Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 ASSIGNMENT AND
ACCEPTANCE AGREEMENT 
 AND 

AMENDMENT NO. 5 TO 
 THIRD
AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 AND 

AMENDMENT NO. 3 TO 
 THIRD
AMENDED AND RESTATED PURCHASE AND CONTRIBUTION 
 AGREEMENT 

THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT AND AMENDMENT NO. 3
TO THIRD AMENDED AND RESTATED PURCHASE AND CONTRIBUTION AGREEMENT (this “Agreement”) is dated and is effective as of August 30, 2016, and is entered into by and among UNITED RENTALS (NORTH AMERICA), INC., a Delaware corporation (the
“Originator”), UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Seller”), UNITED RENTALS, INC., a Delaware corporation (the “Collection Agent”), LIBERTY STREET FUNDING
LLC, a Delaware limited liability company (“Liberty”), GOTHAM FUNDING CORPORATION, a Delaware corporation (“Gotham”, and together with Liberty, the “Existing Purchasers”), and FAIRWAY FINANCE
COMPANY, LLC, a Delaware limited liability company (“Fairway”, and together with the Existing Purchasers, the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank (as defined in the
Purchase Agreement referred to below), as administrative agent (the “Administrative Agent”) for the Investors and the Banks (as such terms are defined in the Purchase Agreement referred to below) and as purchaser agent for Liberty
(the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Bank and as purchaser agent for itself (the “PNC Purchaser Agent”), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK
BRANCH (“BTMU”), as a Bank and as purchaser agent for Gotham (the “Gotham Purchaser Agent”), SUNTRUST BANK (“ST”), as a Bank and as purchaser agent for itself (the “ST Purchaser
Agent”), and BANK OF MONTREAL (“BMO”), as a Bank and as a purchaser agent (the “Fairway Purchaser Agent”, and together with the Liberty Purchaser Agent, the PNC Purchaser Agent, the Gotham Purchaser Agent
and the ST Purchaser Agent, the “Purchaser Agents”). Capitalized terms used and not otherwise defined herein are used as defined in the Purchase Agreement (as defined below). 

RECITALS 
 WHEREAS, the Seller,
the Collection Agent, the Existing Purchasers, the Purchaser Agents, the Banks party thereto and the Administrative Agent are parties to that certain Third Amended and Restated Receivables Purchase Agreement dated as of September 24, 2012 (as
amended, supplemented or otherwise modified, the “Purchase Agreement”); 
 WHEREAS, the Originator, the Collection Agent
and the Seller are parties to that certain Third Amended and Restated Purchase and Contribution Agreement dated as of September 24, 2012 (as amended, supplemented or otherwise modified, the “Contribution Agreement”); 

  
 1 

 WHEREAS, Fairway desires to become a Purchaser under the Purchase Agreement and, in connection
therewith, BMO desires to sell and assign to Fairway all Receivable Interests in the Pool Receivables owned by BMO as of the Effective Date (as defined below) and Fairway desires to purchase such Receivable Interests in the Pool Receivables; 

WHEREAS, each of the Seller, the Administrative Agent and the Purchaser Agents wishes to confirm their consent to such sale and assignment by
BMO to Fairway, and the addition of Fairway as a Purchaser under the Purchase Agreement; and 
 WHEREAS, pursuant to Section 7.01 of the
Purchase Agreement and Section 9.01 of the Contribution Agreement, the parties wish to make certain amendments to the Purchase Agreement and the Contribution Agreement, respectively, as hereinafter set forth. 

NOW, THEREFORE, the parties agree as follows: 

Section 1. Fairway as a Purchaser. 

Effective as of the Effective Date, Fairway hereby agrees that it shall become a party to, and be bound by all of the terms of, the Purchase
Agreement (including as amended pursuant to Section 3 below) as a Purchaser (as defined therein). 
 Section 2. Assignment and
Acceptance. 
 (a) Pursuant to and in accordance with Section 7.03(a) of the Purchase Agreement, as of the Effective Date, BMO
hereby sells and assigns absolutely to Fairway, and Fairway hereby purchases from BMO, all Receivable Interests in the Pool Receivables owned by BMO on the Effective Date (the “Assigned Rights”). 

(b) For the avoidance of doubt, no rights (other than the Assigned Rights) or obligations of BMO as a Bank or Purchaser Agent are
being assigned or assumed under this Section 2. 
 (c) (i) The Seller hereby consents to the sale and assignment by BMO of the Assigned
Rights to Fairway pursuant to Section 7.03(a) of the Purchase Agreement. Each of the Purchaser Agents, the Administrative Agent and the Seller hereby acknowledges and agrees that this Agreement constitutes notice by BMO to it of the above sale and
assignment. 
 (ii) Each of the Seller, the Purchaser Agents and the Administrative Agent hereby consents to the addition of Fairway as
a Purchaser under the Purchase Agreement. 
 (iii) Fairway hereby appoints the Fairway Purchaser Agent to act as its Purchaser Agent
under the Purchase Agreement. 
 (d) In connection with, and as payment of the purchase price for, the sale and assignment in this
Section 2, Fairway shall, on the Effective Date, make a cash payment to BMO in an amount equal to the aggregate Capital of the Receivable Interests sold and assigned under this Section 2. 

  
 2 

 (e) Fairway confirms that it has received a copy of the Purchase Agreement, together with
copies of the reports and financial statements referred to in paragraph (k) of Exhibit IV to the Purchase Agreement as have been requested by Fairway and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Agreement. Fairway acknowledges that it has, independently and without reliance upon the Administrative Agent, any Purchaser Agent, any of their respective Affiliates or any Bank and based on such documents
and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the Purchase Agreement. Fairway also acknowledges that it will, independently and without reliance upon the Administrative Agent, any
Purchaser Agent, any of their respective Affiliates or any Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the
Purchase Agreement. 
 (f) This Agreement is an Assignment and Acceptance for all purposes under the Purchase Agreement. 

Section 3. Amendments to the Purchase Agreement. Effective as of the Effective Date, immediately after giving effect to the
actions contemplated by Sections 1 and 2 hereof, the Purchase Agreement is hereby amended as follows: 
 (a) The Purchase Agreement is
hereby amended to incorporate the changes shown on the marked pages attached hereto as Annex A. 
 (b) Notwithstanding anything
to the contrary contained in any Transaction Document, URNA agrees and acknowledges that each of the Collection Accounts is maintained solely by the Seller with Qualified Intermediary and URNA has no interest in any of the Collection Accounts. 

Section 4. Amendments to the Contribution Agreement. Effective as of the Effective Date, immediately after giving effect to the
actions contemplated by Sections 1 and 2 hereof, the Contribution Agreement is hereby amended as follows: 
 (a) The Contribution
Agreement is hereby amended to incorporate the changes shown on the marked pages attached hereto as Annex B. 
 (b) In
connection with the extension of the Facility Termination Date of the Purchase Agreement, the Originator acknowledges that the Facility Termination Date under the Contribution Agreement shall accordingly be extended pursuant to clause (a) of the
definition of “Facility Termination Date” contained therein. 
 Section 5. Effectiveness of this Agreement. This
Agreement shall become effective as of the date hereof (the “Effective Date”) at such time as: 
 (a) executed
counterparts of this Agreement have been delivered by each party hereto to the other parties hereto; 
 (b) each Purchaser Agent shall
have received an executed amendment and restatement of such Purchaser Agent’s Fee Agreement (each, a “New Fee Agreement”); 

  
 3 

 (c) each Purchaser Agent shall have received payment of the “Upfront Fee” in
accordance with the terms of, and as such term is defined in, such Purchaser Agent’s New Fee Agreement; 
 (d) the Administrative
Agent shall have received an opinion, in form and substance reasonably satisfactory to the Administrative Agent, from Sullivan & Cromwell LLP, with respect to true sale and non-consolidation matters after giving effect to this Agreement and the
transactions contemplated hereby; and 
 (e) the Administrative Agent and the Purchaser Agents shall have received, in form and
substance satisfactory to the Administrative Agent and each Purchaser Agent, a certificate of the Secretary or Assistant Secretary of the Seller certifying copies of the resolutions of the Board of Directors of the Seller approving this Agreement
and the transactions contemplated hereby. 
 Section 6. Representations and Warranties. The Originator, the Seller and the
Collection Agent represent and warrant as follows: 
 (a) The execution, delivery and performance by the Originator, the Collection
Agent and the Seller of this Agreement (i) are within its corporate or limited liability company powers, as applicable, (ii) have been duly authorized by all necessary corporate or limited liability company action, as applicable, and (iii) do not
contravene (1) its charter, by-laws or limited liability company agreement, as applicable, (2) any law, rule or regulation applicable to it or (3) any contractual restriction binding on or affecting it or its property, the violation of which could
reasonably be expected to have a Material Adverse Effect on the collectibility of any Pool Receivable, on the Originator, on the Seller or on the performance of the Collection Agent under the Contribution Agreement or the Purchase Agreement. This
Agreement has been duly executed and delivered by the Originator, the Seller and the Collection Agent. 
 (b) 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, delivery and performance by the Originator, the Seller or the Collection Agent of this Agreement or any
other document to be delivered by the Originator, the Seller or the Collection Agent hereunder other than those already obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce
such Receivable directly against such obligor may be restricted by the Federal Assignment of Claims Act or any similar applicable law to the extent the Originator or the Seller shall not have complied with the applicable provisions of any such law
in connection with the assignment or subsequent reassignment of any such Receivable. 
 (c) This Agreement constitutes the legal, valid
and binding obligation of the Originator, the Seller and the Collection Agent, enforceable against the Originator, the Seller and the Collection Agent in accordance with its terms subject to bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(d) The representations and warranties contained in (i) Section 4.01 of the Contribution Agreement (with respect to the Originator),
(ii) Exhibit III to the Purchase Agreement (with respect to the Seller) and (iii) Section 4.08 of the Purchase Agreement (with respect to the Collection Agent) are correct on and as of the date hereof as though made on and as of the date
hereof. 

  
 4 

 (e) No event has occurred and is continuing, or would result from the transactions
contemplated hereby, that constitutes an Event of Termination or an Incipient Event of Termination. 
 Section 7. Purchase Agreement
and Contribution Agreement in Full Force and Effect as Amended. 
 (a) All of the provisions of the Purchase Agreement and
the Contribution Agreement, each as amended hereby, and all of the provisions of all other documentation required to be delivered with respect thereto shall remain in full force and effect and are ratified and confirmed in all respects. 

(b) The respective parties hereto agree to be bound by the terms and conditions of the Purchase Agreement and the Contribution Agreement,
as applicable, each as amended hereby, as though such terms and conditions were set forth herein. 
 (c) This Agreement may not be
amended or otherwise modified except as provided in the Purchase Agreement or the Contribution Agreement, as applicable. 
 (d) This
Agreement shall constitute a Transaction Document under both the Purchase Agreement and the Contribution Agreement. 
 Section
8. Reference in Other Documents; Affirmation of Performance Undertaking Agreement. 
 (a) On and from the date
hereof, references to the Purchase Agreement in any agreement or document (including without limitation the Purchase Agreement) shall be deemed to include a reference to the Purchase Agreement, as amended hereby, whether or not reference is made to
this Agreement. 
 (b) On and from the date hereof, references to the Contribution Agreement in any agreement or document (including
without limitation the Contribution Agreement) shall be deemed to include a reference to the Contribution Agreement, as amended hereby, whether or not reference is made to this Agreement. 

(c) United Rentals, Inc. hereby consents to this Agreement and hereby affirms and agrees that the Performance Undertaking Agreement is,
and shall continue to be, in full force and effect and is hereby ratified and affirmed in all respects. Upon and at all times after the effectiveness of this Agreement, each reference in the Performance Undertaking Agreement to (i) the
“Receivables Purchase Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Purchase Agreement as amended by this Agreement, and as hereafter amended or restated and (ii) the
“Purchase Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Contribution Agreement as amended by this Agreement, and as hereafter amended or restated. 

  
 5 

 Section 9. Costs and Expenses. 

The Seller agrees to pay on demand all reasonable and documented costs and expenses in connection with the preparation, execution and delivery
of this Agreement and the other documents and agreements to be delivered hereunder and thereunder, including, without limitation, the reasonable and documented fees and out-of-pocket expenses of one firm of primary counsel for the Administrative
Agent and the Purchaser Agents, the Purchasers and the Banks. 
 Section 10. Counterparts. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in portable
document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section
11. Headings. 
 The descriptive headings of the various sections of this Agreement are inserted for convenience of reference
only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 
 Section 12. Governing
Laws. 
 This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed in
accordance with, the laws of the state of New York (without giving effect to the conflict of laws principles thereof, other than Section 5-1401 of the New York General Obligations Law, which shall apply hereto). 

The remainder of this page is intentionally left blank. 

  
 6 

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

					
	ORIGINATOR:	 	UNITED RENTALS (NORTH AMERICA), INC.
			
		 	By:	 	 /s/ Irene Moshouris

		 		 	Name: Irene Moshouris
		 		 	Title: Senior Vice President and Treasurer
		
	SELLER:	 	UNITED RENTALS RECEIVABLES LLC II
			
		 	By:	 	 /s/ Irene Moshouris

		 		 	Name: Irene Moshouris
		 		 	Title: Vice President and Treasurer
		
	COLLECTION AGENT:	 	UNITED RENTALS, INC.
			
		 	By:	 	 /s/ Irene Moshouris

		 		 	Name: Irene Moshouris
		 		 	Title: Senior Vice President and Treasurer

  

			
	SOLELY FOR PURPOSES OF
	SECTION 8(c):
	
	UNITED RENTALS, INC.
		
	By:	 	 /s/ Irene Moshouris

		 	Name: Irene Moshouris
		 	Title: Senior Vice President and Treasurer

 Signature Page – 

ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO RPA AND 

AMENDMENT NO. 3 TO PCA 

					
	ADMINISTRATIVE	 	THE BANK OF NOVA SCOTIA
	AGENT:	 		 	
			
		 	By:	 	 /s/ Michelle C. Phillips

		 		 	Name: Michelle C. Phillips
		 		 	Title: Director and Execution Head
		
	PURCHASER:	 	LIBERTY STREET FUNDING LLC
			
		 	By:	 	 /s/ John L. Fridlington

		 		 	Name: John L. Fridlington
		 		 	Title: Vice President
		
	PURCHASER AGENT:	 	THE BANK OF NOVA SCOTIA
			
		 	By:	 	 /s/ Michelle C. Phillips

		 		 	Name: Michelle C. Phillips
		 		 	Title: Director and Execution Head
		
	BANK:	 	THE BANK OF NOVA SCOTIA
			
		 	By:	 	 /s/ Michelle C. Phillips

		 		 	Name: Michelle C. Phillips
		 		 	Title: Director and Execution Head

 Signature Page – 

ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO RPA AND 

AMENDMENT NO. 3 TO PCA 

					
	PURCHASER AGENT:	  	PNC BANK, NATIONAL ASSOCIATION
			
		  	By:	  	 /s/ Eric Bruno

		  		  	Name: Eric Bruno
		  		  	Title: Senior Vice President
		
	BANK:	  	PNC BANK, NATIONAL ASSOCIATION
			
		  	By:	  	 /s/ Eric Bruno

		  		  	Name: Eric Bruno
		  		  	Title: Senior Vice President

 Signature Page – 

ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO RPA AND 

AMENDMENT NO. 3 TO PCA 

					
	PURCHASER:	 	GOTHAM FUNDING CORPORATION
			
		 	By:	 	 /s/ David V. DeAngelis

		 		 	Name: David V. DeAngelis
		 		 	Title: Vice President
		
	PURCHASER AGENT:	 	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW

YORK BRANCH

			
		 	By:	 	 /s/ Christopher Pohl

		 		 	Name: Christopher Pohl
		 		 	Title: Managing Director
		
	BANK:	 	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW

YORK BRANCH

			
		 	By:	 	 /s/ Christopher Pohl

		 		 	Name: Christopher Pohl
		 		 	Title: Managing Director

 Signature Page – 

ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO RPA AND 

AMENDMENT NO. 3 TO PCA 

					
	PURCHASER AGENT:	  	SUNTRUST BANK
			
		  	By:	  	 /s/ David Hufnagel

		  		  	Name: David Hufnagel
		  		  	Title: Vice President
		
	BANK:	  	SUNTRUST BANK
			
		  	By:	  	 /s/ David Hufnagel

		  		  	Name: David Hufnagel
		  		  	Title: Vice President

 Signature Page – 

ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO RPA AND 

AMENDMENT NO. 3 TO PCA 

					
	PURCHASER:	  	FAIRWAY FINANCE COMPANY, LLC
			
		  	By:	  	 /s/ Irina Khaimova

		  		  	Name: Irina Khaimova
		  		  	Title: Vice President
		
	PURCHASER AGENT:	  	BANK OF MONTREAL
			
		  	By:	  	 /s/ Karen Louie

		  		  	Name: Karen Louie
		  		  	Title: Director
		
	BANK:	  	BANK OF MONTREAL
			
		  	By:	  	 /s/ Karen Louie

		  		  	Name: Karen Louie
		  		  	Title: Director

 Signature Page – 

ASSIGNMENT AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 5 TO RPA AND 

AMENDMENT NO. 3 TO PCA 

 ANNEX A 

CHANGED PAGES TO PURCHASE AGREEMENT 

 CONFORMED COPY INCORPORATING 

AMENDMENT NO. 45 EFFECTIVE AS OF SEPTEMBER 1, 2015AUGUST 30, 2016 

 
  

