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Exhibit 10.1

CONFORMED THROUGH SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED CONTRACT PURCHASE AGREEMENT, DATED AS OF JULY 18, 2022

SECOND AMENDED AND RESTATED
CONTRACT PURCHASE AGREEMENT

dated as of July 20, 2020

among

PDC FUNDING COMPANY II, LLC, as Seller,

PATTERSON COMPANIES, INC., as Servicer,

THE PURCHASERS PARTY HERETO,

and

FIFTH THIRD BANK, NATIONAL ASSOCIATION,
as Agent

SECOND AMENDED AND RESTATED
CONTRACT PURCHASE AGREEMENT
This Second Amended and Restated Contract Purchase Agreement, dated as of July 20, 2020, is by and among PDC Funding Company II, LLC, a Minnesota limited liability company (the “Seller”), Patterson Companies, Inc., a Minnesota corporation (together with its successors and assigns “PDCo”), as initial Servicer (Servicer together with Seller, the “Seller Parties” and each a “Seller Party”), the entities listed on Schedule A to this Agreement under the heading “Purchaser” (together with any of their respective successors and assigns hereunder, the “Purchasers”) and Fifth Third Bank, National Association (“FTB”) (together with its successors and assigns hereunder, the “Agent”).  Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I.
PRELIMINARY STATEMENTS
The Seller Parties and certain other financial institutions are parties to that certain Amended and Restated Contract Purchase Agreement, dated as of August 12, 2011 (as amended supplemented, or otherwise modified through the date hereof excluding this Agreement, the “Prior Agreement”).
The parties hereto now desire to amend and restate the Prior Agreement in its entirety to read as set forth herein.  All obligations of the Seller Parties under the Prior Agreement are not extinguished based on the amendment and restatement of the Prior Agreement and remain outstanding under the terms hereof.
FTB has been requested and is willing to act as Agent on behalf of the Purchasers in accordance with the terms hereof.
AGREEMENT
Now therefore, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree that, subject to satisfaction of the conditions precedent set forth in Section 6.1, the Prior Agreement is hereby amended and restated in its entirety to read as follows:
ARTICLE I

PURCHASE ARRANGEMENTS
Section 1.1Purchase Facility.
(a)Upon the terms and subject to the conditions hereof, during the period from the date hereof to but not including the Facility Termination Date, Seller shall sell and assign, as described in Section 1.2(b), the Asset Portfolio to Agent for the benefit of the Purchasers, as applicable.  In accordance with the terms and conditions set forth herein, Agent shall make cash payments to Seller of the related Cash Purchase Price in respect of the Asset Portfolio (each such cash payment, a “Purchase”), on behalf of each Purchaser and from time to time in an aggregate amount not to exceed at such time (i) in the case of each Purchaser, its Commitment and (ii) in the aggregate, the lesser of (A) the Purchase Limit and (B) the aggregate amount of the Commitments.  Any amount not paid for the Asset Portfolio hereunder as Cash Purchase Price shall be paid to Seller as the RPA Deferred Purchase Price pursuant to, and only to the extent required by, the priority of payments set forth in Sections 2.2(b) and (c) and otherwise pursuant to the terms of this Agreement (including Section 2.6).

(b)Seller may, upon at least 10 Business Days’ prior notice to Agent and each Purchaser, terminate in whole or reduce in part, ratably among the Purchasers, the unused portion of the Purchase Limit; provided that (i) each partial reduction of the Purchase Limit shall be in an amount equal to $5,000,000 or an integral multiple thereof and (ii) the aggregate of the Commitments for all of the Purchasers shall also be terminated in whole or reduced in part, ratably among the Purchasers, by an amount equal to such termination or reduction in the Purchase Limit.
Section 1.2Increases; Sale of Asset Portfolio.  
(c)Increases.  Seller shall provide Agent and each Purchaser with at least two Business Days’ prior notice in a form set forth as Exhibit II hereto of each Purchase (a “Purchase Notice”). Seller shall send such Purchase Notice by telecopier or email specifying (i) the date of such Purchase which, in the case of any Purchase (after the initial Purchase hereunder), must be at least one Business Day after such notice is received by the applicable Purchaser, (ii) each Purchaser’s Pro Rata Share of the aggregate Cash Purchase Price in respect of such Receivables, Related Security and Collections and (iii) the requested Discount Rate and the requested Rate Tranche Period. Each Purchase Notice shall be subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable, shall specify a Cash Purchase Price that is not less than $5,000,000 and in additional increments of $100,000 and, in the case of a Purchase, the requested Discount Rate and Rate Tranche Period and shall be accompanied by a current listing of all Receivables (including any Receivables to be purchased by Seller under the Receivables Sale Agreement on the date of such Purchase specified in such Purchase Notice).    On the date of each Purchase, upon satisfaction of the applicable conditions precedent set forth in Article VI and the conditions set forth in this Section 1.2(a), the Purchasers shall deposit to the Facility Account, in immediately available funds, no later than 1:00 p.m. (Eastern Standard time), an amount equal to such Purchaser’s Pro Rata Share of the aggregate Cash Purchase Price of the Receivables, Related Security and Collections.  Each Purchaser’s obligation shall be several, such that the failure of any Purchaser to make available to Seller any funds in connection with any Purchase shall not relieve any other Purchaser of its obligation, if any, hereunder to make funds available on the date of such Purchase, but no Purchaser shall be responsible for the failure of any other Purchaser to make funds available in connection with any Purchase.
(b)    Sale of Asset Portfolio.  In accordance with Sections 1.1(a) and 1.2(a), Seller hereby sells, assigns and transfers to Agent (on behalf of Purchasers), for the related Cash Purchase Price and the RPA Deferred Purchase Price, effective on and as of the date of each Purchase by any Purchaser hereunder, all of its right, title and interest in, to and under all Receivables and the Related Security and Collections relating to such Receivables (other than Seller’s title in and to the Second-Tier Account and the Facility Account, each of which shall remain with Seller), whether currently existing or thereafter acquired (the assets sold, assigned and transferred to include not only the Receivables, Collections and Related Security (other than Seller’s title in and to the Second-Tier Account and the Facility Account) existing as of the date of such Purchase but also all future Receivables and such Related Security and Collections acquired by Seller from time to time as provided herein).  Purchaser’s right, title and interest in and to such assets is herein called the “Asset Portfolio”.
Section 1.3Decreases.  Seller shall provide Agent and each Purchaser with an irrevocable prior written notice (a “Reduction Notice”) two Business Days prior to any proposed reduction of the Aggregate Capital from Collections.  Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of the Aggregate Capital shall occur and (ii) the amount of the Aggregate Capital to be reduced that shall be applied ratably to the aggregate Capital of the Purchasers in accordance with the amount of Capital (if any) owing to the Purchasers (ratably to each Purchaser, based on the ratio of such Purchaser’s Capital at such time to the aggregate Capital of all of the Purchasers at such time) 
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(the “Aggregate Reduction”), without regard to any unpaid RPA Deferred Purchase Price.  Only one (1) Reduction Notice shall be outstanding at any time.  Concurrently with any reduction of the Aggregate Capital pursuant to this Section, Seller shall pay to the applicable Purchaser all Broken Funding Costs arising as a result of such reduction.  No Aggregate Reduction will be made following the occurrence of the Amortization Date without the prior written consent of Agent.
Section 1.4Payment Requirements.  All amounts to be paid or deposited by any Seller Party pursuant to any provision of this Agreement or any other Transaction Document shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon (Eastern Standard time) on the day when due in immediately available funds, and if not received before 12:00 noon (Eastern Standard time) shall be deemed to be received on the next succeeding Business Day.  If such amounts are payable to (i) Agent, they shall be paid to Agent for its own account, in accordance with the applicable instructions set forth on Schedule C and (ii) any Purchaser, they shall be paid to such Purchaser, in accordance with the applicable instructions set forth on Schedule C, in each case until otherwise notified by Agent or the Purchaser, as applicable (each instruction set forth in clauses (i) and (ii) being a “Payment Instruction”).  Upon notice to Seller, Agent (on behalf of itself and/or any Purchaser) may debit the Facility Account for all amounts due and payable hereunder.  All computations of Purchaser Yield, per annum fees hereunder and per annum fees under any Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed.  If any amount hereunder or under any other Transaction Document shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day.
Section 1.5[Reserved].
Section 1.6RPA Deferred Purchase Price.  Subject to the application of Collections as RPA Deferred Purchase Price as permitted on each Settlement Date pursuant to Sections 2.2(b), 2.2(c) and 2.6, on each Business Day on and after the Final Payout Date, Servicer, on behalf of Agent and the Purchasers, shall pay to Seller an amount as deferred purchase price (the “RPA Deferred Purchase Price”) equal to the Collections of Receivables then held or thereafter received by Seller (or Servicer on its behalf) less any accrued and unpaid Servicing Fee.
ARTICLE II

PAYMENTS AND COLLECTIONS
Section 1.7Payments.  Notwithstanding any limitation on recourse contained in this Agreement, Seller shall immediately pay to Agent when due, for the account of Agent, or the relevant Purchaser or Purchasers, on a full recourse basis: (a) all amounts accrued or payable by Seller to any such Person as described in Section 2.2 and (b) each of the following amounts, to the extent that such amounts are not paid in accordance with Section 2.2: (i) such fees as set forth in each Fee Letter (which fees collectively shall be sufficient to pay all fees owing to the Purchasers), (ii) all amounts payable as Purchaser Yield, (iii) all amounts payable as Deemed Collections (which shall be immediately due and payable by Seller and applied to reduce the outstanding Aggregate Capital hereunder in accordance with Sections 2.2 and 2.3 hereof), (iv) all amounts required pursuant to Section 2.5, (v) all amounts payable pursuant to Article X, if any, (vi) all Servicer costs and expenses, including the Servicing Fee, in connection with servicing, administering and collecting the Receivables, (vii) all Broken Funding Costs, (viii) all Hedging Obligations, (ix) all amounts required pursuant to Section 2.6 to ensure that the Net Portfolio Balance shall at no time be less than the sum of (i) the Aggregate Capital at such time, plus (ii) the Credit Enhancement and (x) all Default Fees (the fees, amounts and other obligations described in clauses (a) and (b) collectively, the “Obligations”).  If any Person fails to pay any of 
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the Obligations when due, such Person agrees to pay, on demand, the Default Fee in respect thereof until paid.  Notwithstanding the foregoing, no provision of this Agreement or any Fee Letter shall require the payment or permit the collection of any amounts hereunder in excess of the maximum permitted by applicable law.  If at any time Seller receives any Collections or is deemed to receive any Collections, Seller shall immediately pay such Collections or Deemed Collections to Servicer for payment in accordance with the terms and conditions hereof and, at all times prior to such payment, such Collections or Deemed Collections shall be held in trust by Seller for the exclusive benefit of the Purchasers and Agent.
Section 1.8Collections Prior to Amortization.
(d)Collections Generally.  On any day prior to the Amortization Date that Servicer receives any Collections and/or Deemed Collections, such Collections and/or Deemed Collections shall be set aside and held in trust by Servicer for the benefit of Agent and the Purchasers in the Collection Accounts in the manner set forth in Sections 7.1(j) and 8.2.  Prior to the Amortization Date, all such amounts shall be applied as set forth in this Section 2.2.  Servicer shall, on each Settlement Date, determine the amount of Collections set aside in accordance with the first sentence of this Section 2.2 during the related Settlement Period which constitute Principal Collections and the portion of such Collections which constitute Finance Charge Collections.  On each Settlement Date, Servicer shall remit the Principal Collections set aside pursuant to this subsection (a) to the Second-Tier Account (to the extent such Principal Collections are not already on deposit therein) to be distributed in accordance with subsection (b) below and Servicer shall remit the Finance Charge Collections set aside pursuant to this subsection (a) to the Second-Tier Account (to the extent such Finance Charge Collections are not already on deposit therein) to be distributed in accordance with subsection (c) below.
(e)Application of Principal Collections.  On each Settlement Date, Servicer will apply the Principal Collections on deposit in the Second-Tier Account in accordance with the applicable Payment Instructions pursuant to Section 2.2(a) to make the following distributions in the following amounts and order of priority:
first, to each Terminating Purchaser, an amount equal to such Terminating Purchaser’s Termination Percentage of such Principal Collections for the ratable reduction of the Capital of each such Terminating Purchaser,
second, subject to Section 2.6, if any Purchase Notice shall have been delivered in accordance with Section 1.2(a), to Seller to fund the Cash Purchase Price of the Purchase to be made on such date; otherwise, to Agent for the account of the Purchasers (other than any Terminating Purchaser) as a further reduction of the Aggregate Capital, and
third,  subject to Section 2.6, to the extent of any such amounts remaining after such payments, to be applied as if they were Finance Charge Collections in accordance with the priority of payments set forth in subsection (c) below.
(f)Application of Finance Charge Collections.  On each Settlement Date, Servicer will apply (i) the Finance Charge Collections on deposit in the Second-Tier Account and (ii) all remaining Principal Collections after making the distributions pursuant to clauses first and second of subsection (b) above, pursuant to Section 2.2(a), together with the applicable Hedge Floating Amount, if any, paid to Seller by each Hedge Provider and any net income from Permitted Investments deposited to the Second-Tier Account pursuant to Section 2.8, in accordance with the applicable Payment Instructions, to make the following distributions in the following amounts and order of priority:
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first, to the reimbursement of Agent’s and each Purchaser’s costs of collection and enforcement of this Agreement,
second, to Agent for the account of the Purchasers, all accrued and unpaid fees under any Fee Letter and Purchaser Yield, including any accrued Purchaser Yield in respect of Capital reduced pursuant to clause second of subsection (b) above, together with any Broken Funding Costs,
third, if Servicer is not then Seller or an Affiliate of Seller, to Servicer in payment of the Servicing Fee, 
fourth, to Agent as a reduction of Aggregate Capital an amount necessary to pay in full the Outstanding Balance of any Receivables that became Defaulted Receivables during the related Settlement Period and Receivables that became Defaulted Receivables during any prior Settlement Period that have not previously been the subject of payment hereunder and then first, to the Reserve Account, to the extent there is a Reserve Account Deficiency, until the amount on deposit therein equals the Reserve Account Required Amount, and second, solely during the Temporary Period, to the ratable reduction of Aggregate Capital to zero,
fifth, if Seller or an Affiliate of Seller is then acting as Servicer, to Servicer in payment of the Servicing Fee,
sixth, to the applicable Persons, for the ratable payment in full of all other unpaid Obligations, and
seventh, the balance, if any, in the following priority: first, to Agent for deposit to the Second-Tier Account if the conditions of Section 7.3 requiring that the Hedging Agreements be in effect have occurred, but the Hedging Agreements are not then in effect (such amount to be set aside and held in trust for application in accordance with this Section 2.2(c) on the next occurring Settlement Date) and then second, subject to Section 2.6, to Seller as RPA Deferred Purchase Price.
(g)Each Terminating Purchaser shall be allocated a ratable portion of Collections from the Purchase Termination Date that such Terminating Purchaser did not consent to extend (as to such Terminating Purchaser, the “Termination Date”), until, with respect to a Terminating Purchaser, such Terminating Purchaser’s Capital, if any, shall be paid in full and the applicable, ratable portion of the RPA Deferred Purchase Price allocable to such Terminating Purchaser’s portion of the Asset Portfolio has been paid in full in accordance with the priority of payments set forth in Section 2.2(b).  This ratable portion shall be calculated on the Termination Date of each Terminating Purchaser as a percentage equal to (i) Capital of such Terminating Purchaser outstanding on its Termination Date, divided by (ii) the Aggregate Capital outstanding on such Termination Date (the “Termination Percentage”).  Each Terminating Purchaser’s Termination Percentage shall remain constant prior to the Amortization Date.  On and after the Amortization Date, each Termination Percentage shall be disregarded, and each Terminating Purchaser’s Capital shall be reduced ratably with all Purchasers in accordance with Section 2.3.
Section 1.9Collections Following Amortization.  On the Amortization Date and on each day thereafter, Servicer shall set aside and hold in trust for the benefit of Agent and the Purchasers, in the Collection Accounts in the manner set forth in Sections 7.1(j) and 8.2, all Collections and/or Deemed Collections received on such day and any additional amount for the payment of any Aggregate Unpaids owed by Seller and not previously paid by Seller in accordance with Section 2.1.  On and after the Amortization Date, Servicer shall, at any time upon the request from time to time by (or pursuant to standing instructions from) Agent (i) remit 
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to the Second-Tier Account the amounts set aside pursuant to the preceding sentence (to the extent such amounts are not already on deposit therein) and (ii) apply such amounts at Agent’s direction to reduce the Aggregate Capital and any other Aggregate Unpaids (it being understood and agreed that, in any event, no portion of the RPA Deferred Purchase Price may be paid to Seller on a date on or after the Amortization Date and prior to the Final Payout Date).  If there shall be insufficient funds on deposit for Servicer to distribute funds in payment in full of the aforementioned amounts, Servicer shall distribute funds in accordance with the applicable Payment Instructions:
first, to the reimbursement of Agent’s and each Purchaser’s costs of collection and enforcement of this Agreement,
second, ratably to the payment of all accrued and unpaid fees under any Fee Letter and all accrued and unpaid Purchaser Yield,
third, to the payment of Servicer’s reasonable out-of-pocket costs and expenses in connection with servicing, administering and collecting the Receivables, including the Servicing Fee, if Seller, or one of its Affiliates is not then acting as Servicer,
fourth, to the ratable reduction of Aggregate Capital to zero,
fifth, for the ratable payment of all other unpaid Obligations, provided that to the extent such Obligations relate to the payment of Servicer costs and expenses, including the Servicing Fee, when Seller or one of its Affiliates is acting as Servicer, such costs and expenses will not be paid until after the payment in full of all other Obligations,
sixth, to the ratable payment in full of all other Aggregate Unpaids, and
seventh, after the Facility Termination Date when the Aggregate Unpaids have been indefeasibly reduced to zero, to Seller as RPA Deferred Purchase Price, any remaining Collections.
Section 1.10Ratable Payments.  Collections applied to the payment of Aggregate Unpaids shall be distributed in accordance with the aforementioned provisions, and, giving effect to each of the priorities set forth in Sections 2.2 and 2.3 above, shall be shared ratably (within each priority) among Agent and the Purchasers in accordance with the amount of such Aggregate Unpaids owing to each of them in respect of each such priority.
Section 1.11Payment Rescission.  No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason.  Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to Agent (for application to the Person or Persons who suffered such rescission, return or refund), the full amount thereof, plus the Default Fee from the date of any such rescission, return or refunding, in each case, if such rescinded amounts have not been paid under Section 2.2.
Section 1.12Maximum Purchases In Respect of the Asset Portfolio.  Notwithstanding anything to the contrary in this Agreement, Seller shall ensure that the Net Portfolio Balance shall at no time be less than the sum of (i) the Aggregate Capital at such time, plus (ii) the Credit Enhancement at such time.  If, on any date of determination, the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement exceeds the Net Portfolio Balance, in each case at such time, Seller shall pay to the Purchasers within one (1) Business Day an amount to be 
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applied to reduce the Aggregate Capital (allocated ratably based on the ratio of each Purchaser’s Capital at such time to the Aggregate Capital at such time), such that after giving effect to such payment, the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case at such time; provided however, that if on any Settlement Date, the Net Portfolio Balance is less than the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case at such time, the payment in full of the amount required by the previous sentence shall be made prior to any distributions are made pursuant to Section 2.2(b).
Section 1.13Clean-Up Call; Limitation on Payments.
(a)Clean Up Call.  In addition to Seller’s rights pursuant to Section 1.3, Seller shall have the right (after providing at least 2 Business Days’ written notice to Agent and each Purchaser), at any time following the reduction of the Aggregate Capital to a level that is less than 10.0% of the Purchase Limit as of the date hereof, to repurchase from the Purchasers all, but not less than all, of the Asset Portfolio at such time.  The purchase price in respect thereof shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in immediately available funds.  Such repurchase shall be without representation, warranty or recourse of any kind by, on the part of, or against any Purchaser or Agent.  If, at any time, Servicer is not Seller or an Affiliate of Seller, Seller may waive its repurchase rights under this Section 2.7(a) by providing a written notice of such waiver to Agent and each Purchaser.
(b)Purchasers’ and Agent’s Limitation on Payments.  Notwithstanding any provision contained in this Agreement or any other Transaction Document to the contrary, none of the Purchasers or Agent shall, and none of them shall be obligated (whether on behalf of a Purchaser or otherwise) to, pay any amount to Seller in respect of any portion of the RPA Deferred Purchase Price, except to the extent that Collections are available for distribution to Seller in accordance with this Agreement.  Any amount which Agent or a Purchaser is not obligated to pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in § 101 of the Federal Bankruptcy Code) against, or corporate obligation of, any Purchaser or Agent, as applicable, for any such insufficiency unless and until such amount becomes available for distribution to Seller pursuant to the terms hereof.
Section 1.14Investment of Collections in Second-Tier Account.  All amounts from time to time held in, deposited in or credited to, the Second-Tier Account shall be invested by Servicer (as agent for Agent) in Permitted Investments selected in writing by Servicer.  All such investments shall at all times be held by or on behalf of Agent for the benefit of the Purchasers and the Hedge Providers, provided, that neither Agent, any Purchaser nor the Hedge Providers shall be held liable in any way by reason of any loss arising from the investment of amounts on deposit in the Second-Tier Account in Permitted Investments.  All income or other gain from investment of monies deposited in or credited to the Second-Tier Account shall be deposited in or credited to the Second-Tier Account immediately upon receipt, and any loss resulting from such investment shall be charged thereto.  Any net income from such investments shall be transferred to the Second-Tier Account on a monthly basis on the Business Day preceding each Settlement Date to be applied in accordance with Section 2.2.  Except as permitted in writing by Agent, funds on deposit in the Second-Tier Account shall be invested in Permitted Investments that will mature no later than the Business Day immediately preceding the next Settlement Date.  No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity date unless a default occurs with respect to such Permitted Investment and Agent directs Servicer in writing to dispose of such Permitted Investment.
Section 1.15Reserve Account.
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(h)On or prior to the commencement of the Temporary Period, (i) the Agent shall establish the Reserve Account and (ii) the Seller shall deposit, or cause to be deposited, into the Reserve Account funds in an amount equal to the Reserve Account Required Amount.  
(i)Any and all funds or other property at any time on deposit in, or otherwise to the credit of, the Reserve Account shall be held in trust by the Reserve Account Bank for the ratable benefit of the Purchasers.  Funds held in the Reserve Account shall not be invested.  The only permitted withdrawals from or application of funds on deposit in, or otherwise to the credit of, the Reserve Account shall be made pursuant to this Agreement.  The Seller’s interest and rights in the Reserve Account are limited to those provided for in this Agreement.  Except as set forth herein, the Seller shall not have the ability to direct or apply funds on deposit in the Reserve Account.
(j)If at any time the Applicable Collection Amount with respect to any Settlement Date is less than the Required Monthly Payments for such Settlement Date, in each case, as reported in the Monthly Report delivered by the Servicer in accordance with this Agreement, then the Agent shall withdraw from the Reserve Account funds in an amount equal to the applicable Reserve Account Draw Amount (to the extent of the funds available therein) for distribution in accordance with the priority of payments set forth in Sections 2.2(c) and 2.3, as applicable.  
(k)The Seller shall be responsible for all costs and expenses of maintaining the Reserve Account, including all service fees and other charges directly related to the administration of the Reserve Account and for returned checks and other items of payment.
ARTICLE III

[INTENTIONALLY OMITTED.] 
ARTICLE IV

PURCHASER FUNDING
Section 1.1Purchaser Funding.  The aggregate Capital associated with the Purchases by the Purchasers shall accrue Purchaser Yield for each day during its Rate Tranche Period at either the Adjusted Term SOFR or the Alternate Base Rate in accordance with the terms and conditions hereof.  Until Seller gives notice to Agent and the applicable Purchaser of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any portion of the Asset Portfolio transferred to the Purchasers pursuant to the terms and conditions hereof shall be the Alternate Base Rate. 
Section 1.2Purchaser Yield Payments.  On the Settlement Date for each Rate Tranche Period with respect to the aggregate Capital of the Purchasers, Seller shall pay to Agent (for the benefit of the Purchasers) an aggregate amount equal to all accrued and unpaid Purchaser Yield for the entire Rate Tranche Period with respect to such Capital in accordance with Article II.  On the third Business Day immediately preceding the Settlement Date for such Capital of each of the Purchasers, each Purchaser shall calculate the aggregate amount of accrued and unpaid Purchaser Yield for the entire Rate Tranche Period for such Capital of such Purchaser and shall notify Seller of such aggregate amount.
Section 1.3Selection and Continuation of Rate Tranche Periods.
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(a)With consultation from (and approval by) Agent and the applicable Purchaser, Seller shall from time to time, for purposes of computing the Purchaser Yield with respect to such Purchaser, request Rate Tranche Periods to account for the portion of the Asset Portfolio funded or maintained by such Purchaser, provided that, if at any time any of the Purchasers shall have any Capital outstanding, Seller shall always request Rate Tranche Periods such that at least one Rate Tranche Period shall end on the 19th day of each calendar month.
(b)Seller or the applicable Purchaser, upon notice to and consent by the other received at least three (3) Business Days prior to the end of a Rate Tranche Period (a “Terminating Rate Tranche”) for any portion of the Asset Portfolio funded or maintained by such Purchaser, may, effective on the last day of the Terminating Rate Tranche:  (i) divide any such Purchaser’s Capital into multiple portions by subdividing such Capital into smaller amounts of Capital, (ii) combine any such portion of such Purchaser’s Capital with one or more other portions of such Purchaser’s Capital that have a Terminating Rate Tranche ending on the same day as such Terminating Rate Tranche by combining the associated Capital of such Purchaser or (iii) combine any such Purchaser’s existing Capital with additional Capital being paid to Seller as Cash Purchase Price in respect of a new Purchase made on the day such Terminating Rate Tranche ends by combining the associated Capital in respect of such new Purchase with the existing Capital of such Purchaser, provided, that in no event may the Capital of any Purchaser be combined with the Capital of any other Purchaser.
Section 1.1Purchaser Discount Rates.  Seller may select the Adjusted Term SOFR or the Alternate Base Rate for each portion of the Capital of any of the Purchasers.  Seller shall by 12:00 noon (Eastern Standard time): (i) at least three (3) U.S. Government Securities Business Days prior to the expiration of any Terminating Rate Tranche with respect to which the Adjusted Term SOFR is being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Rate Tranche with respect to which the Alternate Base Rate is being requested as a new Discount Rate, give each Purchaser irrevocable notice of the new Discount Rate for the Capital or portion thereof associated with such Terminating Rate Tranche.  Until Seller gives notice to the applicable Purchaser of another Discount Rate, the initial Discount Rate for any Capital of any Purchaser pursuant to the terms and conditions hereof (or assigned or transferred to, or funded by any other Person) shall be the Alternate Base Rate.  Notwithstanding anything to the contrary herein, no Purchaser shall fund any portion of Capital with respect to a given Purchase Notice by reference to an index rate that is different than the index rate for such portion of Capital funded by any other Purchaser without the prior written consent of Agent (it being understood, that so long as each Purchaser funds its ratable share of each rate tranche being requested at such time, the Seller may request more than one Discount Rate in connection with each funding).
Section 1.2[Reserved].  
Section 1.3Extension of Purchase Termination Date.
(c)Seller may request one or more extensions of the Purchase Termination Date then in effect by giving written notice of such request to Agent and each Purchaser (each such notice, an “Extension Notice”) at least 60 days prior to the Purchase Termination Date then in effect.  Each Purchaser may, in its sole discretion, by a revocable notice (a “Consent Notice”) given to Agent and Seller on or prior to the 30th day prior to the Purchase Termination Date then in effect (such period from the date of the Extension Notice to such 30th day being referred to herein as the “Consent Period”), consent to such extension of such Purchase Termination Date; provided, however, that, except as provided in Section 4.6(b), such extension shall not be effective with respect to any of the Purchasers if any one or more Purchasers:  (i) notifies Agent and Seller during the Consent Period that such Purchaser either does not wish to consent to such extension or wishes to revoke its prior Consent Notice or (ii) fails to respond to Agent and Seller 
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(each Purchaser that does not wish to consent to such extension or wishes to revoke its prior Consent Notice or fails to respond to Agent and Seller within the Consent Period is herein referred to as a “Non-Renewing Purchaser”).  If none of the events described in the foregoing clauses (i) or (ii) occurs during the Consent Period and all Consent Notices have been received, then, the Purchase Termination Date shall be irrevocably extended until the date that is mutually agreed to by the parties hereto.
(d)Upon receipt of notice from Agent, or, if applicable, a Purchaser, pursuant to Section 4.6(a) of any Non-Renewing Purchaser or that the Purchase Termination Date has not been extended, one or more of the Purchasers (including any Non-Renewing Purchaser) may proffer to Agent, the names of one or more institutions meeting the criteria set forth in Section 12.1(b) that are willing to accept assignments of and assume the rights and obligations under this Agreement and the other applicable Transaction Documents of the Non-Renewing Purchaser.  Provided the proffered name(s) are acceptable to Agent, Agent shall notify each Purchaser of such fact, and the then existing Purchase Termination Date shall be extended for an additional term to be mutually agreed to by the parties hereto upon satisfaction of the conditions for an assignment in accordance with Section 12.1, and the Commitment of each Non-Renewing Purchaser shall be reduced to zero.  If the rights and obligations under this Agreement and the other applicable Transaction Documents of each Non-Renewing Purchaser are not assigned as contemplated by this Section 4.6(b) (each such Non-Renewing Purchaser whose rights and obligations under this Agreement and the other applicable Transaction Documents are not so assigned is herein referred to as a “Terminating Purchaser”) and at least one Purchaser is not a Non-Renewing Purchaser, the then existing Purchase Termination Date shall be extended for an additional term to be mutually agreed to by the parties hereto; provided, however, that (i) the Purchase Limit shall be reduced on the Termination Date applicable to each Terminating Purchaser by an aggregate amount equal to the Terminating Commitment Availability as of such date of each Terminating Purchaser and shall thereafter continue to be reduced by amounts equal to any reduction in the Capital of any Terminating Purchaser (after application of Collections pursuant to Sections 2.2 and 2.3), and (ii) the Commitment of each Terminating Purchaser shall be reduced to zero on the Termination Date applicable to such Terminating Purchaser.  Upon reduction to zero of the Capital of a Terminating Purchaser (after application of Collections thereto pursuant to Section 2.2 and 2.3), all rights and obligations of such Terminating Purchaser hereunder shall be terminated and such Terminating Purchaser shall no longer be a “Purchaser”; provided, however, that the provisions of Article X shall continue in effect for its benefit with respect to the Capital held by such Terminating Purchaser prior to its termination as a Purchaser.  
(e)Any requested extension of the Purchase Termination Date may be approved or disapproved by a Purchaser in its sole discretion.  In the event that the Commitments are not extended in accordance with the provisions of this Section 4.6, the Commitment of each Purchaser shall be reduced to zero on the Purchase Termination Date.  Upon reduction to zero of the Commitment of a Purchaser and upon reduction to zero of the Capital of such Purchaser, all rights and obligations of such Purchaser hereunder shall be terminated and such Purchaser shall no longer be a “Purchaser”; provided, however, that the provisions of Article X shall continue in effect for its benefit with respect to the Capital held by such Purchaser prior to its termination as a Purchaser.
Section 1.1SOFR Provisions. 
(f)[Reserved].  
(g)Temporary Inability to Determine Benchmark. If Agent shall determine that: (A) Adjusted Term SOFR or any then-current Benchmark cannot be determined pursuant to the definition thereof, (B) adequate and reasonable methods do not exist for ascertaining the Benchmark, (C) the Benchmark, as determined by Agent, will not adequately and fairly reflect 
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the cost to Purchasers of funding their Capital accruing interest based upon the Benchmark, or (D) the making or funding of Capital accruing interest based upon the Benchmark has become impracticable, in each case of (A)-(D), other than as a result of an event described in Section 4.7(c) below; then, in any such case, Agent shall promptly provide notice of such determination to Seller (which shall be conclusive and binding on Seller), and (x) any Capital in respect of which Interest accrues based upon the Benchmark shall accrue Interest at the Alternate Base Rate, and (y) the obligations of Purchasers to have Interest on Capital accrue based upon the Benchmark shall be suspended until Agent determines that the circumstances giving rise to such suspension no longer exist, in which event Agent shall so notify Seller.
(h)Benchmark Replacement Setting. 
(i)Benchmark Replacement.  
(A)Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event, Agent in consultation with Seller may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after Agent has posted such proposed amendment to all Purchasers and Seller so long as Agent has not received, by such time, written notice of objection to such amendment from Purchasers comprising the Required Purchasers.  No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 4.7(c) will occur prior to the applicable Benchmark Transition Start Date.    
(B)[Reserved].
(C)[Reserved].
(i)Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document.
(ii)Notices; Standards for Decisions and Determinations. Agent will promptly notify Seller and the Purchasers of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes.  Agent will notify Seller of (i) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 4.7(c)(iv); and (ii) the commencement of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by Agent or, if applicable, any Purchaser (or group of Purchasers) pursuant to this Section 4.7(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 4.7(c).
(iii)Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-
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current Benchmark is a term rate and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then Agent may modify the applicable provisions applicable to such Benchmark (or component thereof) or such Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then Agent may modify the applicable provisions, including any interest period, applicable to such Benchmark (or component thereof) or such Benchmark settings at or after such time to reinstate such previously removed tenor.
(iv)Benchmark Unavailability Period. Upon Seller’s receipt of notice of the commencement of a Benchmark Unavailability Period, any outstanding Capital will accrue Interest at the Alternate Base Rate immediately.  
(v)Limitation of Liability.  Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the administration of, submission of, calculation of or any other matter related to any Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, comparable or successor rate thereto (including, any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, comparable or successor rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as the immediately preceding Benchmark or any other Benchmark, or (b) the effect, implementation or composition of any Conforming Changes.
(i)Illegality.  Notwithstanding any other provisions hereof, if any Law shall make it unlawful for any Purchaser to make, fund or maintain Capital that accrues Interest at a rate based on Term SOFR, such Purchaser shall promptly give notice of such circumstances to Agent, Seller and the other Purchasers.  In such an event, any outstanding Capital shall automatically accrue Interest based on the Alternate Base Rate. 
(j)Breakage Fees.  Upon any payment of Capital that accrues Interest at a rate based on Term SOFR on any day that is not the Interest Payment Date applicable thereto (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), Seller shall promptly pay each Purchaser an amount equal to the amount of any losses, expenses and liabilities (including any loss (including interest paid) in connection with the re-employment of such funds) that such Purchaser sustains as a result of such default or such payment.  
ARTICLE V

