Document:

Exhibit 4.8

EXECUTION
VERSION

SERIES 2007-2 NOTE
PURCHASE AGREEMENT

(SERIES 2007-2 VARIABLE FUNDING NOTES)

dated as of March 16,
2007

among

IHOP FRANCHISING, LLC

IHOP IP, LLC

as the Co-Issuers

INTERNATIONAL HOUSE OF
PANCAKES, Inc.,

as Servicer,

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

as Indenture Trustee

GOLDMAN, SACHS & CO.,

as Committed Note Purchaser,

and

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

as Administrative Agent

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PURCHASE AND
  SALE OF SERIES 2007-2 NOTES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  The Initial Note Purchase

  	
   

  	
   

  
	
  Section 2.02

  	
   

  	
  Series 2007-2 Advances

  	
   

  	
   

  
	
  Section 2.03

  	
   

  	
  Borrowing Procedures

  	
   

  	
   

  
	
  Section 2.04

  	
   

  	
  The Series 2007-2 Notes

  	
   

  	
   

  
	
  Section 2.05

  	
   

  	
  Commitment Term

  	
   

  	
   

  
	
  Section 2.06

  	
   

  	
  Selection of Interest Rates

  	
   

  	
   

  
	
  Section 2.07

  	
   

  	
  Reduction in Commitment Amount

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  INTEREST AND
  FEES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Interest

  	
   

  	
   

  
	
  Section 3.02

  	
   

  	
  Fees

  	
   

  	
   

  
	
  Section 3.03

  	
   

  	
  Eurodollar Lending Unlawful

  	
   

  	
   

  
	
  Section 3.04

  	
   

  	
  Deposits Unavailable

  	
   

  	
   

  
	
  Section 3.05

  	
   

  	
  Increased or Reduced Costs, etc

  	
   

  	
   

  
	
  Section 3.06

  	
   

  	
  Funding Losses

  	
   

  	
   

  
	
  Section 3.07

  	
   

  	
  Increased Capital Costs

  	
   

  	
   

  
	
  Section 3.08

  	
   

  	
  Taxes

  	
   

  	
   

  
	
  Section 3.09

  	
   

  	
  Indenture Carrying Charges; Survival

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OTHER PAYMENT
  TERMS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01

  	
   

  	
  Time and Method of Payment

  	
   

  	
   

  

 

 i
 

 

	
  ARTICLE V

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE
  ADMINISTRATIVE AGENT AND THE FUNDING AGENTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01

  	
   

  	
  Authorization and Action of the Administrative Agent

  	
   

  	
   

  
	
  Section 5.02

  	
   

  	
  Delegation of Duties

  	
   

  	
   

  
	
  Section 5.03

  	
   

  	
  Exculpatory Provisions

  	
   

  	
   

  
	
  Section 5.04

  	
   

  	
  Reliance

  	
   

  	
   

  
	
  Section 5.05

  	
   

  	
  Non-Reliance on the Administrative Agent and
  Other Purchasers

  	
   

  	
   

  
	
  Section 5.06

  	
   

  	
  The Administrative Agent in its Individual Capacity

  	
   

  	
   

  
	
  Section 5.07

  	
   

  	
  Successor Administrative Agent

  	
   

  	
   

  
	
  Section 5.08

  	
   

  	
  Authorization and Action of Funding Agents

  	
   

  	
   

  
	
  Section 5.09

  	
   

  	
  Delegation of Duties

  	
   

  	
   

  
	
  Section 5.10

  	
   

  	
  Exculpatory Provisions

  	
   

  	
   

  
	
  Section 5.11

  	
   

  	
  Reliance

  	
   

  	
   

  
	
  Section 5.12

  	
   

  	
  Non-Reliance on the Funding Agent and Other
  Purchasers

  	
   

  	
   

  
	
  Section 5.13

  	
   

  	
  The Funding Agent in its Individual Capacity

  	
   

  	
   

  
	
  Section 5.14

  	
   

  	
  Successor Funding Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REPRESENTATIONS
  AND WARRANTIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01

  	
   

  	
  The Co-Issuers

  	
   

  	
   

  
	
  Section 6.02

  	
   

  	
  Servicer

  	
   

  	
   

  
	
  Section 6.03

  	
   

  	
  Conduit Investors

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CONDITIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01

  	
   

  	
  Conditions to Issuance

  	
   

  	
   

  
	
  Section 7.02

  	
   

  	
  Conditions to Initial Borrowing

  	
   

  	
   

  
	
  Section 7.03

  	
   

  	
  Conditions to Each Borrowing

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01

  	
   

  	
  Covenants

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS
  PROVISIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01

  	
   

  	
  Amendments

  	
   

  	
   

  

 

 ii
 

 

	
  Section 9.02

  	
   

  	
  No Waiver; Remedies

  	
   

  	
   

  
	
  Section 9.03

  	
   

  	
  Binding on Successors and Assigns

  	
   

  	
   

  
	
  Section 9.04

  	
   

  	
  Survival of Agreement

  	
   

  	
   

  
	
  Section 9.05

  	
   

  	
  Payment of Costs and Expenses; Indemnification

  	
   

  	
   

  
	
  Section 9.06

  	
   

  	
  Characterization as Transaction Document; Entire
  Agreement

  	
   

  	
   

  
	
  Section 9.07

  	
   

  	
  Notices

  	
   

  	
   

  
	
  Section 9.08

  	
   

  	
  Severability of Provisions

  	
   

  	
   

  
	
  Section 9.09

  	
   

  	
  Tax Characterization

  	
   

  	
   

  
	
  Section 9.10

  	
   

  	
  No Proceedings; Limited Recourse

  	
   

  	
   

  
	
  Section 9.11

  	
   

  	
  Confidentiality

  	
   

  	
   

  
	
  Section 9.12

  	
   

  	
  Governing Law

  	
   

  	
   

  
	
  Section 9.13

  	
   

  	
  Submission to Jurisdiction

  	
   

  	
   

  
	
  Section 9.14

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
   

  
	
  Section 9.15

  	
   

  	
  Counterparts

  	
   

  	
   

  
	
  Section 9.16

  	
   

  	
  Third Party Beneficiary

  	
   

  	
   

  
	
  Section 9.17

  	
   

  	
  Assignment

  	
   

  	
   

  

EXHIBITS

	
  SCHEDULE I

  	
   

  	
  List of Conduit Investors and Committed Note
  Purchasers

  
	
  EXHIBIT A

  	
   

  	
  Form of Series 2007-2 Advance Request

  
	
  EXHIBIT B

  	
   

  	
  Form of Assignment and Assumption Agreement

  
	
  EXHIBIT C

  	
   

  	
  Form of Investor Group Supplement

  

 

 iii

NOTE PURCHASE AGREEMENT

THIS NOTE PURCHASE
AGREEMENT, dated as of March 16, 2007 (as amended, supplemented, restated or
otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), is made
by and among:

(a)           IHOP FRANCHISING,
LLC, a Delaware limited liability company (the “Issuer”), IHOP IP, LLC, a Delaware limited
liability company (the “Co-Issuer,” and together with IHOP Franchising,
the “Co-Issuers”),

(b)           INTERNATIONAL HOUSE
OF PANCAKES, INC., a Delaware corporation (the “Servicer”),

(c)           WELLS FARGO BANK,
NATIONAL ASSOCIATION, in its capacity as Indenture Trustee (the “Indenture Trustee”),

(d)           the several
commercial paper conduits listed on Schedule I as Conduit Investors
(if any) and their respective permitted successors and assigns (each, a “Conduit Investor” and,
collectively, the “Conduit
Investors”),

(e)           the several
financial institutions listed on Schedule I as Committed Note
Purchasers and their respective permitted successors and assigns (each, a “Committed Note Purchaser”
and, collectively, the “Committed
Note Purchasers”),

(f)            for each Investor
Group, the financial institution set forth opposite the name of such Investor
Group on Schedule I as Funding Agent and its permitted successors
and assigns (each, the “Funding
Agent” with respect to such Investor Group and, collectively,
the “Funding Agents”),
and

(g)           WELLS FARGO BANK,
NATIONAL ASSOCIATION, in its capacity as administrative agent for the Conduit
Investors, the Committed Note Purchasers and the Funding Agents (together with
its permitted successors and assigns in such capacity, the “Administrative Agent”
or the “Series 2007-2
Administrative Agent”).

BACKGROUND

1.             The Co-Issuers,
the Series Insurer and the Indenture Trustee entered into the Series 2007-2
Series Supplement, dated as of the Closing Date (as the same may be further
amended, supplemented, restated or otherwise modified from time to time in
accordance with the terms thereof, the “Series 2007-2 Series Supplement”) to
the Base Indenture among the Co-Issuers and the Indenture Trustee, dated
as of the Closing Date (as the same may be amended, supplemented, restated or
otherwise modified from time to time in accordance with the terms thereof, the “Base Indenture” and,
together with the Series 2007-2 Series Supplement, the “Indenture”), pursuant
to which the Co-Issuers will issue one or more Series 2007-2
Variable Funding Notes (the “Series 2007-2
Notes”).

 

2.             The Co-Issuers
will, concurrently with the execution and delivery of this Agreement and
satisfaction of the conditions hereunder to the initial advance, issue the
Series 2007-2 Notes in favor of the Conduit Investors, or if there
is no Conduit Investor with respect to any Investor Group, the Committed Note
Purchaser with respect to such Investor Group, and the Conduit Investors or the
Committed Note Purchasers, as applicable, hereby agree to make loans from time
to time (each, a “Series 2007-2 Advance”) for the purchase of
Series 2007-2 Principal Amounts, all of which Advances (including
the Series 2007-2 Initial Advance) will constitute Increases, and all of
which Advances (including the Series 2007-2 Initial Advance) will be
evidenced by the Series 2007-2 Notes purchased in connection
herewith and will constitute purchases of Series 2007-2 Principal
Amounts corresponding to the amount of such Series 2007-2 Advances.  Subject to the terms and conditions of this
Agreement, each Conduit Investor may make Series 2007-2 Advances from
time to time and each Committed Note Purchaser is willing to commit to make Series
2007-2 Advances from time to time, to fund purchases of Series 2007-2
Principal Amounts in an aggregate outstanding amount up to the Maximum Investor
Group Principal Amount for the related Investor Group until the commencement of
the Series 2007-2 Mandatory Redemption Period. The Servicer has
joined in this Agreement to confirm certain representations, warranties and
covenants made by it as Servicer for the benefit of each Conduit Investor and
each Committed Note Purchaser.

ARTICLE I

DEFINITIONS

Section 1.01   Definitions.  As used in this Agreement and unless the
context requires a different meaning, capitalized terms used but not defined
herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in Article 1 of the Series 2007-2 Series
Supplement or in Appendix A to the Base Indenture, as applicable.  In addition, the following terms shall have
the following meanings and the definitions of such terms are applicable to the
singular as well as the plural form of such terms and to the masculine as well
as the feminine and neuter genders of such terms:

“Acquiring Committed Note Purchaser” has the
meaning set forth in Section 9.17(a).

“Acquiring Investor Group” has the meaning set
forth in Section 9.17(c).

“Administrative Agent Fee” shall mean $6,000 per annum payable to the Administrative Agent in
monthly  installments of $500 on the
Series 2007-2 Closing Date and on each Payment Date.

“Affected Person” has the meaning set forth in Section 3.05.

“Aggregate Unpaids” has the meaning set forth in Section 5.01.

“Assignment and Assumption Agreement” means an
Assignment and Assumption Agreement substantially in the form of Exhibit B.

 2
 

“Base Rate” means, on any day, a rate per annum equal to the sum of (i) the greater of (a) the
Prime Rate in effect on such day and (b) the Federal Funds Rate in effect
on such day plus (ii) 0.40%.  Any
change in the Base Rate due to a change in the Prime Rate or the Federal Funds
Rate shall be effective as of the opening of business on the effective day of
such change in the Prime Rate or the Federal Funds Rate, respectively.  Changes in the rate of interest on that
portion of any Series 2007-2 Advances maintained as Base Rate Advances
will take effect simultaneously with each change in the Base Rate.

“Base Rate Tranche” means that portion of the
Series 2007-2 Principal Amount purchased or maintained with Series
2007-2 Advances which bear interest by reference to the Base Rate.

“Borrowing” has the meaning set forth in Section 2.02(c).

“Borrowing Deficit” has the meaning set forth in Section 2.03(b).

“Change in Law” means (a) any law, rule or
regulation or any change therein or in the interpretation or application
thereof (whether or not having the force of law), in each case, adopted, issued
or occurring after the Series 2007-2 Closing Date or (b) any
request, guideline or directive (whether or not having the force of law)
applicable to financial institutions generally (and not specific to any
particular Committed Note Purchaser) from any government or political
subdivision or agency, authority, bureau, central bank, commission, department
or instrumentality thereof, or any court, tribunal, grand jury or arbitrator,
or any accounting board or authority (whether or not part of government) which
is responsible for the establishment or interpretation of national or
international accounting principles, in each case, whether foreign or domestic
(each an “Official Body”)
charged with the administration, interpretation or application thereof, or the
compliance with any request or directive of any Official Body (whether or not
having the force of law) made, issued or occurring after the Series 2007-2
Closing Date.

“Class A
Commercial Paper” has the meaning specified in the definition of Program
Support Provider.

“Class A Note”
has the meaning specified in the definition of Program Support Provider.

“Commitment” means, the obligation of the
Committed Note Purchasers included in each Investor Group to fund Series 2007-2
Advances in lieu of the related Conduit Investor pursuant to Section 2.02(a)
in an aggregate stated amount up to the Maximum Investor Group Principal Amount
for such Investor Group.

“Commitment Amount” means, as to each Conduit
Investor, the Maximum Investor Group Principal Amount with respect to the
Investor Group of which such Conduit Investor is a part.

“Commitment Percentage” means, on any date of
determination, with respect to any Investor Group, the ratio, expressed as a
percentage, which such Investor Group’s Maximum Investor Group Principal Amount
bears to the Series 2007-2 Maximum Principal Amount on such date.

 3
 

“Committed Note Purchaser” has the meaning set
forth in the recitals hereto.

“Committed Note Purchaser Percentage” means, with
respect to any Committed Note Purchaser, the percentage set forth opposite the
name of such Committed Note Purchaser on Schedule I.

“Conduit Assignee” means, with respect to any
Conduit Investor, any commercial paper conduit, whose commercial paper has at
least two of the following ratings (x) at least “A-1” from Standard
& Poor’s, and (y) ”P1” from Moody’s, that is administered by the
Funding Agent with respect to such Conduit Investor or any Affiliate of such
Funding Agent, in each case, designated by such Funding Agent to accept an
assignment from such Conduit Investor of the Investor Group Principal Amount or
a portion thereof with respect to such Conduit Investor pursuant to Section 9.17(b).