 
 THIRD AMENDED AND RESTATED RECEIVABLES
PURCHASE AGREEMENT 
 Dated as of September 24, 2012 

Among 
 UNITED RENTALS RECEIVABLES
LLC II, 
 as Seller, 
 UNITED
RENTALS, INC., 
 as Collection Agent, 

LIBERTY STREET FUNDING LLC, 
 as a
Purchaser, 
 GOTHAM FUNDING CORPORATION, 

as a Purchaser, 
 FAIRWAY
FINANCE COMPANY, LLC,  
 as a Purchaser, 

THE BANK OF NOVA SCOTIA, 
 as
Purchaser Agent for Liberty, as Administrative Agent and as a Bank, 
 PNC BANK, NATIONAL ASSOCIATION, 

as Purchaser Agent for itself and as a Bank, 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, 

as Purchaser Agent for Gotham and as a Bank, 

SUNTRUST BANK, 
 as Purchaser Agent
for itself and as a Bank, 
 and 

BANK OF MONTREAL, 
 as Purchaser
Agent for Fairway and as a Bank 
  
  

 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  		  			
		
	AMOUNTS AND TERMS OF THE PURCHASES	  			
			
	 SECTION 1.01.
	  	Purchase Facility.	  	 	2	  
	 SECTION 1.02.
	  	Making Purchases.	  	 	2	  
	 SECTION 1.03.
	  	Receivable Interest Computation.	  	 	7	  
	 SECTION 1.04.
	  	Settlement Procedures.	  	 	7	  
	 SECTION 1.05.
	  	Fees.	  	 	1112	  
	 SECTION 1.06.
	  	Payments and Computations, Etc.	  	 	12	  
	 SECTION 1.07.
	  	Dividing or Combining Receivable Interests.	  	 	1213	  
	 SECTION 1.08.
	  	Increased Costs and Requirements of Law.	  	 	13	  
	 SECTION 1.09.
	  	Intended Characterization; Security Interest.	  	 	15	  
	 SECTION 1.10.
	  	[Reserved]	  	 	16	  
	 SECTION 1.11.
	  	Sharing of Payments.	  	 	16	  
	 SECTION 1.12.
	  	Repurchase Option.	  	 	16	  
	 SECTION 1.13.
	  	Extension; Additional Purchasers; Increased Commitments.	  	 	17	  
	 SECTION 1.14.
	  	Defaulting Banks; Delaying Banks	  	 	1718	  
			
	ARTICLE II	  		  			
		
	REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION	  			
			
	 SECTION 2.01.
	  	Representations and Warranties; Covenants.	  	 	1819	  
	 SECTION 2.02.
	  	Events of Termination.	  	 	19	  
			
	ARTICLE III	  		  			
		
	INDEMNIFICATION	  			
			
	 SECTION 3.01.
	  	Indemnities by the Seller.	  	 	1920	  
			
	ARTICLE IV	  		  			
		
	ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES	  			
			
	 SECTION 4.01.
	  	Designation of Collection Agent.	  	 	2122	  
	 SECTION 4.02.
	  	Duties of Collection Agent.	  	 	22	  
	 SECTION 4.03.
	  	Certain Rights of the Administrative Agent.	  	 	23	  
	 SECTION 4.04.
	  	Rights and Remedies.	  	 	2425	  
	 SECTION 4.05.
	  	Further Actions Evidencing Purchases.	  	 	25	  
	 SECTION 4.06.
	  	Covenants of the Collection Agent and the Seller.	  	 	26	  

  
 i 

							
	 SECTION 4.07.
	  	Indemnities by the Collection Agent.	  	 	27	  
	 SECTION 4.08.
	  	Representations and Warranties of the Collection Agent.	  	 	28	  
			
	ARTICLE V	  		  			
		
	THE ADMINISTRATIVE AGENT	  			
			
	 SECTION 5.01.
	  	Authorization and Action.	  	 	29	  
	 SECTION 5.02.
	  	Administrative Agent’s Reliance, Etc.	  	 	2930	  
	 SECTION 5.03.
	  	Indemnification of Administrative Agent.	  	 	30	  
	 SECTION 5.04.
	  	Scotia Capital and Affiliates.	  	 	3031	  
	 SECTION 5.05.
	  	Bank’s Purchase Decision.	  	 	31	  
	 SECTION 5.06.
	  	[Reserved]	  	 	31	  
	 SECTION 5.07.
	  	Notice of Event of Termination.	  	 	31	  
			
	ARTICLE VI	  		  			
		
	THE PURCHASER AGENTS	  			
			
	 SECTION 6.01.
	  	Authorization.	  	 	3132	  
	 SECTION 6.02.
	  	Reliance by Purchaser Agent.	  	 	3233	  
	 SECTION 6.03.
	  	Agent and Affiliates.	  	 	33	  
	 SECTION 6.04.
	  	Notices.	  	 	3334	  
	 SECTION 6.05.
	  	Bank’s Purchase Decision.	  	 	34	  
			
	ARTICLE VII	  		  			
		
	MISCELLANEOUS	  			
			
	 SECTION 7.01.
	  	Amendments, Etc.	  	 	34	  
	 SECTION 7.02.
	  	Notices, Etc.	  	 	34	  
	 SECTION 7.03.
	  	Assignability.	  	 	38	  
	 SECTION 7.04.
	  	Costs, Expenses and Taxes.	  	 	39	  
	 SECTION 7.05.
	  	No Proceedings.	  	 	42	  
	 SECTION 7.06.
	  	Confidentiality.	  	 	42	  
	 SECTION 7.07.
	  	Governing Law.	  	 	4243	  
	 SECTION 7.08.
	  	SUBMISSION TO JURISDICTION.	  	 	43	  
	 SECTION 7.09.
	  	WAIVER OF JURY TRIAL.	  	 	4344	  
	 SECTION 7.10.
	  	Execution in Counterparts.	  	 	4344	  
	 SECTION 7.11.
	  	Survival of Termination.	  	 	4344	  
	 SECTION 7.12.
	  	Severability.	  	 	4344	  
	 SECTION 7.13.
	  	Excess Funds.	  	 	44	  
	 SECTION 7.14.
	  	No Recourse.	  	 	44	  
	 SECTION 7.15.
	  	Amendment and Restatement; Acknowledgement.	  	 	45	  

  
 ii 

 THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 

Dated as of September 24, 2012 

UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Seller”), UNITED RENTALS, INC., a Delaware
corporation (the “Collection Agent”), LIBERTY STREET FUNDING LLC (“Liberty”), a Delaware limited liability company, and GOTHAM FUNDING CORPORATION (“Gotham”), a Delaware
corporation, FAIRWAY FINANCE COMPANY, LLC (“Fairway”), a Delaware limited liability company (each of Liberty and, Gotham and Fairway, a “Purchaser”,
and together the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank, as administrative agent (the “Administrative Agent”) for the Investors and the Banks (as defined herein) and as
purchaser agent for Liberty (the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Bank and as purchaser agent for itself (the “PNC Purchaser Agent”), THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”), as a Bank and as purchaser agent for Gotham (the “Gotham Purchaser Agent”), SUNTRUST BANK (“ST”), as a Bank and as purchaser agent for itself
(the “ST Purchaser Agent”), and BANK OF MONTREAL (“BMO”), as a Bank and as purchaser agent for BMO and the other Investors related to BMOFairway (the
“BMOFairway Purchaser Agent”, and together with the Liberty Purchaser Agent, the PNC Purchaser Agent, the Gotham Purchaser Agent and the ST Purchaser Agent, the “Purchaser Agents”), agree as
follows: 
 PRELIMINARY STATEMENTS 

Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit I to this Agreement. Capitalized terms not
defined herein are used as defined in the Purchase Agreement or, if not defined in the Purchase Agreement, the Credit Agreement. References in the Exhibits to the “Agreement” refer to this Agreement, as amended, modified or
supplemented from time to time. All interest rate and yield determinations referenced herein shall be expressed as a decimal and rounded, if necessary, to the nearest one hundredth of a percentage point in the manner set forth herein (as
applicable). 
 The Seller has acquired, and may continue to acquire, Receivables and Related Security from the Originator, either by
purchase or by contribution to the capital of the Seller, in accordance with the terms of the Purchase Agreement. The Seller is prepared to sell undivided fractional ownership interests (referred to herein as “Receivable Interests”)
in the Pool Receivables. The Purchasers may, in their sole discretion, purchase such Receivable Interests in the Pool Receivables, and the Banks are prepared to purchase such Receivable Interests in the Pool Receivables, in each case on the terms
set forth herein. 
 Certain parties hereto previously entered into that certain Second Amended and Restated Receivables Purchase Agreement,
dated as of September 28, 2011, as amended by that certain Assignment and Acceptance and Amendment Agreement, dated as of December 23, 2011 and as further amended and supplemented as of February 2, 2012, May 18, 2012 and September 24, 2012 (the
“Existing Agreement”). 

 any Bank plus, in the event such Bank has any related Purchasers, such Bank’s ratable share
of the outstanding Capital of Receivable Interests in the Pool Receivables held by such related Purchasers to exceed its Bank Commitment (as of the Original Date with respect to such funding)). The funding or failure to fund the Delayed Funds will
not relieve or otherwise impair the obligation of the Seller to make all payments as provided in this Agreement. 
 (viii) In
the event that a Delaying Bank is prohibited by applicable law from funding its Delayed Funds on a Delayed Funding Date, then such Delaying Bank shall be deemed to have purchased a participation from each Non-Delaying Bank or related Purchaser in
its outstanding Capital, as applicable, in an amount that such Delaying Bank would otherwise be required to pay to such Non-Delaying Bank or related Purchaser pursuant to clause (vi) of this Section 1.02(e). 

SECTION 1.03. Receivable Interest Computation. 

Each Receivable Interest in the Pool Receivables shall be initially computed on its date of purchase. Thereafter until the Termination Date
for such Receivable Interest in the Pool Receivables, such Receivable Interest in the Pool Receivables shall be automatically recomputed (or deemed to be recomputed) based upon the information provided in the most recently submitted Monthly
Report on each day other than a Liquidation Day; provided that, if a more recent Weekly Report or Daily Report has been submitted to the Administrative Agent and the Purchaser Agents pursuant to Section 4.02(g), then the
Receivable Interest in the Pool Receivables reflected in such Monthly Report, Weekly Report or Daily Report that is the highest shall be used; provided, further that, if such Weekly Report or Daily Report, as applicable,
recalculates all of the components (including the Net Receivables Pool Balance and reserve components in the calculation of such Receivable Interest) necessary to determine such Receivable Interest as of the relevant calculation day for such report
in a manner consistent with the calculation thereof made in the most recently submitted Monthly Report and otherwise reasonably satisfactory to the Administrative Agent, then the Receivable Interest in the Pool Receivables reflected in such Weekly
Report or Daily Report, as applicable, shall be used. Such Receivable Interest shall be 100% from and after the occurrence of a Termination Date until the event causing such Termination Date has been waived or cured. Notwithstanding the
foregoing, such Receivable Interest shall become zero when Capital thereof and Yield thereon shall have been paid in full, all other amounts owed by the Seller and the Collection Agent hereunder to the Investors, the Banks, the Administrative Agent
and the Purchaser Agents and each Indemnified Party and each Affected Person are paid in full and the Collection Agent shall have received the accrued Collection Agent Fee thereon. 

SECTION 1.04. Settlement Procedures. 

(a) Collection of the Pool Receivables shall be administered by a Collection Agent, in accordance with the terms of Article IV of this
Agreement. The Collection Agent shall direct each Obligor to direct all payments of Collections into Collection Accounts. Subsequently, the Collection Agent shall forthwith cause all such Collections received in the Collection Accounts to be
transferred into the Controlled Account within one Business Day; provided that, if the balance in any such Collection Account is less than $50,000, the Collection Agent shall not 

  
 7 

 
assets and liabilities that are the subject of this Agreement and/or other Transaction Documents, but excluding any assets and liabilities that are currently consolidated with those of any
Affected Person (other than such Purchaser or Bank), shall constitute a change in the interpretation, administration or application of a law, regulation, guideline or request subject to Section 1.08(a), (b) and (c). 

(e) The Administrative Agent shall promptly notify the Seller if any event of which it has knowledge, which will entitle an Affected Person to
compensation pursuant to this Section 1.08. Notwithstanding the foregoing, in the event that such notice is not given to the Seller by the Administrative Agent, such Affected Person shall not be entitled to compensation from the
Administrative Agent for any additional costs incurred as a result of such failure to notify. 
 (f) Notwithstanding any other provision
herein, no Affected Person shall demand compensation pursuant to this Section 1.08 if it shall not at the time be the general policy or practice of such Affected Person to demand such compensation in similar circumstances under comparable provisions
of other similar agreements, including, but not limited to, secured credit agreements collateralized by receivables and receivables purchase agreements, if any (and such Affected Person so certifies to the Seller). 

SECTION 1.09. Intended Characterization; Security Interest. 

The Seller, the Purchasers, the Administrative Agent, the Investors, the Banks and the Purchaser Agents intend that the sale, assignment and
transfer of the Receivable Interests to the Administrative Agent hereunder shall be treated as a true sale for all purposes, other than federal and state income tax purposes and accounting purposes. If, notwithstanding the intent of the parties, the
sale, assignment and transfer of the Receivable Interests is not treated as a sale for all purposes, other than federal and state income tax purposes, (i) this Agreement also is intended by the parties to be, and hereby is, a security agreement
within the meaning of the UCC; and (ii) the sale, assignment and transfer of the Receivable Interests shall be treated as a grant of, and the Seller does hereby grant to the Administrative Agent, for its benefit and the ratable benefit of the
Investors and the Banks, and as collateral security for the performance by the Seller of all the terms, covenants and agreements on the part of the Seller (whether as the Seller or otherwise) to be performed under this Agreement or any document
delivered in connection with this Agreement, including the punctual payment when due of all obligations of the Seller hereunder or thereunder, whether for indemnification payments, fees, expenses or otherwise, a security interest in, all of the
Seller’s right, title and interest in, to and under (but none of the Seller’s obligations under) all of the following, whether now or hereafter existing or arising: 

(a) each of the Transaction Documents to which it is a party, including, without limitation, (i) all rights of the Seller to receive moneys due
or to become due under or pursuant to the Purchase Agreement, (ii) all security interests and property subject thereto from time to time purporting to secure payment of monies due or to become due under or pursuant to the Purchase Agreement, (iii)
all rights of the Seller to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Purchase Agreement, (iv) claims of the Seller for damages arising out of or for breach of or default under the Purchase Agreement, and
(v) the right of the Seller to compel performance and otherwise exercise all remedies thereunder; 

  
 15 

 (c) If no Event of Termination or Incipient Event of Termination shall have occurred and be
continuing, United Rentals, while it is the Collection Agent, may, in accordance with the Credit and Collection Policy, extend the maturity or adjust the Outstanding Balance or otherwise modify the payment terms of any Receivable as it deems
appropriate to maximize Collections thereof; provided that such modification shall not (i) alter the status of the Pool Receivable as a Delinquent Receivable or Defaulted Receivable, or (ii) limit the rights of the Administrative Agent,
Purchaser Agents, Banks or Investors. 
 (d) The Collection Agent shall hold in trust for the Seller and each Investor and Bank, in
accordance with their respective interests, all documents, instruments and records (including, without limitation, computer tapes or disks) that evidence or relate to Pool Receivables. 