REPRESENTATIONS AND WARRANTIES
Section 1.1Representations and Warranties of the Seller Parties.  Each Seller Party hereby represents and warrants to Agent and the Purchasers, as to itself, as of the date hereof and as of the date of each Purchase (other than with respect to the representations and warranties set forth in clause (x), which are only made as of the date hereof) that:
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(a)Existence and Power.  Such Seller Party is a corporation or limited liability company, as applicable, duly organized, validly existing and in good standing under the laws of its state of organization.  Such Seller Party is duly qualified to do business and is in good standing as a foreign entity, and has and holds all power, corporate or otherwise, and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted, except where the failure to be so qualified or to have and hold such governmental licenses, authorization, consents and approvals could not reasonably be expected to have a Material Adverse Effect.
(b)Power and Authority; Due Authorization, Execution and Delivery.  The execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and, in the case of Seller, Seller’s use of the proceeds of Purchases made hereunder, are within its powers and authority, corporate or otherwise, and have been duly authorized by all necessary action, corporate or otherwise, on its part.  This Agreement and each other Transaction Document to which such Seller Party is a party has been duly executed and delivered by such Seller Party.
(c)No Conflict.  The execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or organization, by-laws or limited liability company agreement (or equivalent governing documents), (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Seller Party or its Subsidiaries (except as created hereunder); and no transaction contemplated hereby requires compliance with any bulk sales act or similar law.
(d)Governmental Authorization.  Other than the filing of the financing statements required hereunder, no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a party and the performance of its obligations hereunder and thereunder.
(e)Actions, Suits.  There are no actions, suits or proceedings pending, or to the best of such Seller Party’s knowledge, threatened, against or affecting such Seller Party, or any of its properties, in or before any court, arbitrator or other body, that could reasonably be expected to have a Material Adverse Effect.  Such Seller Party is not in default with respect to any order of any court, arbitrator or governmental body.
(f)Binding Effect.  This Agreement and each other Transaction Document to which such Seller Party is a party constitute the legal, valid and binding obligations of such Seller Party enforceable against such Seller Party in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
(g)Accuracy of Information.  All information heretofore furnished by such Seller Party or any of its Affiliates to Agent or the Purchasers for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by such Seller Party or any of its Affiliates to Agent or the Purchasers will be, true and accurate in every material respect on the date such information is stated or certified and does not and will not contain any material 
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misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not materially misleading.
(h)Use of Proceeds.  No proceeds of any Purchase hereunder will be used (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended.
(i)Good Title.  Immediately prior to each Purchase hereunder, Seller shall be the legal and beneficial owner of the Receivables and Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents.  There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s ownership interest in each Receivable, its Collections and the Related Security.
(j)Perfection.  This Agreement, together with the filing of the financing statements contemplated hereby, is effective to, and shall, upon each Purchase hereunder, transfer to Agent for the benefit of the Purchasers (and Agent for the benefit of the Purchasers shall acquire from Seller) a valid and perfected ownership of or first priority perfected security interest in each Receivable existing or hereafter arising and in the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents.  There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Agent’s (on behalf of the Purchasers) ownership or security interest in the Receivables, the Related Security and the Collections.
(k)Jurisdiction of Organization; Places of Business and Locations of Records.  The principal places of business, jurisdiction of organization and chief executive office of such Seller Party and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit III or such other locations of which Agent has been notified in accordance with Section 7.2(a) in jurisdictions where all action required by Section 7.1(h) and/or Section 14.4(a) has been taken and completed.  Such Seller party’s organizational number assigned to it by its jurisdiction of organization and such Seller Party’s Federal Employer Identification Number are correctly set forth on Exhibit III.  Except as set forth on Exhibit III, such Seller Party has not, within a period of one year prior to the date hereof, (i) changed the location of its principal place of business or chief executive office or its organizational structure, (ii) changed its legal name, (iii) become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC in effect in the State of Minnesota) or (iv) changed its jurisdiction of organization.  Seller is a Minnesota limited liability company and is a “registered organization” (within the meaning of Section 9-102 of the UCC in effect in the State of Minnesota).
(l)Collections.  The conditions and requirements set forth in Section 7.1(j) and Section 8.2 have at all times been satisfied and duly performed.  The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts at each Collection Bank and the post office box number of each Lock-Box or P.O. Box, are listed on Exhibit IV or have been provided to Agent in a written notice that complies with Section 7.2(b).  Seller has not granted, other than as contemplated by the Intercreditor Agreement, any Person, other than Agent as contemplated by this Agreement, dominion and control or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any Lock-Box, P.O. Box or Collection Account, or the right to take dominion and control or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any such Lock-Box, P.O. Box or Collection Account at a future time or upon the occurrence of a future event.  Each Seller Party has taken all steps necessary to ensure that Agent has “control” (within the meaning of 
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Section 9-104 of the UCC of all applicable jurisdictions) over all Collection Accounts.  Such Seller Party has the ability to identify, within one Business Day of deposit, all amounts that are deposited to any First-Tier Account as constituting Collections or non-Collections.  No funds other than Capital associated with Purchases hereunder and the proceeds of Receivables are deposited to the Second-Tier Account.
(m)Material Adverse Effect.  (i) The initial Servicer represents and warrants that since April 27, 2007, no event has occurred that would have a material adverse effect on the financial condition or operations of the initial Servicer and its Subsidiaries or the ability of the initial Servicer to perform its obligations under this Agreement, and (ii) Seller represents and warrants that since April 27, 2007, no event has occurred that would have a material adverse effect on (A) the financial condition or operations of Seller, (B) the ability of Seller to perform its obligations under the Transaction Documents, or (C) the collectibility of the Receivables generally or any material portion of the Receivables.
(n)Names.  In the past five (5) years, Seller has not used any corporate or other names, trade names or assumed names other than the name in which it has executed this Agreement.
(o)Ownership of Seller.  PDCo owns, directly or indirectly, 100% of the issued and outstanding membership units of Seller, free and clear of any Adverse Claim.  Such membership units are validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of Seller.
(p)Not an Investment Company.  Such Seller Party is not and, after giving effect to the transactions contemplated hereby, will not be required to be registered as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”), or any successor statute.  Seller is not a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder (the “Volcker Rule”).  In determining that Seller is not a “covered fund” under the Volcker Rule, Seller is entitled to rely on the exemption from the definition of “investment company” set forth in Section 3(c)(5)(A) or (B) of the Investment Company Act and may also rely on other exemptions under the Investment Company Act.
(q)Compliance with Law.  Such Seller Party has complied in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect.  Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation.
(r)Compliance with Credit and Collection Policy.  Such Seller Party has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy, except such material change as to which Agent and each Purchaser have been notified in accordance with Section 7.1(a)(vii).
(s)Payments to Originators.  With respect to each Receivable transferred to Seller under the Receivables Sale Agreement, Seller has given reasonably equivalent value to the applicable Originator in consideration therefor and such transfer was not made for or on account of an antecedent debt.  No transfer by any Originator of any Receivable under the Receivables Sale Agreement is or may be voidable under any section of the Federal Bankruptcy Code.
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(t)Enforceability of Contracts.  Each Contract with respect to each Receivable is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
(u)Eligible Receivables.  Each Receivable included in the Net Portfolio Balance as an Eligible Receivable was an Eligible Receivable on the date of its purchase by Seller under the Receivables Sale Agreement.
(v)Net Portfolio Balance.  Seller has determined that, immediately after giving effect to each Purchase hereunder (including the initial Purchase on the date hereof), the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case, at such time.
(w)Accounting.  The manner in which such Seller Party accounts for the transactions contemplated by this Agreement and the Receivables Sale Agreement does not jeopardize the true sale analysis.
(x)Prior Agreement.  As of the date hereof, no Termination Event (as defined in the Prior Agreement) or Unmatured Termination Event (as defined in the Prior Agreement) has occurred and is continuing under the Prior Agreement and no default under any of the “Transaction Documents” (as defined in the Prior Agreement) has occurred and is continuing.
(y)Beneficial Ownership Regulation. The Seller is an entity that is organized under the laws of the State of Minnesota and at least 51% of its common stock or analogous equity interests is owned directly or indirectly by a company whose common stock or analogous equity interests are listed on the NASDAQ Global Select Market (as successor to the NASDAQ National Market) and is excluded on that basis from the definition of “Legal Entity Customer” as defined in the Beneficial Ownership Regulation.
ARTICLE VI

CONDITIONS OF PURCHASES
Section 1.1Conditions Precedent to Effectiveness.  The effectiveness of this Agreement is subject to the conditions precedent that (a) Agent shall have received a duly executed copy of this Agreement, (b) each Purchaser shall have received all fees and expenses required to be paid on or prior to such date pursuant to the terms of this Agreement and/or any Fee Letter, (c) Seller shall have marked its books and records with a legend satisfactory to Agent identifying Agent’s interest therein, (d) Agent shall have completed to its satisfaction a due diligence review of each Originator’s and Seller’s billing, collection and reporting systems and other items related to the Receivables, and (e) each of the Purchasers shall have received the approval of its credit committee of the transactions contemplated hereby.
Section 1.2Conditions Precedent to All Purchases.  Each Purchase (including the initial Purchase) shall be subject to the further conditions precedent that in the case of each such Purchase:  (a) prior to the initial Purchase hereunder, Agent shall have received on or before the date of such Purchase those documents listed on Schedule B; (b) prior to the initial Purchase hereunder, Agent shall have received opinions regarding general corporate matters, enforceability, no-conflicts with organizational documents, material agreements, Illinois and Federal law, ’40 Act and Volcker Rule Matters, security interest and perfection matters in form 
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and substance reasonably acceptable to Agent; (c) Servicer shall have delivered to Agent and each Purchaser on or prior to the date of such Purchase, in form and substance satisfactory to Agent and each Purchaser all Monthly Reports as and when due under Section 8.5, and upon Agent’s or any Purchaser’s request, Servicer shall have delivered to Agent and each Purchaser at least three (3) days prior to such Purchase an interim Monthly Report showing the amount of Eligible Receivables; (d) the Facility Termination Date shall not have occurred; (e) Agent and each Purchaser shall have received a duly executed Purchase Notice and such other approvals, opinions or documents as Agent or any Purchaser may reasonably request; (f) if required to be in effect pursuant to Section 7.3, the Hedging Agreements shall be in full force and effect and (g) on the date of each such Purchase, the following statements shall be true (and acceptance of the proceeds of such Purchase shall be deemed a representation and warranty by Seller that such statements are then true):
(i)the representations and warranties set forth in Section 5.1 are true and correct on and as of the date of such Purchase as though made on and as of such date;
(ii)no event has occurred and is continuing, or would result from such Purchase, that will constitute an Amortization Event, and no event has occurred and is continuing, or would result from such Purchase, that would constitute a Potential Amortization Event; and
(iii)the Aggregate Capital does not exceed the Purchase Limit and the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case, both immediately before and after giving effect to such Purchase.
ARTICLE VII

COVENANTS
Section 1.1Affirmative Covenants of The Seller Parties.  Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance with its terms, each Seller Party hereby covenants, as to itself, as set forth below:
(a)Financial Reporting.  Such Seller Party will maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish or cause to be furnished to Agent and each Purchaser:
(i)Annual Reporting.  Within 90 days after the close of each of its respective fiscal years, (x) audited, unqualified consolidated financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for PDCo and its consolidated Subsidiaries for such fiscal year certified in a manner acceptable to Agent by independent public accountants acceptable to Agent and (y) unaudited balance sheets of Seller as at the close of such fiscal year and statements of income and retained earnings and a statement of cash flows for Seller for such fiscal year, all certified by its chief financial officer.  Delivery within the time period specified above of PDCo’s annual report on Form 10-K for such fiscal year (together with PDCo’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act of 1934, as amended) prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of clause (x) of this Section 7.1(a)(i), provided that the report of the independent public accountants contained therein is acceptable to Agent.
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(ii)Quarterly Reporting.  Within 45 days after the close of the first three (3) quarterly periods of each of its respective fiscal years, unaudited balance sheets of PDCo as at the close of each such period and statements of income and retained earnings and a statement of cash flows for PDCo for the period from the beginning of such fiscal year to the end of such quarter, all certified by its chief financial officer.  Delivery within the time period specified above of copies of PDCo’s quarterly report Form 10-Q for such fiscal quarter prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the foregoing requirements of this Section 7.1(a)(ii).
(iii)Compliance Certificate.  Together with the financial statements required hereunder, a compliance certificate in substantially the form of Exhibit V signed by such Seller Party’s Authorized Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case may be.
(iv)Shareholders Statements and Reports.  Promptly upon the furnishing thereof to the shareholders of such Seller Party copies of all financial statements, reports and proxy statements so furnished.
(v)S.E.C. Filings.  Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which PDCo, any Originator or any of their respective Subsidiaries files with the Securities and Exchange Commission.
(vi)Copies of Notices.  Promptly upon its receipt of any notice, request for consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than Agent or any Purchaser (so long as each other Purchaser is copied on such communication), copies of the same.
(vii)Change in Credit and Collection Policy.  At least thirty (30) days prior to the effectiveness of any material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting Agent’s and each Purchaser’s consent thereto.
(viii)Sale Assignments.  Promptly upon its receipt of any Sale Assignment under and as defined in the Receivables Sale Agreement, copies of the same.
(ix)Other Information.  Promptly, from time to time, such other information, documents, records or reports relating to the Receivables or the condition or operations, financial or otherwise, of such Seller Party as Agent or any Purchaser may from time to time reasonably request in order to protect the interests of Agent and the Purchasers under or as contemplated by this Agreement.
(z)Notices.  Such Seller Party will notify Agent and each Purchaser in writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto:
(x)Amortization Events or Potential Amortization Events.  The occurrence of each Amortization Event and each Potential Amortization Event, by a statement of an Authorized Officer of such Seller Party.
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(xi)Judgment and Proceedings.  (1) The entry of any judgment or decree against Servicer or any of its respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Servicer and its Subsidiaries exceeds $1,000,000, (2) the institution of any litigation, arbitration proceeding or governmental proceeding against Servicer that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (3) the entry of any judgment or decree or the institution of any litigation, arbitration proceeding or governmental proceeding against Seller.
(xii)Material Adverse Effect.  The occurrence of any event or condition that has had, or could reasonably be expected to have, a Material Adverse Effect.
(xiii)Termination Event.  The occurrence of a “Termination Event” under and as defined in the Receivables Sale Agreement.
(xiv)Defaults Under Other Agreements.  The occurrence of a default or an event of default under any other financing arrangement pursuant to which such Seller Party is a debtor or an obligor.
(xv)Downgrade of PDCo or any Originator.  Any downgrade in the rating of any Indebtedness of PDCo or any Originator by S&P or Moody’s, setting forth the Indebtedness affected and the nature of such change.
(xvi)Appointment of Independent Governor.  The decision to appoint a new governor of Seller as the “Independent Governor” for purposes of this Agreement, such notice to be issued not less than ten (10) days prior to the effective date of such appointment and to certify that the designated Person satisfies the criteria set forth in the definition herein of “Independent Governor.”
(b)Compliance with Laws and Preservation of Existence.  Such Seller Party will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect.  Such Seller Party will preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign entity in each jurisdiction where its business is conducted, except where the failure to so preserve and maintain any such rights, franchises or privileges or to so qualify could not reasonably be expected to have a Material Adverse Effect.
(c)Audits.  Such Seller Party will furnish to Agent and each Purchaser from time to time such information with respect to it and the Receivables as Agent or any Purchaser may reasonably request.  Such Seller Party will, from time to time during regular business hours as requested by Agent or any Purchaser upon reasonable notice and at the sole cost of such Seller Party, permit Agent or any Purchaser or any of their respective agents or representatives, (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Person relating to the Receivables and the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of such Person for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to such Person’s financial condition or the Receivables and the Related Security or any Person’s performance under any of the Transaction Documents or any Person’s performance under the Contracts and, in each case, with any of the officers or employees of Seller or Servicer having knowledge of such matters.  Without limiting the foregoing, such Seller Party will, annually and prior to any Purchaser renewing its Commitment hereunder, during regular business hours as requested by Agent or any Purchaser upon reasonable notice and at the sole cost of such Seller 
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Party, permit Agent or any Purchaser or any of their respective agents or representatives, to conduct a follow-up audit.
(d)Keeping and Marking of Records and Books.
(xvii)Servicer will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable).  Servicer will give Agent notice of any material change in the administrative and operating procedures referred to in the previous sentence.
(xviii)Such Seller Party (A) has on or prior to April 27, 2007, marked its master data processing records and other books and records relating to the Asset Portfolio with a legend, acceptable to Agent, describing the Asset Portfolio and (B) will, upon the request of Agent (x) mark each Contract with a legend describing the Asset Portfolio and (y) deliver to Agent all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables.
(a)Compliance with Contracts and Credit and Collection Policy.  Such Seller Party will timely and fully (i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all respects with the Credit and Collection Policy in regard to each Receivable and the related Contract.
(b)Performance and Enforcement of Receivables Sale Agreement.  Seller will, and will require each Originator to, perform each of their respective obligations and undertakings under and pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder in strict compliance with the terms thereof and will vigorously enforce the rights and remedies accorded to Seller under the Receivables Sale Agreement.  Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of Agent and the Purchasers as assignees of Seller) under the Receivables Sale Agreement as Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Receivables Sale Agreement.
(c)Ownership.  Seller will take all necessary action to (i) vest legal and equitable title to the Receivables, the Related Security and the Collections purchased under the Receivables Sale Agreement irrevocably in Seller, free and clear of any Adverse Claims other than Adverse Claims in favor of Agent and the Purchasers (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Seller therein as Agent may reasonably request), and (ii) establish and maintain, in favor of Agent, for the benefit of the Purchasers, a valid and perfected ownership interest (and/or a valid and perfected first priority security interest) in all Receivables, Related Security and Collections to the full extent contemplated herein, free and clear of any Adverse Claims other than Adverse Claims in favor of Agent for the benefit of the Purchasers (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Agent’s (for the benefit of the Purchasers) interest in such Receivables, Related 
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Security and Collections and such other action to perfect, protect or more fully evidence the interest of Agent for the benefit of the Purchasers as Agent may reasonably request).
(d)Purchasers’ Reliance.  Seller acknowledges that the Purchasers are entering into the transactions contemplated by this Agreement in reliance upon Seller’s identity as a legal entity that is separate from each Patterson Entity and their respective Affiliates.  Therefore, from and after April 27, 2007, Seller will take all reasonable steps, including, without limitation, all steps that Agent or any Purchaser may from time to time reasonably request, to maintain Seller’s identity as a separate legal entity and to make it manifest to third parties that Seller is an entity with assets and liabilities distinct from those of each Patterson Entity and any Affiliates thereof and not just a division of any Patterson Entity.  Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, Seller will:
(A)conduct its own business in its own name and require that all full-time employees of Seller, if any, identify themselves as such and not as employees of any Patterson Entity (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as Seller’s employees);
(B)compensate all employees, consultants and agents directly, from Seller’s own funds, for services provided to Seller by such employees, consultants and agents and, to the extent any employee, consultant or agent of Seller is also an employee, consultant or agent of any Patterson Entity or any Affiliate thereof, allocate the compensation of such employee, consultant or agent between Seller and such Patterson Entity or such Affiliate, as applicable on a basis that reflects the services rendered to Seller and such Patterson Entity or such Affiliate, as applicable;
(C)clearly identify its offices (by signage or otherwise) as its offices and, if such office is located in the offices of any Patterson Entity  or an Affiliate thereof, Seller will lease such office at a fair market rent;
(D)have a separate telephone number, which will be answered only in its name and separate stationery, invoices and checks in its own name;
(E)conduct all transactions with each Patterson Entity and Servicer and their respective Affiliates strictly on an arm’s-length basis, allocate all overhead expenses (including, without limitation, telephone and other utility charges) for items shared between Seller and any Patterson Entity or any Affiliate thereof on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use;
(F)at all times have a Board of Governors consisting of three members, at least one member of which is an Independent Governor;
(G)observe all limited liability company formalities as a distinct entity, and ensure that all limited liability company actions relating to (1) the selection, maintenance or replacement of the Independent Governor, (2) the dissolution or liquidation of Seller or (3) the initiation of, participation in, acquiescence in or consent to any bankruptcy, insolvency, reorganization or similar proceeding involving Seller, are duly authorized by unanimous vote of its Board of Governors (including the Independent Governor);
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(H)maintain Seller’s books and records separate from those of each Patterson Entity and any Affiliate thereof and otherwise readily identifiable as its own assets rather than assets of any Patterson Entity and any Affiliate thereof;
(I)prepare its financial statements separately from those of each Patterson Entity and insure that any consolidated financial statements of any Patterson Entity or any Affiliate thereof that include Seller, including any that are filed with the Securities and Exchange Commission or any other governmental agency have notes clearly stating that Seller is a separate legal entity and that its assets will be available first and foremost to satisfy the claims of the creditors of Seller;
(J)except as herein specifically otherwise provided, maintain the funds or other assets of Seller separate from, and not commingled with, those of any Patterson Entity or any Affiliate thereof and only maintain bank accounts or other depository accounts to which Seller alone (or Servicer in the performance of its duties hereunder) is the account party and from which Seller alone (or Servicer in the performance of its duties hereunder or Agent hereunder) has the power to make withdrawals;
(K)pay all of Seller’s operating expenses from Seller’s own assets (except for certain payments by any Patterson Entity or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i));
(L)operate its business and activities such that:  it does not engage in any business or activity of any kind, or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, other than the transactions contemplated and authorized by this Agreement and the Receivables Sale Agreement; and does not create, incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether direct or contingent, other than (1) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (2) the incurrence of obligations under this Agreement, (3) the incurrence of obligations, as expressly contemplated in the Receivables Sale Agreement, to make payment to the Originators thereunder for the purchase of Receivables from the Originators under the Receivables Sale Agreement, and (4) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement;
(M)maintain its articles of organization and bylaws in conformity with this Agreement, such that (1) it does not amend, restate, supplement or otherwise modify its articles of organization or bylaws in any respect that would impair its ability to comply with the terms or provisions of any of the Transaction Documents, including, without limitation, Section 7.1(i) of this Agreement; and (2) its articles of organization and bylaws, at all times that this Agreement is in effect, provides for not less than ten (10) days’ prior written notice to Agent of the replacement or appointment of any governor that is to serve as an Independent Governor for purposes of this Agreement and the condition precedent to giving effect to such replacement or appointment that Seller certify that the designated Person satisfied the criteria set forth in the definition herein of “Independent Governor” and Agent’s written acknowledgement that in its reasonable judgment the designated Person satisfies the criteria set forth in the definition herein of “Independent Governor”;
(N)maintain the effectiveness of, and continue to perform under the Receivables Sale Agreement, the Performance Undertaking and the other Transaction Documents, such that it does not amend, restate, supplement, cancel, terminate or 
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otherwise modify the Receivables Sale Agreement, the Performance Undertaking or any other Transaction Document, or give any consent, waiver, directive or approval thereunder or waive any default, action, omission or breach under the Receivables Sale Agreement, the Performance Undertaking, or any other Transaction Document, or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of Agent and the Required Purchasers;
(O)maintain its legal separateness such that it does not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets of, any Person, nor at any time create, have, acquire, maintain or hold any interest in any Subsidiary;
(P)maintain at all times the Required Capital Amount (as defined in the Receivables Sale Agreement) and refrain from making any dividend, distribution, redemption of membership units or payment of any subordinated Indebtedness or other liabilities which would cause the Required Capital Amount to cease to be so maintained; and
(Q)take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the opinion issued by Briggs and Morgan, Professional Association, as counsel for Seller, dated April 27, 2007 (as such opinion may be brought down or replaced from time to time), relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and correct in all material respects at all times.
(e)Collections.  Such Seller Party will cause (1) all items from all P.O. Boxes to be processed and deposited into a Collection Account within 1 Business Day after receipt in a P.O. Box, all ACH Receipts to be deposited immediately to a Collection Account and all proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account, (2) all Collections deposited to any First-Tier Account to be electronically swept or otherwise transferred to the Second-Tier Account within 1 Business Day of being deposited to such First-Tier Account, and (3) each Lock-Box, P.O. Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect.  In the event any payments relating to Receivables are remitted directly to any Seller Party or any Affiliate of any Seller Party, such Seller Party will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within 1 Business Day following receipt thereof, and, at all times prior to such remittance, such Seller Party or Affiliate will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of Agent and the Purchasers.  Seller will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each Lock-Box, P.O. Box and Collection Account and shall not grant the right to take dominion and control or establish “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any Lock-Box, P.O. Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to Agent as contemplated by this Agreement or as contemplated by the Intercreditor Agreement.  With respect to each Collection Account, each Seller Party shall take all steps necessary to ensure that Agent has “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) over each such Collection Account.
(f)Taxes.  Such Seller Party will file all tax returns and reports required by law to be filed by it and will promptly pay all taxes and governmental charges at any time owing.  Seller will pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or measured by income or gross receipts of any Agent or any Purchaser.
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(g)Insurance.  Seller will maintain in effect, or cause to be maintained in effect, at Seller’s own expense, such casualty and liability insurance as Seller shall deem appropriate in its good faith business judgment.  Agent, for the benefit of the Purchasers, shall be named as an additional insured with respect to all such liability insurance maintained by Seller.  Seller will pay or cause to be paid, the premiums therefor and deliver to Agent evidence satisfactory to Agent of such insurance coverage.  Copies of each policy shall be furnished to Agent and any Purchaser in certificated form upon Agent’s or such Purchaser’s request.  The foregoing requirements shall not be construed to negate, reduce or modify, and are in addition to, Seller’s obligations hereunder.
(h)Payments to Originators.  With respect to any Receivable purchased by Seller from any Originator, such sale shall be effected under, and in strict compliance with the terms of, the Receivables Sale Agreement, including, without limitation, the terms relating to the amount and timing of payments to be made to such Originator in respect of the purchase price for such Receivable.
(i)Certificate of Beneficial Ownership. Promptly following the occurrence of any change that would result in a change to the status as an excluded “Legal Entity Customer” under the Beneficial Ownership Regulation or upon the Agent’s request therefor notwithstanding the Seller’s status as an excluded “Legal Entity Customer”, the Seller shall execute and deliver to the Agent a Certificate of Beneficial Ownership.
Section 1.2Negative Covenants of The Seller Parties.  Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance with its terms, each Seller Party hereby covenants, as to itself, that:
(aa)Name Change, Offices and Records.  Such Seller Party will not change its name, jurisdiction of organization, identity or organizational structure (within the meaning of Sections 9-503 and/or 9-507 of the UCC of all applicable jurisdictions) or relocate its chief executive office, principal place of business or any office where Records are kept unless it shall have:  (i) given Agent and each Purchaser at least forty-five (45) days’ prior written notice thereof and (ii) delivered to Agent all financing statements, instruments and other documents requested by Agent and each Purchaser in connection with such change or relocation.
(ab)Change in Payment Instructions to Obligors.  Except as may be required by Agent pursuant to Section 8.2(b), such Seller Party will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box, P.O. Box or Collection Account, unless Agent and each Purchaser shall have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account, P.O. Box or Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box or P.O. Box; provided, however, that Servicer may make changes in instructions to Obligors regarding payments if such new instructions require such Obligor to make payments to another existing Collection Account.
(ac)Modifications to Contracts and Credit and Collection Policy.  Such Seller Party will not make any change to the Credit and Collection Policy that could adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables.  Except as provided in Section 8.2(d), Servicer will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy.
(ad)Sales, Liens.  Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any 
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Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect to any Contract under which any Receivable arises, or any Lock-Box, P.O. Box or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests therein in favor of Agent and the Purchasers provided for herein), and Seller will defend the right, title and interest of Agent and the Purchasers in, to and under any of the foregoing property, against all claims of third parties claiming through or under Seller or any Originator.  Seller will not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory, the financing or lease of which gives rise to any Receivable.
(ae)Net Portfolio Balance.  At no time prior to the Amortization Date shall Seller permit the Net Portfolio Balance to be less than an amount equal to the sum of (i) the Aggregate Capital plus (ii) the Credit Enhancement, in each case, at such time.
(af)Termination Date Determination.  Seller will not designate the Termination Date (as defined in the Receivables Sale Agreement), or send any written notice to any Originator in respect thereof, without the prior written consent of Agent and each Purchaser, except with respect to the occurrence of such Termination Date arising pursuant to Section 5.1(d) of the Receivables Sale Agreement.
(ag)Restricted Junior Payments.  From and after the occurrence of any Amortization Event, Seller will not make any Restricted Junior Payment if, after giving effect thereto, Seller would fail to meet its obligations set forth in Section 7.2(e).
(ah)Collections.  No Seller Party will deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Second-Tier Account cash or cash proceeds other than Collections.  Except as may be required by Agent pursuant to the last sentence of  Section 8.2(b), no Seller Party will deposit or otherwise credit, or cause or permit to be so deposited or credited, any Collections or proceeds thereof to any lock-box account or to any other account not covered by a Collection Account Agreement.
Section 1.3Hedging Agreements.  
(j)Entering into Hedging Agreements.  At all times Seller shall be a party to a Hedging Agreement in accordance with the terms hereof.
(k)Notices.  Each Seller Party will notify Agent in writing of any of the following promptly upon learning of the occurrence thereof, describing the same, and if applicable, the steps being taken with respect thereto:
(A)the occurrence of any default, event of default, early termination date, termination event or similar event under, or the termination of, any Hedging Agreement;
(B)the failure of any Hedging Agreement (or assignment thereof from Seller to Agent for the ratable benefit of the Purchasers) to be in full force and effect;
(C)any downgrade in, or withdrawal of, the unsecured, unguaranteed, long-term debt rating of any Hedge Provider by S&P or Moody’s, setting forth the long-term debt rating effected and the nature of such change; and
(D)any failure of any Hedge Provider to be an Eligible Hedge Provider.
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(a)Affirmative Covenants.  So long as Seller is a party to any Hedging Agreement:
(E)Seller will timely and fully perform and comply with all provisions, covenants and other promises required to be observed by it under any Hedging Agreement and will vigorously enforce the rights and remedies accorded to Seller under any Hedging Agreement.  Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of Agent and the Purchasers as assignees of Seller) under each Hedging Agreement as Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any provision contained in any Hedging Agreement.
(F)Seller and Servicer will instruct all Hedge Providers to pay all Hedge Floating Amounts relating to any Hedging Agreement directly to Second-Tier Account.  In the event any Hedge Floating Amounts relating to any Hedging Agreement are remitted directly to any Seller Party or any Affiliate of a Seller Party, such Seller Party will remit (or will cause all such payments to be remitted) directly to Second-Tier Account within one Business Day following receipt thereof, and, at all times prior to such remittance, such Seller Party or Affiliate will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of Agent and the Purchasers.
(G)At any time that it enters into a Hedging Agreement, Seller will (A) execute and deliver to Agent, for the ratable benefit of the Purchasers, an assignment, in form and substance satisfactory to Agent, of all Hedge Floating Amounts payable to Seller under such Hedging Agreement and (B) cause the applicable Hedge Provider to consent and agree to such assignment, which consent and agreement shall be evidenced by a writing in form and substance satisfactory to Agent and shall effect any amendments to the applicable Hedging Agreement to allow such assignment.
(H)If a Hedge Provider Downgrade shall occur with respect to a Hedge Provider (other than FTB), within 10 days thereof, Seller shall cause such Hedge Provider to transfer its obligations under this Agreement and the applicable Hedging Agreement, at such Hedge Provider’s cost and expense, to a bank or other financial institution acceptable to Agent, and consented to by Seller (such consent not to be unreasonably withheld) which possesses an unsecured, unguaranteed, long-term debt rating of A- or better by S&P and A3 or better by Moody’s.
(l)Negative Covenants.  So long as Seller is a party to any Hedging Agreement:
(I)No Seller Party will make any change in the  instructions to any Hedge Provider regarding payments to be made to the Second-Tier Account (it being understood that on the date hereof Seller shall instruct each Hedge Provider to direct all Hedge Floating Amounts to the Second-Tier Account in accordance with Section 7.3(c)(B)).
(J)Seller will not designate an early termination date under any Hedging Agreement, or send any written notice to any Hedge Provider in respect thereof, or waive any provision of any Hedging Agreement, without, in each case, the prior written consent of Agent.
(K)Seller shall not supplement, amend, extend, replace, terminate, or otherwise modify any Hedging Agreement without, in each case, the prior written consent of Agent.
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ARTICLE VIII

