Document:

arlp_Ex10_45

		
			Exhibit 10.45
		

		
			EXECUTION VERSION
		

		
			 
		

		
			THIRD AMENDMENT TO THE 
		

		
			RECEIVABLES FINANCING AGREEMENT
		

		
			 
		

		
			This THIRD AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of December 2, 2016, is entered into by and among the following parties:
		

		
			 
		

		
			(i)          AROP FUNDING, LLC, as Borrower;
		

		
			 
		

		
			(ii)         ALLIANCE COAL, LLC, as initial Servicer; and
		

		
			 
		

		
			(iii)        PNC BANK, NATIONAL ASSOCIATION (“PNC”), as LC Bank, LC Participant, Lender and Administrative Agent.
		

		
			 
		

		
			Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Financing Agreement described below.
		

		
			 
		

		
			BACKGROUND
		

		
			 
		

		
			A.         The parties hereto have entered into a Receivables Financing Agreement, dated as of December 5, 2014 (as amended, restated, supplemented or otherwise modified through to the date hereof, the “Receivables Financing Agreement”).
		

		
			 
		

		
			B.         Concurrently herewith, the parties hereto are entering into an Amended and Restated Fee Letter (the “Fee Letter”), dated as of the date hereof.
		

		
			 
		

		
			C.         The parties hereto desire to amend the Receivables Financing Agreement as set forth herein.
		

		
			 
		

		
			NOW, THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party to this Amendment hereby agrees as follows:
		

		
			 
		

		
			SECTION 1.         Amendments to the Receivables Financing Agreement.  The Receivables Financing Agreement is hereby amended (a) to incorporate the changes shown on the marked pages of the Receivables Financing Agreement attached hereto as Exhibit A, and (b) to insert Exhibit I-1 and Exhibit I-2 hereto as new Exhibit I-2 and Exhibit I-2 to the Receivables Financing Agreement. 
		

		
			 
		

		
			SECTION 2.         Representations and Warranties of the Borrower and Servicer.  The Borrower and the Servicer hereby represent and warrant to each of the parties hereto as of the date hereof as follows:
		

		
			 
		

		
			(a)         Representations and Warranties.  The representations and warranties made by it in the Receivables Financing Agreement and each of the other Transaction Documents to which it is a party are true and correct as of the date hereof.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			(b)         Enforceability.  The execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its organizational powers and have been duly authorized by all necessary action on its part, and this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization and execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance with its terms, except (x) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws from time to time in effect relating to creditors’ rights, and (y) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.
		

		
			 
		

		
			(c)         No Event of Default.  No Event of Default or Unmatured Event of Default has occurred and is continuing, or would occur as a result of this Amendment or the transactions contemplated hereby.
		

		
			 
		

		
			SECTION 3.         Effect of Amendment; Ratification.  All provisions of the Receivables Financing Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect.  After this Amendment becomes effective, all references in the Receivables Financing Agreement (or in any other Transaction Document) to “this Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Financing Agreement shall be deemed to be references to the Receivables Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Financing Agreement other than as set forth herein.  The Receivables Financing Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.
		

		
			 
		

		
			SECTION 4.         Conditions to Effectiveness.  This Amendment shall become effective as of the date hereof upon the Administrative Agent’s receipt of: 
		

		
			 
		

		
			(a)         counterparts of this Amendment executed by each of the parties hereto;
		

		
			 
		

		
			(b)         counterparts of the Fee Letter executed by each of the parties thereto; and 
		

		
			 
		

		
			(c)         confirmation that the “Amendment Fee” has been paid in accordance with the Fee Letter.
		

		
			 
		

		
			SECTION 5.         Severability.  Any provisions of this Amendment 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.
		

		
			 
		

		
			SECTION 6.         Transaction Document.  This Amendment shall be a Transaction Document for purposes of the Receivables Financing Agreement.
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			 
		

		
			SECTION 7.         Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.
		

		
			 
		

		
			SECTION 8.         GOVERNING LAW AND JURISDICTION.  
		

		
			 
		

		
			(a)         THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).
		

		
			 
		

		
			(b)         EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AMENDMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION 8 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.  EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
		

		
			 
		

		
			SECTION 9.         Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof.
		

		
			 
		

		
			[SIGNATURE PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						    

					
					
						AROP FUNDING, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:   

					
					
						/s/ R. EBERLEY DAVIS 

				
	
					
						 

					
					
						 

					
					
						Name: R. Eberley Davis

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ALLIANCE COAL, LLC,

				
	
					
						 

					
					
						 

					
					
						as the Servicer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ R. EBERLEY DAVIS

				
	
					
						 

					
					
						 

					
					
						Name: R. Eberley Davis

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment

		

 

		

		
			 
		

			
					
						 

					
					
						    

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						 

					
					
						as Administrative Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:   

					
					
						/s/ MICHAEL BROWN

				
	
					
						 

					
					
						 

					
					
						Name: Michael Brown

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						 

					
					
						as LC Bank and as an LC Participant

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ MICHAEL BROWN

				
	
					
						 

					
					
						 

					
					
						Name: Michael Brown

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						 

					
					
						as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ MICHAEL BROWN

				
	
					
						 

					
					
						 

					
					
						Name: Michael Brown

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment

		

 

		

		
			 
		

		
			Reaffirmation of Performance Guaranty.  By executing a counterpart to this Amendment, the Performance Guarantor hereby unconditionally reaffirms its obligations under the Performance Guaranty and acknowledges and agrees that such obligations continue in full force and effect (including, without limitation, with respect to the “Guaranteed Obligations”, as defined in the Performance Guaranty), and the Performance Guaranty is hereby ratified and confirmed. 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						ALLIANCE RESOURCE OPERATING PARTNERS, L.P.,

				
	
					
						 

					
					
						 

					
					
						as Performance Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: Alliance Resource Management, GP, LLC,

				
	
					
						 

					
					
						 

					
					
						its managing general  partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ R. EBERLEY DAVIS

				
	
					
						 

					
					
						 

					
					
						Name: R. Eberley Davis

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Third Amendment

		

 

		

		
			EXHIBIT A
		

		
			 
		

		
			[See Attached]
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			EXECUTION VERSIONEXHIBIT A

		

		

		
			RECEIVABLES FINANCING AGREEMENT
		

		
			 
		

		
			Dated as of December 5, 2014
		

		
			 
		

		
			by and among
		

		
			 
		

		
			AROP FUNDING, LLC,
		

		
			as Borrower,
		

		
			 
		

		
			THE PERSONS FROM TIME TO TIME PARTY HERETO,
		

		
			as Lenders and LC Participants,
		

		
			 
		

		
			PNC BANK, NATIONAL ASSOCIATION,
		

		
			as LC Bank,
		

		
			 
		

		
			PNC BANK, NATIONAL ASSOCIATION,
		

		
			as Administrative Agent,
		

		
			 
		

		
			and
		

		
			 
		

		
			ALLIANCE COAL, LLC,
		

		
			as initial Servicer
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			TABLE OF CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Page

				
	
					
						ARTICLE I

					
					
						 

					
					
						DEFINITIONS

					
1 
				
	
					
						 

					
					
						SECTION 1.01.

					
					
						Certain Defined Terms

					
1 
				
	
					
						 

					
					
						SECTION 1.02.

					
					
						Other Interpretative Matters

					
28 
				
	
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE II

					
					
						 

					
					
						TERMS OF THE LOANS

					
29 
				
	
					
						 

					
					
						SECTION 2.01.

					
					
						Loan Facility

					
29 
				
	
					
						 

					
					
						SECTION 2.02.

					
					
						Making Loans; Repayment of Loans

					
29 
				
	
					
						 

					
					
						SECTION 2.03.

					
					
						Interest and Fees

					
31 
				
	
					
						 

					
					
						SECTION 2.04.

					
					
						Records of Loans and Participation Advances

					
32 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE III

					
					
						 

					
					
						LETTER OF CREDIT FACILITY

					
32 
				
	
					
						 

					
					
						SECTION 3.01.

					
					
						Letters of Credit

					
32 
				
	
					
						 

					
					
						SECTION 3.02.

					
					
						Issuance of Letters of Credit; Participations

					
33 
				
	
					
						 

					
					
						SECTION 3.03.

					
					
						Requirements For Issuance of Letters of Credit

					
34 
				
	
					
						 

					
					
						SECTION 3.04.

					
					
						Disbursements, Reimbursement

					
34 
				
	
					
						 

					
					
						SECTION 3.05.

					
					
						Repayment of Participation Advances

					
34 
				
	
					
						 

					
					
						SECTION 3.06.

					
					
						Documentation

					
35 
				
	
					
						 

					
					
						SECTION 3.07.

					
					
						Determination to Honor Drawing Request

					
35 
				
	
					
						 

					
					
						SECTION 3.08.

					
					
						Nature of Participation and Reimbursement Obligations

					
35 
				
	
					
						 

					
					
						SECTION 3.09.

					
					
						Indemnity

					
37 
				
	
					
						 

					
					
						SECTION 3.10.

					
					
						Liability for Acts and Omissions

					
37 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE IV

					
					
						 

					
					
						SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

					
39 
				
	
					
						 

					
					
						SECTION 4.01.

					
					
						Settlement Procedures

					
39 
				
	
					
						 

					
					
						SECTION 4.02.

					
					
						Payments and Computations, Etc

					
41 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE V

					
					
						 

					
					
						INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						AND SECURITY INTEREST

					
39 
				
	
					
						 

					
					
						SECTION 5.01.

					
					
						Increased Costs

					
42 
				
	
					
						 

					
					
						SECTION 5.02.

					
					
						Funding Losses

					
44 
				
	
					
						 

					
					
						SECTION 5.03.

					
					
						Taxes

					
44 
				
	
					
						 

					
					
						SECTION 5.04.

					
					
						Inability to Determine Euro-Rate; Change in Legality

					
48 
				
	
					
						 

					
					
						SECTION 5.05.

					
					
						Security Interest

					
49 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VI

					
					
						 

					
					
						CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS 

					
50 
				

		
			 
		

		
			
		

		

		 

		

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						Page

				
	
					
						 

					
					
						SECTION 6.01.

					
					
						Conditions Precedent to Effectiveness and the Initial Credit Extension

					
50 
				
	
					
						 

					
					
						SECTION 6.02.

					
					
						Conditions Precedent to All Credit Extensions

					
50 
				
	
					
						 

				
	
					
						ARTICLE VII

					
					
						 

					
					
						REPRESENTATIONS AND WARRANTIES

					
51 
				
	
					
						 

					
					
						SECTION 7.01.

					
					
						Representations and Warranties of the Borrower

					
51 
				
	
					
						 

					
					
						SECTION 7.02.

					
					
						Representations and Warranties of the Servicer

					
56 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VIII

					
					
						 

					
					
						COVENANTS

					
59 
				
	
					
						 

					
					
						SECTION 8.01.

					
					
						Covenants of the Borrower

					
59 
				
	
					
						 

					
					
						SECTION 8.02.

					
					
						Covenants of the Servicer

					
67 
				
	
					
						 

					
					
						SECTION 8.03.

					
					
						Separate Existence of the Borrower

					
71 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE IX

					
					
						 

					
					
						ADMINISTRATION AND COLLECTION OF RECEIVABLES

					
75 
				
	
					
						 

					
					
						SECTION 9.01.

					
					
						Appointment of the Servicer

					
75 
				
	
					
						 

					
					
						SECTION 9.02.

					
					
						Duties of the Servicer

					
76 
				
	
					
						 

					
					
						SECTION 9.03.

					
					
						Lock-Box Account Arrangements

					
77 
				
	
					
						 

					
					
						SECTION 9.04.

					
					
						Enforcement Rights

					
77 
				
	
					
						 

					
					
						SECTION 9.05.

					
					
						Responsibilities of the Borrower

					
79 
				
	
					
						 

					
					
						SECTION 9.06.

					
					
						Servicing Fee

					
80 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE X

					
					
						 

					
					
						EVENTS OF DEFAULT

					
80 
				
	
					
						 

					
					
						SECTION 10.01.

					
					
						Events of Default

					
80 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE XI

					
					
						 

					
					
						THE ADMINISTRATIVE AGENT

					
84 
				
	
					
						 

					
					
						SECTION 11.01.

					
					
						Authorization and Action

					
84 
				
	
					
						 

					
					
						SECTION 11.02.

					
					
						Administrative Agent’s Reliance, Etc

					
84 
				
	
					
						 

					
					
						SECTION 11.03.

					
					
						Administrative Agent and Affiliates

					
84 
				
	
					
						 

					
					
						SECTION 11.04.

					
					
						Indemnification of Administrative Agent

					
85 
				
	
					
						 

					
					
						SECTION 11.05.

					
					
						Delegation of Duties

					
85 
				
	
					
						 

					
					
						SECTION 11.06.

					
					
						Action or Inaction by Administrative Agent

					
85 
				
	
					
						 

					
					
						SECTION 11.07.

					
					
						Notice of Events of Default; Action by Administrative Agent

					
85 
				
	
					
						 

					
					
						SECTION 11.08.

					
					
						Non-Reliance on Administrative Agent and Other Parties

					
85 
				
	
					
						 

					
					
						SECTION 11.09.

					
					
						Successor Administrative Agent

					
86 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE XII

					
					
						 

					
					
						[RESERVED]

					
86 
				

		
			 
		

		
			
		

		
			

		 

		

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						Page

				
	
					
						ARTICLE XIII

					
					
						 

					
					
						INDEMNIFICATION

					
87 
				
	
					
						 

					
					
						SECTION 13.01.

					
					
						Indemnities by the Borrower

					
87 
				
	
					
						 

					
					
						SECTION 13.02.

					
					
						Indemnification by the Servicer

					
89 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE XIV

					
					
						 

					
					
						MISCELLANEOUS

					
91 
				
	
					
						 

					
					
						SECTION 14.01.

					
					
						Amendments, Etc

					
91 
				
	
					
						 

					
					
						SECTION 14.02.

					
					
						Notices, Etc

					
91 
				
	
					
						 

					
					
						SECTION 14.03.

					
					
						Assignability; Addition of Lenders

					
92 
				
	
					
						 

					
					
						SECTION 14.04.

					
					
						Costs and Expenses

					
94 
				
	
					
						 

					
					
						SECTION 14.05.

					
					
						No Proceedings

					
95 
				
	
					
						 

					
					
						SECTION 14.06.

					
					
						Confidentiality

					
95 
				
	
					
						 

					
					
						SECTION 14.07.

					
					
						GOVERNING LAW

					
96 
				
	
					
						 

					
					
						SECTION 14.08.

					
					
						Execution in Counterparts

					
96 
				
	
					
						 

					
					
						SECTION 14.09.

					
					
						Integration; Binding Effect; Survival of Termination

					
96 
				
	
					
						 

					
					
						SECTION 14.10.

					
					
						CONSENT TO JURISDICTION

					
97 
				
	
					
						 

					
					
						SECTION 14.11.

					
					
						WAIVER OF JURY TRIAL

					
97 
				
	
					
						 

					
					
						SECTION 14.12.

					
					
						Ratable Payments

					
97 
				
	
					
						 

					
					
						SECTION 14.13.

					
					
						Limitation of Liability

					
98 
				
	
					
						 

					
					
						SECTION 14.14.

					
					
						Intent of the Parties

					
98 
				
	
					
						 

					
					
						SECTION 14.15.

					
					
						USA Patriot Act

					
98 
				
	
					
						 

					
					
						SECTION 14.16.

					
					
						Right of Setoff

					
99 
				
	
					
						 

					
					
						SECTION 14.17.

					
					
						Severability

					
99 
				
	
					
						 

					
					
						SECTION 14.18.

					
					
						Mutual Negotiations

					
99 
				
	
					
						 

					
					
						SECTION 14.19.

					
					
						Captions and Cross References

					
99 
				

		
			 
		

		
			 
		

		
			 
		

		

		 

		

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						EXHIBITS

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						EXHIBIT A

					
					
						–

					
					
						Form of [Loan Request] [LC Request]

					
					
						 

					
					
						 

				
	
					
						EXHIBIT B

					
					
						–

					
					
						Form of Assignment and Acceptance Agreement

					
					
						 

					
					
						 

				
	
					
						EXHIBIT C

					
					
						–

					
					
						Form of Assumption Agreement

					
					
						 

					
					
						 

				
	
					
						EXHIBIT D

					
					
						–

					
					
						Form of Letter of Credit Application

					
					
						 

					
					
						 

				
	
					
						EXHIBIT E

					
					
						–

					
					
						Credit and Collection Policy

					
					
						 

					
					
						 

				
	
					
						EXHIBIT F

					
					
						–

					
					
						Form of Information Package

					
					
						 

					
					
						 

				
	
					
						EXHIBIT G

					
					
						–

					
					
						Form of Compliance Certificate

					
					
						 

					
					
						 

				
	
					
						EXHIBIT H

					
					
						–

					
					
						Closing Memorandum

					
					
						 

					
					
						 

				
	
					
						EXHIBIT I-1

					
					
						–

					
					
						Form of Weekly Report

					
					
						 

					
					
						 

				
	
					
						EXHIBIT I-2

					
					
						–

					
					
						Form of Daily Report

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SCHEDULES

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SCHEDULE I

					
					
						–

					
					
						Commitments

					
					
						 

					
					
						 

				
	
					
						SCHEDULE II

					
					
						–

					
					
						Lock-Boxes, Lock-Box Accounts and Lock-Box Banks

					
					
						 

					
					
						 

				
	
					
						SCHEDULE III

					
					
						–

					
					
						Notice Addresses

					
					
						 

					
					
						 

				
	
					
						SCHEDULE IV

					
					
						–

					
					
						Excluded Receivables

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			This RECEIVABLES FINANCING AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is entered into as of December 5, 2014 by and among the following parties:
		

		
			 
		

		
			(i)         AROP FUNDING, LLC, a Delaware limited liability company, as Borrower (together with its successors and assigns, the “Borrower”);
		

		
			 
		

		
			(ii)        the Persons from time to time party hereto as Lenders and LC Participants;
		

		
			 
		

		
			(iii)       PNC BANK, NATIONAL ASSOCIATION, as LC Bank (in such capacity, together with its successors and assigns in such capacity, the “LC Bank”);
		

		
			 
		

		
			(iv)       PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent; and 
		

		
			 
		

		
			(v)        ALLIANCE COAL, LLC, a Delaware limited liability company (“Alliance”), as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “Servicer”).
		

		
			 
		

		
			PRELIMINARY STATEMENTS
		

		
			 
		

		
			The Borrower has acquired, and will acquire from time to time, Receivables from the Transferor pursuant to the Sale and Contribution Agreement.  The Transferor has acquired, and will acquire from time to time, Receivables from the Originator(s) pursuant to the Purchase and Sale Agreement.  The Borrower has requested (a) that the Lenders make Loans from time to time to the Borrower and (b) the LC Bank to issue Letters of Credit for the account of the Borrower from time to time, in each case, on the terms, and subject to the conditions set forth herein, secured by, among other things, the Receivables.  
		

		
			 
		

		
			In consideration of the mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
		

		
			 
		

		
			ARTICLE I

DEFINITIONS
		

		
			 
		

		
			SECTION 1.01.  Certain Defined Terms.  As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
		

		
			 
		

		
			“Adjusted LC Participation Amount” means, at any time of determination, the greater of (i) the LC Participation Amount less the amount of cash collateral held in the LC Collateral Account at such time and (ii) zero ($0).
		

		
			 
		

		
			“Adjusted LIBOR” means with respect to any Interest Period, the greater of (a) 0.00% and (b) the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate of interest determined by the Administrative Agent in accordance with its usual procedures (which 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			determination shall be conclusive absent manifest error) to be the rate per annum for deposits in U.S. dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered rate for London interbank deposits for such period (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to the first day of such Interest Period for an amount comparable to the Portion of Capital to be funded at the Adjusted LIBOR during such Interest Period, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage.  The calculation of Adjusted LIBOR may also be expressed by the following formula:
		

		
			 
		

			
					
						 

					
					
						Composite of London interbank offered rates shown on
Bloomberg Finance L.P. Screen US0001M
or appropriate successor

				
	
					
						Adjusted LIBOR    =

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						1.00 - Euro-Rate Reserve Percentage

				

		
			 
		

		
			Adjusted LIBOR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of Adjusted LIBOR as determined or adjusted in accordance herewith (which determination shall be conclusive absent manifest error).
		

		
			 
		

		
			“Administrative Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in such capacity appointed pursuant to Article XI or Section 14.03(f).
		

		
			 
		

		
			“Administrative Agent’s Account” means the account from time to time designated by the Administrative Agent to the Borrower and the Servicer for purposes of receiving payments to or for the account of the Credit Parties hereunder.
		

		
			 
		

		
			“Adverse Claim” means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing); it being understood that any thereof in favor of, or assigned to, the Administrative Agent (for the benefit of the Secured Parties) shall not constitute an Adverse Claim.
		

		
			 
		

		
			“Advisors” has the meaning set forth in Section 14.06(c).
		

		
			 
		

		
			“Affected Person” means each Credit Party and each of their respective Affiliates.
		

		
			 
		

		
			“Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common control with such Person.  For purposes of this definition, control of a Person shall mean the power, direct or indirect:  (x) to vote 25% or more 
		

		
			
		

		
			

		 

		

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			of the securities having ordinary voting power for the election of directors or managers of such Person or (y) to direct or cause the direction of the management and policies of such Person, in either case whether by ownership of securities, contract, proxy or otherwise.
		

		
			 
		

		
			 “Aggregate Capital” means, at any time of determination, the aggregate outstanding Capital of all Lenders and LC Participants at such time. 
		

		
			 
		

		
			“Aggregate Interest” means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders at such time.
		

		
			 
		

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

		
			 
		

		
			“AHGP Management Investors” means any of (1) C-Holdings, LLC, (2) the management, officers and/or directors of Alliance GP, LLC and/or the Parent and/or the sole or managing general partner of Parent who are also unit holders (or partners or shareholders) of Alliance Holdings GP, L.P. or Alliance Resource Partners, L.P. (all such persons of management, officers and directors, collectively, the “Management Persons”), (3) any corporation, limited liability company, partnership, trust or other legal entity owned, directly or indirectly, by such Management Person or by such Management Person and his or her spouse or direct lineal descendent or, in the case of a trust, as to which such Management Person is (either individually or together with such Management Person’s spouse) a trustee, and/or (4) any Person that is a party to the Transfer Restrictions Agreement (so long as the Transfer Restrictions Agreement remains in effect).
		

		
			 
		

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

		
			 
		

		
			“Anti-Terrorism Laws” means any Applicable Law relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Applicable Laws, all as amended, supplemented or replaced from time to time.
		

		
			 
		

		
			“Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation, ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.  For the avoidance of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.
		

		
			 
		

		
			“Asset Acquisition” means (a) an investment by the Parent or any Subsidiary of Parent in any other person pursuant to which such person shall become a Subsidiary of Parent or shall be merged with or into the Parent or any Subsidiary of Parent, (b) the acquisition by the Parent or any Subsidiary of Parent of the assets of any person (other than a Subsidiary of Parent) which constitute all or substantially all of the assets of such person or (c) the acquisition by the Parent or any Subsidiary of Parent of any division or line of business of any person (other than a Subsidiary of Parent). 
		

		
			 
		

		
			“Assignment and Acceptance Agreement” means an assignment and acceptance agreement entered into by a Lender, an Eligible Assignee, and the Administrative Agent, and, if required, the 
		

		
			
		

		
			

		 

		

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			Borrower, pursuant to which such Eligible Assignee may become a party to this Agreement, in substantially the form of Exhibit B hereto.
		

		
			 
		

		
			“Assumption Agreement” has the meaning set forth in Section 14.03(h).
		

		
			 
		

		
			“Attorney Costs” means and includes all reasonable fees, costs, expenses and disbursements of any law firm or other external counsel and all reasonable disbursements of internal counsel.
		

		
			 
		

		
			“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.
		

		
			 
		

		
			“Base Rate” means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the highest of:
		

		
			 
		

		
			(a)         the rate of interest in effect for such day as publicly announced from time to time by such Lender or its Affiliate as its “reference rate” or “prime rate”, as applicable.  Such “reference rate” or “prime rate” is set by the applicable Lender or its Affiliate based upon various factors, including such Person’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer; 
		

		
			 
		

		
			(b)         0.50% per annum above the latest Federal Funds Rate; and
		

		
			 
		

		
			(c)         0.50% per annum above the Euro-Rate applicable to the Interest Period for which the Base Rate is then being determined.
		

		
			 
		

		
			“Borrower” has the meaning specified in the preamble to this Agreement.
		

		
			 
		

		
			“Borrower Indemnified Amounts” has the meaning set forth in Section 13.01(a).
		

		
			 
		

		
			“Borrower Indemnified Party” has the meaning set forth in Section 13.01(a).
		

		
			 
		

		
			“Borrower Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on the Loans, reimbursement for drawings under the Letters of Credit, all Fees and all other amounts due or to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect to the Borrower (in each case whether or not allowed as a claim in such proceeding).
		

		
			 
		

		
			“Borrower’s Net Worth” means, at any time of determination,  an amount equal to (i) the sum of (A) the aggregate Outstanding Balance of all Pool Receivables at such time, plus (B) the 
		

		
			
		

		
			

		 

		

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			fair market value of all cash and cash equivalents owned by Borrower at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Adjusted LC Participation Amount at such time, plus (C) the Aggregate Interest at such time, plus (D) the aggregate accrued and unpaid Fees at such time, plus (E) the aggregate outstanding principal balance of all Subordinated Notes at such time, plus (F) the aggregate accrued and unpaid interest on all Subordinated Notes at such time, plus (G) without duplication, the aggregate accrued and unpaid other Borrower Obligations at such time.
		

		
			 
		

		
			“Borrowing Base” means, at any time of determination, the amount equal to (a) the Net Receivables Pool Balance at such time, minus (b) the Total Reserves at such time.
		

		
			 
		

		
			“Borrowing Base Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital plus the Adjusted LC Participation Amount at such time, exceeds (b) the Borrowing Base at such time.
		

		
			 
		

		
			“Breakage Fee” means (i) for any Interest Period for which Interest is computed by reference to Adjusted LIBOR and a reduction of Capital is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower shall for any reason, fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant to Article II of this Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Breakage Fee or any shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during such Interest Period on the reductions of Capital relating to such Interest Period had such reductions not been made (or, in the case of clause (ii) above, the amounts so failed to be borrowed or accepted in connection with any such request for funding by the Borrower), exceeds (B) the income, if any, received by the applicable Lender from the investment of the proceeds of such reductions of Capital (or such amounts failed to be borrowed by the Borrower).  A certificate as to the amount of any Breakage Fee (including the computation of such amount) shall be submitted by the affected Lender to the Borrower and shall be presumed correct absent manifest error.
		

		
			 
		

		
			“Business Day” means any day (other than a Saturday or Sunday) on which:  (a) banks are not authorized or required to close in Pittsburgh, Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with the Euro-Rate, dealings are carried out in the London interbank market.
		

		
			 
		

		
			“Capital” means, with respect to any Lender, without duplication, the aggregate amounts (i) paid to, or on behalf of, the Borrower in connection with all Loans made by such Lender pursuant to Article II, (ii) paid by such Lender, as an LC Participant, to the LC Bank in respect of a Participation Advance made by such Lender to LC Bank pursuant to Section 3.04(b) and (iii) with respect to the Lender that is the LC Bank, paid by the LC Bank with respect to all drawings under the Letter of Credit to the extent such drawings have not been reimbursed by the Borrower or funded by Participation Advances, as reduced from time to time by Collections distributed and applied on account of such Capital pursuant to Section 4.01;  provided, that if such Capital shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though it had not been made.
		

		
			
		

		
			

		 

		

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			“Capital Stock” means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, partnership interests, limited liability company interests, membership interests or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests.
		

		
			 
		

		
			“Change in Control” means the occurrence of any of the following: (a) the Transferor ceases to own, directly, 100% of the issued and outstanding Capital Stock and other equity interests of Borrower free and clear of all Adverse Claims, (b) Parent ceases to own, directly or indirectly, 98% or more of the issued and outstanding Capital Stock or other equity interests of any Originator or the Servicer, (c) the managing general partner of the Parent shall at any time for any reason cease to be either the sole or managing general partner of Alliance Resource Partners, L.P. or (d) the AHGP Management Investors shall at any time for any reason cease to (i) possess the right, directly or indirectly, to elect or appoint a majority of the board of directors of the managing general partner of the Parent or (ii) control, directly or indirectly, the managing general partner of the Parent. Notwithstanding the foregoing, any transaction or series of transactions that result in (I) Alliance Holdings GP, L.P. merging with and into Alliance Resource Partners, L.P., with either Alliance Holdings GP, L.P. or Alliance Resource Partners, L.P. as the surviving entity, or (II) Alliance Holdings GP, L.P. becoming a direct or indirect wholly-owned subsidiary of Alliance Resource Partners, L.P., (III) Alliance Resource Partners, L.P. merging with or into Alliance Holdings GP, L.P. or a Subsidiary thereof, with Alliance Holdings GP, L.P. or such Subsidiary as the surviving entity, or (IV) any exchange of incentive distribution rights in Alliance Resource Partners, L.P. and/or exchange of general partner interests in Alliance Resource Partners, L.P. or the Parent for common units of Alliance Resource Partners, L.P. (any such transaction described in clause (I) or-  (IIIV) above, a “Simplification Transaction”), shall not constitute a Change in Control hereunder regardless of whether or not, after giving effect to such Simplification Transaction, any of the events described in clauses (c) or (d) of the first sentence of this definition of Change in Control shall have occurred.
		

		
			 
		

		
			“Change in Law” means the occurrence, after the Closing Date (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), 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 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 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 “Change in Law”, regardless of the date enacted, adopted or issued.
		

		
			 
		

		
			“Closing Date” means December 5, 2014.
		

		
			
		

		
			

		 

		

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			“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.
		

		
			 
		

		
			“Collateral” has the meaning set forth in Section 5.05(a).
		

		
			 
		

		
			“Collections” means, with respect to any Pool Receivable:  (a) all funds that are received by any Originator, the Transferor, the Borrower, the Servicer or any other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, finance charges, interest and all other charges), or applied to amounts owed in respect of such Pool Receivable (including insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all proceeds of all Related Security with respect to such Pool Receivable and (d) all other proceeds of such Pool Receivable.
		