(e) The Collection Agent shall, as soon as practicable following receipt, turn over to the Seller any cash collections or other cash
proceeds received with respect to Receivables not constituting Pool Receivables. 
 (f) The Collection Agent shall, from time to time at the
request of the Administrative Agent or any Purchaser Agent, furnish to the Administrative Agent or such Purchaser Agent (promptly after any such request) a calculation of the amounts set aside for the Investors and the Banks pursuant to Section
1.04(b). 
 (g) On or before the twelfthfifteenth Business Day of each month, the Collection Agent
shall prepare and forward to the Administrative Agent and each Purchaser Agent a Monthly Report relating to the Receivable Interests outstanding on the last day of the immediately preceding month. On or before the first Business Day of each week,
the Collection Agent shall prepare and forward to the Administrative Agent and each Purchaser Agent a Weekly Report as of the last Business Day of the previous week; provided that no Weekly Report is due if Capital is equal to zero;
provided further that a Weekly Report shall be provided to the Administrative Agent before Capital can be increased from zero. During the continuation of any Daily Report Trigger Event, within five (5) Business Days following a request
by the Administrative Agent or the Required Purchaser Agents, the Collection Agent shall prepare and forward to the Administrative Agent and each Purchaser Agent on each Business Day a Daily Report as of the Business Day immediately preceding such
date of delivery; provided that no Daily Report is due if Capital is equal to zero; provided further that a Daily Report shall be provided to the Administrative Agent and each Purchaser Agent before Capital can be increased from
zero during the continuation of a Daily Report Trigger Event. 
 SECTION 4.03. Certain Rights of the Administrative Agent. 

(a) The Administrative Agent is authorized at any time after the occurrence of an Event of Termination that has not been waived in accordance
with Section 2.02 to deliver to the Controlled Account Bank the Notice of Effectiveness provided for in the Controlled Account Agreement. The Seller hereby transfers to the Administrative Agent the exclusive control of the Controlled Account
to which the Obligors of Pool Receivables shall make payments, subject only to the Administrative Agent’s delivery of such Notice of Effectiveness. The Seller shall take any actions reasonably requested by the Administrative Agent to effect
such transfer of Administrative Agent deems advisable and in the best interests of the Purchasers, Banks and Purchaser Agents. 

  
 23 

 ARTICLE VI 

THE PURCHASER AGENTS 
 SECTION
6.01. Authorization. 
 (a) Liberty, Scotia Capital, and each Bank or other Person that has entered into an Assignment and
Acceptance and has agreed in such Assignment and Acceptance that Scotia Capital shall act as its Purchaser Agent, has appointed Scotia Capital as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 

(b) PNC, and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment and
Acceptance that PNC shall act as its Purchaser Agent, has appointed PNC as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms hereof,
together with such powers as are reasonably incidental thereto. 
 (c) Gotham, BTMU, and each Bank or other Person that has entered into an
Assignment and Acceptance and has agreed in such Assignment and Acceptance that BTMU shall act as its Purchaser Agent, has appointed BTMU as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 

(d) ST and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment and Acceptance that
ST shall act as its Purchaser Agent, has appointed ST as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such
powers as are reasonably incidental thereto. 
 (e) Fairway, BMO, any Purchaser for which the BMO Purchaser Agent
acts as Purchaser Agent, and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment and Acceptance that BMO (or an Affiliate successor thereof) shall act as its Purchaser Agent, has
appointed BMO (or such Affiliate successor) as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as
are reasonably incidental thereto. 
 As to any matters not expressly provided for by this Agreement (including, without limitation,
enforcement of this Agreement), a Purchaser Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon
the instructions of the 

  
 32 

 If to the Gotham Purchaser Agent: 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

34 Exchange Place, Plaza III 5th Floor 

Jersey City, NJ 07311 
 Attention:
John DonoghueRichard Kralik 
 Facsimile No.: (201) 369-2149 

Email: securitization_reporting@us.mufg.jp 

With a copy to: 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. 
 12511221 Avenue of the Americas 

New York, NY 10020 
 Attention:
The Securitization Group 
 Facsimile No.: (212) 782-6448 

	 	Emails:	securitization_reporting@us.mufg.jp  

	 	  	vdusenburycpohl@us.mufg.jp 

 If to the ST Purchaser Agent: 

SUNTRUST BANK 
 3333 Peachtree
Road, NE 
 10th Floor East 

Atlanta, Georgia 30326 

Attention:     Jason Meyer 

Tel. No.: (404) 926-5505 

Facsimile No.: (404) 926-5100 

If to the BMOFairway Purchaser Agent: 

BANK OF MONTREAL 
 115 S. LaSalle
Street 
 25th Floor West 

Chicago, Illinois 60603 

Attention: Karen Louie 
 Tel. No.:
(312) 293-4410 
 Facsimile No.: (312) 293-4948 

	 	Emails:	        karen.louie@bmo.com 

	 	  	fundingdesk@bmo.com 

	 	  	specialized.deals@bmo.com 

	 	  	Lpg.securitization@bmo.com 

  
 36 

 If to a Purchaser: 

LIBERTY STREET FUNDING LLC 

Global Securitization 
 445 Broad
Hollow Rd. 
 Melville, NY 11747 

Tel. No.: (631) 587-4700 

Facsimile No.: (212) 302-8767 

GOTHAM FUNDING CORPORATION 
 c/o
Global Securitization Services, LLC 
 114 West 47th Street, Suite 2310 

New York, NY 10036 
 Tel. No.:
(212) 295-2777 
 Facsimile No.: (212) 302-8767 

Attention: Frank B. Bilotta 

FAIRWAY FINANCE COMPANY, LLC 

c/o Lord Securities Corp. 

48 Wall Street, 27th Floor 

New York, New York 10005 

Attention: Irina Khaimova 

Email: Irina.Khaimova@tmf-group.com 

Tel. No.: (212) 346-9008 

Facsimile No.: (212) 346-9012 

with a copy to: 

BMO Capital Markets Corp. 

115 S. LaSalle Street, 36th Floor West 

Chicago, IL 60603 

Attention: Conduit Administration 

Email: fundingdesk@bmo.com 

Tel. No.: (312) 461-5353 

Facsimile No.: (312) 461-3189 

If to the Banks: 
 THE BANK OF
NOVA SCOTIA 
 250 Vesey Street, 23rd Floor 

New York, NY 10281 
 Attention:
Peter Gartland 
 Tel. No.: (212) 225-5115 

Facsimile No.: (212) 225-5274 

  
 37 

 PNC BANK, NATIONAL ASSOCIATION 

Three PNC Plaza 
 225 Fifth Avenue

 Pittsburgh, Pennsylvania 15222 

Attention: William Falcon and Tony Stahley 

Tel. No.: (412) 762-5442 and (412) 768-2266 

Facsimile No.: (412) 762-9184 

	 	Emails:	ralph.stahley@pnc.com 

	 	  	pncconduitgroup@pnc.com 

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH 

12511221 Avenue of the Americas 

New York, NY 10020 
 Attention:
Nicolas Mounier / Van Dusenbury / Ayaka 
 IshikawaChristopher Pohl/ Robyn Carmel 

Tel. No.: (212) 782-5980 / (212) 782-69644911 / (212) 782-69864132 

Facsimile No.: (212) 782-6448 

	 	Emails:	securitization_reporting@us.mufg.jp  

	 	  	vdusenburycpohl@us.mufg.jp 

 SUNTRUST BANK 

3333 Peachtree Road, NE 
 10th
Floor East 
 Atlanta, Georgia 30326 

Attention:    Jason Meyer 

Tel. No.: (404) 926-5505 

Facsimile No.: (404) 926-5100 

BANK OF MONTREAL 
 115 S. LaSalle
Street 
 25th Floor West 

Chicago, Illinois 60603 

Attention: Karen Louie 
 Tel. No.:
(312) 293-4410 
 Facsimile No.: (312) 293-4948 

	 	Emails:	karen.louie@bmo.com 

	 	  	Lpg.securitization@bmo.com 

 SECTION 7.03. Assignability. 

(a) This Agreement and the Investors’ rights and obligations herein (including ownership of each Receivable Interest in the Pool
Receivables) shall be assignable by participation or otherwise in whole or in part by the Investors and their successors and assigns with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed;
provided, however, that the Seller’s consent shall not be required for any assignment or participation from an Investor pursuant to the terms of its applicable liquidity agreement. Each

  
 38 

 
assignor of a Receivable Interest in the Pool Receivables or any interest therein shall notify the applicable Purchaser Agent, the Administrative Agent and the Seller of any such assignment. Each
assignor of a Receivable Interest in the Pool Receivables may, in connection with the assignment or participation, disclose to the assignee or participant any information relating to the Seller or the Receivables that was furnished to such assignor
by or on behalf of the Seller or by the Administrative Agent and the related Purchaser Agent; provided that prior to any such disclosure, the assignee or participant agrees to preserve the confidentiality of any confidential information
relating to the Seller received by it from any of the foregoing entities on terms substantially similar to those set forth in Section 7.06. 

(b) Each Bank may assign, with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, to any
Eligible Assignee or to any other Bank all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Bank Commitment and any Receivable Interests in the Pool Receivables or interests
therein owned by it). The parties to each such assignment shall execute and deliver to the Administrative Agent and the related Purchaser Agent for each such party an Assignment and Acceptance. In addition, each Bank or any of its respective
Affiliates may assign any of its rights (including, without limitation, rights to payment of Capital and Yield) under this Agreement to any Federal Reserve Bank without notice to or consent of the Seller, the Administrative Agent or the Purchaser
Agent. 
 (c) Subject to the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, this
Agreement and the rights and obligations of each Purchaser Agent and the Administrative Agent herein shall be assignable by each Purchaser Agent and the Administrative Agent and its successors and assigns. 

(d) Any Purchaser may at any time pledge or grant a security interest in all or any portion of its rights (including, without
limitation, rights to payment of Capital and Yield) under this Agreement or under any of the other Transaction Documents to its collateral agent or trustee under its commercial paper note program without notice to or consent of the Seller, the
Administrative Agent or the Purchaser Agent. 
 (e) (d) Neither the Seller nor the Collection Agent
may assign its rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and each Purchaser Agent, which consent shall not be unreasonably withheld or delayed. 

(f) (e) Without limiting any other rights that may be available under applicable law, the rights of the
Investors may be enforced through them or by their agents. 
 SECTION 7.04. Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted under Section 3.01 hereof, the Seller agrees to pay on demand all reasonable
and documented costs and expenses in connection with the preparation, execution, delivery and administration (including periodic auditing of Pool Receivables) of this Agreement, any asset purchase agreement or similar agreement relating to the sale
or transfer of interests in Receivable Interests in the Pool 

  
 39 

 
Delaware limited liability company (“Global”) or against any stockholder, employee, officer, director or incorporator of Liberty. For purposes of this Section, the term
“Global” shall mean and include Global and all affiliates thereof and any employee, officer, director, incorporator, stockholder or beneficial owner of any of them; provided, however, that Liberty shall not be
considered to be an affiliate of Global for purposes of this Section. 
 (c) No recourse shall be had for the payment of any amount owing by
Gotham under this Agreement, or for the payment by Gotham of any other obligation or claim of or against Gotham arising out of or based on this Agreement, against Global or against any stockholder, employee, officer, director or incorporator of
Gotham. For purposes of this Section, the term “Global” shall mean and include Global and all affiliates thereof and any employee, officer, director, incorporator, stockholder or beneficial owner of any of them; provided,
however, that Gotham shall not be considered to be an affiliate of Global for purposes of this Section. 
 (d) No recourse shall be
had for the payment of any amount owing by any other Investor that is a commercial paper conduit (including, without limitation, Fairway) under this Agreement, or for the payment by such Investor of any other obligation or claim of or
against such Investor arising out of or based on this Agreement, against the Person providing independent director, member or manager services to such Investor, or against any stockholder, employee, officer, director or incorporator of such
Investor. For purposes of this Section, the Person providing such independent director, member or manager services to such Investor shall include such Person and all affiliates thereof and any employee, officer, director, incorporator, stockholder
or beneficial owner of any of them; provided, however, that such Investor shall not be considered to be an affiliate of such Person for purposes of this Section. 

SECTION 7.15. Amendment and Restatement; Acknowledgement. 

(a) Each of the parties hereto acknowledges that the amendment and restatement of the Existing Agreement on the terms and conditions set forth
herein shall not in any way affect any sales, transfers, assignments or security interest grants effected pursuant to the Existing Agreement or any representations, warranties or covenants made by the Seller or the Collection Agent with respect to
such sales, transfers, assignments or security interest grants, any indemnities made by the Seller or by the Collection Agent, or any rights or remedies of the Administrative Agent, the Purchaser Agents, the Banks, the Purchasers or any other
Indemnified Party with respect thereto. Each of the parties hereto confirms all sales, transfers, assignments and security interests effected pursuant to the Existing Agreement. 

(b) The Seller hereby confirms and agrees that all Capital and all other obligations of the Seller outstanding under the Existing Agreement
immediately prior to the amendment and restatement thereof as contemplated hereby shall, unless and until paid, continue to remain outstanding under this Agreement. The Investors hereby acknowledge that, after giving effect to the amendment and
restatement of the Existing Agreement on the terms and conditions set forth herein, as a result of the revised Bank Commitments of each Bank, the aggregate outstanding Capital of each Investor as of the date hereof may either exceed or be less than
such Investor’s ratable share of the aggregate outstanding Capital of all Investors as of such time (based on the applicable Bank’s Percentage). Accordingly, each Investor which holds 

  
 45 

 EXHIBIT I 

DEFINITIONS 
 As used in the
Agreement (including its Exhibits and Annexes), the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Administrative Agent” means Scotia Capital, in its capacity as administrative agent for the Purchasers and the Banks, or any
successor administrative agent. 
 “Administrative Agent’s Account” means the special account (account name: United
Rentals Receivable, LLC II; account number: 03454-15) of the Administrative Agent maintained at the office of The Bank of Nova Scotia – NY, ABA 026002532. 

“Adverse Claim” means a lien, security interest or other charge or encumbrance, or any other type of preferential
arrangement, but shall not include the liens in favor of the Seller or Administrative Agent. 
 “Affected Person” has the
meaning specified in Section 1.08(a). 
 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, is in control of, is controlled by or is under common control with such Person or is a director or officer of such Person. 

“Affiliated Obligor” means any Obligor that is an Affiliate of another Obligor. 

“Aged Receivables Ratio” means the percentage equivalent of a fraction, computed as of the last day of each calendar month,
obtained by dividing (a) the sum of (i) the Outstanding Balance of Pool Receivables that were 151 to 180 days past their Invoice Date (or, in the case of Extended Term Receivables, that were 211 to 240 days past their Invoice Date ) as of the last
day of such month, excluding Pool Receivables that have been written off at any time after the date on which they were 150 days past their Invoice Date (or, in the case of Extended Term Receivables, at any time after the date on which they were 210
days past their Invoice Date), (ii) (without duplication of any amounts included in clause (i) or (iii)) the Outstanding Balance of Pool Receivables that were less than 181 days past their Invoice Date (or, in the case of Extended Term Receivables,
that were less than 241 days past their Invoice Date) as of the last day of such month and that, consistent with the Credit and Collection Policy, were written off as uncollectible during such month (excluding write-offs of United Rentals
General Account numbered “6661xxx”), and (iii) (without duplication of any amounts included in clause (i) or (ii)) the Outstanding Balance of Pool
Receivables that were less than 151 days past their Invoice Date (or, in the case of Extended Term Receivables, that were less than 211 days past their Invoice Date ) as of the last day of such month, as to which the Obligor thereof or any
other Person obligated thereon or owning any Related Security in respect thereof has taken any action, or suffered any event to occur, of the type described in paragraph (g) of Exhibit V, by (b) the aggregate dollar amount of all Pool
Receivables created during the month ended five months prior to the most recent month-end. 