“Conduit Investors” has the meaning set forth in
the recitals hereto.

“Confidential Information” for purposes of this
Agreement, has the meaning set forth in Section 9.11.

“CP Rate” means, with respect to each Conduit
Investor (i) for any day during any Series 2007-2 Interest
Accrual Period funded by a Conduit Investor set forth in Schedule I
hereto or any other Conduit Investor that elects in its Assignment and
Assumption Agreement to make this clause (i) applicable
(collectively, the “Conduits”),
the per annum rate equivalent to the
weighted average of the per annum rates
paid or payable by such Conduits from time to time as interest on or otherwise
(by means of interest rate hedges or otherwise taking into consideration any
incremental carrying costs associated with short term promissory notes issued
by such Conduits maturing on dates other than those certain dates on which such
Conduits are to receive funds) in respect of the promissory notes issued by
such Conduits that are allocated in whole or in part by their respective
Funding Agent (on behalf of such Conduits) to fund or maintain the
Series 2007-2 Principal Amount during such period, as determined by
their respective Funding Agent (on behalf of such Conduits), including
(x) the commissions of placement agents and dealers in respect of such
promissory notes, to the extent such commissions are allocated, in whole or in
part, to such promissory notes by the related Committed Note Purchasers (on
behalf of such Conduits), (y) all reasonable costs and expenses of any
issuing and paying agent or other person responsible for the administration of
such Conduits’ commercial paper programs in connection with the preparation,
completion, issuance, delivery or payment of Class A Commercial Paper, and
(z) the costs of other borrowings by such Conduits including, without
limitation, borrowings to fund small or odd dollar amounts that are not easily
accommodated in the commercial paper market; provided, however,
that if any component of such rate is a discount rate, in calculating the CP
Rate, the respective Funding Agent for such Conduits shall for such component
use the rate resulting from converting such discount rate to an interest
bearing equivalent rate per annum and
(ii) for any Series 2007-2 Interest Accrual Period for any
portion of the Commitment of the related Investor Group funded by any other
Conduit Investor, the “CP Rate” applicable to such Conduit Investor as set
forth in its Assignment and Assumption Agreement.

 4
 

“CP Tranche” means
that portion of the Series 2007-2 Principal Amount purchased or
maintained with Series 2007-2 Advances which bear interest by reference to
the CP Rate.

“Domestic Office” means, the office of the related
Funding Agent designated as such below its name on the signature page hereof,
if any, or such other office of such Funding Agent as designated from time to
time by written notice from such Funding Agent to the Co-Issuers, inside
the United States, which shall be making or maintaining Series 2007-2
Advances other than Eurodollar Advances of the Committed Note Purchasers in its
Investor Group hereunder.

“Eurodollar Advance” means, a Series 2007-2
Advance which bears interest at all times during the Eurodollar Interest
Accrual Period applicable thereto at a fixed rate of interest determined by
reference to the Eurodollar Rate (Reserve Adjusted).

“Eurodollar Interest Accrual Period”
means, with respect to any Eurodollar Advance, a period commencing on the date
of such Eurodollar Advance and ending on the next Payment Date; provided,
however, that

(i)       no Eurodollar Interest Accrual Period may
end subsequent to the December 2010 Payment Date; and

(ii)      upon the occurrence and during the
continuation of the Series 2007-2 Mandatory Redemption Period, any
Eurodollar Interest Accrual Period may be terminated at the election of the
related Funding Agent by notice to the Co-Issuers and the Servicer, and
upon such election the Eurodollar Advances in respect of which interest was
calculated by reference to such terminated Eurodollar Interest Accrual Period
shall be converted to Base Rate Advances or included in the CP Tranche until
payment in full of the Series 2007-2 Notes.

“Eurodollar Office” means, the office of the
related Funding Agent designated as such below its name on the signature page
hereof, if any, or such other office of such Funding Agent as designated from
time to time by written notice from such Funding Agent to the Co-Issuers,
whether or not outside the United States, which shall be making or maintaining
Eurodollar Advances of the Committed Note Purchasers in its Investor Group
hereunder.

“Eurodollar Rate” means, the rate per annum determined by the related Funding Agent at
approximately 11:00 a.m. (London time) on the date which is two (2)
Business Days prior to the beginning of the relevant Eurodollar Interest
Accrual Period by reference to the British Bankers’ Association Interest
Settlement Rates for deposits in Dollars (as set forth by any service selected
by such Funding Agent which has been nominated by the British Bankers’
Association as an authorized information vendor for the purpose of displaying
such rates) for a period equal to such Eurodollar Interest Accrual Period; provided
that, to the extent that an interest rate is not ascertainable pursuant to the
foregoing provisions of this definition, the “Eurodollar Rate” shall be the
interest rate per annum determined by such
Funding Agent to be the rate per annum at
which deposits in Dollars are offered by the Reference Lender in London to
prime banks in the London interbank market at or about 11:00 a.m. (London
time) two (2)

 5
 

Business Days before the
first day of such Eurodollar Interest Accrual Period in an amount substantially
equal to the amount of the Eurodollar Advances to be outstanding during such
Eurodollar Interest Accrual Period and for a period equal to such Eurodollar
Interest Accrual Period.  In respect of
any Eurodollar Interest Accrual Period which is not thirty (30) days in
duration, the Eurodollar Rate shall be determined through the use of straight-line
interpolation by reference to two rates calculated in accordance with the
preceding sentence, one of which shall be determined as if the maturity of the
Dollar deposits referred to therein were the period of time for which rates are
available next shorter than the Eurodollar Interest Accrual Period and the
other of which shall be determined as if such maturity were the period of time
for which rates are available next longer than the Eurodollar Interest Accrual
Period; provided that, if a Eurodollar Interest Accrual Period
is less than or equal to seven days, the Eurodollar Rate shall be determined by
reference to a rate calculated in accordance with the preceding sentence as if
the maturity of the Dollar deposits referred to therein were a period of time
equal to seven days.

“Eurodollar Rate (Reserve Adjusted)” means, for
any Eurodollar Interest Accrual Period, an interest rate per annum
(rounded upward to the nearest 1/100th of 1%) determined pursuant to the
following formula:

	
  Eurodollar Rate =

  	
   

  	
  Eurodollar Rate

  
	
  (Reserve Adjusted)

  	
   

  	
  1.00   Eurodollar
  Reserve Percentage

  

The Eurodollar Rate
(Reserve Adjusted) for any Eurodollar Interest Accrual Period for Eurodollar
Advances will be determined by the related Funding Agent on the basis of the
Eurodollar Reserve Percentage in effect one (1) Business Day before the
first day of such Eurodollar Interest Accrual Period.

“Eurodollar Reserve Percentage” means, for any
Eurodollar Interest Accrual Period, the reserve percentage (expressed as a
decimal) equal to the maximum aggregate reserve requirements (including all
basic, emergency, supplemental, marginal and other reserves and taking into
account any transitional adjustments or other scheduled changes in reserve
requirements) specified under regulations issued from time to time by the
F.R.S. Board and then applicable to assets or liabilities consisting of and
including “Eurocurrency Liabilities,” as currently defined in Regulation D of
the F.R.S. Board, having a term approximately equal or comparable to such
Eurodollar Interest Accrual Period.

“Eurodollar Tranche” means that portion of the
Series 2007-2 Principal Amount purchased or maintained with
Eurodollar Advances.

“Federal Funds Rate” means for any period, a
fluctuating interest rate per annum equal
for each day during such period to the weighted average of the overnight
federal funds rates as in Federal Reserve Board Statistical Release H.15(519)
or any successor or substitute publication selected by the Funding Agent for
such Investor Group (or, if such day is not a Business Day, for the next
preceding Business Day), or, if, for any reason, such rate is not available on
any day, the rate determined, in the sole opinion of the Funding Agent for such
Investor Group, to be the rate at which overnight federal funds are being
offered in the national federal funds market at 9:00 a.m. New York City
time.

 6
 

“Financial Statements” has the meaning set forth
in Section 6.02(b).

“Governmental Authority” means the United States
of America, any state, local or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory, or
administrative functions thereof pertaining thereto.

“Increase Date” shall mean the Business Day on
which an Increase in the Series 2007-2 Principal Amount occurs.

“Investor Group” means, collectively, a Conduit
Investor, if any, and the Committed Note Purchaser(s) with respect to such
Conduit Investor.

“Investor Group Increase Amount” means, with
respect to any Investor Group, for any Business Day, such Investor Group’s
Commitment Percentage of the Increase, if any, on such Business Day.

“Investor Group Principal Amount” means, with
respect to any Investor Group, (a) when used with respect to the
Series 2007-2 Closing Date, such Investor Group’s Commitment
Percentage of the Series 2007-2 Initial Advance Principal Amount and
(b) when used with respect to any other date, an amount equal to
(i) the Investor Group Principal Amount with respect to such Investor
Group on the immediately preceding Business Day plus (ii) the
Investor Group Increase Amount with respect to such Investor Group on such date
minus (iii) the amount of principal payments made to such Investor
Group pursuant to the Series 2007-2 Series Supplement on such date plus
(iv) the amount of principal payments recovered from such Investor Group
by a trustee as a preference payment in a bankruptcy proceeding of the Issuer
or otherwise.

“Investor Group Supplement” means an Investor
Group Supplement substantially in the form of Exhibit C.

“Majority Program Support Providers” means with
respect to the related Investor Group, Program Support Providers holding more
than 50% of the aggregate commitments of all Program Support Providers.

“Margin Stock” means “margin stock” as defined in
Regulation U of the Board of Governors of the Federal Reserve System, as
amended from time to time.

“Maximum Investor Group Principal Amount” means,
with respect to each Investor Group, the amount set forth opposite the name of
the Conduit Investor included in such Investor Group on Schedule I,
as such amount may be increased or modified from time to time by written
agreement among the Committed Note Purchasers included in such Investor Group
on Schedule I hereto, the Servicer, the Series Insurer and the Co-Issuers
in accordance with the terms hereof.

“Prime Rate” means the rate announced by the
Reference Lender from time to time as its prime rate in the United States, such
rate to change as and when such designated rate changes.  The Prime Rate is not intended to be the
lowest rate of interest charged by the Reference Lender in connection with
extensions of credit to debtors.

 7
 

“Program Support Agreement” means and includes any
agreement entered into by any Program Support Provider in respect of any
Class A Commercial Paper and/or Series 2007-2 Note providing
for the issuance of one or more letters of credit for the account of a
Committed Note Purchaser or a Conduit Investor, the issuance of one or more
insurance policies for which a Committed Note Purchaser or a Conduit Investor
is obligated to reimburse the applicable Program Support Provider for any
drawings thereunder, the sale by a Committed Note Purchaser or a Conduit
Investor to any Program Support Provider of the Series 2007-2 Notes
(or portions thereof or interests therein) and/or the making of loans and/or
other extensions of credit to a Committed Note Purchaser or a Conduit Investor
in connection with such Conduit Investor’s securitization program, together
with any letter of credit, insurance policy or other instrument issued
thereunder or guaranty thereof (but excluding any discretionary advance facility
provided by a Committed Note Purchaser).

“Program Support Provider” means and includes any
financial institutions and any other or additional Person now or hereafter
extending credit or having a commitment to extend credit to or for the account
of, and/or agreeing to make purchases from, a Committed Note Purchaser or a
Conduit Investor in respect of such Committed Note Purchaser’s or Conduit
Investor’s Class A Commercial Paper (“Class A Commercial Paper”) and/or
Class A Note (“Class A
Note”), and/or agreeing to issue a letter of credit or
insurance policy or other instrument to support any obligations arising under
or in connection with such Conduit Investor’s securitization program as it
relates to any Class A Commercial Paper issued by such Conduit Investor,
in each case pursuant to a Program Support Agreement and any guarantor of any
such person.

“Reference Lender” means the related Funding
Agent.

“Regulation S”: 
Regulation S under the Securities Act.

“Securities Act”: 
The U.S. Securities Act of 1933, as amended.

“Series 2007-2 Advance” has the meaning set
forth in paragraph 2 of the recitals hereto.

“Series 2007-2 Advance Request” has the
meaning set forth in Section 7.03(c).

“Series 2007-2 Commitment Termination Date”
means the Series 2007-2 Anticipated Repayment Date or such later date
designated in accordance with Section 2.05 or such earlier date as
the parties hereto may agree in writing to terminate this Agreement.

“Series 2007-2 Initial Advance”
means the Series 2007-2 Advances made under this Agreement as part of the
initial Borrowings.

“Series 2007-2 Series Supplement” means
that certain Series Supplement to the Base Indenture, dated as of the date
hereof (as amended, modified, restated or supplemented from time to time in
accordance with the terms thereof), by and among the Co-Issuers, Wells
Fargo Bank, National Association, as Indenture Trustee and Financial Guaranty
Insurance Company, as Series Insurer, relating to, among other things, the
issuance by the Co-Issuers of Series 2007-2 Notes.

 8
 

“Series 2007-2
Mandatory Redemption Period” means a Mandatory Redemption Period relating
to the Series 2007-2 Notes.

“Taxes” has the meaning set forth in Section 3.08.

“Term” has the meaning set forth in Section 2.05.

“Undrawn Facility Fee” has the meaning set forth
in Section 3.02(a).

ARTICLE II

 

PURCHASE AND SALE OF
SERIES 2007-2 NOTES

Section 2.01   The
Initial Note Purchase.  On the terms
and conditions set forth in the Indenture and this Agreement, and in reliance
on the covenants, representations and agreements set forth herein and therein,
the Co-Issuers caused the Indenture Trustee to issue the initial
Series 2007-2 Notes on the Series 2007-2 Closing
Date.  Such initial Series 2007-2
Notes for each Investor Group were dated the Series 2007-2 Closing
Date, registered in the name of the respective Funding Agent or its nominee, as
agent for the related Conduit Investor and the Committed Note Purchaser(s), or
in such other name as the respective Funding Agent may request, and duly
authenticated in accordance with the provisions of the Indenture.