ADMINISTRATION AND COLLECTION
Section 1.4Designation of Servicer.  
(m)The servicing, administration and collection of the Receivables on behalf of Agent and the Purchasers shall be conducted by such Person (the “Servicer”) so designated from time to time in accordance with this Section 8.1.  PDCo is hereby designated as, and hereby agrees to perform the duties and obligations of, Servicer for Agent and the Purchasers pursuant to the terms of this Agreement.  Agent (on behalf of the Purchasers) may, and at the direction of the Required Purchasers shall, at any time following the occurrence of an Amortization Event designate as Servicer any Person to succeed PDCo or any successor Servicer.
(n)Without the prior written consent of Agent and the Required Purchasers, PDCo shall not be permitted to delegate any of its duties or responsibilities as Servicer to any Person other than (i) an Originator (with respect to Receivables originated by such Originator), (ii) Seller and (iii) with respect to certain Charged-Off Receivables, outside collection agencies and lawyers in accordance with its customary practices.  None of Seller or any Originator shall be permitted to further delegate to any other Person any of the duties or responsibilities of Servicer delegated to it by PDCo.  If at any time Agent shall designate as Servicer any Person other than PDCo, all duties and responsibilities theretofore delegated by PDCo to Seller and any Originator may, at the discretion of Agent, be terminated forthwith on notice given by Agent to PDCo and to Seller.
(o)Notwithstanding the foregoing subsection (b), (i) PDCo shall be and remain primarily liable to Agent and the Purchasers and the Hedge Providers for the full and prompt performance of all duties and responsibilities of Servicer hereunder and (ii) Agent, and the Purchasers shall be entitled to deal exclusively with PDCo in matters relating to the discharge by Servicer of its duties and responsibilities hereunder.  Agent, and the Purchasers shall not be required to give notice, demand or other communication to any Person other than PDCo in order for communication to Servicer and its sub-servicer or other delegate with respect thereto to be accomplished.  PDCo, at all times that it is Servicer, shall be responsible for providing any sub-servicer or other delegate of Servicer with any notice given to Servicer under this Agreement.
Section 1.5Duties of Servicer.  
(e)Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy.
(f)Servicer will instruct all Obligors to pay all Collections either (i) directly to a Collection Account by means of an automatic electronic funds transfer, wire transfer or otherwise or (ii) directly to a Lock-Box or P.O. Box.  Servicer shall cause any payments made by means of automatic electronic funds transfer to be deposited directly into a Collection Account from each Obligor’s relevant account.  Servicer shall effect a Collection Account Agreement substantially in the form of Exhibit VI with each bank party to a Collection Account at any time.  In the case of any remittances received in any Lock-Box, P.O. Box or Collection Account that shall have been identified, to the satisfaction of Servicer, to not constitute Collections or other proceeds of the Receivables or the Related Security, Servicer shall promptly remit such items to the Person identified to it as being the owner of such remittances.  From and after the date Agent delivers a Collection Notice to any Collection Bank or a Postal Notice to any post office pursuant to Section 8.3, Agent may request that Servicer, and Servicer thereupon promptly shall instruct 
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all Obligors with respect to the Receivables, to remit all payments thereon to a new lock-box, post office box or depositary account specified by Agent and, at all times thereafter, Seller and Servicer shall not deposit or otherwise credit, and shall not permit any other Person to deposit or otherwise credit to such new lock-box, post office box or depositary account any cash or payment item other than Collections.
(g)Servicer shall administer the Collections in accordance with the procedures described herein and in Article II.  Servicer shall set aside and hold in trust for the account of Seller (in respect of RPA Deferred Purchase Price, as applicable), the Purchasers and the Hedge Providers their respective shares of the Collections in accordance with Article II.  Servicer shall, upon the request of Agent, segregate, in a manner acceptable to Agent, all cash, checks and other instruments received by it from time to time constituting Collections from the general funds of Servicer or Seller prior to the remittance thereof in accordance with Article II.  If Servicer shall be required to segregate Collections pursuant to the preceding sentence, Servicer shall segregate and deposit with a bank designated by Agent such allocable share of Collections of Receivables set aside for the Purchasers on the first Business Day following receipt by Servicer of such Collections, duly endorsed or with duly executed instruments of transfer.
(h)Servicer may, in accordance with the Credit and Collection Policy, extend the maturity of any Receivable or adjust the Outstanding Balance of any Receivable as Servicer determines to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not (x) alter the status of such Receivable as a Delinquent Receivable, Defaulted Receivable or Charged-Off Receivable and for purposes of determining if such Receivable is a Delinquent Receivable, Defaulted Receivable or Charged-Off Receivable, the original due date for such Receivable shall continue to apply or (y) limit the rights of Agent or the Purchasers under this Agreement; provided further, however, that solely with respect to any Eligible COVID-19 Modified Receivable, no installment payment that has been reduced to $0 during the related 90-day deferral period in connection with the COVID-19 Deferred Payment program shall be considered delinquent for purposes of this Agreement.  Notwithstanding anything to the contrary contained herein, Agent shall have the absolute and unlimited right to direct Servicer to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess any Related Security.  Notwithstanding anything to the contrary contained herein, each of the Seller and the Servicer acknowledge and agree that it will not sell any Related Equipment for any Receivable that is Repossessed for less than the fair market value of such Related Equipment.
(i)Servicer shall hold in trust for Agent on behalf of the Purchasers all Records that (i) evidence or relate to the Receivables, the related Contracts and Related Security or (ii) are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of Agent, deliver or make available to Agent all such Records, at a place selected by Agent.  Servicer shall, as soon as practicable following receipt thereof turn over to Seller any cash collections or other cash proceeds received with respect to Indebtedness not constituting Receivables.  Servicer shall, from time to time at the request of any Purchaser, furnish to the Purchasers (promptly after any such request) a calculation of the amounts set aside for the Purchasers pursuant to Article II.
(j)Any payment by an Obligor in respect of any Indebtedness or other liability owed by it to the applicable Originator or Seller shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by Agent, be applied as a Collection of any Receivable of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor.
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Section 1.6Collection Notices.  Agent (or its designee pursuant to the Intercreditor Agreement) is authorized at any time after the occurrence of an Amortization Event to date and to deliver to the Collection Banks the Collection Notices and to date and deliver the Postal Notices to the applicable post offices.  Seller hereby transfers to Agent for the benefit of the Purchasers, effective when Agent delivers such notices, the dominion and control and “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of each Lock-Box, P. O. Box, each Collection Account and the amounts on deposit therein.  In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice or Postal Notice shall nevertheless be valid as if such authority had remained in force.  Seller hereby authorizes Agent (or its designee pursuant to the Intercreditor Agreement), and agrees that Agent (or its designee pursuant to the Intercreditor Agreement) shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of Agent rather than Seller.
Section 1.7Responsibilities of Seller.  Anything herein to the contrary notwithstanding, the exercise by Agent and the Purchasers of their rights hereunder shall not release Servicer, any Originator or Seller from any of their duties or obligations with respect to any Receivables or under the related Contracts.  The Purchasers shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of Seller.
Section 1.8Reports.  Servicer shall prepare and forward to Agent and each Purchaser (i) three Business Days prior to each Settlement Date and at such times as Agent or any Purchaser shall request, a Monthly Report and (ii) at such times as Agent or any Purchaser shall request, a listing by Obligor of all Receivables together with an aging of such Receivables.  Unless otherwise requested by Agent or any Purchaser, all computations in such Monthly Report shall be made as of the close of business on the last day of the Accrual Period preceding the date on which such Monthly Report is delivered.
Section 1.9Servicing Fees.  In consideration of PDCo’s agreement to act as Servicer hereunder, the Purchasers hereby agree that, so long as PDCo shall continue to perform as Servicer hereunder, PDCo shall be paid a fee (the “Servicing Fee“) in accordance with the priority of payments set forth in Sections 2.2(c) and 2.3, as applicable, on the 19th calendar day of each month (or, if such day is not a Business Day, then the next Business Day thereafter), in arrears for the immediately preceding Fiscal Month, equal to 1% per annum of the average Net Portfolio Balance during such period, as compensation for its servicing activities.
ARTICLE IX

AMORTIZATION EVENTS
Section 1.10Amortization Events.  The occurrence of any one or more of the following events shall constitute an “Amortization Event”:
(a)Any Seller Party shall fail (i) to make any payment or deposit required hereunder when due, or (ii) to perform or observe any term, covenant or agreement hereunder (other than as referred to in clause (i) of this paragraph (a) and Section 9.1(e)) or any other Transaction Document and such failure shall continue for seven (7) consecutive Business Days.
(b)Any representation, warranty, certification or statement made by any Seller Party in this Agreement, any other Transaction Document or in any other document 
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delivered pursuant hereto or thereto shall prove to have been incorrect in any material respect when made or deemed made.
(c)Failure of Seller to pay any Indebtedness when due or the failure of any other Seller Party to pay Indebtedness when due in excess of $1,000,000; or the default by any Seller Party in the performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any such Indebtedness of any Seller Party shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof.
(d)(i) Any Seller Party, the Hedge Providers, the Performance Provider or any of their respective Subsidiaries shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; or (ii) any proceeding shall be instituted by or against any Seller Party, the Hedge Providers, the Performance Provider or any of their respective Subsidiaries seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property, and solely in the case of Servicer and the Performance Provider and a proceeding instituted against (and not by) such Person, such proceeding is not dismissed within 60 days; or (iii) any Seller Party, the Hedge Providers, the Performance Provider or any of their respective Subsidiaries shall take any corporate or other action to authorize any of the actions set forth in clauses (i) or (ii) above in this subsection (d).
(e)Seller shall fail to comply with the terms of Section 2.6 or Section 7.3 hereof.
(f)As at the end of any Fiscal Month (provided, that during the Temporary Period, COVID-19 Modified Receivables shall be excluded from each component of the calculation of the Default Ratio and Delinquency Ratio):
(i)commencing on the third Fiscal Month after the Closing Date, the average of the Delinquency Ratio for such Fiscal Month and each of the two immediately preceding Fiscal Months shall exceed (x) at any time during the COVID Period, 10.00% and (y) thereafter, 7.00%, or
(ii)commencing on the third Fiscal Month after the Closing Date, the average of the Default Ratio for such Fiscal Month and each of the two immediately preceding Fiscal Months shall exceed (x) at any time during the COVID Period, 5.00% and (y) thereafter, 3.30%, or
(iii)commencing on the end of the first Fiscal Month after the Closing Date, Excess Spread is less than 1.00%.
(a)A Change of Control shall occur.
(b)A Hedge Provider Downgrade shall occur and a replacement Hedge Provider meeting the requirements of Section 7.3 fails to assume such then current Hedge Provider’s obligations under this Agreement and the applicable Hedging Agreement as provided in Section 7.3 after such occurrence.
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(c)(i) One or more final judgments for the payment of money shall be entered against Seller or (ii) one or more final judgments for the payment of money in an amount in excess of $1,000,000, individually or in the aggregate, shall be entered against Servicer on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for fifteen (15) consecutive days without a stay of execution.
(d)The “Termination Date” under and as defined in the Receivables Sale Agreement shall occur under the Receivables Sale Agreement or any Originator shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables to Seller under the Receivables Sale Agreement; or Seller shall for any reason cease to purchase, or cease to have the legal capacity to purchase, or otherwise be incapable of accepting Receivables from any Originator under the Receivables Sale Agreement.
(e)This Agreement shall terminate in whole or in part (except in accordance with its terms), or shall cease to be effective or to be the legally valid, binding and enforceable obligation of Seller, or any Obligor shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability, or Agent for the benefit of the Purchasers shall cease to have a valid and perfected ownership or first priority perfected security interest in the Receivables, the Related Security and the Collections with respect thereto and the Collection Accounts.
(f)If required to be in effect pursuant to Section 7.3, any Hedging Agreement shall for any reason not be in full force and effect.
(g)The Intercreditor Agreement shall terminate in whole or in part or shall cease to be in full force and effect or any party other than Agent thereto shall directly or indirectly contest in any manner the effectiveness or enforceability thereof.
(h)PDCo’s Leverage Ratio shall exceed the applicable amount set forth in Section 6.20 of the Credit Agreement as of any applicable period(s) or date(s) set forth in Section 6.20 of the Credit Agreement.
(i)Performance Provider shall fail to perform or observe any term, covenant or agreement required to be performed by it under the Performance Undertaking, or the Performance Undertaking shall cease to be effective or to be the legally valid, binding and enforceable obligation of Performance Provider, or Performance Provider shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability.
(j)As determined commencing with fiscal quarter ending April 28, 2018, PDCo’s Interest Expense Coverage Ratio shall be less than the applicable amount set forth in Section 6.21 of the Credit Agreement as of any applicable period(s) or date(s) set forth in Section 6.21 of the Credit Agreement.
(k)Any Person shall be appointed as an Independent Governor of Seller without prior notice thereof having been given to Agent in accordance with Section 7.1(b)(vii) or without the written acknowledgement by Agent that such Person conforms, to the satisfaction of Agent, with the criteria set forth in the definition herein of “Independent Governor.”
(l)Seller shall fail to pay in full all of its Obligations to Agent and the Purchasers hereunder and under each other Transaction Document on or prior to the Legal Maturity Date.
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Section 1.11Remedies.  Upon the occurrence and during the continuation of an Amortization Event, Agent may, or upon the direction of the Required Purchasers shall, take any of the following actions: (i) replace the Person then acting as Servicer, (ii) declare the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller Party; provided, however, that upon the occurrence of an Amortization Event described in Section 9.1(d), or of an actual or deemed entry of an order for relief with respect to any Seller Party under the Federal Bankruptcy Code or under any other applicable bankruptcy, insolvency, arrangement, moratorium or similar laws of any other jurisdiction (foreign or domestic), the Amortization Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by each Seller Party, (iii) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with respect to any of the Aggregate Unpaids outstanding at such time, (iv) deliver the Collection Notices to the Collection Banks and the Postal Notices to any post office where a P.O. Box is located, and (v) notify Obligors of the Purchasers’ interest in the Receivables.  The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of Agent and the Purchasers otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative.  For the avoidance of doubt, following an Amortization Event, the Purchasers shall have the rights of a secured party under Article 9 of the UCC following a breach or default, including but not limited to the right to demand acceleration of all outstanding amounts hereunder or foreclose on the Receivables sold hereunder. 
ARTICLE X

INDEMNIFICATION
Section 1.12Indemnities by The Seller Parties.  Without limiting any other rights that Agent, any Purchaser or any of their respective Affiliates may have hereunder or under applicable law, (A) Seller hereby agrees to indemnify (and pay upon demand to) Agent, each Purchaser and the Hedge Providers and their respective Affiliates, successors, assigns, officers, directors, agents and employees (each an “Indemnified Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of any Indemnified Party) and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the Hedging Agreements, or the use of the proceeds of any Purchase hereunder, or the acquisition, funding or ownership either directly or indirectly, by any Indemnified Party of a an interest in the Asset Portfolio, Receivables, or any Receivable or any Contract or any Related Security, or any action or inaction of any Seller Party, and (B) Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any of them arising out of Servicer’s activities as Servicer hereunder excluding, however, in all of the foregoing instances under the preceding clauses (A) and (B):
(x)    Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification;
(y)    Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or
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(z)    taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is located, on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by the Purchasers of the Asset Portfolio as a loan or loans by the Purchasers to Seller secured by the Receivables, the Related Security, the Collection Accounts and the Collections;
provided, however, that nothing contained in this sentence shall limit the liability of any Seller Party or limit the recourse of the Purchasers to any Seller Party for amounts otherwise specifically provided to be paid by such Seller Party under the terms of this Agreement.  Without limiting the generality of the foregoing indemnification, Seller shall indemnify each Indemnified Party for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether reimbursement therefor would constitute recourse to Seller or Servicer) relating to or resulting from:
(i)any representation or warranty made by any Seller Party, any Originator or Performance Provider (or any officers of any such Person) under or in connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made;
(ii)the failure by Seller, Servicer or  any Originator to comply with any applicable law, rule or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of any Originator to keep or perform any of its obligations, express or implied, with respect to any Contract;
(iii)any failure of Seller, Servicer, any Originator or Performance Provider to perform its duties, covenants or other obligations in accordance with the provisions of this Agreement or any other Transaction Document;
(iv)any products liability, personal injury or damage suit, or other similar claim arising out of or in connection with merchandise, insurance or services that are the subject of any Contract or any Receivable;
(v)any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services;
(vi)the commingling of Collections of Receivables at any time with other funds;
(vii)any investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction Document, the transactions contemplated hereby, the use of the proceeds of a Purchase, the ownership of the Asset Portfolio (or any portion thereof) or any other investigation, litigation or proceeding relating to Seller, Servicer or any Originator in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby;
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(viii)any inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding;
(ix)any Amortization Event described in Section 9.1(d);
(x)any failure of Seller to acquire and maintain legal and equitable title to, and ownership of, any Receivable and the Related Security and Collections with respect thereto from any Originator, free and clear of any Adverse Claim (other than as created hereunder); or any failure of Seller to give reasonably equivalent value to any Originator under the Receivables Sale Agreement in consideration of the transfer by such Originator of any Receivable, or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action;
(xi)any failure to vest and maintain vested in Agent for the benefit of the Purchasers, or to transfer to Agent for the benefit of the Purchasers, legal and equitable title to, and ownership of, or a valid and perfected first priority security interest in, the Asset Portfolio, free and clear of any Adverse Claim (except as created by the Transaction Documents);
(xii)the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of any Purchase or at any subsequent time;
(xiii)any action or omission by any Seller Party which reduces or impairs the rights of Agent or the Purchasers with respect to any Receivable or the value of any such Receivable;
(xiv)any attempt by any Person to void any Purchase under statutory provisions or common law or equitable action; 
(xv)the failure of any Receivable included in the calculation of the Net Portfolio Balance as an Eligible Receivable to be an Eligible Receivable at the time so included; and
(xvi)the Agent holding and maintaining the Reserve Account and applying any funds on deposit therein.
Section 1.13Increased Cost and Reduced Return.  
(g)If any Regulatory Change (i) subjects any Purchaser to any charge or withholding on or with respect to this Agreement or a Purchaser’s obligations under this Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any Purchaser of any amounts payable under this Agreement (except for changes in the rate of tax on the overall net income of a Purchaser or taxes excluded by Section 10.1) or (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Purchaser, or credit extended by a Purchaser pursuant to this Agreement or (iii) imposes any other condition the result of which is to increase the cost to a Purchaser of performing its obligations under this Agreement, or to reduce the rate of return on a Purchaser’s capital as a consequence of its obligations under this Agreement, or to reduce the amount of any 
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sum received or receivable by a Purchaser under this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by Agent, Seller shall pay to Agent, for the benefit of the relevant Purchaser, such amounts charged to such Purchaser or such amounts to otherwise compensate such Purchaser for such increased cost or such reduction.
(h)A certificate of the applicable Purchaser setting forth the amount or amounts necessary to compensate such Purchaser pursuant to paragraph (a) of this Section 10.2 shall be delivered to Seller and shall be conclusive absent manifest error.
(i)If any Purchaser has or anticipates having any claim for compensation from Seller pursuant to clause (iii) of the definition of Regulatory Change, and such Purchaser believes that having the Facility publicly rated by one credit rating agency would reduce the amount of such compensation by an amount deemed by such Purchaser to be material, such Purchaser shall provide written notice to Seller and Servicer (a “Ratings Request”) that such Purchaser intends to request a public rating of the Facility from one credit rating agency selected by such Purchaser and reasonably acceptable to Seller, of at least AA equivalent (the “Required Rating“).  Seller and Servicer agree that they shall cooperate with such Purchaser’s efforts to obtain the Required Rating, and shall provide the applicable credit rating agency (either directly or through distribution to Agent or Purchaser), any information requested by such credit rating agency for purposes of providing and monitoring the Required Rating.  Seller shall pay the initial fees payable to the credit rating agency for providing the rating and all ongoing fees payable to the credit rating agency for their continued monitoring of the rating.  Nothing in this Section 10.2(c) shall preclude any Purchaser from demanding compensation from Seller pursuant to Section 10.2(a) hereof at any time and without regard to whether the Required Rating shall have been obtained, or shall require any Purchaser to obtain any rating on the Facility prior to demanding any such compensation from Seller.
Section 1.14Other Costs and Expenses.  Seller shall reimburse Agent and each Purchaser on demand for all costs and out-of-pocket expenses in connection with the preparation, negotiation, arrangement, execution, delivery, enforcement and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered hereunder, including without limitation, the cost of any Purchaser’s auditors auditing the books, records and procedures of Seller, reasonable fees and out-of-pocket expenses of legal counsel for any Purchaser and/or Agent (which such counsel may be employees of any Purchaser or Agent) with respect thereto and with respect to advising any Purchaser and/or Agent as to their respective rights and remedies under this Agreement.  Seller shall reimburse Agent and each Purchaser on demand for any and all costs and expenses of Agent, and the Purchasers, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following an Amortization Event.  
Section 1.15[Reserved.]  
Section 1.16[Reserved.]  
Section 1.17Required Rating.  Agent shall have the right at any time to request that a public rating of the Facility of at least the Required Rating be obtained from one credit rating agency acceptable to Agent.  Each of Seller and Servicer agree that they shall cooperate with Agent’s efforts to obtain the Required Rating, and shall provide Agent, for distribution to the applicable credit rating agency, any information requested by such credit rating agency for purposes of providing the Required Rating.  Any Ratings Request shall be in writing, and if the Required Rating is not obtained within 60 days following the date of such Ratings Request 
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(unless the failure to obtain the Required Rating is solely the result of Agent’s failure to provide the credit rating agency with sufficient information to permit the credit rating agency to perform their analysis, and is not the result of Seller or Servicer’s failure to cooperate or provide sufficient information to Agent), (i) upon written notice by Agent to Seller, the Amortization Date shall occur, and (ii) outstanding Capital shall thereafter incur the Default Fee and costs associated with obtaining the Required Rating hereunder shall be paid by Seller or Servicer.
ARTICLE XI

AGENT
Section 1.18Authorization and Action.  Each Purchaser hereby designates and appoints FTB to act as its agent hereunder and under each other Transaction Document, and authorizes Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to Agent by the terms of this Agreement and the other Transaction Documents together with such powers as are reasonably incidental thereto.  Agent shall not have any duties or responsibilities, except those expressly set forth herein or in any other Transaction Document, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of Agent shall be read into this Agreement or any other Transaction Document or otherwise exist for Agent.  In performing its functions and duties hereunder and under the other Transaction Documents, Agent shall act solely as agent for the Purchasers and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any Seller Party or any Purchaser or any of such Seller Party’s or Purchaser’s successors or assigns.  Agent shall not be required to take any action that exposes Agent to personal liability or that is contrary to this Agreement, any other Transaction Document or applicable law.  The appointment and authority of Agent hereunder shall terminate upon the indefeasible payment in full of all Aggregate Unpaids.  Each Purchaser hereby authorizes Agent to authorize and file each of the Uniform Commercial Code financing or continuations statements (and amendments thereto and assignments or terminations thereof) on behalf of such Purchaser (the terms of which shall be binding on such Purchaser).
Section 1.19Delegation of Duties.  Agent may execute any of its duties under this Agreement and each other Transaction Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.
Section 1.20Exculpatory Provisions.  Neither Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other Transaction Document (except for its, their or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Purchasers for any recitals, statements, representations or warranties made by any Seller Party contained in this Agreement, any other Transaction Document or any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or any other Transaction Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, or any other Transaction Document or any other document furnished in connection herewith or therewith, or for any failure of any Seller Party to perform its obligations hereunder or thereunder, or for the satisfaction of any condition specified in Article VI, or for the ownership, perfection, priority, condition, value or sufficiency of any collateral pledged in connection herewith.  Agent shall not be under any obligation to any Purchaser 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 any other Transaction Document, or to inspect the properties, books or records of the Seller Parties.  Agent shall not be deemed to have 
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knowledge of any Amortization Event or Potential Amortization Event unless Agent has received notice from Seller or a Purchaser.
Section 1.21Reliance by Agent.  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 any Seller Party), independent accountants and other experts selected by Agent.  Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Required Purchasers or all of the Purchasers, as applicable, as it deems appropriate and it shall first be indemnified to its satisfaction by the Purchasers, provided that unless and until Agent shall have received such advice, Agent may take or refrain from taking any action, as Agent shall deem advisable and in the best interests of the Purchasers.  Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Purchasers or all of the Purchasers, as applicable, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Purchasers.
Section 1.22Non-Reliance on Agent and Other Purchasers.  Each Purchaser expressly acknowledges that neither 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 Agent hereafter taken, including, without limitation, any review of the affairs of any Seller Party, shall be deemed to constitute any representation or warranty by Agent.  Each Purchaser represents and warrants to Agent that it has and will, independently and without reliance upon Agent or any other Purchaser 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 each Seller Party and made its own decision to enter into this Agreement, the other Transaction Documents and all other documents related hereto or thereto.
Section 1.23Reimbursement and Indemnification.  Each Purchaser agrees to reimburse and indemnify Agent and its officers, directors, employees, representatives and agents ratably based on the ratio of each such indemnifying Purchaser’s Commitment to the aggregate Commitment to the extent not paid or reimbursed by Seller Parties (i) for any amounts for which Agent, acting in its capacity as Agent, is entitled to reimbursement by the Seller Parties hereunder and (ii) for any other expenses incurred by Agent, in its capacity as Agent and acting on behalf of the Purchasers, in connection with the administration and enforcement of this Agreement and the other Transaction Documents.
Section 1.24Agent in its Individual Capacity.  Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Seller Party or any Affiliate of any Seller Party as though Agent were not Agent hereunder.  With respect to the acquisition of the Asset Portfolio on behalf of the Purchasers pursuant to this Agreement, Agent shall have the same rights and powers under this Agreement in its individual capacity as any Purchaser and may exercise the same as though it were not Agent, and the term “Purchaser” shall include Agent in its individual capacity.
Section 1.25Successor Agent.  Agent may, upon 10 Business Days’ notice to Seller and the Purchasers, and Agent will, upon the direction of all of the Purchasers (other than Agent, in its individual capacity) resign as Agent.  If Agent shall resign, then the Required Purchasers during such five-day period shall appoint from among the Purchasers a successor agent.  If for any reason no successor Agent is appointed by the Required Purchasers during such five-day period, then effective upon the termination of such five-day period, the Purchasers shall perform all of the duties of Agent hereunder and under the other Transaction Documents and 
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Seller and Servicer (as applicable) shall make all payments in respect of the Aggregate Unpaids directly to the applicable Purchasers and for all purposes shall deal directly with the Purchasers.  After the effectiveness of any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Transaction Documents and the provisions of this Article XI and Article X shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Transaction Documents.
ARTICLE XII

ASSIGNMENTS; PARTICIPATIONS
Section 1.26Assignments.  
(a)Neither Seller nor Servicer shall have the right to assign its rights or obligations under this Agreement; provided, however, that Seller may assign its right to receive the RPA Deferred Purchase Price or any portion thereof, which right shall be freely assignable by Seller without the consent of Agent or any Purchaser so long as no Amortization Event has occurred that has not been waived in accordance with the terms hereof and the Amortization Date has not occurred, upon prior written notice of such assignment to Agent; provided, that the related assignee has agreed, in a writing in form and substance reasonably satisfactory to Agent, to (i) all of the terms and conditions hereunder in respect of payment of the RPA Deferred Purchase Price (including Section 2.7(b)), (ii) a non-petition clause in favor of each of Seller in substantially the form of Section 14.6 and (iii) a limitation on payment clause in favor of Agent and each Purchaser in substantially the form of Section 2.7(b).
(b)With the prior written consent of Agent not to be unreasonably withheld, any Purchaser may at any time and from time to time assign to one or more Persons (“Purchasing Purchasers”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit VII hereto (the “Assignment Agreement”) executed by such Purchasing Purchaser and such selling Purchaser; provided, however, that no Purchaser shall transfer, sell or assign its rights in all or any part of the Asset Portfolio at any time prior to the Amortization Date unless the RPA Deferred Purchase Price allocable to the Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable to such assigned interest on a pro rata basis, has been paid in full or is being assumed by the applicable transferee.  Each assignee of a Purchaser must agree to deliver to Agent, promptly following any request therefor by Agent an enforceability opinion in form and substance satisfactory to Agent.  Upon the “Effective Date” as defined in the applicable Assignment Agreement, such selling Purchaser shall be released from its obligations hereunder to the extent of such assignment.  Thereafter the Purchasing Purchaser shall for all purposes be a Purchaser party to this Agreement and shall have all the rights and obligations of a Purchaser (including, without limitation, the applicable obligations of a related Purchaser) under this Agreement to the same extent as if it were an original party hereto and no further consent or action by Seller, the Purchasers or Agent shall be required.
Section 1.27Participations.  Any Purchaser may, in the ordinary course of its business at any time sell to one or more Persons (each a “Participant”) participating interests in its Pro Rata Share portion of the Asset Portfolio or any other interest of such Purchaser hereunder.  Notwithstanding any such sale by a Purchaser of a participating interest to a Participant, such Purchaser’s rights and obligations under this Agreement shall remain unchanged, such Purchaser shall remain solely responsible for the performance of its obligations hereunder, and each Seller Party, each other Purchaser and Agent shall continue to deal solely and directly with such Purchaser in connection with such Purchaser’s rights and obligations under this Agreement.  Each Purchaser agrees that any agreement between such Purchaser and 
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any such Participant in respect of such participating interest shall not restrict such Purchaser’s right to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver or modification described in Section 14.1(b)(i).
Section 1.28Federal Reserve.  Notwithstanding any other provision of this Agreement to the contrary, any Purchaser may at any time pledge or grant a security interest in all or any portion of its rights (including, without  limitation, its portion of the Asset Portfolio and any rights to payment of Capital and Purchaser Yield) under this Agreement to secure obligations of such Purchaser to a Federal Reserve Bank, without notice to or consent of Seller or Agent; provided that no such pledge or grant of a security interest shall release a Purchaser from any of its obligations hereunder, or substitute any such pledgee or grantee for such Purchaser as a party hereto.
ARTICLE XIII