		
			 
		

		
			“Commitment” means, with respect to any Lender, LC Participant or LC Bank, as applicable, the maximum aggregate amount which such Person is obligated to lend or pay hereunder on account of all Loans and all drawings under all Letters of Credit, on a combined basis, as set forth on Schedule I or in the Assumption Agreement or other agreement pursuant to which it became a Lender and/or LC Participant, as such amount may be modified in connection with any subsequent assignment pursuant to Section 14.03 or in connection with a reduction in the Facility Limit pursuant to Section 2.02(e) or an increase in Commitments pursuant to Section 2.02(h).  If the context so requires, “Commitment” also refers to a Lender’s obligation to make Loans, make Participation Advances and/or issue Letters of Credit hereunder in accordance with this Agreement.
		

		
			 
		

		
			“Concentration Percentage” means (i) for any Group AA Obligor, 30.00%, (ii) for any Group A Obligor, 17.50%, (iii) for any Group B Obligor, 15.00%, (iv) for any Group C Obligor, 12.50% and (v) for any Group D Obligor, 7.50%.
		

		
			 
		

		
			“Concentration Reserve” means, at any time of determination, an amount equal to: (a) the sum of the Aggregate Capital plus the LC Participation Amount on such date, multiplied by (b)(i) the Concentration Reserve Percentage on such date, divided by (ii) 100% minus the Concentration Reserve Percentage on such date.
		

		
			 
		

		
			“Concentration Reserve Percentage” means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentage of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.
		

		
			 
		

		
			“Consolidated Cash Flow” means, as of any date of determination for any applicable period, the excess, if any, of (a) the sum of, without duplication, the amounts for such period, taken as a single accounting period, of (i) Consolidated Net Income for such period, plus (ii) to the extent deducted in the determination of Consolidated Net Income for such period, without duplication, (A) Consolidated Non-Cash Charges, (B) Consolidated Interest Expense and (C) Consolidated Income Tax Expense, over (b) the sum of, without duplication, the amounts for such period, taken 
		

		
			
		

		
			

		 

		

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			as a single accounting period, of (i) any non-cash items increasing Consolidated Net Income for such period (x) to the extent that such items constitute reversals of Consolidated Non-Cash Charges for a previous period and which were included in the computation of Consolidated Cash Flow for such previous period pursuant to the provisions of the preceding clause (a) or (y) for unrealized gains under derivative instruments, and (ii) any cash charges for such period to the extent that such charges constituted non-cash items for a previous period and to the extent such charges are not otherwise included in the determination of Consolidated Net Income; provided that Consolidated Cash Flow shall be calculated, without duplication, after giving effect on a pro forma basis for such period, in all respects in accordance with GAAP, to any Transfer or Asset Acquisitions (including, without limitation any Asset Acquisition by the Parent or any Subsidiary of Parent giving rise to the need to determine Consolidated Cash Flow as a result of the Parent or one of its Subsidiaries (including any person that becomes a Subsidiary as result of any such Asset Acquisition) incurring, assuming or otherwise becoming liable for any debt) occurring during the period commencing on the first day of such period to and including the date of the transaction, as if such Transfer or Asset Acquisition occurred on the first day of such period.
		

		
			 
		

		
			“Consolidated Fixed Charges” means, with respect to the Parent and its Subsidiaries for any period, the sum of Consolidated Interest Expense plus cash distributions for such period, in each case, determined on a consolidated basis in accordance with GAAP.
		

		
			 
		

		
			“Consolidated Income Tax Expense” means, with respect to any period, all provisions for Federal, state, local and foreign income taxes of the Parent and its Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 
		

		
			 
		

		
			“Consolidated Interest Expense” means, as of any date of determination for any applicable period, the sum (without duplication) of the following (in each case, eliminating all offsetting debits and credits between the Parent and its Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements of the Parent and its Subsidiaries in accordance with GAAP): (a) all interest in respect of debt of the Parent and its Subsidiaries whether paid or accrued (including non-cash interest payments and imputed interest on capital lease obligations) deducted in determining Consolidated Net Income for such period, and (b) all debt discount (but not expense) amortized or required to be amortized in the determination of Consolidated Net Income for such period. 
		

		
			 
		

		
			“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Parent and its Subsidiaries for such period (taken as a cumulative whole), as determined in accordance with GAAP; provided that there shall be excluded: 
		

		
			 
		

		
			(a)  the income (or loss) of any person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Parent or a Subsidiary, and the income (or loss) of any person, substantially all of the assets of which have been acquired in any manner, realized by such other person prior to the date of acquisition, 
		

		
			 
		

		
			(b)  any aggregate net gain or loss during such period arising from the sale, conversion, exchange or other disposition of capital assets (such term to include, without limitation, (i) all non-current assets, and, without duplication, (ii) the following, whether or not current: all fixed assets, whether tangible or intangible, all inventory sold in 
		

		
			
		

		
			

		 

		

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			conjunction with the disposition of fixed assets, and all securities (as defined in Section 2(a)(1) of the Securities Act, as amended from time to time); 
		

		
			 
		

		
			(c)  debt extinguishment costs and expenses in an amount not to exceed $25,000,000 for the duration of the Parent Revolving Facility; 
		

		
			 
		

		
			(d)  transaction costs, fees and expenses in connection with any acquisition or issuance of Debt or equity (whether or not successful) by the Parent or any of its Subsidiaries; and 
		

		
			 
		

		
			(e)  the amount of any non-cash unusual or non-recurring restructuring or similar charges; provided that any determination of whether a charge is unusual or non-recurring shall be made by the Parent’s chief financial officer (or person acting in a similar capacity) pursuant to such officer’s good faith judgment. 
		

		
			 
		

		
			“Consolidated Non-Cash Charges” means, with respect to the Parent and its Subsidiaries for any period, the aggregate depreciation, depletion and amortization (other than amortization of debt discount and expense), the non-cash portion of advance royalties, any non-cash employee compensation expenses for such period, impairment charges, unrealized losses and gains under derivative instruments and non-cash charges due to cumulative effects of changes in accounting principles, in each case, reducing Consolidated Net Income of the Parent and its Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP.
		

		
			 
		

		
			“Contract” means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings, pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to make payment in respect of such Receivable.
		

		
			 
		

		
			“Controlled Group” means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with Parent or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.
		

		
			 
		

		
			“Controlled Related Party” of a Borrower Indemnified Party or Servicer Indemnified Party means (1) any Affiliate of a Borrower Indemnified Party or Servicer Indemnified Party (as applicable),  (2) the respective directors, officers, or employees of such Borrower Indemnified Party or Servicer Indemnified Party (as applicable) and its Affiliates and (3) the respective agents or representatives of such Borrower Indemnified Party or Servicer Indemnified Party (as applicable) and its Affiliates, in the case of this clause (3), acting on behalf of or at the instructions of such Borrower Indemnified Party or Servicer Indemnified Party (as applicable) or its Affiliates; provided,  however, that no Covered Entity or Affiliate of a Covered Entity, or any director, officer, employee, agent or representative of any of the foregoing shall constitute a “Controlled Related Party”.
		

		
			 
		

		
			“Covered Entity” shall mean (a) each of Borrower, the Servicer, the Transferor, each Originator, the Parent and each of Parent’s Subsidiaries and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above.  For purposes of this definition, 
		

		
			
		

		
			

		 

		

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			control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise.
		

		
			 
		

		
			“Credit Agreement” means the Third Amended and Restated Credit Agreement, dated as of May 23, 2012, among Parent, as borrower, the lenders from time to time party thereto, the letter of credit issuing banks from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent, swing line lender and collateral agent, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.
		

		
			 
		

		
			“Credit and Collection Policy” means, as the context may require, those receivables credit and collection policies and practices of the Originators in effect on the Closing Date and described in Exhibit E, as modified in compliance with this Agreement.
		

		
			 
		

		
			“Credit Extension” means the making of any Loan or the issuance of any Letter of Credit or any modification, extension or renewal of any Letter of Credit. 
		

		
			 
		

		
			“Credit Party” means each Lender, the LC Bank, each LC Participant and the Administration Agent.
		

		
			 
		

		
			“Daily Report” means a report substantially in the form of Exhibit I-2. 
		

		
			 
		

		
			“Days’ Sales Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal to:  (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (b) (i) the aggregate initial Outstanding Balance of all Pool Receivables originated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (ii) 90.
		

		
			 
		

		
			“Debt” means, as to any Person at any time of determination, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person (without duplication) for or in respect of:  (i) borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note purchase, acceptance or credit facility, or other similar instruments or facilities, (iii) reimbursement obligations (contingent or otherwise) under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment purchase agreements, forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including accounts payable incurred in the ordinary course of such Person’s business payable on terms customary in the trade), (v) all net obligations of such Person in respect of interest rate on currency hedges or (vi) any Guaranty of any such Debt.
		

		
			 
		

		
			“Deemed Collections” has the meaning set forth in Section 4.01(d).
		

		
			
		

		
			

		 

		

			-10-

		

 

		

		
			 
		

		
			“Default Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing:  (a) the aggregate Outstanding Balance of all Pool Receivables that are Defaulted Receivables at such time, by (b) the initial Outstanding Balance of all Pool Receivables generated by the Originators during the month that is three Fiscal Months before such month.
		

		
			 
		

		
			“Defaulted Receivable” means a Receivable:
		

		
			 
		

		
			(a)         as to which any payment, or part thereof, remains unpaid for more than 60 days and less than 91 days from the original due date for such payment;
		

		
			 
		

		
			(b)         as to which any payment, or part thereof, remains unpaid for less than 61 days from the original due date for such payment and consistent with the Credit and Collection Policy, has been or should be written off the applicable Originator’s or the Borrower’s books as uncollectible; or
		

		
			 
		

		
			(c)         as to which any payment, or part thereof, remains unpaid for less than 61 days from the original due date for such payment and an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto.  
		

		
			 
		

		
			“Delinquency Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing:  (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables on such day.
		

		
			 
		

		
			“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.
		

		
			 
		

		
			“Dilution Horizon Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing:  (a) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the most recent Fiscal Month, by (b) the Net Receivables Pool Balance as of the last day of such Fiscal Month.
		

		
			 
		

		
			“Dilution Ratio” means, for any Fiscal Month, the greater of (i) 0.50% and (ii) the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing:  (a) the aggregate amount of Deemed Collections during such Fiscal Month (other than any Deemed Collections with respect to any Receivables that were both (I) generated by an Originator during such Fiscal Month and (II) written off the applicable Originator’s or the Borrower’s books as uncollectible during such Fiscal Month), by (b) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the Fiscal Month that is one month prior to such Fiscal Month.
		

		
			 
		

		
			“Dilution Reserve” means, on any day, an amount equal to:  (a) the Aggregate Capital plus the LC Participation Amount on such day, multiplied by (b) (i) the Dilution Reserve Percentage on such day, divided by (ii) 100% minus the Dilution Reserve Percentage on such day.
		

		
			
		

		
			

		 

		

			-11-

		

 

		

		
			 
		

		
			“Dilution Reserve Percentage” means, on any day, the product of (a) the Dilution Horizon Ratio, multiplied by (b) the sum of (i) 2.25 times the average of the Dilution Ratios for the twelve most recent Fiscal Months, plus (ii) the Dilution Volatility Component.
		

		
			 
		

		
			“Dilution Volatility Component” means, for any Fiscal Month, (a) the positive difference, if any, between:  (i) the highest Dilution Ratio for any Fiscal Months during the twelve most recent Fiscal Month and (ii) the arithmetic average of the Dilution Ratios for such twelve months times (b) (i) the highest Dilution Ratio for any Fiscal Month during the twelve most recent Fiscal Months, divided by (ii) the arithmetic average of the Dilution Ratios for such twelve months.
		

		
			 
		

		
			“Dollars” and “$” each mean the lawful currency of the United States of America.
		

		
			 
		

		
			“Drawing Date” has the meaning set forth in Section 3.04(a).
		

		
			 
		

		
			“Eligible Assignee”  means (i) any Lender or any of its Affiliates and (ii) any other financial institution approved by the Borrower, such approval not to be unreasonably withheld, conditioned or delayed.
		

		
			 
		

		
			“Eligible Receivable” means, at any time of determination, a Pool Receivable:
		

		
			 
		

		
			(a)         the Obligor of which is: (i) a resident of the United States of America; (ii) not a Governmental Authorityfederal governmental authority other than TVA; (iii) not a Sanctioned Person; (iv) not an Affiliate of the Borrower, the Parent, the Transferor, the Servicer or any Originator; (v) [Reserved]; (vi) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding Balance exceeding 25% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; and (vii) not a Material Supplier to any Originator or the Transferor or an Affiliate of such Material Supplier;
		

		
			 
		

		
			(b)         for which an Insolvency Proceeding shall not have occurred with respect to the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto;
		

		
			 
		

		
			(c)         that is denominated and payable only in U.S. dollars in the United States of America, and the Obligor with respect to which has been instructed to remit Collections in respect thereof directly to a Lock-Box or Lock-Box Account in the United States of America;
		

		
			 
		

		
			(d)         that does not have a due date which is more than 4560 days after the original invoice date of such Receivable;
		

		
			 
		

		
			(e)         that arises under a Contract for the sale of goods or services in the ordinary course of the applicable Originator’s business;
		

		
			 
		

		
			(f)         that arises under a duly authorized Contract that is in full force and effect and that is a legal, valid and binding obligation of the related Obligor, enforceable against such Obligor in accordance with its terms;
		

		
			
		

		
			

		 

		

			-12-

		

 

		

		
			 
		

		
			(g)         that has been sold by an Originator to the Transferor pursuant to the Purchase and Sale Agreement and sold or contributed by the Transferor to the Borrower pursuant to the Sale and Contribution Agreement, and with respect to which transfers all conditions precedent under the Sale Agreements have been met;
		

		
			 
		

		
			(h)         that, together with any Contract related thereto, conforms in all material respects with all Applicable Laws (including any applicable laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);
		

		
			 
		

		
			(i)         with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with or notices to, any Governmental Authority or other Person required to be obtained, effected or given by an Originator in connection with the creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract or the assignment thereof under the Purchase and Sale Agreement have been duly obtained, effected or given and are in full force and effect;
		

		
			 
		

		
			(j)         that is not subject to any existing dispute, right of rescission, set-off, counterclaim, any other defense against the applicable Originator (or any assignee of such Originator) or Adverse Claim, and the Obligor of which holds no right as against the applicable Originator to cause such Originator to repurchase the goods or merchandise, the sale of which shall have given rise to such Receivable; provided, that only such portion of such Receivable that is subject to any of the foregoing shall be deemed to be ineligible pursuant to this clause (j);
		

		
			 
		

		
			(k)         that satisfies all applicable requirements of the Credit and Collection Policy;
		

		
			 
		

		
			(l)         that, together with the Contract related thereto, has not been modified, waived or restructured since its creation, except as permitted pursuant to Section 9.02 of this Agreement and for amendments, modifications or restructuring of Contracts with respect to future Receivables to the extent as permitted by Sections 8.01(j) and 8.02(g);
		

		
			 
		

		
			(m)         in which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable (including without any consent of the related Obligor or any Governmental Authority);
		

		
			 
		

		
			(n)         for which the Administrative Agent (on behalf of the Secured Parties) shall have a valid and enforceable first priority perfected security interest therein and in the Related Security and Collections with respect thereto, in each case free and clear of any Adverse Claim;
		

		
			 
		

		
			(o)         that constitutes an “account” or a “general intangible” as defined in the UCC, and that is not evidenced by instruments or chattel paper;
		

		
			 
		

		
			(p)         that is neither a Defaulted Receivable nor a Delinquent Receivable;
		

		
			
		

		
			

		 

		

			-13-

		

 

		

		
			 
		

		
			(q)         for which none of any Originator, the Borrower, the Transferor, the Parent or the Servicer has established any offset or netting arrangements with the related Obligor in connection with the ordinary course of payment of such Receivable;
		

		
			 
		

		
			(r)         that represents amounts earned and payable by the Obligor that are not subject to the performance of additional services by the Originator thereof, the Transferor or the Borrower (other than the delivery of the related goods or merchandise with respect to In-Transit Receivables), and the related goods or merchandise shall have been shipped and/or services performed; 
		

		
			 
		

		
			(s)         that if not yet billed or invoiced, the related coal has been shipped within the last sixty (60) days;
		

		
			 
		

		
			(t)         which (i) does not arise from a sale of accounts made as part of a sale of a business or constitute an assignment for the purpose of collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and (iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance;
		

		
			 
		

		
			(u)         which does not relate to the sale of any consigned goods or finished goods which have incorporated any consigned goods into such finished goods; 
		

		
			 
		

		
			(v)         if the Obligor of which is a Top Twenty-Five Obligor, in which no Originator or the Transferor (or any Affiliate of any of the foregoing) owes any amount to such Obligor (including as a result of such Obligor being a Supplier to such Person); provided, that only such portion of such Receivable to the extent subject to potential offset respecting any of the foregoing shall be deemed to be ineligible pursuant to this clause (v); and
		

		
			 
		

		
			(w)         that satisfies all applicable requirements of clause (j) of Section 6.1 of the Purchase and Sale Agreement.
		

		
			 
		

		
			“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.
		

		
			 
		

		
			“ERISA Affiliate” means, with respect to any Person, any corporation, trade or business which together with the Person is a member of a controlled group of corporations or a controlled group of trades or businesses and would be deemed a “single employer” within the meaning of Sections 414(b), (c), (m) of the Code or Section 4001(b) of ERISA.
		

		
			 
		

		
			“Euro-Rate” means, at any time of determination, with respect to any Lender, (i) if such Lender and the Borrower have agreed in writing that the Euro-Rate for such Lender will be determined based upon LMIR, then LMIR at such time or (ii) in all other cases, Adjusted LIBOR at such time.  The Euro-Rate with respect to PNC shall be determined based upon LMIR unless otherwise agreed by PNC and the Borrower in writing.
		

		
			
		

		
			

		 

		

			-14-

		

 

		

		
			 
		

		
			“Euro-Rate Reserve Percentage” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental, marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).
		

		
			 
		

		
			“Event of Default” has the meaning specified in Section 10.01.
		

		
			 
		

		
			“Excess Concentration” means, the sum, without duplication, of:
		

		
			 
		

		
			(a)         the sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) aggregate Outstanding Balance of the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus
		

		
			 
		

		
			(b)         the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that are In-Transit Receivables, over (ii) the product of (x) 7.5%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus
		

		
			 
		

		
			(c)         the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that have not been billed, over (ii) the product of (x) 10.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables.
		

		
			 
		

		
			“Exchange Act” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.
		

		
			 
		

		
			“Excluded Receivable” means any Receivable (without giving effect to the exclusion of “Excluded Receivables” from the definition of “Receivable”) which arose from the sale of minerals that were extracted from one or more of the mineheads set forth on Schedule IV hereto or the sale or leasing of equipment (provided, that coal shall not constitute equipment for purposes of this definition).
		

		
			 
		

		
			“Excluded Taxes” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans or Commitment pursuant to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii) such Lender changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office and (c) any U.S. federal withholding Taxes imposed pursuant to FATCA.
		

		
			 
		

		
			“Exiting Lender” has the meaning set forth in Section 2.02(g).
		

		
			
		

		
			

		 

		

			-15-

		

 

		

		
			 
		

		
			“Facility Limit” means $100,000,000 as reduced or increased from time to time pursuant to Section 2.02(e) or 2.02(h), as applicable.  References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the sum of the Aggregate Capital plus the LC Participation Amount.
		

		
			 
		

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

		
			 
		

		
			“Federal Funds Rate” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day opposite the caption “Federal Funds (Effective).”  If on any relevant day such rate is not yet published in H. 15(519), the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective Rate.”  If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction in overnight Federal funds arranged before 9:00 a.m. (New York time) on that day by each of three leading brokers of Federal funds transactions in New York City selected by the Administrative Agent.
		

		
			 
		

		
			“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.
		

		
			 
		

		
			“Fee Letter” has the meaning specified in Section 2.03(a).
		

		
			 
		

		
			“Fees” has the meaning specified in Section 2.03(a).
		

		
			 
		

		
			“Final Maturity Date” means the date that is one hundred eighty (180) days following the Scheduled Termination Date (as such date may be extended pursuant to Section 2.02(g)), or such earlier date on which the Loans become due and payable pursuant to Section 10.01.
		

		
			 
		

		
			“Final Payout Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest have been paid in full, (ii) the LC Participation Amount has been reduced to zero ($0) and no Letters of Credit issued hereunder remain outstanding and undrawn, (iii) all Borrower Obligations shall have been paid in full, (iv) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person hereunder and under the other Transaction Documents have been paid in full and (v) all accrued Servicing Fees have been paid in full.
		

		
			 
		

		
			“Financial Officer” of any Person means, the chief executive officer, the chief financial officer, the chief accounting officer, the principal accounting officer, the controller, the treasurer or the assistant treasurer of such Person.
		

		
			 
		

		
			“Fiscal Month” means each calendar month.
		

		
			
		

		
			

		 

		

			-16-

		

 

		

		
			 
		

		
			“Fitch” means Fitch, Inc. and any successor thereto that is a nationally recognized statistical rating organization.
		

		
			 
		

		
			“Fixed Charge Ratio” means the ratio of (a) Consolidated Cash Flow minus (i) Consolidated Income Tax Expense, minus (ii) Maintenance Cap Ex to (b) Consolidated Fixed Charges of the Parent and its Subsidiaries for each rolling four-quarter period (provided  that in calculating the Fixed Charge Ratio for any rolling four-quarter period (i) distributions made in the first quarter of such four-quarter period shall be excluded form determining the Fixed Charge Ratio and (ii) all distributions declared or made in the current quarter when the calculation is being made (up to the time when the calculation is being made) shall be included in determining the Fixed Charge Ratio).
		

		
			 
		

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

		
			 
		

		
			“Governmental Acts” has the meaning set forth in Section 3.09.
		

		
			 
		

		
			“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
		

		
			 
		

		
			“Group AA Obligor” means any Obligor with a rating of at least:  (a) “AA” or better by S&P on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities, and (b) “Aa2” or better by Moody’s on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor receives a split rating from S&P and Moody’s and satisfies only one of clause (a) or clause (b) above, then if such differences in ratings between S&P and Moody’s is not more than one ratings level, such Obligor shall be deemed to have satisfied each of clause (a) and clause (b) above.  Notwithstanding the foregoing, any Obligor that is an Affiliate of an Obligor that satisfies the definition of “Group AA Obligor” shall be deemed to be a Group AA Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Affiliates that are Obligors. 
		

		
			 
		

		
			“Group A Obligor” means any Obligor with a short-term rating of at least:  (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A+” or better by S&P on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor receives a split rating from S&P and Moody’s and satisfies only one of clause (a) or clause (b) above, then (i) if such differences in ratings between S&P and 
		

		
			
		

		
			

		 

		

			-17-

		

 

		

		
			Moody’s is not more than one ratings level, such Obligor shall be deemed to have satisfied each of clause (a) and clause (b) above and (ii) if such differences in ratings between S&P and Moody’s is two ratings level, such Obligor’s rating shall be deemed to be one ratings level lower than its rating from the higher of S&P and Moody’s and after giving effect to such adjustment in rating, such Obligor shall be required to satisfy only one of clause (a) or clause (b) above.  Notwithstanding the foregoing, any Obligor that is an Affiliate of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group AA Obligor”, “Group B Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group AA Obligor, a Group B Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Affiliates that are Obligors. 
		

		
			 
		

		
			“Group B Obligor” means an Obligor that is not a Group A Obligor, with a short-term rating of at least:  (a) “A-2” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “BBB+” to “A” by S&P on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-2” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baal” to “A2” by Moody’s on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor receives a split rating from S&P and Moody’s and satisfies only one of clause (a) or clause (b) above, then (i) if such differences in ratings between S&P and Moody’s is not more than one ratings level, such Obligor shall be deemed to have satisfied each of clause (a) and clause (b) above and (ii) if such differences in ratings between S&P and Moody’s is two ratings level, such Obligor’s rating shall be deemed to be one ratings level lower than its rating from the higher of S&P and Moody’s and after giving effect to such adjustment in rating, such Obligor shall be required to satisfy only one of clause (a) or clause (b) above.  Notwithstanding the foregoing, any Obligor that is an Affiliate of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group AA Obligor”, “Group A Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group AA Obligor, a Group A Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Affiliates that are Obligors. 
		

		
			 
		

		
			“Group C Obligor” means an Obligor that is not a Group A Obligor or a Group B Obligor, with a short-term rating of at least:  (a) “A-3” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “BBB-” to “BBB” by S&P on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baa3” to “Baa2” by Moody’s on such Obligor’s long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor receives a split rating from S&P and Moody’s and satisfies only one of clause (a) or clause (b) above, then (i) if such differences in ratings between S&P and Moody’s is not more than one ratings level, such Obligor shall be deemed to have satisfied each of clause (a) and clause (b) above and (ii) if such differences in ratings between S&P and Moody’s is two ratings level, such 
		

		
			
		

		
			

		 

		

			-18-

		

 

		

		
			Obligor’s rating shall be deemed to be one ratings level lower than its rating from the higher of S&P and Moody’s and after giving effect to such adjustment in rating, such Obligor shall be required to satisfy only one of clause (a) or clause (b) above.  Notwithstanding the foregoing, any Obligor that is an Affiliate of an Obligor that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group AA Obligor”, “Group A Obligor”, “Group B Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group AA Obligor, a Group A Obligor, a Group B Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Affiliates that are Obligors. 
		

		
			 
		

		
			“Group D Obligor” means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor; provided, that any Obligor that is not rated by either Moody’s or S&P shall be a Group D Obligor.  Notwithstanding the foregoing, any Obligor that is an Affiliate of an Obligor that satisfies the definition of “Group D Obligor” shall be deemed to be a Group D Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group AA Obligor”, “Group A Obligor”, “Group B Obligor” or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group AA Obligor, a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Affiliates that are Obligors.
		

		
			 
		

		
			“Guaranty” of any Person means any obligation of such Person guarantying or in effect guarantying any liability or obligation of any other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements, including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business.
		

		
			 
		

		
			“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower or any of its Affiliates under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
		

		
			 
		

		
			“Independent Director” has the meaning set forth in Section 8.03(c).
		

		
			 
		

		
			“Information Package” means a report, in substantially the form of Exhibit F.
		

		
			 
		

		
			“Insolvency Proceeding” means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors of a Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each of cases (a) and (b) undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code.
		

		
			
		

		
			

		 

		

			-19-

		

 

		

		
			 
		

		
			“Intended Tax Treatment” has the meaning set forth in Section 14.14.
		

		
			 
		

		
			“Interest” means, for each Loan for any Interest Period (or portion thereof), the amount of interest accrued on the Capital of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b).
		

		
			 
		

		
			“Interest Period” means: (a) before the Termination Date:  (i) initially the period commencing on the date of the initial Loan pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on such Monthly Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such period (including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Lenders) or, in the absence of any such selection, each period of 30 days from the last day of the preceding Interest Period.
		

		
			 
		

		
			“Interest Rate” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof) funded by a Lender, an interest rate per annum equal to: 
		

		
			 
		

		
			(a)  the applicable Euro-Rate with respect to such Lender for such Interest Period (or portion thereof) (provided that for such purpose, if such Euro-Rate is being determined by reference to LMIR for such Lender, the Euro-Rate for such day shall be LMIR in effect on such day); or 
		

		
			 
		

		
			(b)  if the Base Rate is applicable to such Lender pursuant to Section 5.04, the Base Rate in effect on such day; 
		

		
			 
		

		
			provided,  however, that the “Interest Rate” for any day while an Event of Default has occurred and is continuing shall be an interest rate per annum equal to the sum of 2.00% per annum plus the greater of (i) the Base Rate in effect on such day and (ii) the Adjusted LIBOR with respect to such Lender for such Interest Period; provided,  further, that no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law; and provided,  further,  however,  that Interest for any Loan shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned for any reason.
		

		
			 
		

		
			“Interim Report” means each Daily Report and Weekly Report.
		

		
			 
		

		
			“In-Transit Receivable” means, at any time of determination, any Receivable arising in connection with the sale of any goods or merchandise that as of such time, have been shipped but not delivered to the related Obligor.
		

		
			 
		

		
			“Investment Company Act” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.
		

		
			 
		

		
			“LC Bank” has the meaning set forth in the preamble to this Agreement.
		

		
			 
		

		
			“LC Collateral Account” means the account at any time designated as the LC Collateral Account established and maintained by the Administrative Agent (for the benefit of the LC Bank 
		

		
			
		

		
			

		 

		

			-20-

		

 

		

		
			and the LC Participants), or such other account as may be so designated as such by the Administrative Agent.
		

		
			 
		

		
			“LC Fee Expectation” has the meaning set forth in Section 3.05(c).
		

		
			 
		

		
			“LC Limit” means $35,000,000.100,000,000.  References to the unused portion of the LC Limit shall mean, at any time of determination, an amount equal to (x) the LC Limit at such time, minus (y) the LC Participation Amount.
		

		
			 
		

		
			“LC Participant” means each Lender.
		

		
			 
		

		
			“LC Participation Amount” means at any time of determination, the sum of the amounts then available to be drawn under all outstanding Letters of Credit.
		

		
			 
		

		
			“LC Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative Agent, the LC Bank and the Lenders pursuant to Section 3.02(a).
		

		
			 
		

		
			“Lenders” means PNC and each other Person that becomes a party to this Agreement in the capacity of a “Lender”.
		

		
			 
		

		
			“Letter of Credit” means any stand-by letter of credit issued by the LC Bank at the request of the Borrower pursuant to this Agreement.
		

		
			 
		

		
			“Letter of Credit Application” has the meaning set forth in Section 3.02(a).
		

		
			 
		

		
			“LMIR” means for any day during any Interest Period, the greater of (a) 0.00% and (b) the interest rate per annum determined by the Administrative Agent (which determination shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for U.S. dollar deposits as reported by Bloomberg Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day.  The calculation of LMIR may also be expressed by the following formula:
		

		
			 
		

			
					
						 

					
					
						One-month Eurodollar rate for U.S. Dollars
shown on Bloomberg US0001M Screen
or appropriate successor

				
	
					
						LMIR    =

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						1.00 - Euro-Rate Reserve Percentage

				

		
			 
		

		
			LMIR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date.
		

		
			 
		

		
			“Loan” means any loan made by a Lender pursuant to Section 2.02.
		

