; 
 (f) For all Canadian Obligors in the aggregate, 5.0% of the
aggregate Outstanding Balance of all Eligible Receivables; 
 (g) For all Permitted Government Receivables, 3.0%
of the aggregate Outstanding Balance of all Eligible Receivables; 
 (h) For all Receivables with terms allowing
for payment within 91-180 days after invoice date, 25.0% of the aggregate Outstanding Balance of all Eligible Receivables; 
 (i) For all Receivables denominated in Canadian Dollars, 5.0% of the aggregate Outstanding Balance of all Eligible Receivables; 
 provided that the limitations set forth in the foregoing clauses (a)-(e) shall apply to each specified Obligor and its Affiliates, considered as if they were one and the same Person;

  

 I-4 

 
provided further that with respect to a single Canadian Obligor, the Group C Obligor and Group D Obligor Concentration Limits set forth above shall apply. 
 Confidential Contracts: Those Contracts which require that their existence or terms not be disclosed to third parties, including Market Street, the
LC Bank or the Administrator. 
 Contingent Obligation: Of a Person means any agreement, undertaking or arrangement by which such Person
assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working
capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or application for a letter
of credit. 
 Contract: With respect to any Receivable, any and all instruments, agreements, invoices or other writings pursuant to which
such Receivable arises or which evidences such Receivable. 
 CP Costs: For each day, the sum of (a) discount or interest accrued on
that portion of Market Street’s Commercial Paper that is allocated to fund the Purchased Assets, plus (b) any and all accrued commissions in respect of placement agents and commercial paper dealers, and issuing and paying agent fees
incurred, in respect of such Commercial Paper for such day, plus (c) other costs associated with funding small or odd-lot amounts with respect to all receivable purchase or financing facilities which are funded by such Commercial Paper for such
day, plus (d) the Applicable Margin, minus (e) any accrual of income net of expenses received on such day from investment of collections received under all receivable purchase or financing facilities funded substantially with such
Commercial Paper for such day, minus (f) any payment received on such day net of expenses in respect of Broken Funding Costs related to the prepayment of any investment of Market Street pursuant to the terms of any receivable purchase or
financing facilities funded substantially with such Commercial Paper. In addition to the foregoing costs, if the Seller shall request any Purchase during any period of time determined by the Administrator in its sole discretion to result in
incrementally higher CP Costs applicable to such Purchase, the principal associated with any such Purchase shall, during such period, be deemed to be funded by Market Street in a special pool (which may include capital associated with other
receivable purchase or financing facilities) for purposes of determining such additional CP Costs applicable only to such special pool and charged each day during such period against such principal. 
 Credit Agreement: That certain Revolving Credit Agreement, dated as of June 15, 2006, among the Servicer, Banc of America Securities, L.L.C., as
Joint Lead Arranger and Joint Book Manager, Bank of America, National Association, and Citizens Bank of Massachusetts, as Co-Syndication Agents, the lenders party thereto, J.P. Morgan Securities Inc., as Joint Lead Arranger and Joint Book Manager,
STRH, as Documentation Agent, and JPMorgan Chase Bank, N.A., as Administrative Agent, as amended through the date of Amendment No. 3 to this Agreement without giving effect to any amendments thereto after the date of Amendment No. 3
to this Agreement unless specifically consented to in writing by the Administrator. 
  

 I-5 

 Credit and Collection Policy: The Seller’s credit and collection policies and practices relating
to Contracts and Receivables existing on the date hereof and summarized in Exhibit VII hereto, as modified from time to time in accordance with this Agreement. 
 Cut-Off Date: The last day of a Calculation Period. 
 Days Sales Outstanding
Ratio: On any date of determination, the ratio computed as of the most recent Cut-Off Date by dividing (a) the average of the aggregate Outstanding Balance of all Receivables as of the last 3 Cut-Off Dates by (b) the
quotient of (i) the aggregate amount of Receivables generated during the 3 Calculation Periods ending on such Cut-Off Date divided by (ii) 90. 
 Deemed Collections: Collections deemed received by the Seller under Section 1.4. 
 Default Horizon Ratio: As of any Cut-Off Date, the ratio (expressed as a decimal) computed by dividing (a) the sum of (i) the aggregate Receivables (other than Excluded Receivables) generated by the Originators during the
four (4) Calculation Periods ending on such Cut-Off Date, plus (ii) the lesser of (A) 100% or (B) the Weighted Average Credit Percentage multiplied by the aggregate Receivables (other than Excluded Receivables) generated by the
Originators during the Calculation Period ending four (4) months prior to such Cut-Off Date, plus, only if the Weighted Average Credit Percentage is greater than 100%, (iii) the product of (A) the Weighted Average Credit Percentage
minus 100% multiplied by (B) the aggregate Receivables (other than Excluded Receivables) generated by the Originators during the Calculation Period ending five (5) months prior to such Cut-Off Date, by (b) the Net Pool Balance as of
such Cut-Off Date. 
 Default Rate: A rate per annum equal to the greater of (a) sum of (i) the Alternate Base Rate plus
(ii) 3.0%, changing when and as the Alternate Base Rate changes and (b) the sum of (i) the LIBO Rate plus (ii) 1.50% changing when and as such LIBO Rate changes. 
 Default Ratio: As of any Cut-Off Date, the ratio (expressed as a percentage) computed by dividing (a) the total amount (without double-counting) of Receivables (other than Excluded
Receivables) which became Defaulted Receivables or Charge-Offs during the Calculation Period that includes such Cut-Off Date, by (b) the aggregate Receivables (other than Excluded Receivables) generated by the Originators during the Calculation
Period occurring six (6) months prior to the Calculation Period ending on such Cut-Off Date. 
 Defaulted Receivable: A Receivable
(other than an Excluded Receivable): (a) as to which the Obligor thereof has suffered an Event of Bankruptcy; (b) which, consistent with the Credit and Collection Policy, would be written off the Seller’s books as uncollectible; or
(c) as to which any payment, or part thereof, remains unpaid for 121 days or more from the original due date for such payment. 
 Deferred Purchase Price: With respect to any Incremental Purchase of Purchased Assets, the amount available pursuant to Clause seventh of Sections 2.2(b) and 2.3. 
 Delinquency Ratio: At any time, a percentage equal to (a) the aggregate Outstanding Balance of all Receivables (other than Excluded Receivables)
that were Delinquent Receivables at such time divided by (b) the aggregate Outstanding Balance of all Receivables (other than Excluded Receivables) at such time. 
  