[RESERVED.]
ARTICLE XIV

MISCELLANEOUS
Section 1.29Waivers and Amendments.  
(c)No failure or delay on the part of Agent, or any Purchaser in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy.  The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law.  Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.
(d)No provision of this Agreement may be amended, supplemented, modified or waived except in writing in accordance with the provisions of this Section 14.1(b).  Seller and Agent, at the direction of the Required Purchasers, may enter into written modifications or waivers of any provisions of this Agreement, provided, however, that no such modification or waiver shall:
(i)without the consent of each affected Purchaser, (A) extend the Purchase Termination Date or the date of any payment or deposit of Collections by Seller or Servicer, (B) reduce the rate or extend the time of payment of Purchaser Yield (or any component of Purchaser Yield), (C) reduce any fee payable to Agent for the benefit of the Purchasers, (D) except pursuant to Article XII hereof, change the amount of the Capital of any Purchaser, any Purchaser’s Pro Rata Share or any Purchaser’s Commitment, (E) amend, modify or waive any provision of the definition of Required Purchasers, Section 4.6, this Section 14.1(b) or Section 14.6, (F) consent to or permit the assignment or transfer by Seller of any of its rights and obligations under this Agreement, (G) change the definition of “Concentration Limit,” “Eligible Receivable,” “Credit Enhancement,” “Hedging Agreement,” “Hedge Provider,” “Net Portfolio Balance,” “Reserve Account Required Amount” or “RPA Deferred Purchase Price” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention of the restrictions set forth in such clauses; or
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(ii)without the written consent of the then Agent, amend, modify or waive any provision of this Agreement if the effect thereof is to affect the rights or duties of such Agent.
Notwithstanding the foregoing, (i) without the consent of the Purchasers, but with the consent of Seller, Agent may amend this Agreement solely to add additional Persons as Purchasers, hereunder and (ii) Agent and the Required Purchasers may enter into amendments to modify any of the terms or provisions of Article XI, Article XII, Section 14.13 or any other provision of this Agreement without the consent of any Seller Party, provided that such amendment has no negative impact upon such Seller Party.  Any modification or waiver made in accordance with this Section 14.1 shall apply to each of the Purchasers equally and shall be binding upon each Seller Party, the Purchasers and Agent.
Section 1.1Notices.  Except as provided in this Section 14.2, all communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto.  Each such notice or other communication shall be effective  if given by telecopy, upon the receipt thereof,  if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or  if given by any other means, when received at the address specified in this Section 14.2.  Seller hereby authorizes Agent and the Purchasers to effect Purchases and Rate Tranche Period and Discount Rate selections based on telephonic notices made by any Person whom Agent or applicable Purchaser in good faith believes to be acting on behalf of Seller.  Seller agrees to deliver promptly to Agent and each applicable Purchaser a written confirmation of each telephonic notice signed by an authorized officer of Seller; provided, however, the absence of such confirmation shall not affect the validity of such notice.  If the written confirmation differs from the action taken by Agent and/or the applicable Purchaser, the records of Agent and/or the applicable Purchaser shall govern absent manifest error.
Section 1.2Ratable Payments.  If any Purchaser, whether by setoff or otherwise, has payment made to it with respect to any portion of the Aggregate Unpaids owing to such Purchaser (other than payments received pursuant to Sections 10.2 or 10.3) in a greater proportion than that received by any other Purchaser entitled to receive a ratable share of such Aggregate Unpaids, such Purchaser agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Aggregate Unpaids held by the other Purchasers so that after such purchase each Purchaser will hold its ratable proportion of such Aggregate Unpaids; provided that if all or any portion of such excess amount is thereafter recovered from such Purchaser, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.
Section 1.3Protection of Ownership Interests of the Purchasers.  
(a)Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that Agent may request, to perfect, protect or more fully evidence Agent’s (on behalf of the Purchasers) valid ownership of or first priority perfected security interest in the Asset Portfolio, or to enable Agent or the Purchasers to exercise and enforce their rights and remedies hereunder. Without limiting the foregoing, Seller will, upon the request of Agent, file such financing or continuation statements, or amendments thereto or assignments thereof, and execute and file such other instruments and documents, that may be necessary or desirable, or that Agent may reasonably request, to perfect, protect or evidence such valid ownership of or first priority perfected security interest in the Asset Portfolio.  At any time following the 
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occurrence of an Amortization Event, Agent may, or Agent may direct Seller or Servicer to, notify the Obligors of Receivables, at Seller’s expense, of the ownership or security interests of the Purchasers under this Agreement and may also direct that payments of all amounts due or that become due under any or all Receivables be made directly to Agent or its designee.  Seller or Servicer (as applicable) shall, at any Purchaser’s request, withhold the identity of such Purchaser in any such notification.
(b)If any Seller Party fails to perform any of its obligations hereunder, Agent or any Purchaser may (but shall not be required to) perform, or cause performance of, such obligations, and Agent’s or such Purchaser’s costs and expenses incurred in connection therewith shall be payable by Seller as provided in Section 10.3.  Each Seller Party irrevocably authorizes Agent at any time and from time to time in the sole and absolute discretion of Agent, and appoints Agent as its attorney-in-fact, to act on behalf of such Seller Party (i) to authorize and/or execute on behalf of such Seller Party as debtor and to file financing or continuation statements (and amendments thereto and assignments thereof) necessary or desirable in Agent’s sole and absolute discretion to perfect and to maintain Agent’s (on behalf of the Purchasers) valid ownership of or first priority perfected security interest in the Receivables and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as Agent in its sole and absolute discretion deems necessary or desirable to perfect and to maintain the ownership of or first priority perfected security interest in the interests of the Purchasers in the Receivables.  This appointment is coupled with an interest and is irrevocable.  The authorization by each Seller Party set forth in the second sentence of this Section 14.4(b) is intended to meet all requirements for authorization by a debtor under Article 9 of any applicable enactment of the UCC, including, without limitation, Section 9-509 thereof.
Section 1.1Confidentiality.  
(c)Each Seller Party, Agent and each Purchaser shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and the other confidential or proprietary information with respect to Agent, each Purchaser and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that such Seller Party, Agent and such Purchaser and its officers and employees may disclose such information to such Seller Party’s, Agent’s and such Purchaser’s external accountants and attorneys and as required by any applicable law or order of any judicial or administrative proceeding.
(d)Anything herein to the contrary notwithstanding, each Seller Party hereby consents to the disclosure of any nonpublic information with respect to it (i) to Agent or the Purchasers, by each other and by each such Person to such Person’s equityholders, and (ii) by Agent or the Purchasers to any prospective or actual assignee or participant of any of them and provided each such Person is informed of and agrees to maintain the confidential nature of such information.  In addition, the Purchasers and Agent may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law).
Section 1.1Bankruptcy Petition.  
(e)Seller, Servicer, Agent and each Purchaser hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any Purchaser that is a special purpose bankruptcy remote entity, it will not institute against, or join any other Person in instituting against any Purchaser or any such entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.
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(f)Servicer hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all Obligations of Seller, it will not institute against, or join any other Person in instituting against, Seller any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.
Section 1.2Limitation of Liability.  Except with respect to any claim arising out of the willful misconduct or gross negligence of Agent or any Purchaser, no claim may be made by any Seller Party or any other Person against Agent or any Purchaser or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and each Seller Party hereby waives, releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.
Section 1.3CHOICE OF LAW.  THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.
Section 1.4CONSENT TO JURISDICTION.  EACH SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST AGENT OR ANY PURCHASER OR ANY AFFILIATE OF AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS.
Section 1.5WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.
Section 1.6Integration; Binding Effect; Survival of Terms.
(g)This Agreement and each other Transaction Document contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.
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(h)This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy) and shall inure to the benefit of the Hedge Providers and its successors and permitted assigns (including any trustee in bankruptcy).  This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Seller Party pursuant to Article V, (ii) the indemnification, payment and other provisions of Article X and Sections 2.7(b), 14.5 and 14.6 shall be continuing and shall survive any termination of this Agreement.
Section 1.1Counterparts; Severability; Section References.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement.  Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement.
Section 1.2[Reserved]
Section 1.3Characterization.  
(i)It is the intention of the parties hereto that each Purchase hereunder shall constitute and be treated as an absolute and irrevocable sale to Agent, on behalf of the Purchasers, for all purposes (other than federal and state income tax purposes), which such Purchase shall provide Agent, on behalf of the Purchasers, with the full benefits of ownership of the Asset Portfolio.  Except as specifically provided in this Agreement, each Purchase hereunder is made without recourse to Seller; provided, however, that (i) Seller shall be liable to each Purchaser and Agent for all representations, warranties, covenants and indemnities made by Seller pursuant to the terms of this Agreement and (ii) such sale does not constitute and is not intended to result in an assumption by any Purchaser or Agent or any assignee thereof of any obligation of Seller or any Originator or any other Person arising in connection with the Receivables, the Related Security, or the related Contracts, or any other obligations of Seller or any Originator.
(j)In addition to any ownership interest which Agent may from time to time acquire pursuant hereto, Seller hereby grants to Agent for the ratable benefit of the Purchasers a valid and perfected security interest in all of Seller’s right, title and interest in, to and under all Receivables now existing or hereafter arising, the Collections, each Lock-Box, each P.O. Box, each Collection Account, the Reserve Account, all Related Security, all other rights and payments relating to such Receivables and all proceeds of any thereof prior to all other liens on and security interests therein to secure the prompt and complete payment of the Aggregate Unpaids.  Agent and the Purchasers shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative.
Section 1.7Erroneous Payment.
(k)If the Agent notifies a Purchaser or any Person who has received funds on behalf of a Purchaser (any such Purchaser or other recipient, a “Payment Recipient) that the 
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Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Purchaser or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof) such Erroneous Payment shall at all times remain the property of the Agent, and such Purchaser, shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than one Business Day thereafter, return to the Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.
(l)Without limiting immediately preceding clause (a), each Payment Recipient hereby further agrees that if it receives a payment (whether received as a payment, interest, fees, or otherwise) from the Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, sent by the Agent (or any of its Affiliates) with respect to such payment (a “Payment Notice”), (y) that was not preceded or accompanied by a Payment Notice, or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:
(A) an error may have been made (in the case of immediately preceding clauses (x) or (y)) or an error has been made (in the case of immediately preceding clause (z)) with respect to such payment; and
(B) such Payment Recipient shall promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Agent of its receipt of such payment the details thereof and that it is so notifying the Agent pursuant to this Section 14.15(b).
(m)Each Purchaser hereby authorizes the Agent to set off, net and apply any and all amounts at any time owing to such Purchaser under any Transaction Document, or otherwise payable or distributable by the Agent to such Purchaser from any source, against any amount due to the Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement.
(n)In the event an Erroneous Payment (or portion thereof) is not recovered by the Agent for any reason, after demand therefor by the Agent in accordance with immediately preceding clause (a), from any Purchaser that has received such Erroneous Payment (or portion thereof) (or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Agent’s request to such Purchaser at any time, (i) such Purchaser shall be deemed to have assigned its portion of the Asset Portfolio (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (such assignment of such Purchaser’s portion of the Asset Portfolio (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) and is hereby (together with the Seller) deemed to execute and deliver an Assignment Agreement as to which the Agent and 
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such parties are participants with respect to such Erroneous Payment Deficiency Assignment, (ii) the Agent as the assignee Purchaser shall be deemed to acquire the Erroneous Payment Deficiency Assignment and (iii) upon such deemed acquisition, the Agent as the assignee Purchaser shall become a Purchaser hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Purchaser shall cease to be a Purchaser with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Purchaser. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Purchaser and such Commitments shall remain available in accordance with the terms of this Agreement.
(o)The parties hereto agree that an Erroneous Payment shall not pay, discharge or otherwise satisfy any Obligations owed by the Seller, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Agent from the Seller for the purpose of making such Erroneous Payment.
(p)To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine
(q)Each party’s obligations, agreements and waivers under this Section 14.15 shall survive the resignation or replacement of the Agent, any transfer of rights or obligations by, or the replacement of, a Purchaser the termination of the Commitments and/or satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.
Section 1.2Intercreditor Agreement.  Each Purchaser, Seller and Servicer each hereby authorize Agent to enter into the Intercreditor Agreement or an amendment thereto, as applicable, in each case, on or about the date hereof and each Purchaser agrees to be bound by the provisions thereof.
Section 1.3Confirmation and Ratification of Terms.
(r)Upon the effectiveness of this Agreement, each reference to the Prior Agreement in any other Transaction Document and any document, instrument or agreement executed and/or delivered in connection with the Prior Agreement or any other Transaction Document, shall mean and be a reference to this Agreement.
(s)The other Transaction Documents and all agreements, instruments and documents executed or delivered in connection with the Prior Agreement or any other Transaction Document shall each be deemed to be amended to the extent necessary, if any, to give effect to the provisions of this Agreement, as the same may be amended, modified, supplemented or restated from time to time.
(t)The effect of this Agreement is to amend and restate the Prior Agreement in its entirety, and to the extent that any rights, benefits or provisions in favor of Agent or any Purchaser existed in the Prior Agreement and continue to exist in this Agreement without any written waiver of any such rights, benefits or provisions prior to the date hereof, then such rights, benefits or provisions are acknowledged to be and to continue to be effective from and after August 11, 2011.  This Agreement is not a novation.
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(u)The parties hereto agree and acknowledge that any and all rights, remedies and payment provisions under the Prior Agreement, including, without limitation, any and all rights, remedies and payment provisions with respect to (i) any representation and warranty made or deemed to be made pursuant to the Prior Agreement, or (ii) any indemnification provision, shall continue and survive the execution and delivery of this Agreement.
(v)The parties hereto agree and acknowledge that any and all amounts owing as or for advances, Purchaser Yield, fees, expenses or otherwise under or pursuant to the Prior Agreement, immediately prior to the effectiveness of this Agreement shall be owing as or for advances, Purchaser Yield, fees, expenses or otherwise, respectively, under or pursuant to this Agreement.
(w)Each of the Seller Parties hereby fully and forever waives, releases, extinguishes and discharges Agent and the Purchasers from any and all claims, actions, complaints, causes of action, debts, costs and expenses, demands on suits, at law or in equity or in bankruptcy or otherwise, known or unknown, present or future, fixed or contingent, which any Seller Party, as applicable, may now have or claim to have against Agent or any Purchaser arising out of or relating to the Prior Agreement or the transactions contemplated thereby.
 (Signature Pages Follow)
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WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their duly authorized officers as of the date hereof.

Conformed copy of agreement does not contain signatures as signatories only sign individual amendments
    S-1    Amended and Restated
        Contract Purchase Agreement

EXHIBIT I
DEFINITIONS
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“3D Cone Beam Receivable” means a Receivable originated by PDSI that arises from the sale or financing of 3D Cone Beam technology.
“Accrual Period” means each Fiscal Month, provided that the initial Accrual Period hereunder means the period from (and including) the date hereof to (and including) the last day of the Fiscal Month thereafter.
“ACH Receipts” means funds received in respect of Automatic Debit Collections.
“Adjusted Term SOFR” means the per annum rate equal to the sum of (i) Term SOFR plus (ii) 0.10%.
“Adverse Claim” means a lien, security interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person.
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person or any Subsidiary of such Person.  A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise.
“Agent” has the meaning set forth in the preamble to this Agreement.
“Aggregate Capital” means, on any date of determination, the aggregate outstanding Capital of all Purchasers on such date.
“Aggregate Reduction” has the meaning set forth in Section 1.3.
“Aggregate Unpaids” means, at any time, an amount equal to the sum of all accrued and unpaid fees under any Fee Letter, Purchaser Yield, Aggregate Capital, Hedging Obligations and all other unpaid Obligations (whether due or accrued) at such time.
“Agreement” means this Second Amended and Restated Contract Purchase Agreement, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time.
“Alternate Base Rate” means a variable per annum rate, as of any date of determination, equal to the Prime Rate.  The Alternate Base Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer.  FTB may make commercial loans or other loans at rates of interest at, above or below the Alternate Base Rate.  Any change in the Alternate Base Rate shall be effective for purposes of this Agreement on the date of such change without notice to Seller.
“Amortization Date” means the earliest to occur of (i) the day on which any of the conditions precedent set forth in Section 6.2 are not satisfied, (ii) the Business Day immediately 
    Exh. I-1

prior to the occurrence of an Amortization Event set forth in Section 9.1(d)(ii), (iii) the Business Day specified in a written notice from Agent following the occurrence of any other Amortization Event, (iv) the Business Day specified in a written notice from Agent following the failure to obtain the Required Ratings within 60 days following delivery of a Ratings Request to Seller and Servicer and (v) the date which is 5 Business Days after Agent’s receipt of written notice from Seller that it wishes to terminate the facility evidenced by this Agreement.
“Amortization Event” has the meaning set forth in Article IX.
“Applicable Collection Amount” means, with respect to any Settlement Date, (i) if the Amortization Date has not occurred, the aggregate amount of funds Servicer will apply on such Settlement Date in accordance with Section 2.2(c) and without giving effect to any Reserve Account Draw Amount and (ii) otherwise, $0.
“Asset Portfolio” has the meaning set forth in Section 1.2(b).
“Assignment Agreement” has the meaning set forth in Section 12.1(b).
“Authorized Officer” means, with respect to any Person, its president, corporate controller, treasurer or chief financial officer.
“Automatic Debit Collection” means the payment of Collections by an Obligor by means of automatic electronic funds transfer from the Obligor’s bank account.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the applicable determination of the interest period pursuant to Section 4.7(c)(iv).
“Balloon Payment Receivable” means a Receivable that arises under a Contract that requires the final payment to be in an amount equal to 35% of the initial balance of such Receivable.
“Benchmark” means, initially, Adjusted Term SOFR; provided that if a Benchmark Transition Event has occurred with respect to Adjusted Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 4.7(c).
“Benchmark Replacement” means with respect to any Benchmark Transition Event, the sum of: (i) the alternate benchmark rate that has been selected by Agent and Seller giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (ii) the related Benchmark Replacement Adjustment.  If the Benchmark Replacement as so determined would be less than the Index Floor, such Benchmark Replacement will be deemed to be the Index Floor for the purposes of this Agreement and the other Transaction Documents.
    Exh. I-2

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Seller giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(A) in the case of clause (A) or (B) of the definition of “Benchmark Transition Event,” the later of (1) the date of the public statement or publication of information referenced therein and (2) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
(B) in the case of clause (C) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (C) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 
For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (A) or (B) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(A) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(B) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or 
    Exh. I-3

publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(C) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 4.7(c) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 4.7(c).
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Broken Funding Costs” means for any Capital of any Purchaser which: (i) is reduced without compliance by Seller with the notice requirements hereunder or (ii) is otherwise transferred or terminated on the date prior to the date on which it was originally scheduled to end; an amount equal to the excess, if any, of (A) Purchaser Yield that would have accrued during the remainder of the Rate Tranche Periods subsequent to the date of such reduction, assignment, transfer, funding or termination of such Capital if such reduction, assignment, transfer, funding or termination had not occurred, over (B) the income, if any, actually received net of any costs of redeployment of funds during the remainder of such period by the holder of such Capital from investing the portion of such Capital not so allocated.
“Business Day” means any day on which banks are not authorized or required to close in New York, New York or Chicago, Illinois and The Depository Trust Company of New York is open for business.
“Cap Strike Rate” means 3.00%, or such other applicable “cap strike rate” approved by Agent and specified as such in the applicable Hedging Agreement in effect at such time.
“Capital” means at any time with respect to the Asset Portfolio and any Purchaser, an amount equal to (A) the amount of Cash Purchase Price paid by such Purchaser to Seller for Purchases pursuant to Sections 1.1 and 1.2, minus (B) the sum of the aggregate amount of Collections and other payments received by Agent or such Purchaser, as applicable, which in each case are applied to reduce such Purchaser’s Capital in accordance with the terms and conditions of this Agreement; provided that such Capital shall be restored (in accordance with Section 2.5) in the amount of any Collections or other payments so received and applied if at any 
    Exh. I-4

time the distribution of such Collections or payments are rescinded, returned or refunded for any reason.
“Cash Purchase Price” means, with respect to any Purchase of any portion of the Asset Portfolio, the amount paid to Seller for such portion of the Asset Portfolio which shall not exceed the least of (i) the amount requested by Seller in the applicable Purchase Notice, (ii) the unused portion of the Purchase Limit on the applicable Purchase date, taking into account any other proposed Purchase requested on the applicable Purchase date and (iii) the excess, if any, of the Net Portfolio Balance (less the Credit Enhancement) on the applicable Purchase date over the aggregate outstanding amount of the Aggregate Capital determined as of the date of the most recent Monthly Report, taking into account any other proposed Purchase requested on the applicable Purchase date.
“CEREC Receivable” means a Receivable originated by PDSI that arises from the sale or financing (or servicing) by PDSI of ceramic reconstruction machinery that was manufactured by or on behalf of Sirona Dental Systems, Inc.
“Certificate of Beneficial Ownership” means a certification regarding beneficial ownership of the applicant as required by the Beneficial Ownership Regulation.
“Change of Control” means (i) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of Servicer or (ii) PDCo ceases to own, directly or indirectly, 100% of the outstanding membership units of Seller or 100% of the outstanding capital stock of any Originator.
“Charged-Off Receivable” means a Receivable: (i) as to which the Obligor thereof has taken any action, or suffered any event to occur, of the type described in Section 9.1(d) (as if references to the Seller Party therein refer to such Obligor); (ii) as to which the Obligor thereof, if a natural person, is deceased, (iii) which, consistent with the Credit and Collection Policy, would be written off Seller’s books as uncollectible, (iv) which has been identified by Seller as uncollectible or (v) as to which any payment, or part thereof, remains unpaid for 180 days or more from the original due date for such payment.
“Closing Date” means July 20, 2020.
“Collection Account” means, collectively, each First-Tier Account and the Second-Tier Account.
“Collection Account Agreement” means (i) with respect to each Lock-Box or Collection Account, an agreement, substantially in the form of Exhibit VI, among an Originator (if applicable), Seller, Agent and a Collection Bank, or any similar or analogous agreement among an Originator, Seller, Agent and a Collection Bank and (ii) with respect to each P.O. Box, a Postal Notice, in each case as such document may be amended, restated, supplemented or otherwise modified from time to time.
“Collection Bank” means, at any time, any of the banks holding one or more Collection Accounts.
“Collection Notice” means a notice, in substantially the form of Annex A to Exhibit VI, from Agent to a Collection Bank, or any similar or analogous notice from Agent to a Collection Bank.
    Exh. I-5

“Collections” means, with respect to any Receivable, all cash collections and other cash and other proceeds in respect of such Receivable, including, without limitation, all scheduled payments, prepayments, yield, Finance Charges or other related amounts accruing in respect thereof, all cash proceeds of Related Security with respect to such Receivable and all payments received pursuant to the Hedging Agreements.
“Commitment” means, for each Purchaser, the commitment of such Purchaser to Purchase portions of the Asset Portfolio from Seller in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Purchaser’s name on Schedule A to this Agreement, as such amount may be modified in accordance with the terms hereof (including, without limitation, any termination of Commitments pursuant to Section 4.6 hereof) and (ii) with respect to any individual Purchase hereunder, its Pro Rata Share of the Cash Purchase Price therefor.
“Concentration Limit” means, at any time, for any Obligor, 2% of the aggregate Outstanding Balance of all Eligible Receivables, or such other amount (a “Special Concentration Limit”) for such Obligor designated by Agent and consented to by each Purchaser; provided, that in the case of an Obligor and any Affiliate of such Obligor, the Concentration Limit shall be calculated as if such Obligor and such Affiliate are one Obligor; and provided, further, that Agent may, upon not less than three Business Days’ notice to Seller, cancel any Special Concentration Limit.
“Conforming Changes” means, with respect to either the use or administration of SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the determination of any interest period or any similar or analogous definition (or the addition of a concept of “interest period”), the definition of “U.S. Government Securities Business Day,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods or observation shifts, the applicability of Section 4.7(e), and other technical, administrative or operational matters) that Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).
“Consent Notice” has the meaning set forth in Section 4.6(a).
“Consent Period” has the meaning set forth in Section 4.6(a).
“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership.
    Exh. I-6

“Contract” means, with respect to any Receivable, any and all instruments, agreements, invoices or other writings pursuant to which such Receivable arises or which evidences such Receivable.
“COVID-19 Deferred Payment Program” means PDSI’s program that permits Obligors to defer payments under their related Contract for a period of up to 90 days in connection with the COVID-19 Emergency.
“COVID-19 Emergency” means collectively, the public health emergency declared by the United States Secretary of Health and Human Services on January 27, 2020, with respect to the 2019 Novel Coronavirus and all related federal and state emergency declarations and measures.
“COVID-19 Modifications” means, with respect to any COVID-19 Modified Receivable, each of the following modifications to the related Contract: (i) installment payments under the related Contract are deferred for a period of up to 90 days commencing on the date such Receivable first became a COVID-19 Modified Receivable and (ii) the deferred monthly installments are added to the end of the related Contract and payable in equal monthly installments.
“COVID-19 Modified Receivable” means a Receivable as to which the payment terms of the related Contract have been extended or modified in connection with the COVID-19 Deferred Payment Program.
“COVID Period” means the period beginning on July 20, 2020 and ending on the earlier of (i) the Settlement Date occurring in December 2020 or (ii) any earlier date that Servicer elects provided that the Seller is in then compliance with the provisions hereof without giving effect to any provisions applicable only during the COVID Period.
“Credit Agreement” means the Amended and Restated Credit Agreement, dated on or about January 27, 2017 (as it may be amended, restated, supplemented or otherwise modified from time to time) by and among PDCo, the lenders from time to time party thereto, and MUFG Bank, Ltd., as administrative agent.
“Credit and Collection Policy” means Seller’s and/or the applicable Originator’s credit and collection policies and practices relating to Contracts and Receivables existing on the date of the Prior Agreement and summarized in Exhibit VIII hereto, as modified from time to time in accordance with this Agreement.
“Credit Enhancement” means, on any date, an amount equal to the product of (i) the Net Portfolio Balance as of the close of business of Servicer on such date, multiplied by (ii) the sum of (x) (i) during the COVID Period, 20.0% and (ii) at all others times, 15.0% plus (y) the average Dilution Ratio for the immediately preceding three Fiscal Months; provided, that during the Temporary Period, COVID-19 Modified Receivables shall be excluded from each component of the calculation of the Dilution Ratio.
“Deemed Collections” means the aggregate of all amounts Seller shall have been deemed to have received as a Collection of a Receivable.  If at any time, (i) the Outstanding Balance of any Receivable is either (x) reduced as a result of any defective or rejected goods or services, any discount or any adjustment or otherwise by Seller or any Originator (other than cash Collections on account of the Receivables) or (y) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), (ii) any of the representations or warranties in Article V are no longer true 
    Exh. I-7

with respect to any Receivable or (iii) the Related Equipment for any Receivable is Repossessed and sold for less than the fair market value of such Related Equipment, Seller shall be deemed to have received a Collection of such Receivable in the amount of (A) such reduction or cancellation in the case of clause (i) above, (B) the entire Outstanding Balance in the case of clause (ii) above and (C) the difference between the fair market value of the Repossessed Related Equipment and the gross proceeds received upon the sale of such Repossessed Related Equipment in the case of clause (iii) above.
“Default Fee” means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1,000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 3.50% above the Alternate Base Rate.
“Default Ratio” means, as of the last day of each Fiscal Month, a percentage equal to:  (i) the aggregate Outstanding Balance of all Defaulted Receivables on such day, divided by (ii) the aggregate Outstanding Balance of all Receivables on such day.
“Defaulted Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for 121 days or more from the original due date for such payment.
“Delinquency Ratio” means, at any time, a percentage equal to (i) the aggregate Outstanding Balance of all Receivables that were Delinquent Receivables at such time divided by (ii) the aggregate Outstanding Balance of all Receivables at such time.
“Delinquent Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for 61 days or more from the original due date for such payment.
“Designated Obligor” means an Obligor indicated by Agent to Seller in writing.
“Dilution Ratio” means, on any date, an amount equal to the product of (i) 6 multiplied by (ii) the quotient of (x) “non-cash full returns” and “non-cash partial returns” (each as set forth as a separate line item in the Monthly Report) divided by (y) the Outstanding Balance of all Receivables as of the first day of the current month.
“Discount Rate” means, the Adjusted Term SOFR or the Alternate Base Rate, as applicable, with respect to the Capital of each Purchaser.
“Discounted Receivable” means a Receivable that arises under a Contract pursuant to which the first installment payment thereunder is not required to be made until four (4) months after the contract inception; provided that such Receivable shall cease to be a Discounted Receivable after the date that is four (4) months after the contract inception and shall at all times thereafter be deemed to be a “Skip Receivable”; provided further, if the first six payments thereunder are made in full in consecutive months, such Receivable shall no longer be deemed to be a Skip Receivable.
“EagleSoft Computer Receivable” means a Receivable originated by PDSI or Webster that arises from the sale or financing of computer hardware equipment by PDSI or Webster.  “EagleSoft Computer Receivables” may also be referred to as “Patterson Computer Receivables”.
“EagleSoft Software Receivable” means a Receivable originated by PDSI or Webster that arises from the sale, licensing or financing of computer software by PDSI or Webster.
    Exh. I-8

“EagleSoft Software Receivable Discounted Balance” means, at any time, with respect to any EagleSoft Software Receivable, the discounted Outstanding Balance of such Receivable, which Outstanding Balance shall be discounted using a discount rate of 10%.
“Eligible COVID-19 Modified Receivable” means, as of any date of determination, a COVID-19 Modified Receivable that satisfied each of the following criteria: (i) installment payments under the related Contract are not required to be made for a period of up to 90 days commencing on the date such Receivable first became a COVID-19 Modified Receivable, (ii) interest will continue to accrue under the related Contract during such deferral period, (iii) the monthly installment amount owing by the related Obligor during the related deferral period is $0, (iv) the deferred monthly installments will be added to the end of the related Contract and payable in equal monthly installments, (v) such Receivable was not a Delinquent Receivable on the date it became a COVID-19 Modified Receivable, (vi) no payment, or part thereof, that was invoiced to the related Obligor prior to such Receivable becoming a COVID-19 Modified Receivable remains unpaid for 61 days or more from the original due date for such payment, (vii) the related Obligor has affirmatively elected to participate in the COVID-19 Deferred Payment Program by completing and submitting an application therefore to PDSI, (viii) such Receivable became a COVID-19 Modified Receivable not later than June 30, 2020, (ix) no more than three monthly installment payments in the aggregate are being deferred under the related Contract and (x) the Originator thereof is PDSI. No Receivable that is modified other than in in accordance with the criteria set forth above shall be an Eligible COVID-19 Modified Receivable and any subsequent modification to an Eligible COVID-19 Modified Receivable shall cause such Receivable to cease being an Eligible COVID-19 Modified Receivable and instead become a Modified Receivable. 
“Eligible Hedge Provider” means FTB or any financial institution approved by Agent.
“Eligible Receivable” means, at any time, a Receivable:
(i)the Obligor of which (a) if a natural person, is a resident of the United States or, if a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive office in the United States; (b) is not an Affiliate of any of the parties hereto; (c) is not a Designated Obligor; and (d) is not a government or a governmental subdivision or agency,
(ii)the Obligor of which is not, and has not been, the Obligor of any Charged-Off Receivable or any Defaulted Receivable,
(iii)that is not a Charged-Off Receivable or a Defaulted Receivable,
(iv)that is not a Delinquent Receivable,
(v)that arises under a Contract that has not had any payment or other terms of such Contract extended, modified or waived other than, in the case of an Eligible COVID-19 Modified Receivable, the COVID-19 Modifications,
(vi)that is an “account” or “chattel paper” within the meaning of Article 9 of the UCC of all applicable jurisdictions,
(vii)that is denominated and payable only in United States dollars in the United States,
    Exh. I-9

(viii)that arises under a Contract in substantially the form of one of the form contracts set forth on Exhibit IX hereto or otherwise approved by Agent in writing, which, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms subject to no offset, counterclaim or other defense,
(ix)that arises under a Contract that (A) does not require the Obligor under such Contract to consent to the transfer, sale or assignment of the rights and duties of the applicable Originator or any of its assignees under such Contract, (B) does not contain a confidentiality provision that purports to restrict the ability of any Purchaser to exercise its rights under this Agreement, including, without limitation, its right to review the Contract and (C) at the time the payment is received the Contract is continuing and does not constitute a refund on a terminated Contract,
(x)that arises under a Contract that contains an obligation to pay a specified sum of money, contingent only upon the sale of goods or the provision of services by the applicable Originator,
(xi)that, together with the Contract related thereto, does not contravene any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and with respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation,
(xii)that satisfies all applicable requirements of the Credit and Collection Policy,
(xiii)that was generated in the ordinary course of the applicable Originator’s business,
(xiv)that arises solely from the sale, licensing or financing of goods or the provision of services to the related Obligor by the applicable Originator, and not by any other Person (in whole or in part),
(xv)as to which Agent has not notified Seller that Agent has determined that such Receivable or class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises under a Contract that is not acceptable to Agent,
(xvi)that is not subject to any right of rescission, set-off, counterclaim, any other defense (including defenses arising out of violations of usury laws) of the applicable Obligor against the applicable Originator or any other Adverse Claim, and the Obligor thereon holds no right as against such Originator to cause such Originator to repurchase the goods or merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or defective goods returned in accordance with the terms of the Contract),
(xvii)that, (a) if such Receivable is a Discounted Receivable, the related Contract requires that payment in full of the Outstanding Balance of such Receivable be made not later than 64 months (or in the case of (x) a Large Receivable, not later than 88 months or (y) a Large Extended Discount Receivable, not later than 91 months) after the date such Receivable was originated; (b) if such Receivable is an Extended Discounted Receivable, the related Contract requires that payment in full of the Outstanding Balance 
    Exh. I-10

of such Receivable be made not later than 73 months after the date such Receivable was originated; (c) if such Receivable is an EagleSoft Computer Receivable or EagleSoft Software Receivable, the related Contract requires that payment in full of the Outstanding Balance of such Receivable be made not later than 39 months after the date such Receivable was originated; (d) if such Receivable is a 3D Cone Beam Receivable, the related Contract requires that payment in full of the Outstanding Balance of such Receivable be made not later than 84 months after the date such Receivable was originated; (e) if such Receivable is a Large Receivable, the related Contract requires that payment in full of the Outstanding Balance of such Receivable be made not later than 85 months after the date such Receivable was originated and (f) otherwise, the related Contract requires that payment in full of the Outstanding Balance of such Receivable be made not later than 61 months after the date such Receivable was originated,
(xviii)as to which the applicable Originator has satisfied and fully performed all obligations on its part with respect to such Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the applicable Obligor,
(xix)all right, title and interest to and in which has been validly transferred by the applicable Originator directly to Seller under and in accordance with the Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear of any Adverse Claim,
(xx)that arises under a Contract that requires the Outstanding Balance of such Receivable to be paid in equal consecutive monthly installments; provided, however, any delay in or deferral of the payment of the first installment payment of a Discounted Receivable or an Extended Discounted Receivable shall not cause such Receivable to be ineligible pursuant to this clause (xx) so long as all installment payments after the first installment payment are to be paid in equal consecutive monthly installments,
(xxi)that, if such Receivable is a Veterinary Receivable, the Outstanding Balance thereof, when added to the Outstanding Balance of all other Veterinary Receivables, does not exceed 10% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxii)that is not (a) a Balloon Payment Receivable or (b) a Modified Receivable that does not constitute an Eligible COVID-19 Modified Receivable,
(xxiii)that, if such Receivable is an EagleSoft Software Receivable, the Outstanding Balance thereof, when added to the Outstanding Balance of all other EagleSoft Software Receivables, does not exceed 3% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxiv)that, if such Receivable is an EagleSoft Computer Receivable (also referred to as a “Patterson Computer Receivable”), the Outstanding Balance thereof, when added to the Outstanding Balance of all other EagleSoft Computer Receivables, does not exceed 2% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxv)that if such Receivable is a Large Receivable for which the related Contract requires that payment in full of the Outstanding Balance of such Receivable be made later than 64 months after the date such Receivable was originated, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Large 
    Exh. I-11