  
 I-1 

 (e) For BMO, Fairway and each other Investor for which the BMO Purchaser
Agent acts as Purchaser AgentBank for Fairway, on any date, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 

(i) the rate of interest determined by BMO in Chicago, Illinois, from time to time in its sole discretion, as its prime
commercial lending rate (which rate is not necessarily the lowest rate that BMO charges any corporate customer); and 
 (ii)
the Federal Funds Rate plus 0.50% per annum. 
 “Assignee Rate” for any Fixed Period for any Receivable Interest in the
Pool Receivables means an interest rate per annum equal to the applicable percentage per annum (set forth in the Fee Agreements) above the Eurodollar Rate (Reserve Adjusted) for such Fixed Period; provided, however, that in the case
of: 
 (a) any Fixed Period with respect to which an Investor or Bank shall have notified its Purchaser Agent that: 

(i) the introduction of or any change in or in the interpretation of any applicable law or regulation makes it unlawful, or any
central bank or other governmental authority asserts that it is unlawful, for such Investor or Bank to fund such Receivable Interest in the Pool Receivables at the rate set forth above (and such Investor or Bank shall not have subsequently notified
its Purchaser Agent that such circumstances no longer exist), 
 (ii) dollar deposits in the relevant amounts and for the
relevant Fixed Period are not available, 
 (iii) adequate and reasonable means do not exist for ascertaining the Eurodollar
Rate (Reserve Adjusted) for the relevant Fixed Period, or 
 (iv) the Eurodollar Rate (Reserve Adjusted) determined pursuant
hereto does not accurately reflect the cost to the Investors or the Banks (as conclusively determined by the related Purchaser Agent) of maintaining Receivable Interests during such Fixed Period, 

(b) other than with respect to a Fixed Period for ST, PNC or BMO (in their respective capacities as a Bank), any Fixed Period of one to and
including 29 days (other than a Fixed Period that corresponds to the month of February or that begins on a day in the month of February and runs to the numerically corresponding day of the following month), 

(c) other than with respect to a Fixed Period for ST, PNC or BMO (in their respective capacities as a Bank), any Fixed Period as to which the
related Purchaser Agent does not receive notice, by no later than 12:00 noon (New York City time) on the third Business Day preceding the first day of such Fixed Period, that the related Receivable Interest will not be funded by issuance of
commercial paper, or 

  
 I-3 

 (d) any Fixed Period for a Receivable Interest the Capital of which allocated to the Investors or
Banks is less than $500,000, the “Assignee Rate” for each such Fixed Period shall be an interest rate per annum equal to the Alternate Base Rate in effect on the first day of such Fixed Period; provided further that
after the occurrence and during the continuation of an Event of Termination, the “Assignee Rate” for each Fixed Period shall be an interest rate per annum equal to 2% plus the Alternate Base Rate in effect on the first day of such
Fixed Period. 
 “Assignment and Acceptance” means an assignment and acceptance agreement entered into by a Bank and an
Eligible Assignee and approved by the related Purchaser Agent(s) for such Bank and for such Eligible Assignee, pursuant to which such Eligible Assignee may become a party to the Agreement as a Bank or a Purchaser. 

“Bank Commitment” of any Bank means, (a) with respect to Scotia Capital, $250,000,000, or such amount as increased or reduced
by any Assignment and Acceptance entered into with other Banks; (b) with respect to PNC, $100,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks, (c) with respect to BTMU, $100,000,000, or
such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks, (d) with respect to ST, $75,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks; (e) with
respect to BMO, $100,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks; or (f) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth therein as
such Bank’s Bank Commitment, in each case as such amount may be increased or reduced by an Assignment and Acceptance entered into between such Bank and an Eligible Assignee, and as may be further reduced (or terminated) pursuant to the next
sentence. Any reduction (or termination) of the Purchase Limit pursuant to the terms of the Agreement shall reduce ratably (or terminate) each Bank’s Bank Commitment. 

“Banks” means each of Scotia Capital, PNC, BTMU, ST and BMO and each respective Eligible Assignee that shall become a party
to the Agreement pursuant to Section 7.03. 
 “BMO” has the meaning as set forth in the preamble to this Agreement
and its successors and assigns. 
 “BMO Fee Agreement” means the separate fee agreement, dated on or about September 1,
2015, pertaining to fees among the Seller and BMO as BMOFairway Purchaser Agent, as the same may be amended or restated from time to time. 

“BMO Purchaser Agent” means BMO and its successors and assigns. 

“Broken Funding Costs” means for any Receivable Interest that is accruing Yield based on the Eurodollar Rate or the Investor
Rate that is reduced, assigned or terminated prior to the date on which it was originally scheduled to end, an amount equal to the excess, if any, of (A) the Yield that would have accrued during the remainder of the tranche periods determined by the
applicable Purchaser Agent to relate to such Receivable Interest (as applicable) subsequent to the 

  
 I-4 

 “Commitment Termination Date” means the earliest of (a) August 30,
201629, 2017 (or the date so extended, or otherwise modified in a written agreement pursuant to Section 1.13) (b) the Facility Termination Date, (c) the date determined pursuant to Section
2.02, and (d) the date the Purchase Limit reduces to zero. 
 “Concentration Percentage” for any Obligor means at any
time 2%; provided that in the case of an Obligor with any Affiliated Obligor, the Concentration Percentage shall be calculated, to the extent practicable, as if such Obligor and such Affiliated Obligor are one Obligor. 

“Contract” means with respect to any Receivable, an agreement between the Originator and any Obligor, pursuant to or under
which such Obligor shall be obligated to pay for goods or services from time to time. 
 “Contractual Dilution Amount”
means, on any date of determination, an amount equal to the sum of (a) the aggregate amount of all contractual early pay discounts then available to be applied by all Obligors with respect to the Outstanding Balance of any Pool Receivable at such
time (whether or not payment for any such Pool Receivable has been made at such time), plus (b) the aggregate amount of volume rebates that have accrued for the prior fiscal years of the Originator but have not yet been paid, plus (c) the aggregate
amount of volume rebates that have been accrued by the Originator for the current fiscal year as of the end of the month in which such date of determination occurs (based on the Originator’s most recent good faith estimate of Receivables to be
generated in such fiscal year), plus (d) the product of (x) 1.5 times (y) the aggregate amount of volume rebates that have been estimated in good faith (based on the Originator’s most recent good faith estimate of Receivables to be generated in
such fiscal year) by the Originator to accrue for the month immediately following the month in which such date of determination occurs. For purposes of the foregoing clauses (b) through (d), the volume rebates shall be estimated, calculated and
accrued in a manner consistent with generally accepted accounting principles. 
 “Controlled Account” means a deposit
account maintained at the Controlled Account Bank for the purpose of receiving deposited Collections. 
 “Controlled Account
Agreement” means an agreement between the Administrative Agent, United Rentals, the Seller and each Controlled Account Bank reasonably acceptable to the Administrative Agent; provided that the Controlled Account Agreements entered
into (and as amended) on or prior to the date hereof shall be deemed to be reasonably acceptable to the Administrative Agent. 

“Controlled Account Bank” means the bank or other financial institution holding the Controlled Account. 

“Credit Agreement” means the Second Amended and Restated Credit Agreement, dated as of March 31,
2015,2015 (as amended by Amendment No. 1 to Second Amended and Restated Credit Agreement, dated as of June 8, 2016), by and among the financial institutions named therein, as the Lenders, Bank of America, N.A., as
Agent, U.S. Swingline Lender and U.S. Letter of Credit Issuer, Bank of America, N.A. (acting through its Canada Branch), as 

  
 I-7 

 
Canadian Swingline Lender and Canadian Letter of Credit Issuer, United Rentals (North America), Inc. and certain of its Subsidiaries, as the U.S. Borrowers, United Rentals, Inc. and certain of
its Subsidiaries, as the Guarantors, United Rentals of Canada, Inc., as the Canadian Borrower, United Rentals Financing Limited Partnership, as the Specified Loan Borrower, and certain other parties thereto, as the same may, from time to time,
be further amended, waived, modified, supplemented or replaced but only to the extent that the Purchaser Agents approve such amendment, waiver, modification or supplement for the purposes of incorporation of such amendment,
waiver, modification, supplement or replacement herein. 
 “Credit and Collection Policy” means those receivables credit
and collection policies and practices of the Seller in effect on the date of the Agreement and described in Annex C hereto, as modified in compliance with the Agreement. 

“Daily Report” means a report, in substantially the form of Annex G-2 hereto, furnished by the Collection Agent to the
Administrative Agent and to each Purchaser Agent as required pursuant to Article IV of the Agreement. 
 “Daily Report
Trigger Event” means that the Senior Secured Indebtedness Leverage Ratio is greater than 2.25 to 1 on any day. 
 “Days
Sales Outstanding” means the product of (a) the number of days in the month most recently ended and (b) the amount obtained by dividing (i) the Outstanding Balance of Pool Receivables billed during such month by (ii) the aggregate dollar
amount of Receivables created and billed for such month. 
 “Debt” means “Indebtedness”, as defined in the Credit
Agreement. 
 “Default Ratio” means the percentage equivalent of a fraction, computed as of the last day of each calendar
month, obtained by dividing (a) the aggregate Outstanding Balance of all Pool Receivables that were Defaulted Receivables on the last day of each such month or that would have been Defaulted Receivables on such day had they not been written off the
books of the Originator or the Seller during such month by (b) the aggregate Outstanding Balance of all Pool Receivables on such day. 

“Defaulted Receivable” means a Receivable: 

(a) as to which any payment or part thereof remains unpaid for 151 or more days after the Invoice Date for such payment (or, in the case of
Extended Term Receivables, as to which any payment or part thereof remains unpaid for 211 or more days after the Invoice Date for such payment); 

(b) as to which the Obligor thereof or any other Person obligated thereon or owning any Related Security in respect thereof has taken any
action, or suffered any event to occur, of the type described in paragraph (g) of Exhibit V; or 
 (c) that, consistent with the
Credit and Collection Policy, would be written off as uncollectible. 

  
 I-8 

 “Eligible Extended Term Receivable” means any Eligible Receivable that is an
Extended Term Receivable that is less than 181 days past its Invoice Date. 
 “Eligible Receivable” means, at the relevant
time of determination, a Receivable or an ENB Receivable, as applicable: 
 (a) the Obligor of which (i) if a natural person, is a resident
of the United States 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; (ii) is not an Affiliate of the
Originator or the Seller; and (iii) to the knowledge of Seller, is not the subject of sanctions administered or enforced by the U.S. government under any Sanctions Laws. 

(b) the Obligor of which has not taken any action, or suffered any event to occur, of the type described in paragraph (g) of Exhibit V;

 (c) the Obligor of which, at the time of the initial creation of an interest therein under the Agreement, is a Designated Obligor;

 (d) that is not a Defaulted Receivable or a Delinquent Receivable or from
a “6661 account” or a “7771 account”; 

(e) that, according to the Contract related thereto, is required to be paid in full within 30 days of the original billing date therefor
(or with respect to an ENB Receivable or Extended Term Receivable, in accordance with the payment terms of the related Contract); 
 (f)
that is an “account” within the meaning of the UCC (or, with respect to an ENB Receivable, an account or payment intangible) of the applicable jurisdictions governing the perfection of the interest created by a Receivable Interest;

 (g) that is denominated and payable in United States dollars in the United States; 

(h) that arises under a Contract that: 

(i) does not require the Obligor thereunder to consent to the transfer, sale or assignment of the rights and duties of the
Seller or the Originator thereunder; 
 (ii) is substantially in the form of contract or the form of invoice (in the case of
any open account agreement) previously approved by the Purchaser Agents; 
 (iii) together with such Receivable, is in full
force and effect, constitutes the legal, valid and binding obligation of the Obligor of such Receivable to pay a determinable amount and is not subject to any dispute, offset, counterclaim or defense whatsoever (except the potential discharge in
bankruptcy of such Obligor) and for which neither the Originator thereof, the Seller nor the Collection Agent has established any offset arrangements with the related Obligor, except for any offset that may arise as a Collection Agent’s Credit
and Collection Policy, and (ii) a Collection Account has been established or exists into which payments on such receivables will be made; 

  
 I-11 

 (q) that following the occurrence of an Event of Termination, is not a Receivable, the Obligor of
which is a Government Obligor, unless the Federal Assignment of Claims Act and each similar applicable law is being fully complied with in respect of the Receivables owed by such Obligor; 

(r) the transfer, sale or assignment of which does not contravene any applicable law, rule or regulation; 

(s) solely with respect to ENB Receivables, the ENB Receivable Conditions are satisfied; and 

(t) that is not (x) an Equipment Sale Receivable or (y) an Excluded Receivable. 

“ENB Receivable” means the U.S. dollar denominated indebtedness of any Obligor resulting from the provision or sale of goods
or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which all actions required to be performed by the
Originator have been performed (except for the presentment by the Originator of an invoice to the Obligor), and includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with respect thereto,
which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement; provided, that “ENB Receivable” shall not include any Excluded Receivables. 

“ENB Receivable Conditions” means with respect to an ENB Receivable being treated as an Eligible Receivable, the satisfaction
of either of the following conditions: (a) the Senior Secured Indebtedness Leverage Ratio shall not exceed 1.25 to 1.0; or (b) the Collection Agent maintains at least $50,000,000 in availability under the Credit Agreement. 

“Equipment Sale Receivable” means any receivable or other indebtedness owing to the Originator, that but for clause (i) of
the proviso to the definition of “Receivable” would constitute a Receivable hereunder, in respect of the sale of tangible personal property which such Originator uses productively in its trade or business or holds for investment, unless
such property is ineligible to become Relinquished Property (as such term is defined in the Master Exchange Agreement). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “Eurocurrency Liabilities” has the meaning assigned to that term in
Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

  
 I-13 

 “Eurodollar Rate” means: 

(a) for any Fixed Period other than any Fixed Period for any Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in their
respective capacities as a Bank), an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the offered rate per annum for deposits in U.S. dollars in a
principal amount of not less than $1,000,000 for such Fixed Period as of 11:00 A.M., London time, two Business Days before the first day of such Fixed Period, which appears on display designated on page “LIBOR01” on Reuters Money 3000
Services (or such other page as may replace the LIBOR01 page on that service) or such services displaying the London interbank offered rate for deposits in Dollars as may replace Reuters Money 3000 Service (the “Reuters Screen LIBOR01
Page”); provided that, if more than one rate is specified on Reuters Screen LIBOR01 Page, the applicable rate shall be the arithmetic mean of all such rates; provided further that if on any Business Day that the Eurodollar
Rate is to be determined any Purchaser Agent shall have determined (which determination shall be conclusive and binding upon the parties hereto), by reason of circumstances affecting the interbank Eurodollar market, either that: (a) dollar deposits
in the relevant amounts and for the relevant Settlement Period are not available, or (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Period, the Administrative Agent will request the principal
London office of Scotia Capital (the “Eurodollar Reference Bank”), to provide the Administrative Agent with its quotation at approximately 11:00 A.M., London time, on such date of the rate per annum it offers to prime banks in the
London interbank market for deposits in U.S. dollars for the requested Fixed Period in an amount substantially equal to the Capital associated with such Fixed Period; if the Eurodollar Reference Bank does not furnish timely information to the
Administrative Agent for determining the Eurodollar Rate, then the Eurodollar Rate shall be considered to be the Alternate Base Rate for such Fixed Period; and 

(b) for any Fixed Period for any Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in their respective capacities as a
Bank), on any date of determination during such Fixed Period, an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the one-month “Eurodollar
Rate” for deposits in dollars as reported on Reuters Screen LIBOR01 Page or on any successor or substitute page of such service, or any successor or substitute for such service, for the purpose of displaying offered rates of leading banks for
London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such date, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the ST Purchaser Agent
(with respect to any Receivable Interest in the Pool Receivables held by ST), the PNC Purchaser Agent (with respect to any Receivable Interest in the Pool Receivables held by PNC) or the BMOFairway Purchaser Agent
(with respect to any Receivable Interest in the Pool Receivables held directly by BMO in its capacity as a Bank) from another recognized source for interbank quotation), in each case, changing when and as such rate changes. 