Section 2.02   Series
2007-2 Advances. 
(a) Subject to the terms and conditions of this Agreement and the
Series 2007-2 Series Supplement, each Conduit Investor, if any may
and, if such Conduit Investor determines that it will not make a Series 2007-2
Advance or any portion of a Series 2007-2 Advance, its related Committed
Note Purchaser(s) or, if there is no Conduit Investor with respect to any
Investor Group, the Committed Note Purchaser(s) with respect to such Investor
Group, shall, to the extent such Conduit Investor does not make such Series
2007-2 Advance or there is no such Conduit Investor with respect to an
Investor Group, and the Series 2007-2 Commitment Termination Date has not
occurred, upon the Co-Issuers’ request, delivered in accordance with the
provisions of Section 2.03, and the satisfaction of all conditions
precedent thereto, make Series 2007-2 Advances from time to time up to
but not including the Series 2007-2 Commitment Termination Date; provided,
that, such Series 2007-2 Advances shall be made ratably by each Conduit
Investor, if any, based on the respective Commitment Percentage of its Investor
Group and the portion of any such Series 2007-2 Advance made by a
Committed Note Purchaser shall be its Committed Note Purchaser Percentage of
the Commitment Percentage with respect to the related Investor Group; provided,
that no Series 2007-2 Advance shall be required or permitted to be made
on any date if, after giving effect to such Series 2007-2 Advance,
(i) such related Investor, Group Principal Amount would exceed the Maximum
Investor Group Principal Amount, (ii) the Series 2007-2
Principal Amount would exceed the Series 2007-2 Maximum Principal
Amount, or (iii) a Mandatory Redemption Event with respect to the
Series 2007-2 Notes exists or would exist as a result of such Series
2007-2 Advance. If a Conduit Investor elects not to fund the full amount
of its Commitment Percentage of the Series 2007-2 Initial Advance
Principal Amount or a requested Increase, such Conduit Investor shall notify
the Administrative Agent and the Funding Agent with respect to such Conduit
Investor, and each Committed Note Purchaser with respect to such Conduit
Investor shall fund its Committed Note Purchaser Percentage of the portion of
the Commitment 

 9
 

Percentage with respect
to such Investor Group of the Series 2007-2 Initial Advance
Principal Amount or such Increase, as the case may be, not funded by such
Conduit Investor.

(b)           Subject
to Section 9.10(b), each Conduit Investor hereby agrees with
respect to itself that it will use commercially reasonable efforts to fund
Series 2007-2 Advances made by its Investor Group through the issuance of
Class A Commercial Paper; provided, that (i) no
Conduit Investor will have any obligation to use commercially reasonable
efforts to fund Series 2007-2 Advances made by its Investor Group through
the issuance of Class A Commercial Paper at any time (x) a Mandatory
Redemption Event with respect to the Series 2007-2 Notes has
occurred and is continuing or (y) the funding of such Series 2007-2
Advance through the issuance of Class A Commercial Paper would be
prohibited by the program documents governing such Conduit Investor’s
commercial paper program, (ii) nothing herein is (or shall be construed)
as a commitment by any Conduit Investor to fund any Series 2007-2 Advance
through the issuance of Class A Commercial Paper, and
(iii) notwithstanding anything herein or in any other Transaction Document
to the contrary, at no time will a Conduit Investor be obligated to make Series
2007-2 Advances hereunder.

(c)           Each
of the Series 2007-2 Advances to be made on any date shall be made singly
as part of a single borrowing (each such single borrowing being a “Borrowing”).  Subject to the terms of this Agreement and
the Series 2007-2 Series Supplement, the aggregate principal amount
of the Series 2007-2 Advances represented by the Series 2007-2
Notes may be increased or decreased from time to time.

Section 2.03   Borrowing
Procedures.  (a) Whenever the Co-Issuers
wish the Conduit Investors, or if there is no Conduit Investor with respect to
any Investor Group, the Committed Note Purchaser with respect to such Investor
Group, to make a Series 2007-2 Advance, the Co-Issuers shall (or
shall cause the Servicer to) notify the Administrative Agent, each Funding
Agent and the Indenture Trustee upon irrevocable written notice delivered to
the Administrative Agent and each Funding Agent (with a copy of such notice
delivered to the Committed Note Purchasers) no later than 12:00 noon New
York City time on the Business Day prior to the proposed Borrowing (which
Borrowing date shall, except in the case of the Series 2007-2 Initial
Advance, be an Increase Date).  Each such
notice shall be irrevocable and shall in each case refer to this Agreement and
specify the aggregate amount of the requested Borrowing to be made on such
date.  The Co-Issuers shall (or
shall cause the Servicer to) ratably allocate the proposed Borrowing among the
Investor Groups’ respective Investor Group Principal Amounts.  Each Funding Agent shall promptly advise its
related Conduit Investor, if any, of any notice given pursuant to this Section 2.03
and shall promptly thereafter (but in no event later than 11:00 a.m. New
York City time on the proposed date of Borrowing) notify the Co-Issuers
and the related Committed Note Purchaser(s) whether such Conduit Investor has
determined to make such Series 2007-2 Advance.  On the date of each Borrowing and subject to
the other conditions set forth herein and in the Series 2007-2
Series Supplement, each Conduit Investor or its related Committed Note
Purchaser(s), as the case may be, shall make available to the Co-Issuers
the amount of such Series 2007-2 Advance by wire transfer in U.S. dollars
of such amount in same day funds to the Series 2007-2 Collection
Account no later than 3:00 p.m. (New York time) on the date of such
Borrowing.

 10
 

(b)           If, by 2:00 p.m. (New York time) on
the date of any Borrowing, one or more Committed Note Purchasers in an Investor
Group (each, a “Defaulting
Committed Note Purchaser,” and each Committed Note Purchaser
in the related Investor Group other than any Defaulting Committed Note
Purchaser being referred to as a “Non-Defaulting
Committed Note Purchaser”) fails to make its ratable portion
of any Borrowing available to the Co-Issuers pursuant to Section 2.03(a)
(the aggregate amount unavailable to the Co-Issuers as a result of such
failure being herein called in either case the “Borrowing Deficit”), then the Funding Agent for
such Investor Group shall, by no later than 2:30 p.m. (New York City time)
on the applicable date of such Borrowing instruct each Non-Defaulting
Committed Note Purchaser in the same Investor Group as the Defaulting Committed
Note Purchaser to pay, by no later than 3:00 p.m. (New York time), in
immediately available funds, to the Co-Issuers, an amount equal to the
lesser of (i) such Non-Defaulting Committed Note Purchaser’s
proportionate share (based upon the relative Committed Note Purchaser
Percentage of such Non-Defaulting Committed Note Purchasers) of the
Borrowing Deficit and (ii) such Non-Defaulting Committed Note
Purchaser’s Committed Note Purchaser Percentage of the amount by which the
Maximum Investor Group Investor Amount for such Investor Group exceeds the
Investor Group Principal Amount for such Investor Group (determined after
giving effect to any Series 2007-2 Advances already made by such Investor
Group on such date).  A Defaulting
Committed Note Purchaser shall forthwith, upon demand, pay to the applicable
Funding Agent for the ratable benefit of the Non-Defaulting Committed
Note Purchasers all amounts paid by each such Non-Defaulting Committed
Note Purchaser on behalf of such Defaulting Committed Note Purchaser, together
with interest thereon, for each day from the date a payment was made by a Non-Defaulting
Committed Note Purchaser until the date such Non-Defaulting Committed
Note Purchaser has been paid such amounts in full, at a rate per annum equal to the sum of the Base Rate plus 1% per annum.

Section 2.04   The
Series 2007-2 Notes.  On
each date a Series 2007-2 Advance is funded under the Series 2007-2
Notes pursuant to this Agreement, and on each date the amount of outstanding
Series 2007-2 Advances thereunder is reduced, a duly authorized officer,
employee or agent of the related Funding Agent shall make appropriate notations
in its books and records of the amount of such Series 2007-2 Advance and
the amount of such reduction, as applicable. 
The Co-Issuers hereby authorize each duly authorized officer, employee
and agent of such Funding Agent to make such notations on the books and records
as aforesaid and every such notation made in accordance with the foregoing
authority shall be prima
facie evidence of the accuracy of the information so recorded and
shall be binding on the Co-Issuers absent manifest error; provided,
however, that in the event of a discrepancy between the books
and records of such Funding Agent and the records maintained by the Indenture
Trustee pursuant to the Indenture, such discrepancy shall be resolved by such
Funding Agent, the Series Insurer and the Indenture Trustee.

Section 2.05   Commitment
Term.  The “Term” of the Commitment hereunder shall be for a
period commencing on the Series 2007-2 Closing Date and ending on
the Series 2007-2 Commitment Termination Date.

Section 2.06   Selection
of Interest Rates.  Following
(i) the funding of any Series 2007-2 Advances by a Committed Note
Purchaser or (ii) any assignment by a Conduit Investor to its related
liquidity providers pursuant to the applicable liquidity purchase agreement or
liquidity loan agreement with respect to the Series 2007-2 Notes or
to its related Committed Note

 11
 

Purchaser hereunder, in
each case the Series 2007-2 Advances funded, directly or indirectly, with
amounts received from any such provider or Committed Note Purchaser will accrue
interest at the Base Rate; provided that the Co-Issuers
may, prior to the commencement of Series 2007-2 Mandatory Redemption
Period, if the Co-Issuers give notice prior to 12:00 p.m. (New York
Time) on the date which is two (2) Business Days prior to the commencement
of the related Eurodollar Interest Accrual Period, elect that such Series 2007-2
Advances be made as Eurodollar Advances, in which case such Series 2007-2
Advances shall bear interest at the Eurodollar Rate (Reserve Adjusted) plus
0.40% per annum.

Section 2.07   Reduction
in Commitment Amount.  The Co-Issuers
may, upon three Business Days’ notice to the Indenture Trustee, the
Administrative Agent, each Funding Agent, each Conduit Investor and each
Committed Note Purchaser, effect a permanent reduction in the Series 2007-2
Maximum Principal Amount and a corresponding reduction in the Commitment Amount
and the Maximum Investor Group Principal Amount; provided that any such
reduction will be limited to the undrawn portion of the Commitment Amounts,
although any such reduction may be combined with a Voluntary Decrease effected
pursuant to and in accordance with Section 5.2(b) of the Series 2007-2
Series Supplement and must be in a minimum amount of $5,000,000.

ARTICLE III

 

INTEREST AND FEES

Section 3.01   Interest.  Each related Series 2007-2 Advance
funded or maintained by a Conduit Investor during the related Series 2007-2
Interest Accrual Period (a) through the issuance of Class A
Commercial Paper shall bear interest at the CP Rate for such Series 2007-2
Interest Accrual Period plus 0.40% per annum and (b) through means other than the issuance
of Class A Commercial Paper shall bear interest at (i) the Base Rate
for the related Series 2007-2 Interest Accrual Period or
(ii) if the required notice has been given pursuant to Section 2.06,
the Eurodollar Rate (Reserve Adjusted) plus 0.40% per annum applicable to such
Investor Group for the related Eurodollar Interest Accrual Period, in each case
except as otherwise provided in the definition of Eurodollar Interest Accrual
Period or in Section 3.03 or 3.04.  Each Funding Agent shall notify the Co-Issuers,
the Servicer and the Administrative Agent of the applicable interest rate for
the Series 2007-2 Advances made by its Investor Group for the related
Series 2007-2 Interest Accrual Period by 11:00 a.m. (New York time)
on the Business Day preceding each Determination Date and on the Business Day
following each Payment Date.  In
addition, each Funding Agent shall notify the Co-Issuers, the Servicer
and the Administrative Agent of the applicable CP Rate for each Series 2007-2
Advance made by its Investor Group and funded through the issuance of
Class A Commercial Paper by 11:00 a.m. (New York time) on the second
Business Day after the end of the applicable Interest Accrual Period.  The Administrative Agent shall notify the
Servicer and the Indenture Trustee of the blended average of the CP Rates for
each Series 2007-2 Advance on the Business Day of such Series 2007-2
Advance.

(a)           Interest
shall be due and payable on each Payment Date in accordance with the provisions
of the Series 2007-2 Series Supplement.

 12
 

(b)           All
computations of interest at the CP Rate and the Eurodollar Rate (Reserve
Adjusted) shall be made on the basis of a year of 360 days and the actual
number of days elapsed and all computations of interest at the Base Rate shall
be made on the basis of a 365 (or 366, as applicable) day year and actual
number of days elapsed.  Whenever any
payment of interest or principal in respect of any Series 2007-2 Advance
shall be due on a day other than a Business Day, such payment shall be made on
the next succeeding Business Day (other than as provided in the definition of
Eurodollar Interest Accrual Period) and such extension of time shall be
included in the computation of the amount of interest owed.

Section 3.02   Fees.  (a) On each Payment Date on or prior to
the Series 2007-2 Commitment Termination Date, the Co-Issuers shall pay
to each Funding Agent, for the account of the related Investor Group, an
undrawn facility fee (the “Undrawn
Facility Fee”) equal to the product of (x) 0.15% times
(y) the excess of (i) 100% of the Maximum Investor Group Principal
Amount for the related Investor Group over (ii) 100% of the daily average
Investor Group Principal Amount for the related Investor Group during the
related Series 2007-2 Interest Accrual Period (or in the case of the
first Payment Date occurring following the Series 2007-2 Closing
Date, the number of days in the period from and including the Series 2007-2
Closing Date to but excluding such first Payment Date), times
(z) the number of days in the related Series 2007-2 Interest
Accrual Period divided by 360 (or in the case of the first Payment Date
occurring following the Series 2007-2 Closing Date, the number of
days in the period from and including the Series 2007-2 Closing Date
to but excluding such first Payment Date).

(b)           On
the Series 2007-2 Closing Date and on each Payment Date thereafter,
the Co-Issuers shall pay to the Administrative Agent the applicable
Administrative Agent Fee for such date.

(c)           On
the Series 2007-2 Closing Date, the Co-Issuers shall pay to
each Funding Agent, for the account of the related Committed Note Purchaser a
structuring and commitment fee equal to the product of (a) the product of
(x) 0.01625% and (y) the Series 2007-2 Maximum Principal
Amount and (b) such Committed Note Purchaser’s Committed Note Purchaser
Percentage on the Series 2007-2 Closing Date.

(d)           On
the Series 2007-2 Closing Date or any Payment Date up to and including
the Payment Date occurring in June 2007, the Co-Issuers shall pay to each
Funding Agent, for the account of the related Committed Note Purchaser, an
amount sufficient to reimburse such Committed Note Purchaser for certain
syndication related expenses, evidenced by appropriate invoices delivered to
the Administrative Agent with a copy to the Servicer, up to an aggregate amount
of $65,000.