Receivables, does not exceed 15% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxvi)that if such Receivable is a Discounted Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Discounted Receivables, does not exceed 5% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxvii)that if such Receivable is an Extended Discounted Receivable, (a) the Outstanding Balance thereof when added to the Outstanding Balance of all other such Extended Discounted Receivables, does not exceed 10% of the aggregate Outstanding Balance of all Eligible Receivables and (b) the Obligor thereof has a credit score of 720 or higher from TransUnion or Experian,
(xxviii)that, together with the related Contract, has not been sold, assigned or pledged by the applicable Originator or Seller, except pursuant to the terms of the Receivables Sale Agreement and this Agreement,
(xxix)that if such Receivable is an EagleSoft Software Receivable, the Obligor thereof has made at least three payments on such Receivable,
(xxx)the Obligor of which is not (a) with respect to (x) any Obligor that (A) has a credit score of 720 or higher from TransUnion or Experian, (B) has five years of payment history with the Servicer and its Affiliates, (C) has a supply account and finance account that is current and (D) is purchasing monthly from the Servicer and its Affiliates and is not subject to any purchase restrictions, the Obligor of other Receivables with an aggregate Outstanding Balance in excess of $750,000 or (y) with respect to any other Obligor, the Obligor of other Receivables with an aggregate Outstanding Balance in excess of $500,000 or (b) the Group Practice Obligor of other Receivables with an aggregate Outstanding Balance in excess of $700,000,
(xxxi)with respect to which there is only one executed copy of the related Contract, which may be executed in counterparts and received by facsimile or electronic mail, and which will, together with the related records be held by Servicer as bailee of Agent and the Purchasers, and no other custodial agreements are in effect with respect thereto,
(xxxii)that excludes residual value and any maintenance component,
(xxxiii) that if such Receivable is a Discounted Receivable or a Skip Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Discounted Receivables and Skip Receivables, does not exceed 10% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxxiv) that if such Receivable is an Extended Skip Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Extended Skip Receivables, does not exceed 10% of the aggregate Outstanding Balance of all Eligible Receivables, 
(xxxv)that if such Receivable is an Extended Skip Receivable, no required payment, or part thereof, in connection with such Receivable remains unpaid for 30 days or more from the original due date for such payment, 
    Exh. I-12

(xxxvi) that if such Receivable is a Special Market Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Special Market Receivables, does not exceed 5% of the aggregate Outstanding Balance of all Eligible Receivables, 
(xxxvii)that if such Receivable is a Large Extended Discount Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Large Extended Discount Receivable, does not exceed 2.5% of the aggregate Outstanding Balance of all Eligible Receivables,
(xxxviii)that if such Receivable is a Large Individual Obligor Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Large Individual Obligor Receivable, does not exceed 5% of the aggregate Outstanding Balance of all Eligible Receivables, and
(xxxix)the Obligor of which is not (a) with respect to any Obligor that (A) has a credit score of 720 or higher from TransUnion or Experian, (B) has five years of payment history with the Servicer and its Affiliates, (C) has a supply account and finance account that is current, (D) is purchasing monthly from the Servicer and its Affiliates and is not subject to any purchase restrictions, the Obligor of other Receivables with an aggregate Outstanding Balance in between $500,001 and $750,000 and (b) the Group Practice Obligor of other Receivables with an aggregate Outstanding Balance between $500,001 and $750,000, does not exceed 10% of the aggregate Outstanding Balance of all Eligible Receivables.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“Erroneous Payment” has the meaning set forth in Section 14.15.
“Erroneous Payment Deficiency Assignment” has the meaning set forth in Section 14.15.
“Erroneous Payment Impacted Class” has the meaning set forth in Section 14.15.
“Erroneous Payment Return Deficiency” has the meaning set forth in Section 14.15.
“Excess Spread” means, as of the last day of any Fiscal Month, the sum of (i) the weighted average annual percentage rate accruing on the Receivables, minus (ii) 1%, minus (iii) the Cap Strike Rate, minus (iv) the Program Fee Rate (as defined in each Fee Letter).
“Extended Discounted Receivable” means a Receivable that arises under a Contract pursuant to which the first installment payment thereunder is required to be made at least five (5) months, but not more than twelve (12) months, after the contract inception; provided that such Receivable shall cease to be an Extended Discounted Receivable after the date on which the first installment payment thereunder is required to be paid and shall at all times thereafter be deemed to be an “Extended Skip Receivable”; provided further, if the first six payments thereunder are made in full in consecutive months, such Receivable shall no longer be deemed to be an “Extended Skip Receivable.” 
“Extended Skip Receivable” has the meaning set forth in the definition of “Extended Discounted Receivable”.
    Exh. I-13

“Extension Notice” has the meaning set forth in Section 4.6(a).
“Facility” means the facility providing for Seller to sell the Asset Portfolio as provided in this Agreement.
“Facility Account” means the account numbered [redacted] maintained by Seller in the name of “PDC Funding Company II, LLC” at FTB, together with any successor account or sub-account.
“Facility Termination Date” means the earliest of (i) the Purchase Termination Date and (ii) the Amortization Date.
“Federal Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as amended and any successor statute thereto.
“Federal Funds Effective Rate” means for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by Agent from three Federal funds brokers of recognized standing selected by it.  Notwithstanding the foregoing, if any Purchaser is borrowing overnight funds on any day from a Federal Reserve Bank to make or maintain such Purchaser’s funding of all or any portion of the Asset Portfolio hereunder, the Federal Funds Effective Rate, at the option of such Purchaser, for such Purchaser shall be the average rate per annum at which such overnight borrowings are made on any such day.  Each determination of the Federal Funds Effective Rate shall be conclusive and binding on Seller and the Seller Parties, except in the case of manifest error.
“Fee Letter” means the letter agreement dated as of the date hereof (as amended, restated, supplemented, or otherwise modified from time to time) between Seller and FTB.
“Final Payout Date” means the date following the Amortization Date on which the Aggregate Capital shall have been reduced to zero and all of the Aggregate Unpaids, Obligations and all other amounts then accrued or payable to Agent, the Purchasers and the other Indemnified Parties shall have been indefeasibly paid in full in cash.
“Finance Charge Collections” means Collections consisting of Finance Charges.
“Finance Charges” means, with respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract.
 “First-Tier Account” means each concentration account, depositary account, lock-box account or similar account in which any Collections are collected or deposited, including, without limitation, by means of automatic funds transfer (other than the Second-Tier Account) and which is listed on Exhibit IV.
“Fiscal Month” means any of the twelve consecutive four week or five week accounting periods used by PDCo for accounting purposes which begin on the Sunday after the last Saturday in April of each year and ending on the last Saturday in April of the next year.
“Floor” means a per annum rate of zero percent (0%).
    Exh. I-14

“FTB” has the meaning set forth in the Preliminary Statements to this Agreement.
 “GAAP”  means generally accepted accounting principles in effect in the United States of America as of the date of this Agreement, provided, that if there occurs after the date of this Agreement any change in GAAP that affects in any material respect the calculation of any amount described in Sections 9.1(f) or (m), Agent and Seller shall negotiate in good faith amendments to the provisions of this Agreement that relate to the calculation of such amounts with the intent of having the respective positions of Agent and the Purchasers and Seller after such change in GAAP conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon, the amounts described in Sections 9.1(f) or (m) shall be calculated as if no such change in GAAP has occurred.
“Group Practice” means a dental practice with four or more offices and/or $200,000 in annual merchandise purchases.
“Group Practice Obligor” means an Obligor to which PDCo will extend credit without a personal guaranty of the dentists within the Group Practice.
“Hedge Floating Amount” means, with respect to any Hedging Agreement, all amounts owing to Seller under, and any other Collections with respect to, such Hedging Agreement.
“Hedge Provider” means any Person that enters into a Hedging Agreement with Seller.
“Hedge Provider Downgrade” means, with respect to any Hedge Provider, other than FTB, the unsecured, unguaranteed, long-term debt rating of any Hedge Provider under its then current Hedging Agreement, if any, is reduced below A- or withdrawn by S&P or below A3 or withdrawn by Moody’s.
“Hedging Agreement” means an interest rate cap agreement in form and substance satisfactory to Agent, entered into by Seller (and pledged to Agent, for the ratable benefit of the Purchasers), as the same may from time to time be supplemented, amended, extended, replaced or otherwise modified, in each case, in accordance with Section 7.3(d)(C); provided that (i) at the time such transaction is entered into, the Hedge Provider thereunder is an Eligible Hedge Provider, (ii) Seller shall have no payment obligations nor any Hedging Obligations under such transaction other than the payment of up-front premiums to the Eligible Hedge Provider (and on or prior to the date of such Hedging Agreement all such premiums payable by Seller during the scheduled term of such Hedging Agreement shall have been duly paid in full in advance), (iii) the notional amount with respect to such Hedging Agreement shall be an amount at all times satisfactory to Agent, which amount shall be equal to the aggregate amount of all Commitments hereunder until otherwise specified by Agent to Seller and (iv) the documentation governing such hedge transaction shall be in form and substance satisfactory to Agent.
“Hedging Obligations” means all amounts payable to a Hedge Provider under such Hedge Provider’s Hedging Agreement, including, without limitation, the accrued fixed amount under such Hedging Agreement and all breakage costs associated with the termination of such Hedging Agreement.
“Indebtedness” of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) capitalized lease 
    Exh. I-15

obligations, (vi) net liabilities under interest rate swap, exchange or cap agreements, (vii) Contingent Obligations and (viii) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA.
“Indemnified Amounts” has the meaning set forth in Section 10.1.
“Indemnified Party” has the meaning set forth in Section 10.1.
“Independent Governor” shall mean a member of the Board of Governors of Seller who (i) shall not have been at the time of such Person’s appointment or at any time during the preceding five years, and shall not be as long as such Person is a governor of Seller, (A) a director, officer, employee, partner, shareholder, member, manager, governor or Affiliate of any of the following Persons (collectively, the “Independent Parties”):  Servicer, any Patterson Entity, or any of their respective Subsidiaries or Affiliates (other than Seller), (B) a supplier to any of the Independent Parties, (C) a Person controlling or under common control with any partner, shareholder, member, manager, governor, Affiliate or supplier of any of the Independent Parties, or (D) a member of the immediate family of any director, officer, employee, partner, shareholder, member, manager, Affiliate or supplier of any of the Independent Parties; (ii) has prior experience as an independent director or governor for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors or governors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (iii) has at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities and is employed by any such entity.
“Intercreditor Agreement” means the Amended and Restated Intercreditor Agreement, dated as of April 27, 2007, by and among Agent, The Bank of Tokyo Mitsuibishi UFJ, Ltd., as agent under that certain Third Amended and Restated Receivables Purchase Agreement dated December 3, 2010, PDCo, PDSI, Webster and Seller, as amended by Amendment #1 thereto, dated as of December 3, 2010 and as amended by Amendment #2 thereto, dated as of August 12, 2011, and as the same may be further amended, restated supplemented or otherwise modified from time to time.
“Interest Expense Coverage Ratio” shall have the meaning assigned to such term in the Credit Agreement on the date hereof, including all defined terms used within such term which defined terms and definitions thereof are incorporated by reference herein; provided, however, that in the event the Credit Agreement is terminated or such defined term is no longer used in the Credit Agreement, the respective meaning assigned to such term immediately preceding such termination or non-usage shall be used for purposes of this Agreement. If, after the date hereof, the Interest Expense Coverage Ratio maintenance covenant set forth in Section 6.21 of the Credit Agreement (or any of the defined terms used in connection with such covenant (including the term “Interest Expense Coverage Ratio”)) is amended, modified or waived, then the test set forth in this Agreement or the defined terms used therein, as applicable, shall, for all purposes of this Agreement, automatically and without further action on the part of any Person, be deemed to be also so amended, modified or waived, if at the time of such amendment, modification or waiver, (i) each Purchaser Agent and the Agent is a party to the Credit Agreement and (ii) such amendment, modification or waiver is consummated in accordance with the terms of the Credit Agreement.
    Exh. I-16

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Large Extended Discount Receivable” means a Receivable that is both a Large Receivable and an Extended Discounted Receivable with an original term of 84 months.
“Large Individual Obligor Receivable” means any Receivable owing by an Obligor that (i) is not a Group Practice Obligor and (ii) is the Obligor of Receivables (inclusive of such Receivable) with an aggregate Outstanding Balance in excess of $500,000.
“Large Receivable” means (i) each Receivable, the initial Outstanding Balance of such Receivable on the date it was originated was not less than $75,000, (ii) each 3D Cone Beam Receivable that was originated on or prior to November 30, 2012 and (iii) each CEREC Receivable that was originated on or prior to November 30, 2012.
“Legal Maturity Date” means the two-year anniversary of the due date of the latest maturing Receivable in the Asset Portfolio on the date of the occurrence of the Amortization Date.
“Leverage Ratio” shall have the meaning assigned to such term in the Credit Agreement on the date hereof, including all defined terms used within such term which defined terms and definitions thereof are incorporated by reference herein; provided, however, that in the event the Credit Agreement is terminated or such defined term is no longer used in the Credit Agreement, the respective meaning assigned to such term immediately preceding such termination or non-usage shall be used for purposes of this Agreement.  If, after the date hereof, the Leverage Ratio maintenance covenant set forth in Section 6.20 of the Credit Agreement (or any of the defined terms used in connection with such covenant (including the term “Leverage Ratio”)) is amended, modified or waived, then the test set forth in this Agreement or the defined terms used therein, as applicable, shall, for all purposes of this Agreement, automatically and without further action on the part of any Person, be deemed to be also so amended, modified or waived, if at the time of such amendment, modification or waiver, (i) each Purchaser Agent and the Agent is a party to the Credit Agreement and (ii) such amendment, modification or waiver is consummated in accordance with the terms of the Credit Agreement.
“Lock-Box” means each locked postal box with respect to which a bank who has executed a Collection Account Agreement has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Exhibit IV.
“Material Adverse Effect” means a material adverse effect on (i) the financial condition or operations of any Seller Party and its Subsidiaries, (ii) the ability of any Seller Party to perform its obligations under this Agreement or the Performance Provider to perform its obligations under the Performance Undertaking, (iii) the legality, validity or enforceability of this Agreement or any other Transaction Document, (iv) any Purchaser’s interest in the Receivables generally or in any significant portion of the Receivables, the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion of the Receivables.
“Modified Receivable” means a Receivable as to which the payment terms of the related Contract have been extended or modified for credit reasons since the origination of such Receivable.
    Exh. I-17

“Monthly Report” means a report, in substantially the form of Exhibit X hereto (appropriately completed), furnished by Servicer to Agent and each Purchaser pursuant to Section 8.5.
“Moody’s” means Moody’s Investors Service, Inc.
“Net Portfolio Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time reduced by (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Concentration Limit for such Obligor and (ii) the excess of the aggregate Outstanding Balance of all Eligible Receivables that are EagleSoft Software Receivables over the aggregate EagleSoft Software Receivable Discounted Balance of all such Receivables.
“Non-Renewing Purchaser” has the meaning set forth in Section 4.6(a).
“Obligations” shall have the meaning set forth in Section 2.1.
“Obligor” means a Person obligated to make payments pursuant to a Contract.
“Originated Receivable” means all indebtedness and other obligations owed to Seller or an Originator (at the time it arises, and before giving effect to any transfer or conveyance under the Receivables Sale Agreement or hereunder) or in which Seller or an Originator has a security interest or other interest, including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible, arising in connection with the sale, licensing or financing of goods or the rendering of services by an Originator, and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto.  Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute an Originated Receivable separate from an Originated Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction; provided further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be an Originated Receivable regardless of whether the account debtor, any Originator or Seller treats such indebtedness, rights or obligations as a separate payment obligation.
“Originator” means each of PDSI and Webster, in their respective capacities as seller under the Receivables Sale Agreement and any other seller from time to time party thereto.
“Outstanding Balance” of any Receivable at any time means the then outstanding principal balance thereof.
“Participant” has the meaning set forth in Section 12.2.
“Patterson Entity” means each of PDCo and each Originator and their respective successors and assigns.
“Payment Instruction” has the meaning set forth in Section 1.4.
“Payment Notice” has the meaning set forth in Section 14.15.
“Payment Recipient” has the meaning set forth in Section 14.15.
“PDCo” has the meaning set forth in the preamble to this Agreement.
    Exh. I-18

“PDSI” means Patterson Dental Supply, Inc., a Minnesota corporation, together with its successors and assigns.
“Performance Provider” means PDCo in its capacity as Provider under the Performance Undertaking.
“Performance Undertaking” means that certain Performance Undertaking, dated as of August 12, 2011, by Performance Provider in favor of Seller, substantially in the form of Exhibit XI, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Permitted Investments” means (a) evidences of indebtedness maturing within thirty days after the date of loan thereof, issued by, or guaranteed by the full faith and credit of, the federal government of the United States, (b) repurchase agreements with banking institutions or broker-dealers registered under the Securities Exchange Act of 1934 which are fully secured by obligations of the kind specified in clause (a), (c) money market funds (i) rated not lower than the highest rating category from Moody’s and “AAA m” or “AAAm-g,” from S&P or (ii) which are otherwise acceptable to Agent or (d) commercial paper issued by any corporation incorporated under the laws of the United States and rated at least “A-1+” (or the equivalent) by S&P and at least “P-1” (or the equivalent) by Moody’s.
“Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.
“P.O. Box” means a locked postal box located in a United States post office to which Obligors remit payments of Receivables.
“Postal Notice” means a notice from Patterson Companies, Inc. directing the United States post office where any P.O. Box is located to transfer control of such P.O. Box to Agent, which notice shall be substantially in the form of Exhibit XII.
“Potential Amortization Event” means an event which, with the passage of time or the giving of notice, or both, would constitute an Amortization Event.
“Prime Rate” means, as of any date, the greater of: (a) 3.0% or (b) the rate that FTB publicly announces, publishes or designates from time to time as its index rate or prime rate, or any successor rate thereto, in effect at its principal office.  Such rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer.  FTB may make commercial loans or other loans at rates of interest at, above or below its index rate or prime rate.
“Principal Collections” means Collections other than Finance Charge Collections.
“Prior Agreement” has the meaning set forth in the Preliminary Statements to this Agreement.
“Pro Rata Share” means, for each Purchaser, a percentage equal to (i) the Commitment of such Purchaser, divided by (ii) the aggregate amount of all Commitments of all Purchasers.
“Proposed Reduction Date” has the meaning set forth in Section 1.3.
“Purchase” has the meaning set forth in Section 1.1(a).
    Exh. I-19

“Purchase Limit” means $100,000,000, as such amount may be modified in accordance with the terms of Section 4.6(b).
“Purchase Notice” has the meaning set forth in Section 1.2(a).
“Purchase Termination Date” means July 17, 2023, as extended by mutual agreement of Seller, Agent and one or more Purchasers.
“Purchaser Yield” means for each respective Rate Tranche Period relating to any Capital (or portion thereof) of any of the Purchasers, an amount equal to the product of the applicable Discount Rate for such Capital (or portion thereof) multiplied by the Capital (or portion thereof) of such Purchaser for each day elapsed during such Rate Tranche Period, annualized on a 360 day basis.
“Purchasers” has the meaning set forth in the preamble in this Agreement.
“Purchasing Purchaser” has the meaning set forth in Section 12.1(b).
“Rate Tranche Period” means, with respect to any portion of the Asset Portfolio held by a Purchaser:
(a)    if Purchaser Yield for any portion of such Purchaser’s Capital is calculated on the basis of the Adjusted Term SOFR, a period of one month, or such other period as may be mutually agreeable to the applicable Purchaser and Seller (but not to exceed 90 days), commencing on a Business Day selected by Seller or the applicable Purchaser pursuant to this Agreement.  Such Rate Tranche Period shall end on the day in the applicable succeeding calendar month which corresponds numerically to the beginning day of such Rate Tranche Period, provided, however, that if there is no such numerically corresponding day in such succeeding month, such Rate Tranche Period shall end on the last Business Day of such succeeding month; or
(b)    if Purchaser Yield for any portion of such Purchaser’s Capital is calculated on the basis of the Alternate Base Rate, a period commencing on a Business Day selected by Seller and agreed to by the applicable Purchaser, provided no such period shall exceed one month.
If any Rate Tranche Period would end on a day which is not a Business Day, such Rate Tranche Period shall end on the next succeeding Business Day, provided, however, that in the case of Rate Tranche Periods corresponding to the Adjusted Term SOFR, if such next succeeding Business Day falls in a new month, such Rate Tranche Period shall end on the immediately preceding Business Day.  In the case of any Rate Tranche Period for any portion of any Purchaser’s Capital which commences before the Amortization Date and would otherwise end on a date occurring after the Amortization Date, such Rate Tranche Period shall end on the Amortization Date.  The duration of each Rate Tranche Period which commences after the Amortization Date shall be of such duration as selected by the applicable Purchaser.
“Ratings Request” has the meaning as specified in Section 10.2(c).
“Receivable” means at any time, each and every Originated Receivable that has been identified for sale to Seller in any Sale Assignment (as defined in the Receivables Sale Agreement), including all schedules thereto, delivered pursuant to Section 1.1(a)(ii) of the Receivables Sale Agreement.
    Exh. I-20

“Receivables Sale Agreement” means that certain Amended and Restated Receivables Sale Agreement dated August 12, 2011, by and among the Originators and Seller, as amended, restated, supplemented or otherwise modified from time to time.
“Records” means, with respect to any Receivable, all Contracts and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related Security therefor and the related Obligor.
“Reduction Notice” has the meaning set forth in Section 1.3.
“Regulatory Change” means the occurrence, after the date hereof, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental or regulatory authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental or regulatory authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from time to time), shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued.
“Related Equipment” means with respect to any Receivable, the goods sold or licensed to or financed for the Obligor which sale, licensing or financing gave rise to such Receivable and all financing statements or other filings with respect thereto.
“Related Security” means, with respect to any Receivable:
(i)all of Seller’s interest in the Related Equipment or other inventory and goods (including returned or repossessed inventory or goods), if any, the sale, licensing or financing of which by the applicable Originator gave rise to such Receivable, and all insurance contracts with respect thereto,
(ii)all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable,
(i)all guaranties, letters of credit, insurance, “supporting obligations” (within the meaning of Section 9-102(a) of the UCC of all applicable jurisdictions) and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise,
(ii)all service contracts and other contracts and agreements associated with such Receivable,
    Exh. I-21

(iii)all Records related to such Receivable,
(iv)all of Seller’s right, title and interest in, to and under the Receivables Sale Agreement and the Performance Undertaking,
(v)all of Seller’s right, title and interest in and to each Lock-Box, P.O. Box and Collection Account, and any and all agreements related thereto,
(vi)all of Seller’s right, title and interest in, to and under the Hedging Agreements,
(vii)all Collections in respect thereof, and
(viii)all proceeds of such Receivable and any of the foregoing.
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.
“Repossessed” means that, with respect to any Related Equipment, the applicable Originator or its agent has obtained possession, control and dominion of such Related Equipment from the related Obligor.
“Required Monthly Payments” means, as of any Settlement Date, an amount equal to (i) if such date is before the Amortization Date, the amount owing on such Settlement Date under clauses first and second of Section 2.2(c) and (ii) if such date is on and after the Amortization Date, the Aggregate Unpaids at such time.
“Required Purchasers” means, at any time, collectively, the Purchasers with Commitments in excess of 75% of the aggregate Commitments.
“Required Ratings” has the meaning as specified in Section 10.2(c).
“Reserve Account” means the account numbered [redacted] maintained by Agent at the Reserve Account Bank, together with any successor account or sub-account.
“Reserve Account Bank” means FTB.
“Reserve Account Deficiency” means, at any time of determination, the excess, if any, of: (a) the Reserve Account Required Amount, over (b) the amount then on deposit in the Reserve Account.
“Reserve Account Draw Amount” means, with respect to any Settlement Date, the excess, if any, of (a) the Required Monthly Payments for the related Settlement Date, over (b) the Applicable Collection Amount for such Settlement Date.
“Reserve Account Required Amount” means $800,000.
“Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of membership units of Seller now or hereafter outstanding, except a dividend payable solely in shares of that class of membership units or in any junior class of membership units of Seller, (ii) any redemption, retirement, sinking fund or 
    Exh. I-22

similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of membership units of Seller now or hereafter outstanding, (iii) any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to the Subordinated Loans (as defined in the Receivables Sale Agreement), (iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of membership units of Seller now or hereafter outstanding, and (v) any payment of management fees by Seller (except for reasonable management fees to the Originators or their Affiliates in reimbursement of actual management services performed).
“RPA Deferred Purchase Price” has the meaning set forth in Section 1.6.
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.
“Second-Tier Account” means the account numbered [redacted] maintained by Seller in the name of “PDC Funding Company II, LLC” at FTB, together with any successor account or sub-account.
“Seller” has the meaning set forth in the preamble to this Agreement.
“Seller Parties” has the meaning set forth in the preamble to this Agreement.
“Seller Party” has the meaning set forth in the preamble to this Agreement.
“Servicer” means at any time the Person (which may be Agent) then authorized pursuant to Article VIII to service, administer and collect Receivables.
“Servicing Fee” has the meaning set forth in Section 8.6.
“Settlement Date” means the 19th day of each calendar month, provided, however, that on and after the occurrence and continuation of any Amortization Event, the Settlement Date with respect to any portion of Capital shall be the date selected as such by the Agent from time to time (it being understood that the Agent may select such Settlement Date to occur as frequently as daily) or, if such day is not a Business Day, then the first Business Day thereafter.
“Settlement Period” means each Accrual Period, provided, however, that on and after the occurrence and continuation of any Amortization Event, the Settlement Period with respect to any portion of Capital shall be the period commencing on the last day of the previous Settlement Period and ending such number of days later as may be selected by the Agent (it being understood that the Agent may select such Settlement Period to occur as frequently as daily).
“Skip Receivable” has the meaning set forth in the definition of “Discounted Receivable”.
“SOFR” means a rate equal to the secured overnight financing rate administered by CME Group, Inc. (or other administrator as selected by Agent from time to time) and published on the applicable Bloomberg LP screen page (or such other commercially available source providing such quotations as may be selected by Agent from time to time). 
“Special Market Receivables” means any Receivable for which the Obligor is a Group Practice Obligor.
    Exh. I-23

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association, limited liability company, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.  Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of Seller.
“Temporary Period” means the period beginning on May 19, 2020 and ending on the Settlement Date occurring in August 2020. 
“Term SOFR” means a forward looking term rate based on SOFR for a one (1) month tenor.
“Terminating Commitment Availability” means, with respect to any Terminating Purchaser, the positive difference (if any) between (a) an amount equal to the Commitment (without giving effect to clause (iii) of the proviso to the penultimate sentence of Section 4.6(b)) of such Terminating Purchaser, minus an amount equal to 2% of such Commitment, minus (b) the Capital funded by such Terminating Purchaser.
“Terminating Purchaser” has the meaning set forth in Section 4.6(b).
“Terminating Rate Tranche” has the meaning set forth in Section 4.3(b).
“Termination Date” has the meaning set forth in Section 2.2(d).
“Termination Percentage” has the meaning set forth in Section 2.2(d).
“Transaction Documents” means, collectively, this Agreement, the Prior Agreement, each Purchase Notice, the Receivables Sale Agreement, the Performance Undertaking, the Intercreditor Agreement, each Collection Account Agreement, the Hedging Agreements, each Fee Letter, the Subordinated Note (as defined in the Receivables Sale Agreement) and all other instruments, documents and agreements executed and delivered in connection herewith or in connection with the Prior Agreement, in each case, as amended, restated, supplemented or otherwise modified from time to time.
“UCC” means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“Veterinary Receivable” means a Receivable arising from the sale or financing by Webster of veterinary equipment.
“Webster” means Patterson Veterinary Supply, Inc., a Minnesota corporation, together with its successors and assigns.
    Exh. I-24

All accounting terms defined directly or by incorporation in this Agreement or the Receivables Sale Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement, the Receivables Sale Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not specifically defined herein shall be construed in accordance with GAAP; (b) all terms used in Article 9 of the UCC in the State of Illinois, and not specifically defined herein, are used herein as defined in such Article 9; (c) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (d) the words “hereof,” “herein” and “hereunder” and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of such agreement (or such certificate or document); (e) references to any Section are references to such Section in such agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (f) the term “including” means “including without limitation”; (g) references to any law, rule, regulation, or directive of any governmental or regulatory authority refer to such law, rule, regulation, or directive, as amended from time to time and include any successor law, rule, regulation, or directive; (h) references to any agreement refer to that agreement as from time to time amended or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (i) references to any Person include that Person’s successors and assigns; (j) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (k) unless otherwise provided, in the calculation of time from a specified date to a later specified date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but excluding”; (l) terms in one gender include the parallel terms in the neuter and opposite gender; and (m) the term “or” is not exclusive.
    Exh. I-25Exhibit 10.1

      

       

      

      PURCHASE AND SALE AGREEMENT

     

    THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of August 26, 2022 (the “Effective Date” and “Closing

          Date”) by and between each of the entities listed in the column entitled “Seller” on Exhibit A-1 attached hereto as to each Property (as defined below) listed opposite its name on said Exhibit A-1  (each, a “Seller” and collectively, “Sellers”) and each of the entities listed in the column entitled
        “Purchaser” on  Exhibit A-2 attached hereto as to each Property listed opposite its name on said Exhibit A-2 (each, a “Purchaser”
        and collectively, “Purchasers”).

     

    W I T N E S S E T H:

     

    A.  Each of the Sellers listed on Exhibit A-1 attached hereto is the owner of a fee or leasehold interest in the applicable land listed opposite of its name on Exhibit A-1 attached hereto (collectively, the “Land”).   The Land is legally described on Exhibit B attached hereto.

     

    B.  Each parcel comprising the Land, together with the Asset
      Related Property (as defined below) owned by the applicable Seller and relating to such parcel of Land, is referred to herein each as a “Property” and collectively with respect all of the Land as the “Properties”.

     

    C.  Sellers desire to sell to Purchaser, and Purchaser desires to
      purchase from Sellers, the Properties on the terms and conditions set forth herein.

     

    NOW, THEREFORE, in consideration of and in reliance upon the above recitals, the terms, covenants and conditions contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, intending to be legally bound, Sellers and Purchaser agree as follows:

     

    ARTICLE I

     

    PURCHASE AND SALE

     

    1.1  Certain Defined Terms.  The following terms shall
      have the following meanings:

     

    (a)  “Additional Interests” shall mean for
      each Land parcel, all of the applicable Seller’s right, title and interest, if any, in and to all development and air rights, mineral, oil and gas and other hydrocarbon substances rights, all utility capacity, utilities, water and water rights,
      wells, well rights, appurtenances, strips or gores, roads, easements, covenants, dedications, streets, alleys, drainage facilities, rights-of-way, rights of ingress and egress and other rights appurtenant to the applicable Land.

     

    (b)  “Affiliate” shall mean, with respect to
      any specified entity, an entity that Controls, is Controlled by, or is under common Control with such specified entity.

     

    (c)  Intentionally Omitted.

     

    
      1

      
        

    

    (d)  “Asset Related Property” shall mean all
      of the applicable Seller’s right, title and interest in and to (i) the Improvements, (ii) the Leases, (iii) the Assumed Operating Agreements, (iv) the Personal Property, and (v) the Intangibles.

     

    (e)  “Assumed Operating Agreements” shall mean
      for each Property, the applicable Operating Agreements set forth on Schedule 5.1(i) together with any Seller Capital Work Contracts applicable to such Property.

     

    (f)  “Control” shall mean the power through
      the ownership of voting securities, by contract or otherwise to direct the management and policies of an entity.

     

    (g)  “Escrow Agent” shall mean Chicago Title
      Insurance Company, having its office at 23929 Valencia Blvd., Suite #304, Valencia, CA  91355, Attention: Maggie G. Watson.

     

    (h)  “Fee Land” shall mean a Land parcel owned
      by a Fee Seller, together with such Fee Seller’s Additional Interests appurtenant to such Land parcel.

     

    (i)  “Fee Property” and, collectively, “Fee Properties” shall mean, individually or collectively as the context may require, each parcel of Fee Land together with the Asset Related Property related to such parcel of Fee Land and owned by the applicable
      Fee Seller.

     

    (j)  “Fee Seller” and, collectively, “Fee Sellers” shall mean, individually or collectively as the context may require, each Seller identified as a Fee Seller on Exhibit A-1 hereto.

     

    (k)  “Ground Lease(s)” shall mean,
      individually or collectively as the context may require, the ground lease listed opposite of the applicable Property on Exhibit C attached hereto.

     

    (l)  “Ground Lease Land” shall mean a Land
      parcel in which a Ground Lease Seller owns a leasehold interest pursuant to a Ground Lease, together with such Ground Lease Seller’s Additional Interests that are appurtenant to such Land parcel.

     

    (m)  “Ground Lease Property” and,
      collectively, “Ground Lease Properties” shall mean, individually or collectively, as applicable, the applicable Ground Lease Seller’s leasehold interest in the applicable Ground Lease Land, together with the
      Asset Related Property related to such parcel of Ground Lease Land and owned by the applicable Ground Lease Seller.

     

    (n)  “Ground Lease Seller” and, collectively,
      “Ground Lease Sellers” shall mean, individually or collectively, as applicable, each Seller identified as a Ground Lease Seller on Exhibit A-1 hereto.

     

    (o)  “Ground Lessor(s)” shall mean,
      individually or collectively as the context may require, the landlord and/or ground lessor under any Ground Lease.

     

    

    
      2

      
        

    

     

    (p)  “Hazardous Materials” means all toxic or
      hazardous materials, chemicals, wastes, pollutants or similar substances, including, without limitation, Petroleum (as defined below), asbestos insulation and/or urea formaldehyde insulation, which are regulated, governed, restricted or prohibited by
      any federal, state or local law, statute, rule, regulation or ordinance currently in effect (hereinafter collectively referred to as the “Hazardous Materials Laws”) including, but not limited to, those
      materials or substances defined as “hazardous substances,” “hazardous materials,” “toxic substances” or “pollutants” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., the Resource
      Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq., the Clean Air Act, 42 U.S.C. Section 7401
      et seq., the Clean Water Act, 33 U.S.C. Section 1251 et seq., and any applicable statutes, ordinances or regulations under the laws of the State in which each of the Properties are located, and any rules and regulations promulgated thereunder, all as
      presently or hereafter amended.  “Petroleum” for purposes of this Agreement shall include, without limitation, oil or petroleum of any kind and in any form including but not limited to oil, petroleum, fuel oil,
      oil sludge, oil refuse, oil mixed with other waste, crude oil, gasoline, diesel fuel and kerosene.