		
			
		

		
			

		 

		

			-21-

		

 

		

		
			 
		

		
			“Loan Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative Agent and each Lender pursuant to Section 2.02(a).
		

		
			 
		

		
			“Lock-Box” means each locked postal box with respect to which a Lock-Box Bank who has executed a Lock-Box Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal of any Lock-Box in accordance with the terms hereof).
		

		
			 
		

		
			“Lock-Box Account” means each account listed on Schedule II to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Lock-Box Account in accordance with the terms hereof) (in each case, in the name of the Borrower) and maintained at a bank or other financial institution acting as a Lock-Box Bank pursuant to a Lock-Box Agreement for the purpose of receiving Collections.
		

		
			 
		

		
			“Lock-Box Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower, the Servicer, the Administrative Agent and a Lock-Box Bank, governing the terms of the related Lock-Box Accounts, as the same may be amended, restated, supplemented or otherwise modified from time to time.
		

		
			 
		

		
			“Lock-Box Bank” means any of the banks or other financial institutions holding one or more Lock-Box Accounts.
		

		
			 
		

		
			“Loss Horizon Ratio” means, at any time of determination, the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the sum of (x) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the fourfive  (45) most recent Fiscal Months, plus (y) the product of 7020%, times the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the fifthsixth  (56th) most recent Fiscal Month, by (b) the Net Receivables Pool Balance as of such date.
		

		
			 
		

		
			“Loss Reserve” means, at any time of determination, an amount equal to:  (a) the sum of the Aggregate Capital plus the LC Participation Amount on such date, multiplied by (b) (i) the Loss Reserve Percentage on such date, divided by (ii) 100% minus the Loss Reserve Percentage on such date.
		

		
			 
		

		
			“Loss Reserve Percentage” means, at any time of determination, the product of (a) 2.25, times (b) the highest average of the Default Ratios for any three consecutive Fiscal Months during the twelve most recent Fiscal Months, times (c) the Loss Horizon Ratio.
		

		
			 
		

		
			“Maintenance Cap Ex” means Parent’s and its Subsidiaries’ annual (or quarterly, if applicable) average estimated capital expenditures required to maintain, over the long-term, the operating capacity of their capital assets based on estimates developed by management upon a five-year planning horizon and publicly communicated by management from time to time.
		

		
			
		

		
			

		 

		

			-22-

		

 

		

		
			 
		

		
			“Majority Lenders” means Lenders representing more than 50% of the aggregate Commitments of all Lenders (or, if the Commitments have been terminated, Lenders representing more than 50% of the aggregate outstanding Capital held by all the Lenders).
		

		
			 
		

		
			“Material Adverse Effect” means a material adverse effect on any of the following:
		

		
			 
		

		
			(a)         the assets, operations, business or financial condition of (i) if a particular Person is specified, such Person or (ii) if no particular Person is specified, the Borrower, the Transferor, the Servicer, the Performance Guarantor or any Originator;
		

		
			 
		

		
			(b)         (i) if a particular Person is specified, the ability of such Person to perform its obligations under this Agreement or any other Transaction Document to which it is a party, or (ii) if no particular Person is specified, the ability of any of the Borrower, the Transferor, the Servicer, the Performance Guarantor or any Originator to perform its obligations, if any, under this Agreement or any other Transaction Document to which it is a party;
		

		
			 
		

		
			(c)         the validity or enforceability of this Agreement or any other Transaction Document, or the validity, enforceability, value or collectibility of any material portion of the Pool Receivables;
		

		
			 
		

		
			(d)         the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or
		

		
			 
		

		
			(e)         the rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.
		

		
			 
		

		
			“Material Supplier” means, with respect to any Person at any time, any material Supplier for such Person, other than any Supplier that provides such Person electricity or gas in its ordinary course of its business (and does not provide such Person with any other goods or services material to such Person, other than goods or services incidental to providing electricity and gas).
		

		
			 
		

		
			“Mined Properties” has the meaning set forth in the Purchase and Sale Agreement.
		

		
			 
		

		
			“Minimum Dilution Reserve” means, on any day, an amount equal to (a) the Aggregate Capital plus the LC Participation Amount on such date multiplied by (b) (i) the Minimum Dilution Reserve Percentage, divided by (ii) 100% minus the Minimum Dilution Reserve Percentage on such day.
		

		
			 
		

		
			“Minimum Dilution Reserve Percentage” means, on any day, the product of (a) the average of the Dilution Ratios for the twelve most recent Fiscal Months, multiplied by (b) the Dilution Horizon Ratio.
		

		
			 
		

		
			“Minimum Fixed Charge Ratio Period” means each period, if any, commencing on the date that the Fixed Charge Ratio is less than 1.25:1, and ending on (but not including) the date, if any, that the Fixed Charge Ratio is no longer less than 1.25:1.
		

		
			
		

		
			

		 

		

			-23-

		

 

		

		
			 
		

		
			“Monthly Settlement Date” means the 25th day of each calendar month (or if such day is not a Business Day, the next occurring Business Day).
		

		
			 
		

		
			“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.
		

		
			 
		

		
			“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator, the Parent or any of their respective ERISA Affiliates (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.
		

		
			 
		

		
			“Net Receivables Pool Balance” means, at any time of determination:  (a) the Outstanding Balance of Eligible Receivables then in the Receivables Pool, minus (b) the Excess Concentration.
		

		
			 
		

		
			“Notice Date” has the meaning set forth in Section 3.02(b).
		

		
			 
		

		
			“Obligor” means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable.
		

		
			 
		

		
			“Obligor Percentage” means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time.
		

		
			 
		

		
			“Order” has the meaning set forth in Section 3.10.
		

		
			 
		

		
			“Originator” and “Originators” have the meaning set forth in the Purchase and Sale Agreement, as the same may be modified from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative Agent.
		

		
			 
		

		
			“Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result of a present or former connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Loan or Transaction Document).
		

		
			 
		

		
			“Other Taxes” means any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges or similar levies or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement of, or otherwise in respect of, this Agreement, the other Transaction Documents and the other documents or agreements to be delivered hereunder or thereunder, except any such Taxes that are Other Connection Taxes imposed with respect to any assignment or participation.
		

		
			
		

		
			

		 

		

			-24-

		

 

		

		
			 
		

		
			“Outstanding Balance” means, at any time of determination, with respect to any Receivable, the then outstanding principal balance thereof.
		

		
			 
		

		
			“Parent” means Alliance Resource Operating Partners, L.P., a Delaware limited partnership.
		

		
			 
		

		
			“Parent Revolving Facility” means the Parent’s revolving credit facility under the Credit Agreement, as it may be extended, refinanced or refunded by some or all of the lenders thereunder.
		

		
			 
		

		
			“Parent Group” has the meaning set forth in Section 8.03(c).
		

		
			 
		

		
			“Participant” has the meaning set forth in Section 14.03(d).
		

		
			 
		

		
			“Participant Register” has the meaning set forth in Section 14.03(e).
		

		
			 
		

		
			“Participation Advance” has the meaning set forth in Section 3.04(b).
		

		
			 
		

		
			“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.
		

		
			 
		

		
			“PATRIOT Act” has the meaning set forth in Section 14.15.
		

		
			 
		

		
			“Pension Plan” means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA with respect to which any Originator, the Transferor, the Borrower or any other member of the Controlled Group may have any liability, contingent or otherwise.
		

		
			 
		

		
			“Percentage” means, at any time of determination, with respect to any Lender, a fraction (expressed as a percentage), (a) the numerator of which is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans being funded by the Lenders at such time and (b) the denominator of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Lenders at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans at such time.
		

		
			 
		

		
			“Performance Guarantor” means Parent.  
		

		
			 
		

		
			“Performance Guaranty” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.
		

		
			 
		

		
			“Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof.
		

		
			 
		

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

		
			 
		

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

		
			
		

		
			

		 

		

			-25-

		

 

		

		
			 
		

		
			“Portion of Capital” means, with respect to any Lender and its related Capital, the portion of such Capital being funded or maintained by such Lender by reference to a particular interest rate basis.
		

		
			 
		

		
			“Pro Rata Share” shall mean, as to any LC Participant, a fraction, the numerator of which equals the Commitment of such LC Participant at such time and the denominator of which equals the aggregate of the Commitments of all LC Participants at such time.
		

		
			 
		

		
			“Purchase and Sale Agreement” means the Purchase and Sale Agreement, dated as of the Closing Date, among the Servicer, the Originators and the Transferor, as such agreement may be amended, amended and restated, supplemented or otherwise modified from time to time.
		

		
			 
		

		
			“Qualifying Interim Report” has the meaning set forth in Section 4.01(e).
		

		
			 
		

		
			“Receivable” means any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator, the Transferor or the Borrower, whether constituting an account, as-extracted collateral, chattel paper, payment intangible, instrument or general intangible, in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be rendered, and includes, without limitation, the obligation to pay any finance charges, fees and other charges with respect thereto; provided,  however, that “Receivable” shall not include any such right to payment of a monetary obligation that is an Excluded Receivable.  Any such right to payment arising from any one transaction, including, without limitation, any such right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of any such right to payment arising from any other transaction.
		

		
			 
		

		
			“Receivables Pool” means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred) to the Borrower pursuant to the Sale and Contribution Agreement prior to the Termination Date.
		

		
			 
		

		
			“Register” has the meaning set forth in Section 14.03(b).
		

		
			 
		

		
			“Reimbursement Obligation” has the meaning set forth in Section 3.04(a).
		

		
			 
		

		
			“Related Rights” has the meaning set forth in Section 1.1 of the Purchase and Sale Agreement.
		

		
			 
		

		
			“Related Security” means, with respect to any Receivable:
		

		
			 
		

		
			(a)         all of the Borrower’s, the Transferor’s and each Originator’s interest in any goods (including returned goods), and documentation of title evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable;
		

		
			 
		

		
			(b)         all instruments and chattel paper that may evidence such Receivable;
		

		
			 
		

		
			(c)         all other security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the Contract 
		

		
			
		

		
			

		 

		

			-26-

		

 

		

		
			related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto; 
		

		
			 
		

		
			(d)         all of the Borrower’s, the Transferor’s and each Originator’s rights, interests and claims under the related Contracts and all guaranties, indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the Contract related to such Receivable or otherwise; and
		

		
			 
		

		
			(e)         all of the Borrower’s and the Transferor’s rights, interests and claims under the Sale Agreements and the other Transaction Documents.
		

		
			 
		

		
			“Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.
		

		
			 
		

		
			“Reportable Event” shall mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code).
		

		
			 
		

		
			“Representatives” has the meaning set forth in Section 14.06(c).
		

		
			 
		

		
			“Required Capital Amount” means $12,000,000.
		

		
			 
		

		
			“Responsible Officer” of any Person means, any Financial Officer, any vice president, the secretary, the general counsel, or any other officer of such Person customarily performing functions similar to those performed by any of the above-designated officers or responsible for the administration of the obligations of such Person under the Transaction Documents and also, with respect to a particular matter any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.
		

		
			 
		

		
			“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto that is a nationally recognized statistical rating organization.
		

		
			 
		

		
			“Sale Agreements” means the Purchase and Sale Agreement and the Sale and Contribution Agreement.
		

		
			 
		

		
			“Sale and Contribution Agreement” means the Sale and Contribution Agreement, dated as of the Closing Date, among the Servicer, the Transferor and the Borrower, as such agreement may be amended, amended and restated, supplemented or otherwise modified from time to time.
		

		
			
		

		
			

		 

		

			-27-

		

 

		

		
			 
		

		
			“Sanctioned Country”  means a country subject to a sanctions program maintained under any Anti-Terrorism Law.
		

		
			 
		

		
			“Sanctioned Person”  means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.
		

		
			 
		

		
			“Scheduled Termination Date” means December 2, 2016,1, 2017, as such date may be extended from time to time pursuant to Section 2.02(g).
		

		
			 
		

		
			“SEC” shall mean the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor.
		

		
			 
		

		
			“Secured Parties” means each Credit Party and each Borrower Indemnified Party.
		

		
			 
		

		
			“Securities Act” means the Securities Act of 1933, as amended or otherwise modified from time to time.
		

		
			 
		

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

		
			 
		

		
			“Servicer Indemnified Amount” has the meaning set forth in Section 13.02(a).
		

		
			 
		

		
			“Servicer Indemnified Party” has the meaning set forth in Section 13.02(a).
		

		
			 
		

		
			“Servicing Fee” shall mean the fee referred to in Section 9.06(a) of this Agreement.
		

		
			 
		

		
			“Servicing Fee Rate” shall mean the rate referred to in Section 9.06(a) of this Agreement.
		

		
			 
		

		
			“Settlement Date” means with respect to any Portion of Capital for any Interest Period or any Fees, (i) prior to the Termination Date, the Monthly Settlement Date and (ii) on and after the Termination Date, each day selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Lenders) (it being understood that the Administrative Agent (with the consent or at the direction of the Majority Lenders) may select such Settlement Date to occur as frequently as daily), or, in the absence of such selection, the Monthly Settlement Date.
		

		
			 
		

		
			“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair market value of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.
		

		
			
		

		
			

		 

		

			-28-

		

 

		

		
			 
		

		
			“Subordinated Note” means the Company Note (as defined in the Sale and Contribution Agreement).
		

		
			 
		

		
			“Sub-Servicer” has the meaning set forth in Section 9.01(d).
		

		
			 
		

		
			“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time owned, or management of which is otherwise controlled:  (a) by such Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such Person.
		

		
			 
		

		
			“Supplier” means any Person that provides goods or services to another Person.
		

		
			 
		

		
			“Tax Benefit” has the meaning set forth in Section 5.03(k).
		

		
			 
		

		
			“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority and all interest, penalties, additions to tax and any similar liabilities with respect thereto.
		

		
			 
		

		
			“Termination Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the “Termination Date” is declared or deemed to have occurred under Section 10.01 and (c) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(e).
		

		
			 
		

		
			“Termination Event” means a “Termination Event” under any Sale Agreement.
		

		
			 
		

		
			“Top Twenty-Five Obligor” means, at any time of determination, the largest twenty-five Obligors based on Outstanding Balance of Receivables then in the Receivables Pool.
		

		
			 
		

		
			“Total Reserves” means, at any time of determination, the sum of:  (a) the Yield Reserve, plus (b) the greater of (i) the sum of the Concentration Reserve plus the Minimum Dilution Reserve and (ii) the sum of the Loss Reserve plus the Dilution Reserve.
		

		
			 
		

		
			“Transaction Documents” means this Agreement, the Sale Agreements, the Lock-Box Agreements, the Fee Letter, each Subordinated Note, Demand Note, the Performance Guaranty and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement.
		

		
			 
		

		
			“Transfer” means, with respect to any person, any transaction in which such person sells, conveys, abandons, transfers, leases (as lessor), or otherwise disposes of any of its assets; provided, however, that “Transfer” shall not include (a) the granting of any liens permitted to be granted under the Credit Agreement, (b) any transfer of assets permitted pursuant to Section 5.02(d) of the Credit Agreement, (c) the making of any Restricted Payment (as defined in the Credit Agreement) 
		

		
			
		

		
			

		 

		

			-29-

		

 

		

		
			permitted in the loan documentation  relating to the Credit Agreement or (d) the making of any investments permitted in the loan documentation relating to the Credit Agreement.
		

		
			 
		

		
			“Transfer Restrictions Agreement” means that certain Transfer Restrictions Agreement, dated as of June 13, 2006, by and among Alliance Holdings GP, L.P., Alliance GP, LLC, C-Holdings, LLC, Joseph W. Craft III, Alliance Resource Holdings II, Inc., Alliance Resource Holdings, Inc., Alliance Resource GP, LLC and each other party named therein as a party thereto, as the same may be amended, modified or supplemented.
		

		
			 
		

		
			“Transferor” means the Parent.
		

		
			 
		

		
			“TVA” means Tennessee Valley Authority.
		

		
			 
		

		
			“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.
		

		
			 
		

		
			“Unmatured Event of Default” means an event that but for notice or lapse of time or both would constitute an Event of Default.
		

		
			 
		

		
			“U.S. Tax Compliance Certificate” has the meaning set forth in Section 5.03(f)(ii)(B)(3).
		

		
			 
		

		
			“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.
		

		
			 
		

		
			“Weekly Report” means a report substantially in the form of Exhibit I-1.
		

		
			 
		

		
			“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
		

		
			 
		

		
			“Yield Reserve” means, at any time of determination, an amount equal to the product of (i) the sum of the Aggregate Capital plus the LC Participation Amount on such date, multiplied by (ii) (x) the Yield Reserve Percentage on such date, divided by (y) 100% minus the Yield Reserve Percentage on such date.
		

		
			 
		

		
			“Yield Reserve Percentage” means, at any time of determination:
		

		
			 
		

			
					
						1.50 x DSO x (BR + SFR)

				
	
					
						360

				

		
			 
		

		
			where:
		

		
			 
		

		
			BR         =         the Base Rate at such time;
		

		
			 
		

		
			DSO      =         Days’ Sales Outstanding for the month most recently ended; and
		

		
			 
		

		
			SFR       =         the Servicing Fee Rate.
		

		
			
		

		
			

		 

		

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			SECTION 1.02.  Other Interpretative Matters.  All accounting terms not specifically defined herein shall be construed in accordance with GAAP.  All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein as defined in such Article 9.  Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule”, “Exhibit” or “Annex” shall mean articles and sections of, and schedules, exhibits and annexes to, this Agreement.  For purposes of this Agreement, the other Transaction Documents and all such certificates and other documents, unless the context otherwise requires: (a) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (b) 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); (c) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to 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; (d) the term “including” means “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended from time to time and include any successor Applicable Law; (f) references to any agreement refer to that agreement as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (g) references to any Person include that Person’s permitted successors and assigns; (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i) 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”; and (j) terms in one gender include the parallel terms in the neuter and opposite gender.
		

		
			 
		

		
			ARTICLE II

TERMS OF THE LOANS
		

		
			 
		

		
			SECTION 2.01.  Loan Facility.  Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions hereinafter set forth, each Lender, severally and not jointly, agrees to make Loans to the Borrower on a revolving basis, ratably in accordance with its Commitment from time to time during the period from the Closing Date to the Termination Date.  Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan:
		

		
			 
		

		
			(i)         the Aggregate Capital plus the LC Participation Amount would exceed the Facility Limit at such time;
		

		
			 
		

		
			(ii)        the sum of (A) the Capital of such Lender, plus (B) such Lender’s (in its capacity as an LC Participant) Pro Rata Share of the LC Participation Amount, would exceed the Commitment of such Lender at such time; or
		

		
			 
		

		
			(iii)       the Aggregate Capital plus the Adjusted LC Participation Amount would exceed the Borrowing Base at such time.
		

		
			
		

		
			

		 

		

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			SECTION 2.02.  Making Loans; Repayment of Loans.  (a) Each Loan hereunder shall be made on at least two (2) Business Days’ prior written request from the Borrower to the Administrative Agent and each Lender in the form of a Loan Request attached hereto as Exhibit A.  Each such request for a Loan shall be made no later than 1:00 p.m. (New York City time) on a Business Day (it being understood that any such request made after such time shall be deemed to have been made on the following Business Day) and shall specify (i) the amount of the Loan(s) requested (which shall not be less than $500,000 and shall be an integral multiple of $100,000), (ii) the allocation of such amount among the Lenders (which shall be ratable based on the Commitments), (iii) the account to which the proceeds of such Loan shall be distributed and (iv) the date such requested Loan is to be made (which shall be a Business Day).
		

		
			 
		

		
			(b)         On the date of each Loan, the Lenders shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, make available to the Borrower in same day funds an aggregate amount equal to the amount of such Loans requested, at the account set forth in the related Loan Request.
		

		
			 
		

		
			(c)         Each Lender’s obligation shall be several, such that the failure of any Lender to make available to the Borrower any funds in connection with any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make funds available on the date such Loans are requested (it being understood, that no Lender shall be responsible for the failure of any other Lender to make funds available to the Borrower in connection with any Loan hereunder).
		

		
			 
		

		
			(d)         The Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date.  Prior thereto, the Borrower shall, on each Settlement Date, make a prepayment of the outstanding Capital of the Lenders to the extent required under Section 4.01 and otherwise in accordance therewith.  Notwithstanding the foregoing, the Borrower, in its discretion, shall have the right to make a prepayment, in whole or in part, of the outstanding Capital of the Lenders (together with any associated Breakage Fees and any accrued Interest and Fees in respect of such prepaid Capital) on any Business Day upon two (2) Business Days’ prior written notice thereof to the Administrative Agent and each Lender; provided,  however, that each such prepayment shall be in a minimum aggregate amount of $100,000 and shall be an integral multiple of $100,000 (or, if less, the outstanding Capital, plus accrued but unpaid Interest and Fees together with any associated Breakage Fees).  
		

		
			 
		

		
			(e)         The Borrower may, at any time upon at least fifteen (15) days’ prior written notice to the Administrative Agent and each Lender, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part.  Each partial reduction in the Facility Limit shall be in a minimum aggregate amount of $5,000,000 and shall be an integral multiple of $1,000,000, and no such partial reduction shall reduce the Facility Limit to an amount less than $50,000,000.  In connection with any partial reduction in the Facility Limit, the Commitment of each Lender and LC Participant, as well as the LC Limit, shall be ratably reduced.
		

		
			 
		

		
			(f)         In connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent (i) instructions regarding such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to pay (A) Capital of each Lender in excess of its Commitment and (B) all other outstanding Borrower Obligations with respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount 
		

		
			
		

		
			

		 

		

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			of the Commitments prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Borrower Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of such portion) including, without duplication, any associated Breakage Fees.  Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the reduction of the outstanding Capital, and second to the payment of the remaining outstanding Borrower Obligations with respect to such reduction, including any Breakage Fees, by paying such amounts to the Lenders.
		

		
			 
		

		
			(g)         Provided that no Event of Default or Unmatured Event of Default has occurred and is continuing, the Borrower may from time to time advise the Administrative Agent, the LC Bank and each Lender in writing of its desire to extend the Scheduled Termination Date for an additional 364 day period, provided that such request is made not more than one hundred twenty (120) days prior to, and not less than sixty (60) days prior to, the then current Scheduled Termination Date.  The Administrative Agent, the LC Bank and each Lender shall notify the Borrower and the Administrative Agent in writing whether or not such Person is agreeable to such extension (it being understood that the Administrative Agent, the LC Bank and any Lender may accept or decline such a request in their sole discretion and on such terms as they may elect) not less than thirty (30) days prior to the then current Scheduled Termination Date; provided,  however, that if the Administrative Agent, the LC Bank or any Lender fails to so notify the Borrower and the Administrative Agent, the Administrative Agent, the LC Bank or such Lender, as the case may be, shall be deemed to have declined such extension.  In the event that the Administrative Agent, the LC Bank and one or more Lenders have so notified the Borrower and the Administrative Agent in writing that they are agreeable to such extension, the Borrower, the Servicer, the Administrative Agent, the LC Bank and the applicable Lenders shall enter into such documents as the Administrative Agent, the LC Bank and the applicable Lenders may deem necessary or appropriate to effect such extension, and all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent, the LC Bank and the applicable Lenders in connection therewith (including Attorney Costs) shall be paid by the Borrower.  In the event any Lender declines such request to extend the Scheduled Termination Date or is deemed to have declined such extension, such Lender shall be an “Exiting Lender” for all purposes of this Agreement.  
		

		
			 
		

		
			(h)         Increases in Commitments.  So long as no Event of Default or Unmatured Event of Default has occurred and is continuing, with the prior written consent of the Administrative Agent and the LC Bank and upon prior notice to the Lenders, the Borrower may from time to time request an increase in the Commitment with respect to one or more Lenders or cause additional Persons to become parties to this Agreement, as lenders, at any time following the Closing Date and prior to the Termination Date; provided, that any such increase in such Lenders’ Commitments and the Commitments of all such additional Lenders may not exceed $100,000,000 in the aggregate during the life of this Agreement; provided, that each request for an increase and addition shall be in a minimum amount of $10,000,000.  At the time of sending such notice with respect to any Lender, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which such Lenders and the Administrative Agent are requested to respond to the Borrower’s request (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Administrative Agent).  Each Lender being asked to increase its Commitment, the LC Bank and the Administrative Agent shall notify the Borrower within the applicable time period whether or not such Person agrees, in its respective sole discretion, to the increase to such Lender’s Commitment.  Any such Person not responding 
		

		
			
		

		
			

		 

		

			-33-

		

 

		

		
			within such time period shall be deemed to have declined to consent to an increase in such Lender’s Commitment.  For the avoidance of doubt, only the consent of the Lender then being asked to increase its Commitment (or an additional Lender), the Administrative Agent and the LC Bank shall be required in order to approve any such request.  If the Commitment of any Lender is increased (or a new Person is added as Lender) in accordance with this clause (h), the Administrative Agent, such Lender, the LC Bank and the Borrower shall determine the effective date with respect to such increase and shall enter into such documents as agreed to by such parties to document such increase; it being understood and agreed that the Administrative Agent or any Lender increasing its Commitment pursuant to this Section 2.01(h) may request any of (x) resolutions of the Board of Directors of the Borrower approving or consenting to such Commitment increase and authorizing the execution, delivery and performance of any amendment to this Agreement, (y) a corporate and enforceability opinion of counsel of the Borrower and (z) such other documents, agreements and opinions reasonably requested by such Lender or the Administrative Agent.
		

		
			 
		

		
			SECTION 2.03.  Interest and Fees.  
		

		
			 
		

		
			(a)         On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01, pay to each Lender and the Administrative Agent certain fees (collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the Borrower and one or more of the Lenders, the LC Bank and the Administrative Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee Letter”).
		

		
			 
		

		
			(b)         The Capital of each Lender shall accrue interest on each day when such Capital remains outstanding at the then applicable Interest Rate.  The Borrower shall pay all Interest, Fees and Breakage Fees accrued during each Interest Period on the immediately following Settlement Date in accordance with the terms and priorities for payment set forth in Section 4.01.
		

		
			 
		

		
			SECTION 2.04.  Records of Loans and Participation Advances.  Each Lender shall record in its records, the date and amount of each Loan and Participation Advance made by such Lender hereunder, the interest rate with respect thereto, the Interest accrued thereon and each repayment and payment thereof.  Subject to Section 14.03(b), such records shall be presumed correct absent manifest error.  The failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the other Transaction Documents to repay the Capital of each Lender, together with all Interest accruing thereon and all other Borrower Obligations.
		

		
			 
		

		
			ARTICLE III

LETTER OF CREDIT FACILITY
		

		
			 
		

		
			SECTION 3.01.  Letters of Credit.  
		

		
			 
		

		
			(a)         Subject to the terms and conditions hereof and the satisfaction of the applicable conditions set forth in Article VI, the LC Bank shall issue or cause the issuance of Letters of Credit on behalf of the Borrower (and, if applicable, on behalf of, or for the account of, an Originator or 
		

		
			
		

		
			

		 

		

			-34-

		

 

		

		
			an Affiliate of such Originator in favor of such beneficiaries as such Originator or an Affiliate of such Originator may elect with the consent of the Borrower); provided,  however, that the LC Bank will not be required to issue or cause to be issued any Letters of Credit to the extent that after giving effect thereto: 
		

		
			 
		

		
			(i)         the Aggregate Capital plus the LC Participation Amount would exceed the Facility Limit at such time;
		

		
			 
		

		
			(ii)        the Aggregate Capital plus the LC Participation Amount would exceed the Borrowing Base at such time;
		

		
			 
		

		
			(iii)       the LC Participation Amount would exceed the LC Limit at such time; or
		

		
			 
		

		
			(iv)       the LC Participation Amount would exceed the aggregate of the Commitments of the LC Participants at such time.  
		

		
			 
		

		
			(b)         Interest shall accrue on all amounts drawn under Letters of Credit for each day on and after the applicable Drawing Date so long as such drawn amounts shall have not been reimbursed to the LC Bank pursuant to the terms hereof.
		

		
			 
		

		
			SECTION 3.02.  Issuance of Letters of Credit; Participations.
		

		
			 
		

		
			(a)         The Borrower may request the LC Bank, upon two (2) Business Days’ prior written notice submitted on or before 1:00 p.m. (New York City time), to issue a Letter of Credit by delivering to the Administrative Agent, each Lender and the LC Bank, the LC Bank’s form of Letter of Credit Application (the “Letter of Credit Application”), substantially in the form of Exhibit D attached hereto and an LC Request, in each case completed to the satisfaction of the Administrative Agent and the LC Bank; and such other certificates, documents and other papers and information as the Administrative Agent or the LC Bank may reasonably request.
		

		
			 
		

		
			(b)         Each Letter of Credit shall, among other things, (i) provide for the payment of sight drafts or other written demands for payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein and (ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension or renewal, as the case may be, and in no event later than twelve (12) months after the Scheduled Termination Date.  The terms of each Letter of Credit may include customary “evergreen” provisions providing that such Letter of Credit’s expiry date shall automatically be extended for additional periods not to exceed twelve (12) months unless, not less than thirty (30) days (or such longer period as may be specified in such Letter of Credit) (the “Notice Date”) prior to the applicable expiry date, the LC Bank delivers written notice to the beneficiary thereof declining such extension; provided,  however, that if (x) any such extension would cause the expiry date of such Letter of Credit to occur after the date that is twelve (12) months after the Scheduled Termination Date or (y) the LC Bank determines that any condition precedent (including, without limitation, those set forth in Sections 3.01 and Article VI) to issuing such Letter of Credit hereunder are not satisfied (other than any such condition requiring the Borrower to submit an LC Request or Letter of Credit Application in respect thereof), then the LC Bank, in the case of clause (x) 
		

		
			
		

		
			

		 

		

			-35-

		

 

		

		
			above, may (or, at the written direction of any LC Participant, shall) or, in the case of clause (y) above, shall, use reasonable efforts in accordance with (and to the extent permitted by) the terms of such Letter of Credit to prevent the extension of such expiry date (including notifying the Borrower and the beneficiary of such Letter of Credit in writing prior to the Notice Date that such expiry date will not be so extended).  Each Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank or the International Standby Practices (ISP98-International Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered to by the LC Bank, as determined by the LC Bank.
		