Section 3.03   Eurodollar
Lending Unlawful.  If a Conduit
Investor, a Committed Note Purchaser or any Program Support Provider shall
reasonably determine (which determination shall, upon notice thereof to the
Administrative Agent and the related Funding Agent and the Co-Issuers, be
conclusive and binding on the Co-Issuers absent manifest error) that the
introduction of or any change in or in the interpretation of any law, rule or
regulation makes it unlawful, or any central bank or other Governmental
Authority asserts that it is unlawful, for any such Program Support Provider or
Committed Note Purchaser to make, continue, or maintain any Series 2007-2
Advance as, or to convert any Series 2007-2 Advance

 13
 

into, the Eurodollar
Tranche of such Series 2007-2 Advance, the obligation of such Person to
make, continue or maintain or convert any such Series 2007-2 Advance as
the Eurodollar Tranche of such Series 2007-2 Advance shall, upon such
determination, forthwith be suspended until such Person shall notify the
related Funding Agent and the Co-Issuers that the circumstances causing
such suspension no longer exist, and such Investor Group shall immediately
convert all Series 2007-2 Advances of any such Program Support Provider
or Committed Note Purchaser, as applicable, into the Base Rate Tranche of such
Series 2007-2 Advance at the end of the then current Eurodollar Interest
Accrual Periods with respect thereto or sooner, if required by such law or
assertion.

Section 3.04   Deposits
Unavailable.  If a Conduit Investor,
a Committed Note Purchaser or any Program Support Provider shall have
reasonably determined that:

(a)           Dollar
deposits in the relevant amount and for the relevant Eurodollar Interest
Accrual Period are not available to all Reference Lenders in the relevant
market; or

(b)           by
reason of circumstances affecting all Reference Lenders’ relevant market,
adequate means do not exist for ascertaining the interest rate applicable
hereunder to the Eurodollar Tranche of any Series 2007-2 Advance; or

(c)           such
Conduit Investor, such Committed Note Purchaser or the related Majority Program
Support Providers have notified the related Funding Agent and the Co-Issuers
that, with respect to any interest rate otherwise applicable hereunder to the
Eurodollar Tranche of any Series 2007-2 Advance the Eurodollar Interest
Accrual Period for which has not then commenced, such interest rate will not
adequately reflect the cost to such Conduit Investor, such Committed Note
Purchaser or such Majority Program Support Providers of making, funding, agreeing
to make or fund or maintaining their respective Eurodollar Tranche of such
Series 2007-2 Advance for such Eurodollar Interest Accrual Period,

then, upon notice from
such Conduit Investor, such Committed Note Purchaser or the related Majority
Program Support Providers to such Funding Agent and the Co-Issuers, the
obligations of such Conduit Investor, such Committed Note Purchaser and all of
the relevant Program Support Providers to make or continue any Series 2007-2
Advance as, or to convert any Series 2007-2 Advances into, the Eurodollar
Tranche of such Series 2007-2 Advance shall forthwith be suspended until
such Funding Agent shall notify the Co-Issuers that the circumstances
causing such suspension no longer exist.

Section 3.05   Increased
or Reduced Costs, etc.  The Co-Issuers
agree to reimburse each Conduit Investor and each Committed Note Purchaser and
any Program Support Provider (each, an “Affected Person”) for any increase in the cost
of, or any reduction in the amount of any sum receivable by any such Affected
Person, including reductions in the rate of return on such Affected Person’s
capital, in respect of making, continuing or maintaining (or of its obligation
to make, continue or maintain) any Series 2007-2 Advances as, or of
converting (or of its obligation to convert) any Series 2007-2 Advances
into, the Eurodollar Tranche of such Series 2007-2 Advance that arise in
connection with any Changes in Law, except for such Changes in Law with respect
to increased capital costs and taxes which are governed by Sections 3.07
and 3.08, respectively.  Each such
demand shall be provided to the related Funding

 14
 

Agent and the Co-Issuers
in writing and shall state, in reasonable detail, the reasons therefor and the
additional amount required fully to compensate such Affected Person for such
increased cost or reduced amount or return. 
Such additional amounts shall be payable by the Co-Issuers to such
Funding Agent and by such Funding Agent directly to such Affected Person within
five (5) Business Days of the Co-Issuers’ receipt of such notice,
and such notice shall, in the absence of manifest error, be conclusive and
binding on the Co-Issuers.

Section 3.06   Funding
Losses.  In the event any Affected
Person shall incur any loss or expense (including any loss or expense incurred
by reason of the liquidation or reemployment of deposits or other funds
acquired by such Affected Person to make, continue or maintain any portion of
the principal amount of any Series 2007-2 Advance as, or to convert any
portion of the principal amount of any Series 2007-2 Advance into, the
Eurodollar Tranche of such Series 2007-2 Advance) as a result of:

(a)           any
conversion or repayment or prepayment (for any reason, including, without
limitation, as a result of the acceleration of the maturity of the Eurodollar
Tranche of such Series 2007-2 Advance or the assignment thereof in
accordance with the requirements of the applicable Program Support Agreement)
of the principal amount of any portion of the Eurodollar Tranche on a date
other than the scheduled last day of the Eurodollar Interest Accrual Period
applicable thereto;

(b)           any
Series 2007-2 Advance not being made as a Series 2007-2 Advance
under the Eurodollar Tranche after a request for such a Series 2007-2
Advance has been made in accordance with the terms contained herein;

(c)           any
Series 2007-2 Advance not being continued as, or converted into, a Series
2007-2 Advance under the Eurodollar Tranche after a request for such
continuation or conversion has been made in accordance with the terms contained
herein, or

(d)           any
failure of the Co-Issuers to make a Decrease after giving notice thereof
pursuant to Section 5.2(b) of the Series 2007-2 Series
Supplement,

then, upon the written
notice of any Affected Person to the related Funding Agent and the Co-Issuers,
the Co-Issuers shall pay to such Funding Agent and such Funding Agent
shall, within five  (5) Business Days of its receipt thereof, pay directly
to such Affected Person such amount as will (in the reasonable determination of
such Affected Person) reimburse such Affected Person for such loss or
expense.  Such written notice (which
shall include calculations in reasonable detail) shall, in the absence of
manifest error, be conclusive and binding on the Co-Issuers.

Section 3.07   Increased
Capital Costs.  If any Change in Law
affects or would affect the amount of capital required or reasonably expected
to be maintained by any Affected Person or any Person controlling such Affected
Person and such Affected Person reasonably determines (in its sole and absolute
discretion) that the rate of return on its or such controlling Person’s capital
as a consequence of its commitment or the Series 2007-2 Advances made by
such Affected Person is reduced to a level below that which such Affected
Person or such controlling Person would have achieved but for the occurrence of
any such circumstance, then, in

 15
 

any such case after
notice from time to time by such Affected Person to the related Funding Agent
and the Co-Issuers, the Co-Issuers shall pay to such Funding Agent
and such Funding Agent shall pay an incremental commitment fee to such Affected
Person sufficient to compensate such Affected Person or such controlling Person
for such reduction in rate of return.  A
statement of such Affected Person as to any such additional amount or amounts
(including calculations thereof in reasonable detail), in the absence of
manifest error, shall be conclusive and binding on the Co-Issuers; and provided,
further, that the initial payment of such increased commitment
fee shall include a payment for accrued amounts due under this Section 3.07
prior to such initial payment.  In
determining such additional amount, such Affected Person may use any method of
averaging and attribution that it (in its reasonable discretion) shall deem
applicable so long as it applies such method to other similar transactions.

Section 3.08   Taxes.  (a) Any and all payments by the
Co-Issuers of principal of, and interest on, the Series 2007-2 Notes and all
other amounts payable hereunder (including fees) shall be made free and clear
of and without deduction for any present or future income, excise, documentary,
property, stamp or franchise taxes, and other taxes, levies, imposts,
deductions, charges or withholdings and all liabilities (including penalties,
interest and additions to tax) with respect thereto, whether now or hereafter
imposed, levied, collected withheld or assessed by any taxing authority (“Taxes”),
unless required by law.  If the
Co-Issuers shall be required under any requirement of law to deduct or withhold
any Taxes from or in respect of any sum payable hereunder or in respect of the
Series 2007-2 Notes, (i) the Co-Issuers shall make all such deductions and
withholdings in respect of Taxes, (ii) the Co-Issuers shall pay the full amount
deducted or withheld in respect of Taxes to the relevant taxation authority or
other governmental authority in accordance with any requirement of law, and
(iii) the sum payable by the Co-Issuers shall be increased as may be necessary
so that after the Co-Issuers have made all required deductions and withholdings
(including deductions and withholdings applicable to additional amounts payable
under this Section 3.08) such Affected Party receives an amount equal to
the sum it would have received had no such deductions or withholdings been made
in respect of Non-Excluded Taxes.  For
purposes of this Agreement, the term “Non-Excluded Taxes” are Taxes,
other than (i) Taxes that are imposed on the Affected Person’s overall net
income (including franchise taxes imposed in lieu thereof) by the jurisdiction
under the laws of which such Affected Person is organized or of its applicable
lending office, or any political subdivision thereof, unless such Taxes are
imposed as a result of such Affected Party having executed, delivered or
performed its obligations or received payments under, or enforced, this Agreement
or the Series 2007-2 Notes, and (ii) with respect to any Affected Person
organized under the laws of the jurisdiction other than the United States (“Foreign Affected Person”),
any United States Interest withholding tax that is imposed on amounts payable to
the Foreign Affected Person at the time the Foreign Affected Person becomes a
party to this Agreement (or designates a new lending office), except to the
extent that such Foreign Affected Person (or its assignor, if any) was already
entitled, at the time of the designation of the new lending office (or
assignment), to receive additional amounts from the Co-Issuers with respect to
United States Interest withholding tax.

Moreover, if any
Non-Excluded Taxes are directly asserted against any Affected Person with
respect to any payment received by such Affected Person or its agent from the
Co-Issuers, such Affected Person or its agent may pay such Non-Excluded
Taxes and the Co-Issuers will promptly upon receipt of prior written
notice stating the amount of such Non-

 16
 

Excluded Taxes pay such
additional amounts (including any penalties, interest or expenses) as is
necessary in order that the net amount received by such person after the
payment of such Non-Excluded Taxes (including any Taxes on such additional amount)
shall equal the amount such person would have received had such Non-Excluded
Taxes not been asserted.

If the Co-Issuers
fail to pay any Taxes when due to the appropriate taxing authority or fails to
remit to the Affected Person or its agent the required receipts or other
required documentary evidence, the Co-Issuers shall indemnify the
Affected Person and their agent for any incremental Taxes, interest or
penalties that may become payable by any such Affected Person or its agent as a
result of any such failure.  For purposes
of this Section 3.08, a distribution hereunder by the agent for the
relevant Affected Person shall be deemed a payment by the Co-Issuers.

Upon the request of the
Co-Issuers, each Foreign Affected Person shall execute and deliver to the
Co-Issuers, prior to the initial due date of any payments hereunder and
to the extent permissible under then current law, and on or about the first
scheduled payment date in each calendar year thereafter, one or more (as the Co-Issuers
may reasonably request) United States Internal Revenue Service Forms W-8BEN,
Forms W-8ECI or Forms W-9, or successor applicable forms, or such
other forms or documents (or successor forms or documents), appropriately
completed, as may be applicable to establish the extent, if any, to which a
payment to such Affected Person is exempt from withholding or deduction of
Taxes.  The Co-Issuers shall not,
however, be required to pay any increased amount under this Section 3.08
to any Affected Person that is organized under the laws of a jurisdiction other
than the United States if such Affected Person fails to comply with the
requirements set forth in this paragraph.

Section 3.09   Indenture
Carrying Charges; Survival. The agreements in Sections 3.05, 3.06,
3.07 and 3.08 shall survive the termination of this
Series 2007-2 Note Purchase Agreement, the Series 2007-2
Series Supplement and the Base Indenture and the payment of all amounts payable
hereunder and thereunder.

ARTICLE IV

 

OTHER PAYMENT TERMS

Section 4.01   Time
and Method of Payment.  All amounts
payable to any Funding Agent hereunder or with respect to the Series 2007-2
Notes shall be made to the applicable Funding Agent or upon the order of the
applicable Funding Agent by wire transfer of immediately available funds in
Dollars not later than 1:00 p.m., New York City time, on the date
due.  Any funds received after that time
will be deemed to have been received on the next Business Day. The Co-Issuers’
obligations hereunder in respect of any amounts payable to any Conduit Investor
or Committed Note Purchaser shall be discharged to the extent funds are
disbursed by the Co-Issuers to the related Funding Agent as provided
herein whether or not such funds are properly applied by such Funding Agent.

 

 17

ARTICLE V

THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS

Section 5.01           Authorization and Action of the
Administrative Agent.  Each of the
Conduit Investors, the Committed Note Purchasers and the Funding Agents hereby
designates and appoints Wells Fargo Bank, National Association as the
Administrative Agent hereunder, and hereby authorizes the Administrative Agent
to take such actions as agent on their behalf and to exercise such powers as
are delegated to the Administrative Agent by the terms of this Agreement
together with such powers as are reasonably incidental thereto.  The Administrative Agent shall not have any
duties or responsibilities, except those expressly set forth herein, or any
fiduciary relationship with any Conduit Investor, any Committed Note Purchaser
or any Funding Agent, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities on the part of the Administrative Agent
shall be read into this Agreement or otherwise exist for the Administrative
Agent.  In performing its functions and
duties hereunder, the Administrative Agent shall act solely as agent for the
Conduit Investors, the Committed Note Purchasers and the Funding Agents and
does not assume nor shall it be deemed to have assumed any obligation or relationship
of trust or agency with or for the Co-Issuers or any of its successors or
assigns.  The Administrative Agent shall
not be required to take any action that exposes the Administrative Agent to
personal liability or that is contrary to this Agreement or Applicable
Law.  The appointment and authority of
the Administrative Agent hereunder shall terminate upon the indefeasible
payment in full of the Series 2007-2 Notes and all other amounts
owed by the Co-Issuers hereunder to the Investor Groups (the “Aggregate Unpaids”).

Section 5.02           Delegation of Duties.  The Administrative Agent may execute any of
its duties under this Agreement by or through agents or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to
such duties.  The Administrative Agent
shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

Section 5.03           Exculpatory Provisions.  Neither the Administrative Agent nor any of
its directors, officers, agents or employees shall be (a) liable for any
action lawfully taken or omitted to be taken by it or them under or in
connection with this Agreement (except for its, their or such Person’s own bad
faith, gross negligence or willful misconduct), or (b) responsible in any
manner to any Conduit Investor, any Committed Note Purchaser or any Funding
Agent for any recitals, statements, representations or warranties made by the
Co-Issuers contained in this Agreement or in any certificate, report, statement
or other document referred to or provided for in, or received under or in
connection with, this Agreement for the due execution, legality, value,
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other document furnished in connection herewith, or for any
failure of the Co-Issuers to perform its obligations hereunder, or for
the satisfaction of any condition specified in Article VII.  The Administrative Agent shall not be under
any obligation to any Conduit Investor, any Committed Note Purchaser or any
Funding Agent to ascertain or to inquire as to the observance or performance of
any of the agreements or covenants contained in, or conditions of, this
Agreement, or to inspect the properties, books or records of the Co-Issuers.  The Administrative Agent shall not be deemed
to have knowledge of any Servicer Termination Event, Mandatory

 18
 

Redemption Event relating to the Series 2007-2
Notes, Trigger Reserve Event relating to the Series 2007-2 Notes, Default
or Event of Default unless the Administrative Agent has received notice from
the Co-Issuers, any Conduit Investor, any Committed Note Purchaser or any
Funding Agent.