     

    (q)  “Improvements” shall mean all of the
      applicable Seller’s interest in the buildings, structures, fixtures, systems and other improvements affixed to or located on the applicable Land, excluding fixtures and other improvements owned by any tenant or property manager and, in the case of
      the Ground Lease Properties, subject to the terms of the applicable Ground Lease.

     

    (r)  “Intangibles” shall mean, to the extent
      assignable without the requirement of consent of any third party (subject, however, to the provisos in clauses (i) and (ii) at the end of this definition), each Seller’s interest in any Permits, plans and specifications, floor plans, engineering and
      architectural drawings, construction documents, warranties, guaranties, operation manuals, web sites that are exclusive to the Properties containing tenant portals for the operation thereof, telephone numbers, street addresses and trade names
      (excluding, for the avoidance of doubt, “Griffin”, “Griffin Realty Trust” or any derivatives thereof), in each case, associated with the applicable Real Property and to the extent of the applicable Seller’s interest therein; provided, that Seller
      shall (i) use commercially reasonable efforts to obtain any required consent to the assignment of any Intangible to the extent such Intangible is necessary for the current operation of any Real Property and/or ongoing or anticipated work being
      performed at any Real Property (collectively, “Other Intangibles Required Consents”) and, to the extent any such Other Intangibles Required Consents are not obtained in advance of Closing, shall reasonably
      cooperate with obtaining any such Other Intangibles Required Consents following Closing and (ii) shall reasonably cooperate with obtaining any required consents to the assignment of warranties (collectively, “Warranties

        Required Consents”) to the extent not obtained prior to Closing, in each case,  in accordance with Section 4.4(m).

     

    (s)  “Law” shall mean all statutes, laws, common law, rules, regulations, ordinances, codes or other legal requirements of any governmental authority, board of fire underwriters and similar
        quasi-governmental agencies or entities, and any judgment, injunction, order, directive, decree or other judicial or regulatory requirement of any governmental authority of competent jurisdiction affecting or relating to the Person or property in
        question.

     

      

    
      3

      
        

    

    (t)  “Leases” shall mean all of the leases,
      licenses and other occupancy agreements to which Seller is a party affecting all or any portion of the Real Properties, together with any and all amendments thereto, written modifications thereof and guaranties thereof (other than the Ground Leases),
      to the extent such leases, licenses and other occupancy agreements are in effect on the Closing Date, except for any Leases between Seller and its Affiliates, which shall be terminated as of Closing.

     

    (u)  “Leasing Agreements” shall mean,
      collectively, all leasing, listing or tenant brokerage or commission agreements to which Seller is a party with respect to the Property.

     

    (v)  “Operating Agreements” shall mean the
      service agreements, maintenance contracts, equipment leases, construction contracts, and general contracts to which a Seller is a party with respect to the Property owned by such Seller, together with any and all amendments thereto and written
      modifications thereof, but not including, for the avoidance of doubt, any existing property management agreements with Seller’s Affiliates to which Sellers are a party with respect to the Properties, which have been terminated by Seller on or prior
      to the Closing.

     

    (w)  Intentionally Omitted.

     

    (x)  Intentionally Omitted.

     

    (y)  “Permits” shall mean, with respect to a
      Property, the applicable Seller’s interest in any permits, licenses, certificates of occupancy, variances, waivers, entitlements, consents, approvals and authorizations issued by a governmental authority in connection with the applicable Real
      Property, in each case to the extent such permits, licenses, certificates of occupancy, variances, waivers, entitlements, consents, approvals and authorizations are in effect as of the Closing Date.

     

    (z)  “Personal Property” shall mean all of the
      machinery, systems, computer equipment, computer systems and related software licenses, equipment, furniture, artwork, sculpture, cameras, security systems and other tangible personal property located upon the applicable Land or within the applicable
      Improvements as of the Closing Date, to the extent owned by the applicable Seller, and used exclusively in connection with the operation of the applicable Land and the applicable Improvements, and, in the case of the Ground Lease Properties, subject
      to the terms of the applicable Ground Lease, but in all cases, excluding (i) all items of personal property owned by any tenant or property manager or other third party other than Sellers, and (ii) any computer software licensed from third parties
      (except to the extent licensed to Seller for operation of building systems).

     

    
      4

      
        

    

    (aa)  “Post-Closing Leasing Commissions” means
      leasing commissions that become due under the Leasing Agreements from and after the Effective Date,  including, without limitation, the obligations under the Leasing Agreements to pay tail commissions with respect to new Leases executed after the
      termination of such Leasing Agreements with any of the prospective tenants (or existing tenant with respect to any expansion, extension or modification of a Lease) listed on Schedule 1.1(aa).

     

    (bb)  “Real Property(ies)” shall mean,
      individually or collectively, as the context may require, the applicable Fee Land together with the applicable Improvements and/or, as applicable, the applicable Ground Lease Land together with the applicable Improvements.

     

    (cc)  “Tax Incentive Agreement” shall mean,
      with respect to each applicable Property, the tax incentive agreements, including all amendments thereto and written modifications thereof, as set forth on Schedule 5.1(o) hereto.

     

    (dd)  “Tenant Inducement Costs” shall mean any
      out‐of‐pocket payments required under a Lease to be paid or incurred by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including, without limitation, tenant improvement costs
      (including, without limitation, costs and expenses to modify the base building improvements as required by the applicable Lease to accommodate the tenant).

     

    (ee)  “Transaction Data Site” shall mean,
      collectively, (i) the data site hosted on the Datasite platform and made available to Purchaser in connection with the transactions described herein, and (ii) the data site hosted by the Title Company onto which certain Diligence Materials
      (including, without limitation, updates and supplements thereto) is made available to Purchaser.

     

    1.2  Agreement of Purchase and Sale.  Subject to the terms
      and conditions of this Agreement, Sellers agree to sell the Properties to Purchasers, and Purchasers agrees to purchase the Properties from Sellers, for a purchase price equal to One Billion One Hundred Thirty-Two Million Three Hundred Seventy-Two
      Thousand and No/100 Dollars ($1,132,372,000.00), subject to such prorations and adjustments as provided in this Agreement (the “Purchase Price”).  The Purchase Price shall be allocated among each Property as
      set forth in the column titled “Purchase Price Allocation” on Exhibit D attached hereto (the “Allocated Purchase Price”), and shall be paid at Closing as more
      particularly described on Exhibit D hereto.  No portion of the Purchase Price is attributable to Personal Property.

     

    1.3  Payment of Purchase Price.  The Purchase Price shall
      be payable in full at Closing (as defined below) by wire transfer of immediately available funds to a bank account designated by Sellers in writing to the Escrow Agent prior to the Closing.

     

    1.4  Payment of Capital Reserve Payment. Seller shall pay
      to Purchaser at Closing the amount equal to Fifty-Nine Million Six Hundred Nine Thousand Six Hundred Thirty-Four and 77/100 Dollars ($59,609,634.77) (the “Capital Reserve Payment”) by wire transfer of
      immediately available funds to a bank account designated by Purchaser in writing to Seller prior to Closing in full satisfaction of all Seller obligations pertaining to the foregoing matters.

     

    
      5

      
        

    

    ARTICLE II

     

    TITLE AND SURVEY

     

    2.1  Title Commitment. Seller has delivered or made available to Purchaser title insurance commitments issued by Chicago Title Insurance Company (the “Title Company”) relating to the Real Property (each, the
      applicable “Title Commitment” and collectively, the “Title Commitments”) together with copies of each of the exceptions set forth therein.  In addition, each Seller has
      delivered or made available to Purchaser a current survey for each Property (each, an applicable “Survey” and collectively, the “Surveys”).  Concurrently with Closing,
      the Title Company is issuing to Purchaser owner’s policies of title insurance based on such Title Commitments in form acceptable to Purchaser.   

     

    ARTICLE III

     

    DILIGENCE MATERIALS

     

    3.1  Diligence Material.  Sellers or their Affiliates
      have previously ordered and provided to Purchaser the following (collectively, the “Diligence Materials”): (a) the Surveys (b) zoning reports, (c) property condition assessments and (d) Phase I environmental
      reports for all of the Properties.  The cost of the Diligence Materials is set forth on Schedule 3.1 hereto (collectively, the “Diligence Material Costs”).  At
      Closing, Purchaser shall pay and/or reimburse Seller, as applicable, for one-half (1/2) the total Diligence Material Costs.

     

    ARTICLE IV

     

    CLOSING

     

    4.1  Time and Place.  The consummation of the transaction
      contemplated hereby (the “Closing”) is being held concurrently with the execution of this Agreement through an escrow administered by Escrow Agent. At the Closing, Sellers and Purchaser shall perform the
      obligations set forth in, respectively, Section 4.2 and Section 4.3 hereof, the performance of which obligations shall be concurrent conditions.  The Purchase Price and all documents shall be deposited with the Escrow Agent, as escrowee.  The Closing
      shall occur simultaneously with the closing of the MWO Promote Contribution Agreement by certain owners of indirect interests in Purchaser.  As used herein, "MWO Promote Contribution Agreement" means that
      certain Contribution Agreement, dated as of the date hereof, by and among MWO Promote LLC,  Galaxy Properties REIT LLC, Galaxy IL WI REIT LLC, Galaxy OH REIT LLC, Galaxy KC REIT LLC, Galaxy OR REIT LLC, Galaxy WA REIT LLC, Galaxy MO REIT LLC, and
      Galaxy Capcom NC REIT LLC.

     

    4.2  Sellers’ Obligations at Closing.  Concurrently with
      the execution of this Agreement, each Seller, as applicable, is executing, acknowledging (if necessary), and delivering in escrow to Escrow Agent the following for each Property:

     

    (a)  if applicable, a deed in the forms
      attached hereto as Exhibits E-1 to Exhibit E-14, as applicable (the applicable “Deed”), from each Fee Seller to
      the applicable Purchaser as to the Real Property owned by such Fee Seller;

     

    
      6

      
        

    

    (b)  if applicable, an assignment and assumption of ground lease in the form attached
      hereto as Exhibit F-1 with respect to the Ground Lease Property identified as r045 on Exhibit A-1 attached hereto located in the State of Arizona
      assigning to the applicable Purchaser the applicable Ground Lease Seller’s interest in the Ground Lease (an “Assignment of Ground Lease”);

     

    (c)  if applicable, with respect to the Ground Lease Property identified as R070A and
      70B on Exhibit A-1 attached hereto, the documentation required by the Dunwoody Development Authority for the transfer and assignment of that certain Dunwoody Development Authority Taxable Revenue Bond
      (RB 64 PCE, LLC Project), Series 2012 and that certain Dunwoody Development Authority Taxable Revenue Bond (RB 66 PCE, LLC Project), Series 2012, together with the applicable ground leases and all bond documents related thereto (including, without
      limitation, a “lost bond affidavit”), substantially in the form attached hereto as Exhibit F-2 (collectively, “Bond Assignment Documents”);

     

    (d)  a bill of sale and assignment in the form attached hereto as Exhibit G (the applicable “Bill of Sale and Assignment”) assigning to Purchaser the applicable Personal Property, Leases, Assumed Operating Agreements, Intangibles
      and the Leasing Agreements (with respect to the payment of all Post-Closing Leasing Commissions thereunder);

     

    (e)  a notice in the form of Exhibit H
      attached hereto (the “Tenant Notice”), which Purchaser shall send to tenants pursuant to the applicable Lease promptly after the Closing;

     

    (f)  a notice in the form of Exhibit N
      attached hereto (the “Vendor Notice”), which Purchaser shall send to service providers or other vendors under the Operating Agreements being assumed by a Purchaser promptly after the Closing;

     

    (g)  duly completed and signed real estate transfer tax declarations and other state
      law disclosures required under the federal, state or local law;

     

    (h)  such evidence as the Title Company may reasonably require as to the authority of
      the person or persons executing documents on behalf of each applicable Seller;

     

    (i)  a certificate in the form attached hereto as Exhibit

          I duly executed by the applicable Seller or such Seller’s non-disregarded parent entity, as applicable, stating that such Seller is not a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980;

     

    (j)  an ALTA Statement in the form of Exhibit J
      attached hereto;

     

    (k)  Intentionally Omitted.

     

    (l)  the original letters of credit (the “Letters of
        Credit”), if any, held by Seller as Security Deposits under the Leases and any applicable LOC Transfer Documents (hereafter defined), subject to Section 4.4(f);

     

    
      7

      
        

    

    (m)  to the extent not previously provided to Purchaser or included as a joinder or
      addendum to another Closing document in accordance with the terms hereof, originals, or if not in the possession or control of Seller, copies, of the following items received by Seller in connection with the transaction contemplated hereunder: (i)
      any written waiver signed by a tenant under a Lease of a right of first offer or right of first refusal, (ii) tenant estoppel certificates delivered to Seller by tenants under the Leases, (iii) ground lessor estoppel certificates delivered to Seller
      by Ground Lessors, (iv) estoppels certificates delivered to Seller by condominium boards or associations for Properties subject to a condominium regime or declaration; (v) estoppels certificates delivered to Seller by counterparties to reciprocal
      easement agreements (or similar) affecting the Properties, (vi) the approval of the State of Arizona to the assignment of the Ground Lease for the Ground Leased Property identified as r045 to the applicable Purchaser; and (vii) the approval of
      Dunwoody Development Authority to the transfer and assignment of the Ground Lease and other Bond Assignment Documents to the applicable Purchaser.

     

    (n)  an executed copy of the closing statement prepared by the Title Company which
      shall be based on the prorations calculated pursuant to the terms of this Agreement and agreed to by Purchaser and Sellers (the “Closing Statement”).

     

    (o)  a current rent roll and accounts receivable report substantially in the forms
      previously provided by Seller to Purchaser in connection with Purchaser’s due diligence of the Properties (“Rent Roll”);

     

    (p)  evidence of termination of each Lease between any Seller and an Affiliate of
      Seller for the management office or other space in any Property as indicated on Schedule 5.1(j) attached hereto;

     

    (q)  resignations effective as of the Effective Date of any Seller’s appointed
      representative (other than those representatives who are employees of any property manager that is not an Affiliate of Seller) to any condominium or association board relating to any Property;

     

    (r)  assignments in form reasonably acceptable to Seller and Purchaser of any
      declarant or similar rights, if any, of Sellers under any owner’s association document or condominium declaration or related bylaws in effect with respect to any Real Property to the extent required to transfer such declarant or similar rights to the
      applicable Purchasers in accordance with the terms thereof;

     

    (s)  Seller shall cause its applicable Affiliates to execute and deliver (i) an
      assignment and assumption of property sub-management agreement in favor of Purchaser or its Affiliate(s) substantially in the form of Exhibit O-1 attached hereto assigning such Seller Affiliates’
      interests in the third party property sub-management agreements set forth on Schedule 4.2(s) with all sub-managers other than Transwestern, NAI Hiffman and Lincoln, as applicable, and (ii) an
      assignment, assumption and amendment of property-sub-management agreement in favor of Purchaser or its Affiliate(s) substantially in the form of Exhibit O-2 attached hereto assigning such Seller
      Affiliates’ interests in the third party property sub-managements set forth on Schedule 4.2(s) with Transwestern, NAI Hiffman and Lincoln (each a “Sub-Management
        Assignment”), as applicable.

     

    
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    (t)  Intentionally Omitted.

     

    (u)  with respect to the Property identified as R001 on Exhibit A-1 attached hereto, an assignment and assumption of option to purchase real estate and agreement to grant easement;

     

    (v)  with respect to the Property identified as R068 on Exhibit A-1 attached hereto, (i) a notice to Purchaser of inclusion of such Property in the Spring Branch Management District and (ii) a deed restrictions notice to Purchaser;

     

    (w)  with respect to the Property identified as R2048 on Exhibit A-1 attached hereto, a declaration of transfer of inspection/maintenance responsibilities of Stormwater SCM Facilities Agreement; and

     

    (x)  an Assignment, Assumption and Amendment of Sub-Management Agreement substantially
      in the form of Exhibit O-2 attached hereto executed by Transwestern, NAI Hiffman and Lincoln.

     

    At the Closing on the Effective Date, Seller shall deliver to Purchaser possession of the Property. To the extent in a Seller’s possession or control and not previously delivered or made available to
      Purchaser prior to the date hereof, Seller shall provide to Purchaser at Closing or as soon as reasonably practicable thereafter (x) originals (which shall be deemed delivered if left at the property manager’s office located at a Property following
      Closing) or, to the extent originals are not available electronic copies, of the following Property related documents for each Property (but in all cases excluding any confidential documents) (collectively, the “Property

        Records”):  (i)  Leases, Lease files, Operating Agreements, books and records of account, contracts, receipts for deposits and unpaid bills which pertain to that Property; and (ii)  all Permits, plans and specifications, floor plans,
      engineering and architectural drawings, construction documents, warranties, guaranties and operation manuals pertaining to the applicable Property, and (y) all keys, access cards, and combinations to locks and other security devices located at the
      applicable Property, which may be left at the management office of the applicable Property.

     

    4.3  Purchaser’s Obligations at Closing.  Concurrently
      with the execution of this Agreement, Purchaser is executing, acknowledging (if necessary) and delivering in escrow to Escrow Agent the following:

     

    (a)  the Purchase Price, adjusted by prorations as herein provided (including, without
      limitation, pursuant to Section 4.4 hereof), in immediately available funds;

     

    (b)  as applicable, counterpart signature pages to each Assignment of Ground Lease,
      Bond Assignment Documents, Bill of Sale and Assignment, Sub-Management Assignments, the real estate transfer tax declarations and other disclosures required to be executed by Purchaser under federal, state or local law and the Closing Statement, and
      other applicable assignment agreements described in Section 4.2 above;

     

    
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    (c)  such evidence as the Title Company may reasonably require as to the authority of
      the person or persons executing documents on behalf of each applicable Purchaser;

     

    (d)  such affidavits as may be customarily and reasonably required by the Title
      Company in form reasonably satisfactory to Purchaser; and

     

    (e)  a formW-9.

     

    4.4  Credits and Prorations.

     

    (a)  General.  All income and expenses
      of the Properties shall be apportioned as between Seller and Purchaser in accordance with the terms and conditions of this Section 4.4 as of 12:01 a.m. on the Closing Date, as if Purchaser was vested with title to the Properties during the entire day
      upon which Closing occurs.

     

    (b)  Ground Rent.  With respect to the
      Ground Lease Properties, all rents and other sums, if any, currently due by the Ground Lease Sellers to the applicable Ground Lessor under the respective Ground Leases shall be prorated as of the Closing Date and for the Ground Lease Property
      identified as r045 on Exhibit A-1 attached hereto, any ground rent paid in advance as of the Closing Date for the current calendar year. The Ground Lease Sellers shall receive a credit for all such
      rents and other sums paid prior to Closing and applicable to the period from and after the Closing Date. Purchaser shall receive a credit for all such rent and other sums due and payable following the Closing Date but relating to the period prior to
      Closing.

     

    (c)  Rent under Leases.  All rents and
      other sums due and payable to the lessor under the Leases (collectively, the “Rents”), if any, shall be prorated as and when collected.  Unpaid and past due Rent shall not be prorated at Closing.  Purchaser
      shall receive a credit at Closing in the amount of $2,112,728 representing free rent amounts outstanding under the Leases as of Closing as more particularly set forth on Schedule 4.4(c) hereto.  Unpaid
      and past due Rent collected by a Seller or Purchaser after the Closing Date shall be delivered as follows:  (a) if Seller collects any unpaid or past due Rent for the applicable Property, then such Seller shall, within fifteen (15) days after such
      Seller’s receipt thereof, deliver to Purchaser any such Rent which Purchaser is entitled to hereunder relating to the period from and after Closing Date, and (b) if Purchaser collects any unpaid or past due Rent for the applicable Property, Purchaser
      shall, within fifteen (15) days after the receipt thereof, deliver to the applicable Seller any such Rent which such Seller is entitled to hereunder relating to the period prior to the Closing Date.  Seller and
      Purchaser each agree that all Rent received after the Closing Date shall be applied first to out of pocket costs of collection, next to Rent payable during the month in which the Closing occurs, then to current Rent attributable to the period
      following the month in which Closing occurs, then and finally to past due Rent as of the Closing Date.  Purchaser will make good faith, commercially reasonable efforts for the two (2) years immediately after Closing to collect all Rents due and
      payable with respect to the period prior to the Closing Date in the usual course of the operation of the Property, but Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect past due Rents.  Except in
      connection with the reconciliation of Reimbursable Tenant Expenses as provided in Section 4.4(i) after the Closing, Seller shall not have the right, in its own name or in any other Person’s name, to demand payment of and/or to seek collection of any
      rents or income owed to Seller by any tenant with respect to any Real Property.

     

    
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    (d)  Utilities.  All utility charges
      for which a Seller is liable, if any, shall be apportioned at Closing on the basis of the most recent meter reading occurring prior to Closing (dated not more than thirty (30) days prior to Closing) or, if unmetered, on the basis of the most recent
      bill for each such utility. To the extent that Seller has delivered a bond or other cash or non-cash security to any utility company serving the Properties, Seller shall be entitled to retain and receive any such bond or cash or non-cash security,
      and Purchaser shall deliver within thirty (30) days following the Closing to the applicable utility company any deposit or security required by such utility company in connection with the applicable Property.

     

    (e)  Assumed Operating Agreements and Other
          Operating Expenses.  All income and expense (including prepaid charges and expenses) paid or payable under the Assumed Operating Agreements shall be prorated between Seller and Purchaser as of the Closing Date. In addition, all other
      operating expenses, including without limitation, assessments payable under any condominium or other declarations, or other items pertaining to the Properties which are customarily prorated between a purchaser and a seller in the counties in which
      the Properties are located, shall be prorated between Seller and Purchaser as of the Closing Date.

     

    (f)   Tenant Security Deposits.  At
      Closing, Seller shall, at Seller’s option, either deliver to Purchaser any refundable security deposits (collectively, the “Security Deposits”) actually held by such Seller pursuant to the applicable Leases or
      credit to the account of Purchaser the amount of such Security Deposits (to the extent such Security Deposits have not been applied against past due Rents or other amounts payable by the applicable tenant(s) as provided in the Leases and in
      accordance with the terms hereof).  Each Seller shall deliver to Purchaser at Closing the original Letters of Credit and shall use its commercially reasonable efforts to include therewith such original transfer forms as may be required by the
      financial institution issuing any such Letter of Credit to transfer same to Purchaser (the “LOC Transfer Documents”) and such Seller shall be responsible for payment of any customary transfer fees that may be
      required by the banking or other institution issuing such Letter of Credit.  If such transfer cannot be accomplished prior to or concurrently with Closing, notwithstanding Seller’s commercially reasonable efforts, Seller shall continue to reasonably
      cooperate with Purchaser following Closing to effectuate such transfer or re-issuance of any applicable Letter of Credit in the applicable Purchaser’s name.  In addition and upon five (5) business days after a Seller’s receipt of written request from
      Purchaser, Seller shall (i) present any applicable Letters of Credit for payment prior to the date on which the transfer of such Letter of Credit has been completed in connection with a default by the applicable tenant under its Lease, and (ii)
      deliver such drawn amounts received by such Seller, in full, to Purchaser; provided that Purchaser indemnifies such Seller, in a form reasonably satisfactory to such Seller, with respect to any actual loss or damage such Seller incurs, and agrees to
      defend any claims against such Seller, in connection with such draw down.  This Section 4.4(f) shall survive Closing.

     

    
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    (g)  Taxes.  All real estate taxes
      accrued with respect to each Property, including all certified, confirmed or ratified liens for governmental improvements or special assessments imposed by any taxing authority which affect such Property as of the Closing Date (collectively, “Real Estate Tax”) shall be prorated between Purchaser and the applicable Seller based on the parties’ respective periods of ownership during the calendar year of Closing, or, with respect to any Property for which
      Real Estate Taxes are assessed on a fiscal year that is different than the calendar year (“Fiscal Year”), based on the parties’ respective periods of ownership during the applicable Fiscal Year of Closing, in
      each case, assuming payment of such Real Estate Tax would occur on the earliest possible due date prior to delinquency pursuant to applicable Law.  As of the Closing Date, if the Real Estate Tax bill is not available for the Real Estate Taxes payable
      in the calendar year or Fiscal Year, as applicable, of Closing, the proration of Real Estate Tax shall be based upon the most recently issued Real Estate Tax bill.  After the Real Estate Tax bill payable with respect to the calendar year or Fiscal
      Year, as applicable, of Closing is issued for each applicable Property, the Real Estate Tax for such Property shall be reprorated between Seller and Purchaser within thirty (30) days after receipt of such Real Estate Tax bill. Purchaser shall pay all
      Real Estate Tax due and payable after Closing.  Seller and Purchaser shall each be responsible for any interest and penalties due with respect to any Real Estate Tax payment that first becomes delinquent during their respective periods of ownership. 
      In no event shall Sellers be charged with or be responsible for any increase in the Real Estate Tax on any Property resulting from any improvements made or Leases entered into after the Closing Date.  This Section 4.4(g) shall survive until the
      completion of the proration of any Real Estate Taxes in accordance with the terms hereof following Closing.  Notwithstanding the foregoing, Seller and Purchaser shall not prorate Real Estate Taxes at Closing with respect to (x) any Property located
      in the states of Illinois or Ohio, or (y) any Property that is one hundred percent (100%) leased to a single tenant where such tenant pursuant to its Lease either (i) pays all Real Estate Taxes for such Property directly to the applicable tax
      authority, or (ii) pays all Real Estate Taxes for such Property to Landlord upon receipt of the applicable Real Estate Tax bill therefore (in which event, such amounts shall be handled in accordance with Section 4.4(i) below).

     

    (h)  Leasing Costs.  Purchaser shall be
      responsible for all Tenant Inducement Costs and leasing commissions which become due and payable from and after the Closing Date, provided that Purchaser shall receive a credit for those outstanding Tenant Inducement Costs and leasing commissions
      with respect to the Leases that are expressly set forth on Schedule 4.4(h) attached hereto.  This Section 4.4(h) shall survive Closing.

     

    
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    (i)   Reimbursable Tenant Expenses.

     

    (i)  Following Closing, Seller shall be responsible for completing any outstanding
      reconciliation of Reimbursable Tenant Expenses for calendar year 2021 with the tenants under the Leases.  Seller shall deliver any updated reconciliation statements prepared following Closing to the Purchaser and each applicable Seller agrees to
      furnish to Purchaser such information and documentation reasonably requested by Purchaser in connection with Purchaser’s review of the same.  Purchaser acknowledges that assistance with preparation of the reconciliation statements (and any updates
      thereto) for Reimbursable Tenant Expenses for calendar year 2021 is within scope of services provided by the property sub-managers pursuant to the sub-management agreements being assigned to Purchaser at Closing in accordance with the terms hereof,
      and that Purchaser shall permit Seller to direct such sub-managers to assist Seller with the completion of the calendar year 2021 reconciliations in a manner consistent with the assistance provided by such sub-managers to Seller and its Affiliates in
      prior years.  Seller will be responsible for paying any fees owed to any property sub-manager in excess of the base management fees payable pursuant to the applicable sub-management agreements in connection with such services provided thereby. 
      Purchaser shall reasonably cooperate with Seller in completing any such 2021 reconciliations at no cost to Purchaser.  Seller shall be entitled to collect and retain amounts payable by tenants under such calendar year 2021 reconciliation statements
      directly from such tenants, and Purchaser shall reasonably cooperate with Seller in connection with the same (provided the foregoing shall not require Purchaser to initiate any legal proceedings against any such tenant).  Seller shall promptly
      provide to Purchaser following receipt any written notice, correspondence or other materials provided by any tenant related to any such outstanding reconciliation.  Purchaser shall not waive, forgive or discount any Reimbursable Tenant Expense for
      the calendar year 2021 payable by any tenant as set forth in the bills or reconciliation statements provided by Seller, and shall not enter into any settlement with any such tenant with respect to such Reimbursable Tenant Expenses, in each case,
      without the prior written consent of Seller.  Seller shall remain responsible for paying to the tenants any amounts that they may be owed pursuant to the Leases with respect to the final reconciliation of Reimbursable Tenant Expenses for calendar
      year 2021 that is completed following Closing in accordance with the terms hereof. If following Closing Purchaser collects any amounts payable to Seller and attributable to the reconciliation of Reimbursable Tenant Expenses for calendar years 2021 or
      any prior year, Purchaser shall promptly remit such amounts to Seller following receipt.

     

    
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    (ii)  Purchaser shall prepare tenant reconciliation statements for Reimbursable Tenant
      Expenses for calendar year 2022 and each applicable Seller agrees to furnish to Purchaser all information and documentation reasonably requested by Purchaser in connection with Purchaser’s preparation of the same related to Seller’s period of
      ownership for calendar year 2022.  After Purchaser has completed its preparation of the tenant reconciliation statements for Reimbursable Tenant Expenses for calendar year 2022, Purchaser shall deliver such reconciliation statements to the applicable
      Seller for such Seller’s reasonable approval and following receipt of such Seller’s reasonable approval, Purchaser shall transmit to tenants and bill the tenants for any amounts due under such reconciliation statements (with copies delivered to the
      applicable Seller) on or prior to the date such reconciliations are due under the applicable Lease(s).  Notwithstanding the foregoing, the reconciliation of Reimbursable Tenant Expenses on account of 2022 Real Estate Taxes under Accrual Basis Leases
      (hereafter defined) for Properties located in the states of Illinois and Ohio shall be handled as provided in Section 4.4(i)(iii) below.  Except for the reconciliation of 2022 Real Estate Taxes under Accrual Basis Leases for Properties located in the
      states of Illinois and Ohio as set forth in the preceding sentence, all Reimbursable Tenant Expenses for calendar year 2022 shall be apportioned between the applicable Seller and Purchaser based on the amounts so collected by them and the amounts so
      paid or incurred by them during their respective periods of ownership for calendar year 2022 (taking into account amounts prorated hereunder).  If any such reconciliation statements show that the amounts
      collected by a Seller prior to the Closing Date exceed that Seller’s allocable share of such Reimbursable Tenant Expenses, then that Seller shall promptly pay such amounts to Purchaser for prompt payment to the tenants.  If such reconciliation
      statements show an applicable Seller is owed any such Reimbursable Tenant Expenses from a tenant under a Lease, then Purchaser shall use good faith, commercially reasonable efforts to collect such amounts from the applicable tenant (provided the
      foregoing shall not require Purchaser to initiate any legal proceedings against any such tenant), and shall promptly pay such amounts to Seller promptly after receipt thereof by Purchaser from the applicable tenant.  Purchaser may, in its reasonable
      discretion, waive, forgive or discount any Reimbursable Tenant Expenses payable by any tenant with respect to calendar year 2022 as set forth in the reconciliation statements described in this Section 4.4(i)(ii); provided that any such waiver,
      forgiveness or discount is applied proportionately among Seller and Purchaser for their respective periods of ownership in a non-discriminatory manner.

     

    (iii)  Under certain Leases of Properties located in the states of Illinois and Ohio,
      the Seller is billing the tenant for the Real Estate Tax component of Reimbursable Tenant Expenses based upon Real Estate Taxes levied and assessed with respect to the calendar year during which such Reimbursable Tenant Expense payments are being
      made to the landlord, which Real Estate Taxes are then due and payable by the landlord to the applicable taxing authority in the following calendar year (“Accrual Basis Leases”).  Seller and Purchaser agree as
      follows with respect to such Accrual Basis Leases:  (x) except as set forth in (y) below, Seller shall be entitled to retain all Reimbursable Tenant Expenses paid to Seller prior to Closing on account of Real Estate Taxes under Accrual Basis Leases,
      and (y) for Real Estate Taxes levied and assessed with respect to calendar year 2022 and payable by landlord in 2023 (“2022 Real Estate Taxes”), the Real Estate Tax component of Reimbursable Tenant Expenses
      under Accrual Basis Leases shall be reconciled between Purchaser and Seller within thirty (30) days following the receipt by Purchaser of the final tax bill for 2022 Real Estate Taxes for each applicable Property as follows: (1) if the amounts
      collected for Real Estate Taxes by Seller during calendar year 2022 under Accrual  Basis Leases exceeds the amounts ultimately determined to be payable by the tenants under such Accrual Basis Leases on account of 2022 Real Estate Taxes with respect
      to Seller’s period of ownership, then Seller shall pay such excess to Purchaser (for prompt payment to the applicable tenants) and (2) if the amounts collected for Real Estate Taxes by Seller during calendar year 2022 under Accrual  Basis Leases is
      less than the amounts ultimately determined to be payable by the tenants under such Accrual Basis Leases on account of 2022 Real Estate Taxes with respect to Seller’s period of ownership, then Purchaser shall promptly bill such tenants for such
      underpayments and use good faith, commercially reasonable efforts to collect the same, and upon receipt of such payments by such tenants, Purchaser shall pay such amounts to Seller.

     

    
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    (iv)  As used herein, “Reimbursable Tenant Expenses”
      means, collectively, amounts to be paid or reimbursed to a Seller, as landlord, by tenants under the Leases for expenses incurred by such Seller in connection with the ownership, operation, maintenance and management of the applicable Property,
      including, without limitation, ad valorem taxes, insurance, utilities, maintenance and other operating costs and expenses.