 I-6 

 Delinquent Receivable: A Receivable (other than an Excluded Receivable) as to which any payment, or
part thereof, remains unpaid for more than 60 days from the original due date for such payment. 
 Dilution: The amount of any reduction
or cancellation of the Outstanding Balance of a Receivable (other than an Excluded Receivable) as described in Section 1.4. 
 Dilution Reserve: On any date of determination, computed as of the most recent Cut-Off Date, the product of (a) the sum of (i) the product of (A) the Stress Factor times (B) the Adjusted Dilution Ratio
plus (ii) the Dilution Volatility Component times (b) the Dilution Horizon Ratio. 
 Dilution Horizon Ratio: As
of any Cut-Off Date, a ratio (expressed as a decimal), computed by dividing (a) the aggregate Receivables (other than Excluded Receivables) generated by the Originators during the two previous Calculation Periods ending on such Cut-Off Date, by
(b) the Net Pool Balance as of such Cut-Off Date. 
 Dilution Ratio: As of any Cut-Off Date, a ratio (expressed as a percentage),
computed by dividing (a) the total amount of decreases in Outstanding Balances due to Dilutions during the Calculation Period ending on such Cut-Off Date, by (b) the aggregate Receivables (other than Excluded Receivables) generated by the
Originators during the Calculation Period occurring two (2) months prior to the Calculation Period ending on such Cut-Off Date. 
 Dilution Volatility Component: The product (expressed as a percentage) of (a) the difference between (i) the highest two (2)-month rolling average Dilution Ratio over the past 12 Calculation Periods and (ii) the
Adjusted Dilution Ratio, and (b) a fraction, the numerator of which is equal to the amount calculated in (a)(i) of this definition and the denominator of which is equal to the amount calculated in (a)(ii) of this definition.

 Drawing Date As defined in Section 1.9. 
 Eligible Assignee: A commercial bank having a combined capital and surplus of at least $250,000,000 with a rating of its (or its parent holding company’s) short-term securities equal to or
higher than (a) A-1 by S&P and (b) P-1 by Moody’s. 
 Eligible Province or Territory: Ontario, British Columbia,
Prince Edward Island, Saskatchewan, Alberta and The Yukon. 
 Eligible Receivable: At any time, a Receivable: 
 (a) the Obligor of which (i) if a natural person, is a resident of the United States or an Eligible Province or
Territory, or, if a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive office in the United States or under the laws of Canada or any Eligible
Province or Territory and has its chief executive office in an Eligible Province or Territory, and (ii) is not an Affiliate of any of the parties hereto, 
  

 I-7 

 (b) that arises under a Contract, 
 (c) which is not a Defaulted Receivable or a Delinquent Receivable, 
 (d) which is not a Government Receivable other than a Permitted Government Receivable, 
 (e) which by its terms is due and payable within 180 days of the original billing date therefor and has not had its payment
terms extended more than once, 
 (f) which is an “account” within the meaning of
Section 9-102(a)(2) of the UCC of all applicable jurisdictions, 
 (g) which is denominated and payable only
in United States dollars or Canadian dollars in the United States or Canada, 
 (h) which arises under a Contract
which, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms, 
 (i) which arises under a Contract that contains an obligation to pay a specified sum of money, contingent only upon the sale
of goods or the provision of services by the applicable Originator, 
 (j) which, together with the Contract
related thereto, does not contravene any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair
debt collection practices and privacy) and with respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation except any such contravention or violation which does not have an adverse effect on the
Receivables, 
 (k) which satisfies all applicable requirements of the Credit and Collection Policy, 

(l) which was generated in the ordinary course of the applicable Originator’s business, 
 (m) which arises from the sale of goods, or the provision of services, to the related Obligor by the applicable Originator,
and except for incidental amounts, relating to, for example the delivery or shipment of the related goods to the Obligor, not from the sale of goods or provision of services by any other Person (in whole or in part), 
 (n) which is not subject to any current dispute, right of rescission, set-off, counterclaim or any other defense (including
defenses arising out of violations of usury laws) of the applicable Obligor against the applicable Originator or any other Adverse Claim, and the Obligor thereon holds no right as against such Originator to cause such Originator to repurchase the
goods or merchandise the sale of which shall have given rise

  