Section 5.04           Reliance.  The Administrative Agent shall in all cases
be entitled to rely, and shall be fully protected in relying, upon any document
or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including, without limitation, counsel to the Co-Issuers),
independent accountants and other experts selected by the Administrative
Agent.  The Administrative Agent shall in
all cases be fully justified in failing or refusing to take any action under
this Agreement or any other document furnished in connection herewith unless it
shall first receive such advice or concurrence of any Conduit Investor, any
Committed Note Purchaser or any Funding Agent as it deems appropriate or it
shall first be indemnified to its satisfaction by any Conduit Investor, any
Committed Note Purchaser or any Funding Agent, provided that unless and until
the Administrative Agent shall have received such advice, the Administrative
Agent may take or refrain from taking any action, as the Administrative Agent shall
deem advisable and in the best interests of the Conduit Investors, the
Committed Note Purchasers and the Funding Agents.  The Administrative Agent shall in all cases
be fully protected in acting, or in refraining from acting, in accordance with
a request of the Required Noteholders and such request and any action taken or
failure to act pursuant thereto shall be binding upon the Conduit Investors,
the Committed Note Purchasers and the Funding Agents.

Section 5.05           Non-Reliance on the
Administrative Agent and Other Purchasers. 
Each of the Conduit Investors, the Committed Note Purchasers and the
Funding Agents expressly acknowledge that neither the Administrative Agent nor
any of its officers, directors, employees, agents, attorneys-in-fact
or affiliates has made any representations or warranties to it and that no act
by the Administrative Agent hereafter taken, including, without limitation, any
review of the affairs of the Co-Issuers, shall be deemed to constitute
any representation or warranty by the Administrative Agent.  Each of the Conduit Investors, the Committed
Note Purchasers and the Funding Agents represent and warrant to the
Administrative Agent that they have and will, independently and without
reliance upon the Administrative Agent and based on such documents and
information as they have deemed appropriate, made their own appraisal of and
investigation into the business, operations, property, prospects, financial and
other conditions and creditworthiness of the Co-Issuers and made its own
decision to enter into this Agreement.

Section 5.06           The Administrative Agent in its
Individual Capacity.  The
Administrative Agent and any of its Affiliates may make loans to, accept
deposits from, and generally engage in any kind of business with the Co-Issuers
or any Affiliate of the Co-Issuers as though the Administrative Agent
were not the Administrative Agent hereunder.

Section 5.07           Successor Administrative Agent.  The Administrative Agent may, upon 30 days’
notice to the Co-Issuers and each of the Conduit Investors, the Committed
Note Purchasers and the Funding Agents, and the Administrative Agent will, upon
the direction of Investor Groups holding more than 75% of the Series 2007-2
Principal Amount, resign as Administrative Agent.  If the Administrative Agent shall resign, then
the Investor Groups, during

 19
 

such 30-day period, shall appoint an Affiliate
of a member of the Investor Groups as a successor agent.  If for any reason no successor Administrative
Agent is appointed by the Investor Groups during such 30-day period, then
effective upon the expiration of such 30-day period, the Co-Issuers
shall make all payments in respect of the Aggregate Unpaids or under any fee
letter delivered in connection herewith directly to the Funding Agents and for
all purposes shall deal directly with the Funding Agents.  After any retiring Administrative Agent’s
resignation hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V
shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Administrative Agent under this Agreement.

Section 5.08           Authorization and Action of
Funding Agents.  Each Conduit
Investor and each Committed Note Purchaser is hereby deemed to have designated
and appointed the Funding Agent set forth next to such Conduit Investor’s name,
or if there is no Conduit Investor with respect to any Investor Group, the
Committed Note Purchaser’s name with respect to such Investor Group, on Schedule I
hereto as the agent of such Person hereunder, and hereby authorizes such
Funding Agent to take such actions as agent on its behalf and to exercise such
powers as are delegated to such Funding Agent by the terms of this Agreement
together with such powers as are reasonably incidental thereto.  Each Funding Agent shall not have any duties
or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with the related Investor Group, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities on the part of
such Funding Agent shall be read into this Agreement or otherwise exist for
such Funding Agent.  In performing its
functions and duties hereunder, each Funding Agent shall act solely as agent
for the related Investor Group and does not assume nor shall it be deemed to
have assumed any obligation or relationship of trust or agency with or for the
Co-Issuers or any of its successors or assigns.  Each Funding Agent shall not be required to
take any action that exposes such Funding Agent to personal liability or that
is contrary to this Agreement or Applicable Law.  The appointment and authority of the Funding
Agent hereunder shall terminate upon the indefeasible payment in full of the
Aggregate Unpaids.

Section 5.09           Delegation of Duties.  Each Funding Agent may execute any of its
duties under this Agreement by or through agents or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to
such duties.  Each Funding Agent shall
not be responsible for the negligence or misconduct of any agents or attorneys-in-fact
selected by it with reasonable care.

Section 5.10           Exculpatory Provisions.  Each Funding Agent and any of its directors,
officers, agents or employees shall not be (a) liable for any action
lawfully taken or omitted to be taken by it or them under or in connection with
this Agreement (except for its, their or such Person’s own bad faith, gross
negligence or willful misconduct), or (b) responsible in any manner to the
related Investor Group for any recitals, statements, representations or
warranties made by the Co-Issuers contained in this Agreement or in any
certificate, report, statement or other document referred to or provided for
in, or received under or in connection with, this Agreement, or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other document furnished in connection herewith, or for any
failure of the Co-Issuers to perform its obligations hereunder, or for
the satisfaction of any condition specified in Article VII.  Each Funding Agent shall not be under any
obligation to the related Investor Group to ascertain or to inquire as to the
observance or performance of any of

 20
 

the agreements or covenants contained in, or
conditions of, this Agreement, or to inspect the properties, books or records
of the Co-Issuers.  Each Funding
Agent shall not be deemed to have knowledge of any Servicer Termination Event,
Mandatory Redemption Event relating to the Series 2007-2 Notes, Trigger
Reserve Event relating to the Series 2007-2 Notes, Default or Event of
Default unless such Funding Agent has received notice from the Co-Issuers
or the related Investor Group.

Section 5.11           Reliance.  Each Funding Agent shall in all cases be
entitled to rely, and shall be fully protected in relying, upon any document or
conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons and upon advice and statements of
the Administrative Agent and legal counsel (including, without limitation,
counsel to the Co-Issuers), independent accountants and other experts
selected by such Funding Agent.  Each
Funding Agent shall in all cases be fully justified in failing or refusing to
take any action under this Agreement or any other document furnished in
connection herewith unless it shall first receive such advice or concurrence of
the related Investor Group as it deems appropriate or it shall first be
indemnified to its satisfaction by the related Investor Group, provided
that unless and until such Funding Agent shall have received such advice, such
Funding Agent may take or refrain from taking any action, as such Funding Agent
shall deem advisable and in the best interests of the related Investor Group.  Each Funding Agent shall in all cases be
fully protected in acting, or in refraining from acting, in accordance with a
request of the related Investor Group and such request and any action taken or
failure to act pursuant thereto shall be binding upon the related Investor
Group.

Section 5.12           Non-Reliance on the Funding
Agent and Other Purchasers.  The
related Investor Group expressly acknowledges that its Funding Agent and any of
its officers, directors, employees, agents, attorneys-in-fact or
affiliates has not made any representations or warranties to it and that no act
by such Funding Agent hereafter taken, including, without limitation, any
review of the affairs of the Co-Issuers, shall be deemed to constitute
any representation or warranty by such Funding Agent.  The related Investor Group represents and
warrants to such Funding Agent that it has and will, independently and without
reliance upon such Funding Agent and based on such documents and information as
it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, prospects, financial and other conditions and
creditworthiness of the Co-Issuers and made its own decision to enter
into this Agreement.

Section 5.13           The Funding Agent in its
Individual Capacity.  Each Funding
Agent and any of its Affiliates may make loans to, accept deposits from, and
generally engage in any kind of business with the Co-Issuers or any
Affiliate of the Co-Issuers as though such Funding Agent were not a
Funding Agent hereunder.

Section 5.14           Successor Funding Agent.  Each Funding Agent will, upon the direction
of the related Investor Group, resign as such Funding Agent.  If such Funding Agent shall resign, then the
related Investor Group shall appoint an Affiliate of a member of the related
Investor Group as a successor agent.  If
for any reason no successor Funding Agent is appointed by the related Investor
Group, then effective upon the resignation of such Funding Agent, the Co-Issuers
shall make all payments in respect of the Aggregate Unpaids due to such
Investor Group or under any fee letter delivered in connection herewith directly
to such Investor Group

 21
 

and for all purposes shall deal directly with such
Investor Group.  After any retiring
Funding Agent’s resignation hereunder as Funding Agent, subject to the
limitations set forth herein, the provisions of Section 9.05
and this Article V shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the
Funding Agent under this Agreement.

ARTICLE
VI

REPRESENTATIONS AND WARRANTIES

Section 6.01           The Co-Issuers.  Each of the Co-Issuers represents and
warrants to each Conduit Investor and each Committed Note Purchaser that each
of its representations and warranties in the Base Indenture and the other
Transaction Documents is true and correct and further represents and warrants
to such parties that:

(a)           no
Mandatory Redemption Event relating to the Series 2007-2 Notes, Servicer
Termination Event, Event of Default or event which, with the giving of notice
or the passage of time or both would constitute any of the foregoing, has
occurred and is continuing;

(b)           assuming
each Conduit Investor or other purchaser of the Series 2007-2 Notes
hereunder is not purchasing with a view toward further distribution and there
has been no general solicitation or general advertising within the meaning of
the Securities Act, and further assuming that the representations and
warranties of each Conduit Investor set forth in Section 6.03 of
this Agreement are true and correct, the offer and sale of the Series 2007-2
Notes in the manner contemplated by this Agreement is a transaction exempt from
the registration requirements of the Securities Act, and the Base Indenture is
not required to be qualified under the Trust Indenture Act; and

(c)           the
Administrative Agent has been furnished with true, accurate and complete copies
of all other Transaction Documents (excluding Series Supplements and other
Transaction Documents relating solely to a Series of Notes other than the
Series 2007-2 Notes) to which it is a party as of the
Series 2007-2 Closing Date, all of which Transaction Documents are
in full force and effect as of the Series 2007-2 Closing Date and no
terms of any such agreements or documents have been amended, modified or
otherwise waived as of such date, other than such amendments, modifications or
waivers about which each Funding Agent has been informed.

Section 6.02           Servicer.  The Servicer represents and warrants to each
Conduit Investor and each Committed Note Purchaser that:

(a)           each
representation and warranty made by it in each Transaction Document (other than
a Transaction Document relating solely to a Series of Notes other than the
Series 2007-2 Notes) to which it is a party (including any
representations and warranties made by it as Servicer) is true and correct in
all material respects as of the date originally made, as of the date hereof and
as of the Series 2007-2 Closing Date (unless stated to relate solely
to an earlier date, in which  case such
representations and warranties shall be true and correct as of such earlier
date);

 22
 

(b)           the audited combined balance sheets
of IHOP Corp. and Affiliates as of December 31, 2006 and the related
combined statements of income and shareholders’ equity, reported on and
accompanied by an unqualified report from Independent Accountant (“Financial Statements”),
present fairly the financial condition of the IHOP Corp. and Affiliates as at
such date, and the results of operations and shareholders’ equity for the
respective periods then ended.  All such
financial statements, including the related schedules and notes thereto, have
been prepared in accordance with GAAP (except as otherwise stated therein)
applied consistently through the periods involved.

Section 6.03           Conduit Investors.  Each of the Conduit Investors and each of the
Committed Note Purchasers represents and warrants to the Co-Issuers and
the Servicer, as of the date hereof (or as of a subsequent date on which a
successor or assign of a Conduit Investor or a Committed Note Purchaser shall
become a party hereto), that:

(a)           it
has had an opportunity to discuss the Co-Issuers’ and the Servicer’s
business, management and financial affairs, and the terms and conditions of the
proposed purchase, with the Co-Issuers and the Servicer and their
respective representatives;

(b)           it
is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3)
or (7) of Regulation D under the Securities Act and has sufficient knowledge
and experience in financial and business matters to be capable of evaluating
the merits and risks of investing in, and is able and prepared to bear the
economic risk of investing in, the Series 2007-2 Notes;

(c)           it
is purchasing the Series 2007-2 Notes for its own account, or for
the account of one or more “accredited investors” within the meaning of Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet
the criteria described in subsection (b) and for which it is acting with
complete investment discretion, for investment purposes only and not with a
view to distribution, subject, nevertheless, to the understanding that the
disposition of its property shall at all times be and remain within its
control;

(d)           it
understands that the Series 2007-2 Notes have not been and will not
be registered or qualified under the Securities Act or any applicable state
securities laws or the securities laws of any other jurisdiction and is being
offered only in a transaction not involving any public offering within the
meaning of the Securities Act and may not be resold or otherwise transferred
unless so registered or qualified or unless an exemption from registration or
qualification is available, that the Co-Issuers are not required to
register the Series 2007-2 Notes, and that any transfer must comply
with provisions of Article II of the Base Indenture;

(e)           it
understands that the Series 2007-2 Notes will bear the legend set
out in the form of Series 2007-2 Notes attached as Exhibit A to the
Series 2007-2 Series Supplement and be subject to the restrictions
on transfer described in such legend;

(f)            it
will comply with all applicable federal and state securities laws in connection
with any subsequent resale of the Series 2007-2 Notes;

(g)           it
understands that the Series 2007-2 Notes may be offered, resold,
pledged or otherwise transferred only with the Co-Issuers’ prior written
consent, which consent shall not be unreasonably withheld, and only (A) to
the Co-Issuers, (B) in a transaction meeting

 23
 

the requirements of Rule 144A under the Securities
Act, (C) outside the United States to a foreign person in a transaction
meeting the requirements of Regulation S under the Securities Act, or
(D) in a transaction complying with or exempt from the registration
requirements of the Securities Act and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction;
notwithstanding the foregoing, it is hereby understood and agreed by the Co-Issuers
that the Series 2007-2 Notes will be pledged by each Conduit
Investor pursuant to its related commercial paper program documents, and the
Series 2007-2 Notes, or interests therein, may be sold, transferred
or pledged to its related Committed Note Purchaser or any Program Support
Provider or any affiliate of its related Committed Note Purchaser or any
Program Support Provider or, any commercial paper conduit administered by its
related Committed Note Purchaser or any Program Support Provider or any
affiliate of its related Committed Note Purchaser or any Program Support
Provider;

(h)           if
it desires to offer, sell or otherwise transfer, pledge or hypothecate the
Series 2007-2 Notes as described in clause (B) or (D)
of Section 6.03(g), and such sale, transfer or pledge does not fall
within the “notwithstanding the foregoing” provision of Section 6.03(g),
the transferee of the Series 2007-2 Notes will be required to
deliver a certificate, containing, among other things, the representations
required by Section 2.5(e)(ii) of the Base Indenture and that an exemption from
the registration requirements of the Securities Act applies to such offer,
sale, transfer or hypothecation.  Upon
original issuance thereof, and until such time as the same may no longer be
required under the applicable requirements of the Securities Act, the certificate
evidencing the Series 2007-2 Notes (and all securities issued in
exchange therefor or substitution thereof) shall bear a legend substantially in
the form set forth in the Series 2007-2 Notes included as an exhibit
to the Series 2007-2 Series Supplement.  Each Conduit Investor understands that the
registrar and transfer agent for the Series 2007-2 Notes will not be
required to accept for registration of transfer the Series 2007-2
Notes acquired by it, except upon presentation of an executed letter in the
form required by the Series 2007-2 Series Supplement; and

(i)            it
will obtain from any purchaser of the Series 2007-2 Notes
substantially the same representations and warranties contained in the
foregoing paragraphs.