     

    (v) This Section 4.4(i) shall survive Closing through June 30, 2023.

     

    (j)      Tax Contests.  Schedule 4.4(j) attached hereto sets forth the appeals of the Real Estate Taxes and/or assessments for certain Properties that remain pending as of the Closing Date (i) filed by Seller and (ii) to
      Seller’s knowledge, filed by a tenant of an individual Property or the municipality having jurisdiction over such Property.  Seller shall have the right to prosecute any appeals for the tax years prior to the tax year in which the Closing occurs, and
      may take related actions which Seller, in its reasonable discretion, deems appropriate in connection with appeals of tax years prior to the tax year in which the Closing occurs; provided that Seller may not take any action (including, without
      limitation, entering into any settlement or agreement) with respect to any such appeal without Purchaser’s approval that could directly result in an increase in the Real Estate Tax assessment for 2022 (and, for the avoidance of doubt, an increase to
      the Real Estate Tax assessment for 2022 resulting from an increase to the Real Estate Tax assessment for tax years prior to 2022 as a result of Seller’s ongoing appeal shall not be a deemed to be a “direct” increase in the Real Estate Tax assessment)
      to an amount that exceeds the amount that would have been payable absent such appeal by Seller.  Seller shall keep Purchaser reasonably informed regarding the status of any such appeal.  Purchaser shall reasonably cooperate with each Seller, at
      Seller’s cost, in connection with such appeal and collection of a refund of Real Estate Taxes paid.  Each Seller owns and holds all right, title and interest in and to such applicable appeal and refund
      pertaining to all tax years prior to the tax year in which the Closing occurs (subject to any amounts required to be refunded to tenants of the Property pursuant to their respective Leases), and all amounts payable in connection therewith shall be
      paid directly to the applicable Seller by the applicable authorities.  If such refund or any part thereof is received by Purchaser, Purchaser shall promptly pay such amount to the applicable Seller.  Any refund received by Seller or Purchaser
      attributable to the Real Estate Taxes due and payable in the tax year in which the Closing occurs shall be distributed as follows:  first, to reimburse Seller and Purchaser, respectively, for all costs incurred in connection with the appeal (or in
      the event of a reduction of the Real Estate Tax assessment for any such period prior to the due date of any such Real Estate Tax, the expenses therefor shall be reconciled between Seller and Purchaser based on their respective periods of ownership);
      second, with respect to refunds payable to tenants of the applicable Real Property pursuant to the applicable Leases, to such tenants in accordance with the terms of such Leases; and finally, to Seller and Purchaser pro rata for each party’s period
      of ownership.  This Section 4.4(j) shall survive Closing.

     

    
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    (k)  Service Payments.  Service
      Payments (as hereinafter defined) shall not be apportioned or adjusted to the extent incurred by tenants prior to the Closing Date.  Service Payments which are attributable to periods prior to Closing shall belong in their entirety to the applicable
      Seller and shall be retained by such Seller and/or paid over to such Seller by Purchaser, as applicable, on an as, if and when collected basis, and Service Payments paid by tenants for services which are attributable to periods from and after the
      Closing shall belong in their entirety to Purchaser.  To the extent a payment is made by a tenant which is specifically designated as being on account of one or more Service Payments due to a Seller, by reference to a charge, invoice number or
      otherwise, then the same shall be treated as a Service Payment and shall be paid over to such Seller promptly upon receipt by Purchaser. As used herein “Service Payments”, means those Rents payable by tenants
      for overtime, heat, air conditioning or other utilities or services, freight elevator, submetered electric, condenser or chilled water, supplemental water, services, repairs and labor costs associated therewith, in each case, provided by a Seller, as
      landlord, to such tenants prior to the Closing and to which a tenant is obligated to reimburse the landlord under its Lease (other than as payment of operating expenses) or for which a tenant has separately contracted with a Seller or its agents.  Schedule 4.4(k) attached hereto lists the Service Payments that are accrued and unpaid by tenants through the date set forth thereon.

     

    (l)   Capital Expenditures.  Seller is
      a party to certain capital work contracts listed on Schedule 4.4(l) attached hereto (“Seller Capital Work Contracts”) with respect to certain capital work
      commenced at the Property and not completed as of the Closing (“Seller Capital Work”).  At Closing, Seller shall assign to Purchaser, and Purchaser shall assume as Assumed Operating Contracts, each such Seller
      Capital Work Contract, and Purchaser shall be obligated to pay all unpaid amounts thereunder as and when the same become due following Closing.

     

    (m)  Warranties; Other Intangibles. 
      Seller shall be responsible for the fees and charges payable to any issuer in connection with the transfer by Seller to Purchaser of the warranties with respect to the Property set forth on Schedule 4.4(m)
      in accordance with the terms thereof.  Following Closing, Seller shall reasonably cooperate with Purchaser to effectuate the assignment to Purchaser of such warranties and, at no additional cost to Seller, any other Intangibles in accordance with the
      terms thereof, including, without limitation, to obtain the Warranties Required Consents and the Other Intangibles Required Consents, as applicable.  The provisions of this Section 4.4(m) shall survive the Closing for a period of two (2) years.

     

    (n)  Reproration.  Any revenue or
      expense amount which cannot be ascertained with certainty as of Closing shall initially be prorated on the basis of the parties’ reasonable estimates of such amount or as otherwise provided herein.  Except with respect to Real Estate Taxes and
      Reimbursable Tenant Expenses (which shall be reprorated as set forth in respectively, Sections 4.4(g) and 4.4(i) above), all revenue or expense amounts to be prorated at Closing pursuant to this Section 4.4 which cannot be ascertained with certainty
      as of Closing shall be reprorated following Closing in accordance with the Reproration Statement as set forth below.  Purchaser agrees that once all revenue and expense amounts other than Reimbursable Tenant Expenses and Real Estate Taxes have been
      ascertained, but in no event later than one hundred eighty (180) days following the Closing Date, Purchaser shall promptly prepare and deliver to Seller a proration statement. Upon Seller’s acceptance and approval of the proration statement submitted
      by Purchaser, such statement shall be conclusively deemed to be accurate and final (the “Reproration Statement”).  All reprorations set forth in the Reproration Statement shall be made within five (5) business
      days after both parties have agreed to the Reproration Statement.  In all events the Reproration Statement and all payments due thereunder shall be completed not later than February 28, 2023.  This Section 4.4(n) shall survive Closing through
      February 28, 2023.

     

    
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    4.5  Transaction and Transfer Taxes and Closing Costs.

     

    (a)  Sellers and Purchaser shall complete, execute and file such returns,
      questionnaires and other documents as shall be required with regard to all applicable real property transaction and transfer taxes imposed by applicable federal, state or local Law.  In addition, the applicable real property transfer tax, deed
      stamps, conveyance tax, documentary stamp tax or similar tax or charge payable as a result of the conveyance of the applicable Property to Purchaser (“Transfer Tax”) shall be apportioned between Purchaser and
      the applicable Seller in accordance with the custom of the applicable state, county and city in which the applicable Property is located as more particularly set forth on Exhibit M hereto.  No portion
      of the Purchase Price shall be allocated, nor attributable, to any items of Personal Property.

     

    (b)  Sellers shall pay the fees of any counsel representing Sellers in connection with
      this transaction and any other advisors employed by Seller in connection with the sale of the Properties.  Sellers shall also pay the following costs and expenses:  (i) one‐half (1/2) of the escrow fee, if any, which may be charged by the Escrow
      Agent or Title Company; (ii) one-half (1/2) of the Diligence Material Costs, (iii) with respect to each Property, the portion, if any, allocated to Seller on Exhibit M of the premium charged by the
      Title Company for its standard Owner’s or Leasehold Policy of Title Insurance, as applicable, covering the applicable Real Property, in the amount of the Allocated Purchase Price for such Property (each, a “Title
        Policy” and collectively, the “Title Policies”); (iv) the fees of the Broker (as hereinafter defined); (v) with respect to each Property, the Transfer Taxes payable by Seller as more particularly set
      forth on Exhibit M, (vi) the Capital Reserve Payment and (vii) one‐half (1/2) of all costs and expenses paid or payable to any governmental entity associated with any required review or approval of the
      assignment of any Ground Lease or the Tax Incentive Agreement to Purchaser in accordance with the terms hereof, including, without limitation, all application and processing fees and any costs of the applicable Ground Lessor and/or governmental
      entity required to be paid in connection therewith (but, for the avoidance of doubt, not including any rent or other scheduled amounts payable under any such assigned Ground Lease or Tax Incentive Agreement, which shall be allocated as set forth in
      Article 4 above).

     

    
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    (c)  Purchaser shall pay the fees of any counsel representing Purchaser in connection
      with this transaction and any other advisors employed by Purchaser in connection with the purchase of the Properties.  Purchaser shall also pay the following costs and expenses:  (i) one‐half (1/2) of the escrow fee, if any, which may be charged by
      the Escrow Agent or Title Company; (ii) one-half (1/2) of the Diligence Material Costs; (iii) with respect to each Property, the portion, if any, allocated to Purchaser on Exhibit M of the premium
      charged by the Title Company for each Title Policy, and the cost of all endorsements to the Title Policies;  (iv) any sales, use or similar tax imposed on the transfer of any of the Personal Property; (v)  all costs and expenses incurred in
      connection with Purchaser’s due diligence including, without limitation, the cost of all tests, reports and inspections of the Properties, made and conducted by or for the benefit of Purchaser (collectively, the “Purchaser’s

        Reports”); (vi) with respect to each Property, the Transfer Taxes payable by Purchaser as more particularly set forth on Exhibit M; (vii) all search costs with respect to the Properties and
      updates related thereto not included in the basic policy premium; (viii) all charges or fees (other than Transfer Taxes) incurred with respect to the recording or filing of the Deeds or any other instruments contemplated herein to convey the
      Properties to Purchaser at Closing; and (ix) one half (1/2) of all costs and expenses paid or payable to any governmental entity associated with any required review or approval of the assignment of any Ground Lease or Tax Incentive Agreement to
      Purchaser in accordance with the terms hereof, including, without limitation, all application and processing fees and any costs of the applicable Ground Lessor and/or governmental entity required to be paid in connection therewith (but, for the
      avoidance of doubt, not including any rent or other scheduled amounts payable under any such assigned Ground Lease or Tax Incentive Agreement, which shall be allocated as set forth in Article 4 above).  

     

    (d)  All other Closing costs incurred with respect to any Property and not
      specifically allocated pursuant to Sections 4.5(a)-(c) above or other applicable terms of this Agreement shall be allocated in accordance with local custom for the sale of office assets in the metropolitan area in which such Property is located.

     

    (e)  The provisions of this Section 4.5 shall survive the Closing.

     

    ARTICLE V

     

    REPRESENTATIONS AND WARRANTIES

     

    5.1  Representations and Warranties of Sellers.  Each
      Seller hereby makes the following representations and warranties to Purchaser as of the Closing Date with respect to itself and the applicable Property owned by such Seller:

     

    (a)  Organization.  Seller has been
      duly formed and organized and is validly existing and in good standing under the laws of the State of Delaware.

     

    (b)  Authority to Enter/Noncontravention. 

      Seller has full right, authority, power and capacity to enter into this Agreement, and Seller has full right, authority, power and capacity to enter into each document to be executed and delivered by or on behalf of Seller at Closing pursuant to this
      Agreement, and to carry out the transactions contemplated hereby and thereby. This Agreement and the documents to be executed by Seller at Closing hereunder, upon execution and delivery thereof by Seller, will have been duly executed and delivered by
      Seller. This Agreement and the documents to be executed by Seller at Closing hereunder constitute the legal, valid and binding obligation of said Seller, each enforceable against said Seller in accordance with their respective terms, except as the
      same may be limited or affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting creditors’ rights and remedies generally, or by equitable principles, including principles of commercial
      reasonableness, good faith and fair dealing (whether applied in a proceeding at law or in equity).  The execution, delivery and performance of this Agreement and the documents to be executed by Seller at Closing hereunder do not violate any term,
      conditions or provisions of, or constitute a default under any bond, note, or other evidence of indebtedness or any contract, lease or other instrument, to which Seller is a party or affecting the Property, or require Seller to obtain any approval,
      consent or waiver of, or make any filing with, any person or authority (governmental or otherwise) that has not been obtained or made prior to Closing.

     

    
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    (c)  ERISA.  Seller is not (i) an
      “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title 1 of ERISA, (ii) a “plan”
      that is subject to the prohibited transaction provisions of Section 4975 of the Internal Revenue Code of 1986 (the “Code”), or (iii) an entity whose assets are treated as “plan assets” under ERISA by reason of
      an employee benefit plan’s or plan’s investment in such entity.

     

    (d)  Foreign Person.  Seller is not a
      “foreign person” as defined in Section 1445 of the Code and the regulations issued thereunder

     

    (e)  Patriot Act.  Seller is not, and
      to Seller’s knowledge, no party holding a direct interest in Seller is, named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
      Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or another banned or blocked person, entity, or nation pursuant to any Law that is
      enforced or administered by the Office of Foreign Assets Control.

     

    (f)   OFAC.  Neither: (i) Seller, nor
      (ii) to Seller’s knowledge, any person or entity who owns a controlling interest in or otherwise controls Seller; nor (iii) to Seller’s knowledge, any person or entity for whom Seller is acting as agent or nominee in connection with this investment,
      is a country, territory, organization, or entity named on an OFAC List, nor is a prohibited country, territory, organization, or entity under any economic sanctions program administered or maintained by OFAC.  “OFAC”
      means the U.S. Department of the Treasury’s Office of Foreign Assets Control.  “OFAC List” is any list of prohibited countries, individuals, organizations and entities that is administered or maintained by
      OFAC, including:  (i) Section 1(b), (c) or (d) of the Executive Order No. 13224 (September 23, 2001) issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to
      Commit, or Support Terrorism), any related enabling legislation or any other similar executive orders, (ii) the List of Specially Designated Nationals and Blocked Persons maintained by OFAC), and/or on any other similar list maintained by OFAC
      pursuant to any authorizing statute, executive order or regulation, or (iii) a “Designated National” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515.

     

    (g)  Bankruptcy.  Seller has not
      commenced a bankruptcy or insolvency proceeding and has not suffered the appointment of a receiver to take possession of all or substantially all of Seller’s assets, no bankruptcy or insolvency proceeding or appointment of a receiver has been
      commenced against Seller, and, to Seller’s knowledge, no such bankruptcy or insolvency proceeding or appointment of a receiver has been threatened in writing against Seller.

     

    
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    (h)  Ground Leases.  Exhibit C attached hereto contains a list that is true, correct and complete of any lease or other agreement pursuant to which any Seller ground leases or otherwise leases any Land (or any portion thereof)
      from any other Person.  Seller has delivered or made available to Purchaser copies of all such Ground Leases which are true, correct and complete.   With respect to each Ground Lease, (i) such Ground Lease is in full force and effect, (ii) such
      Ground Lease has not been amended or otherwise modified except as evidenced by written instruments, copies of which have been delivered to Purchaser as required hereunder, (iii) Seller has not given or received any written notice of default under
      such Ground Lease that remains uncured.

     

    (i)   Operating Agreements.  Schedule 5.1(i) attached hereto contains a list that is true, correct and complete in all material respects of the Operating Agreements to which Sellers are a party with respect to the Properties.  Seller
      has delivered or made available to Purchaser copies of all such Operating Agreements in Seller’s possession or control, which, to Seller’s knowledge, are true, correct and complete in all material respects, provided that, Seller represents that
      Seller has not intentionally altered or withheld any portion of the same.  Seller has not given or received any written notice of default under any Operating Agreement that remains uncured.

     

    (j)  Leases.  Schedule 5.1(j) attached hereto contains a list that is true, correct and complete in all material respects of the Leases to which each Seller is a party with respect to its respective Property.  Seller has
      delivered or made available to Purchaser on the Transaction Data Site copies of all such Leases which are true, correct and complete.   With respect to each Lease, (i) such Lease is in full force and effect, (ii) such Lease has not been amended
      except as evidenced by written instruments, copies of which have been delivered or made available to Purchaser on the Transaction Data Site, (iii) other than as set forth on Schedule 5.1(j), Seller has
      not given or received any written notice of default under such Lease that remains uncured, (iv) the Rent Roll sets forth the current amount of the security deposit (if any) held by Seller for each Lease, and (v) except for amounts for which Purchaser
      has received a credit at Closing as set forth in the Closing Statement, no tenant has made rent payments more than one (1) month in advance. The Rent Roll (and any prior versions of the rent rolls and accounts receivable reports for the Properties
      posted on the Transaction Data Site hosted by the Broker) was compiled from Seller’s Yardi property management software using the information that is used by Seller in connection with its operation of the Properties, and, to Seller’s knowledge, the
      Rent Roll is accurate in all material respects.

     

    (k)  Employees.          Seller does
      not have any employees.  Except as set forth in the Operating Agreements or other materials posted on the Transaction Data Site, Seller has not received written notice that Seller or any of the Properties is bound by a collective bargaining agreement
      with any labor union.

     

    (l)   Violations.  Except as set forth
      on Schedule 5.1(l) attached hereto or as set forth in the zoning reports made available to Purchaser as part of the Diligence Materials, Seller has not received written notice of any material violations
      of any applicable Laws relating to the Properties,  including of any zoning ordinance, land use law or building code with respect to any Property, which violation remains uncured, or any written notice from any governmental authority threatening the
      revocation of any Permit.

     

    
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    (m)  Litigation.  Except as set forth
      on Schedule 5.1(m) attached hereto, there is no litigation or legal action pending or, to Seller’s knowledge, threatened in writing against any Seller with respect to the Property, except for litigation
      or claims that have been tendered to and accepted by the applicable insurer and those certain proceedings related to real estate tax appeals listed on Schedule 4.4(j).

     

    (n)  Leasing Agreements. Schedule 5.1(n) attached hereto contains a list that is true, correct and complete in all material respects of the Leasing Agreements to which Seller is a party that are in effect as of the Effective Date.  
      Seller has delivered or made available to Purchaser copies of all such Leasing Agreements which are true, correct and complete in all material respects.

     

    (o)  Tax Incentive Agreements.  Schedule 5.1(o) attached hereto contains a list that is true, correct and complete of the Tax Incentive Agreements to which Seller is a party that are in effect as of the Effective Date. Seller has delivered
      or made available to Purchaser copies of all such Tax Incentive Agreements in Seller’s possession or control, which, to Seller’s knowledge, are true, correct and complete.  To Seller’s knowledge, each Tax Incentive Agreement is in full force and
      effect and there is no material default thereunder. Seller has not given or received any written notice of default under any Tax Incentive Agreement that remains uncured.

     

    (p)  Tenant Audits. To Seller’s
      knowledge, Schedule 5.1(p) attached hereto contains a schedule of all audits with respect to Reimbursable Tenant Expenses that tenants under Leases have initiated by written notice to Seller and that
      remain pending as of the Effective Date.

     

    (q)  Real Estate Tax Appeals. Schedule 4.4(j) attached hereto sets forth a true, correct and complete schedule of all pending real estate tax certiorari proceedings (administrative or judicial) initiated by Seller with respect to the
      Properties.

     

    (r)   Hazardous Materials. To Seller’s
      knowledge, and except as may be disclosed in any report of environmental condition received by Purchaser prior to the Closing Date, Seller has received no notice of the existence of Hazardous Materials on, under or around any of the Properties in
      violation of Hazardous Materials Laws and Seller has received no notice from any governmental agency indicating that any remediation or mitigation of Hazardous Materials is required at any of the Properties.

     

    (s)  No Condemnation.  Except as set
      forth on Schedule 5.1(m), attached hereto, there are no pending or, to Seller’s knowledge, threatened, condemnation, taking, or any other proceedings under eminent domain affecting any Property.

     

    (t)   No Casualty.  To Seller’s
      knowledge, except as set forth on Schedule 5.1(t), since the execution of the Access Agreement on October 28, 2021, none of the Properties has suffered a material casualty by reason of fire, storm or
      other casualty which has not been fully restored.

     

    
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    (u)  Capital Expenditures.  Schedule 4.4(l) sets forth a true and complete accounting of all Seller Capital Work completed pursuant to Seller Capital Work Contracts (the “Completed Seller Capital Work”)

      and the amounts paid by Seller in connection therewith.

     

    (v)  Purchase Options.  Except as set
      forth in the Title Commitments (including all exception documents described therein), the Leases or in the materials posted on the Transaction Data Site (i) Seller has not entered into a written agreement granting any third party rights of first
      offer, rights of first refusal or other options to purchase the Real Property (or any portion thereof), and, (ii) to Seller’s knowledge, no third party possesses any such rights with respect to the Real Property (or any portion thereof).

     

    (w)  Assessments.   Except as set forth
      on Schedule 5.1(w), Seller has not received any written notice of a default by Seller under any recorded declaration, easement, covenant or similar agreement affecting the Property that remains uncured
      as of the date hereof.

     

    (x)  Diligence Materials.  Seller has
      not intentionally withheld or intentionally altered material written information in its possession pertaining to the Properties so as to make the materials provided or made available to Purchaser by Seller in connection with the transaction
      contemplated under this Agreement false or misleading.

     

    5.2  Knowledge Defined.  Any and all uses of the phrase, “to Seller’s knowledge” or other references to Seller’s knowledge in this Agreement, shall mean the actual, present, conscious knowledge of Scott Tausk, Executive Vice President and head of asset management (the “Seller Knowledge Individual”) as to a fact at the time given, but without any duty of investigation or inquiry except as provided below.  Seller represents to Purchaser that Scott Tausk is the individual to whom
      Seller’s internal asset managers report information pertaining to the Properties on an ongoing basis.  Without limiting the foregoing, Purchaser acknowledges that the Seller Knowledge Individual has not performed, and is not obligated to perform, any
      investigation or review of any files or other information in the possession of any Seller, or to make any inquiry of any persons, or to take any other actions in connection with the representations and warranties of the Sellers set forth in this
      Agreement, except that, the Seller Knowledge Individual has consulted with Seller’s in house asset managers for the applicable Properties with respect to the truth and accuracy of the representations and warranties set forth in Sections 5.1(h)-(u)
      above.  Neither the actual, present, conscious knowledge of any other individual or entity, nor the constructive knowledge of any other individual or entity, shall be imputed to the Seller Knowledge Individual.  Any and all uses of the phrase, “to Purchaser's knowledge” or other references to Purchaser's knowledge in this Agreement, shall mean the actual, present, conscious knowledge of Daniel Santiago, in his capacity as Vice President of an indirect
      investor (the "Purchaser Investor") in Purchaser (the “Purchaser Knowledge Individual”), as to a fact at the time given, but without any duty of investigation or inquiry,
      provided the Purchaser Knowledge Individual shall be deemed to have actual knowledge of (i) any written disclosure by Sellers in this Agreement (including disclosure in any disclosure schedule attached to this Agreement), and (b) any information
      disclosed in any final form of report, survey, study or test commissioned and obtained by Purchaser Investor prior to the Closing in connection with Purchaser Investor's due diligence review of the Properties.   In no event shall the Purchaser
      Knowledge Individual or the Seller Knowledge Individual have any personal liability whatsoever under or in connection with this Agreement (or any agreement delivered in connection herewith) or the transactions contemplated hereby.

     

    
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    5.3  Survival of Sellers’ Representations, Warranties and Other
          Obligations. The representations and warranties of Sellers set forth in Section 5.1 hereof shall survive Closing for a period of one hundred eighty (180) days (the “Survival Period”).  No claim
      for a breach of any representation or warranty, covenant or other agreement of any Seller under or pursuant to this Agreement including, without limitation, any other instrument delivered to Purchaser at
      Closing under or pursuant to this Agreement, shall be actionable or payable if the breach in question was actually known to Purchaser Knowledge Individual prior to the Closing.  Sellers shall have no liability to Purchaser for a breach of any
      representation or warranty, covenant or other agreement (or indemnity as a result thereof) under or pursuant to this Agreement, including without limitation, any other instrument delivered to Purchaser at Closing under or pursuant to this Agreement
      (a) unless the aggregate amount of any and all valid claims for all such breaches against any of the Sellers hereunder exceed Five Hundred Thousand and No/100 Dollars ($500,000.00) (the “Floor”), in which event
      the full amount of such valid claims shall be actionable against the Sellers, but not to exceed the amount equal to one and one-half percent (1.5%) of the Purchase Price (the “Cap”), and (b) unless written
      notice containing a description of the specific nature of such breach and the amount claimed to be due from Sellers (a “Post-Closing Claim”) shall have been given by Purchaser to the Seller prior to the
      expiration of the Survival Period and an action shall have been commenced by Purchaser against such Seller with respect to such Post-Closing Claim within sixty (60) days after the expiration of the Survival Period.  In no event shall any Seller be
      liable for any special, consequential or punitive damages.  By execution of the Joinder attached to this Agreement (“Joinder”), GRT VAO OP, LLC (“Guarantor”) agrees to be
      jointly and severally liable with Seller and responsible to Purchaser following Closing pursuant to the terms of the Joinder.

     

    5.4  Representations and Warranties of Purchaser. 
      Purchaser hereby makes the following representations and warranties to Sellers:

     

    (a)  Organization and Authority. 
      Purchaser has been duly organized and is validly existing under the laws of the State of Delaware.

     

    (b)  Authority to Enter/Noncontravention. 

      Purchaser has full right, authority, power and capacity: (i) to enter into this Agreement and each closing document to be executed and delivered by or on behalf of Purchaser pursuant to this Agreement; and (ii) to carry out the transactions
      contemplated hereby and thereby.  This Agreement and the documents to be executed by Purchaser hereunder, upon execution and delivery thereof by Purchaser, will have been duly executed and delivered by Purchaser. This Agreement and the closing
      documents executed and delivered by or on behalf of Purchaser constitute the legal, valid and binding obligation of Purchaser, each enforceable against Purchaser in accordance with their respective terms, except as the same may be limited or affected
      by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting creditor’s rights and remedies generally, or by equitable principles, including principles of commercial reasonableness, good faith and fair
      dealing (whether applied in a proceeding at law or in equity).  The execution, delivery and performance of this Agreement and the closing documents does not violate any judgment, order, injunction, decree, regulation, ruling of any court or
      governmental authority or any term, condition or provision of or constitute a default under any bond, note or other evidence of indebtedness or any contract, lease or other instrument, to which Purchaser is a party or requires Purchaser to obtain any
      approval, consent or waiver of, or make any filing with, any person or authority (governmental or otherwise) that will not be obtained or made prior to the Closing.

     

    
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    (c)  ERISA.  Purchaser is not (i) an
      “employee benefit plan” (within the meaning of ERISA) that is subject to the provisions of Title 1 of ERISA, (ii) a “plan” that is subject to the prohibited transaction provisions of the Code or (iii) an entity whose assets are treated as “plan
      assets” under ERISA by reason of an employee benefit plan’s or plan’s investment in such entity.

     

    (d)  Patriot Act.  Purchaser is not,
      and to Purchaser’s knowledge, no party holding a direct interest in Purchaser is, named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
      Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or another banned or blocked person, entity, or nation pursuant to any Law that is enforced or administered by
      the Office of Foreign Assets Control.

     

    (e)  OFAC.  Neither: (i) Purchaser nor
      (ii) to Purchaser’s knowledge, any person or entity who owns a controlling interest in or otherwise controls Purchaser; nor (iii) to Purchaser’s knowledge, any person or entity for whom Purchaser is acting as agent or nominee in connection with this
      investment, is a country, territory, organization, or entity named on an OFAC List, nor is a prohibited country, territory, organization, or entity under any economic sanctions program administered or maintained by OFAC.

     

    (f)  Bankruptcy.  Neither Purchaser nor
      its general partner, nor to Purchaser’s knowledge, any of its limited partners has commenced a bankruptcy or insolvency proceeding or suffered the appointment of a receiver to take possession of all or substantially all of its assets, no bankruptcy
      or insolvency proceeding or appointment of a receiver has been commenced against Purchaser or any of its members, and, to Purchaser’s knowledge, no such bankruptcy or insolvency proceeding or appointment of a receiver has been threatened in writing
      against Purchaser or any of its general or limited partners.

     

    5.5  Survival of Purchaser’s Representations and Warranties. 

      The representations and warranties of Purchaser set forth in Section 5.4 hereof shall survive Closing for the Survival Period.

     

    

    
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    ARTICLE VI

     

    BROKERAGE AND INDEMNIFICATION

     

    6.1  Brokerage Commissions.  Sellers represent to
      Purchaser that Sellers have not retained any broker in connection with the transaction contemplated by this Agreement, except for Eastdil (“Broker”) whose fees will be paid by Sellers pursuant to a separate
      agreement between Sellers and Broker. Purchaser represents to Sellers that no broker or finder has been engaged by it in connection with any of the transactions contemplated by this Agreement and that, except for the Broker identified above,
      Purchaser has not dealt with any brokers or other persons who may be entitled to a commission or fee from Seller in connection with the transactions contemplated by this Agreement.  Each party hereto agrees that if any person or entity makes a claim
      for brokerage commissions or other fees related to the sale of the Properties by Sellers to Purchaser, and such claim is made by, through or on account of any acts or alleged acts of said party or its representatives, said party will protect,
      indemnify, defend and hold the other party free and harmless from and against any and all loss, liability, cost, damage and expense (including reasonable attorneys’ fees) in connection therewith.  The provisions of this Section shall survive Closing.

     

    ARTICLE VII

     

    DISCLAIMERS AND WAIVERS

     

    7.1  No Reliance on Documents.  Except for the express
      representations and warranties of Seller set forth in  Section 5.1 and in any Deed executed and delivered by a Seller at Closing,  Sellers make no representation or warranty as to the truth, accuracy or completeness of the Property materials, data or
      information delivered by Sellers or their agents or any other party to Purchaser in connection with the transaction contemplated hereby (collectively, the “Transaction Information”).  Purchaser acknowledges and
      agrees that all Transaction Information is provided to Purchaser as a convenience only and that any reliance on or use of such Transaction Information by Purchaser shall be at the sole risk of Purchaser.  Neither Sellers, nor any of the Sellers’
      Affiliates, nor any person or entity which prepared any of the Transaction Information delivered to Purchaser shall have any liability to Purchaser for any inaccuracy in or omission from any such Transaction Information.

     

    7.2  AS IS SALE; DISCLAIMERS.  EXCEPT FOR THE EXPRESS
      REPRESENTATIONS AND WARRANTIES CONTAINED IN SECTION 5.1 HEREOF AND AS EXPRESSLY SET FORTH IN ANY DEED EXECUTED AND DELIVERED BY A SELLER AT CLOSING, IT IS UNDERSTOOD AND AGREED THAT SELLERS ARE NOT MAKING AND HAVE NOT AT ANY TIME MADE ANY WARRANTIES
      OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

     

    PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLERS SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTIES “AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT OF
      THE EXPRESS REPRESENTATIONS AND WARRANTIES OF SELLER CONTAINED IN SECTION 5.1 AND IN ANY DEED EXECUTED AND DELIVERED BY A SELLER AT CLOSING, AND PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND NO SELLER IS LIABLE FOR OR BOUND BY, ANY EXPRESS OR
      IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTIES OR RELATING THERETO MADE OR FURNISHED BY SELLERS, THE MANAGER OF THE PROPERTIES, OR ANY PARTY REPRESENTING OR PURPORTING TO REPRESENT ANY SELLER
      INCLUDING, WITHOUT LIMITATION THE TRANSACTION INFORMATION, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING.  PURCHASER ALSO ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTIES ARE BEING
      SOLD “AS IS.”

     

    
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    PURCHASER REPRESENTS  TO SELLERS THAT PURCHASER HAS CONDUCTED SUCH INVESTIGATIONS OF THE PROPERTIES, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS OF THE PROPERTIES, AS
      PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTIES AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTIES,
      AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF ANY SELLER OR ITS AGENTS  OR EMPLOYEES WITH RESPECT THERETO, OTHER THAN THE REPRESENTATIONS AND WARRANTIES OF SELLER CONTAINED 5.1 AND IN IN ANY DEED EXECUTED AND
      DELIVERED BY A SELLER AT CLOSING.  UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS  AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S
      INVESTIGATIONS AND, OTHER THAN WITH RESPECT TO THE REPRESENTATIONS  AND WARRANTIES OF SELLER CONTAINED IN SECTION 5.1 AND IN ANY DEED EXECUTED AND DELIVERED BY A SELLER AT CLOSING, PURCHASER, UPON CLOSING, DOES HEREBY WAIVE, RELINQUISH AND RELEASE
      SELLERS AND SELLERS’ AFFILIATES FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING, BUT NOT LIMITED TO, CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS  AND EXPENSES (INCLUDING, BUT NOT LIMITED TO, REASONABLE
      ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLERS (AND SELLERS’ AFFILIATES) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS  OR
      PHYSICAL CONDITIONS, ENVIRONMENTAL CONDITIONS (INCLUDING PRESENCE OR RELEASE OF HAZARDOUS OR TOXIC SUBSTANCES ON OR ABOUT THE PROPERTIES), VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS
      REGARDING THE PROPERTIES. THE FOREGOING NOTWITHSTANDING, PURCHASER DOES NOT WAIVE ITS RIGHTS, IF ANY, TO RECOVER FROM, AND DOES NOT RELEASE SELLER FOR, (A) FRAUD, (B) ANY BREACH OF SELLER’S REPRESENTATIONS OR WARRANTIES OR COVENANTS SET FORTH IN THIS
      AGREEMENT OR IN ANY DEED EXECUTED AND DELIVERED BY A SELLER AT CLOSING (SUBJECT TO THE SURVIVAL PERIOD AND APPLICABLE LIMITATIONS ON LIABILITY SET FORTH HEREIN); OR (C) ANY BREACH OF SELLER’S OBLIGATIONS SET FORTH IN THIS AGREEMENT WHICH EXPRESSLY
      SURVIVE CLOSING (SUBJECT TO THE SURVIVAL PERIOD AND APPLICABLE LIMITATIONS ON LIABILITY SET FORTH HEREIN).