 I-8 

 
to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or defective goods returned in accordance with the terms of the Contract); provided, however, that if
such dispute, offset, counterclaim or defense affects only a portion of the Outstanding Balance of such Receivable, then such Receivable may be deemed an Eligible Receivable to the extent of the portion of such Outstanding Balance which is not so
affected, and provided, further, that Receivables of any Obligor which has any accounts payable by the applicable Originator or by a wholly-owned Subsidiary of such Originator (thus giving rise to a potential offset against such Receivables) may be
treated as Eligible Receivables to the extent that the Obligor of such Receivables has agreed pursuant to a written agreement in form and substance satisfactory to the Administrator, that such Receivables shall not be subject to such offset,

 (o) as to which the applicable Originator has satisfied and fully performed all obligations on its part with
respect to such Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the applicable Obligor, 
 (p) as to which each of the representations and warranties contained in Section 5.1(g),
Section 5.1(i), Section 5.1(j), Section 5.1(r), Section 5.1(s), Section 5.1(t) and Section 5.1(u) is true and correct; 
 (q) all right, title and interest to and in which has been validly transferred by the applicable Originator directly to the
Seller under and in accordance with the Receivables Sale Agreement, and the Seller has good and marketable title thereto free and clear of any Adverse Claim; and 
 (r) The Obligor of which is not Vitafoam Canada. 
 ERISA: The Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder. 
 ERISA Affiliate: Any trade or business (whether or not incorporated) under common control with Arch within the meaning of Section 414(b) or
(c) of the Tax Code (and Sections 414(m) and (o) of the Tax Code for purposes of provisions relating to Section 412 of the Tax Code). 
 Event of Bankruptcy: Shall be deemed to have occurred with respect to a Person if either: 
 (a)
a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such
Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any law relating to
bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order for relief in respect of
such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or 
  

 I-9 

 (b) such Person shall commence a voluntary case or other proceeding under
any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee (other
than a trustee under a deed of trust, indenture or similar instrument), custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or shall make any general assignment for the benefit of
creditors, or shall be adjudicated insolvent, or admit in writing its inability to pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors shall vote to implement any of the foregoing. 

Excess Concentration Amount: At any time with respect to any Obligor, group of Obligors or group of Receivables described in clauses (a)-(i)
of the definition of “Concentration Limit” (but without duplication), the amount, if any, by which the aggregate Outstanding Balance of all Eligible Receivables of such Obligor, group of Obligors, or group of Receivables, exceeds the
Concentration Limit for such Obligor, group of Obligors, or group of Receivables in each case, at such time. 
 Excluded Receivable: Any
Receivable as to which the Obligor (a) if a natural person, is a resident of a province of territory of Canada that is not an Eligible Province or Territory, or, (b) if a corporation or other business organization, is organized under the
laws of a province or territory of Canada (other than an Eligible Province or Territory) or any political subdivision thereof and has its chief executive office in a province or territory of Canada (other than an Eligible Province or Territory), or
(c) is Vitafoam Canada. 
 Facility Account: The Seller’s account no. 1028866222 at PNC. 
 Facility Termination Date: The earliest to occur of (a) the Liquidity Termination Date, (b) the Amortization Date, (c) the Scheduled
LC Terminate Date and (d) October 5, 2010. 
 Federal Bankruptcy Code: Title 11 of the United States Code entitled
“Bankruptcy,” as amended and any successor statute thereto. 
 Federal Funds Effective Rate: means, for any day the greater of
(a) the average rate per annum as determined by PNC at which overnight Federal funds are offered to PNC for such day by major banks in the interbank market, and (b) if PNC is borrowing overnight funds from a Federal Reserve Bank that day,
the average rate per annum at which such overnight borrowings are made on that day. Each determination of the Federal Funds Effective Rate by PNC shall be conclusive and binding on the Seller except in the case of manifest error. 
 Fee Letter: That certain letter agreement dated as of the date hereof among the Seller, Arch and the Administrator, as it may be amended, restated or
otherwise modified and in effect from time to time. 
 Final Payout Date: The date on which all Aggregate Unpaids have been paid in full
and the Purchase Limit has been reduced to zero. 
 Finance Charges: With respect to a Contract, any finance, interest, late payment
charges or similar charges owing by an Obligor pursuant to such Contract. 
  

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 Foreign Currency Reserve: An amount equal to 10% of the U.S. dollar spot market-equivalent of all
Eligible Receivables otherwise included in the Net Pool Balance which are denominated in Canadian dollars. 
 Funding Agreement:
(a) the Liquidity Agreement (b) any other Program Support Agreement and (c) any other agreement or instrument executed by any Funding Source with or for the benefit of Market Street. 
 Funding Source: (a) any Liquidity Bank, (b) Program Support Provider or (c) any insurance company, bank or other funding entity
providing liquidity, credit enhancement or back-up purchase support or facilities to Market Street. 
 GAAP: Generally accepted
accounting principles in effect in the United States of America as in effect from time to time. 
 Government Acts: As defined in
Section 1.13. 
 Government Receivable: A Receivable as to which the Obligor is any nation or government, any federal, state,
local or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government including any authority or other quasi-governmental entity
established to perform any of such functions. 
 Governmental Authority: Means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court,
and any Person owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. 
 Group A Obligor: Means
any Obligor with a short-term rating of at least: (a) “A1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A” or better by S&P on its long-term senior unsecured and
uncreditenhanced debt securities, and (b) “P-1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of “A2” or better by Moody’s on its long-term senior unsecured and
uncreditenhanced debt securities. 
 Group B Obligor: Means an Obligor, not a Group A Obligor, with a short-term rating of at least:
(a) “A-2” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “BBB+” to “A-” by S&P on its long-term senior unsecured and uncreditenhanced debt securities, and
(b) “P-2” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of “Baa1” to “A3” by Moody’s on its long-term senior unsecured and uncreditenhanced debt securities.