		
			 
		

		
			(c)         Immediately upon the issuance by the LC Bank of any Letter of Credit (or any amendment to a Letter of Credit increasing the amount thereof), the LC Bank shall be deemed to have sold and transferred to each LC Participant, and each LC Participant shall be deemed irrevocably and unconditionally to have purchased and received from the LC Bank, without recourse or warranty, an undivided interest and participation, to the extent of such LC Participant’s Pro Rata Share, in such Letter of Credit, each drawing made thereunder and the obligations of the Borrower hereunder with respect thereto, and any security therefor or guaranty pertaining thereto. Upon any change in the Commitments or Pro Rata Shares of the LC Participants pursuant to this Agreement, it is hereby agreed that, with respect to all outstanding Letters of Credit and unreimbursed drawings thereunder, there shall be an automatic adjustment to the participations pursuant to this clause (c) to reflect the new Pro Rata Shares of the assignor and assignee LC Participant or of all LC Participants with Commitments, as the case may be.  In the event that the LC Bank makes any payment under any Letter of Credit and the Borrower shall not have reimbursed such amount in full to the LC Bank pursuant to Section 3.04(a), each LC Participant shall be obligated to make Participation Advances with respect to such Letter of Credit in accordance with Section 3.04(b).
		

		
			 
		

		
			SECTION 3.03.  Requirements For Issuance of Letters of Credit.  The Borrower shall authorize and direct the LC Bank to name the Borrower, an Originator or an Affiliate of an Originator as the “Applicant” or “Account Party” of each Letter of Credit.
		

		
			 
		

		
			SECTION 3.04.  Disbursements, Reimbursement.
		

		
			 
		

		
			(a)         In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly notify the Administrative Agent and the Borrower of such request.  The Borrower shall reimburse (such obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to noon (New York City time), on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by the LC Bank.  In the event the Borrower fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit by noon (New York City time) on the Drawing Date (including because the conditions precedent to a Loan requested by the Borrower pursuant to Section 2.01 shall not have been satisfied), the LC Bank will promptly notify each LC Participant thereof.  Any notice given by the LC Bank pursuant to this Section may be oral if promptly confirmed in writing; provided that the lack of such a prompt written confirmation shall not affect the conclusiveness or binding effect of such oral notice.
		

		
			
		

		
			

		 

		

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			(b)         Each LC Participant shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in immediately available funds equal to its Pro Rata Share of the amount of the drawing (a “Participation Advance”), whereupon the LC Participants shall  each be deemed to have made a Loan to the Borrower in that amount.  If any LC Participant so notified fails to make available to the LC Bank the amount of such LC Participant’s Pro Rata Share of such amount by 2:00 p.m. (New York City time) on the Drawing Date, then interest shall accrue on such LC Participant’s obligation to make such payment, from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the Base Rate on and after the fourth day following the Drawing Date.  The LC Bank will promptly give notice to each LC Participant of the occurrence of the Drawing Date, but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient time to enable any LC Participant to effect such payment on such date shall not relieve such LC Participant from its obligation under this clause (b).  Each LC Participant’s Commitment shall continue until the last to occur of any of the following events:  (A) the LC Bank ceases to be obligated to issue or cause to be issued Letters of Credit hereunder, (B) no Letter of Credit issued hereunder remains outstanding and uncancelled or (C) all Credit Parties have been fully reimbursed for all payments made under or relating to Letters of Credit.
		

		
			 
		

		
			SECTION 3.05.  Repayment of Participation Advances.
		

		
			 
		

		
			(a)         Upon (and only upon) receipt by the LC Bank for its account of immediately available funds from or for the account of the Borrower (i) in reimbursement of any payment made by the LC Bank under a Letter of Credit with respect to which any LC Participant has made a Participation Advance to the LC Bank or (ii) in payment of Interest on the Loans made or deemed to have been made in connection with any such draw, the LC Bank will pay to each LC Participant, ratably (based on the outstanding drawn amounts funded by each such LC Participant in respect of such Letter of Credit), in the same funds as those received by the LC Bank; it being understood, that the LC Bank shall retain a ratable amount of such funds that were not the subject of any payment in respect of such Letter of Credit by any LC Participant.
		

		
			 
		

		
			(b)         If the LC Bank is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of the payments made by the Borrower to the LC Bank pursuant to this Agreement in reimbursement of a payment made under a Letter of Credit or interest or fee thereon, each LC Participant shall, on demand of the LC Bank, forthwith return to the LC Bank the amount of its Pro Rata Share of any amounts so returned by the LC Bank plus interest at the Federal Funds Rate, from the date the payment was first made to such LC Participant through, but not including, the date the payment is returned by such LC Participant.
		

		
			 
		

		
			(c)         If any Letters of Credit are outstanding and undrawn on the Termination Date, the LC Collateral Account shall be funded from Collections (or, in the Borrower’s sole discretion, by other funds available to the Borrower) in an amount equal to the aggregate undrawn face amount of such Letters of Credit plus all related fees to accrue through the stated expiration dates thereof (such fees to accrue, as reasonably estimated by the LC Bank, the “LC Fee Expectation”).
		

		
			
		

		
			

		 

		

			-37-

		

 

		

		
			 
		

		
			SECTION 3.06.  Documentation.  The Borrower agrees to be bound by the terms of the Letter of Credit Application and by the LC Bank’s interpretations of any Letter of Credit issued for the Borrower and by the LC Bank’s written regulations and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations and practices may be different from the Borrower’s own.  In the event of a conflict between the Letter of Credit Application and this Agreement, this Agreement shall govern.  The LC Bank shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following the Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.
		

		
			 
		

		
			SECTION 3.07.  Determination to Honor Drawing Request.  In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, the LC Bank shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.
		

		
			 
		

		
			SECTION 3.08.  Nature of Participation and Reimbursement Obligations.  Each LC Participant’s obligation in accordance with this Agreement to make Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of the Borrower to reimburse the LC Bank upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement and  under all circumstances, including the following circumstances:
		

		
			 
		

		
			(i)         any set-off, counterclaim, recoupment, defense or other right which such LC Participant may have against the LC Bank, the other Credit Parties, the Borrower, the Servicer, the Transferor, an Originator, the Performance Guarantor or any other Person for any reason whatsoever;
		

		
			 
		

		
			(ii)        the failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making of a Loan, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are not required for the making of Participation Advances hereunder;
		

		
			 
		

		
			(iii)       any lack of validity or enforceability of any Letter of Credit or any set-off, counterclaim, recoupment, defense or other right which the Borrower, the Performance Guarantor, the Transferor, the Servicer, an Originator or any Affiliate thereof on behalf of which a Letter of Credit has been issued may have against the LC Bank, or any other Credit Party or any other Person for any reason whatsoever;
		

		
			 
		

		
			(iv)       any claim of breach of warranty that might be made by the Borrower, an Originator, the Transferor, the Servicer or any Affiliate thereof, the LC Bank, or any LC Participant against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, defense or other right which the Borrower, the LC Bank or any LC Participant may have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the LC Bank, any other Credit Party or any other Person, 
		

		
			
		

		
			

		 

		

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			whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Borrower or any Affiliates of the Borrower and the beneficiary for which any Letter of Credit was procured);
		

		
			 
		

		
			(v)        the lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness of, any draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand, instrument, certificate or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, even if the Administrative Agent or the LC Bank has been notified thereof;
		

		
			 
		

		
			(vi)       payment by the LC Bank under any Letter of Credit against presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit;
		

		
			 
		

		
			(vii)      the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit;
		

		
			 
		

		
			(viii)     any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form requested by the Borrower;
		

		
			 
		

		
			(ix)       any Material Adverse Effect;
		

		
			 
		

		
			(x)         any breach of this Agreement or any other Transaction Document by any party thereto;
		

		
			 
		

		
			(xi)       the occurrence or continuance of an Insolvency Proceeding with respect to the Borrower, the Performance Guarantor, the Transferor, any Originator or any Affiliate thereof;
		

		
			 
		

		
			(xii)      the fact that an Event of Default or an Unmatured Event of Default shall have occurred and be continuing;
		

		
			 
		

		
			(xiii)     the fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and
		

		
			 
		

		
			(xiv)     any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.
		

		
			 
		

		
			SECTION 3.09.  Indemnity.  In addition to other amounts payable hereunder, the Borrower hereby agrees to protect, indemnify, pay and save harmless the Administrative Agent, the LC Bank, each LC Participant, each other Credit Party and each of the LC Bank’s Affiliates that have issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, Indemnified Taxes, penalties, interest, judgments, losses, costs, charges and expenses (including Attorney Costs), on an after-Tax basis, which the Administrative Agent, the LC Bank, any LC Participant, any other Credit Party or any of their respective Affiliates may incur or be subject to 
		

		
			
		

		
			

		 

		

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			as a consequence, direct or indirect, of the issuance of any Letter of Credit, except to the extent resulting from (a) the gross negligence or willful misconduct of the party to be indemnified as determined by a final non-appealable judgment of a court of competent jurisdiction or (b) the wrongful dishonor by the LC Bank of a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority (all such acts or omissions herein called “Governmental Acts”).
		

		
			 
		

		
			SECTION 3.10.  Liability for Acts and Omissions.  As between the Borrower, on the one hand, and the Administrative Agent, the LC Bank, the LC Participants, and the other Credit Parties, on the other, the Borrower assumes all risks of the acts and omissions of, or misuse of any Letter of Credit by, the respective beneficiaries of such Letter of Credit. In furtherance and not in limitation of the foregoing, none of the Administrative Agent, the LC Bank, the LC Participants, or any other Credit Party shall be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if the LC Bank, any LC Participant or any other Credit Party shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, electronic mail, cable, telegraph, telex, facsimile or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Administrative Agent, the LC Bank, the LC Participants, and the other Credit Parties, including any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of the LC Bank’s rights or powers hereunder.  In no event shall the Administrative Agent, the LC Bank, the LC Participants, or the other Credit Parties or their respective Affiliates, be liable to the Borrower or any other Person for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation Attorney Costs), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.
		

		
			 
		

		
			Without limiting the generality of the foregoing, the Administrative Agent, the LC Bank, the LC Participants, and the other Credit Parties and each of their respective Affiliates (i) may rely on any written communication believed in good faith by such Person to have been authorized or given by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear on their face to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of 
		

		
			
		

		
			

		 

		

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			wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the LC Bank or its Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Administrative Agent, the LC Bank, the LC Participants, or the other Credit Parties or their respective Affiliates, in any way related to any order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar document (each, an “Order”) and may honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.
		

		
			 
		

		
			In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the LC Bank under or in connection with any Letter of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith and without gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction, shall not put the LC Bank under any resulting liability to the Borrower, any Credit Party or any other Person.
		

		
			 
		

		
			ARTICLE IV

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS
		

		
			 
		

		
			SECTION 4.01.  Settlement Procedures.  
		

		
			 
		

		
			(a)         The Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the Administrative Agent, segregate in a separate account approved by the Administrative Agent), for application in accordance with the priority of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower or received in any Lock-Box or Lock-Box Account.  On each Settlement Date, the Servicer (or, following its assumption of control of the Lock-Box Accounts, the Administrative Agent) shall, distribute such Collections in the following order of priority:
		

		
			 
		

		
			(i)         first, to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer);
		

		
			 
		

		
			(ii)        second, to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts 
		

		
			
		

		
			

		 

		

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			payable under Sections 5.03 and 13.01 in respect of such payments) payable for any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party;
		

		
			 
		

		
			(iii)       third, as set forth in clause (x),  (y) or (z) below, as applicable:
		

		
			 
		

		
			(x)         prior to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such date: (I) first, to the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the outstanding Aggregate Capital at such time, in an aggregate amount equal to the amount necessary to reduce the Borrowing Base Deficit to zero ($0) and (II) second, to the LC Collateral Account, in reduction of the Adjusted LC Participation Amount, in an amount equal to the amount necessary (after giving effect to clause (I) above) to reduce the Borrowing Base Deficit to zero ($0); 
		

		
			 
		

		
			(y)         on and after the occurrence of the Termination Date: (I) first, to each Lender (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time and (II) second, to the LC Collateral Account (A) the amount necessary to reduce the Adjusted LC Participation Amount to zero ($0) and (B) an amount equal to the LC Fee Expectation at such time; or
		

		
			 
		

		
			(z)         prior to the occurrence of the Termination Date, at the election of the Borrower and in accordance with Section 2.02(d), to the payment of all or any portion of the outstanding Capital of the Lenders at such time (ratably, based on the aggregate outstanding Capital of each Lender at such time);
		

		
			 
		

		
			(iv)       fourth, to the Credit Parties that are then Exiting Lenders (ratably, based on the amount due and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to such Credit Parties;
		

		
			 
		

		
			(v)        fifth, to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties; and
		

		
			 
		

		
			(vi)       sixth, the balance, if any, to be paid to the Borrower for its own account.
		

		
			 
		

		
			(b)         All payments or distributions to be made by the Servicer, the Borrower and any other Person to the Lenders (or their respective related Affected Persons and the Borrower Indemnified Parties), the LC Bank and the LC Participants hereunder shall be paid or distributed to the Administrative Agent’s Account.  The Administrative Agent, upon its receipt in the Administrative Agent’s Account of any such payments or distributions, shall distribute such 
		

		
			
		

		
			

		 

		

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			amounts to the applicable Lenders, the LC Bank, LC Participants, Affected Persons and the Borrower Indemnified Parties ratably; provided that if the Administrative Agent shall have received insufficient funds to pay all of the above amounts in full on any such date, the Administrative Agent shall pay such amounts to the applicable Lenders, the LC Bank, the LC Participants, Affected Persons and the Borrower Indemnified Parties in accordance with the priority of payments set forth above, and with respect to any such category above for which there are insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to each such Person) among all such Persons entitled to payment thereof.
		

		
			 
		

		
			(c)         If and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to any Person any amount received on its behalf hereunder, such amount that is actually paid over shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall have a claim against the Borrower for such amount.
		

		
			 
		

		
			(d)         For the purposes of this Section 4.01:
		

		
			 
		

		
			(i)         if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, discount or other adjustment made by the Borrower, any Originator, the Transferor, the Servicer or any Affiliate of the Servicer, or any setoff or dispute between the Borrower or any Affiliate of the Borrower, the Transferor or any Affiliate of the Transferor, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a);
		

		
			 
		

		
			(ii)        if on any day any of the representations or warranties in Section 7.01 is not true with respect to any Pool Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and shall immediately pay the amount of such deemed Collection to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have been received pursuant to Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”);
		

		
			 
		

		
			(iii)       except as provided in clauses (i) or (ii) above or otherwise required by Applicable Law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for application to specific Receivables or the relevant Contract provides otherwise; and
		

		
			
		

		
			

		 

		

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			(iv)       if and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it hereunder, such amount actually paid over shall be deemed not to have been so received by such Person but rather to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.
		

		
			 
		

		
			If Borrower pays any Deemed Collections with respect to any Pool Receivable in an amount equal to the full Outstanding Balance of such Receivable in accordance with clause (d) above, then the Borrower may convey such Receivable to the Transferor, without representation or warranty, free and clear of the security interests created by the Transaction Documents.
		

		
			 
		

		
			(e)         The Servicer may, and shall at the direction of the Administrative Agent pursuant to Section 8.02(a)(ii), deliver an Interim Report to the Administrative Agent on any Business Day during a Minimum Fixed Charge Ratio Period.  Upon receipt of such Interim Report, the Administrative Agent shall promptly review such Interim Report to determine if such Interim Report constitutes a Qualifying Interim Report.  In the event that the Administrative Agent reasonably determines that such Interim Report constitutes a Qualifying Interim Report, so long as no Event of Default or Unmatured Event of Default has occurred and is continuing and the Administrative Agent is then exercising exclusive dominion and control over the Lock-Box Accounts, the Administrative Agent shall promptly remit to the Servicer from the Lock-Box Accounts (and the LC Collateral Account, if applicable) the lesser of (i) the amount identified on such Qualifying Interim Report as Collections and other amounts on deposit in the Lock-Box Accounts and/or LC Collateral Account in excess of the amount necessary to ensure that there is no Borrowing Base Deficit and (ii) the aggregate amount of available Collections and other amounts then on deposit in the Lock-Box Accounts and the LC Collateral Account.  For purposes of this clause (e), “Qualifying Interim Report” shall mean any Interim Report that satisfies each of the following conditions: (A) such report shows that no Borrowing Base Deficit then exists; (B) such Interim Report is calculated as of the immediately prior Business Day and (C) the Administrative Agent does not in good faith reasonably believe that any of the information or calculations set forth in such Interim Report are false or incorrect in any material respect (and notice of any such determination shall be provided promptly to the Servicer).
		

		
			 
		

		
			SECTION 4.02.  Payments and Computations, Etc.  (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than 12:00 Noon (New York City time) on the day when due in same day funds to the Administrative Agent’s Account.
		

		
			 
		

		
			(b)         Each of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.00% per annum above the Base Rate, payable on demand.
		

		
			 
		

		
			(c)         All computations of interest under subsection (b) above and all computations of Interest, Fees and other amounts hereunder shall be made on the basis of a year 
		

		
			
		

		
			

		 

		

			-44-

		

 

		

		
			of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366 days, as applicable) for the actual number of days (including the first but excluding the last day) elapsed.  Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.
		

		
			 
		

		
			ARTICLE V

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST
		

		
			 
		

		
			SECTION 5.01.  Increased Costs.
		

		
			 
		

		
			(a)         Increased Costs Generally.  If any Change in Law shall:
		

		
			 
		

		
			(i)         impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender or the LC Bank (except any such reserve requirement reflected in the Euro-Rate);
		

		
			 
		

		
			(ii)        subject any Credit Party to any Taxes (except to the extent such Taxes are Indemnified Taxes for which relief is sought under Section 5.03 or Excluded Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or
		

		
			 
		

		
			(iii)       impose on any Credit Party any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this Agreement, any other Transaction Document, any Loan or any Letter of Credit or participation therein or (B) affecting its obligations or rights to make Loans or issue or participate in Letters of Credit;
		

		
			 
		

		
			and the result of any of the foregoing shall be to increase the cost to such Credit Party of (A) acting as the Administrative Agent or a Credit Party hereunder, (B) funding or maintaining any Loan or issuing or participating in, any Letter of Credit (or interests therein) or (C) maintaining its obligation to fund or maintain any Loan or issuing or participating in, any Letter of Credit, or to reduce the amount of any sum received or receivable by such Credit Party hereunder, then, upon request of such Credit Party, the Borrower shall pay to such Credit Party such additional amount or amounts as will compensate such Credit Party for such additional costs incurred or reduction suffered as reasonably determined by such Credit Party (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the Credit Party under agreements having provisions similar to this Section 5.01 after consideration of such factors as the Credit Party then reasonably determines to be relevant).
		

		
			 
		

		
			(b)         Capital Requirements.  If any Credit Party determines that any Change in Law affecting such Credit Party or any lending office of such Credit Party or such Credit Party’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Credit Party’s capital or on the capital of such Credit Party’s holding company, if any, as a consequence of (A) this Agreement or any other Transaction 
		

		
			
		

		
			

		 

		

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			Document, (B) the commitments of such Credit Party hereunder or under any other Transaction Document, (C) the Loans, Letters of Credit or participations in Letters of Credit, made or issued by such Credit Party or (D) any Capital, to a level below that which such Credit Party or such Credit Party’s holding company could have achieved but for such Change in Law (taking into consideration such Credit Party’s policies and the policies of such Credit Party’s holding company with respect to capital adequacy and liquidity), then from time to time, upon request of such Credit Party, the Borrower will pay to such Credit Party such additional amount or amounts as will compensate such Credit Party or such Credit Party’s holding company for any such reduction suffered as reasonably determined by such Credit Party (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the Credit Party under agreements having provisions similar to this Section 5.01 after consideration of such factors as the Credit Party then reasonably determines to be relevant).
		

		
			 
		

		
			(c)         [Reserved].
		

		
			 
		

		
			(d)         Certificates for Reimbursement.  A certificate of a Credit Party setting forth the amount or amounts necessary to compensate such Credit Party or its holding company, as the case may be, as specified in clause (a), or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error; provided,  however, that in connection with making any such request for reimbursement by the Borrower hereunder pursuant to clause (a) or (b)  of this Section, the applicable Credit Party shall certify to the Borrower that it or its Affiliates are also generally seeking reimbursement of similar costs from similarly situated customers, which certification shall be conclusive absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in Section 4.01, pay such Credit Party the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.
		

		
			 
		

		
			(e)         Delay in Requests.  Failure or delay on the part of any Credit Party to demand compensation pursuant to this Section shall not constitute a waiver of such Credit Party’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Credit Party pursuant to this Section for any increased costs or reductions incurred more than nine-months prior to the date that such Credit Party notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Credit Party’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof.
		

		
			 
		

		
			SECTION 5.02.  Funding Losses.
		

		
			 
		

		
			(a)         The Borrower will pay each Lender all Breakage Fees.
		

		
			 
		

		
			(b)         A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in clause (a) above and delivered to the Borrower, shall be presumed correct absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in Section 4.01, pay such Lender the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.
		

		
			
		

		
			

		 

		

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			SECTION 5.03.  Taxes.
		

		
			 
		

		
			(a)         Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Indemnified Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of the applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section), the applicable Credit Party receives an amount equal to the sum it would have received had no such deduction or withholding been made.
		

		
			 
		

		
			(b)         Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or, at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes.
		

		
			 
		

		
			(c)         Indemnification by the Borrower.  To the extent not paid, reimbursed or compensated pursuant to Section 5.03(a) or (b), the Borrower shall indemnify each Credit Party, within ten days after demand therefor, for the full amount of any (I) Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Credit Party or required to be withheld or deducted from a payment to such Credit Party and any  reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority and (II) Taxes that arise because a Loan is not treated for U.S. federal, state, local or franchise tax purposes as intended under Section 5.03(j) (such indemnification will include any U.S. federal, state or local income and franchise taxes necessary to make such Credit Party whole on an after-tax basis taking into account the taxability of receipt of payments under this clause (II) and any reasonable expenses (other than Taxes) arising out of, relating to, or resulting from the foregoing).  Promptly upon having knowledge that any such Indemnified Taxes have been levied, imposed or assessed, and promptly upon notice by the Administrative Agent or any Affected Person, the Borrower shall pay such Indemnified Taxes directly to the relevant taxing authority or Governmental Authority or to the applicable Credit Party, as requested; provided that neither the Administrative Agent nor any Affected Person shall be under any obligation to provide any such notice to the Borrower.  A certificate as to the amount of such payment or liability delivered to the Borrower by an Affected Person (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error.
		

		
			 
		

		
			(d)         Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender or any of its respective Affiliates that are Affected Persons (but only to the extent that the Borrower and its Affiliates have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting any obligation of the Borrower, the Servicer or their Affiliates to do so), (ii) any Taxes attributable to the failure of such Lender or any of its respective Affiliates that are Affected Persons to comply with Section 14.03(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender 
		

		
			
		

		
			

		 

		

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			or any of their respective Affiliates that are Affected Persons, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or any of its respective Affiliates that are Affected Persons under any Transaction Document or otherwise payable by the Administrative Agent to such Lender or any of its respective Affiliates that are Affected Persons from any other source against any amount due to the Administrative Agent under this clause (d).
		

		
			 
		

		
			(e)         Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 5.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
		

		
			 
		

		
			(f)         Status of Credit Party.  (i) Any Credit Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Credit Party, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Credit Party is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 5.03(f)(ii)(A),  5.03(f)(ii)(B) and 5.03(g)) shall not be required if, in the Credit Party’s reasonable judgment, such completion, execution or submission would subject such Credit Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Credit Party.
		

		
			 
		

		
			(ii)        Without limiting the generality of the foregoing:
		

		
			 
		

		
			(A)         any Credit Party that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code, and not an exempt recipient described in Section 6049(b)(4) of the Code, shall deliver to the Borrower and the Administrative Agent from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by Applicable Laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Credit Party is a United States Person and whether such Credit Party is subject to backup withholding or information reporting requirements;
		

		
			
		

		
			

		 

		

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			(B)         any Credit Party that is organized under the laws of a jurisdiction other than the United States (including each State thereof and the District of Columbia) (a “Foreign Credit Party”) that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be reasonably requested by the Borrower or the Administrative Agent) on or prior to the date on which such Foreign Credit Party becomes a Credit Party with respect to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent, but only if such Foreign Credit Party is legally entitled to do so), whichever of the following is applicable:
		

		
			 
		

		
			(1)         in the case of such a Credit Party claiming the benefits of an income tax treaty to which the United States is a party, executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable;
		

		
			 
		

		
			(2)         executed originals of Internal Revenue Service Form W-8ECI;
		

		
			 
		

		
			(3)         in the case of a Foreign Credit Party claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Credit Party is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E; or
		

		
			 
		

		
			(4)         to the extent such Credit Party is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied by Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, a U.S. Tax Compliance Certificate, Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if such Credit Party is a partnership and one or more direct or indirect partners of such Credit Party are claiming the portfolio interest exemption, such Credit Party may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; and
		

		
			 
		

		
			(C)         any Foreign Credit Party, to the extent it is legally entitled to do so, shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient), from time to time 
		

		
			
		

		
			

		 

		

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			upon the reasonable request of the Borrower or the Administrative Agent, executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 
		

		
			 
		

		
			(g)         Documentation Required by FATCA.  If a payment made to a Credit Party under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Credit Party were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Credit Party shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Credit Party has complied with such Credit Party’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with FATCA.
		

		
			 
		

		
			(h)         Survival.  Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party, the termination of the Commitments and the repayment, satisfaction or discharge of all the Borrower Obligations and the Servicer’s obligations hereunder.
		

		
			 
		

		
			(i)         Updates.  Each Credit Party agrees that if any form or certification it previously delivered pursuant to this Section 5.03 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
		

		
			 
		

		
			(j)         Intended Tax Treatment.  Notwithstanding anything to the contrary herein or in any other Transaction Document, all parties to this Agreement covenant and agree to treat each Loan under this Agreement as debt (and all Interest as interest) for all U.S. federal, state, local and franchise tax purposes and agree not to take any position on any tax return inconsistent with the foregoing.
		

		
			 
		

		
			(k)         Tax Benefit. If any Credit Party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03 (any such refund, a “Tax Benefit”), it shall pay to the indemnifying party an amount equal to such Tax Benefit (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such Tax Benefit), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by 
		

		
			
		

		
			

		 

		

			-50-

		

 

		

		
			the relevant Governmental Authority with respect to such Tax Benefit). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (k) in the event that such indemnified party is required to repay such Tax Benefit to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will the Credit Party be required to pay any amount to the indemnifying party pursuant to this paragraph the payment of which would place Credit Party in a less favorable net after-Tax position than the Credit Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any Person.
		

		
			 
		

		
			SECTION 5.04.  Inability to Determine Euro-Rate; Change in Legality.
		

		
			 
		

		
			(a)         If any Lender shall have determined (which determination shall be conclusive and binding upon the parties hereto) before the first day of any Interest Period (with respect to the Euro-Rate determined by reference to Adjusted LIBOR) or on any day (with respect to the Euro-Rate determined by reference to LMIR), by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits in the relevant amounts and for the relevant Interest Period or day, as applicable, are not available, (ii) adequate and reasonable means do not exist for ascertaining the Euro-Rate for such Interest Period or day, as applicable, or (iii) the Euro-Rate determined pursuant hereto does not accurately reflect the cost to such Lender (as conclusively determined by such Lender) of maintaining any Portion of Capital during such Interest Period or day, as applicable, such Lender shall promptly give telephonic notice of such determination, confirmed in writing, to the Administrative Agent and the Borrower before the first day of any Interest Period (with respect to the Euro-Rate determined by reference to Adjusted LIBOR) or on such day (with respect to the Euro-Rate determined by reference to LMIR).  Upon delivery of such notice: (i) no Portion of Capital shall be funded thereafter at the Euro-Rate unless and until such Lender shall have given notice to the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist and (ii) with respect to any outstanding Portion of Capital then funded at the Euro-Rate, the Interest Rate with respect to such Portion of Capital shall automatically be converted to the Base Rate on the last day of the then-current Interest Period (with respect to the Euro-Rate determined by reference to Adjusted LIBOR) or immediately (with respect to the Euro-Rate determined by reference to LMIR).  For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, neither Borrower nor any other Covered Entity shall be responsible for any Breakage Fees incurred solely as a result of actions by a Lender under this clause (a).
		

		
			 
		

		
			(b)         If, on or before the first day of any Interest Period (with respect to the Euro-Rate determined by reference to Adjusted LIBOR) or on any day (with respect to the Euro-Rate determined by reference to LMIR), any Lender shall have been notified by any Affected Person that such Affected Person has determined (which determination shall be final and conclusive) that any Change in Law, or compliance by such Lender with any Change in Law, shall make it unlawful or impossible for such Lender to fund or maintain any Portion of Capital at or by reference to the Euro-Rate, such Lender shall notify the Borrower and the Administrative Agent thereof.  Upon receipt of such notice, until such Lender notifies the Borrower and the Administrative Agent that 
		

		
			
		

		
			

		 

		

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			the circumstances giving rise to such determination no longer apply, (i) no Portion of Capital shall be funded at or by reference to the Euro-Rate and (ii) the Interest Rate for any outstanding Portions of Capital then funded at the Euro-Rate shall be automatically converted to the Base Rate either (x) on the last day of the then-current Interest Period (with respect to the Euro-Rate determined by reference to Adjusted LIBOR) or immediately (with respect to the Euro-Rate determined by reference to LMIR), in either case, only if such Lender may lawfully continue to maintain such Portion of Capital at or by reference to the Euro-Rate prior to such conversion or (y) immediately, if such Lender may not lawfully continue to maintain such Portion of Capital at or by reference to the Euro-Rate during such period.  For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, neither Borrower nor any other Covered Entity shall be responsible for any Breakage Fees incurred solely as a result of actions of an Affected Person or Lender under this clause (b).
		

		
			 
		

		
			SECTION 5.05.  Security Interest.  
		

		
			 
		

		
			(a)         As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right, title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively, the “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables, (iv) the Lock-Boxes and Lock-Box Accounts and all amounts on deposit therein, and all certificates and instruments, if any, from time to time evidencing such Lock-Boxes and Lock-Box Accounts and amounts on deposit therein, (v) all rights (but none of the obligations) of the Borrower under the Sale Agreements and (vi) all proceeds of, and all amounts received or receivable under any or all of, the foregoing.  
		

		
			 
		

		
			The Administrative Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party under any applicable UCC.  The Borrower hereby authorizes the Administrative Agent to file financing statements describing as the collateral covered thereby as “all of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement.
		