     

    
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    7.3  Survival of Disclaimers.  The provisions of this
      Article VII shall survive Closing.

      

      
        ARTICLE VIII

         

        MISCELLANEOUS

         

        8.1       CB&I Casualty Damage.    Schedule 5.1(t) hereto describes certain casualty damage
          that occurred to the Property identified as R001 on Exhibit A-1 prior to Closing (the “CB&I Casualty Damage”).  At Closing, Seller shall assign to
          Purchaser all of Seller’s right, title and interest in and to any insurance claims and proceeds Seller has with respect to the CB&I Casualty Damage, and Seller shall provide Purchaser a credit to the Purchase Price in the amount of the
          deductible under the applicable insurance policy.  Seller will reasonably cooperate with Purchaser in connection with the filing and settlement of any such insurance claims.  Following Closing, Purchaser shall use commercially reasonable efforts
          to recover the Roof Repair Costs (hereafter defined) from available third-party sources, including such insurance claims assigned by Seller, any insurance policies maintained by the applicable tenant and any roof warranty assigned to Purchaser in
          accordance with the terms hereof.  If after exhausting such third-party sources, Purchaser is unable to obtain payment and/or reimbursement for the Roof Repair Costs, Seller shall be responsible for paying the balance of the Roof Repair Costs in
          excess of the aggregate insurance proceeds and other funds received by Purchaser in furtherance thereof and the credit for the insurance deductible received by Purchaser at Closing.  Purchaser will keep Seller reasonably informed as to the status
          of all applicable insurance claims relating to the CB&I Casualty Damage and the repairs thereof.  As used herein, “Roof Repair Costs” means the reasonable, out-of-pocket costs to replace the roof of the
          building affected by the CB&I Casualty Damage with a similar roof as existed prior to the occurrence of such damage, with a 15 year manufacturer’s warranty and wind protection up to 55 mph, including replacement of all tapered insulation (the
          “Roof Repair Work”).  Purchaser shall obtain at least two (2) competitive bids for performance of such Roof Repair Work from roofing contractors reasonably selected by Purchaser (subject to compliance with
          any conditions imposed by the applicable insurer as to the bid process or contractor performing the Roof Repair Work; provided the same do not increase Roof Repair Costs required to be paid by Seller hereunder more than a de minimis amount).  
          Provided both such bids meet the minimum criteria for the Roof Repair Work described above, Purchaser shall select the lowest of such bids to perform the Roof Repair Work, or, alternatively, if Purchaser elects to proceed with the greater of the
          two bids, Seller’s liability for payment of the Roof Repair Costs shall be capped at an amount equal to the lower of the two bid amounts.  This Section 8.1 shall survive Closing.

         

        
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        8.2   Public Disclosure.  From and after the Closing, the parties hereto shall consult with each other before issuing any press release or
          otherwise making any public statements with respect to this Agreement or any of the transactions contemplated by this Agreement, and none of the parties shall issue any such press release or make any such public statement prior to obtaining the
          other parties’ consent (which consent shall not be unreasonably withheld, conditioned or delayed); provided that Seller and Purchaser (and their respective Affiliates) may, without obtaining the other party’s prior written consent, make any
          filing or disclosure with respect to this Agreement or any of the transactions contemplated by this Agreement (i) as Seller or Purchaser, as applicable, reasonably determines may be required by Law (including, without limitation, the Securities
          Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the respective rules and regulations promulgated thereunder) or the rules of any national stock exchange applicable to such party, or otherwise determines that such
          filing  or disclosure is appropriate or advisable in light of such party’s status as a public reporting company, in which case such party shall endeavor, on a basis reasonable under the circumstances, to consult with the other party before making
          such filing or disclosure with respect to this Agreement or any of the transactions contemplated by this Agreement (and if such prior consultation is not reasonable under the circumstances, to promptly inform the other party of such filing or
          disclosure) or (ii) as are not inconsistent with the previous press releases, public statements or public disclosures made by Seller or Purchaser (or their Affiliates) in compliance with this Section 8.2 (provided the direct and/or indirect
          investors in Purchaser (and/or their respective affiliates) are not named or identified (except for any affiliate of Seller).  The provisions of this Section 8.2 shall survive Closing.

         

        8.3   Assignment.  Subject to the provisions of this Section 8.3, the terms and provisions of this Agreement are to apply to and bind the
          successors and permitted assigns of the parties hereto.  Purchaser may not assign this Agreement or any of its rights hereunder without first obtaining Sellers’ prior written approval, which Sellers may grant or withhold in their sole
          discretion.  The provisions of this Section 8.3 shall survive the Closing.

         

        8.4   Notices.  Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, (b) reputable overnight delivery service
          with proof of delivery, (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, or (d) email transmission, in each case sent to the intended addressee at the address set forth below, or to such other
          address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith.  Any notice shall be deemed to have been given (w) upon receipt or refusal to accept delivery if made by
          personal delivery, (x) one (1) business day after deposit with the delivery service if made by reputable overnight delivery service, (y) three (3) days after posting if made United States Mail, postage prepaid, registered or certified mail,
          return receipt requested, and (z) in the case of email transmission, as of the date of the transmission provided that such transmission is received by the intended addressee prior to 5:00 p.m. Chicago, Illinois time on a business day (and any
          transmission that is not received prior to 5:00 p.m., Chicago, Illinois time on a business day shall be deemed received on the next business day).  Notices given by Sellers’ or Purchaser’s attorneys identified below shall be deemed to have been
          given by a Seller or Purchaser, as the case may be.  Unless changed in accordance with this Section 8.4, the addresses for notices given pursuant to this Agreement shall be as follows:

         

        	 	
                If to Seller:

              	
                c/o Griffin Realty Trust, Inc.

                1520 E. Grand Avenue

                El Segundo, California 90245

                Attention:  Javier Bitar

                Email:  jbitar@grtreit.com

              

        

        

         

        
          28

          
            

        

        	 	
                with a copy to:

              	
                c/o Griffin Realty Trust, Inc.

                150 N Riverside Plaza, Suite 1950

                Chicago, Illinois 60606

                Attention:  Nina Momtazee Sitzer

                Email:  nsitzer@grtreit.com

                 

              
	 	
                with a copy to:

              	
                DLA Piper LLP (US)

                444 W. Lake Street, Suite 900

                Chicago, Illinois  60606-0089

                Attn: Peter Ross and Bradley Levy

                Email:  peter.ross@dlapiper.com

                  bradley.levy@dlapiper.com

                 

              
	 	
                If to Purchaser:

              	
                Workspace Property Trust, L.P.

                777 Yamato Road, Suite 105

                Boca Raton, FL 33431

                Attention:  Thomas A. Rizk, Chief Executive Officer

                Email:tom@rizkventures.com

                 

              
	 	
                with a copy to:

              	
                Workspace Property Trust, L.P.

                700 Dresher Road, Suite 150

                Horsham, PA 19044

                Attention:  Roger W. Thomas, President and Chief Operating Officer

                Email:rthomas@workspaceproperty.com

                 

              
	 	
                with a copy to:

              	
                McCausland Keen + Buckman

                80 W. Lancaster Avenue, Fourth Floor

                Devon, PA 19333

                Attention:  Stephan K. Pahides

                Email:  spahides@mkbattorneys.com

                 

              
	 	
                with a copy to:

              	
                Seyfarth Shaw LLP

                620 Eighth Avenue

                New York, New York 10018

                Attention:  John P. Napoli

                Email: jnapoli@seyfarth.com

              

         

        

        8.5   Modifications.  This Agreement cannot be changed orally, and no agreement shall be effective to waive, change, modify or discharge this
          Agreement in whole or in part unless such agreement is in writing and is signed by the parties against whom enforcement of any waiver, change, modification or discharge is sought.

         

        
          29

          
            

        

        8.6   Entire Agreement.  This Agreement, including the exhibits and schedules hereto (all of which are incorporated in this Agreement), together
          with the Access Agreement and that certain Nondisclosure Agreement, dated as of July 28, 2021 between Workspace Property Trust, L.P. and Griffin Realty Trust, Inc., which is incorporated herein by reference, contain the entire agreement between
          the parties hereto pertaining to the subject matter hereof and fully supersedes all prior written or oral agreements and understandings between the parties pertaining to such subject matter.

         

        8.7   Further Assurances and Cooperation.

         

        (a)    Each party agrees that it will execute and deliver such other documents and take such other action, whether prior or subsequent to Closing, as may be reasonably
          requested by the other party to consummate the transaction contemplated by this Agreement in accordance with the terms hereof so long as the same imposes no additional expense, obligation or liability on such party. The provisions of this Section
          8.7(a) shall survive Closing.

         

        (b)    Upon request and reasonable notice from Purchaser, for a period of eighteen (18) months after Closing Seller shall reasonably cooperate with Purchaser, at Purchaser’s
          sole cost and expense, in Purchaser’s efforts to prepare audited financial statements and/or any other financial statements prepared by or on behalf of, Purchaser or its parent, in each case relating to the three (3) year period prior to Closing;
          provided that (a) such activities do not unreasonably interfere with the conduct of the business of Seller or its Affiliates and (b) Seller shall not be required to execute an audit letter or any other
            instrument that could impose liability upon Seller.    The provisions of this Section 8.7(b) shall survive Closing for a period of eighteen (18) months after Closing.

         

        (c)    If requested by Purchaser with respect to the Property identified as R016 on Exhibit A-1 attached hereto, Seller shall
          reasonably cooperate with Purchaser, at Purchaser’s sole cost and expense, to cause the applicable Seller’s National Flood Insurance Program policy with respect to such Property to be assigned to Purchaser.

         

        8.8   Counterparts.  This Agreement may be executed in counterparts, all such executed counterparts shall constitute the same agreement, and the
          signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.

         

        8.9   Electronic Signatures.  In order to expedite the transaction contemplated herein, telecopied, facsimile, or .pdf (exchanged via e-mail)
          signatures may be used in place of original signatures on this Agreement.  Sellers and Purchaser intend to be bound by the signatures on the telecopied, facsimile or pdf document, are aware that the other party will rely on the telecopied,
          facsimile or .pdf signatures, and hereby waive any defenses to the enforcement of the terms of this Agreement based on the form of signature.

         

        8.10  Severability.  If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, the
          remainder of this Agreement shall nonetheless remain in full force and effect; provided that the invalidity or unenforceability of such provision does not materially adversely affect the benefits accruing to any party hereunder.

         

        
          30

          
            

        

        8.11   Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois without regard to
          its conflicts of laws principles, unless such dispute relates to real property, then the laws and jurisdiction of the location of such real property shall govern. To the fullest extent permitted by law, the parties hereby unconditionally and
          irrevocably waive and release any claim that the law of any other jurisdiction governs this Agreement and this Agreement shall be governed and construed with the laws of the State of Illinois. Purchaser and Sellers agree that the provisions of
          this Section 8.11 shall survive the Closing.

         

        8.12   No Third Party Beneficiary.  The provisions of this Agreement and of the documents to be executed and delivered at Closing are and will be
          for the benefit of Sellers and Purchaser only and are not for the benefit of any third party.  Accordingly, no third party shall have the right to enforce the provisions of this Agreement or of the documents to be executed and delivered at
          Closing.

         

        8.13   Captions.  The section headings appearing in this Agreement are for convenience of reference only and are not intended, to any extent and
          for any purpose, to limit or define the text of any section or any subsection hereof.

         

        8.14   Construction.  The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal rule
          of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments  hereto.

         

        8.15   Recordation.  This Agreement may not be recorded by any party hereto without the prior written consent of the other parties hereto.  The
          provisions of this Section 8.15 shall survive the Closing.

         

        8.16   Attorneys’ Fees and Costs.  In the event suit or action is instituted to interpret or enforce the terms of this Agreement, or in connection
          with any arbitration or mediation of any dispute, the prevailing party shall be entitled to recover from the other party such sum as the court, arbitrator or mediator may adjudge reasonable as such party’s costs  and attorney’s fees, including
          such costs and fees as are incurred in any trial, on any appeal, in any bankruptcy proceeding (including the adjudication of issues peculiar to bankruptcy law) and in any petition for review.  Each party shall also have the right to recover its 
          reasonable costs  and attorneys’ fees incurred in collecting any sum or debt owed to it by the other party, with or without litigation, if such sum or debt is not paid within fifteen (15) days following written demand therefor.  The terms of this
          Section 8.16 shall survive the Closing.

         

        8.17   Limitation of Liability.  Purchaser agrees that it does not have and will not have any claims or causes of action against any disclosed or
          undisclosed officer, director, employee, trustee, shareholder, member, partner, principal, parent, subsidiary or Affiliate of any Seller or any officer, director, employee, trustee, shareholder, member, partner or principal of any such parent,
          subsidiary or other affiliate (collectively, the applicable “Seller’s Affiliates” and collectively, the “Sellers’ Affiliates”), arising out of or in connection with
          this Agreement except with respect to Guarantor pursuant to the Joinder executed by Guarantor and affixed to this Agreement  (subject to all applicable limitations set forth therein).  Purchaser agrees to look solely to the Sellers and their
          assets (and Guarantor pursuant to the Joinder (subject to all applicable limitations set forth therein)) for the satisfaction of any liability or obligation arising under this Agreement, or for the performance of any of the covenants, warranties
          or other agreements contained herein, and further agrees not to sue or otherwise seek to enforce any personal obligation against any of the Sellers’ Affiliates with respect to any matters arising out of or in connection with this Agreement except
          with respect to Guarantor pursuant to the Joinder (subject to all applicable limitations set forth therein).  Without limiting the generality of the foregoing provisions of this Section 8.17, Purchaser hereby unconditionally and irrevocably
          waives any and all claims and causes of action of any nature whatsoever it may now or hereafter have against all of Sellers’ Affiliates, and hereby unconditionally and irrevocably releases and discharges Sellers’ Affiliates from any and all
          liability whatsoever which may now or hereafter accrue in favor of Purchaser against Sellers’ Affiliates, in connection with or arising out of this Agreement, in each case, except with respect to Guarantor pursuant to the Joinder (subject to all
          applicable limitations set forth therein).  The provisions of this Section 8.17 shall survive the Closing.

         

        
          31

          
            

        

        8.18   Saturdays, Sundays, Holidays.  If, under the terms of this Agreement and the calculation of the time periods provided for herein any date to
          be determined under this Agreement should fall on a Saturday, a Sunday, a legal holiday or other date on which national banks located in the states of Illinois, New York or California are permitted to close
          for business, then such date shall be extended to fall on the next business day.

         

        8.19   Submission to Jurisdiction. To the maximum extent permitted by applicable law Purchaser and each Seller irrevocably submits to the
          jurisdiction of (a) the Circuit Court of the State of Illinois, Cook County or the State of New York, New York County and (b) the United States District Court for the Northern District of Illinois, Eastern Division or the Southern District of New
          York, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each of the Purchaser and each Seller further agrees that service of any process, summons, notice or document by
          U.S. registered mail to such party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in Illinois with respect to any matters to which it has submitted to jurisdiction as set forth above
          in the immediately preceding sentence. Each of the Purchaser and each Seller irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions
          contemplated hereby in (a) the Circuit Court of the State of Illinois, Cook County and (b) the United States District Court for the Northern District of Illinois, Eastern Division, and hereby further irrevocably and unconditionally waives and
          agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

         

        8.20  Joint and Several Liability. Each Seller who is a party as a Seller to this Agreement shall be jointly and severally liable for all of the
          obligations and liabilities of Seller (and each other Seller) under this Agreement.   Each Purchaser who is a party as a Purchaser to this Agreement shall be jointly and severally liable for all of the obligations and liabilities of Purchaser
          (and each other Purchaser) under this Agreement.

         

        8.21  State Law Provisions.  The applicable local law provisions set forth on Exhibit L attached
          hereto for the State in which each Property is located shall be applicable to each applicable Property and the corresponding Seller and Purchaser hereunder, and such terms are incorporated herein.

         

        [SIGNATURE PAGES FOLLOW]

         

        
          32

          
            

        

        IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective Date.

         

        PLAINFIELD PARTNERS, LLC,

        THE GC NET LEASE (RENTON) INVESTORS, LLC,

        THE GC NET LEASE (PHOENIX DEER VALLEY) INVESTORS, LLC,

        THE GC NET LEASE (ATLANTA WINDY RIDGE) INVESTORS, LLC,

        THE GC NET LEASE (ATLANTA WILDWOOD II) INVESTORS, LLC,

        THE GC NET LEASE (ATLANTA WILDWOOD I) INVESTORS, LLC,

        THE GC NET LEASE (MASON SIMPSON) INVESTORS, LLC,

        THE GC NET LEASE (MASON DUKE) INVESTORS, LLC,

        THE GC NET LEASE (WESTERVILLE) INVESTORS, LLC,

        THE GC NET LEASE (DUBLIN) INVESTORS, LLC,

        THE GC NET LEASE (ARLINGTON CENTREWAY) INVESTORS, LLC,

        THE GC NET LEASE (IRVING) INVESTORS, LLC,

        THE GC NET LEASE (MILWAUKEE) INVESTORS, LLC,

        THE GC NET LEASE (WAYNE) INVESTORS, LLC,

        THE GC NET LEASE (MARYLAND HEIGHTS) INVESTORS, LLC,

        THE GC NET LEASE (LYNNWOOD II) INVESTORS, LLC,

        THE GC NET LEASE (LYNNWOOD III) INVESTORS, LLC,

        THE GC NET LEASE (LYNNWOOD I) INVESTORS, LLC,

        THE GC NET LEASE (OLATHE) INVESTORS, LLC,

        THE GC NET LEASE (PHOENIX NORTHGATE) INVESTORS, LLC,

        THE GC NET LEASE (OAK BROOK) INVESTORS, LLC,

        THE GC NET LEASE (MARYLAND HEIGHTS LACKLAND) INVESTORS, LLC,

        THE GC NET LEASE (SAN CARLOS) INVESTORS, LLC,

        THE GC NET LEASE (EARTH CITY) INVESTORS, LLC,

        THE GC NET LEASE (MASON I) INVESTORS, LLC,

        THE GC NET LEASE (FRISCO PARKWOOD) INVESTORS, LLC,

        THE GC NET LEASE (HERITAGE IV) INVESTORS, LLC,

        GRIFFIN (TUCSON) ESSENTIAL ASSET REIT II, LLC,

        GRIFFIN (HILLSBORO) ESSENTIAL ASSET REIT II, LLC,

        each a Delaware limited liability company

        

        

        	
                By:

              	
                GRT OP, L.P., a Delaware limited partnership, its sole member

              
	 	 	 	 
	 	
                By:

              	
                Griffin Realty Trust, Inc., a Maryland corporation, its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	
                Name: Javier F. Bitar

              
	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        
          
            

        

        	
                THE GC NET LEASE (CHARLOTTE – NORTH FALLS) INVESTORS, L.P.,

                a Delaware limited partnership

              
	 	 
	
                By:

              	
                The GC Net Lease (Charlotte-North Falls) GP, LLC, 

                a Delaware limited liability company, its general partner

              
	 	 	 	 	 
	 	
                By:

              	
                GRT OP, L.P., a Delaware limited partnership, its sole member

              
	 	 	 	 	 
	 	 	
                By:

              	
                Griffin Realty Trust, Inc., a Maryland corporation, its general partner

              
	 	 	 	 	 
	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        	
                THE GC NET LEASE (CHARLOTTE RESEARCH) INVESTORS, L.P.,

                a Delaware limited partnership

              
	 	 
	
                By:

              	
                The GC Net Lease (Charlotte Research) GP, LLC,

                 a Delaware limited liability company, its general partner

              
	 	 	 	 	 
	 	
                By:

              	
                GRT OP, L.P., a Delaware limited partnership, its sole member

              
	 	 	 	 	 
	 	 	
                By:

              	
                Griffin Realty Trust, Inc., 

                a Maryland corporation, its general partner

              
	 	 	 	 	 
	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        
          
            

        

        THE GC NET LEASE (COLUMBUS) INVESTORS, LLC,

        THE GC NET LEASE (MIRAMAR) INVESTORS, LLC,

        THE GC NET LEASE (FRISCO) INVESTORS, LLC,

        THE GC NET LEASE (HOUSTON WESTWAY II) INVESTORS, LLC,

        THE GC NET LEASE (ATLANTA PERIMETER) INVESTORS, LLC,

        THE GC NET LEASE (DEERFIELD) INVESTORS, LLC,

        each a Delaware limited liability company

        

        

        	
                By:

              	
                SOR Operating Partnership, LLC, 

                a Delaware limited liability company, its sole member

              
	 	 	 	 	 
	 	
                By:

              	
                GRT OP, L.P., a Delaware limited partnership, its sole member

              
	 	 	 	 	 
	 	 	
                By:

              	
                Griffin Realty Trust, Inc., 

                a Maryland corporation, its general partner

              
	 	 	 	 	 
	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        	
                VEREIT OFC HOUSTON TX, LLC,

                COLE OFC LAKE JACKSON TX, LLC,

                each a Delaware limited liability company

              
	 	 
	
                By:

              	
                Cole Corporate Income Operating Partnership II, LP,

                 a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 
	 	
                By:

              	
                GRT OP (Cardinal New GP Sub), LLC,

                 a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 
	 	 	
                By:

              	
                GRT OP, L.P., 

                a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 
	 	 	 	
                By:

              	
                Griffin Realty Trust, Inc.,

                 a Maryland corporation, its General Partner

              
	 	 	 	 	 	 
	 	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

         

        

        
          
            

        

        	
                COLE OFC SAN JOSE (RIDDER PARK) CA, LP,

                a Delaware limited partnership

              
	 	 
	
                By:

              	
                Cole GP OFC San Jose (Ridder Park) CA, LLC, 

                a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	
                By:

              	
                Cole Corporate Income Operating Partnership II, LP,

                 a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	
                By:

              	
                GRT OP (Cardinal New GP Sub), LLC, 

                a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	
                By:

              	
                GRT OP, L.P., 

                a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	 	 	
                By:

              	
                Griffin Realty Trust, Inc., 

                a Maryland corporation, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        	
                ARCP OFC SAN JOSE (ORCHARD) CA, LP,

                a Delaware limited partnership

              
	 	 
	
                By:

              	
                ARCP GP OFC San Jose (Orchard) CA, LLC,

                 a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	
                By:

              	
                Cole Corporate Income Operating Partnership II, LP,

                 a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	
                By:

              	
                GRT OP (Cardinal New GP Sub), LLC, 

                a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	
                By:

              	
                GRT OP, L.P.,

                 a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	 	 	
                By:

              	
                Griffin Realty Trust, Inc.,

                 a Maryland corporation, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        
          
            

        

        	
                COLE OFC WALNUT CREEK CA, LP,

                a Delaware limited partnership

              
	 	 
	
                By:

              	
                Cole GP OFC Walnut Creek CA, LLC, a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	
                By:

              	
                Cole Corporate Income Operating Partnership II, LP, a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	
                By:

              	
                GRT OP (Cardinal New GP Sub), LLC, a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	
                By:

              	
                GRT OP, L.P., a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	 	 	
                By:

              	
                Griffin Realty Trust, Inc., a Maryland corporation, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        
          
            

        

        	
                THE GC NET LEASE (CHARLOTTE DAVID TAYLOR) INVESTORS, L.P.,

                a Delaware limited partnership

              
	 	 
	
                By:

              	
                The GC Net Lease (Charlotte David Taylor) GP, LLC, 

                a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	
                By:

              	
                Cole Corporate Income Operating Partnership II, LP,

                   a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	
                By:

              	
                GRT OP (Cardinal New GP Sub), LLC, 

                a Delaware limited liability company, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	
                By:

              	
                GRT OP, L.P., 

                a Delaware limited partnership, its sole member

              
	 	 	 	 	 	 	 
	 	 	 	 	
                By:

              	
                Griffin Realty Trust, Inc., 

                  a Maryland corporation, its General Partner

              
	 	 	 	 	 	 	 
	 	 	 	 	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	 	 	 	
                Name: Javier F. Bitar

              
	 	 	 	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        [SIGNATURES CONTINUE ON FOLLOWING PAGE]

         

        

        
          
            

        

        PURCHASER:

        

        

        	 	
                WSPT GLX SOUTHWEST LP,

                 a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                WSPT GLX Southwest GP LLC,

                 a Delaware limited liability company,

                 its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              
	 	 	 	 
	 	
                WSPT PERIMETER GA LP, 

                a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                WSPT Perimeter GA GP LLC,

                 a Delaware limited liability company, 

                its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              
	 	 	 	 
	 	
                GALAXY PROPERTIES I LP,

                 a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy Properties GP LLC, 

                a Delaware limited liability company, 

                its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              
	 	 	 	 

        

        

        
          
            

        

        	 	
                GALAXY IL WI LP,

                 a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy IL WI GP LLC, 

                a Delaware limited liability company,

                 its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              
	 	 	 	 
	 	
                GALAXY OH LP, 

                a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy OH GP LLC, 

                a Delaware limited liability company, 

                its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer r

              

        

        

        
          
            

        

        	 	
                GALAXY KC LP,

                 a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy KC GP LLC, 

                a Delaware limited liability company,

                 its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              

        

        

        	 	
                GALAXY OR LP, 

                a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy OR GP LLC, 

                a Delaware limited liability company, 

                its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              
	 	 	 	 
	 	
                GALAXY WA LP, a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy WA GP LLC a Delaware limited liability company, its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              
	 	 	 	
                /s/ Christopher Allen

              

         

        

        
          
            

        

        	 	
                GALAXY MO LP, 

                a Delaware limited partnership

              
	 	 	 	 
	 	
                By:

              	
                Galaxy MO GP LLC, 

                a Delaware limited liability company, 

                its general partner

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Christopher Allen

              
	 	 	 	
                Name:  Christopher Allen

              
	 	 	 	
                Title:  Chief Financial Officer

              

        

        

        
          
            

        

        JOINDER

        

        

        TO

        

        

        PURCHASE AND SALE AGREEMENT DATED AS OF AUGUST 26, 2022, BY AND BETWEEN EACH OF THE ENTITIES LISTED IN THE COLUMN ENTITLED “SELLER” ON EXHIBIT A-1 ATTACHED HERETO, COLLECTIVELY, AS SELLER
          AND EACH OF THE ENTITIES LISTED IN THE COLUMN ENTITLED “PURCHASER” ON EXHIBIT A-2 ATTACHED HERETO, COLLECTIVELY, AS PURCHASER (THE “AGREEMENT”).

        

        

        Capitalized terms used in this Joinder which are not defined herein shall have the meanings ascribed to them in the Agreement.

        

        

        Guarantor hereby guarantees to Purchaser, without the need for any other instrument or documentation, the prompt payment of all of Seller’s liabilities under the Agreement arising from and after the Closing Date
          until the expiration of the Survival Period resulting from (i) a breach by Seller of any representation and warranty of Seller set forth in the Agreement, and/or (ii) a breach by Seller of any of its indemnification agreements set forth in the
          Agreement, provided that Guarantor’s liability hereunder is subject to all applicable conditions and limitations set forth in the Agreement, including, without limitation, the Floor, the Survival Period, the Cap and other terms of Section 5.2 and
          Section 5.3 of the Agreement, in the same manner as Seller’s liability under the Agreement.

        

        

        Guarantor agrees that if it sells its interest in NVO Promote LLC, or causes NVO Promote LLC to sell its interest in Galaxy REIT LLC, (a “GRT VAO Sale”) prior to the
          expiration of the Survival Period, it shall deposit with Escrow Agent concurrently with the closing of such GRT VAO Sale an amount equal to 1.5% of the Purchase Price less any amounts previously paid by Seller or Guarantor to satisfy any
          Post-Closing Claim under this Agreement (the “Escrow Deposit”).

        

        

        If Guarantor effectuates a GRT VAO Sale following expiration of the Survival Period, but if Purchaser has timely made a Post-Closing Claim prior to the expiration of the Survival Period that remains outstanding and
          unresolved at the time of such GRT VAO Sale, Guarantor shall instead deposit with Escrow Agent concurrently with the closing of such GRT VAO Sale an Escrow Deposit in the amount set forth in Purchaser’s applicable Post-Closing Claim that then
          remains unpaid.

        

        

        The Escrow Deposit shall be held and disbursed by Escrow Agent pursuant a customary holdback escrow agreement in form reasonably acceptable to Seller, Purchaser and Guarantor to be executed concurrently with the
          making of such deposit to Escrow Agent.  Such escrow agreement shall provide that (i) the Escrow Deposit will be automatically released to Guarantor promptly following expiration of the Survival Period if no Post-Closing Claim has been made that
          then remains outstanding, or (ii) if a Post-Closing Claim has been timely delivered by Purchaser prior to expiration of the Survival Period, any disputed amount set forth in such Post-Closing Claim shall remain in escrow with Escrow Agent to be
          disbursed in accordance with a final settlement of the disputed Post-Closing Claim, and the remainder of the Escrow Deposit shall be released to Guarantor after payment to Purchaser of funds, if any, required to satisfy any Post-Closing Claim
          made prior to expiration of the Survival Period that is not disputed by Seller and then remains outstanding and unpaid.

         

        [SIGNATURE TO JOINDER ON FOLLOWING PAGE]

         

        
          
            

        

        	
                ACKNOWLEDGED AND AGREED:

              
	 
	
                GRT VAO OP, LLC, a Delaware limited liability company

              
	 	 	 
	
                By:

              	
                GRIFFIN REALTY TRUST, INC., a Maryland corporation, its sole member

              
	 	 	 
	 	
                By:

              	
                /s/ Javier F. Bitar

              	 
	 	 	
                Name: Javier F. Bitar

              
	 	 	
                Title: Chief Financial Officer and Treasurer

              

        

        

        
          
            

        

        LIST OF EXHIBITS AND SCHEDULES

        

        

        	
                Exhibits

              	 	 
	
                Exhibit A-1

              	
                -

              	
                List of Sellers and Land

              
	
                Exhibit A-2

              	
                -

              	
                List of Purchasers

              
	
                Exhibit B

              	
                -

              	
                Legal Descriptions

              
	
                Exhibit C

              	
                -

              	
                List of Ground Lease Documents

              
	
                Exhibit D

              	
                -

              	
                Purchase Price Allocation

              
	
                Exhibit E

              	
                -

              	
                Forms of Deed

              
	
                Exhibit F-1

              	
                -

              	
                Form of Assignment of Ground Lease (AZ)

              
	
                Exhibit F-2

              	
                -

              	
                Form of Bond Assignment Documents (GA)

              
	
                Exhibit G

              	
                -

              	
                Form of Bill of Sale and Assignment

              
	
                Exhibit H

              	
                -

              	
                Form of Tenant Notice Letter

              
	
                Exhibit I

              	
                -

              	
                Form of FIRPTA

              
	
                Exhibit J

              	
                -

              	
                Form of ALTA Statement

              
	
                Exhibit K

              	
                -

              	
                Form of Assignment and Assumption of Tax Incentive Agreement

              
	
                Exhibit L

              	
                -

              	
                State Law Provisions

              
	
                Exhibit M

              	
                -

              	
                Transaction Cost Allocations by State

              
	
                Exhibit N

              	
                -

              	
                Form of Vendor Notice

              
	
                Exhibit O-1

              	
                -

              	
                Form of Assignment of Sub-Management Agreement

              
	
                Exhibit O-2

              	
                -

              	
                Form of Assignment, Assumption and Amendment of Sub-Management

                Agreement

              
	 	 	 
	
                Schedules

              	 	 
	
                Schedule 1.1(aa)

              	
                -

              	
                Tail Commission Identified Tenants

              
	
                Schedule 3.1

              	
                -

              	
                Diligence Material Costs

              
	
                Schedule 4.2

              	
                -

              	
                Assigned Sub-Management Agreements

              
	
                Schedule 4.4(c)

              	
                -

              	
                Free Rent

              
	
                Schedule 4.4(h)

              	
                -

              	
                Leasing Costs

              
	
                Schedule 4.4(j)

              	
                -

              	
                Pending Real Estate Tax Appeals

              
	
                Schedule 4.4(k)

              	
                -

              	
                Service Payments

              
	
                Schedule 4.4(l)

              	
                -

              	
                Seller Capital Work Contracts

              
	
                Schedule 4.4(m)

              	
                -

              	
                Warranties

              
	
                Schedule 5.1(i)

              	
                -

              	
                Operating Agreements

              
	
                Schedule 5.1(j)

              	
                -

              	
                Leases

              
	
                Schedule 5.1(l)

              	
                -

              	
                Violations

              
	
                Schedule 5.1(m)

              	
                -

              	
                Litigation

              
	
                Schedule 5.1(n)

              	
                -

              	
                Leasing Agreements

              
	
                Schedule 5.1(o)

              	
                -

              	
                Tax Incentive Agreements

              
	
                Schedule 5.1(p)

              	
                -

              	
                Pending Tenant Audits

              
	
                Schedule 5.1(t)

              	
                -

              	
                Casualty

              
	
                Schedule 5.1(w)

              	
                -

              	
                REA Matters

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