 Group C Obligor: Means an Obligor, not a Group A Obligor or a Group B Obligor, with a short-term rating of at least:
(a) “A-3” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “BBB” to “BBB-” by S&P on its long-term senior unsecured and uncreditenhanced debt securities, and
(b) “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of “Baa2” to “Baa3” by Moody’s on its long-term senior unsecured and uncreditenhanced debt
securities. 
  

 I-11 

 Group D Obligor: Means any Obligor that is not a Group A Obligor, Group B Obligor, Group C Obligor,
Special Obligor, Canadian Obligor or an Obligor of Permitted Government Receivables. 
 Incremental Purchase: A purchase of one or more
Purchased Assets which increases the total outstanding Aggregate Invested Amount hereunder. For the avoidance of doubt, an Incremental Purchase shall include, a purchase or deemed purchase of Purchased Assets under the Agreement which (a) is
paid for in cash (other than through Reinvestments), (b) treated as an Incremental Purchase pursuant to Section 1.2(b) of the Agreement and/or any of the provisions set forth in Sections 1.6 through 1.15 of the
Agreement or (c) without double counting any of the amounts described in clause (a) or (b), above, is the result of the issuance of Commercial Paper by Market Street, pursuant to the Agreement or otherwise, the proceeds of
which are used to reimburse draws on the LC Bank under any Letter of Credit, whether on, prior to or after the date any such draw is treated as or deemed to be an Incremental Purchase under the Agreement. 
 Indebtedness: Of a Person means such Person’s (a) obligations for borrowed money, (b) obligations representing the deferred purchase
price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (c) obligations, whether or not assumed, secured by liens or payable out of the
proceeds or production from property now or hereafter owned or acquired by such Person, (d) obligations which are evidenced by notes, acceptances, or other instruments, (e) capitalized lease obligations, (f) net liabilities under
interest rate swap, exchange or cap agreements, (g) Contingent Obligations and (h) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA. 
 Indemnified Amounts: As defined in Section 10.1(a). 
 Indemnified Party:
As defined in Section 10.1(a). 
 Independent Director: As defined in Section 7.1(i)(v). 
 Interest Period: With respect to any Purchased Asset funded through a Liquidity Funding: 
 (c) if Yield for such Purchased Asset is calculated on the basis of the LIBO Rate, a period of one, two or three months, or
such other period as may be mutually agreeable to the Administrator and the Seller, commencing on a Business Day selected by the Seller or the Administrator pursuant to this Agreement. Such Interest Period shall end on the day in the applicable
succeeding calendar month which corresponds numerically to the beginning day of such Interest Period, provided, however, that if there is no such numerically corresponding day in such succeeding month, such Interest
Period shall end on the last Business Day of such succeeding month; or 
 (d) if Yield for such Purchased Asset
is calculated on the basis of the Alternate Base Rate, a period commencing on a Business Day selected by the Seller and agreed to by the Administrator, provided that no such period shall exceed one month. 
 If any Interest Period would end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided,
however, that in the case of Interest Periods corresponding to the LIBO Rate, if such next succeeding Business Day falls in a new month,

  

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such Interest Period shall end on the immediately preceding Business Day. In the case of any Interest Period which commences before the Facility Termination Date and would otherwise end on a date
occurring after the Facility Termination Date, such Interest Period shall end on the Facility Termination Date. The duration of each Interest Period which commences after the Facility Termination Date shall be of such duration as selected by the
Administrator. 
 Invested Amount: Of any Purchased Asset means, at any time, (a) the Cash Purchase Price of such Purchased Asset
(including a Cash Purchase Price paid pursuant to Section 1.2(b)), minus (b) the sum of the aggregate amount of Collections and other payments received by the Administrator which in each case are applied to reduce such Invested
Amount in accordance with the terms and conditions of this Agreement; provided that such Invested Amount shall be restored (in accordance with Section 2.4) in the amount of any Collections or other payments so received and applied if at
any time the distribution of such Collections or payments are rescinded, returned or refunded for any reason. 
 ISP98 Rules As defined
in Section 1.7. 
 LC Amount At any time, the then aggregate face amount of the outstanding Letters of Credit. 
 LC Bank As defined in the preamble to this Agreement. 
 LC Collateral Account The account designated as the LC Collateral Account established and maintained by the Administrator (for the benefit of the LC Bank), or such other account as may be so
designated as such by the Administrator. 
 Letter of Credit Any stand-by letter of credit issued by the LC Bank for the account of
the Seller pursuant to the Agreement. 
 Letter of Credit Application As defined in Section 1.7. 
 LIBO Rate: For any Interest Period, the rate per annum determined on the basis of (a) the offered rate for deposits in U.S. dollars of amounts
equal or comparable to the Invested Amount offered for a term comparable to such Interest Period, which rates appear on Telerate page 3750 (or any successor page) effective as of 11:00 A.M., London time, two Business Days prior to the
first day of such Interest Period (the “Rate Setting Day”) or if such rate is unavailable, the rate per annum (rounded upwards, if necessary, to the nearest 1/100th of one percent) based on the rates at which deposits in U.S.
dollars for one month are displayed on page “LIBOR” of the Reuters Screen as of 11:00 a.m. (London time) on the Rate Setting Day (it being understood that if at least two (2) such rates appear on such page, the rate will
be the arithmetic mean of such displayed rates), provided that if no such offered rates appear on such pages, the LIBO Rate for such Interest Period will be the arithmetic average (rounded upwards, if necessary, to the next higher 1/100th of
1%) of rates quoted by not less than two major banks in New York, New York, selected by the Administrator, at approximately 10:00 a.m. (New York City time), two Business Days prior to the first day of such Interest Period, for
deposits in U.S. dollars offered by leading European banks for a period comparable to such Interest Period in an amount comparable to the Invested Amount, divided by (b) one minus the maximum aggregate reserve requirement (including all
basic, supplemental, marginal or other reserves) which is imposed against the Administrator in respect of Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to
time (expressed as a decimal), applicable to such Interest Period plus (c) the Applicable Margin. 
  