		
			 
		

		
			Immediately upon the occurrence of the Final Payout Date, the Collateral shall be automatically released from the lien created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Borrower; provided,  however, that promptly following written request therefor by the Borrower delivered to the Administrative Agent following any such termination, and at the expense of the Borrower, the Administrative Agent shall deliver to the Borrower written authorization for the Borrower to file UCC-3 termination statements and such other documents as the Borrower shall reasonably request to evidence such termination.
		

		
			
		

		
			

		 

		

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			ARTICLE VI

CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS
		

		
			 
		

		
			SECTION 6.01.  Conditions Precedent to Effectiveness and the Initial Credit Extension.  This Agreement shall become effective as of the Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit H hereto, in each case, in form and substance acceptable to the Administrative Agent and (b) all fees and expenses payable by the Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.
		

		
			 
		

		
			SECTION 6.02.  Conditions Precedent to All Credit Extensions.  Each Credit Extension hereunder on or after the Closing Date shall be subject to the conditions precedent that:
		

		
			 
		

		
			(a)         in the case of a Loan, the Borrower shall have delivered to the Administrative Agent and each Lender a Loan Request for such Loan, and in the case of a Letter of Credit, the Borrower shall have delivered to the Administrative Agent, each Lender and the LC Bank, a Letter of Credit Application and an LC Request, in each case, in accordance with Section 2.02(a) or Section 3.02(a), as applicable;
		

		
			 
		

		
			(b)         the Servicer shall have delivered to the Administrative Agent and each Lender all Information Packages required to be delivered hereunder;
		

		
			 
		

		
			(c)         the conditions precedent to such Credit Extension specified in Section 2.01(i) through (iii) and Section 3.01(a), as applicable, shall be satisfied; and
		

		
			 
		

		
			(d)         on the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit Extension, the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):
		

		
			 
		

		
			(i)         the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date;
		

		
			 
		

		
			(ii)        no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default would result from such Credit Extension;
		

		
			 
		

		
			(iii)       no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and
		

		
			 
		

		
			(iv)       the Termination Date has not occurred.
		

		
			
		

		
			

		 

		

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			ARTICLE VII

REPRESENTATIONS AND WARRANTIES
		

		
			 
		

		
			SECTION 7.01.  Representations and Warranties of the Borrower.  The Borrower represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:
		

		
			 
		

		
			(a)         Organization and Good Standing.  The Borrower is a limited liability company and validly existing in good standing under the laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.
		

		
			 
		

		
			(b)         Due Qualification.  The Borrower is duly qualified to do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(c)         Power and Authority; Due Authorization.  The Borrower (i) has all necessary power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and (C) grant a security interest in the Collateral to the Administrative Agent on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary action such grant and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party.
		

		
			 
		

		
			(d)         Binding Obligations.  This Agreement and each of the other Transaction Documents to which the Borrower is a party constitutes  legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
		

		
			 
		

		
			(e)         No Conflict or Violation.  The execution, delivery and performance of, and the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents to which it is a party, and the fulfillment of the terms hereof and thereof, will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the Borrower is a party or by which it or any of its properties is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law.
		

		
			
		

		
			

		 

		

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			(f)         Litigation and Other Proceedings.  (i)  There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower, threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction Document, (B) seeks to prevent the grant of a security interest in any Collateral by the Borrower to the Administrative Agent, the ownership or acquisition by the Borrower of any Pool Receivables or other Collateral or the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document, (C) seeks any determination or ruling that could materially and adversely affect the performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(g)         Governmental Approvals.  Except where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Borrower in connection with the grant of a security interest in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by the Borrower of this Agreement or any other Transaction Document to which it is a party and the consummation by the Borrower of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect.
		

		
			 
		

		
			(h)         Margin Regulations.  The Borrower is not engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System).
		

		
			 
		

		
			(i)         Taxes.  The Borrower has timely filed all material Tax returns and reports required by Applicable Law to have been filed by it and has paid all material Taxes, assessments and governmental charges thereby shown to be owing by it, other than any such Taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established.
		

		
			 
		

		
			(j)         Solvency.  After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, the Borrower is Solvent.
		

		
			 
		

		
			(k)         Offices; Legal Name.  The Borrower’s sole jurisdiction of organization is the State of Delaware and such jurisdiction has not changed within four months prior to the date of this Agreement.  The office of the Borrower is located at the applicable address specified on Schedule III hereto.  The legal name of the Borrower is AROP Funding, LLC.
		

		
			 
		

		
			(l)         Investment Company Act.  The Borrower (i) is not, and is not controlled by an “investment company” registered or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the Volcker Rule.  In determining that Borrower is not a “covered fund” under the Volcker Rule, Borrower is entitled to rely on the exemption from the 
		

		
			
		

		
			

		 

		

			-55-

		

 

		

		
			definition of “investment company” set forth in Section 3(c)(5)(A) or (B) of the Investment Company Act.
		

		
			 
		

		
			(m)         No Material Adverse Effect.  Since the date of formation of the Borrower there has been no Material Adverse Effect with respect to the Borrower.
		

		
			 
		

		
			(n)         Accuracy of Information.  All Information Packages, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications, certificates, reports, statements, documents and other information furnished to the Administrative Agent or any other Credit Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading (provided that with respect to any projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time).
		

		
			 
		

		
			(o)         Anti-Money Laundering/International Trade Law Compliance.  No Covered Entity is a Sanctioned Person.  No Covered Entity, either in its own right or through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.
		

		
			 
		

		
			(p)         Perfection Representations.
		

		
			 
		

		
			(i)         This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s right, title and interest in, to and under the Collateral which (A) security interest has been perfected and is enforceable against creditors of and purchasers from the Borrower and (B) will be free of all Adverse Claims in such Collateral.  
		

		
			 
		

		
			(ii)        The Receivables constitute “accounts” (including, without limitation, “accounts” constituting “as-extracted collateral”) or “general intangibles” within the meaning of Section 9-102 of the UCC.
		

		
			 
		

		
			(iii)       The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.
		

		
			 
		

		
			(iv)       All appropriate financing statements, financing statement amendments and continuation statements have been filed in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the sale of the Receivables and Related Security from each Originator to the Transferor pursuant to the Purchase and Sale Agreement, the 
		

		
			
		

		
			

		 

		

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			sale and contribution of the Receivables and Related Security from the Transferor to the Borrower pursuant to the Sale and Contribution Agreement and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant to this Agreement.
		

		
			 
		

		
			(v)        Other than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement and the other Transaction Documents.  The Borrower has not authorized the filing of and is not aware of any financing statements filed against the Borrower that include a description of collateral covering the Collateral other than any financing statement (i) in favor of the Administrative Agent or (ii) that has been terminated.  The Borrower is not aware of any judgment lien, ERISA lien or tax lien filings against the Borrower.
		

		
			 
		

		
			(vi)       Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section 7.01(p) shall be continuing and remain in full force and effect until the Final Payout Date.
		

		
			 
		

		
			(q)         The Lock-Boxes and Lock-Box Accounts.
		

		
			 
		

		
			(i)         Nature of Lock-Box Accounts.  Each Lock-Box Account constitutes a “deposit account” within the meaning of the applicable UCC.
		

		
			 
		

		
			(ii)        Ownership.  Each Lock-Box and Lock-Box Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to the Lock-Box Accounts free and clear of any Adverse Claim.
		

		
			 
		

		
			(iii)       Perfection.  The Borrower has delivered to the Administrative Agent a fully executed Lock-Box Agreement relating to each Lock-Box and Lock-Box Account, pursuant to which each applicable Lock-Box Bank has agreed to comply with the instructions originated by the Administrative Agent directing the disposition of funds in such Lock-Box and Lock-Box Account without further consent by the Borrower, the Servicer or any other Person.  The Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over each Lock-Box Account.
		

		
			 
		

		
			(iv)       Instructions.  Neither the Lock-Boxes nor the Lock-Box Accounts are in the name of any Person other than the Borrower.  Neither the Borrower nor the Servicer has consented to the applicable Lock-Box Bank complying with instructions of any Person other than (i) the Administrative Agent or (ii) prior to the exercise of exclusive control over the applicable Lock-Box Accounts by the Administrative Agent, the Borrower or Servicer.
		

		
			 
		

		
			(r)         Ordinary Course of Business.  Each remittance of Collections by or on behalf of the Borrower to the Credit Parties under this Agreement will have been (i) in payment of 
		

		
			
		

		
			

		 

		

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			a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.
		

		
			 
		

		
			(s)         Compliance with Law.  The Borrower has complied in all material respects with all Applicable Laws to which it may be subject.
		

		
			 
		

		
			(t)         Bulk Sales Act.  No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law.
		

		
			 
		

		
			(u)         Eligible Receivables.  Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.
		

		
			 
		

		
			(v)         Opinions.  The facts regarding the Borrower, the Receivables, the Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.
		

		
			 
		

		
			(w)         Mortgages Covering As-Extracted Collateral.  There are no mortgages that are effective as financing statements covering as-extracted collateral and that name any Originator as grantor, debtor or words of similar effect filed or recorded in any jurisdiction.
		

		
			 
		

		
			(x)         Other Transaction Documents.  Each representation and warranty made by the Borrower under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made.
		

		
			 
		

		
			(y)         Reaffirmation of Representations and Warranties.  On the date of each Credit Extension, on each Settlement Date and on the date each Information Package or Interim Report is delivered to the Administrative Agent or any Lender hereunder, the Borrower shall be deemed to have certified that (i) all representations and warranties of the Borrower hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing or will result from such Credit Extension.
		

		
			 
		

		
			(z)         Liquidity Coverage Ratio.  The Borrower has not, does not and will not during the term of this Agreement (x) issue any obligations that (A) constitute asset-backed commercial paper, or (B) are securities required to be registered under the Securities Act of 1933 (the “33 Act”) or that may be offered for sale under Rule 144A or a similar exemption from registration under the 33 Act or the rules promulgated thereunder, or (y) issue any other debt obligations or equity interests other than equity interests issued to the Parent, the Subordinated Notes or debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (A) issued to other banks or asset-backed commercial paper conduits in privately negotiated transactions, and (B) subject to transfer restrictions substantially similar to the transfer restrictions set forth in this Agreement.  The Borrower further represents and warrants that 
		

		
			
		

		
			

		 

		

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			its assets and liabilities are consolidated with the assets and liabilities of Servicer for purposes of GAAP.
		

		
			 
		

		
			Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date.
		

		
			 
		

		
			SECTION 7.02.  Representations and Warranties of the Servicer.  The Servicer represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:
		

		
			 
		

		
			(a)         Organization and Good Standing.  The Servicer is a duly organized and validly existing limited liability company in good standing under the laws of the State of Delaware, with the power and authority under its organizational documents and under the laws of the State of Delaware to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.
		

		
			 
		

		
			(b)         Due Qualification.  The Servicer is duly qualified to do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the Pool Receivables as required by this Agreement requires such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(c)         Power and Authority; Due Authorization.  The Servicer has all necessary power and authority to (i) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer by all necessary action.
		

		
			 
		

		
			(d)         Binding Obligations.  This Agreement and each of the other Transaction Documents to which it is a party constitutes legal, valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
		

		
			 
		

		
			(e)         No Conflict or Violation.  The execution and delivery of this Agreement and each other Transaction Document to which the Servicer is a party, the performance of the transactions contemplated by this Agreement and the other Transaction Documents and the fulfillment of the terms of this Agreement and the other Transaction Documents by the Servicer will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational documents of the Servicer or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer is a 
		

		
			
		

		
			

		 

		

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			party or by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, credit agreement, loan agreement, agreement, mortgage, deed of trust or other agreement or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law, except to the extent that any such conflict, breach, default, Adverse Claim or violation could not reasonably be expected to have a Material Adverse Effect on Servicer.
		

		
			 
		

		
			(f)         Litigation and Other Proceedings.  There is no action, suit, proceeding or investigation pending, or to the Servicer’s knowledge threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents.
		

		
			 
		

		
			(g)         No Consents.  The Servicer is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or performance of this Agreement or any other Transaction Document to which it is a party that has not already been obtained or the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(h)         Compliance with Applicable Law.  The Servicer (i) shall duly satisfy all obligations on its part to be fulfilled under or in connection with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required under Applicable Law in order to properly service the Pool Receivables and (iii) has complied in all material respects with all Applicable Law in connection with servicing the Pool Receivables.
		

		
			 
		

		
			(i)         Accuracy of Information.  All Information Packages, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications, certificates, reports, statements, documents and other information furnished to the Administrative Agent or any other Credit Party by the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading (provided that with respect to any projected financial information, the Servicer represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time).
		

		
			 
		

		
			(j)         Location of Records.  The offices where the initial Servicer keeps all of its records relating to the servicing of the Pool Receivables are located at 1717 S. Boulder Ave., Suite 400, Tulsa, Oklahoma (or such other locations within the United States that have been notified by the Servicer to the Administrative Agent in writing and consented to in writing by the Administrative Agent, such consent not to be unreasonably withheld or delayed).
		

		
			
		

		
			

		 

		

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			(k)         Credit and Collection Policy.  The Servicer has complied in all material respects with the Credit and Collection Policy with regard to each Pool Receivable and the related Contracts.
		

		
			 
		

		
			(l)         Eligible Receivables.  Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.
		

		
			 
		

		
			(m)         Servicing Programs.  No license or approval is required for the Administrative Agent’s use of any software or other computer program used by the Servicer, the Transferor, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other than those which have been obtained and are in full force and effect.
		

		
			 
		

		
			(n)         Servicing of Pool Receivables.  Since the Closing Date there has been no material adverse change in the ability of the Servicer or any Sub-Servicer to service and collect the Pool Receivables and the Related Security.
		

		
			 
		

		
			(o)         Other Transaction Documents.  Each representation and warranty made by the Servicer under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made.
		

		
			 
		

		
			(p)         No Material Adverse Effect.  Since June 30, 2014 there has been no Material Adverse Effect on the Servicer.
		

		
			 
		

		
			(q)         Investment Company Act.  The Servicer is not an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act.
		

		
			 
		

		
			(r)         Anti-Money Laundering/International Trade Law Compliance.  No Covered Entity is a Sanctioned Person.  No Covered Entity, either in its own right or through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.
		

		
			 
		

		
			(s)         Financial Condition.  The consolidated balance sheets of the Servicer and its consolidated Subsidiaries as of June 30, 2014 and the related statements of income and shareholders’ equity of the Servicer and its consolidated Subsidiaries for the fiscal quarter then ended, copies of which have been furnished to the Administrative Agent and the Lenders, present fairly in all material respects the consolidated financial position of the Servicer and its consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP.
		

		
			 
		

		
			(t)         [Reserved].
		

		
			 
		

		
			(u)         Taxes.  The Servicer has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being 
		

		
			
		

		
			

		 

		

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			contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except where the failure to file or pay could not reasonably be expected to result in a Material Adverse Effect on Servicer.
		

		
			 
		

		
			(v)         Opinions.  The facts regarding the Borrower, the Transferor, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.
		

		
			 
		

		
			(w)         Reaffirmation of Representations and Warranties.  On the date of each Credit Extension, on each Settlement Date and on the date each Information Package or Interim Report is delivered to the Administrative Agent or any Lender hereunder, the Servicer shall be deemed to have certified that (i) all representations and warranties of the Servicer hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing or will result from such Credit Extension.
		

		
			 
		

		
			Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date.
		

		
			 
		

		
			ARTICLE VIII

COVENANTS
		

		
			 
		

		
			SECTION 8.01.  Covenants of the Borrower.  At all times from the Closing Date until the Final Payout Date:
		

		
			 
		

		
			(a)         Payment of Principal and Interest.  The Borrower shall duly and punctually pay Capital, Interest, Fees and all other amounts payable by the Borrower hereunder in accordance with the terms of this Agreement.
		

		
			 
		

		
			(b)         Existence.  The Borrower shall keep in full force and effect its existence and rights as a limited liability company under the laws of the State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and the Collateral.
		

		
			 
		

		
			(c)         Financial Reporting.  The Borrower will maintain a system of accounting established and administered in accordance with GAAP, and the Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent, the LC Bank and each Lender:
		

		
			 
		

		
			(i)         Annual Financial Statements of the Borrower.  Promptly upon completion and in no event later than 120 days after the close of each fiscal year of the Borrower, annual unaudited financial statements of the Borrower certified by a Financial Officer of the Borrower that they fairly present in all material respects, in accordance with 
		

		
			
		

		
			

		 

		

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			GAAP, the financial condition of the Borrower as of the date indicated and the results of its operations for the periods indicated.
		

		
			 
		

		
			(ii)        Quarterly Financial Statements of the Borrower.  Promptly upon completion and in no event later than 60 days following the end of each of the first three fiscal quarters in each of the Borrower’s fiscal years, quarterly unaudited financial statements of the Borrower certified by a Financial Officer of the Borrower that they fairly present in all material respects, in accordance with GAAP, the financial condition of the Borrower as of the date indicated and the results of its operations for the periods indicated.
		

		
			 
		

		
			(iii)       Information Packages and Interim Reports.  (A) As soon as available and in any event not later than two (2) Business Days prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month; (B) at any time during the continuance of a Minimum Fixed Charge Ratio Period or an Event of Default, upon two (2) Business Days’ prior written notice from the Administrative Agent, a Weekly Report as of the most recently completed calendar week and (C) at any time during the continuance of a Minimum Fixed Charge Ratio Period or an Event of Default, upon two (2) Business Days’ prior written notice from the Administrative Agent, a Daily Report on each Business Day as of date that is one (1) Business Day prior to such date.
		

		
			 
		

		
			(iv)       Other Information.  Such other information (including non-financial information) as the Administrative Agent, the LC Bank or any Lender may from time to time reasonably request; provided, however, that at any time that no Minimum Fixed Charge Coverage Ratio Period or Event of Default has occurred and is continuing, the Administrative Agent will not request an Interim Report be furnished with respect to the Pool Receivables.
		

		
			 
		

		
			(v)        Quarterly Financial Statements of Parent.  As soon as available and in no event later than 60 days following the end of each of the first three fiscal quarters in each of Parent’s fiscal years, (A) a consolidated balance sheet of the Parent and its Subsidiaries as of the end of such quarter and a consolidated statement of income and a consolidated statement of cash flows of the Parent and its Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending with the end of such fiscal quarter and a consolidated statement of income and a consolidated statement of cash flows of the Parent and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding fiscal year, all in reasonable detail and duly certified (subject to normal year-end audit adjustments) by a Financial Officer of the Parent (or its managing general partner) as having been prepared in accordance with GAAP.
		

		
			 
		

		
			(vi)       Annual Financial Statements of Parent.  Within 120 days after the close of each of Parent’s fiscal years, a copy of the annual audit report for such year for the Parent and its Subsidiaries, including therein a consolidated balance sheet of the Parent and its Subsidiaries as of the end of such fiscal year and a consolidated statement of income and a consolidated statement of cash flows of the Parent and its Subsidiaries for such fiscal year, in each case accompanied by an opinion of Deloitte & Touche LLP or other 
		

		
			
		

		
			

		 

		

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			independent public accountants of recognized standing (without a “going concern” or like qualification or exception) to the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the financial condition of Parent and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated.
		

		
			 
		

		
			(vii)      Other Reports and Filings.  Promptly (but in any event within ten days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which Parent or any of its consolidated Subsidiaries shall publicly file with the SEC or deliver to holders (or any trustee, agent or other representative therefor) of any of its material Debt pursuant to the terms of the documentation governing the same.
		

		
			 
		

		
			(viii)     Notwithstanding anything herein to the contrary, any financial information, proxy statements or other material required to be delivered pursuant to this paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent, the LC Bank and each Lender on the date that such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.
		

		
			 
		

		
			(d)         Notices.  The Borrower (or the Servicer on its behalf) will notify the Administrative Agent, the LC Bank and each Lender in writing of any of the following events promptly upon (but in no event later than five (5) Business Days after) a Financial Officer or other Responsible Officer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:
		

		
			 
		

		
			(i)         Notice of Events of Default or Unmatured Events of Default.  A statement of a Financial Officer of the Borrower setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Borrower proposes to take with respect thereto.
		

		
			 
		

		
			(ii)        Representations and Warranties.  The failure of any representation or warranty made or deemed to be made by the Borrower under this Agreement or any other Transaction Document to be true and correct in any material respect when made.
		

		
			 
		

		
			(iii)       Litigation.  The institution of any litigation, arbitration proceeding or governmental proceeding on the Borrower, the Servicer, the Performance Guarantor, the Transferor, or any Originator, which with respect to any Person other than the Borrower, could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(iv)       Adverse Claim.  (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Lock-Box Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.  
		

		
			
		

		
			

		 

		

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			(v)        Name Changes.  Any change in any Originator’s, the Transferor’s or the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements.
		

		
			 
		

		
			(vi)       Change in Accountants or Accounting Policy.  Any change in (i) the external accountants of the Borrower, the Servicer, any Originator, the Transferor, or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose).
		

		
			 
		

		
			(vii)      Termination Event.  The occurrence of a Termination Event under any Sale Agreement.
		

		
			 
		

		
			(viii)     Material Adverse Change.  Any material adverse change in the business, operations, property or financial or other condition of the Borrower, any Originator, the Servicer, the Performance Guarantor or the Transferor.
		

		
			 
		

		
			(e)         Conduct of Business.  The Borrower will carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted.
		

		
			 
		

		
			(f)         Compliance with Laws.  The Borrower will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(g)         Furnishing of Information and Inspection of Receivables.  The Borrower will furnish or cause to be furnished to the Administrative Agent, the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative Agent, the LC Bank or any Lender may reasonably request.  The Borrower will, at the Borrower’s expense, during regular business hours with prior written notice (i) permit the Administrative Agent, the LC Bank and each Lender or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent public accountants of the Borrower having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the Borrower’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to such Pool Receivables and other Collateral; provided, that the Borrower shall be required to reimburse the Administrative Agent for only one (1) such review 
		

		
			
		

		
			

		 

		

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			pursuant to clause (ii) above in any twelve-month period, unless an Event of Default has occurred and is continuing.
		

		
			 
		

		
			(h)         Payments on Receivables, Lock-Box Accounts.  The Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Lock-Box Account or a Lock-Box.  The Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer, the Transferor and the Originators.  If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer, the Transferor or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent and the other Secured Parties and promptly (but in any event within two (2) Business Days after receipt) remit such funds into a Lock-Box Account.  The Borrower (or the Servicer on its behalf) will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Agreement.  The Borrower shall not permit funds other than (i) Collections on Pool Receivables and other Collateral and (ii) collections on Excluded Receivables, to be deposited into any Lock-Box Account.  If such funds or any collections on Excluded Receivables are nevertheless deposited into any Lock-Box Account, the Borrower (or the Servicer on its behalf) will within two (2) Business Days of receipt identify and transfer such funds to the appropriate Person entitled to such funds.  The Borrower will not, and will not permit the Servicer, the Transferor, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent or any other Secured Party is entitled, with any other funds (other than the temporary commingling of Collections with collections on Excluded Receivables provided that such collections on Excluded Receivables are identified and removed from the applicable Lock-Box Account within two (2) Business Days following receipt thereof).  The Borrower shall only add a Lock-Box Account (or a related Lock-Box) or a Lock-Box Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged (not to be unreasonably withheld, conditioned or delayed) copy of a Lock-Box Agreement (or an amendment thereto) in form and substance reasonably acceptable to the Administrative Agent from the applicable Lock-Box Bank.  The Borrower shall only terminate a Lock-Box Bank or close a Lock-Box Account (or a related Lock-Box) with the prior written consent of the Administrative Agent, not to be unreasonably withheld, conditioned or delayed.
		

		
			 
		

		
			(i)         Sales, Liens, etc.  Except as otherwise provided herein, the Borrower will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Pool Receivable or other Collateral, or assign any right to receive income in respect thereof.
		

		
			 
		

		
			(j)         Extension or Amendment of Pool Receivables.  Except as otherwise permitted in Section 9.02, the Borrower will not, and will not permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract (nothing herein preventing amending, modifying or waiving a Contract with respect to future Receivables so long as an Event of Default has not occurred and is continuing).  The Borrower shall at its expense, timely and fully perform and comply in all 
		

		
			
		

		
			

		 

		

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			material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Pool Receivables, and timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract.
		

		
			 
		

		
			(k)         Change in Credit and Collection Policy.  The Borrower will not make any material change in the Credit and Collection Policy without the prior written consent of the Administrative Agent and the Majority Lenders, not to be unreasonably withheld, conditioned or delayed.  Promptly following any change in the Credit and Collection Policy, the Borrower will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.
		

		
			 
		

		
			(l)         Fundamental Changes.  The Borrower shall not, without the prior written consent of the Administrative Agent and the Majority Lenders, permit itself (i) to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person (except for a transfer of assets to Parent) or (ii) to be directly owned by any Person other than the Transferor.  The Borrower shall provide the Administrative Agent with at least 30 days’ prior written notice before making any change in the Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure that could impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction Document “seriously misleading” as such term (or similar term) is used in the applicable UCC; each notice to the Administrative Agent pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof.  
		

		
			 
		

		
			(m)         Books and Records.  The Borrower shall maintain and implement (or cause the Servicer to maintain and implement) administrative and operating procedures (including (i) an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof and (ii) procedures to identify and track sales with respect to, and collections on, Excluded Receivables), and keep and maintain (or cause the Servicer to keep and maintain) all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables and the identification and reporting of all Excluded Receivables (including records adequate to permit the daily identification of each Pool Receivable and Excluded Receivable and all Collections of and adjustments to each existing Pool Receivable and Excluded Receivable).
		

		
			 
		

		
			(n)         Identifying of Records.  The Borrower shall: (i) identify (or cause the Servicer to identify) its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement and (ii) cause each Originator and the Transferor so to identify its master data processing records with such a legend.
		

		
			 
		

		
			(o)         Change in Payment Instructions to Obligors.  The Borrower shall not (and shall not permit the Servicer or any Sub-Servicer to) add, replace or terminate any Lock-Box Account (or any related Lock-Box) or make any change in its (or their) instructions to the Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Lock-Box Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such addition, 
		

		
			
		

		
			

		 

		

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			termination or change and (ii) a signed and acknowledged Lock-Box Agreement (or an amendment thereto) with respect to such new Lock-Box Accounts (or any related Lock-Box), and the Administrative Agent shall have consented to such change in writing (not to be unreasonably withheld, conditioned or delayed).
		

		
			 
		

		
			(p)         Security Interest, Etc.  The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary or reasonably desirable to establish and maintain a valid and enforceable first priority perfected security interest in the Collateral, in each case free and clear of any Adverse Claim, in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request.  In order to evidence the security interests of the Administrative Agent under this Agreement, the Borrower shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables, Related Security and Collections.  The Borrower shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.  The Administrative Agent’s approval of such filings shall authorize the Borrower to file such financing statements under the UCC without the signature of the Borrower, the Transferor, any Originator or the Administrative Agent where allowed by Applicable Law.  Notwithstanding anything else in the Transaction Documents to the contrary, the Borrower shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent.
		

		
			 
		

		
			(q)         Certain Agreements.  Without the prior written consent of the Administrative Agent and the Lenders, the Borrower will not (and will not permit any Originator, the Transferor or the Servicer to) amend, modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s organizational documents which requires the consent of the “Independent Director” (as such term is used in the Borrower’s Certificate of Formation and Limited Liability Company Agreement).
		

		
			 
		

		
			(r)         Other Business.  The Borrower will not: (i) engage in any business other than the transactions contemplated by the Transaction Documents, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account any letters of credit (excluding, for the avoidance of doubt, Letters of Credit issued hereunder) or bankers’ acceptances other than pursuant to this Agreement or the Subordinated Notes or (iii) form any Subsidiary or make any investments in any Person other than Parent.
		

		
			 
		

		
			(s)         Use of Collections Available to the Borrower.  The Borrower shall apply the Collections available to the Borrower to make payments in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other Transaction Documents 
		

		
			
		

		
			

		 

		

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			(other than the Subordinated Notes), (ii) the payment of accrued and unpaid interest on the Subordinated Notes and (iii) other legal and valid purposes.
		

		
			 
		

		
			(t)         Further Assurances; Change in Name or Jurisdiction of Origination, etc.  (i) The Borrower hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Documents, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the Secured Parties’ rights and remedies under this Agreement and the other Transaction Document.  Without limiting the foregoing, the Borrower hereby authorizes, and will, upon the request of the Administrative Agent, at the Borrower’s own expense, execute (if necessary) and file such financing statements or continuation statements (including as-extracted collateral filings), or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing.  
		

		
			 
		

		
			(ii)        The Borrower authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto and assignments thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto and the other Collateral without the signature of the Borrower.  A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law.
		

		
			 
		

		
			(iii)       The Borrower shall at all times be organized under the laws of the State of Delaware and shall not take any action to change its jurisdiction of organization.
		

		
			 
		

		
			(iv)       The Borrower will not change its name, location, identity or corporate structure unless (x) the Borrower, at its own expense, shall have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement (including, without limitation, the filing of all financing statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent as to such UCC perfection and priority matters as the Administrative Agent may request at such time.
		

		
			 
		

		
			(u)         Anti-Money Laundering/International Trade Law Compliance.  The Borrower will not become a Sanctioned Person.  No Covered Entity, either in its own right or through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law.  The funds used to repay each Credit Extension will not be derived from any unlawful activity.  The 
		

		
			
		

		
			

		 

		

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			Borrower shall comply with all Anti-Terrorism Laws.  The Borrower shall promptly following becoming aware of the same notify the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event.
		

		
			 
		

		
			(v)         The Borrower has not used and will not use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.
		

		
			 
		

		
			(w)         Borrower’s Net Worth.  The Borrower shall not permit the Borrower’s Net Worth to be less than the Required Capital Amount.
		

		
			 
		

		
			(x)         Borrower’s Tax Status.  The Borrower will remain a wholly-owned subsidiary of a United States person (within the meaning of Section 7701(a)(30) of the Code) and not be subject to withholding under Section 1446 of the Code. No action will be taken that would cause the Borrower to be treated as an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 
		

		
			 
		

		
			SECTION 8.02.  Covenants of the Servicer.  At all times from the Closing Date until the Final Payout Date:
		

		
			 
		

		
			(a)         Financial Reporting.  The Servicer will maintain a system of accounting established and administered in accordance with GAAP, and the Servicer shall furnish to the Administrative Agent, the LC Bank and each Lender:
		

		
			 
		

		
			(i)         Compliance Certificates.  (a) A compliance certificate promptly upon completion of the annual report of the Parent and in no event later than 120 days after the close of the Servicer’s fiscal year, in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (b) within 60 days after the close of each fiscal quarter of the Servicer, a compliance certificate in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof.
		