ARTICLE
VII

CONDITIONS

Section 7.01           Conditions to Issuance.  Each Conduit Investor had no obligation to
purchase the Series 2007-2 Notes hereunder on the Series 2007-2
Closing Date unless:

(a)           the
Base Indenture and the Series 2007-2 Series Supplement shall be in
full force and effect;

(b)           the
Insurance Policy shall have been executed and delivered to the Indenture
Trustee and shall be in full force and effect;

(c)           on
the Series 2007-2 Closing Date, each Conduit Investor, or if there
is no Conduit Investor with respect to any Investor Group, the Committed Note
Purchaser with respect to such Investor Group, shall have received a letter, in
form and substance reasonably

 24
 

satisfactory to it, from each of Moody’s and S&P
stating that a long-term rating of “Aaa” (in the case of Moody’s) and “AAA”
(in the case of S&P) has been assigned to the Series 2007-2
Notes;

(d)           at
the time of such issuance, all conditions to the issuance of the
Series 2007-2 Notes under the Series 2007-2 Series
Supplement and under Article II and Article III of the Base Indenture shall
have been satisfied or waived.

Section 7.02           Conditions to Initial Borrowing.  The obligation of the Conduit Investors, or
if there is no Conduit Investor with respect to any Investor Group, the
Committed Note Purchaser with respect to such Investor Group, to fund the
initial Borrowing hereunder shall be subject to the satisfaction of the
conditions precedent that each Funding Agent shall have received a duly
executed and authenticated Series 2007-2 Note registered in its name
or in such other name as shall have been directed by the applicable Committed
Note Purchaser and stating that the principal amount thereof shall not exceed
the Maximum Investor Group Principal Amount of such Funding Agent’s Investor
Group and the Co-Issuers shall have paid all fees required to be paid by
it on the Series 2007-2 Closing Date, including all fees required
hereunder.

Section 7.03           Conditions to Each Borrowing.  The election of each Conduit Investor to
fund, and the obligation of each Committed Note Purchaser to fund, any
Borrowing on any day (including the initial Borrowing) shall be subject to the
conditions precedent that on the date of the Borrowing, before and after giving
effect thereto and to the application of any proceeds therefrom, the following
statements shall be true:

(a)           (i) the
representations and warranties of each of the Co-Issuers set out in this
Agreement (with the exception of representations and warranties set forth in Section 6.01(b),
which shall have been true and accurate in all respects on the Series 2007-2
Closing Date), (ii) the representations and warranties of the Servicer set
out in this Agreement (with the exception of the representations and warranties
set forth in Section 6.02(a), which shall have been true and
accurate on the dates specified therein), and (iii) the representations
and warranties of each of the Co-Issuers and the Servicer set out in the
Base Indenture and the other Transaction Documents (other than Series
Supplements and Transaction Documents relating solely to a Series of Notes
other than the Series 2007-2 Notes) to which each is a party, in
each such case, shall be true and accurate as of the date of the Borrowing with
the same effect as though made on that date (unless stated to relate solely to
an earlier date, in which case such representations and warranties shall be
true and correct as of such earlier date);

(b)           the
Series 2007-2 Mandatory Redemption Period has not commenced;

(c)           the
related Funding Agent shall have received the most recent Monthly Noteholders’
Statement for the Series 2007-2 Notes as delivered in accordance to
Section 12.1(c) of the Base Indenture and an executed advance request in the
form of Exhibit A hereto (each such request, an “Series 2007-2 Advance Request”)
certifying as to the current Aggregate Asset Amount, Series 2007-2
Enhancement Amount and Class B Enhancement Amount; and

(d)           all
conditions to such Borrowing specified in Section 2.02(a) of this
Agreement shall have been satisfied.

 25
 

The giving of any
notice pursuant to Section 2.03 shall constitute a representation
and warranty by the Co-Issuers and the Servicer that all conditions
precedent to such Borrowing have been satisfied.

ARTICLE
VIII

COVENANTS

Section 8.01           Covenants.  The Co-Issuers and the Servicer each
severally covenants and agrees that, until the Series 2007-2 Notes have
been paid in full and the Term has expired, it will:

(a)           duly
and timely perform all of its covenants (both affirmative and negative) and
obligations under each Transaction Document to which it is a party;

(b)           not,
except as contemplated by the Indenture or other Transaction Documents (as
applicable), amend, modify, waive or give any approval, consent or permission
under, any provision of the Indenture or any other Transaction Document to
which it is a party unless any such amendment, modification, waiver or other
action is in writing and made in accordance with the terms of the Indenture or
such other Transaction Documents, as applicable;

(c)           at
the same time any report, notice or other document is provided to the Rating
Agencies, the Series Insurer and/or the Trustee, or caused to be provided, by
the Co-Issuers or the Servicer under the Base Indenture, or under the
Series 2007-2 Series Supplement or this Agreement, provide the
Administrative Agent (who shall provide a copy thereof to the Committed Note Purchasers
and the Conduit Investors) with a copy of such report, notice or other
document; provided, however, that neither the
Servicer nor the Co-Issuers shall have any obligation under this Section 8.01(c)
to deliver to the Administrative Agent copies of any report, notice or other
document, including any Monthly Noteholders’ Statements, which relate solely to
one or more  Series of Notes other than
the Series 2007-2 Notes;

(d)           at
any time and from time to time, following reasonable prior notice from the
Administrative Agent, and during regular business hours, permit such
Administrative Agent or any Funding Agent, or its respective agents,
representatives or permitted assigns, access to the offices of, the Servicer
and the Co-Issuers, as applicable, to discuss the affairs, finances and
accounts of each of the Securitization Entities with any of its officers,
directors and other representatives to discuss the affairs, finances and
accounts of each of the Securitization Entities with the Co-Issuers’
independent public accountants and to inspect the Series 2007-2
Collateral, all records related thereto (and to make extracts and copies
thereof) on the same terms as are provided to the Indenture Trustee under
Section 7.13 of the Base Indenture;

(e)           not
permit any part of the proceeds of any Series 2007-2 Advance to be
(x) used to purchase or carry any Margin Stock or (y) loaned to
others for the purpose of purchasing or carrying any Margin Stock;

(f)            not
permit any amounts owed with respect to the Series 2007-2 Notes will
be secured, directly or indirectly, by any Margin Stock;

 26
 

(g)           promptly provide such additional
financial and other information with respect to the Transaction Documents
(other than Series Supplements and Transaction Documents relating solely to Series
of Notes other than the Series 2007-2 Notes) or the Co-Issuers
as the Administrative Agent may from time to time reasonably request;

(h)           during
a Mandatory Redemption Period relating to the Series 2007-2 Notes, use
all amounts on deposit in the Series 2007-2 Trigger Reserve Account and
Series 2007-2 Principal Payment Account to decrease the Series 2007-2
Principal Amount; and 

(i)            deliver
to each Funding Agent within 120 days after the end of each fiscal year of the
Co-Issuers, the financial statements prepared pursuant to
Section 12.1(f)(ii) of the Base Indenture.

ARTICLE IX

MISCELLANEOUS PROVISIONS

Section 9.01           Amendments.  No amendment to or waiver of any provision of
this Agreement, nor consent to any departure by the Servicer or the Co-Issuers,
shall in any event be effective unless the same shall be in writing and signed
by the Servicer, the Co-Issuers, the Administrative Agent, each Conduit
Investor and each Committed Note Purchaser, and in the case of any material
amendments, receipt of written confirmation from each rating agency then rating
the Class A Commercial Paper that such amendment will not result in the
reduction or withdrawal of the then current ratings in respect of the
Class A Commercial Paper; provided, however,
that, subject to any provision of the Base Indenture or the Series 2007-2
Series Supplement requiring the consent of each affected Noteholder or of a
higher percentage of Noteholders, any amendment that does not adversely affect
in any material respect the interests of the Conduit Investors or the Committed
Note Purchasers shall only require (i) the consent of the Conduit
Investors and Committed Note Purchasers holding more than 50% of the
Series 2007-2 Notes and the Commitment, respectively, and
(ii) receipt of written confirmation from each rating agency then rating
the Class A Commercial Paper that such amendment will not result in the
reduction or withdrawal of the then current ratings in respect of the
Class A Commercial Paper.

Section 9.02           No Waiver; Remedies.  Any waiver, consent or approval given by any
party hereto shall be effective only in the specific instance and for the
specific purpose for which given, and no waiver by a party of any breach or
default under this Agreement shall be deemed a waiver of any other breach or
default.  No failure on the part of any
party hereto to exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder, or any abandonment or discontinuation of steps to enforce the
right, power or privilege, preclude any other or further exercise thereof or
the exercise of any other right.  No
notice to or demand on any party hereto in any case shall entitle such party to
any other or further notice or demand in the same, similar or other
circumstances.  The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.

 27
 

Section 9.03           Binding on Successors and Assigns.  This Agreement shall be binding upon, and
inure to the benefit of, the Co-Issuers, the Servicer, the Committed Note
Purchasers, the Conduit Investors, the Administrative Agent and their
respective successors and assigns; provided, however,
that neither the Co-Issuers nor the Servicer may assign its rights or
obligations hereunder or in connection herewith or any interest herein
(voluntarily, by operation of law or otherwise) without the prior written
consent of each Committed Note Purchaser and each Conduit Investor; provided,
that nothing herein shall prevent the Co-Issuers from assigning its
rights to the Indenture Trustee under the Base Indenture and the
Series 2007-2 Series Supplement; provided, further,
that none of the Conduit Investors or the Committed Note Purchasers may
transfer, pledge, assign, sell participations in or otherwise encumber its
rights or obligations hereunder or in connection herewith or any interest
herein except as permitted under Section 6.03(g), Section 9.17
and this Section 9.03. 
Nothing expressed herein is intended or shall be construed to give any
Person other than the Persons referred to in the preceding sentence any legal
or equitable right, remedy or claim under or in respect of this Agreement.

(a)           Notwithstanding
any other provision set forth in this Agreement, each Conduit Investor, or if
there is no Conduit Investor with respect to any Investor Group, the Committed
Note Purchaser with respect to such Investor Group, may at any time grant to
one or more Program Support Providers a participating interest in or lien on
such Conduit Investor’s, or if there is no Conduit Investor with respect to any
Investor Group, the related Committed Note Purchaser’s, interests in the Series
2007-2 Advances made hereunder and such Program Support Provider, with
respect to its participating interest, shall be entitled to the benefits
granted to such Conduit Investor or Committed Note Purchaser, as applicable,
under this Agreement.

(b)           Each
Conduit Investor may at any time assign its rights in the Series 2007-2
Notes (and its rights hereunder and under the Transaction Documents) to its
related Committed Note Purchaser. 
Furthermore, each Conduit Investor may at any time grant a security
interest in and lien on, all or any portion of its interests under this
Agreement, its Series 2007-2 Note and all Transaction Documents to
(i) its related Committed Note Purchaser, (ii) its Funding Agent,
(iii) any Program Support Provider who, at any time now or in the future,
provides program liquidity or credit enhancement, including without limitation,
an insurance policy for such Conduit Investor relating to the Class A
Commercial Paper or the Series 2007-2 Notes, (iv) any other
Person who, at any time now or in the future, provides liquidity or credit
enhancement for the Conduit Investors, including without limitation, an
insurance policy relating to the Class A Commercial Paper or the
Series 2007-2 Notes or (v) any collateral trustee or collateral
agent for any of the foregoing; provided, however, any such security interest
or lien shall be released upon assignment of its Series 2007-2 Note
to its related Committed Note Purchaser and if such assignment is an assignment
of all such Conduit Investor’s rights in the Series 2007-2 Notes (and all its
rights hereunder and under the Transaction Documents), such Conduit Investor,
may, by notice to the Co-Issuers and the Administrative Agent, elect to cease
to be a party to this Agreement. Each Committed Note Purchaser may assign its
Commitment, or all or any portion of its interest under its Series 2007-2
Note, this Agreement and the Transaction Documents to any Person with the prior
written consent of the Co-Issuers and the Administrative Agent, in each
case such consent not to be unreasonably withheld.  Notwithstanding any other provisions set
forth in this Agreement, each Committed Note Purchaser may at any time create a
security interest in all or any portion of its rights under this Agreement, its
Series 2007-2 Note and the Transaction Documents in favor of any
Federal Reserve Bank in accordance with

 28
 

Regulation A of the Board of Governors of the
Federal Reserve System or any similar foreign entity.

Section 9.04           Survival of Agreement.  All covenants, agreements, representations
and warranties made herein and in the Series 2007-2 Notes delivered
pursuant hereto shall survive the making and the repayment of the Series 2007-2
Advances and the execution and delivery of this Agreement and the
Series 2007-2 Notes and shall continue in full force and effect
until all interest on and principal of the Series 2007-2 Notes and
all other amounts owed to the Conduit Investors, the Committed Note Purchasers,
the Funding Agents and the Administrative Agent hereunder and under the
Series 2007-2 Series Supplement have been paid in full and the
commitment of the Committed Note Purchasers hereunder has been terminated.  In addition, the obligations of the Co-Issuers,
the Committed Note Purchasers and the Conduit Investors under Sections  3.03,
3.04, 3.05, 3.06, 3.07, 3.08, 9.05, 9.10(b)
and 9.11 shall survive the termination of this Agreement.