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 Liquidity Agreement: That certain Liquidity Asset Purchase Agreement dated as of the date hereof by
and among Market Street, the Administrator, PNC, as liquidity agent, and the banks from time to time party thereto, as the same may be amended, restated and/or otherwise modified from time to time in accordance with the terms thereof. 
 Liquidity Bank: Each bank from time to time party to the Liquidity Agreement (other than the Administrator acting in its capacity as the
Administrator thereunder). 
 Liquidity Commitment: As to each Liquidity Bank, its commitment under the Liquidity Agreement. The
Liquidity Commitments, in the aggregate, shall equal 102% of the greater of (a) the Purchase Limit hereunder, and (b) the Aggregate Invested Amount. 
 Liquidity Funding: A purchase by any Liquidity Bank pursuant to its Liquidity Commitment of all or any portion of a Purchased Asset or any advance under any other Program Support Agreement that is
used to fund a Purchase hereunder. 
 Liquidity Termination Date: The earlier to occur of (a) the “Liquidity Termination
Date” set forth in the Liquidity Agreement, as amended from time to time which date is October 5, 2010, and (b) the occurrence of an Event of Bankruptcy with respect to Market Street. 
 Lock-Box: Each locked postal box with respect to which a bank who has executed a Collection Account Agreement has been granted exclusive access for
the purpose of retrieving and processing payments made on the Receivables and which is listed on Exhibit IV. 
 Loss Reserve: For
any Calculation Period, the product (expressed as a percentage) of (a) the Stress Factor, times (b) the highest three-month rolling average Default Ratio during the 12 Calculation Periods ending on the immediately preceding Cut-Off Date,
times (c) the Default Horizon Ratio as of the immediately preceding Cut-Off Date. 
 Market Street: As defined in the preamble to
this Agreement. 
 Material Adverse Effect: A material adverse effect on (a) the financial condition or operations of Arch and its
Subsidiaries taken as a whole, (b) the ability of any Seller Party to perform its obligations under this Agreement, (c) the legality, validity or enforceability of this Agreement or any other Transaction Document, (d) the
Administrator’s security interest, for the benefit of the Secured Parties, in the Receivables generally or in any significant portion of the Receivables, the Related Security or the Collections with respect thereto, or (e) the
collectability of the Receivables generally or of any material portion of the Receivables. 
 Material Indebtedness: As defined in
Section 9.1(f). 
 Monthly Report: A report, in substantially the form of Exhibit VIII hereto (appropriately
completed), furnished by the Servicer to the Administrator pursuant to Section 8.5. 
  

 I-14 

 Monthly Reporting Date: (a) The 1st Business Day prior to each Settlement Date, or (b) such
other days of any month as the Administrator may request in connection with Section 8.5 hereof. 
 Moody’s: Moody’s
Investors Service, Inc. 
 Net Pool Balance: At any time, the aggregate Outstanding Balance of all Eligible Receivables at such time
reduced by (a) the Excess Concentration Amount and (b) the Foreign Currency Reserve. 
 Obligor: A Person obligated to make
payments pursuant to a Contract. 
 Order: As defined in Section 1.14. 
 Originator(s): Arch Chemicals, Inc., a Virginia corporation, Arch Treatment Technologies, Inc., a Virginia corporation, Arch Wood Protection, Inc., a
Delaware corporation, and Arch Personal Care Products, L.P., a New Jersey limited partnership. 
 Other Costs: As defined in
Section 10.3. 
 Other Customers: As defined in Section 10.4. 
 Outstanding Balance: Of any Receivable at any time means the then outstanding principal balance thereof. 
 Participant: As defined in Section 12.2. 
 PBGC: The Pension Benefit Guaranty Corporation, or any successor thereto. 
 Pension
Plan: A pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA which Arch sponsors or maintains, or to which it makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan (as
described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five plan years. 
 Permitted
Government Receivable: A general obligation of a state or municipal government or any agency, branch, division, district, or other political subdivision thereof, or a general obligation of the United States government or any agency, branch,
division, department, or other political subdivision thereof to the extent and that such obligation has complied with the Assignment of Claims Act 
 Person: An individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political
subdivision or agency thereof. 
 Plan: An employee benefit plan (as defined in Section 3(3) of ERISA) which Arch or any of its
ERISA Affiliates sponsors or maintains or to which Arch or any of its ERISA Affiliates makes, is making, or is obligated to make contributions and includes any Pension Plan, other than a Plan maintained outside the United States primarily for the
benefit of Persons who are not U.S. residents. 
  