		
			 
		

		
			(ii)        Information Packages and Interim Reports.  (A) As soon as available and in any event not later than two (2) Business Days prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month; (B) at any time during the continuance of a Minimum Fixed Charge Ratio Period or an Event of Default, upon two (2) Business Days’ prior written notice from the Administrative Agent, a Weekly Report as of the most recently completed calendar week and (C) at any time during the continuance of a Minimum Fixed Charge Ratio Period or an Event of Default, upon two (2) Business Days’ prior written notice from the Administrative Agent, a Daily Report on each Business Day as of date that is one (1) Business Day prior to such date.  
		

		
			
		

		
			

		 

		

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			(iii)       Other Information.  Such other information (including non-financial information) as the Administrative Agent, the LC Bank or any Lender may from time to time reasonably request, including any information available to the Borrower, the Servicer, the Transferor or any Originator as; provided, however, that at any time that no Minimum Fixed Charge Coverage Ratio Period or Event of Default has occurred and is continuing, the Administrative Agent or any Lender may reasonably requestwill not request an Interim Report be furnished with respect to the Pool Receivables.
		

		
			 
		

		
			(b)         Notices.  The Servicer will notify the Administrative Agent, the LC Bank and each Lender in writing of any of the following events promptly upon (but in no event later than five (5) Business Days after) a Financial Officer or other Responsible Officer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:
		

		
			 
		

		
			(i)         Notice of Events of Default or Unmatured Events of Default.  A statement of a Financial Officer of the Servicer setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes to take with respect thereto.
		

		
			 
		

		
			(ii)        Representations and Warranties.  The failure of any representation or warranty made or deemed made by the Servicer under this Agreement or any other Transaction Document to be true and correct in any material respect when made.
		

		
			 
		

		
			(iii)       Litigation.  The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(iv)       Adverse Claim.  (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Lock-Box Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.  
		

		
			 
		

		
			(v)        Name Changes.  At least thirty (30) days before any change in any Originator’s, the Transferor’s or the Borrower’s name or any other change requiring the amendment of UCC financing statements, a notice setting forth such changes and the effective date thereof.
		

		
			 
		

		
			(vi)       Change in Accountants or Accounting Policy.  Any change in (i) the external accountants of the Borrower, the Servicer, any Originator, the Transferor or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose).
		

		
			
		

		
			

		 

		

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			(vii)      Material Adverse Change.  Promptly after the occurrence thereof, notice of any material adverse change in the business, operations, property or financial or other condition of any Originator, the Transferor, the Servicer, the Performance Guarantor, or the Borrower.  
		

		
			 
		

		
			(c)         Conduct of Business.  The Servicer will carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted, and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(d)         Compliance with Laws.  The Servicer will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			(e)         Furnishing of Information and Inspection of Receivables.  The Servicer will furnish or cause to be furnished to the Administrative Agent, the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative Agent, the LC Bank or any Lender may reasonably request.  The Servicer will, at the Servicer’s expense, during regular business hours with prior written notice, (i) permit the Administrative Agent, the LC Bank and each Lender or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the Servicer’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to the Pool Receivables and other Collateral; provided, that the Servicer shall be required to reimburse the Administrative Agent for only one (1) such review pursuant to clause (ii) above in any twelve-month period unless an Event of Default has occurred and is continuing.
		

		
			 
		

		
			(f)         Payments on Receivables, Lock-Box Accounts.  The Servicer will at all times, instruct (or cause a Sub-Servicer to instruct) all Obligors to deliver payments on the Pool Receivables to a Lock-Box Account or a Lock-Box.  The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer, the Transferor and the Originators.  If any payments on the Pool Receivables or other Collections are received by the Borrower (other than into a Lock-Box Account), the Servicer, the Transferor or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent and the other Secured Parties and promptly (but in any event within two (2) Business Days after receipt) remit such funds into a Lock-Box Account.  The Servicer shall not permit funds other than (i) Collections on Pool Receivables and other Collateral and (ii) collections on Excluded Receivables, to be 
		

		
			
		

		
			

		 

		

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			deposited into any Lock-Box Account.  If such funds or any collections on Excluded Receivables are nevertheless deposited into any Lock-Box Account, the Servicer will within two (2) Business Days of receipt identify and transfer such funds to the appropriate Person entitled to such funds.  The Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent or any other Secured Party is entitled, with any other funds (other than the temporary commingling of Collections with collections on Excluded Receivables provided that such collections on Excluded Receivables are identified and removed from the applicable Lock-Box Account within two (2) Business Days following receipt thereof).  The Servicer shall only add a Lock-Box Account (or a related Lock-Box), or a Lock-Box Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of a Lock-Box Agreement (or an amendment thereto) in form and substance acceptable to the Administrative Agent from the applicable Lock-Box Bank (not to be unreasonably withheld, conditioned or delayed).  The Servicer shall only terminate a Lock-Box Bank or close a Lock-Box Account (or a related Lock-Box) with the prior written consent of the Administrative Agent.  
		

		
			 
		

		
			(g)         Extension or Amendment of Pool Receivables.  Except as otherwise permitted in Section 9.02, the Servicer will not alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract (nothing herein preventing amending, modifying or waiving a Contract with respect to future Receivables so long as an Event of Default has not occurred and is continuing). The Servicer shall at its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Pool Receivables, and timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract.
		

		
			 
		

		
			(h)         Change in Credit and Collection Policy.  The Servicer will not make any material change in the Credit and Collection Policy without the prior written consent of the Administrative Agent and the Majority Lenders, not to be unreasonably withheld, conditioned or delayed.  Promptly following any change in the Credit and Collection Policy, the Servicer will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.
		

		
			 
		

		
			(i)         Records.  The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable).
		

		
			 
		

		
			(j)         Identifying of Records.  The Servicer shall identify its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.
		

		
			
		

		
			

		 

		

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			(k)         Change in Payment Instructions to Obligors.  The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace or terminate any Lock-Box Account (or any related Lock-Box) or make any change in its instructions to the Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Lock-Box Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Lock-Box Agreement (or an amendment thereto) with respect to such new Lock-Box Accounts (or any related Lock-Box) and the Administrative Agent shall have consented to such change in writing, not to be unreasonably withheld, conditioned or delayed.
		

		
			 
		

		
			(l)         Security Interest, Etc.  The Servicer shall, at its expense, take all action necessary or reasonably desirable to establish and maintain a valid and enforceable first priority perfected security interest in the Collateral, in each case free and clear of any Adverse Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request.  In order to evidence the security interests of the Administrative Agent under this Agreement, the Servicer shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables, Related Security and Collections.  The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.  The Administrative Agent’s approval of such filings shall authorize the Servicer to file such financing statements under the UCC without the signature of the Borrower, any Originator, the Transferor or the Administrative Agent where allowed by Applicable Law.  Notwithstanding anything else in the Transaction Documents to the contrary, the Servicer shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent.  
		

		
			 
		

		
			(m)         Anti-Money Laundering/International Trade Law Compliance.  The Servicer will not become a Sanctioned Person.  No Covered Entity, either in its own right or through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law.  The Servicer shall comply with all Anti-Terrorism Laws.  The Servicer shall promptly notify the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event.
		

		
			
		

		
			

		 

		

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			SECTION 8.03.  Separate Existence of the Borrower.  Each of the Borrower and the Servicer hereby acknowledges that the Secured Parties and the Administrative Agent are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s identity as a legal entity separate from any Originator, the Transferor, the Servicer, the Performance Guarantor and their Affiliates.  Therefore, each of the Borrower and Servicer shall take all steps specifically required by this Agreement or reasonably required by the Administrative Agent or any Lender to continue the Borrower’s identity as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities distinct from those of the Performance Guarantor, the Originators, the Transferor, the Servicer and any other Person, and is not a division of the Performance Guarantor, the Originators, the Transferor, the Servicer, its Affiliates or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Borrower and the Servicer shall take such actions as shall be required in order that:
		

		
			 
		

		
			(a)         Special Purpose Entity.  The Borrower will be a special purpose company whose primary activities are restricted in its Certificate of Formation to: (i) purchasing or otherwise acquiring from the Transferor, owning, holding, collecting, granting security interests or selling interests in, the Collateral, (ii) entering into agreements for the selling, servicing and financing of the Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities.
		

		
			 
		

		
			(b)         No Other Business or Debt.  The Borrower shall not engage in any business or activity except as set forth in this Agreement nor, incur any indebtedness or liability other than as expressly permitted by the Transaction Documents.
		

		
			 
		

		
			(c)         Independent Director.  Not fewer than one member of the Borrower’s board of directors (the “Independent Director”) shall be a natural person who (i) has never been, and shall at no time be, an equityholder, director, officer, manager, member, partner, officer, employee or associate, or any relative of the foregoing, of any member of the Parent Group (as hereinafter defined) (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of the Parent Group), (ii) is not a customer or supplier of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of the Parent Group), (iii) is not any member of the immediate family of a person described in (i) or (ii) above, and (iv) has (x) prior experience as an independent director for a corporation or limited liability company whose organizational or charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (y) 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.  For purposes of this clause (c), “Parent Group” shall mean (i) the Parent, the Servicer, the Transferor, the Performance Guarantor and each Originator, (ii) each person that directly or indirectly, owns or controls, whether beneficially, or as 
		

		
			
		

		
			

		 

		

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			a trustee, guardian or other fiduciary, five percent (5%) or more of the membership interests in the Parent, (iii) each person that controls, is controlled by or is under common control with the Parent and (iv) each of such person’s officers, directors, managers, joint venturers and partners.  For the purposes of this definition, “control” of a person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise.  A person shall be deemed to be an “associate” of (A) a corporation or organization of which such person is an officer, director, partner or manager or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (B) any trust or other estate in which such person serves as trustee or in a similar capacity and (C) any relative or spouse of a person described in clause (A) or (B) of this sentence, or any relative of such spouse.
		

		
			 
		

		
			The Borrower shall (A) give written notice to the Administrative Agent of the election or appointment, or proposed election or appointment, of a new Independent Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date such appointment or election would be effective (except when such election or appointment is necessary to fill a vacancy caused by the death, disability, or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy the criteria for an Independent Director set forth in this clause (c), in which case the Borrower shall provide written notice of such election or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative Agent that the Independent Director satisfies the criteria for an Independent Director set forth in this clause (c).
		

		
			 
		

		
			The Borrower’s Limited Liability Company Agreement shall provide that: (A) the Borrower’s board of directors shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Independent Director shall approve the taking of such action in writing before the taking of such action and (B) such provision and each other provision requiring an Independent Director cannot be amended without the prior written consent of the Independent Director.
		

		
			 
		

		
			The Independent Director shall not at any time serve as a trustee in bankruptcy for the Borrower, the Parent, the Performance Guarantor, any Originator, the Transferor, the Servicer or any of their respective Affiliates.
		

		
			 
		

		
			(d)         Organizational Documents.  The Borrower shall maintain its organizational documents in conformity with this Agreement, such that it does not amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the Transaction Documents, including, without limitation, Section 8.01(p).
		

		
			 
		

		
			(e)         Conduct of Business.  The Borrower shall conduct its affairs strictly in accordance with its organizational documents and observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special members’ and board of directors’ meetings appropriate to authorize all company action, keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts.
		

		
			
		

		
			

		 

		

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			(f)         Compensation.  Any employee, consultant or agent of the Borrower will be compensated from the Borrower’s funds for services provided to the Borrower, and to the extent that Borrower shares the same officers or other employees as the Servicer (or any other Affiliate thereof), the salaries and expenses relating to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with such common officers and employees.  The Borrower will not engage any agents other than its attorneys, auditors and other professionals, and a servicer and any other agent contemplated by the Transaction Documents for the Receivables Pool, which servicer will be fully compensated for its services by payment of the Servicing Fee.
		

		
			 
		

		
			(g)         Servicing and Costs.  The Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis to service the Receivables Pool.  The Borrower will not incur any indirect or overhead expenses for items shared with the Servicer (or any other Affiliate thereof) that are not reflected in the Servicing Fee.  To the extent, if any, that the Borrower (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of services rendered.
		

		
			 
		

		
			(h)         Operating Expenses.  The Borrower’s operating expenses will not be paid by the Servicer, the Parent, the Performance Guarantor, any Originator or any Affiliate thereof.
		

		
			 
		

		
			(i)         Stationary.  The Borrower will have its own separate stationary.
		

		
			 
		

		
			(j)         Books and Records.  The Borrower’s books and records will be maintained separately from those of the Servicer, the Parent, the Performance Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult or costly to segregate, ascertain or otherwise identify the assets and liabilities of the Borrower.
		

		
			 
		

		
			(k)         Disclosure of Transactions.  All financial statements of the Servicer, the Parent, the Performance Guarantor, the Originators, the Transferor or any Affiliate thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business consists of the purchase or acceptance through capital contributions of the Receivables and Related Rights from the Transferor and the subsequent retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative Agent pursuant to this Agreement, (ii) the Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders and (iii) the assets of the Borrower are not available to pay creditors of the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Affiliate thereof.
		

		
			 
		

		
			(l)         Segregation of Assets.  The Borrower’s assets will be maintained in a manner that facilitates their identification and segregation from those of the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Affiliates thereof.
		

		
			 
		

		
			(m)         Corporate Formalities.  The Borrower will strictly observe corporate formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the 
		

		
			
		

		
			

		 

		

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			Originators, the Transferor or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables.  The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access.  The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Subsidiaries or other Affiliates thereof.  The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.
		

		
			 
		

		
			(n)         Arm’s-Length Relationships.  The Borrower will maintain arm’s-length relationships with the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators and any Affiliates thereof.  Any Person that renders or otherwise furnishes services to the Borrower will be compensated by the Borrower at market rates for such services it renders or otherwise furnishes to the Borrower.  Neither the Borrower on the one hand, nor the Servicer, the Parent, the Performance Guarantor, the Transferor, any Originator or any Affiliate thereof, on the other hand, will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business and affairs of the other.  The Borrower, the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators and their respective Affiliates will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity.
		

		
			 
		

		
			(o)         Allocation of Overhead.  To the extent that Borrower, on the one hand, and the Servicer, the Parent, the Performance Guarantor, the Transferor, any Originator or any Affiliate thereof, on the other hand, have offices in the same location, there shall be a fair and appropriate allocation of overhead costs between them, and the Borrower shall bear its fair share of such expenses, which may be paid through the Servicing Fee or otherwise.  
		

		
			 
		

		
			ARTICLE IX

ADMINISTRATION AND COLLECTION
OF RECEIVABLES
		

		
			 
		

		
			SECTION 9.01.  Appointment of the Servicer.
		

		
			 
		

		
			(a)         The servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time as the Servicer in accordance with this Section 9.01.  Until the Administrative Agent gives notice to Alliance (in accordance with this Section 9.01) of the designation of a new Servicer, Alliance is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of an Event of Default and during its continuance, the Administrative Agent may (with the consent of the Majority Lenders) and shall (at the direction of the Majority Lenders) 
		

		
			
		

		
			

		 

		

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			designate as Servicer any Person (including itself) to succeed Alliance or any successor Servicer, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof.
		

		
			 
		

		
			(b)         Upon the designation of a successor Servicer as set forth in clause (a) above, Alliance agrees that it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate the transition of the performance of such activities to the new Servicer, and Alliance shall cooperate with and assist such new Servicer. Such cooperation shall include access to and transfer of records (including copies of all Contracts) related to Pool Receivables and use by the new Servicer of all licenses (or the obtaining of new licenses), hardware or software necessary or reasonably desirable to collect the Pool Receivables and the Related Security.
		

		
			 
		

		
			(c)         Alliance acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative Agent and each Credit Party have relied on Alliance’s agreement to act as Servicer hereunder.  Accordingly, Alliance agrees that it will not voluntarily resign as Servicer without the prior written consent of the Administrative Agent and the Majority Lenders.
		

		
			 
		

		
			(d)         The Servicer may delegate its duties and obligations hereunder, in whole or part, to one or more subservicers (each a “Sub-Servicer”); provided, that, in each such delegation: (i) such Sub-Servicer shall agree in writing to perform the delegated duties and obligations of the Servicer pursuant to the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties and obligations so delegated, (iii) the Borrower, the Administrative Agent, and each Credit Party shall have the right to look solely to the Servicer for performance, (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may terminate such agreement upon the termination of the Servicer hereunder by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (v) if such Sub-Servicer is not an Affiliate of the Parent, the Administrative Agent and the Majority Lenders shall have consented in writing in advance to such delegation.
		

		
			 
		

		
			SECTION 9.02.  Duties of the Servicer.
		

		
			 
		

		
			(a)         The Servicer shall take or cause to be taken all such action as may be necessary or reasonably advisable to service, administer and collect each Pool Receivable from time to time, all in accordance with this Agreement and all Applicable Laws, with reasonable care and diligence, and in accordance with the Credit and Collection Policy and consistent with the past practices of the Originators.  The Servicer shall set aside, for the accounts of each Credit Party, the amount of Collections to which each such Credit Party is entitled in accordance with Article IV hereof.  The Servicer may, in accordance with the Credit and Collection Policy and consistent with past practices of the Originators, take such action, including modifications, waivers or restructurings of Pool Receivables and related Contracts, as the Servicer may reasonably determine to be appropriate to maximize Collections thereof or reflect adjustments expressly permitted under the Credit and Collection Policy or as expressly required under Applicable Laws or the applicable Contract; provided, that for purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change the number of days such Pool Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii) such action shall not alter the status 
		

		
			
		

		
			

		 

		

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			of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of any Secured Party under this Agreement or any other Transaction Document and (iii) if an Event of Default has occurred and is continuing, the Servicer may take such action only upon the prior written consent of the Administrative Agent.  The Borrower shall deliver to the Servicer and the Servicer shall hold for the benefit of the Administrative Agent (individually and for the benefit of each Credit Party), in accordance with their respective interests, all records and documents (including computer tapes or disks) with respect to each Pool Receivable. Notwithstanding anything to the contrary contained herein, if an Event of Default has occurred and is continuing, the Administrative Agent may direct the Servicer to commence or settle any legal action to enforce collection of any Pool Receivable that is a Defaulted Receivable or to foreclose upon or repossess any Related Security with respect to any such Defaulted Receivable.
		

		
			 
		

		
			(b)         The Servicer shall, as soon as practicable following actual receipt of collected funds, turn over to the Borrower the collections for Borrower’s account of any indebtedness that is not a Pool Receivable, less, if Alliance or an Affiliate thereof is not the Servicer, all reasonable and appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and administering such collections. The Servicer, if other than Alliance or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Borrower all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records in its possession that evidence or relate to any indebtedness that is a Pool Receivable.
		

		
			 
		

		
			(c)         The Servicer’s obligations hereunder shall terminate on the Final Payout Date.  Promptly following the Final Payout date, the Servicer shall deliver to the Borrower all books, records and related materials that the Borrower previously provided to the Servicer, or that have been obtained by the Servicer, in connection with this Agreement.
		

		
			 
		

		
			SECTION 9.03.  Lock-Box Account and LC Collateral Account Arrangements.  Prior to the Closing Date, the Borrower shall have entered into Lock-Box Agreements with all of the Lock-Box Banks and delivered executed counterparts of each to the Administrative Agent.  Upon the occurrence and duringDuring the continuance of an Event of Default or during a Minimum Fixed Charge Ratio Period, the Administrative Agent may (with the consent of the Majority Lenders) and shall (upon the direction of the Majority Lenders) at any time thereafter give notice to each Lock-Box Bank that the Administrative Agent is exercising its rights under the Lock-Box Agreements to do any or all of the following: (a) to have the exclusive ownership and control of the Lock-Box Accounts transferred to the Administrative Agent (for the benefit of the Secured Parties) and to exercise exclusive dominion and control over the funds deposited therein for application under Section 4.01,  (b) to have the proceeds that are sent to the respective Lock-Box Accounts redirected pursuant to the Administrative Agent’s instructions for application under Section 4.01 rather than deposited in the applicable Lock-Box Account and (c) to take any or all other actions permitted under the applicable Lock-Box Agreement.  The Servicer and the Borrower each hereby agreesagree that if the Administrative Agent at any time takes any action set forth in the preceding sentence, the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties, Servicer and Borrower in accordance with Section 4.01)) of the proceeds (including Collections) of all Pool Receivables and the Servicer and the Borrower hereby further agreesagree to take any other action that the Administrative Agent may reasonably request to transfer such control or to ensure that the Administrative Agent maintains such control.  Any proceeds of Pool Receivables received by the Borrower or the Servicer thereafter shall be sent 
		

		
			
		

		
			

		 

		

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			immediately to, or as otherwise instructed by, the Administrative Agent to be applied under Section 4.01.  The Borrower and the Servicer hereby irrevocably instruct the Administrative Agent, and the Administrative Agent agrees, on each Business Day during the Minimum Fixed Charge Ratio Period, so long as the Administrative Agent has taken exclusive dominion and control over each of the Lock-Box Accounts and no Event of Default or Unmatured Event of Default exists, to transfer all available amounts on deposit in the Lock-Box Accounts as of the end of each Business Day as required pursuant to Section 4.01(e) and, after giving effect to any distributions to the Servicer on such day pursuant to Section 4.01(e), to transfer all remaining available amounts to the LC Collateral Account, if applicable. 
		

		
			 
		

		
			The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account and all money or other assets on deposit therein or credited thereto.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in the LC Collateral Account.  Moneys in the LC Collateral Account shall be applied by the Administrative Agent to reimburse the LC Bank for each drawing under a Letter of Credit and for repayment of amounts owing by the Borrower hereunder and under each of the other Transaction Documents to each of the other Secured Parties, it being understood and agreed that certain amounts on deposit in the LC Collateral Account shall, from time to time, be remitted to the Servicer pursuant to Section 4.01(e).  Amounts, if any, on deposit in the LC Collateral Account on the Final Payout Date shall be remitted by the Administrative Agent to the Borrower.
		

		
			 
		

		
			The Administrative Agent shall, on each Settlement Date (if such date occurs on or after the Termination Date), remove any available amounts then on deposit in the LC Collateral Account and (i) deposit such amounts into each Lender’s account in accordance with the priorities set forth in Section 4.01(a), to the extent that any amounts are then due and owing after giving effect to the distribution, if any, by the Servicer on such date in accordance with Section 4.01(a) and (ii) remit the balance, if any, to the Borrower.
		

		
			 
		

		
			SECTION 9.04.  Enforcement Rights.
		

		
			 
		

		
			(a)         At any time following the occurrence and during the continuation of an Event of Default:
		

		
			 
		

		
			(i)         the Administrative Agent (at the Borrower’s expense) may direct the Obligors that payment of all amounts payable under any Pool Receivable is to be made directly to the Administrative Agent or its designee;
		

		
			 
		

		
			(ii)        the Administrative Agent may instruct the Borrower or the Servicer to give notice of the Secured Parties’ interest in Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee (on behalf of the Secured Parties), and the Borrower or the Servicer, as the case may be, shall give such notice at the expense of the Borrower or the Servicer, as the case may be; provided, that if the Borrower or the Servicer, as the case may be, fails to so notify 
		

		
			
		

		
			

		 

		

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			each Obligor within two (2) Business Days following instruction by the Administrative Agent, the Administrative Agent (at the Borrower’s or the Servicer’s, as the case may be, expense) may so notify the Obligors;
		

		
			 
		

		
			(iii)       the Administrative Agent may request the Servicer to, and upon such request the Servicer shall: (A) assemble all of the records necessary or desirable to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer the use of all software necessary or desirable to collect the Pool Receivables and the Related Security, and make the same available to the Administrative Agent or its designee (for the benefit of the Secured Parties) at a place selected by the Administrative Agent and (B) segregate all cash, checks and other instruments received by it from time to time constituting Collections in a manner reasonably acceptable to the Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Administrative Agent or its designee; 
		

		
			 
		

		
			(iv)       notify the Lock-Box Banks that the Borrower and the Servicer will no longer have any access to the Lock-Box Accounts;
		

		
			 
		

		
			(v)        the Administrative Agent may (or, at the direction of the Majority Lenders shall) replace the Person then acting as Servicer; and
		

		
			 
		

		
			(vi)       the Administrative Agent may collect any amounts due from an Originator under the Purchase and Sale Agreement, the Transferor under the Sale and Contribution Agreement or the Performance Guarantor under the Performance Guaranty.
		

		
			 
		

		
			Following the cure of any Event of Default or, if such Event of Default is not cured, following the Final Payment Date, the Administrative Agent shall upon Borrower’s request and at Borrower’s sole expense, return all records, rescind all notices redirecting payment and otherwise cooperate in instructing Obligors and Lock-Box Banks to make payments to and provide access to Lock-Box Accounts and cooperate with such Persons as Borrower may reasonably request.
		

		
			 
		

		
			(b)         The Borrower hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower, which appointment is coupled with an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Borrower on checks and other instruments representing Collections and enforcing such Collateral.  Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.
		

		
			
		

		
			

		 

		

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			(c)         The Servicer hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Servicer, which appointment is coupled with an interest, to take any and all steps in the name of the Servicer and on behalf of the Servicer necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Servicer on checks and other instruments representing Collections and enforcing such Collateral.  Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.
		

		
			 
		

		
			SECTION 9.05.  Responsibilities of the Borrower.
		

		
			 
		

		
			(a)         Anything herein to the contrary notwithstanding, the Borrower shall: (i) perform all of its obligations, if any, under the Contracts related to the Pool Receivables to the same extent as if interests in such Pool Receivables had not been transferred hereunder, and the exercise by the Administrative Agent, or any other Credit Party of their respective rights hereunder shall not relieve the Borrower from such obligations and (ii) pay when due any taxes, including any sales taxes payable in connection with the Pool Receivables and their creation and satisfaction. None of the Credit Parties shall have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Borrower, the Servicer or any Originator thereunder.
		

		
			 
		

		
			(b)         Alliance hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer so requests) as the data-processing agent of the Servicer and, in such capacity, Alliance shall conduct the data-processing functions of the administration of the Receivables and the Collections thereon in substantially the same way that Alliance conducted such data-processing functions while it acted as the Servicer.  In connection with any such processing functions, the Borrower shall pay to Alliance its reasonable out-of-pocket costs and expenses from the Borrower’s own funds (subject to the priority of payments set forth in Section 4.01). 
		

		
			 
		

		
			SECTION 9.06.  Servicing Fee.  
		

		
			 
		

		
			(a)         Subject to clause (b) below, the Borrower shall pay the Servicer a fee (the “Servicing Fee”) equal to 1.00% per annum (the “Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables.  Accrued Servicing Fees shall be payable from Collections to the extent of available funds in accordance with Section 4.01.
		

		
			 
		

		
			(b)         If the Servicer ceases to be Alliance or an Affiliate thereof, the Servicing Fee shall be the greater of: (i) the amount calculated pursuant to clause (a) above and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the aggregate reasonable costs and expenses incurred by such successor Servicer in connection with the performance of its obligations as Servicer hereunder.
		