Notwithstanding anything in this definition to the contrary, in no event shall the Eurodollar Rate be less than zero for purposes of this Agreement or
any other Transaction Document. 
 “Eurodollar Rate (Reserve Adjusted)” for any Investor or Bank for any Fixed
Period means the rate (expressed as a decimal rounded upwards, if necessary, to the nearest one hundredth of a percentage point) determined pursuant to the following formula: 

  
 I-14 

					
	 Eurodollar Rate (Reserve Adjusted) =
	  	 Eurodollar Rate
	  	
		  	 1 - Eurodollar Reserve Percentage
	  	

 “Eurodollar Reserve Percentage” means, relative to each Fixed Period, a percentage (expressed
as a decimal) applicable two Business Days before the first day of such Fixed Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) (or if more than one such percentage shall be
applicable, the daily average of such percentages for those days in such Fixed Period during which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation, any emergency,
supplemental or other marginal reserve requirement) for such Investor or Bank with respect to Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on
Eurocurrency Liabilities is determined) having a term comparable to such Fixed Period. 
 “Event of Termination” has the
meaning specified in Exhibit V. 
 “Excluded Receivables” means each of the following: (a) each receivable
from a “6661 account” or a “7771 account” or other account with an account number that the Collection Agent or the Seller has notified the Administrative Agent in writing is used solely to track non-account customer accounts
receivable and (b) the indebtedness of each Person identified as an excluded obligor in a side letter among the Seller, the Originator, the Collection Agent, the Administrative Agent and each Purchaser Agent, as such side letter may be
amended from time to time at the request of the Seller, the Originator and the Collection Agent and with the written consent of the Administrative Agent (acting on the instruction of each Purchaser Agent). 

“Excluded Taxes” has the meaning specified in Section 7.04(d). 

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

“Extended Term Receivable” means the U.S. dollar denominated indebtedness of any Obligor resulting from the provision, lease
or sale of goods or services to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business (except that the stated repayment term is greater than 30 days but not more than 90 days) for which
all actions required to be performed by the Originator have been performed, and includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with respect thereto, which Receivable has been
acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement; provided that “Extended Term Receivable” shall not include (x) any Equipment Sale Receivables or (y) any
Excluded Receivables. 
 “Facility Termination Date” means the earliest of (a) August 30, 2016,29,
2017, (b) the date determined pursuant to Section 2.02, (c) the date the Purchase Limit is reduced to zero pursuant to Section 1.01(b) or (d) the date upon which the Credit Agreement is terminated in connection with an Event of
Default thereunder. 

  
 I-15 

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

 “Fairway Purchaser Agent” means BMO and its successors and assigns. 

“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Assignment of Claims Act” means the Assignment of Claims Act of 1940, 31 U.S.C. § 3727 and 41 U.S.C. § 15,
as amended from time to time. 
 “Federal Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §
§ 101 et seq. 
 “Federal Funds Rate” means, with respect to any day, the rate set forth in H.15(519) for that day
opposite the caption “Federal Funds (Effective).” If on any date of determination, such rate is not published in H.15(519), such rate will be the rate set forth in Composite 3:30 P.M. Quotations for U.S. Government Securities for
that day under the caption “Federal Funds/Effective Rate.” If on any date of determination, the appropriate rate is not published in either H.15(519) or Composite 3:30 P.M. Quotations for U.S. Government Securities, such rate
will be the arithmetic mean of the rates for the last transaction in overnight federal funds arranged by three leading brokers of federal funds transactions in New York City prior to 9:00 a.m., New York City time, on that day. 

“Fee Agreement” means the Scotia Capital Fee Agreement, the PNC Fee Agreement, the BTMU Fee Agreement, the ST Fee Agreement
or the BMO Fee Agreement. 
 “Fitch” means Fitch, Inc. 

“Fixed Charge Coverage Ratio” has the meaning specified in the Credit Agreement. 

“Fixed Period” means with respect to any Receivable Interest in the Pool Receivables: 

(a) initially the period commencing on the date of purchase of such Receivable Interest and ending (i) on the last day of the same calendar
month as such date of purchase, or (ii) other than with respect to any Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in their respective capacities as a Bank), such other number of days as the Seller shall select and the
related Purchaser Agent shall approve pursuant to Section 1.02, up to 31 days from such date; and 
 (b) thereafter (i) a period of
one month commencing on the last day of the immediately preceding Fixed Period for such Receivable Interest (which period shall correspond to a calendar month in the case of any Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in
their respective capacities as a Bank)) or (ii) other than with respect to any 

  
 I-16 

 
Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in their respective capacities as a Bank), such other period commencing on the last day of the immediately preceding Fixed
Period for such Receivable Interest and ending such number of days (not to exceed 31 days) as the Seller shall select and the related Purchaser Agent shall approve on notice by the Seller received by the related Purchaser Agent (including notice by
telephone, confirmed in writing) not later than 11:00 A.M. (New York City time) on such last day; 
 provided that 

(i) the Fixed Period with respect to Pooled Commercial Paper shall be the immediately preceding calendar month; 

(ii) any Fixed Period in respect of which Yield is computed by reference to the Assignee Rate shall be (x) other than with
respect to any Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in their respective capacities as a Bank), a period from one to and including 29 days, or a period of one month, as the Seller may select as provided above, and
(y) with respect to any Receivable Interest in the Pool Receivables held by ST, PNC or BMO (in their respective capacities as a Bank), a period of one month which shall correspond to a calendar month; 

(iii) any Fixed Period (other than of one day) that would otherwise end on a day that is not a Business Day shall be extended
to the next succeeding Business Day (provided, however, that if Yield in respect of such Fixed Period is calculated by reference to the Eurodollar Rate (other than with respect to any Receivable Interest in the Pool Receivables held by
ST, PNC or BMO (in their respective capacities as a Bank)), and such Fixed Period would otherwise end on a day that is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Fixed Period shall end on
the next preceding Business Day); 
 (iv) in the case of any Fixed Period of one day, (x) if such Fixed Period is the initial
Fixed Period for a Receivable Interest in the Pool Receivables, such Fixed Period shall be the day of purchase of such Receivable Interest in the Pool Receivables; (y) any subsequently occurring Fixed Period that is one day shall, if the immediately
preceding Fixed Period is more than one day, be the last day of such immediately preceding Fixed Period, and, if the immediately preceding Fixed Period is one day, be the day next following such immediately preceding Fixed Period; and (z) if such
Fixed Period occurs on a day immediately preceding a day that is not a Business Day, such Fixed Period shall be extended to the next succeeding Business Day; and 

(v) in the case of any Fixed Period for any Receivable Interest in the Pool Receivables that commences before the Termination
Date for such Receivable Interest and would otherwise end on a date occurring after such Termination Date, such Fixed Period shall end on such Termination Date and the duration of each Fixed Period that commences on or after the Termination Date for
such Receivable Interest shall be of such duration as shall be selected by the related Purchaser Agent. 

  
 I-17 

 “Former Deal Documents” means the Amended and Restated Receivables Purchase
Agreement, dated as of June 26, 2001, among the Seller, United Rentals, the issuers party thereto, the banks party thereto and Calyon New York Branch, as Agent, and the documents executed in connection therewith, and the Receivables Purchase
Agreement, dated as of June 17, 2003, by and among the Seller, the Collection Agent, the entities from time to time parties thereto as Conduit Investors, the entities from time to time parties thereto as Committed Investors, the entities from time
to time party hereto as agents for the Investor Groups, the entities from time to time parties thereto as Administrators and Deutsche Bank Securities, Inc., as the administrative agent. 

“Global” has the meaning specified in Section 7.14(b). 

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

“Gotham Purchaser Agent” means BTMU and its successors and assigns. 

“Government Obligor” means an Obligor that is the United States federal government or governmental subdivision or agency of
the United States or a state government or governmental subdivision or agency thereof. 
 “Identifiable Combined Assets”
means amounts received in the Collection Accounts that the Collection Agent can identify as being received in respect of (i) the sale of equipment that has been leased to the Originator and is subject to the lien of the lessor thereof, or (ii)
Receivables that would, in accordance with the accounts receivable adjustment codes used by the Collection Agent, the Seller and the Originator on the date hereof, be identified on the general ledger thereof under account receivable adjustment code
“N/A.” 
 “Incipient Event of Termination” means an event that but for notice or lapse of time or both would
constitute an Event of Termination. 
 “Indemnified Amounts” has the meaning specified in Section 3.01 of the
Agreement. 
 “Indemnified Party” has the meaning specified in Section 3.01 of the Agreement. 

“Investor” means each of the Purchasers, Banks and all other owners by assignment or otherwise of a Receivable Interest or
any interest therein and any Person that has entered into an agreement to purchase, undivided interests therein (each of which shall be an Eligible Assignee). 

“Investor Rate” for any Fixed Period for any Receivable Interest means, to the extent a Purchaser funds such Receivable
Interest for such Fixed Period by issuing (a) commercial paper (other than Pooled Commercial Paper), the rate (or if more than one rate, the weighted average of the rates) at which commercial paper notes of such Purchaser having a term equal to such
Fixed Period and to be issued to fund such Receivable Interest may be sold by any placement agent or commercial paper dealer selected by the its Purchaser Agent on behalf of its Purchaser or (b) Pooled Commercial Paper, the discount
of interest accrued on such Pooled Commercial Paper, plus in either case all commissions of placement agents and commercial 

  
 I-18 

 “PNC Fee Agreement” means the separate fee agreement, dated on or about the date
hereof, pertaining to fees among the Seller and PNC as PNC Purchaser Agent, as the same may be amended or restated from time to time. 

“PNC Purchaser Agent” means PNC and its successors and assigns. 

“Pool Balance Dilution Ratio” means the three month rolling average of the percentage equivalent of a fraction, computed as
of the last day of each calendar month, obtained by dividing (a) the aggregate Dilutions occurring during such month by (b) the aggregate Outstanding Balance of Pool Receivables as of the last day of such month. 

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

“Pooled Commercial Paper” means all short-term Commercial Paper issued by a Purchaser from time to time, subject to any
pooling arrangement by such Purchaser, but excluding short-term Commercial Paper issued by such Purchaser both for a tenor and in an amount specifically requested by any Person in connection with any receivables purchase facility effected by such
Purchaser. 
 “Purchase Agreement” means the Third Amended and Restated Purchase and Contribution Agreement, dated as of
the date of the Agreement, between the Originator, as seller, United Rentals, as collection agent, and United Rental Receivables LLC II, as buyer, as the same may be amended, modified or restated from time to time. 

“Purchase Limit” means $625,000,000, as such amount may be reduced pursuant to Section 1.01(b). References to the
unused portion of the Purchase Limit shall mean, at any time, the Purchase Limit, as then reduced pursuant to Section 1.01(b), minus the then outstanding Capital of Receivable Interests under the Agreement. 

“Purchase Request” means a request, substantially in the form of Annex I hereto, delivered by the Seller pursuant to
Section 1.02 of the Agreement. 
 “Purchaser” means (i) Liberty Street Funding LLC and any successor or assign of
such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, (ii) Gotham Funding Corporation and any successor
or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, and (iii)
Fairway Finance Company, LLC and any successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of
receivables, and (iv) any other Person that becomes a Purchaser hereunder that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and
maintenance of receivables. 
 “Purchaser Agent” means (i) Scotia Capital and its permitted successors and assigns as
Liberty Purchaser Agent, (ii) PNC and its permitted successors and assigns as PNC Purchaser Agent, (iii) BTMU and its permitted successors and assigns as Gotham Purchaser Agent, (iv) ST and its permitted successors and assigns as ST Purchaser Agent,
and (v) BMO and its permitted successors and assigns as BMOFairway Purchaser Agent. 

  
 I-23 

 “Purchaser Agent’s Account” means (i) with respect to Scotia Capital, the
special account (account number 2158-13,1016733, ABA No. 026-002532002532, FFC: BNS HOUSTON – NOSCUS4H (Liberty Street Funding LLC – acct 1016733)) of Scotia Capital maintained
at the office of Scotia Capital; (ii) with respect to PNC, the special account (account number 1002422076, ABA No. 043-000-096) of PNC maintained at the office of PNC; (iii) with respect to BTMU, the special account (account number 310-035-147, ABA
No. 026-009-632) of BTMU maintained at the office of BTMU; (iv) with respect to ST, the special account (account number 1000022220783, ABA No. 061000104, Ref: United Rentals) of ST maintained at the office of ST; and (v) with respect to BMO, the
special account (account number 1833201,254580-4, ABA No. 071 000 288, Attn: Specialized Deals,071000288, Reference: URRL II) of BMOFairway maintained at
the office of BMO Harris Trust & Savings Bank N.A. 
 “Qualified
Intermediary” means United Rentals Exchange, LLC, a qualified intermediary as defined in Treasury Regulation Section 1.1031(k)-1(g)(4). 

“Rating Agency” means Standard & Poor’s, Moody’s or Fitch, or any successor thereto. 

“Receivable” means the U.S. dollar denominated indebtedness of any Obligor resulting from the provision or sale of goods or
services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which all actions required to be performed by the
Originator have been performed (except in the case of ENB Receivables, for which the Originator will not have presented an invoice to the related Obligor), and includes the right to payment of any sales tax, interest or finance charges and other
obligations of such Obligor with respect thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement; provided that “Receivable”
shall not include any (i) Equipment Sale Receivables or (ii) Excluded Receivables. For the avoidance of doubt, Receivables shall include ENB Receivables. 

“Receivable Interest” means, at any date of determination, an undivided percentage ownership interest in (a) all then
outstanding Pool Receivables arising prior to the time of the most recent computation or recomputation of such undivided percentage interest pursuant to Section 1.03, (b) all Related Security with respect to such Pool Receivables and (c) all
Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Each undivided percentage interest shall be computed as 

C + YR + LR + CAFR + DR 

NRPB 
 where: 

 

					
	C	  	=	  	the Capital of each such Receivable Interest at the time of computation.

  
 I-24 

					
	YR	  	=	  	 the Yield Reserve of each such Receivable

Interest at the time of computation.

	LR	  	=	  	 the Loss Reserve of each such Receivable

Interest at the time of computation.

	 CAFR
	  	=	  	the Collection Agent Fee Reserve of each such Receivable Interest at the time of computation.
	DR	  	=	  	the Dilution Reserve of each such Receivable Interest at the time of computation.
	NRPB	  	=	  	the Net Receivables Pool Balance at the time of computation.

 Each Receivable Interest shall be determined from time to time pursuant to the provisions of Section 1.03. 

“Receivables Pool” means at any time the aggregation of each then outstanding Receivable, payment of which is directed to one
of the Collection Accounts. 
 “Recipient” has the meaning specified in Section 1.11. 

“Refund Recipient” has the meaning specified in Section 7.04(g). 

“Related Bank” means (a) with respect to Liberty and the Liberty Purchaser Agent, Scotia Capital and each Eligible Assignee
that shall become a party to the Agreement as a Related Bank for Liberty and the Liberty Purchaser Agent pursuant to Section 7.03; (b) with respect to Gotham and the Gotham Purchaser Agent, BTMU and each Eligible Assignee that shall become a
party to the Agreement as a Related Bank for Gotham and the Gotham Purchaser Agent pursuant to Section 7.03; (c) with respect to the BMO Purchaser Agent and any Purchaser for which the BMO Purchaser Agent is theFairway
and the Fairway Purchaser Agent, BMO and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for such PurchaserFairway and BMOthe Fairway Purchaser
Agent pursuant to Section 7.03, (d) with respect to the PNC Purchaser Agent, PNC and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for the PNC Purchaser Agent pursuant to Section 7.03, (e) with
respect to the ST Purchaser Agent, ST and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for the ST Purchaser Agent pursuant to Section 7.03, and (f) with respect to any other Purchaser or any Purchaser
Agent, each Bank that is an Eligible Assignee identified in the Assignment and Acceptance pursuant to which such Purchaser and/or Purchaser Agent became a party to this Agreement and each Eligible Assignee that shall become a party to the Agreement
as a Related Bank with respect to any such Person pursuant to Section 7.03. 