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 Pooled Commercial Paper: Commercial Paper notes of Market Street subject to any particular pooling
arrangement by Market Street, but excluding Commercial Paper issued by Market Street for a tenor and in an amount specifically requested by any Person in connection with any agreement effected by Market Street. 
 Prime Rate: A rate per annum equal to the prime rate of interest announced from time to time by PNC (which is not necessarily the lowest rate charged
to any customer), changing when and as said prime rate changes. 
 Program Documents: The Liquidity Agreement, the documents under which
Administrator performs its obligations with respect to Market Street’s commercial paper program and the other documents to be executed and delivered in connection therewith, as amended, supplemented, restated or otherwise modified from time to
time. 
 Program Support Agreement: Includes the Liquidity Agreement and any other agreement entered into by any Program Support Provider
providing for: (a) the issuance of one or more letters of credit for the account of Market Street, (b) the issuance of one or more surety bonds for which Market Street is obligated to reimburse the applicable Program Support Provider for
any drawings thereunder, (c) the sale by Market Street to any Program Support Provider of Purchased Assets and/or (d) the making of loans and/or other extensions of credit to Market Street in connection with Market Street’s
receivables-securitization program contemplated in the Agreement, together with any letter of credit, surety bond or other instrument issued thereunder (but excluding any discretionary advance facility provided by the Administrator). 
 Program Support Provider: Includes any Liquidity Provider and any other Person (other than any customer of Market Street) now or hereafter extending
credit or having a commitment to extend credit to or for the account of, or to make purchases from, Market Street pursuant to any Program Support Agreement. 
 Proposed Reduction Date: As defined in Section 1.3(a). 
 Purchase: An
Incremental Purchase or a Reinvestment. 
 Purchase Date: Each Business Day on which a Purchase is made hereunder. 
 Purchase Limit: $80,000,000. 
 Purchase
Notice: As defined in Section 1.2. 
 Purchase Price: The sum of the (a) Cash Purchase Price and (b) Deferred
Purchase Price. 
 Purchased Assets: All of the Seller’s right, title and interest, whether now owned and existing or hereafter
arising in and to all of the Receivables, the Related Security, the Collections and all proceeds of the foregoing, which right, title and interest is transfer to Market Street and/or the LC Bank, as applicable pursuant to the terms of this
Agreement. 
  

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 Rating Agency Condition: That Market Street has received written notice from S&P and Moody’s
that an amendment, a change or a waiver will not result in a withdrawal or downgrade of the then current ratings on Market Street’s Commercial Paper. 
 Receivable: All indebtedness and other obligations owed to the Seller or any Originator (at the time it arises, and before giving effect to any transfer or conveyance under the Receivables Sale
Agreement) or in which the Seller or any Originator has a security interest or other interest, including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible, arising
in connection with the sale of goods or the rendering of services by any Originator and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto. 
 Receivables Sale Agreement: That certain Amended and Restated Receivables Sale Agreement, dated as of October 6, 2009, among the Originators and
the Seller, as the same may be amended, restated or otherwise modified from time to time. 
 Records: With respect to any Receivable, all
Contracts and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related
Security therefor and the related Obligor. 
 Recourse Obligations: As defined in Section 2.1. 
 Reduction Notice: As defined in Section 1.3. 
 Regulatory Change: As defined in Section 10.2. 
 Reinvestment: As
defined in Section 2.2(a). 
 Reimbursement Obligation: As defined in Section 1.9. 
 Related Security: All of the Seller’s right, title and interest in, to and under and with respect to any Receivable: 
 (a) all of the Seller’s interest in the inventory and goods (including returned or repossessed inventory or goods), if
any, the sale of which by an Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 
 (b) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all
financing statements and security agreements describing any collateral securing such Receivable, 
 (c) all
guaranties, letters of credit, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise,

  

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 (d) all service contracts and other contracts and agreements associated with
such Receivable, 
 (e) all Records related to such Receivable, 
 (f) all of the Seller’s right, title and interest in, to and under the Receivables Sale Agreement in respect of such
Receivable, 
 (g) all proceeds of any of the foregoing; 
 provided, however, that “Related Security” shall not include any Restricted Contract to the extent the assignment or transfer of, or
the creation, attachment, perfection or enforcement of a security interest in, such Restricted Contract is not authorized by Section 9-406(d) of the UCC as in effect in each relevant jurisdiction. 
 Required Reserve: On any day during a Calculation Period, the product of (a) the greater of (i) the sum of (A) the Required Reserve
Factor Floor, (B) the Yield Reserve and (C) the Servicing Reserve and (ii) the sum of the Loss Reserve, the Yield Reserve, the Dilution Reserve and the Servicing Reserve, times (b) the Net Pool Balance as of the Cut-Off Date
immediately preceding such Calculation Period. 
 Required Reserve Factor Floor: For any Calculation Period, the sum (expressed as a
percentage) of (a) 15% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date plus (c) if any Special Obligor does not maintain a short-term
rating of A-1+ by S&P, the lesser of (i) 12.5% and (ii) the difference between (A) the percentage of the aggregate outstanding Balance of all Eligible Receivables, the Obligors of which is such Special Obligor and (B) 15.0%.