		
			
		

		
			

		 

		

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			ARTICLE X

EVENTS OF DEFAULT
		

		
			 
		

		
			SECTION 10.01.  Events of Default.  If any of the following events (each, an “Event of Default”) shall occur:
		

		
			 
		

		
			(a)         (i) the Borrower, the Transferor, any Originator, the Performance Guarantor or the Servicer shall fail to perform or observe any term, covenant or agreement under this Agreement or any other Transaction Document (other than any such failure which would constitute an Event of Default under clause (ii) or (iii) of this paragraph (a)), and such failure, solely to the extent capable of cure, shall continue for ten (10) Business Days, (ii) the Borrower, the Transferor, any Originator, the Performance Guarantor or the Servicer shall fail to make when due (x) any payment or deposit to be made by it under this Agreement or any other Transaction Document and such failure shall continue unremedied for two (2) Business Days or (iii) Alliance shall resign as Servicer, and no successor Servicer reasonably satisfactory to the Administrative Agent shall have been appointed;
		

		
			 
		

		
			(b)         any representation or warranty made or deemed made by the Borrower, the Transferor, any Originator, the Performance Guarantor or the Servicer (or any of their respective officers) under or in connection with this Agreement or any other Transaction Document or any information or report delivered by the Borrower, the Transferor, any Originator, the Performance Guarantor or the Servicer pursuant to this Agreement or any other Transaction Document, shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered; provided,  however, that such breach shall not constitute an Event of Default pursuant to this clause (b) if such breach, solely to the extent capable of cure, is cured within ten (10) Business Days following the date that a Financial Officer or other Responsible Officer has knowledge or has received notice of such breach; 
		

		
			 
		

		
			(c)         the Borrower or the Servicer shall fail to deliver an Information Package pursuant to this Agreement, and such failure shall remain unremedied for two (2) Business Days;
		

		
			 
		

		
			(d)         this Agreement or any security interest granted pursuant to this Agreement or any other Transaction Document shall for any reason cease to create, or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative Agent with respect to the Collateral, free and clear of any Adverse Claim;
		

		
			 
		

		
			(e)         the Borrower, the Transferor, any Originator, the Performance Guarantor or the Servicer 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 any Insolvency Proceeding shall be instituted by or against the Borrower, the Transferor, any Originator, the Performance Guarantor or the Servicer and, in the case of any such proceeding instituted against such Person (but not instituted by such Person), either such proceeding shall remain undismissed or unstayed for a period of 60 consecutive days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower, the Transferor, any Originator, the Performance 
		

		
			
		

		
			

		 

		

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			Guarantor or the Servicer shall take any corporate or organizational action to authorize any of the actions set forth above in this paragraph;
		

		
			 
		

		
			(f)         (i) the average for three consecutive Fiscal Months of:  (A) the Default Ratio shall exceed 3.0%, (B) the Delinquency Ratio shall exceed 5.0% or (C) the Dilution Ratio shall exceed 3.0% or (ii) the Days’ Sales Outstanding shall exceed 45 days;
		

		
			 
		

		
			(g)         a Change in Control shall occur;
		

		
			 
		

		
			(h)         a Borrowing Base Deficit shall occur, and shall not have been cured within two (2) Business Days following the date that a Financial Officer or other Responsible Officer has knowledge or has received notice of such Borrowing Base Deficit;
		

		
			 
		

		
			(i)         (i) the Borrower shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such Debt (whether or not such failure shall have been waived under the related agreement); (ii) any Originator, the Transferor, the Performance Guarantor or the Servicer, or any of their respective Subsidiaries, individually or in the aggregate, shall fail to pay any principal of or premium or interest on any of its Debt that is outstanding in a principal amount in excess of $35,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such Debt (whether or not such failure shall have been waived under the related agreement); (iii) any other event shall occur or condition shall exist under any agreement, mortgage, indenture or instrument relating to any such Debt (as referred to in clause (i) or (ii) of this paragraph and shall continue after the applicable grace period, if any, specified in such agreement, mortgage, indenture or instrument (whether or not such failure shall have been waived under the related agreement), if the effect of such event or condition is to give the applicable debtholders the right (whether acted upon or not) to accelerate the maturity of such Debt (as referred to in clause (i) or (ii) of this paragraph) or to terminate the commitment of any lender thereunder, or (iv) any such Debt (as referred to in clause (i) or (ii) of this paragraph) shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made or the commitment of any lender thereunder terminated, in each case before the stated maturity thereof;
		

		
			 
		

		
			(j)         the Performance Guarantor shall fail to perform any of its obligations under the Performance Guaranty;
		

		
			 
		

		
			(k)         the Borrower shall fail (x) at any time (other than for ten (10) Business Days following notice of the death or resignation of any Independent Director) to have an Independent Director who satisfies each requirement and qualification specified in Section 8.03(c) of this Agreement for Independent Directors, on the Borrower’s board of directors or (y) to timely notify the Administrative Agent of any replacement or appointment of any director that is to serve as an 
		

		
			
		

		
			

		 

		

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			Independent Director on the Borrower’s board of directors as required pursuant to Section 8.03(c) of this Agreement;
		

		
			 
		

		
			(l)         there shall have occurred any event which materially adversely impairs, in the reasonable discretion of Administrative Agent, the collectibility of the Pool Receivables generally or any material portion thereof;
		

		
			 
		

		
			(m)         any Letter of Credit is drawn upon and is not fully reimbursed by the Borrower within two (2) Business Days after a Financial Officer or other Responsible Officer has knowledge or has received notice of such draw;
		

		
			 
		

		
			(n)         either (i) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, the Transferor, any Originator or the Parent or (ii) the PBGC shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, the Servicer, any Originator, the Transferor or the Parent;
		

		
			 
		

		
			(o)         (i) the occurrence of a Reportable Event; (ii) the adoption of an amendment to a Pension Plan that would require the provision of security pursuant to Section 401(a)(29) of the Code or Section 307 of ERISA; (iii) the existence with respect to any Multiemployer Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (iv) the failure to satisfy the minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the incurrence of any liability under Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of any of the Borrower, any Originator, the Transferor, the Servicer, the Parent or any of their respective ERISA Affiliates from any Multiemployer Plan; (vi) the receipt by any of the Borrower, any Originator, the Transferor, the Servicer, the Parent or any of their respective ERISA Affiliates  from  the PBGC or any plan administrator of any notice relating to the intention to terminate any Pension Plan or Multiemployer Plan or to appoint a trustee to administer any Pension Plan or Multiemployer Plan; (vii) the receipt by the Borrower, any Originator, the Transferor, the Servicer, the Parent or any of their respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (viii) the occurrence of a prohibited transaction with respect to any of the Borrower, any Originator, the Transferor, the Servicer, the Parent or any of their respective ERISA Affiliates (pursuant to Section 4975 of the Code); (ix) the occurrence or existence of any other similar event or condition with respect to a Pension Plan or a Multiemployer Plan, with respect to each of clause (i) through (ix), either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;
		

		
			 
		

		
			(p)         a Termination Event shall occur under any Sale Agreement;
		

		
			 
		

		
			(q)         the Borrower shall be required to register as an “investment company” within the meaning of the Investment Company Act;
		

		
			 
		

		
			(r)         any material provision of this Agreement or any other Transaction Document shall cease to be in full force and effect or any of the Borrower, the Transferor, any 
		

		
			
		

		
			

		 

		

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			Originator, the Performance Guarantor or the Servicer (or any of their respective Affiliates) shall so state in writing; 
		

		
			 
		

		
			(s)         one or more judgments or decrees shall be entered against the Borrower, any Originator, the Transferor, the Performance Guarantor or the Servicer, or any Affiliate of any of the foregoing involving in the aggregate a liability (not paid or to the extent not covered by a reputable and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of 45 consecutive days, and the aggregate amount of all such judgments equals or exceeds $35,000,000 (or solely with respect to the Borrower, $12,500); or
		

		
			 
		

		
			(t)         the Borrower transfers or sells substantially all of its assets, other than with respect to (i) any payment required pursuant to the Sale and Contribution Agreement or (ii) any transfer of funds that have been distributed to the Borrower pursuant to Section 4.1 of this Agreement; 
		

		
			 
		

		
			then, and in any such event, the Administrative Agent may (or, at the direction of the Majority Lenders shall) by notice to the Borrower (x) declare the Termination Date to have occurred (in which case the Termination Date shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred (in which case the Final Maturity Date shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other Borrower Obligations to be immediately due and payable (in which case the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable); provided that, automatically upon the occurrence of any event (without any requirement for the giving of notice) described in subsection (e) of this Section 10.01 with respect to the Borrower, the Termination Date shall occur and the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable.  Upon any such declaration or designation or upon such automatic termination, the Administrative Agent and the other Secured Parties shall have, in addition to the rights and remedies which they may have under this Agreement and the other Transaction Documents, all other rights and remedies provided after default under the UCC and under other Applicable Law, which rights and remedies shall be cumulative.  Any proceeds from liquidation of the Collateral shall be applied in the order of priority set forth in Section 4.01.
		

		
			 
		

		
			ARTICLE XI

THE ADMINISTRATIVE AGENT
		

		
			 
		

		
			SECTION 11.01.  Authorization and Action.  Each Credit Party hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto.  The Administrative Agent shall not have any duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, against the Administrative Agent.  The Administrative Agent does not assume, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Borrower or any Affiliate thereof or any Credit Party except for any obligations expressly set forth herein.  Notwithstanding any provision of this Agreement or any other Transaction Document, in no event 
		

		
			
		

		
			

		 

		

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			shall the Administrative Agent ever be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law.
		

		
			 
		

		
			SECTION 11.02.  Administrative Agent’s Reliance, Etc.  Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement (including, without limitation, the Administrative Agent’s servicing, administering or collecting Pool Receivables in the event it replaces the Servicer in such capacity pursuant to Section 9.01), in the absence of its or their own gross negligence or willful misconduct.  Without limiting the generality of the foregoing, the Administrative Agent: (a) may consult with legal counsel (including counsel for any Credit Party or the Servicer), independent certified public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Credit Party (whether written or oral) and shall not be responsible to any Credit Party for any statements, warranties or representations (whether written or oral) made by any other party in or in connection with this Agreement; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of any Credit Party or to inspect the property (including the books and records) of any Credit Party; (d) shall not be responsible to any Credit Party for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (e) shall be entitled to rely, and shall be fully protected in so relying, upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.
		

		
			 
		

		
			SECTION 11.03.  Administrative Agent and Affiliates.  With respect to any Credit Extension or interests therein owned by any Credit Party that is also the Administrative Agent, such Credit Party shall have the same rights and powers under this Agreement as any other Credit Party and may exercise the same as though it were not the Administrative Agent.  The Administrative Agent and any of its Affiliates may generally engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do business with or own securities of the Borrower or any Affiliate thereof, all as if the Administrative Agent were not the Administrative Agent hereunder and without any duty to account therefor to any other Secured Party.
		

		
			 
		

		
			SECTION 11.04.  Indemnification of Administrative Agent.  Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or any Affiliate thereof), ratably according to the respective Percentage of such Lender, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Transaction Document; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct.
		

		
			
		

		
			

		 

		

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			SECTION 11.05.  Delegation of Duties.  The Administrative Agent may execute any of its duties through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.
		

		
			 
		

		
			SECTION 11.06.  Action or Inaction by Administrative Agent.  The Administrative Agent shall in all cases be fully justified in failing or refusing to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Majority Lenders and assurance of its indemnification by the Lenders, as it deems appropriate.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or at the direction of the Majority Lenders, and such request or direction and any action taken or failure to act pursuant thereto shall be binding upon all Credit Parties.  The Credit Parties and the Administrative Agent agree that unless any action to be taken by the Administrative Agent under a Transaction Document (i) specifically requires the advice or concurrence of the Majority Lenders or (ii) may be taken by the Administrative Agent alone or without any advice or concurrence of a Lender, then the Administrative Agent may take action based upon the advice or concurrence of the Majority Lenders.
		

		
			 
		

		
			SECTION 11.07.  Notice of Events of Default; Action by Administrative Agent.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Unmatured Event of Default or Event of Default unless the Administrative Agent has received notice from any Credit Party or the Borrower stating that an Unmatured Event of Default or Event of Default has occurred hereunder and describing such Unmatured Event of Default or Event of Default.  If the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Credit Party.  The Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, concerning an Unmatured Event of Default or Event of Default or any other matter hereunder as the Administrative Agent deems advisable and in the best interests of the Secured Parties.
		

		
			 
		

		
			SECTION 11.08.  Non-Reliance on Administrative Agent and Other Parties.  Each Credit Party expressly acknowledges that neither the Administrative Agent nor any of its directors, officers, agents or employees has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent.  Each Credit Party represents and warrants to the Administrative Agent that, independently and without reliance upon the Administrative Agent or any other Credit Party and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower, each Originator, the Transferor, the Performance Guarantor or the Servicer and the Pool Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document.  Except for items expressly required to be delivered under any Transaction Document by the Administrative Agent to any Credit Party, the Administrative Agent shall not have any duty or responsibility to provide any Credit Party with any information concerning the Borrower, any Originator, the Transferor, the Performance Guarantor or the Servicer that comes into the 
		

		
			
		

		
			

		 

		

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			possession of the Administrative Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.
		

		
			 
		

		
			SECTION 11.09.  Successor Administrative Agent.
		

		
			 
		

		
			(a)         The Administrative Agent may, upon at least thirty (30) days’ notice to the Borrower, the Servicer and each Credit Party, resign as Administrative Agent.  Except as provided below, such resignation shall not become effective until a successor Administrative Agent is appointed by the Majority Lenders as a successor Administrative Agent and has accepted such appointment.  If no successor Administrative Agent shall have been so appointed by the Majority Lenders, within thirty (30) days after the departing Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, appoint a successor Administrative Agent as successor Administrative Agent.  If no successor Administrative Agent shall have been so appointed by the Majority Lenders within sixty (60) days after the departing Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, petition a court of competent jurisdiction to appoint a successor Administrative Agent.
		

		
			 
		

		
			(b)         Upon such acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the resigning Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents.  After any resigning Administrative Agent’s resignation hereunder, the provisions of this Article XI and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent.
		

		
			 
		

		
			ARTICLE XII

[RESERVED]
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			ARTICLE XIII

INDEMNIFICATION
		

		
			 
		

		
			SECTION 13.01.  Indemnities by the Borrower.  
		

		
			 
		

		
			(a)         Without limiting any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their respective assigns, officers, directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and against any and all claims, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified Amounts”) arising out of or resulting from this Agreement or any other Transaction Document or the use of proceeds of the Credit Extensions or the security interest in respect of any Pool Receivable or any other Collateral; excluding,  however, (a) Borrower Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction 
		

		
			
		

		
			

		 

		

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			holds that such Borrower Indemnified Amounts resulted solely from the gross negligence or willful misconduct by the Borrower Indemnified Party seeking indemnification or any of its Controlled Related Parties and (b) Taxes that are covered by Section 5.03.  Without limiting or being limited by the foregoing, the Borrower shall pay on demand (it being understood that if any portion of such payment obligation is made from Collections, such payment will be made at the time and in the order of priority set forth in Section 4.01), to each Borrower Indemnified Party any and all amounts necessary to indemnify such Borrower Indemnified Party from and against any and all Borrower Indemnified Amounts relating to or resulting from any of the following (but excluding Borrower Indemnified Amounts and Taxes described in clauses (a) and (b) above):
		

		
			 
		

		
			(i)         any Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of the Net Receivables Pool Balance but which is not an Eligible Receivable at such time;
		

		
			 
		

		
			(ii)        any representation, warranty or statement made or deemed made by the Borrower (or any of its respective officers) under or in connection with this Agreement, any of the other Transaction Documents, any Information Package or any other information or report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed made;
		

		
			 
		

		
			(iii)       the failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;
		

		
			 
		

		
			(iv)       the failure to vest in the Administrative Agent a first priority perfected security interest in all or any portion of the Collateral, in each case free and clear of any Adverse Claim;
		

		
			 
		

		
			(v)        the failure to have filed, or any delay in filing, financing statements (including as-extracted collateral filings), financing statement amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or at any subsequent time;
		

		
			 
		

		
			(vi)       any dispute, claim or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool 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 or relating to collection activities with respect to such Pool Receivable;
		

		
			 
		

		
			(vii)      any failure of the Borrower to perform any its duties or obligations in accordance with the provisions hereof and of each other Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard to each Pool Receivable;
		

		
			
		

		
			

		 

		

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			(viii)     any products liability, environmental or other claim arising out of or in connection with any Pool Receivable or other merchandise, goods or services which are the subject of or related to any Pool Receivable;
		

		
			 
		

		
			(ix)       the commingling of Collections of Pool Receivables at any time with other funds;
		

		
			 
		

		
			(x)        any investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document or the use of proceeds of any Credit Extensions or in respect of any Pool Receivable or other Collateral or any related Contract;
		

		
			 
		

		
			(xi)       any failure of the Borrower to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction Document;
		

		
			 
		

		
			(xii)      any setoff with respect to any Pool Receivable;
		

		
			 
		

		
			(xiii)     any claim brought by any Person other than a Borrower Indemnified Party arising from any activity by the Borrower or any Affiliate of the Borrower in servicing, administering or collecting any Pool Receivable; 
		

		
			 
		

		
			(xiv)     the failure by the Borrower to pay when due any taxes, including, without limitation, sales, excise or personal property taxes;
		

		
			 
		

		
			(xv)      any failure of a Lock-Box Bank to comply with the terms of the applicable Lock-Box Agreement or any amounts payable by the Administrative Agent to a Lock-Box Bank under any Lock-Box Agreement;
		

		
			 
		

		
			(xvi)     any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool 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 goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed indebtedness;
		

		
			 
		

		
			(xvii)    any action taken by the Administrative Agent as attorney-in-fact for the Borrower, any Originator, the Transferor or the Servicer pursuant to this Agreement or any other Transaction Document;
		

		
			 
		

		
			(xviii)   the use of proceeds of any Credit Extension or the usage of any Letter of Credit; or
		

		
			 
		

		
			(xix)     any reduction in Capital as a result of the distribution of Collections if all or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason.
		

		
			
		

		
			

		 

		

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			(b)         Notwithstanding anything to the contrary in this Agreement, solely for purposes of the Borrower’s indemnification obligations in clauses (ii),  (iii),  (vii) and (xi) of this Article XIII, any representation, warranty or covenant qualified by the occurrence or non-occurrence of a material adverse effect or similar concepts of materiality shall be deemed to be not so qualified.
		

		
			 
		

		
			(c)         If for any reason the foregoing indemnification is unavailable to any Borrower Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower Indemnified Party the amount paid or payable by such Borrower Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Borrower and its Affiliates on the one hand and such Borrower Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Borrower and its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.  The reimbursement, indemnity and contribution obligations of the Borrower under this Section shall be in addition to any liability which the Borrower may otherwise have, shall extend upon the same terms and conditions to each Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Borrower and the Borrower Indemnified Parties.
		

		
			 
		

		
			(d)         Any indemnification or contribution under this Section shall survive the termination of this Agreement.
		

		
			 
		

		
			SECTION 13.02.  Indemnification by the Servicer.  
		

		
			 
		

		
			(a)         The Servicer hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit Parties, the Affected Persons and their respective assigns, officers, directors, agents and employees (each, a “Servicer Indemnified Party”), from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of activities of the Servicer pursuant to this Agreement or any other Transaction Document, including any judgment, award, settlement, Attorney Costs and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Servicer Indemnified Amounts”); excluding (i) Servicer Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Servicer Indemnified Amounts resulted solely from the gross negligence or willful misconduct by the Servicer Indemnified Party seeking indemnification or any of its Controlled Related Parties, (ii) Taxes that are covered by Section 5.03 and (iii) Servicer Indemnified Amounts to the extent the same includes losses in respect of Pool Receivables that are uncollectible solely on account of the insolvency, bankruptcy or other credit related reasons with respect to the relevant Obligor.  Without limiting or being limited by the foregoing, the Servicer shall pay on demand, to each Servicer Indemnified Party any and all amounts necessary to indemnify such Servicer Indemnified Party from and against any and all Servicer Indemnified Amounts relating to or resulting from any of the following (but excluding Servicer Indemnified Amounts described in clauses (i),  (ii) and (iii) above):
		

		
			 
		

		
			(i)         any representation, warranty or statement made or deemed made by the Servicer (or any of its respective officers) under or in connection with this Agreement, 
		

		
			
		

		
			

		 

		

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			any of the other Transaction Documents, any Information Package or any other information or report delivered by or on behalf of the Servicer pursuant hereto which shall have been untrue or incorrect when made or deemed made;
		

		
			 
		

		
			(ii)        the failure by the Servicer to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or
		

		
			 
		

		
			(iii)       any failure of the Servicer to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction Document.
		

		
			 
		

		
			(b)         If for any reason the foregoing indemnification is unavailable to any Servicer Indemnified Party or insufficient to hold it harmless, then the Servicer shall contribute to the amount paid or payable by such Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Servicer and its Affiliates on the one hand and such Servicer Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates and such Servicer Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.  The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to any liability which the Servicer may otherwise have, shall extend upon the same terms and conditions to Servicer Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Servicer and the Servicer Indemnified Parties.
		

		
			 
		

		
			(c)         Any indemnification or contribution under this Section shall survive the termination of this Agreement.
		

		
			 
		

		
			ARTICLE XIV

MISCELLANEOUS 
		

		
			 
		

		
			SECTION 14.01.  Amendments, Etc.  
		

		
			 
		

		
			(a)         No failure on the part of any Credit Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  No amendment or waiver of any provision of this Agreement or consent to any departure by any of the Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative Agent, the LC Bank and the Majority Lenders (and, in the case of any amendment, also signed by the Borrower), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,  however, that (A) no amendment, waiver or consent shall, unless in writing and signed by the Servicer, affect the rights or duties of the Servicer under this Agreement; (B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent, Borrower and each Credit Party:
		

		
			 
		

		
			(i)         change (directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable, Delinquent Receivable, Eligible Receivable, Facility Limit, 
		

		
			
		

		
			

		 

		

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			Final Maturity Date, Minimum Fixed Charge Ratio Period, Net Receivables Pool Balance or Total Reserves contained in this Agreement, or increase the then existing Concentration Percentage for any Obligor or change the calculation of the Borrowing Base;
		

		
			 
		

		
			(ii)        reduce the amount of Capital or Interest that is payable on account of any Loan or with respect to any other Credit Extension or delay any scheduled date for payment thereof;
		

		
			 
		

		
			(iii)       change any Event of Default;
		

		
			 
		

		
			(iv)       change any of the provisions of this Section 14.01 or the definition of “Majority Lenders”; or
		

		
			 
		

		
			(v)        change the order of priority in which Collections are applied pursuant to Section 4.01.
		

		
			 
		

		
			Notwithstanding the foregoing, (A) no amendment, waiver or consent shall increase any Lender’s or LC Participant’s Commitment hereunder without the consent of such Lender or LC Participant, as applicable and (B) no amendment, waiver or consent shall reduce any Fees payable by the Borrower to any Credit Party or delay the dates on which any such Fees are payable, in either case, without the consent of such Credit Party.
		

		
			 
		

		
			SECTION 14.02.  Notices, Etc.  All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include facsimile communication) and faxed or delivered, to each party hereto, at its address set forth under its name on Schedule III hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto.  Notices and communications by facsimile shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices and communications sent by other means shall be effective when received.
		

		
			 
		

		
			SECTION 14.03.  Assignability; Addition of Lenders.
		

		
			 
		

		
			(a)         Assignment by Lenders.  Each Lender may assign to any Eligible Assignee or to any other Lender all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and any Loan or interests therein owned by it); provided,  however that
		

		
			 
		

		
			(i)         except for an assignment by a Lender to either an Eligible Assignee or any other Lender, each such assignment shall require the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed; provided,  however, that such consent shall not be required if an Event of Default or an Unmatured Event of Default has occurred and is continuing);
		

		
			 
		

		
			(ii)        each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement;
		

		
			 
		

		
			(iii)       the amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance Agreement with respect to 
		

		
			
		

		
			

		 

		

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			such assignment) shall in no event be less than the lesser of (x) $5,000,000 and (y) all of the assigning Lender’s Commitment; and
		

		
			 
		

		
			(iv)       the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance Agreement.
		

		
			 
		

		
			Upon such execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance Agreement, (x) the assignee thereunder shall be a party to this Agreement, and to the extent that rights and obligations under this Agreement have been assigned to it pursuant to such Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder and (y) the assigning Lender shall, to the extent that rights and obligations have been assigned by it pursuant to such Assignment and Acceptance Agreement, relinquish such rights and be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto).
		

		
			 
		

		
			(b)         Register.  The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address referred to on Schedule III of this Agreement (or such other address of the Administrative Agent notified by the Administrative Agent to the other parties hereto) a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate outstanding Capital (and stated interest) of the Loans of each Lender from time to time (the “Register”).  The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent, and the other Credit Parties may treat each Person whose name is recorded in the Register as a Lender under this Agreement for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower, the LC Bank, or any Lender at any reasonable time and from time to time upon reasonable prior notice.
		

		
			 
		

		
			(c)         Procedure.  Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning Lender and an Eligible Assignee or assignee Lender in accordance with Section 14.03(a), the Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly completed, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower and the Servicer.
		

		
			 
		

		
			(d)         Participations.  Each Lender may sell participations to one or more Eligible Assignees (each, a “Participant”) in or to all or a portion of its rights and/or obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the interests in the Loans owned by it); provided,  however, that
		

		
			 
		

		
			(i)         such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall remain unchanged, and
		

		
			 
		

		
			(ii)        such Lender shall remain solely responsible to the other parties to this Agreement for the performance of such obligations.
		

		
			
		

		
			

		 

		

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			The Administrative Agent, the LC Bank, the LC Participants, the Lenders, the Borrower and the Servicer shall have the right to continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
		

		
			 
		

		
			(e)         Participant Register.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
		

		
			 
		

		
			(f)         Assignments by Administrative Agent.  This Agreement and the rights and obligations of the Administrative Agent herein shall be assignable by the Administrative Agent and its successors and assigns; provided that in the case of an assignment to a Person that is neither an Affiliate of the Administrative Agent nor a Lender hereunder, so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably withheld, conditioned or delayed).
		

		
			 
		

		
			(g)         Assignments by the Borrower or the Servicer.  Neither the Borrower nor, except as provided in Section 9.01, the Servicer may assign any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent, the LC Bank and each Lender (such consent to be provided or withheld in the sole discretion of such Person). 
		

		
			 
		

		
			(h)         Addition of New Lenders and LC Participants.  Subject to Section 2.02(c), the Borrower may, with the prior written consent of the Administrative Agent and the LC Bank, add additional Persons as Lenders and LC Participants.  Each new Lender and LC Participant shall become a party hereto, by executing and delivering to the Administrative Agent, the LC Bank and the Borrower, an assumption agreement (each, an “Assumption Agreement”) in the form of Exhibit C hereto.
		

		
			 
		

		
			(i)         Pledge to a Federal Reserve Bank. Notwithstanding anything to the contrary set forth herein, (i) any Credit Party or any of their respective Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to secure its obligations to a Federal Reserve Bank, without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof or any Credit Party; provided,  however, that that no such pledge shall relieve such assignor of its obligations under this Agreement.
		

		
			
		

		
			

		 

		

			-97-

		

 

		

		
			 
		

		
			SECTION 14.04.  Costs and Expenses.  In addition to the rights of indemnification granted under Section 13.01 hereof and except as otherwise provided within this Agreement, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction Documents (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto and thereto), including, without limitation, (i) the reasonable Attorney Costs for the Administrative Agent and the other Credit Parties and any of their respective Affiliates with respect thereto and with respect to advising the Administrative Agent and the other Credit Parties and their respective Affiliates as to their rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’, auditors’ and consultants’ fees and expenses for the Administrative Agent and the other Credit Parties and any of their respective Affiliates incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent or any other Credit Party as to their rights and remedies under this Agreement or as to any actual or reasonably claimed breach of this Agreement or any other Transaction Document.  In addition, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties and their respective Affiliates, incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this Agreement and the other Transaction Documents.  Notwithstanding the foregoing, the Attorney Costs for preparation, negotiation, execution and delivery of this Agreement and the other Transaction Documents on and prior to the Closing Date shall be limited to the extent set forth in that certain letter agreement, dated September 11, 2014, by and between PNC Capital Markets LLC and Alliance Resource Partners, L.P.
		

		
			 
		

		
			SECTION 14.05.  No Proceedings.  The Servicer hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding until one year and one day after the Final Payout Date.  
		

		
			 
		

		
			SECTION 14.06.  Confidentiality.
		

		
			 
		

		
			(a)         Each of the Borrower and the Servicer covenants and agrees to hold in confidence, and not disclose to any Person, either (i) the Fee Letter or any of the contents thereof or (ii) any fees, interest, costs or expenses paid or payable in connection with this Agreement or any other Transaction Document, except as the Administrative Agent and each Lender may have consented to in writing prior to any proposed disclosure; provided,  however, that it may disclose such information (i) to its Advisors and Representatives, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer or their Advisors and Representatives or (iii) to the extent it or its Affiliates should be (A) required by Applicable Law, the rules of any securities exchange, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause (iii) above, the Borrower and the Servicer will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law) notify the Administrative Agent and the affected Credit Party of its intention to make any such disclosure prior to making such disclosure.  Each of the Borrower and the Servicer agrees to be responsible for any breach of this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential nature of such information and shall agree to comply with this Section.  Notwithstanding the foregoing, it is 
		

		
			
		

		
			

		 

		

			-98-

		

 

		

		
			expressly agreed that each of the Borrower, the Servicer and their respective Affiliates may publish a press release or otherwise publicly announce, including by filing of this Agreement as an exhibit to registration statements and periodic reports filed with the SEC, the existence and principal amount of the Commitments under this Agreement and the transactions contemplated hereby.  Notwithstanding the foregoing, the Borrower consents to the publication by the Administrative Agent or any other Credit Party of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement.
		

		
			 
		

		
			(b)         Each of the Administrative Agent and each other Credit Party, severally and with respect to itself only, agrees to hold in confidence, and not disclose to any Person, any confidential and proprietary information concerning the Borrower, the Servicer and their respective Affiliates and their businesses or the terms of this Agreement (including any fees payable in connection with this Agreement or the other Transaction Documents), except as the Borrower or the Servicer may have consented to in writing prior to any proposed disclosure; provided,  however, that it may disclose such information (i) to its Advisors and Representatives, (ii) to its assignees and Participants and potential assignees and Participants and their respective counsel if they agree in writing to hold it confidential,  (iii) to the extent such information has become available to the public other than as a result of a disclosure by or through it or its Representatives or Advisors, (iv) at the request of a bank examiner or other regulatory authority or in connection with an examination of any of the Administrative Agent or any Lender or their respective Affiliates or (v) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause (v) above, the Administrative Agent and each Lender will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law) notify the Borrower and the Servicer of its making any such disclosure as promptly as reasonably practicable thereafter.  Each of the Administrative Agent and each Lender, severally and with respect to itself only, agrees to be responsible for any breach of this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential nature of such information and shall agree to comply with this Section.
		

		
			 
		

		
			(c)         As used in this Section, (i) “Advisors” means, with respect to any Person, such Person’s accountants, attorneys and other confidential advisors and (ii) “Representatives” means, with respect to any Person, such Person’s Affiliates, Subsidiaries, directors, managers, officers, employees, members, investors, financing sources, insurers, professional advisors, representatives and agents; provided that such Persons shall not be deemed to be Representatives of a Person unless (and solely to the extent that) confidential information is furnished to such Person.
		

		
			 
		

		
			SECTION 14.07.  GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE 
		

		
			
		

		
			

		 

		

			-99-

		

 

		

		
			AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).
		

		
			 
		

		
			SECTION 14.08.  Execution in Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.
		

		
			 
		

		
			SECTION 14.09.  Integration; Binding Effect; Survival of Termination.  This Agreement and the other Transaction Documents 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.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  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 the Final Payout Date; provided,  however, that the provisions of Sections 3.08,  3.09,  3.10,  5.01,  5.02,  5.03,  11.04,  11.06,  13.01,  13.02,  14.04,  14.05,  14.06,  14.09,  14.10, and 14.12 shall survive any termination of this Agreement.
		

		
			 
		

		
			SECTION 14.10.  CONSENT TO JURISDICTION.  (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AGREEMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.  EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
		

		
			 
		

		
			(b)         EACH OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED 
		

		
			
		

		
			

		 

		

			-100-

		

 

		

		
			IN SECTION 14.02.  NOTHING IN THIS SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.
		

		
			 
		

		
			SECTION 14.11.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, 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 OR ANY OTHER TRANSACTION DOCUMENT.
		

		
			 
		

		
			SECTION 14.12.  Ratable Payments.  If any Credit Party, whether by setoff or otherwise, has payment made to it with respect to any Borrower Obligations in a greater proportion than that received by any other Credit Party entitled to receive a ratable share of such Borrower Obligations, such Credit Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Borrower Obligations held by the other Credit Parties so that after such purchase each Credit Party will hold its ratable proportion of such Borrower Obligations; provided that if all or any portion of such excess amount is thereafter recovered from such Credit Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.
		

		
			 
		

		
			SECTION 14.13.  Limitation of Liability.  
		