Section 9.05           Payment
of Costs and Expenses; Indemnification.

(a)           Payment
of Costs and Expenses.  Each of the
Co-Issuers agrees to pay on demand all reasonable expenses of the
Administrative Agent, each Funding Agent, each Conduit Investor and each
Committed Note Purchaser (including the reasonable fees and out-of-pocket
expenses of counsel to each Conduit Investor and each Committed Note Purchaser,
if any, as well as the fees and expenses of the Rating Agencies providing a
rating in respect of any Class A Commercial Paper) in accordance with
Article XI of the Base Indenture in connection with:

(i)       the negotiation,
preparation, execution, delivery and administration of this Agreement and of
each other Transaction Document, including schedules and exhibits, and any amendments,
waivers, consents, supplements or other modifications to this Agreement or any
other Transaction Document as may from time to time hereafter be proposed,
whether or not the transactions contemplated hereby or thereby are consummated;
and

(ii)      the consummation of the
transactions contemplated by this Agreement and the other Transaction
Documents.

Each of the Co-Issuers
further agrees to pay, and to save the Administrative Agent, each Funding
Agent, each Conduit Investor and each Committed Note Purchaser harmless from
all liability for (i)  all reasonable costs incurred by the Administrative
Agent, such Funding Agent, such Conduit Investor or such Committed Note
Purchaser in enforcing this Agreement and (ii) any stamp, documentary or
other taxes which may be payable in connection with the execution or delivery
of this Agreement, any Borrowing hereunder, or the issuance of the
Series 2007-2 Notes or any other Transaction Documents.  Each of the Co-Issuers also agrees to
reimburse the Administrative Agent, such Funding Agent, each Conduit Investor
and each Committed Note Purchaser upon demand for all reasonable out-of-pocket
expenses incurred by the Administrative Agent, such Funding Agent, such Conduit
Investor and such Committed Note Purchaser in connection with (x) the
negotiation of any restructuring or “work-out,” whether or not
consummated, of the Transaction Documents and (y) the enforcement of, or
any waiver or

 29
 

amendment requested under
or with respect to, this Agreement or any other of the Transaction Documents.

Without limiting the foregoing, the Co-Issuers
shall have no obligation to reimburse any Committed Note Purchaser and/or
Conduit Investor for any of the fees and/or expenses incurred by such Committed
Note Purchaser and/or Conduit Investor with respect to its sale or assignment
of all or any part of its respective rights and obligations under this
Agreement and the Series 2007-2 Notes pursuant to Section 9.17;
provided, however, that the Co-Issuers
shall reimburse each Committed Note Purchaser and/or Conduit Investor who
purchased Series 2007-2 Notes on the Series 2007-2
Closing Date for its reasonable legal and administrative fees and expenses
(excluding any fees and/or expenses payable to the Rating Agencies) that were
incurred by such Committed Note Purchaser or Conduit Investor in connection
with its assignment and/or sale of its rights under this Agreement and such
Series 2007-2 Notes within 180 days of the closing of the sale
and/or assignment.

(b)           Indemnification.  In consideration of the execution and
delivery of this Agreement by the Conduit Investors and the Committed Note
Purchasers, each of the Co-Issuers hereby indemnifies and holds each
Conduit Investor and each Committed Note Purchaser and each of their officers,
directors, employees and agents (collectively, the “Indemnified Parties”) harmless from and against
any and all actions, causes of action, suits, losses, costs, liabilities and
damages, and reasonable expenses incurred in connection therewith (irrespective
of whether any such Indemnified Party is a party to the action for which
indemnification hereunder is sought and including, without limitation, any
liability in connection with the offering and sale of the Series 2007-2
Notes), including reasonable attorneys’ fees and disbursements (collectively,
the “Indemnified Liabilities”),
incurred by the Indemnified Parties or any of them (whether in prosecuting or
defending against such actions, suits or claims) to the extent resulting from,
or arising out of, or relating to

(i)       any transaction financed
or to be financed in whole or in part, directly or indirectly, with the
proceeds of any Series 2007-2 Advance; or

(ii)      the entering into and
performance of this Agreement and any other Transaction Document by any of the
Indemnified Parties,

except for any such
Indemnified Liabilities arising for the account of a particular Indemnified
Party by reason of the relevant Indemnified Party’s bad faith, gross negligence
or willful misconduct except for losses resulting from the performance of the
Collateral.  The indemnity set forth in
this Section 9.05(b) shall in no event include indemnification for
any taxes (which indemnification is provided in Section 3.08).  The Co-Issuers shall give notice to the
Rating Agencies of any claim for Indemnified Liabilities made under this Section
9.05(b).

(c)           Indemnification
of the Administrative Agent and each Funding Agent.  (i) In consideration of the execution
and delivery of this Agreement by the Administrative Agent and each Funding
Agent, each of the Co-Issuers hereby indemnifies and holds the
Administrative Agent and each Funding Agent and each of their officers,
directors, employees and agents (collectively, the “Agent Indemnified Parties”) harmless from and
against any and all actions, causes of action, suits, losses, costs,
liabilities and damages, and reasonable expenses incurred in

 30
 

connection therewith (irrespective of whether any such
Agent Indemnified Party is a party to the action for which indemnification
hereunder is sought and including, without limitation, any liability in
connection with the offering and sale of the Series 2007-2 Notes),
including reasonable attorneys’ fees and disbursements (collectively, the “Agent Indemnified Liabilities”),
incurred by the Agent Indemnified Parties or any of them (whether in
prosecuting or defending against such actions, suits or claims) to the extent
resulting from, or arising out of, or relating to the entering into and
performance of this Agreement and any other Transaction Document by any of the Agent
Indemnified Parties, except for any such Agent Indemnified Liabilities arising
for the account of a particular Agent Indemnified Party by reason of the
relevant Agent Indemnified Party’s bad faith, gross negligence or willful
misconduct except for losses resulting from the performance of the
Collateral.  The indemnity set forth in
this Section 9.05(c)(i) shall in no
event include indemnification for any taxes (which indemnification is provided
in Section 3.08).  The Co-Issuers shall give notice to the
Rating Agencies of any claim for Agent Indemnified Liabilities made under this
subsection (i).

(ii)           In consideration of the execution and
delivery of this Agreement by the Administrative Agent, each Funding Agent and
each Committed Note Purchaser, ratably according to its respective Commitment,
hereby indemnifies and holds the Administrative Agent and each of its officers,
directors, employees and agents (collectively, the “Administrative Agent Indemnified Parties”) and
each Funding Agent and each of its officers, directors, employees and agents
(collectively, the “Funding Agent
Indemnified Parties,” and together with the Administrative
Agent Indemnified Parties, the “Agent
Indemnified Parties”) harmless from and against any Agent
Indemnified Liabilities incurred by the Agent Indemnified Parties or any of
them (whether in prosecuting or defending against such actions, suits or
claims) to the extent resulting from, or arising out of, or relating to the
entering into and performance of this Agreement and any other Transaction
Document by any of the Agent Indemnified Parties, except for any such Agent
Indemnified Liabilities arising for the account of a particular Agent
Indemnified Party by reason of the relevant Agent Indemnified Party’s bad
faith, gross negligence or willful misconduct. 
If and to the extent that the foregoing undertaking may be unenforceable
for any reason, each Funding Agent and each Committed Note Purchaser hereby
agrees to make the maximum contribution to the payment and satisfaction of each
of the Agent Indemnified Liabilities which is permissible under applicable
law.  The indemnity set forth in this Section 9.05(c)(ii)
shall in no event include indemnification for any taxes (which indemnification
is provided in Section 3.08). 
Each Committed Note Purchaser shall give notice to the Rating Agencies
of any claim for Agent Indemnified Liabilities made under this subsection (ii).

Section 9.06           Characterization as Transaction
Document; Entire Agreement.  This
Agreement shall be deemed to be a Transaction Document for all purposes of the
Base Indenture and the other Transaction Documents.  This Agreement, together with the Base
Indenture, the Series 2007-2 Series Supplement, the documents
delivered pursuant to Section 7.01 and the other Transaction
Documents, including the exhibits and schedules thereto, contains a final and
complete integration of all prior expressions by the parties hereto with
respect to the subject matter hereof and shall constitute the entire agreement
among the parties hereto with respect to the subject matter hereof, superseding
all previous oral statements and other writings with respect thereto.

 31
 

Section 9.07           Notices.  All notices, amendments, waivers, consents
and other communications provided to any party hereto under this Agreement
shall be in writing and addressed, delivered or transmitted to such party at
its address or facsimile number set forth below its signature hereto or at such
other address or facsimile number as may be designated by such party in a
notice to the other parties.  Any notice,
if mailed and properly addressed with postage prepaid or if properly addressed
and sent by pre-paid courier service, shall be deemed given when
received; any notice, if transmitted by facsimile, shall be deemed given when
transmitted upon receipt of electronic confirmation of transmission.

Section 9.08           Severability of Provisions.  Any covenant, provision, agreement or term of
this Agreement that is prohibited or is held to be void or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of
the prohibition or unenforceability without invalidating the remaining
provisions of this Agreement.

Section 9.09           Tax Characterization.  Each party to this Agreement
(a) acknowledges that it is the intent of the parties to this Agreement
that, for accounting purposes and for all Federal, state and local income and
franchise tax purposes, the Series 2007-2 Notes will be treated as
evidence of indebtedness, (b) agrees to treat the Series 2007-2
Notes for all such purposes as indebtedness and (c) agrees that the
provisions of the Transaction Documents shall be construed to further these
intentions.

Section 9.10           No Proceedings; Limited Recourse.  (a) The Co-Issuers.  Each of the parties hereto (other than the Co-Issuers)
hereby covenants and agrees that, prior to the date which is one year and one
day after the payment in full of any Notes issued by the Co-Issuers
pursuant to the Base Indenture or the Series 2007-2 Series Supplement, it
will not institute against, or join with any other Person in instituting
against, the Issuer or the Co-Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any Federal or state bankruptcy or similar law, all as more particularly set
forth in Section 15.7 of the Base Indenture and subject to any retained
rights set forth therein; provided, however,
that nothing in this Section 9.10(a) shall constitute a waiver of
any right to indemnification, reimbursement or other payment from the Co-Issuers
pursuant to this Agreement, the Series 2007-2 Series Supplement or
the Base Indenture.  The provisions of
this Section 9.10(a) shall survive the termination of this
Agreement.  Nothing contained herein
shall preclude participation by a Committed Note Purchaser or a Conduit
Investor in assertion or defense of its claims in any such proceeding involving
the Issuer or the Co-issuer.  The
obligations of the Co-Issuers under this Agreement are solely the limited
liability company obligations of the Co-Issuers limited to the
Collateral.  In addition, each of the
parties hereto agrees that all fees, expenses and other costs payable hereunder
by the Co-Issuers shall be payable only to the extent set forth in
Article XI of the Base Indenture and that all other amounts owed to them
by the Co-Issuers shall be payable solely from amounts that become
available for payment pursuant to the Base Indenture and the Series 2007-2
Series Supplement.  No recourse shall be
had for the payment of any amount owing in respect of this Agreement, including
any obligation or claim arising out of or based upon this Agreement, against
any stockholder, employee, officer, agent, director, member, affiliate or
incorporator of any Conduit Investor; provided, however,
nothing in this Section 9.10(b) shall relieve any of the foregoing
Persons from any liability which any such Person may otherwise have for its bad
faith, gross negligence or willful misconduct.

 32
 

(b)           The Conduit Investors.  Each of the parties hereto (other than the
Conduit Investors) hereby covenants and agrees that it will not, prior to the
date which is one year and one day after the payment in full of the latest
maturing Class A Commercial Paper or other debt securities or instruments
issued by a Conduit Investor, institute against, or join with any other Person
in instituting against, such Conduit Investor, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any Federal or state bankruptcy or similar law, subject to any retained rights
set forth therein; provided, however, that
nothing in this Section 9.10(b) shall constitute a waiver of any
right to indemnification, reimbursement or other payment from such Conduit
Investor pursuant to this Agreement, the Series 2007-2 Series
Supplement or the Base Indenture.  In the
event that the Co-Issuers, the Servicer, a Committed Note Purchaser
(solely in its capacity as such) or the Servicer takes action in violation of
this Section 9.10(b), such related Conduit Investor may file an
answer with the bankruptcy court or otherwise properly contest the filing of
such a petition by any such Person against such Conduit Investor or the
commencement of such action and raise the defense that such Person has agreed in
writing not to take such action and should be estopped and precluded therefrom
and such other defenses, if any, as its counsel advises that it may
assert.  The provisions of this Section 9.10(b)
shall survive the termination of this Agreement.  Nothing contained herein shall preclude
participation by the Co-Issuers, the Servicer or a Committed Note
Purchaser in assertion or defense of its claims in any such proceeding
involving a Conduit Investor.  The
obligations of the Conduit Investors under this Agreement are solely the
corporate obligations of the Conduit Investors.

Notwithstanding any
provisions contained in this Agreement to the contrary, the Conduit Investors
shall not, and shall not be obligated to, fund or pay any amount pursuant to
this Agreement or the Series 2007-2 Notes unless (i) the
respective Conduit Investor has received funds which may be used to make such
funding or other payment and which funds are not required under the Conduit
Investor’s program documentation to repay any of the rated commercial paper
notes (“CP Notes”)
issued by such Conduit Investor when due and (ii) after giving effect to
such funding or payment, either (x) such Conduit Investor could issue CP
Notes to refinance all of its outstanding CP Notes (assuming such outstanding
CP Notes matured at such time) in accordance with the program documents
governing its commercial paper program or (y) all of the CP Notes are paid
in full.  Any amount which a Conduit
Investor does not pay pursuant to the operation of the preceding sentence shall
not constitute a claim (as defined in Section 101 of the Bankruptcy Code)
against or obligation of such Conduit Investor for any such insufficiency.

Section 9.11           Confidentiality.  Each Committed Note Purchaser and each
Conduit Investor agrees that it shall not disclose any Confidential Information
to any Person without the prior written consent of the Servicer and the Co-Issuers,
other than (a) to their Affiliates and their officers, directors,
employees, agents and advisors (including, without limitation, legal counsel
and accountants) and to actual or prospective assignees and participants, and
then only on a confidential basis, (b) as requested by a governmental
authority or self-regulatory organization or required by any law, rule or
regulation or judicial process of which the Co-Issuers or the Servicer,
as the case may be, has knowledge; provided that each Committed
Note Purchaser and each Conduit Investor may disclose Confidential Information
as requested by a governmental authority or self-regulatory organization
or required by any law, rule or regulation or judicial process of which the Co-Issuers
or the Servicer, as the case may be,

 33
 

does not have knowledge if such Committed Note
Purchaser or such Conduit Investor is prohibited by law, rule or regulation
from disclosing such requirement to the Co-Issuers or the Servicer, as
the case may be, (c) to Program Support Providers, (d) to any Rating
Agency providing a rating for the Series 2007-2 Notes or the Conduit’s
debt or (e) in the course of litigation with the Co-Issuers, the
Servicer or the Series Insurer, such Committed Note Purchaser or such Conduit
Investor.