 Required Liquidity Banks: At any time, Liquidity Banks with Liquidity Commitments in excess of 50% of the aggregate amount of all
Liquidity Commitments. 
 Required Notice Period: Two (2) Business Days. 
 Restricted Contracts: As defined in the Sale Agreement. 
 Restricted Junior Payment: (a) any dividend or other distribution, direct or indirect, on account of any shares of any class of capital stock of the Seller now or hereafter outstanding, except
a dividend payable solely in shares of that class of stock or in any junior class of stock of the Seller, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any
shares of any class of capital stock of the Seller now or hereafter outstanding, (c) any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement,
defeasance, sinking fund or similar payment and any claim for rescission with respect to the Subordinated Loans (as defined in the Receivables Sale Agreement), (d) any payment made to redeem, purchase, repurchase or retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire shares of any class of capital stock of the Seller now or hereafter outstanding, and (e) any payment of management fees by the Seller (except for reasonable management
fees to any Originator or its Affiliates in reimbursement of actual management services performed).

  

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Review: As defined in Section 7.1(d)(ii). 
 S&P: Standard
and Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. 
 Scheduled LC Termination Date: With respect to the LC
Bank, initially October 5, 2010, as such date may be extended from time to time in the sole discretion of the LC Bank. 
 Secured
Parties: The Indemnified Parties. 
 Seller: As defined in the preamble to this Agreement. 
 Seller Parties: As defined in the preamble to this Agreement. 
 Servicer: At any time the Person (which may be the Administrator) then authorized pursuant to Article VIII to service, administer and collect Receivables. 
 Servicing Fee: For each day in a Calculation Period: 
 (a) an amount equal to (i) the Servicing Fee Rate (or, at any time while Arch or one of its Affiliates is the Servicer, such lesser percentage as may be agreed between the Seller and the Servicer on
an arms’ length basis based on then prevailing market terms for similar services), times (ii) the aggregate Outstanding Balance of all Receivables at the close of business on the Cut-Off Date immediately preceding such Calculation Period,
times (iii) 1/360; or 
 (b) on and after the Servicer’s reasonable request made at any time when Arch
or one of its Affiliates is no longer acting as Servicer hereunder, an alternative amount specified by the successor Servicer not exceeding (i) 110% of such Servicer’s reasonable costs and expenses of performing its obligations under this
Agreement during the preceding Calculation Period, divided by (ii) the number of days in the current Calculation Period. 
 Servicing
Fee Rate: 1.0% per annum. 
 Servicing Reserve: For any Calculation Period, the product (expressed as a percentage) of
(a) the Days Sales Outstanding Ratio of the most recent Cut-Off Date times, (b) the Stress Factor times, (c) the Servicing Fee Rate times, and (d) 1/360. 
 Settlement Date: (a) The 16th day of each month after the date of this Agreement (or if any such day is not a Business Day, the next succeeding Business Day thereafter) and (b) the last
day of the relevant Interest Period in respect of each Purchased Asset funded through a Liquidity Funding. 
 Settlement Period:
(a) In respect of each Purchased Asset funded through the issuance of Commercial Paper, the immediately preceding Calculation Period, and (b) in respect of each Purchased Asset funded through a Liquidity Funding, the entire Interest Period
of such Liquidity Funding.

  

 I-19 

 
Special Obligor. Wal-Mart Stores Inc. and its Affiliates so long as (a) not more than 10% of the aggregate Outstanding Balance of all Receivables owing from them remain unpaid for
more than 60 days from the original due date therefor, and (b) Wal-Mart Stores Inc. maintains short term unsecured debt ratings of at least both “A-1” from S&P and “P-1” from Moody’s. 
 Stress Factor: 2.25. 
 Subsidiary:
Of a Person means (a) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by
such Person and one or more of its Subsidiaries, or (b) any partnership, association, limited liability company, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall
at the time be so owned or controlled. 
 Tax Code: The Internal Revenue Code of 1986, as the same may be amended from time to time.

 Terminating Tranche: As defined in Section 4.3(b). 
 Transaction Documents: Collectively, this Agreement, each Purchase Notice, the Receivables Sale Agreement, each Collection Account Agreement, the Fee Letter, the Subordinated Note (as defined in
the Receivables Sale Agreement) and all other instruments, documents and agreements executed and delivered in connection herewith (except the Program Documents). 
 UCC: The Uniform Commercial Code as from time to time in effect in the specified jurisdiction. 
 Unmatured Amortization Event: An event which, with the passage of time or the giving of notice, or both, would constitute an Amortization Event. 
 Voluntary Termination: The occurrence of an Amortization Event resulting from the occurrence of the “Termination Date” pursuant to subclause (iv) of the definition of
“Termination Date” in the Receivables Sale Agreement. 
 Weighted Average Credit Percentage: On any date of determination, the
product (expressed as a percentage) of (a) 100% and (b) the Weighted Average Credit Terms as of the most recent Cut-Off Date minus one. 
 Weighted Average Credit Terms: For any Cut-Off Date, the weighted average of payment terms granted in invoices for Receivables outstanding as of such date, exclusive of invoices with payment terms of greater than 180 days, determined
pursuant to the following formula (expressed as a number and rounded to the nearest 1/10,000): the sum of (a) 1.5 times the percentage of total outstanding Receivables with terms allowing for payment within 1-90 days plus (b) 4
times the percentage of total outstanding Receivables with terms allowing for payment within 91-120 days, plus (c) 5 times the percentage of total outstanding Receivables with terms allowing for payment within 121-150 days plus (d) 6 times
the percentage of total outstanding Receivables with terms allowing for payment within 151-180 days; provided that in no event