  
 I-25 

 “Related Security” means with respect to any Receivable all of the Seller’s
interest in: 
 (a) any goods (including returned goods) relating to any sale giving rise to such Receivable; 

(b) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable, whether
pursuant to the Contract related to such Receivable or otherwise, together with all financing statements authorized or signed by an Obligor describing any collateral securing such Receivable; 

(c) all guaranties, 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; and 
 (d) the Contract and all other books,
records and other information (including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) relating to such Receivable and the related Obligor. 

“Repurchase Date” has the meaning set forth in Section 1.12. 

“Required Purchaser Agents” means at any time Purchaser Agents whose Related Banks and Purchasers hold in the aggregate
Receivable Interests representing more than 66 2/3%, or, in the event no Receivable Interests are outstanding, whose Related Banks have aggregate Bank Commitments representing more than 66 2/3% of the Bank Commitments; provided, that, (i) solely for
purposes of this definition, the Receivable Interests and Bank Commitment for the Related Bank and Purchasers of any Purchaser Agent whose Related Bank is a Defaulting Bank shall be zero for so long as such Bank remains a Defaulting Bank
and (ii) solely for purposes of determining the Required Purchaser Agents for the waiver of the occurrence of a Liquidation Day under Section 1.04(b), the Receivable Interests held by any Bank that is a Delaying Bank at such time
shall be zero until such time that Collections are applied in full under item “first” contained in the proviso at the end of Section 1.04(c)(x)(iii). 

“Reserve Dilution Ratio” means the percentage equivalent of a fraction, computed as of the last day of each calendar month,
obtained by dividing (a) the aggregate Dilutions as of the last day of such month by (b) the aggregate amount of newly generated Receivables during the two months prior to such month. 

“Response Deadline” has the meaning set forth in Section 1.13(a). 

“Responsible Officers” means the President, any Vice President, Chief Executive Officer, Chief Financial Officer, Secretary,
Treasurer, legal counsel, or any other executive or financial officer of the Seller, the Collection Agent or the Originator. 

“Sanctions Laws” means any law relating to trade or economic sanctions or anti-terrorism, including any law administered or
enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), U.S. Department of State or other relevant sanctions authority of the United States or Canada. 

  
 I-26 

 EXHIBIT II 

CONDITIONS OF PURCHASES 
 1.
Conditions Precedent to Initial Purchase. The initial purchase of a Receivable Interest in the Pool Receivables under this Third Amended and Restated Agreement is subject to the conditions precedent that the Administrative Agent and each
Purchaser Agent shall have received on or before the date of such purchase the following, each (unless otherwise indicated) dated such date, in form and substance satisfactory to the Administrative Agent and each Purchaser Agent: 

(a) A certificate of the Secretary or Assistant Secretary of the Seller and the Originator certifying (i) copies of the resolutions of the
Board of Directors of the Seller and the Originator approving the applicable Transaction Documents, (ii) copies of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Transaction
Documents, (iii) the by-laws of the Seller and the Originator and (iv) the names and true signatures of the officers of the Seller and the Originator authorized to sign the Transaction Documents to be signed by it hereunder. Until the Administrative
Agent and each Purchaser Agent receives a subsequent incumbency certificate from the Seller or the Originator, as the case may be, the Administrative Agent and each Purchaser Agent shall be entitled to rely on the last such certificate delivered to
it by the Seller or the Originator. 
 (b) A certificate of the Secretary or Assistant Secretary of the Parent certifying (i) copies of the
resolutions (if required) of the Board of Directors of the Parent approving the Performance Undertaking Agreement, (ii) copies of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the
Performance Undertaking Agreement and (iii) the names and true signatures of the officers thereof authorized to sign the Performance Undertaking Agreement. 

(c) A copy of the certificate of formation or articles of incorporation of the Seller, certified as of a recent date by the Secretary of State
or other appropriate official of the state of its organization, and a certificate as to the good standing of the Seller from such Secretary of State or other official, dated as of a recent date. 

(d) Acknowledgment copies or time stamped receipt copies of proper financing statement amendments and assignments, duly filed on or before the
date of such initial purchase under the UCC of all relevant jurisdictions necessary to perfect the ownership and security interests contemplated by the Agreement and the Purchase Agreement. 

(e) Acknowledgment copies, or time stamped receipt copies of proper financing statements, if any, necessary to release all security interests
and other rights of any Person in the Collateral previously granted by the Seller or the Originator. 
 (f) Evidence of payment by the
Seller of all accrued and unpaid fees (including those contemplated by the Fee Agreements), costs and expenses to the extent then due and payable on the date thereof, including any such costs, fees and expenses arising under or referenced in
Section 7.04(b) of the Agreement and the Fee Agreements. 

  
 II-1 

 EXHIBIT III 

REPRESENTATIONS AND WARRANTIES 

The Seller represents and warrants as follows: 

(a) The Seller is a limited liability company duly formed, validly existing and in good standing under the laws of Delaware, and is duly
qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so qualified or in good standing would not reasonably be expected to have a
Material Adverse Effect. 
 (b) The execution, delivery and performance by the Seller of each Transaction Document to which it is a party
(i) are within the Seller’s limited liability company powers, (ii) have been duly authorized by all necessary corporatelimited liability company action, (iii) do not contravene (1) the Seller’s certificate of
formation and limited liability company agreement, (2) any law, rule or regulation applicable to the Seller, (3) any contractual restriction binding on or affecting the Seller or its property, the violation of which could reasonably be expected to
have a Material Adverse Effect on the collectibility of any Pool Receivable or a Material Adverse Effect on Seller or (4) any order, writ, judgment, award, injunction or decree binding on or affecting the Seller or its property, and (iv) do not
result in or require the creation of any Adverse Claim upon or with respect to any of its properties (except for the interest created pursuant to the Agreement). Each of the Transaction Documents to which it is a party has been duly executed and
delivered by a duly authorized officer of the Seller. 
 (c) 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, delivery and performance by the Seller of the Transaction Documents to which it is a party, except for the filing of UCC financing statements that are referred to
therein other than those which have been obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by the Federal
Assignment of Claims Act or any similar applicable law to the extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such law in connection with the assignment or subsequent reassignment of any such
Receivable. 
 (d) Each of the Transaction Documents to which it is a party constitutes the legal, valid and binding obligation of the
Seller enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 
 (e) The consolidated balance sheets of United Rentals and
its Subsidiaries as at the end of its most recent fiscal year, and the related consolidated statements of income and retained earnings of United Rentals and its Subsidiaries for such fiscal year, copies of which have been furnished to the
Administrative Agent and each Purchaser Agent, fairly present in all material respects the consolidated financial condition of United Rentals and its Subsidiaries as at such date and the consolidated results of the operations of United Rentals and
its Subsidiaries for 

  
 III-1 

 EXHIBIT IV 

COVENANTS OF THE SELLER 
 Until
the latest of the Facility Termination Date, the date on which no Capital of or Yield on any Receivable Interest shall be outstanding or the date all other amounts owed by the Seller hereunder to the Investors, the Banks, the Administrative Agent or
the Purchaser Agents are paid in full: 
 (a) Compliance with Laws, Etc. 

(i) The Seller will comply in all material respects with all applicable laws, rules, regulations and orders and preserve and
maintain its existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to preserve and maintain such existence, rights, franchises,
qualifications and privileges would not materially adversely affect the collectibility of the Receivables Pool, taken as a whole, or the ability of the Seller to perform its obligations under the Transaction Documents. 

(ii) The Seller will not, directly or indirectly, use the proceeds of the purchase of Receivable Interests in the Pool
Receivables, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, in any manner that would result in a violation of Sanctions Laws by any Person (including any Investor). 

(b) Offices, Records and Books of Account. The Seller will keep its principal place of business and chief executive office and the
office where it keeps its records concerning the Pool Receivables (and all original documents relating thereto) at the address of the Seller set forth in Section 7.02 of the Agreement or, upon 30 days’ prior written notice to the
Administrative Agent, at any other locations in jurisdictions where all actions reasonably requested by the Administrative Agent to protect and perfect the interest in the Collateral have been taken and completed. The Seller also will maintain and
implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all
documents, books, records and other information reasonably necessary or advisable for the collection of all Pool Receivables (including, without limitation, records adequate to permit the daily identification of each Pool Receivable and all
Collections of and adjustments to each existing Pool Receivable). 
 (c) Performance and Compliance with Contracts and Credit and
Collection Policy. The Seller will require, at its expense, that the Originator will timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the
Pool Receivables, and timely and fully comply in all material respects with the Credit and Collection Policy in regard to each Pool Receivable and the related Contract. 

(d) Sales, Liens, Etc. The Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer
to exist any Adverse Claim (other than any 

  
 IV-1 

 EXHIBIT V 

EVENTS OF TERMINATION 
 Each of
the following, unless waived in writing in accordance with Section 2.02, shall be an “Event of Termination”: 
 (a) A
Collection Agent Default shall have occurred; or 
 (b) The Seller shall fail (i) to transfer or cause to be transferred to the
Administrative Agent when requested any rights, pursuant to the Agreement, of the Collection Agent or (ii) to make any payment required under Section 1.04, and any such failure to transfer or pay shall remain unremedied for two (2) Business
Days; or 
 (c) Any representation or warranty made or deemed made by the Seller (or any of its officers) pursuant to the Agreement or any
other Transaction Document or any information or report delivered by the Seller pursuant to the Agreement or any other Transaction Document shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered,
and such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured within fifteen (15) days of the earlier of Seller becoming aware of such incorrectness or untruth or written notice thereof being given to
the Seller by the Administrative Agent or any Purchaser Agent; or 
 (d) The Seller shall fail to perform or observe any other term,
covenant or agreement contained in the Agreement or in any other Transaction Document on its part to be performed or observed and any such failure shall remain unremedied for ten (10) days after written notice thereof shall have been given to the
Seller by the Administrative Agent or any Purchaser Agent (or, with respect to a failure to deliver any Periodic Report pursuant to the Agreement, such failure shall remain unremedied for five (5) days (with respect to a Monthly Report) or two (2)
Business Days (with respect to a Daily Report or a Weekly Report) without a requirement for notice); or 
 (e) The Seller shall fail to pay
any principal of or premium or interest on any of its Debt that is outstanding in a principal amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity
of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt
shall be required to be made, in each case prior to the stated maturity thereof; or 
 (f) Any purchase or any reinvestment pursuant to the
Agreement shall for any reason (other than pursuant to the terms hereof) cease to create, or any Receivable Interest shall for any reason cease to be, a valid and perfected undivided percentage ownership or first priority

  
 V-1 

 
security interest to the extent of the pertinent Receivable Interest in each applicable Pool Receivable and the Related Security and Collections with respect thereto free and clear of any Adverse
Claim (other than any Adverse Claim arising under or permitted by any Transaction Document); or the security interest created pursuant to Section 1.09 shall for any reason cease to be a valid first priority perfected security interest in the
collateral security referred to in that section free and clear of any Adverse Claim (other than any Adverse Claim arising under or permitted by any Transaction Document), and such default is incapable of remedy or, if capable of remedy, (x) the
value of such percentage ownership or security interest shall not exceed $25,000 and (y) such default is not corrected or cured within seven (7) days of Seller becoming aware of such default or written notice thereof being given to the Seller by the
Administrative Agent or any Purchaser Agent; or 
 (g) The Seller shall generally not pay its debts as such debts become due, or shall admit
in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors or file a notice of intention to make a proposal to some or all of its creditors; or any proceeding shall be instituted by or
against the Seller seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking
the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by
it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver,
trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Seller shall take any corporatelimited liability company action to authorize any of the actions set
forth above in this paragraph (g); or 
 (h) As of the last day of any calendar month, either: 

(i) the Default Ratio shall exceed (x) if such month is January, February, March, April or May, 10.25% or (y) if such month is
any other month, 9.50%; or 
 (ii) the three-month rolling average of the Default Ratio shall exceed (x) if such month
is January, February, March, April or May, 10.00% or (y) if such month is any other month, 9.25%; or 
 (iii) the
Delinquency Ratio shall exceed 4.25% or the three-month rolling average of the Delinquency Ratio shall exceed 4.00%; or 

(iv) the Dilution Ratio shall exceed 3.25% or the Pool Balance Dilution Ratio shall exceed 3.00%; or 

(v) at any time, the Days Sales Outstanding shall exceed (x) during December, January or February, 68.5 days, or (y) during
any other month, 66.5 days; or 

  
 V-2 

 EXHIBIT VI 

COLLECTION AGENT DEFAULTS 
 Each
of the following, unless waived in writing by the Required Purchaser Agents (other than as set forth in paragraph (e) which cannot be waived), shall be a “Collection Agent Default”: 

(a) The Collection Agent (if United Rentals or any of its Affiliates is the Collection Agent) (i) shall fail to perform or observe in any
material respect any term, covenant or agreement under the Agreement (other than as referred to in clause (ii) of this paragraph (a)) and such failure shall remain unremedied for two (2) Business Days or (ii) shall fail to make when due any payment
or deposit to be made by it under the Transaction Documents and such failure to transfer or pay shall remain unremedied for two (2) Business Days; or 

(b) The Collection Agent shall fail to transfer to the Administrative Agent when requested any rights, pursuant to the Agreement, which it
then has as Collection Agent and any such failure to transfer or pay shall remain unremedied for two (2) Business Days; or 
 (c) Any
representation or warranty made or deemed made by the Collection Agent (or any of its officers) pursuant to the Agreement or any other Transaction Document or any information or report delivered by the Collection Agent pursuant to the Agreement or
any other Transaction Document shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered, and such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured
within fifteen (15) days of the earlier of the Collection Agent becoming aware of such incorrectness or untruth or written notice thereof being given to the Collection Agent by the Administrative Agent or any Purchaser Agent; or 

(d) The Collection Agent shall fail to pay any principal of or premium or interest on any of its Debt that is outstanding in a principal
amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any,
specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any,
specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid
(other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; or 

(e) The Collection Agent shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts
generally, or shall make a general assignment for the benefit of creditors or file a notice of intention to make a proposal to some or all of its creditors; or any proceeding shall be instituted by or against the Collection Agent seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, 

  
 VI-1 

 ANNEX B 

CHANGED PAGES TO CONTRIBUTION AGREEMENT 

 CONFORMED COPY INCORPORATING 

AMENDMENT NO. 23 EFFECTIVE AS OF SEPTEMBER 1, 2015AUGUST 30, 2016 

THIRD AMENDED AND RESTATED PURCHASE AND CONTRIBUTION AGREEMENT 

Dated as of September 24, 2012 

between 
 UNITED RENTALS (NORTH
AMERICA), INC., 
 as Originator 

UNITED RENTALS, INC., 
 as
Collection Agent 
 and 

UNITED RENTALS RECEIVABLES LLC II,  

as Buyer 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	PRELIMINARY STATEMENTS	  	 	1	  
		
	ARTICLE I DEFINITIONS	  	 	1	  
			
	 SECTION 1.01
	  	Certain Defined Terms	  	 	1	  
	 SECTION 1.02
	  	Other Terms	  	 	78	  
		
	ARTICLE II AMOUNTS AND TERMS OF PURCHASES AND CONTRIBUTIONS	  	 	8	  
			
	 SECTION 2.01
	  	Facility	  	 	8	  
	 SECTION 2.02
	  	Making Purchases	  	 	8	  
	 SECTION 2.03
	  	Contributions	  	 	9	  
	 SECTION 2.04
	  	Collections	  	 	9	  
	 SECTION 2.05
	  	Settlement Procedures	  	 	910	  
	 SECTION 2.06
	  	Payments and Computations, Etc.	  	 	10	  
		
	ARTICLE III CONDITIONS OF PURCHASES	  	 	10	  
			
	 SECTION 3.01
	  	Conditions Precedent to Initial Purchase from the Originator	  	 	10	  
	 SECTION 3.02
	  	Conditions Precedent to All Purchases and Contributions	  	 	12	  
	 SECTION 3.03
	  	Certification as to Representation and Warranties	  	 	12	  
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	 	13	  
			
	 SECTION 4.01
	  	Representations and Warranties of the Originator	  	 	13	  
		
	ARTICLE V COVENANTS	  	 	16	  
			
	 SECTION 5.01
	  	Covenants of the Originator	  	 	16	  
	 SECTION 5.02
	  	Covenant of the Originator and the Buyer	  	 	21	  
		
	ARTICLE VI ADMINISTRATION AND COLLECTION OF RECEIVABLES	  	 	22	  
			
	 SECTION 6.01
	  	Designation and Responsibilities of Collection Agent	  	 	22	  
	 SECTION 6.02
	  	Rights and Remedies	  	 	22	  
	 SECTION 6.03
	  	Transfer of Records to Buyer	  	 	23	  
		
	ARTICLE VII EVENTS OF TERMINATION	  	 	23	  
			
	 SECTION 7.01
	  	Events of Termination	  	 	23	  
		
	ARTICLE VIII INDEMNIFICATION	  	 	25	  
			
	 SECTION 8.01
	  	Indemnities by the Originator	  	 	25	  

  
 -i- 

 THIRD AMENDED AND RESTATED PURCHASE AND CONTRIBUTION 

AGREEMENT 
 Dated as of
September 24, 2012 
 UNITED RENTALS (NORTH AMERICA), INC., a Delaware corporation (f/k/a UR Merger Sub Corporation, as successor in
interest to United Rentals (North America), Inc. and United Rentals Northwest, Inc.) (together with its successors and permitted assigns, the “Originator”), UNITED RENTALS, INC., a Delaware corporation, (“United
Rentals”), as Collection Agent, and UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Buyer”), agree as follows: 

PRELIMINARY STATEMENTS 

(1) Certain terms which are capitalized and used throughout this Agreement (in addition to those defined above) are defined in Article I
of this Agreement. Capitalized terms not defined herein are used as defined in the Receivables Agreement. 
 (2) The Originator has
Receivables that it wishes to sell to the Buyer, and the Buyer is prepared to purchase such Receivables on the terms set forth herein. 