“Confidential Information” means information that
the Co-Issuers or the Servicer furnishes to a Committed Note Purchaser or
a Conduit Investor, but does not include (i) any such information that is
or becomes generally available to the public other than as a result of a
disclosure by a Committed Note Purchaser or a Conduit Investor or other Person
to which a Committed Note Purchaser or a Conduit Investor delivered such
information, (ii) any such information that was in the possession of a
Committed Note Purchaser or a Conduit Investor prior to its being furnished to
such Committed Note Purchaser or a Conduit Investor by the Co-Issuers or
the Servicer, or (iii) that is or becomes available to a Committed Note
Purchaser or a Conduit Investor from a source other than the Co-Issuers
or the Servicer, provided that, with respect to clauses (ii)
and (iii) herein, such source is not (1) known to a Committed Note
Purchaser or a Conduit Investor to be bound by a confidentiality agreement with
the Co-Issuers, the Servicer or the Series Insurer, as the case may be,
or (2) known to a Committed Note Purchaser or a Conduit Investor to be
otherwise prohibited from transmitting the information by a contractual, legal
or fiduciary obligation.

Section 9.12           Governing Law.  THIS SERIES 2007-2 NOTE
PURCHASE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

Section 9.13           Submission to Jurisdiction.  Each of the parties
hereto irrevocably submit to the nonexclusive jurisdiction of any New York
State or federal court sitting in the Borough of Manhattan in The City of New
York in any action or proceeding arising out of or relating to the Notes or
this Indenture, and the Issuer, Co-Issuer and Indenture Trustee hereby,
and each Series Insurer by its execution of a Series Supplement irrevocably
agree that all claims in respect of such action or proceeding may be heard and
determined in such New York State or federal court.  The Issuer, Co-Issuer and Indenture
Trustee hereby, and each Series Insurer by each Series Insurer by its execution
of a Series Supplement irrevocably waive, to the fullest extent that they may
legally do so, the defense of an inconvenient forum to the maintenance of such
action or proceeding.  The Issuer and Co-Issuer
each irrevocably consents to the service of any and all process in any action
or proceeding by the mailing or delivery of copies of such process to it at the
office of its Delaware registered agent. 
The Issuer, Co-Issuer, Indenture Trustee and each Series Insurer
agree that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

Section 9.14           Waiver of Jury Trial.  EACH OF THE PARTIES HEREUNDER
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS THEY THAT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS SERIES 2007-2 NOTE
PURCHASE AGREEMENT. 

 34
 

EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT
THAT IT HAS RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS
SERIES 2007-2 NOTE PURCHASE AGREEMENT.

Section 9.15           Counterparts.  This Agreement may be executed in any number
of counterparts (which may include facsimile) and by the different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be
an original, and all of which together shall constitute one and the same
instrument.

Section 9.16           Third Party Beneficiary.  Each of the Series Insurer and each Hedge
Counterparty (as defined in the Base Indenture) is an express third-party
beneficiary of this Agreement.

Section 9.17           Assignment.  (a) Any Committed Note Purchaser may at
any time sell all or any part of its rights and obligations under this
Agreement and the Series 2007-2 Notes, with the prior written
consent of the Co-Issuers, which consent shall not be unreasonably
withheld, to one or more financial institutions (an “Acquiring Committed Note Purchaser”) pursuant to
an assignment and assumption agreement, substantially in the form of Exhibit
B (the “Assignment and
Assumption Agreement”), executed by such Acquiring Committed
Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with
respect to such Committed Note Purchaser and the Co-Issuers and delivered
to the Administrative Agent.

(b)           Without
limiting the foregoing, each Conduit Investor may assign all or a portion of
the Investor Group Principal Amount with respect to such Conduit Investor and
its rights and obligations under this Agreement and any other Transaction
Documents to which it is a party to a Conduit Assignee with respect to such
Conduit Investor, with the prior written consent of the Co-Issuers, which
consent shall not be unreasonably withheld. 
Upon such assignment by a Conduit Investor to a Conduit Assignee,
(i) such Conduit Assignee shall be the owner of the Investor Group
Principal Amount or such portion thereof with respect to such Conduit Investor,
(ii) the related administrative or managing agent for such Conduit
Assignee will act as the Funding Agent for such Conduit Assignee hereunder,
with all corresponding rights and powers, express or implied, granted to the
Funding Agent hereunder or under the other Transaction Documents,
(iii) such Conduit Assignee and its liquidity support provider(s) and
credit support provider(s) and other related parties, in each case relating to
the Class A Commercial Paper and/or the Series 2007-2 Notes,
shall have the benefit of all the rights and protections provided to such
Conduit Investor herein and in the other Transaction Documents (including,
without limitation, any limitation on recourse against such Conduit Assignee as
provided in this paragraph), (iv) such Conduit Assignee shall assume all
of such Conduit Investor’s obligations, if any, hereunder or under the Base
Indenture or under any other Transaction Document with respect to such portion
of the Investor Group Principal Amount and such Conduit Investor shall be
released from such obligations, (v) all distributions in respect of the
Investor Group Principal Amount or such portion thereof with respect to such
Conduit Investor shall be made to the applicable Funding Agent on behalf of
such Conduit Assignee, (vi) the definition of the term “CP Rate” with
respect to the portion of the Investor Group Principal Amount with respect to
such Conduit Investor, as applicable funded with commercial paper issued by
such Conduit Assignee from time to time shall be determined in the manner set

 35
 

forth in the definition of “CP Rate” applicable to
such Conduit Assignee on the basis of the interest rate or discount applicable
to commercial paper issued by such Conduit Assignee (rather than any other
Conduit Investor), (vii) the defined terms and other terms and provisions
of this Agreement and the other Transaction Documents shall be interpreted in
accordance with the foregoing, and (viii) if requested by the Funding
Agent with respect to such Conduit Assignee, the parties will execute and
deliver such further agreements and documents and take such other actions as
the Funding Agent may reasonably request to evidence and give effect to the
foregoing.  No assignment by any Conduit
Investor to a Conduit Assignee of all or any portion of the Investor Group
Principal Amount with respect to such Conduit Investor shall in any way
diminish the obligation of the Committed Note Purchasers in the same Investor
Group as such Conduit Investor under Section 2.03
to fund any Increase not funded by such Conduit Investor or such Conduit
Assignee.

(c)           Any
Conduit Investor and the Committed Note Purchaser with respect to such Conduit
Investor may at any time sell all or any part of their respective rights and
obligations under this Agreement and the Series 2007-2 Notes, with
the prior written consent of the Co-Issuers, which consent shall not be
unreasonably withheld, to a multi-seller commercial paper conduit, whose
commercial paper has the following ratings (x) at least “A-1” from
Standard & Poor’s, and (y) ”P1” from Moody’s, and one or more
financial institutions providing support to such multi-seller commercial
paper conduit (an “Acquiring Investor Group”) pursuant to a transfer
supplement, substantially in the form of Exhibit C (the “Investor Group
Supplement”), executed by such Acquiring Investor Group, the Funding Agent with
respect to such Acquiring Investor Group (including the Conduit Investor and
the Committed Note Purchasers with respect to such Investor Group), such
assigning Conduit Investor and the Committed Note Purchasers with respect to
such Conduit Investor, the Funding Agent with respect to such assigning Conduit
Investor and Committed Note Purchasers and the Co-Issuers and delivered
to the Administrative Agent.

[Remainder of Page
Intentionally Blank]

 36

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

	
  

  	
  IHOP FRANCHISING, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK D. WEISBERGER

  
	
   

  	
   

  	
  Name: Mark D. Weisberger

  
	
   

  	
   

  	
  Title:Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  450 North Brand Boulevard

  
	
   

  	
   

  	
  Glendale, California 91203

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Rob Dickson

  
	
   

  	
  Telephone:

  	
  818-637-3036

  
	
   

  	
  Facsimile:

  	
  818-637-3120

  
				

 

	
  

  	
  IHOP IP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS G. CONFORTI

  
	
   

  	
   

  	
  Name: Thomas G. Conforti

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  450 North Brand Boulevard

  
	
   

  	
   

  	
  Glendale, California 91203

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Rob Dickson

  
	
   

  	
  Telephone:

  	
  818-637-3036

  
	
   

  	
  Facsimile:

  	
  818-637-3120

  
	
   

  	
   

  	
   

  
				

 

 

[SERIES 2007-2
NOTE PURCHASE AGREEMENT]

 

	
  

  	
  INTERNATIONAL HOUSE OF PANCAKES, INC., as Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK D. WEISBERGER

  
	
   

  	
   

  	
  Name: Mark D. Weisberger

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  450 North Brand Boulevard

  
	
   

  	
   

  	
  Glendale, California 91203

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Rob Dickson

  
	
   

  	
  Telephone:

  	
  818-637-3036

  
	
   

  	
  Facsimile:

  	
  818-637-3120

  
	
   

  	
   

  	
   

  
				

 

[SERIES 2007-2
NOTE PURCHASE AGREEMENT]

 

	
  

  	
  WELLS FARGO
  BANK, NATIONAL ASSOCIATION, as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BENJAMIN J. KRUEGER

  
	
   

  	
   

  	
  Name:  Benjamin J. Krueger

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  Sixth Street and Marquette

  
	
   

  	
   

  	
  Avenue, MAC N9311-161

  
	
   

  	
   

  	
  Minneapolis, MN 55479

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Corporate Trust Services/Asset Backed Administration

  
	
   

  	
  Telephone:

  	
  612-667-8058

  
	
   

  	
  Facsimile:

  	
  612-667-3464

  
	
   

  	
   

  	
   

  
				

 

[SERIES 2007-2
NOTE PURCHASE AGREEMENT]

 

	
  

  	
  WELLS FARGO
  BANK, NATIONAL ASSOCIATION, as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BENJAMIN J. KRUEGER

  
	
   

  	
   

  	
  Name: Benjamin J. Krueger

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  Sixth Street and Marquette 

  
	
   

  	
   

  	
  Avenue, MAC N9311-161

  
	
   

  	
   

  	
  Minneapolis, MN 55479

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Corporate Trust Services/Asset Backed Administration

  
	
   

  	
  Telephone:

  	
  612-667-8058

  
	
   

  	
  Facsimile:

  	
  612-667-3464

  
	
   

  	
   

  	
   

  
				

 

 

[SERIES 2007-2
NOTE PURCHASE AGREEMENT]

 

	
  

  	
  Goldman, Sachs & Co., as Committed Note
  Purchaser

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CURTIS PROBST

  
	
   

  	
   

  	
  Name: Curtis Probst

  
	
   

  	
   

  	
  Title:  Managing Director  

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  85 Broad Street (27th Floor)

  
	
   

  	
   

  	
  New York, New York 10004

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Curtis Probst

  
	
   

  	
  Telephone:

  	
  212-902-6595

  
	
   

  	
  Facsimile:

  	
  212-902-4024

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT: 
  $25,000,000

  
				

 

[SERIES 2007-2
NOTE PURCHASE AGREEMENT]

 

	
  

  	
  Goldman, Sachs & Co., as a Funding Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CURTIS PROBST

  
	
   

  	
   

  	
  Name:  Curtis Probst

  
	
   

  	
   

  	
  Title:   Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  85 Broad Street (27th Floor)

  
	
   

  	
   

  	
  New York, New York 10004

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Curtis Probst

  
	
   

  	
  Telephone:

  	
  212-902-6595

  
	
   

  	
  Facsimile:

  	
  212-902-4024

  
	
   

  	
   

  	
   

  
				

 

[SERIES 2007-2
NOTE PURCHASE AGREEMENT]

 

 

Schedule I

LIST OF CONDUIT INVESTORS
AND 

COMMITTED NOTE PURCHASERS

Goldman, Sachs & Co., as a Committed Note
Purchaser

Committed Note Purchaser Commitment Percentage: 100%

Maximum Investor Group Principal Amount: $25,000,000

Goldman, Sachs & Co., as a Funding Agent for
itself.

 

Schedule I-1

[SERIES 2007-2 NOTE PURCHASE AGREEMENT]Exhibit 10.36

First Amendment to
Employment Agreement Between

Marguerite M. Elias

and eCollege.com

This First
Amendment (“Amendment”) to the
Employment Agreement between Marguerite M. Elias  (“Employee”)
and eCollege.com (“eCollege”),
dated August 9, 2004 (the “Agreement”),
is entered into as of the 1st day of February, 2007.  Capitalized terms not defined herein shall
have the meanings set forth in the Agreement.

WHEREAS, Employee and
eCollege previously entered into the Agreement;

WHEREAS, the parties wish to amend the
Agreement as more specifically set forth below.

NOW THEREFORE, in
consideration of the promises, mutual covenants and agreements contained
herein, and other good and valuable consideration, the sufficiency of which is
hereby acknowledged by the parties, the parties agree as follows:

1)             Amendment.  The first sentence of Paragraph 3 of Schedule
A to the Agreement is hereby deleted in its entirety and replaced with the
following language:

“Except as
provided in the second sentence of this paragraph, the Employee’s annual target
bonus for each year of the term of this Agreement, pursuant to the eCollege
2004 Annual Corporate Incentive Plan, is 35% of her base salary, subject to the
Company’s achieving the criteria set forth in that Plan or as may be approved
by the Compensation Committee for years after 2004; provided, however, that
with respect to 2004, the Employee’s annual bonus will be pro-rated for portion
of year actually worked, with a guaranteed minimum bonus for 2004 of $38,500.
Solely with respect to the year ending December 31, 2007, for purposes of
calculating the bonus payable with respect to such year and not for any other
purpose (including without limitation calculation of amounts payable pursuant
to clauses (4) and (5) of Section 5(b) and Section 6(b) of this Agreement,
which shall continue to be based on a target bonus equal to 35% of base
salary), Employee’s annual target bonus pursuant to the 2007 eCollege Financial
Performance-Based Bonus Plan is 8.75% of her base salary.”

2)             Agreement Terms Unchanged.  No terms or conditions of the Agreement,
other than the amended terms set forth in this Amendment, are changed by this
Amendment. And the Agreement as amended hereby remains in full force and
effect.

IN WITNESS
WHEREOF, the Parties have executed this Addendum on the day first above
written.

	
  eCollege.com

  	
   

  	
  Employee

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Oakleigh Thorne

  	
   

  	
  By:

  	
  /s/ Marguerite Elias

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