  

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shall either (i) the outstanding balance of Receivables allowing for payment in more than 180 days, or (ii) the outstanding balance of Receivables with terms allowing for payment within
91 - 180 days in excess of 25% of the aggregate Outstanding Balance of all Eligible Receivables, be included in the forgoing computation of total outstanding Receivables. 
 Yield: For each Interest Period relating to a Purchased Asset funded through a Liquidity Funding or pursuant to Section 2.1(b) or a drawing under a Letter of Credit, an amount equal to
the product of the applicable Yield Rate for such Purchased Asset or such drawing, as applicable, multiplied by the Invested Amount of such Purchased Asset or the amount of such draw, as applicable, for each day elapsed during such Interest Period,
annualized on (a) a 360 basis for Yield accruing at the LIBO Rate, or (b) a 365 or 366 day basis, as applicable, for Yield accruing at the Alternate Base Rate. 
 Yield Rate: With respect to each Purchased Asset funded through a Liquidity Funding or drawing under a Letter of Credit, the LIBO Rate, the Alternate Base Rate or the Default Rate, as applicable.

 Yield Reserve: For any Calculation Period, the product (expressed as a percentage) of (a) the Stress Factor times
(b) the Alternate Base Rate as of the immediately preceding Cut-Off Date (less the Applicable Margin) times (c) the Days Sales Outstanding Ratio as of the most recent Cut-Off Date times (d) 1/360. 
 All accounting terms not specifically defined herein shall be construed in accordance with GAAP. Unless otherwise specified, 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. 
  

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 SCHEDULE A 
 DOCUMENTS TO BE DELIVERED TO THE ADMINISTRATOR 
 ON OR PRIOR TO THE INITIAL
PURCHASE 
 1. Executed copies of the Amended and Restated Receivables Sale Agreement, duly executed by the parties thereto.

 2. Copy of the Credit and Collection Policy to attach to the Amended and Restated Receivables Sale Agreement as an Exhibit.

 3. Subordinated Notes in favor of each of the Originators. 
 4. Executed copies of the Amended and Restated Receivables Purchase Agreement, duly executed by the parties thereto. 
 5. A certificate of the Secretary of each Originator and Seller certifying: 
 (a) a copy of the resolutions of the Board of Directors of such Person certified by its Secretary authorizing such
Person’s execution, delivery and performance of this Agreement and the other documents to be delivered by it hereunder; 
 (b) the names and signatures of the officers authorized on its behalf to execute this Agreement and any other documents to be delivered by it hereunder; 
 (c) a copy of such Person’s By-Laws; 
 (d) such Person’s articles or certificate of incorporation certified by the secretary of state of its jurisdiction of
incorporation on or within thirty (30) days prior to the initial Purchase; and 
 (e) a good standing
certificate for such Person issued by the secretary of state of its state of incorporation. 
 6. Pre-filing state and federal
tax lien, judgment lien searches from its jurisdiction of organization and from the jurisdiction where its chief executive office is located and UCC lien searches against each Originator and Seller from its jurisdiction of organization. 

7. UCC financing statements assignments from STRH to the Administrator in form suitable for filing under the UCC for each UCC financing
statement naming each of the Originators and Seller, as a debtor, and Administrator, as secured party or total assignee. 
 8.
UCC termination statements, if any, necessary to release all security interests and other rights of any Person in the Receivables, Contracts or Related Security previously granted by the Seller or any Originator, together with authorization to file
the same. 
  

 2 

 9. Executed copies of Collection Account Agreements and assignments thereof for each
Lock-Box and Collection Account: 
  

	 	(a)	Northern Trust 

  

	 	(b)	JPMorgan Chase 

  

	 	(c)	PNC Bank 

  

	 	(d)	The Toronto-Dominion Bank 

  

	 	(e)	Wachovia 

 10. Opinions of legal
counsel for the Seller Parties reasonably acceptable to the Administrator: 
  

	 	(a)	In-house counsel [non-contravention] 

  

	 	(b)	Richards, Layton & Finger [Delaware] 

  

	 	(c)	Hunton & Williams [Virginia] 

  

	 	(d)	McCarter & English [New Jersey] 

  

	 	(e)	Cravath Swaine & Moore 

  

	 	(i)	New York law matters 

  

	 	(ii)	True Sale/Non-consolidation 

 11. Certificates of the chief financial officer or treasurer of each of the Originators as to the absence of Termination Event or Unmatured Termination Event under the Receivables Sale Agreement, a certificates of the chief financial
officer or treasurer of Seller as to the absence of or Amortization Event or Unmatured Amortization Event under the Receivables Purchase Agreement 
 12. The Fee Letter, duly executed by each of the parties thereto. 
 13. A Monthly
Report as at September 30, 2009, duly executed by Servicer. 
 14. Purchase Notice, duly executed by Seller. 
 15. The Liquidity Agreement, duly executed by each of the parties thereto. 
 16. Standard & Poor’s form certificate executed by the Administrator. 
  

 3

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