(3) The Originator may also wish to contribute Receivables to the capital of the Buyer on the terms set forth herein. 

(4) The parties hereto previously entered into that certain Purchase and Contribution Agreement, dated as of May 31, 2005, amended and
restated as of December 22, 2008 and further amended and restated as of September 28, 2011 (the “Existing Agreement”). 

(5) The parties hereto now desire to amend and restate the Existing Agreement in its entirety as set forth herein and with the effect
from the date first set forth above. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.01 Certain Defined Terms. 

As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined): 
 “Administrative Agent” means Scotia Capital, in its capacity as administrative
agent under the Receivables Agreement for the purchasers and the banks, or any successor administrative agent appointed pursuant to the terms of the Receivables Agreement. 

“Adverse Claim” means a lien, security interest, or other charge or encumbrance, or any other type of preferential
arrangement. 

  
 -1- 

 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, is in control of, is controlled by or is under common control with such Person or is a director or officer of such Person. 

“Agreement” means this Third Amended and Restated Purchase and Contribution Agreement, dated as of September 24, 2012, as it
may be amended, restated, supplemented or otherwise modified from time to time. 
 “Alternate Base Rate” means, on any
date, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 

(i) the rate of interest determined by Scotia Capital in New York, New York, from time to time in its sole discretion, as
its prime commercial lending rate (which rate is not necessarily the lowest rate that Scotia Capital charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum. 

“Banks” means BMO, BTMU, PNC, Scotia Capital and ST. 

“BMO” means Bank of Montreal and its successors and assigns.  

“BMO Harris” means BMO Harris Bank N.A. 

“BTMU” means The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and its successors and assigns. 

“Business Day” means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in New
York City. 
 “Capital Lease” shall have the meaning set forth in the Credit Agreement. 

“Collateral” shall have the meaning set forth in Section 5.02 of this Agreement. 

“Collection Account” means any joint deposit accounts, lock-box account or any account into which credit card collections are
deposited, which the Buyer maintains with the Qualified Intermediary for the purpose of receiving Collections. 
 “Collection
Account Banks” means the banks or other financial institutions holding the Collection Accounts. 
 “Collection
Agent” means at any time the Person then authorized pursuant to Section 6.01 to service, administer and collect Transferred Receivables. 

“Collections” means, with respect to any Transferred Receivable, (a) all funds which are received by the Originator, the
Buyer or the Collection Agent in payment of any amounts owed in respect of such Transferred Receivable (including, without limitation, purchase price, finance charges, interest and all other charges), or applied to amounts owed in respect of such
Transferred Receivable (including, without limitation, insurance payments and net proceeds of 

  
 -2- 

 
the sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other party directly or indirectly liable for the payment of such Transferred
Receivable and available to be applied thereon), (b) all Collections received as a result of a repurchase pursuant to Section 2.05 and (c) all other proceeds of such Transferred Receivable. 

“Contract” means an agreement between the Originator and an Obligor, substantially in the form of one of the written
contracts or (in the case of any open account agreement) one of the invoices approved by the Buyer, pursuant to or under which such Obligor shall be obligated to pay for goods or services from time to time. 

“Contributed Receivable” has the meaning specified in Section 2.03. 

“Controlled Account” means the deposit account maintained at the Controlled Account Bank for the purpose of receiving
deposited Collections. 
 “Controlled Account Agreement” means an agreement between the Administrative Agent, United
Rentals, the Buyer and the Controlled Account Bank reasonably acceptable to the Administrative Agent; provided, that the Controlled Account Agreement entered into (and as amended) on or prior to the date hereof shall be deemed to be
reasonably acceptable to the Administrative Agent. 
 “Controlled Account Bank” means the bank or other financial
institution holding the Controlled Account. 
 “Credit Agreement” means the Second Amended and Restated Credit Agreement,
dated as of March 31, 2015,2015 (as amended by Amendment No. 1 to Second Amended and Restated Credit Agreement, dated as of June 8, 2016), by and among the financial institutions named therein, as the Lenders, Bank of
America, N.A., as Agent, U.S. Swingline Lender and U.S. Letter of Credit Issuer, Bank of America, N.A. (acting through its Canada Branch), as Canadian Swingline Lender and Canadian Letter of Credit Issuer, United Rentals (North America), Inc. and
certain of its Subsidiaries, as the U.S. Borrowers, United Rentals, Inc. and certain of its Subsidiaries, as the Guarantors, United Rentals of Canada, Inc., as the Canadian Borrower, United Rentals Financing Limited Partnership, as the Specified
Loan Borrower, and certain other parties thereto, as the same may, from time to time, be further amended, waived, modified, supplemented or replaced but only to the extent that the Purchaser Agents approve such amendment, waiver,
modification or supplement for the purposes of incorporation of such amendment, waiver, modification, supplement or replacement herein. 

“Credit and Collection Policy” means those receivables credit and collection policies and practices of the Originator in
effect on the date of this Agreement applicable to the Receivables and described in Annex A hereto, as modified in compliance with this Agreement and the Receivables Agreement. 

“Debt” means “Indebtedness”, as defined in the Credit Agreement. 

“Dilution” means, with respect to any Transferred Receivable, the aggregate amount of any reductions or adjustments in the
Outstanding Balance of such Transferred Receivable as a result of any defective, rejected, returned, repossessed or foreclosed goods or services or any rebate, sales allowance, cash discount or other adjustment or setoff. 

  
 -3- 

 “Discount” means, in respect of each purchase, 2.0% of the Outstanding Balance
of the Receivables that are the subject of such purchase; provided, however, the foregoing percentage may be revised by request of either of the parties to such purchase provided that such revision is consented to by both of such
parties and by the Administrative Agent. 
 “ENB Receivable” means the U.S. dollar denominated indebtedness of any Obligor
resulting from the provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which
all actions required to be performed by the Originator have been performed (except for the presentment by the Originator of an invoice to the Obligor), and includes the right to payment of any sales tax, interest or finance charges and other
obligations of such Obligor with respect thereto. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “Event of Termination” has the
meaning specified in Section 7.01. 
 “Facility Termination Date” means the earliest of (a) the Facility Termination Date
under the Receivables Agreement (as extended from time to time pursuant to the terms thereof), (b) the date determined pursuant to Section 7.01, (c) the date the Purchase Limit is reduced to zero pursuant to Section 1.01(b) of the
Receivables Agreement or (d) the date upon which the Credit Agreement is terminated in connection with an Event of Default thereunder. 

“Fairway” means Fairway Finance Company, LLC, as a purchaser under the Receivables Agreement. 

“Federal Assignment of Claims Act” means the Federal Assignment of Claims Act, 31 U.S.C. §3727 and 41 U.S.C. §15,
as amended from time to time. 
 “Federal Funds Rate” means, with respect to any day, the rate set forth in H.l5(519) for
that day opposite the caption “Federal Funds (Effective).” If on any date of determination, such rate is not published in H.l5(519), such rate will be the rate set forth in Composite 3:30 P.M. Quotations for U.S. Government
Securities for that day under the caption “Federal Funds/Effective Rate.” If on any date of determination, the appropriate rate is not published in either H.15(519) or Composite 3:30 P.M. Quotations for U.S. Government
Securities, such rate will be the arithmetic mean of the rates for the last transaction in overnight federal funds arranged by three leading brokers of federal funds transactions in New York City prior to 9:00 a.m., New York City time, on that day.

 “GAAP” means generally accepted accounting principles in the United States of America. 

“Gotham” means Gotham Funding Corporation, as a purchaser under the Receivables Agreement. 

  
 -4- 

 “Purchased Receivable” means any Receivable or ENB Receivable which, pursuant to
Article II has been identified as a Purchased Receivable and purchased (or purported to be purchased) by the Buyer. 

“Purchaser” means (i) Liberty Street Funding LLC and any successor or assign of such Purchaser that is a receivables
investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, (ii) Gotham Funding Corporation and any successor or assign of such Purchaser that is
a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, and (iii) Fairway Finance Company, LLC and any
successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, and (iv) any other
Person that becomes a Purchaser under the Receivables Agreement that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables.

 “Purchaser Agent” means (i) Scotia Capital and its permitted successors and assigns as Liberty Purchaser Agent, (ii) PNC
and its permitted successors and assigns as PNC Purchaser Agent, (iii) BTMU and its permitted successors and assigns as Gotham Purchaser Agent, (iv) ST and its permitted successors and assigns as ST Purchaser Agent, and (v) BMO and its permitted
successors and assigns as BMOFairway Purchaser Agent. 
 “Receivable” means the U.S. dollar
denominated indebtedness of any Obligor resulting from the provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the
ordinary course of its business for which all actions required to be performed by the Originator have been performed (except in the case of ENB Receivables, for which the Originator will not have presented an invoice to the related Obligor), and
includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with respect thereto; provided that “Receivable” shall not include any (i) Equipment Sale Receivables or (ii) Excluded
Receivables. For the avoidance of doubt, Receivables shall include ENB Receivables. 
 “Receivables Agreement” means that
certain Third Amended and Restated Receivables Purchase Agreement, dated as of the date hereof, among the Buyer, as seller, Liberty Street Funding LLC, as a purchaser, and Gotham Funding Corporation, as a purchaser, and
Fairway Finance Company, LLC, as a purchaser, Scotia Capital, as a bank, as administrative agent and as Liberty purchaser agent, PNC, as a bank and as a purchaser agent, BTMU, as a bank and as Gotham purchaser agent, ST, as a bank and as a
purchaser agent, and BMO, as a bank and as aFairway purchaser agent, and United Rentals, as collection agent, as amended, restated, modified or supplemented from time to time. 

  
 -6- 

 hereunder with a legend, acceptable to the Buyer, stating that such Receivables, the Related Security and
Collections with respect thereto, have been transferred in accordance with this Agreement. 
 (j) Reporting Requirements. United
Rentals will provide to the Buyer the following: 
 (i) as soon as available and in any event within 45 days after the end of
the first three quarters of each fiscal year of United Rentals, balance sheets of United Rentals and its Subsidiaries as of the end of such quarter and statements of income and retained earnings of United Rentals and its Subsidiaries for the period
commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of United Rentals. Notwithstanding the foregoing, in the event the due date for delivery of such financials is waived
or extended with respect to the Revolving Loans (as defined in the Credit Agreement) pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC, BTMU, ST and BMO Harris are Revolving Credit Lenders (as defined in
the Credit Agreement) thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement; 

(ii) as soon as available and in any event within 90 days after the end of each fiscal year of United Rentals, a copy of the
annual report for such year for United Rentals and its Subsidiaries, containing financial statements for such year audited by Ernst & Young or other independent public accountants of recognized national standing. Notwithstanding the foregoing,
in the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans (as defined in the Credit Agreement) pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC, BTMU, ST and
BMO Harris are Revolving Credit Lenders (as defined in the Credit Agreement) thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement; 

(iii) notice of the termination of the Credit Agreement by the lenders thereunder as soon as reasonably practicable, but in any
event within one (1) Business Day of the earlier of receipt by the Collection Agent or the Originator of notice of such termination and the effectiveness of such termination; 

(iv) as soon as possible and in any event within five (5) days after the occurrence of each Event of Termination or Incipient
Event of Termination, a statement of the chief financial officer or treasurer of United Rentals setting forth details of such Event of Termination or Incipient Event of Termination and the action that the Originator has taken and proposes to take
with respect thereto; 
 (v) promptly after the sending or filing thereof, copies of all reports that United Rentals sends to
any of its securityholders, and copies of all reports and registration statements that United Rentals or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange; 

  
 -18- 

 SECTION 9.04 Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted to the Buyer pursuant to Article VIII hereof, the Originator agrees to pay on demand
all costs and expenses in connection with the preparation, execution and delivery of this Agreement and the other documents and agreements to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of
counsel for the Buyer with respect thereto and with respect to advising the Buyer as to its rights and remedies under this Agreement, and the Originator agrees to pay all costs and expenses, if any (including reasonable counsel fees and expenses),
in connection with the enforcement of this Agreement and the other documents to be delivered hereunder excluding, however, any costs of enforcement or collection of Transferred Receivables. 

(b) In addition, the Originator agrees to pay any and all stamp and other taxes and fees payable in connection with the execution, delivery,
filing and recording of this Agreement or the other documents or agreements to be delivered hereunder, and the Originator agrees to save each Indemnified Party harmless from and against any liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes and fees. 
 SECTION 9.05 No Proceedings. 

The Originator hereby agrees that it will not institute against the Buyer any proceeding of the type referred to in Section 7.01(g) so long as
there shall not have elapsed one year plus one day since the later of (i) the Facility Termination Date and (ii) the date on which all of the Transferred Receivables are either collected in full or have been written off the books of the Originator
as uncollectible. 
 SECTION 9.06 Confidentiality. 

Each of the parties agrees to maintain the confidentiality of this Agreement and other Transaction Documents (and all drafts thereof);
provided that this Agreement may be disclosed to (a) each of the party’s officers, directors, employees, outside auditors, legal counsel and Affiliates who agree to hold such information confidential and then only in connection with the
proposed transaction, (b) third parties who agree in writing to hold such information confidential, (c) the Administrative Agent, each PurchasePurchaser Agent, each Purchaser, each Bank and any other commercial paper
conduit administered by a Bank, (d) any current or prospective participant in the commercial paper issuance program of any Purchaser or any other commercial paper conduit administered by a Bank, including but not limited to representatives of Rating
Agencies, liquidity providers, commercial paper placement agents and commercial paper dealers; and provided further that this Agreement may be disclosed if required by applicable law, regulations or legal process, including a filing
with the Securities and Exchange Commission through the EDGAR electronic filing system in accordance with United Rentals’ continuous disclosure obligations under the Securities Exchange Act of 1934, or the listing or quotation requirements of
any exchange or quotation system on which securities of it or its parent or other Affiliates may be listed or quoted. Officers, directors, employees and agents of any Bank shall at all times have the right to share information received from United
Rentals and its affiliates to appropriate parties in connection with the proposed transaction on a confidential basis. 

  
 -29-Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”), effective as of August 24, 2016, is entered into by and among 99 Cents Only Stores LLC, a California limited liability company (the “Company”) and Jack Sinclair (“Executive”).

 

NOW, THEREFORE, the Company and Executive agree as follows:

 

1.                                      Employment.

 

(a)                                 Term.  The term of this Agreement shall commence on August 21, 2015 (the “Start Date”) and shall continue until the third anniversary of the Start Date (the “Initial Term”); provided, that on the last day of the Initial Term and on each anniversary of such date thereafter, the term of this Agreement automatically shall be extended for an additional year unless, not later than 90 days prior to the expiration of the then-existing term, either party gives written notice to the other that the term of this Agreement will not be extended.  The Initial Term, together with any extensions, collectively shall be referred to as the “Term.” After the Term, Executive’s continued employment with the Company, if any, shall be pursuant to such terms and conditions as Executive and the Company may agree.

 

(b)                                 Duties and Responsibilities.  Executive shall serve as the full-time Chief Merchandising Officer of the Company and shall have the duties and responsibilities customarily associated with such position, and such additional duties and responsibilities as may from time to time be assigned to him by the Chief Executive Officer of the Company (the “CEO”).  Executive shall report directly to the CEO.  Executive shall (i) devote his full business time to the business and affairs of the Company, (ii) not engage in any other business activities as a director, officer, employee or consultant or in any other capacity, whether or not he receives compensation therefor, other than activities approved by the Board of Directors (the “Board”) of the Company’s parent, Number Holdings, Inc. (“Parent”) or an authorized committee thereof and (iii) observe and comply with all rules, regulations, policies and practices of the Company.  Notwithstanding the foregoing, Executive may serve on the boards of charitable, civic or religious organizations, engage in charitable and community affairs and activities, and manage his personal investments; provided that such activities do not interfere with the performance of Executive’s duties and responsibilities hereunder.

 

2.                                      Compensation.

 

(a)                                 Base Salary.  So long as he remains employed by the Company, during the Term Executive shall be paid a base salary (“Base Salary”), which initially shall be at the annual rate of $575,000, payable in installments consistent with the Company’s normal payroll practices.

 

(b)                                 Annual Incentive Bonus.

 

(i)                                     Executive shall be eligible to earn an annual incentive bonus (“Annual Bonus”) for each fiscal year of the Company under a bonus plan approved by the Board or an authorized committee thereof.  Executive’s target Annual Bonus shall be 75% of the Base Salary in effect at the beginning of such fiscal year. The actual level of payment will be contingent upon achieving applicable performance goals as determined by the Board or an authorized committee thereof.

 

 

(ii)                                  For any bonus paid with respect to fiscal year 2016 (the “FY16 Bonus”), if Executive’s employment terminates for any reason other than a termination by the Company without Cause (as defined below) prior to August 21, 2017, then Executive shall repay to the Company, net of taxes, the FY16 Bonus.  For the avoidance of doubt, if Executive resigns prior to August 21, 2017, then then Executive shall repay to the Company, net of taxes, the FY16 Bonus.  Any such repayment will be due 60 days following the date of termination.  In addition, if the Company incurs any costs or expenses, including attorneys’ fees, in the collection of the repayment or all or any portion of the FY16 Bonus, then, in addition to all other remedies, and so long as the Company prevails in any dispute, Executive shall reimburse the Company for such costs and expenses.

 

(iii)                               No Bonus shall be earned until the date that such Bonus is paid, and Executive must be an employee in good standing on such date to earn any such Bonus.  Payment of each such Bonus will be at the sole discretion of the Board or an authorized committee thereof, based on its evaluation of the level of achievement of performance goals.

 

3.                                      Employee Benefits.

 

(a)                                 Business Expenses.  Upon timely submission of itemized expense statements and other documentation in accordance with the procedures specified by the Company, Executive shall be entitled to reimbursement for actual out of pocket business and travel expenses duly incurred by Executive in the course of his duties hereunder in accordance with the policies of the Company then in effect generally applicable to senior executives of the Company.

 

(b)                                 Benefit Plans.  So long as he remains employed by the Company during the Term, Executive shall be entitled to participate in the Company’s employee benefit plans and programs (“Benefit Plans”) as they may exist from time to time, in each case as offered by the Company to its senior executives generally, subject to the terms and conditions thereof.  Nothing in this Agreement shall require the Company to maintain any Benefit Plan, or shall preclude the Company from terminating or amending any Benefit Plan from time to time.

 

(c)                                  Vacation.  Executive shall be entitled to vacation time in accordance with the Company’s vacation policy for senior executives.  Executive acknowledges that given his position at the Company, Executive will remain generally available and accessible to the Company’s senior managers through an electronic means of communication when reasonably possible.

 

4.                                      Termination of Employment.  This Agreement may be terminated in accordance with this Section 4.

 

(a)                                 For Cause.  The Company may terminate Executive’s employment for “Cause” immediately upon written notice for any of the following reasons: (i) Executive’s (x) being indicted for or charged with a felony under United States or applicable state law or (y) conviction of, or plea of guilty or nolo contendere to a misdemeanor where imprisonment is imposed (other than for a traffic-

 

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related offense); (ii) perpetration by Executive of an illegal act, dishonesty, or fraud that could cause economic injury to the Company, Parent or any of their subsidiaries or any act of moral turpitude by Executive; (iii) Executive’s insubordination, refusal to perform his duties or responsibilities for any reason other than illness or incapacity or unsatisfactory performance of his duties for the Company, Parent or any of their subsidiaries; (iv) willful and deliberate failure by Executive to perform his duties after he has been given notice and an opportunity to effectuate a cure as determined by the Company; (v) Executive’s willful misconduct or gross negligence with regard to the Company, Parent or any of their subsidiaries; (vi) Executive’s unlawful appropriation of a material corporate opportunity; or (vii) Executive’s breach of agreement with the Company or any of its affiliates, including  any confidentiality or other restrictive covenant entered into between Executive and the Company or any of its affiliates, including the Fair Competition Agreement.

 

Upon termination of Executive’s employment for Cause, neither the Company, nor any of its affiliates, shall be under any further obligation to Executive, except the Company’s obligation to pay (A) all accrued but unpaid Base Salary to the date of termination within 30 days following such termination, less all applicable deductions, (B) any accrued but unused vacation, (C) any earned and vested benefits and payments pursuant to the terms of any Benefit Plan and (D) all unreimbursed business expenses incurred and properly submitted in accordance with this Agreement (the payments and benefits described in subsections (A) through (D) herein shall be referred herein as the “Accrued Benefits”).

 

(b)                                 Without Cause.  The Company may terminate Executive’s employment at any time without Cause immediately upon written notice.  Upon termination of Executive’s employment by the Company without Cause during the Term, in addition to the Accrued Benefits, Executive shall be entitled to receive:

 

(i)                                     If the Company terminates Executive’s employment without Cause prior to March 11, 2017, an amount equal to one and one-half times Executive’s Base Salary, payable in equal installments over 18 months following termination of employment in accordance with the Company’s regular payroll schedule, or

 

(ii)                                  If the Company terminates Executive’s employment without Cause on or after March 11, 2017, an amount equal to Executive’s Base Salary, payable in equal installments over 12 months following termination of employment in accordance with the Company’s regular payroll schedule.

 

The foregoing payments shall commence on the 60th day following termination of employment provided, that such payments and benefits shall be contingent on (A) Executive executing and delivering to the Company a release of claims against the Company substantially in the form attached hereto as Exhibit B (subject to any modifications necessary to render such release fully enforceable under applicable law, as determined by the Company) (“Release”), and such Release becoming effective by such date and (B) Executive’s continued compliance with all post-termination restrictive covenants applicable to Executive, including the covenants contained in the Fair Competition Agreement.  Any installments delayed pursuant to the foregoing sentence shall be paid with the first such payment on the 60th day following termination of employment.  A termination of Executive’s employment under this Section 4(b) does not include a termination of employment by reason of Executive’s Disability (as defined below) or upon the death of Executive, or the Company’s timely notice of its option not to extend the Term.

 

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(c)                                  Resignation.  Executive may resign his employment upon providing the Company 30 day’s prior written notice; provided, that the Company shall have the right to accelerate Executive’s termination date to an earlier date than specified in Executive’s notice.  In the event of such resignation by Executive, the Company shall be under no further obligation to Executive, except to pay the Accrued Benefits.

 

(d)                                 Disability; Death.  The Company may terminate Executive’s employment if Executive experiences a “Total Disability” (or equivalent) as defined under the Company’s Long Term Disability Plan in effect at the time of the disability (or, if no Long Term Disability Plan is in effect at the time of the disability, if executive becomes disabled within the meaning of Section 409A (as defined below)) (a “Disability”).  In the event that Executive’s employment is terminated by reason of Executive’s Disability or upon the death of Executive, the Company shall be under no further obligation to Executive (or his estate), except to pay the Accrued Benefits.

 

(e)                                  Cooperation.  Following termination of employment for any reason, Executive shall (i) cooperate with the Company, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all matters being handled by Executive and (ii) cooperate and provide assistance to the Company at its reasonable request in connection with any action, suit or proceeding brought by or against the Company or any of its affiliates (or in which any of them is or may be a party) or that relates in any way to Executive’s employment by the Company.  The Company shall reimburse Executive promptly for actual out-of-pocket expenses incurred by him in connection with assisting the Company in the manner described in the immediately preceding sentence in accordance with the policies of the Company then in effect generally applicable to senior executives of the Company.  Upon termination for any reason, Executive shall be deemed to have resigned from all offices and directorships then held with the Company or any of its subsidiaries. Executive’s obligations under this Section 4(e) shall survive the termination of Executive’s employment and the termination of the Agreement.

 

5.                                      Other Agreements.  Executive shall execute and deliver to the Company the Fair Competition Agreement and the Arbitration Agreement, attached hereto as Exhibit C and Exhibit D, respectively.  Such execution and delivery is a condition to the effectiveness of this Agreement. Executive shall at all times comply with the Fair Competition Agreement.

 

6.                                      Withholding.  The Company may withhold from any amounts payable to Executive hereunder all federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation and any additional withholding to which Executive has agreed.

 

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7.                                      Section 409A.  Notwithstanding anything herein to the contrary:

 

(a)                                 The Company does not guarantee to Executive any particular tax treatment relating to the payments and benefits under this Agreement.  It is intended that such payments and benefits be exempt from, or comply with, Section 409A of the Internal Revenue Code (the “Code”) and the regulations and guidance promulgated thereunder (collectively, “Section 409A”), and all provisions of this Agreement shall be administered, interpreted and construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.  Notwithstanding any other provision hereof, in no event shall the Company be liable for, or be required to indemnify Executive for, any liability of Executive for taxes or penalties under Section 409A or otherwise.

 

(b)                                 A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.

 

(c)                                  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that this clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred.

 

(d)                                 Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten calendar days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.  If under this Agreement, an amount is to be paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment.

 

(e)                                  Notwithstanding any other provision of this Agreement, if at the time of the Executive’s termination of employment, he is a “specified employee”, determined in accordance with Section 409A, any payments and benefits provided under this Agreement that constitute “nonqualified deferred compensation” subject to Section 409A that are provided to the Executive on account of his separation from service shall not be paid until the first day of the seventh month following such date of termination, or if earlier, within 60 calendar days after Executive’s death to the personal representative of Executive’s estate.

 

8.                                      Miscellaneous.

 

(a)                                 Governing Law.  This Agreement, and any contest, dispute, controversy or claim arising hereunder or related hereto (collectively, “Disputes”), shall be governed by and construed in accordance with the laws of the State of California without regard to conflict of law principles that would require the application of the laws of another jurisdiction.

 

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(b)           Assignment and Transfer.  Executive’s rights and obligations under this Agreement shall not be transferable by assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void.  This Agreement shall inure to the benefit of, and be binding upon and enforceable by, any purchaser of substantially all of the Company’s assets, any corporate successor to the Company or any assignee thereof.

 

(c)           Entire Agreement.  This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof.  Without limiting the foregoing, this Agreement expressly supersedes all prior agreements (written or oral) relating to Executive’s employment with the Company or any of its subsidiaries.

 

(d)           Amendment and Waiver; Rights Cumulative.  This Agreement may be amended, waived or discharged only by a writing signed by Executive and by a duly authorized representative of the Company (other than Executive).  No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance.  All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by a duly authorized representative of the Company (other than Executive).  The rights and remedies provided by this Agreement are cumulative, and the exercise of any right or remedy by either party hereto (or by its successor), whether pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all other rights and remedies.

 

(e)           Severability.  If any term, provision, covenant or condition of this Agreement, or the application thereof to any person, place or circumstance, shall be held to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect.

 

(f)            Dispute Resolution.  Except as provided in the Fair Competition Agreement, all Disputes shall be resolved in accordance with the Arbitration Agreement attached hereto as Exhibit D and incorporated herein.  This Section 8(f) shall survive the termination of Executive’s employment and the expiration or termination of this Agreement.  Executive shall execute and deliver to the Company a copy of such Agreement as a condition to the effectiveness of this Agreement.

 

(g)           Notices.  Any notices or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed given when delivered personally, one day after it is sent through a reputable overnight carrier, or three business days after it is mailed by registered mail, return receipt requested, to the parties at the following addresses (or at such other address as a party may specify by notice given hereunder to the other party:

 

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If to Executive:

 

At the address listed in the Company’s personnel records.

 

If to the Company:

 

99 Cents Only Stores, LLC
 4000 Union Pacific Avenue
 Commerce, CA 90023
 Telephone: (323) 980-8145
 Facsimile: (323) 307-9611
 Attention: General Counsel

 

with copies to:

 

Ares Management LLC
 2000 Avenue of the Stars, 12th Floor
 Los Angeles, CA 90067
 Telephone: (310) 201-4100 
 Facsimile: (310) 201-4170
 Attention: Dennis Gies

 

and

 

Proskauer Rose LLP
 2049 Century Park East, Suite 3200
 Los Angeles, CA 90067
 Telephone: (310) 284-4582
 Facsimile: (310) 557-2193 
 Attention: Michael A. Woronoff, Esq.

 

(h)           Further Assurances.  Executive shall, upon the Company’s reasonable request, execute such further documents and take such other actions as may be permitted or reasonably required by law to implement the purposes, objectives, terms, and provisions of this Agreement.

 

(i)            Interpretation.  The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement.  The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive.  As used herein:  (i)  reference to any agreement, document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (ii) reference to any law, rule or regulation means such law, rule or regulation as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any law, rule or regulation means that provision of such law, rule or regulation from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; (iii) “hereunder,” “hereof,” “hereto,” and words of similar import shall be deemed references to this Agreement as a whole and not to any particular article, section or other provision hereof; (iv) “including” (and with correlative meaning “include”) means including without limiting the generality of any  description preceding such term; (v) “or” is used in the inclusive sense of “and/or”; and (vi) references to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules or amendments thereto.

 

7

 

(j)            Acknowledgement.  Executive understands the terms and conditions set forth in this Agreement and acknowledges having had adequate time to consider whether to agree to the terms and conditions and to consult a lawyer or other advisor of Executive’s choice.

 

(k)           Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be considered to have the force and effect of an original.

 

(l)            Each Party the Drafter.  Executive understands the terms and conditions set forth in this Agreement and acknowledges having had adequate time to consider whether to agree to the terms and conditions and to consult a lawyer or other advisor of Executive’s choice.  This Agreement and the provisions contained herein shall not be construed or interpreted for or against any party to this Agreement because that party drafted or caused that party’s legal representative to draft any of its provisions.

 

(m)          Time of Essence.  Time is and shall be of the essence in connection with this Agreement and the terms and conditions contained herein.

 

(n)           Survival.  All rights and obligations of any party in Sections 4 through 8 of this Agreement not fully satisfied or performed, as applicable, on the date Executive’s employment is terminated, shall survive the termination of Executive’s employment and the expiration or termination of this Agreement.

 

[Remainder of Page Intentionally Left Blank / Signatures on Next Page]

 

8

 

IN WITNESS WHEREOF, the parties have executed and delivered this Agreement effective as of the date first written above.

 

	
99   CENTS ONLY STORES LLC
    
	
 
    
	
By:
    	
/s/ Paul Dolby
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Paul Dolby
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Senior Vice President,   Human Resources
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
JACK   SINCLAIR
    	
 
    
	
 
    	
 
    
	
/s/   Jack Sinclair
    	
 
    

 

 

9

 

EXHIBIT A

 

[RESERVED]

 

10

 

EXHIBIT B

 

RELEASE

 

11

 

EXHIBIT C

 

FAIR COMPETITION AGREEMENT

 

12

 

EXHIBIT D

 

ARBITRATION AGREEMENT

 

13

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