		
			 
		

		
			(a)         No claim may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their respective Affiliates, members, directors, officers, employees, incorporators, 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 other Transaction Document, or any act, omission or event occurring in connection herewith or therewith; and each of the Borrower and the Servicer 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.  None of the Credit Parties and their respective Affiliates shall have any liability to the Borrower or any Affiliate thereof or any other Person asserting claims on behalf of or in right of the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Borrower or any Affiliate thereof result from the breach of contract, gross negligence or willful misconduct of such Credit Party in performing its duties and obligations hereunder and under the other Transaction Documents to which it is a party.
		

		
			 
		

		
			(b)         The obligations of the Administrative Agent and each of the other Credit Parties under this Agreement and each of the Transaction Documents are solely the corporate obligations of such Person.  No recourse shall be had for any obligation or claim arising out of or based upon this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator of any such Person.
		

		
			
		

		
			

		 

		

			-101-

		

 

		

		
			 
		

		
			SECTION 14.14.  Intent of the Parties.  The Borrower has structured this Agreement with the intention that the Loans and the obligations of the Borrower hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the “Intended Tax Treatment”).  The Borrower, the Servicer, the Administrative Agent and the other Credit Parties agree to file no tax return, or take any action, inconsistent with the Intended Tax Treatment unless required by law.  Each assignee and each Participant acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees to comply with the immediately preceding sentence.
		

		
			 
		

		
			SECTION 14.15.  USA Patriot Act.  Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and the Servicer that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), the Administrative Agent and the other Credit Parties may be required to obtain, verify and record information that identifies the Borrower, the Transferor, the Originators, the Servicer and the Performance Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower, the Transferor, the Originators, the Servicer and the Performance Guarantor that will allow the Administrative Agent and the other Credit Parties to identify the Borrower, the Transferor, the Originators, the Servicer and the Performance Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act.  Each of the Borrower and the Servicer agrees to provide the Administrative Agent and each other Credit Parties, from time to time, with all documentation and other information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act.
		

		
			 
		

		
			SECTION 14.16.  Right of Setoff.  Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time during the continuance of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including by any branches or agencies of such Credit Party) to, or for the account of, the Borrower against amounts owing by the Borrower hereunder  or to, or for the account of, the Servicer against amounts owing by the Servicer hereunder; provided that such Credit Party shall notify the Borrower or the Servicer, as applicable, promptly following such setoff.  
		

		
			 
		

		
			SECTION 14.17.  Severability.  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.
		

		
			 
		

		
			SECTION 14.18.  Mutual Negotiations.  This Agreement and the other Transaction Documents are the product of mutual negotiations by the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction Document or any provision hereof or thereof or to have provided the same.  Accordingly, in the event of any inconsistency or ambiguity of any provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted against any party because of such party’s involvement in the drafting thereof.
		

		
			
		

		
			

		 

		

			-102-

		

 

		

		
			 
		

		
			SECTION 14.19.  Captions and Cross References.  The various captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement.  Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.
		

		
			 
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-103-

		

 

		

			 

		

		

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

		
			 
		

		
			 
		

			
					
						 

					
					
						    

					
					
						AROP FUNDING, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:   

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name: R. Eberley Davis

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ALLIANCE COAL, LLC,

				
	
					
						 

					
					
						 

					
					
						as the Servicer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name: R. Eberley Davis

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			
		

		

		 

		

			 

		

			

					

						 

					

					

						S-1 

					

					

						Receivables Financing Agreement

				

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						 

					
					
						as Administrative Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:   

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:  

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						 

					
					
						as LC Bank and as an LC Participant

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name: 

				
	
					
						 

					
					
						 

					
					
						Title: 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						 

					
					
						as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title: 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

			

					

						 

					

					

						 

					

					

						 

				

		

			 

		

			

					

						 

					

					

						S-2 

					

					

						Receivables Financing Agreement

				

		

			 

		

 

		

			 

		

		

		
			 
		

		
			EXHIBIT A
Form of [Loan Request] [LC Request]

[Letterhead of Borrower]
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			[Administrative Agent]
		

		
			 
		

		
			Re:         [Loan Request] [LC Request]
		

		
			 
		

		
			Ladies and Gentlemen:
		

		
			 
		

		
			Reference is hereby made to that certain Receivables Financing Agreement, dated as of December 5, 2014 among AROP Funding, LLC (the “Borrower”), Alliance Coal, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).  Capitalized terms used in this [Loan Request] [LC Request] and not otherwise defined herein shall have the meanings assigned thereto in the Agreement. 
		

		
			 
		

		
			[This letter constitutes a Loan Request pursuant to Section 2.02(a) of the Agreement.  The Borrower hereby request a Loan in the amount of [$       ] to be made on [     , 20  ] (of which $[   ] will be funded by PNC and $[   ] will be funded by the [   ].  The proceeds of such Loan should be deposited to [Account number], at [Name, Address and ABA Number of Bank].  After giving effect to such Loan, the Aggregate Capital will be [$       ].]
		

		
			 
		

		
			[This letter constitutes an LC Request pursuant to Section 3.02(a) of the Agreement.  The Borrower hereby request that the LC Bank issue a Letter of Credit with a face amount of [$       ] on [     , 20  ].  After giving effect to such issuance, the LC Participation Amount will be [$       ].
		

		
			 
		

		
			The Borrower hereby represents and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows:
		

		
			 
		

		
			(i)         the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date;
		

		
			 
		

		
			(ii)         no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default would result from such Credit Extension;
		

		
			
		

		
			

		 

		

			Exhibit A-1

		

 

		

		
			 
		

		
			(iii)         no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and
		

		
			 
		

		
			(iv)         the Termination Date has not occurred.
		

		
			
		

		
			

		 

		

			Exhibit A-2

		

 

		

		
			 
		

		
			IN WITNESS WHEREOF, the undersigned has executed this letter by its duly authorized officer as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						    

					
					
						Very truly yours,

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						AROP FUNDING, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name: 

				
	
					
						 

					
					
						 

					
					
						Title:  

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit A-3

		

 

		

			 

		

		

		
			EXHIBIT B
		

		
			Form of Assignment and Acceptance Agreement
		

		
			 
		

		
			Dated as of            , 20    
		

		
			 
		

		
			Section 1.
		

		
			 
		

			
					
						Commitment assigned:

					
					
						$[     ]

				
	
					
						Assignor’s remaining Commitment:

					
					
						$[     ]

				
	
					
						Capital allocable to Commitment assigned:

					
					
						$[     ]

				
	
					
						Assignor’s remaining Capital:

					
					
						$[     ]

				
	
					
						Interest (if any) allocable to Capital assigned:

					
					
						$[     ]

				
	
					
						Interest (if any) allocable to Assignor’s remaining Capital:

					
					
						$[     ]

				

		
			 
		

		
			 
		

		
			Section 2.
		

		
			 
		

		
			Effective Date of this Assignment and Acceptance Agreement: [          ]
		

		
			 
		

		
			Upon execution and delivery of this Assignment and Acceptance Agreement by the assignee and the assignor and the satisfaction of the other conditions to assignment specified in Section 14.03(b) of the Agreement (as defined below), from and after the effective date specified above, the assignee shall become a party to, and, to the extent of the rights and obligations thereunder being assigned to it pursuant to this Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under that certain Receivables Financing Agreement, dated as of December 5, 2014 among AROP Funding, LLC, Alliance Coal, LLC, as Servicer, the Lenders party thereto, the LC Participants party thereto and PNC Bank, National Association, as Administrative Agent and as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).
		

		
			 
		

		
			(Signature Pages Follow)
		

		
			
		

		
			

		 

		

			Exhibit B-1

		

 

		

		
			 
		

		
			 
		

			
					
						ASSIGNOR:

					
					
						    

					
					
						[         ]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ASSIGNEE:

					
					
						 

					
					
						[         ]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:  

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						[Address]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

			
					
						Accepted as of date first above written:

					
					
						    

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						PNC BANK, NATIONAL ASSOCIATION,

					
					
						 

					
					
						 

				
	
					
						as Administrative Agent

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						AROP FUNDING, LLC,

					
					
						 

					
					
						 

				
	
					
						as Borrower

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit B-2

		

 

		

			 

		

		

		
			 
		

		
			EXHIBIT C
Form of Assumption Agreement
		

		
			 
		

		
			THIS ASSUMPTION AGREEMENT (this “Agreement”), dated as of [         ,      ], is between AROP FUNDING, LLC (the “Borrower”) and [        ], as lender (the “Lender”).
		

		
			 
		

		
			BACKGROUND
		

		
			 
		

		
			The Borrower and various others are parties to a certain Receivables Financing Agreement, dated as of December 5, 2014 (as amended through the date hereof and as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”).  Capitalized terms used and not otherwise defined herein have the respective meaning assigned to such terms in the Receivables Financing Agreement.
		

		
			 
		

		
			NOW, THEREFORE, the parties hereto hereby agree as follows:
		

		
			 
		

		
			SECTION 1.         This letter constitutes an Assumption Agreement pursuant to Section 14.03(h) of the Receivables Financing Agreement.  The Borrower desires the Lender to [become a party to] [increase its existing Commitment under] the Receivables Financing Agreement, and upon the terms and subject to the conditions set forth in the Receivables Financing Agreement, the [[        ] Lenders] agree[s] to [become Lenders thereunder] [increase its Commitment to the amount set forth as its “Commitment” under the signature of such [      ] Lender hereto].
		

		
			 
		

		
			The Borrower hereby represents and warrants to the [        ] Lenders and the [         ] Administrative Agent as of the date hereof, as follows:
		

		
			 
		

		
			(i)         the representations and warranties of the Borrower contained in Section 7.01 of the Receivables Financing Agreement are true and correct in all material respects on and as of such date as though made on and as of such date;
		

		
			 
		

		
			(ii)        no Event of Default or Unmatured Event of Default has occurred and is continuing, or would result from the assumption contemplated hereby; and
		

		
			 
		

		
			(iii)       the Termination Date shall not have occurred.
		

		
			 
		

		
			SECTION 2.         Upon execution and delivery of this Agreement by the Borrower and [      ] (including the written consent of the Administrative Agent and the LC Bank) and receipt by the Administrative Agent of counterparts of this Agreement (whether by facsimile or otherwise) executed by each of the parties hereto, [the [     ] Lender shall become a party to, and have the rights and obligations of a Lender under, the Receivables Financing Agreement and a “Commitment” as shall be as set forth under the signature of each such Lender hereto].
		

		
			 
		

		
			SECTION 3.         THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW 
		

		
			
		

		
			

		 

		

			Exhibit C-1

		

 

		

		
			PROVISIONS THEREOF.  This Agreement may not be amended or supplemented except pursuant to a writing signed be each of the parties hereto and may not be waived except pursuant to a writing signed by the party to be charged.  This Agreement may be executed in counterparts, and by the different parties on different counterparts, each of which shall constitute an original, but all together shall constitute one and the same agreement.
		

		
			 
		

		
			(Signature Pages Follow)
		

		
			 
		

		
			
		

		
			

		 

		

			Exhibit C-2

		

 

		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers as of the date first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						    

					
					
						AROP FUNDING, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name Printed:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						[           ], as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name Printed:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						[Address]

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit C-3

		

 

		

			 

		

		

		
			EXHIBIT D
Form of Letter of Credit Application
		

		
			 
		

		
			(Attached)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit D-1

		

 

		

			 

		

		

		
			EXHIBIT E
Credit and Collection Policy
		

		
			 
		

		
			(Attached)
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit E-1

		

 

		

		
			EXHIBIT F
		

		
			Form of Information Package
		

		
			 
		

		
			(Attached)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit F

		

 

		

		
			EXHIBIT G
		

		
			Form of Compliance Certificate
		

		
			 
		

		
			To: PNC Bank, National Association, as Administrative Agent
		

		
			 
		

		
			This Compliance Certificate is furnished pursuant to Section 8.02(a)(i) of that certain Receivables Financing Agreement, dated as of December 5, 2014 among AROP Funding, LLC (the “Borrower”), Alliance Coal, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.
		

		
			 
		

		
			THE UNDERSIGNED HEREBY CERTIFIES THAT:
		

		
			 
		

		
			1.         I am the duly elected                 of the Servicer.
		

		
			 
		

		
			2.         I have reviewed the terms of the Agreement and each of the other Transaction Documents and I have made, or have caused to be made under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period covered by the attached financial statements.
		

		
			 
		

		
			3.         The examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an Event of Default or an Unmatured Event of Default, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[, except as set forth in paragraph 5 below].
		

		
			 
		

		
			4.         Schedule I attached hereto sets forth financial statements of the Parent and its Subsidiaries for the period referenced on such Schedule I.
		

		
			 
		

		
			[5.         Described below are the exceptions, if any, to paragraph 3 above by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event:]
		

		
			 
		

		
			
		

		
			

		 

		

			Exhibit G-1

		

 

		

		
			The foregoing certifications are made and delivered this        day of                    , 20   .
		

		
			 
		

		
			 
		

			
					
						ALLIANCE COAL, LLC

					
					
						    

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			Exhibit G-2

		

 

		

		
			 
		

		
			SCHEDULE I TO COMPLIANCE CERTIFICATE
		

		
			 
		

		
			A.         Schedule of Compliance as of                            , 20   with Section 8.02(a) of the Agreement.  Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.
		

		
			 
		

		
			This schedule relates to the month ended:                   .
		

		
			 
		

		
			B.         The following financial statements of the Parent and its Subsidiaries for the period ending on               , 20  , are attached hereto:
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit G-3

		

 

		

		
			 
		

		
			EXHIBIT H
		

		
			Closing Memorandum
		

		
			 
		

		
			 
		

		
			(Attached)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit H

		

 

		

		
			EXHIBIT I-1
		

		
			Weekly Report
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Exhibit HI-1

		

 

		

			 

		

		

		
			EXHIBIT I-2
		

		
			Daily Report
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Schedule I-2

		

 

		

			 

		

		

		
			SCHEDULE I
Commitments
		

		
			 
		

		
			 
		

			
					
						Party

					
					
						Capacity

					
					
						Commitment

				
	
					
						PNC 

					
					
						Lender

					
					
						$100,000,000

				
	
					
						PNC 

					
					
						LC Participant

					
					
						$100,000,000

				
	
					
						PNC 

					
					
						LC Bank

					
					
						$100,000,000

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Schedule I-2

		

 

		

			 

		

		

		
			SCHEDULE II
Lock-Boxes, Lock-Box Accounts and Lock-Box Banks
		

		
			 
		

			
					
						Lock-Box Bank

					
					
						Lock-Box

					
					
						Lock-Box Account

				
	
					
						Fifth Third Bank

					
					
						633905

					
					
						07021290650

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Schedule II-1

		

 

		

		
			 
		

		
			SCHEDULE III
Notice Addresses 
		

		
			 
		

		
			 
		

		
			 
		

		
			(A)         in the case of the Borrower, at the following address:
		

		
			 
		

		
			1717 South Boulder Avenue
		

		
			Tulsa, Oklahoma 74119
		

		
			Facsimile:  918-295-7361
		

		
			Attn:  Cary P. Marshall
		

		
			 
		

		
			with a copy to:
		

		
			 
		

		
			1146 Monarch St.
		

		
			Lexington, Kentucky 40513
		

		
			Facsimile:  859-223-3057
		

		
			Attn:  R. Eberley Davis
		

		
			 
		

		
			(B)         in the case of the Servicer, at the following address:
		

		
			 
		

		
			1717 South Boulder Avenue
		

		
			Tulsa, Oklahoma 74119
		

		
			Facsimile:  918-295-7361
		

		
			Attn:  Cary P. Marshall
		

		
			 
		

		
			with a copy to:
		

		
			 
		

		
			1146 Monarch St.
		

		
			Lexington, Kentucky 40513
		

		
			Facsimile:  859-223-3057
		

		
			Attn:  R. Eberley Davis
		

		
			 
		

		
			(C)         in the case of the Administrative Agent, at the following address:
		

		
			 
		

		
			PNC Bank, National Association
		

		
			Three PNC Plaza
		

		
			225 Fifth Avenue
		

		
			Pittsburgh, PA 15222
		

		
			Telephone:  (412) 768-3090
		

		
			Facsimile:  (412) 762-9184
		

		
			Attention:  Robyn Reeher
		

		
			 
		

		
			(D)         in the case of the LC Bank, at the following address:
		

		
			 
		

		
			PNC Bank, National Association
		

		
			Three PNC Plaza
		

		
			
		

		
			

		 

		

			Schedule III-1

		

 

		

		
			 
		

		
			225 Fifth Avenue
		

		
			Pittsburgh, PA 15222
		

		
			Telephone:  (412) 768-3090
		

		
			Facsimile:  (412) 762-9184
		

		
			Attention:  Robyn Reeher
		

		
			 
		

		
			(E)         in the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at such other address as shall be designated by such Person in a written notice to the other parties to this Agreement.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Schedule III-2

		

 

		

		
			SCHEDULE IV
Excluded Receivables
		

		
			 
		

		
			LOCATION OF MINING OPERATIONS
		

		
			 
		

		
			 
		

			
					
						MINEHEAD

					
					
						STATE 

					
					
						COUNTY

				
	
					
						MC Mining

					
					
						KY

					
					
						Pike

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Schedule IV-1

		

 

		

		
			EXHIBIT I-1
		

		
			 
		

		
			[See Attached]
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Alliance Resource Partners, L.P.
Receivables Securitization Program 
Weekly Settlement Report
		

		
			 
		

			
					
						Prior Month-End

					
					
						 

					
					
						 

				
	
					
						Report Date

					
					
						 

					
					
						 

				
	
					
						Data As-Of:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Aggregate Capital:

					
					
						 

					
					
						 

				
	
					
						LC Participation Amount:

					
					
						 

					
					
						 

				
	
					
						Total Usage (Aggregate Capital + LC Participation Amount)

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						I.    Settlement Period Activity:

					
					
						 

					
					
						 

				
	
					
						Total Receivables Balance

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						II.  Calculation of Net Receivables Pool Balance

					
					
						 

					
					
						 

				
	
					
						Ending Accounts Receivable

					
					
						 

					
					
						 

				
	
					
						Less Ineligibles (Prior Month-End Proxy)

					
					
						 

					
					
						 

				
	
					
						Proxied Weekly Ineligible Receivables

					
					
						 

					
					
						 

				
	
					
						Eligible Receivables

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Excess Concentrations (Prior Month-End Proxy) 

					
					
						 

					
					
						 

				
	
					
						Proxied Weekly Excess Concentrations

					
					
						 

					
					
						 

				
	
					
						Weekly Net Receivables Pool Balance

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						III. Calculation of Reserves

					
					
						 

					
					
						 

				
	
					
						Total Reserves (Prior Month-End Proxy) 

					
					
						 

					
					
						 

				
	
					
						Proxied Weekly Reserves

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						IV. Calculation of Borrowing Base

					
					
						 

					
					
						 

				
	
					
						Weekly Borrowing Base

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						V.  Amounts Available for Release to Alliance

					
					
						 

					
					
						 

				
	
					
						Balance in LC Collateral Account as of the Cut-Off Date 

					
					
						 

					
					
						 

				
	
					
						Required LC Collateral Account Amount

					
					
						 

					
					
						 

				
	
					
						LC Collateral Account Surplus/(Deficit)

					
					
						 

					
					
						 

				
	
					
						Eligible for Release to Alliance 

					
					
						 

					
					
						 

				
	
					
						Incremental Required LC account Deposit

					
					
						 

					
					
						 

				

		
			 
		

		
			VI. Signature
		

		
			The undersigned hereby represents and warrants that the foregoing and attachments represent true and accurate information in all material respects as of the cut-off date shown above and is in accordance with the Receivables Financing Agreement, dated as of December 5, 2014, by and among AROP Funding, LLC, as borrower (the “Borrower”), Alliance Coal, LLC, ("Alliance"), as initial servicer (in such capacity, together with its successors and permitted assignees in such capacity, the “Servicer”), PNC Bank, National Association, as Administrative Agent, LC Bank, LC Participant, and Lender.
		

		
			 
		

			
					
						Alliance Coal, LLC as Servicer

					
					
						    

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature:

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Printed Name:

					
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			EXHIBIT I-2
		

		
			 
		

		
			[See Attached]
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Alliance Resource Partners, L.P.
Receivables Securitization Program 
Daily Settlement Report
		

		
			 
		

			
					
						Prior Month-End

					
					
						 

					
					
						 

				
	
					
						Report Date

					
					
						 

					
					
						 

				
	
					
						Data As-Of:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Aggregate Capital:

					
					
						 

					
					
						 

				
	
					
						LC Participation Amount:

					
					
						 

					
					
						 

				
	
					
						Total Usage (Aggregate Capital + LC Participation Amount)

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						I.    Settlement Period Activity:

					
					
						 

					
					
						 

				
	
					
						Total Receivables Balance

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						II.  Calculation of Net Receivables Pool Balance

					
					
						 

					
					
						 

				
	
					
						Ending Accounts Receivable

					
					
						 

					
					
						 

				
	
					
						Less Ineligibles (Prior Month-End Proxy)

					
					
						 

					
					
						 

				
	
					
						Proxied Daily Ineligible Receivables

					
					
						 

					
					
						 

				
	
					
						Eligible Receivables

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Excess Concentrations (Prior Month-End Proxy) 

					
					
						 

					
					
						 

				
	
					
						Proxied Daily Excess Concentrations

					
					
						 

					
					
						 

				
	
					
						Daily Net Receivables Pool Balance

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						III. Calculation of Reserves

					
					
						 

					
					
						 

				
	
					
						Total Reserves (Prior Month-End Proxy) 

					
					
						 

					
					
						 

				
	
					
						Proxied Daily Reserves

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						IV. Calculation of Borrowing Base

					
					
						 

					
					
						 

				
	
					
						Daily Borrowing Base

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						V.  Amounts Available for Release to Alliance

					
					
						 

					
					
						 

				
	
					
						Balance in LC Collateral Account as of the Cut-Off Date 

					
					
						 

					
					
						 

				
	
					
						Required LC Collateral Account Amount

					
					
						 

					
					
						 

				
	
					
						LC Collateral Account Surplus/(Deficit)

					
					
						 

					
					
						 

				
	
					
						Eligible for Release to Alliance 

					
					
						 

					
					
						 

				
	
					
						Incremental Required LC account Deposit

					
					
						 

					
					
						 

				

		
			 
		

		
			VI. Signature
		

		
			The undersigned hereby represents and warrants that the foregoing and attachments represent true and accurate information in all material respects as of the cut-off date shown above and is in accordance with the Receivables Financing Agreement, dated as of December 5, 2014, by and among AROP Funding, LLC, as borrower (the “Borrower”), Alliance Coal, LLC, ("Alliance"), as initial servicer (in such capacity, together with its successors and permitted assignees in such capacity, the “Servicer”), PNC Bank, National Association, as Administrative Agent, LC Bank, LC Participant, and Lender.
		

		
			 
		

			
					
						Alliance Coal LLC as Servicer

					
					
						    

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature:

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Printed Name:

					
					
						 

					
					
						 

					
					
						Title:LEASE

 

166 EARNEST W. BARRETT PARKWAY

 

MARIETTA, GA 30066

 

KENNESAW MARKET

 

By and Between

 

HOME CENTER PROPERTIES, LLC,

 

a Georgia limited liability company

 

(“Landlord”)

 

and

 

ADMA BIO CENTERS GEORGIA INC.,

 

a Delaware corporation

 

(“Tenant”)

 

This 17th day of February 2017

 

 

 

    

    

    

  

TABLE OF CONTENTS

 

LEASE

 

	ARTICLE
    I
	EXHIBITS,
    PREMISES, USE OF PREMISES AND TERM
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Exhibits	3
	Section 1.3	Covenants of Landlord’s Authority	3
	Section 1.4	Premises Leased by Tenant	3
	Section 1.5	Use of Premises	3
	Section 1.6	Lease Term	3
	Section 1.7	Rent Commencement Date	3
	Section 1.8	Lease Year	4
	Section 1.9	Acceptance of Possession of Premises	4
	 	 	 
	ARTICLE
    II
	RENT
	 	 	 
	Section 2.1	Fixed Minimum Rent	4
	Section 2.2	Late Payment Fee	4
	Section 2.3	Additional Rent - Definition	4
	Section 2.4	Percentage Rent	5
	Section 2.5	“Gross Sales” Defined	5
	Section 2.6	Statements of Gross Sales	5
	Section 2.7	Tenant’s Gross Sales Records	5
	 	 	 
	ARTICLE
    III
	COMMON
    AREAS AND FACILITIES
	 	 	 
	Section 3.1	Common Area	5
	Section 3.2	Use of Common Area	5
	Section 3.3	Tenant to Share Expense of Common Areas	5
	Section 3.4	Landlord’s Operating Costs	6
	 	 	 
	ARTICLE
    IV
	UTILITY
    SERVICES
	 	 	 
	Section 4.1	Utilities	6
	 	 	 
	ARTICLE
    V
	TAXES
	 	 	 
	Section 5.1	Tenant’s Taxes	7
	Section 5.2	Tenant’s Participation in Real Estate Taxes	7

 

    -i-

    

    

 

	ARTICLE
    VI
	REPAIRS
    AND MAINTENANCE
	 	 	 
	Section 6.1	Repairs by Landlord	8
	Section 6.2	Repairs and Maintenance by Tenant	8
	Section 6.3	Right of Entry	9
	Section 6.4	Sidewalks and Outside Areas	9
	Section 6.5	Replacement of Glass	9
	 	 	 
	ARTICLE
    VII
	RESTRICTIONS
    ON USE OF PREMISES
	 	 	 
	Section 7.1	Restrictions on Use of Premises	9
	Section 7.2	Tenant’s Normal Business Operation	9
	Section 7.3	Retail Restriction Limit	10
	Section 7.4	Rules and Regulations	10
	 	 	 
	ARTICLE
    VIII
	ADDITIONS,
    ALTERATIONS, REPLACEMENTS AND TRADE FIXTURES
	 	 	 
	Section 8.1	By Landlord	10
	Section 8.2	By Tenant	10
	Section 8.3	Construction Insurance and Indemnity	11
	Section 8.4	Mechanic’s Liens and Additional Construction	11
	Section 8.5	Trade Fixtures	11
	 	 	 
	ARTICLE
    IX
	INSURANCE
    AND INDEMNITY
	 	 	 
	Section 9.1	Tenant’s Insurance	12
	Section 9.2	Extra Hazard Insurance Premiums	12
	Section 9.3	Indemnity	12
	Section 9.4	Tenant’s Participation in Insurance	13
	Section 9.5	Mutual Waiver of Claims and Subrogation	13
	 	 	 
	ARTICLE
    X
	DAMAGE
    OR DESTRUCTION BY FIRE OR OTHER CASUALTY AND CONDEMNATION
	 	 	 
	Section 10.1	Damage or Destruction by Fire or Other Casualty	14
	Section 10.2	Condemnation	14
	 	 	 
	ARTICLE XI
	DEFAULT AND REMEDIES
	 	 	 
	Section 11.1	Default	15
	Section 11.2	Remedies	15
	 	 	 
	ARTICLE
    XII
	SECURITY
    DEPOSIT
	 	 	 
	Section 12.1	Security Deposit	17

 

    -ii-

    

    

 

	ARTICLE
    XIII	 
	ADDITIONAL
    TENANT AGREEMENTS	 
	 	 	 
	Section 13.1	Mortgage Financing, Subordination and Attornment 	17
	Section 13.2	Assignment or Subletting	18
	Section 13.3	Tenant’s Notice to Landlord of Default	18
	Section 13.4	No Recording of Lease	18
	Section 13.5	Surrender of Premises and Holding Over	18
	Section 13.6	Estoppel Certificate	19
	Section 13.7	Compliance with Law, Waste and Quiet Enjoyment	19
	Section 13.8	Abandonment	19
	Section 13.9	Relocation	19
	 	 	 
	ARTICLE
    XIV
	MISCELLANEOUS
    PROVISIONS
	 	 	 
	Section 14.1	Notices	19
	Section 14.2	Entire and Binding Agreement	19
	Section 14.3	Provisions Severable	20
	Section 14.4	Captions	20
	Section 14.5	Relationship of the Parties	20
	Section 14.6	Accord and Satisfaction	20
	Section 14.7	Broker’s Commission	20
	Section 14.8	Corporate Status	20
	Section 14.9	Hazardous Substances	20
	Section 14.10	Inability to Perform	22
	Section 14.11	Joint and Several Liability	22
	Section 14.12	Time of the Essence	22
	Section 14.13	Governing Law	22
	Section 14.14	Attorney’s Fees	22
	Section 14.15	Signage	23
	Section 14.16	No Offer	23
	Section 14.17	Tenant’s Representation	23
	Section 14.18	Landlord’s Representation	24
	Section 14.19	Pro Rata Share	24
	Section 14.20	Tenant’s Financial Records	24
	Section 14.21	Pest Control 	24
	Section 14.22	Confidentiality	24
	Section 14.23	Mold	24
	Section 14.24	Anti-Terrorism Representation and Warranty	24
	Section 14.25	Limitation on Right of Recovery Against Landlord	25

 

    -iii-

    

    

   

 

  

LEASE

 

THIS LEASE, made and
entered into as of this 17th day of February 2017 (the “Effective Date”), by and between Landlord and Tenant
as specified in Items 1 and 2 of the Definitions appearing in Section 1.1 hereof.

 

Landlord hereby demises and rents unto
Tenant, and Tenant hereby leases from Landlord, certain Premises, as described in Item 3 of the Definitions appearing in Section
1.1 hereof, and upon the terms, covenants and conditions contained herein. It is the express intent of the parties that a landlord/tenant
relationship is established by this Lease, that Tenant has a usufruct pursuant to this Lease, and that no estate for years or other
estate shall pass out of Landlord as a result of this Lease.

 

ARTICLE I

EXHIBITS, PREMISES, USE OF PREMISES
AND TERM

 

Section 1.1      Definitions

 

The following Items shall be defined or be referred to as indicated
below for the purposes of this Lease and the Exhibits attached hereto:

 

	Item 1 -	Landlord:	HOME CENTER PROPERTIES, LLC, a Georgia limited liability company
	 	 	 
	Item 2 -	Tenant:	ADMA BIO CENTERS GEORGIA INC., a Delaware corporation
	 	 	 
	Item 3 -	Premises (Section 1.4):	166 EARNEST W. BARRETT PARKWAY MARIETTA, GA  30066
	 	 	 
	 	:	166 EARNEST W. BARRETT PARKWAY MARIETTA, GA  30066
	 	 	 
	 	 	comprising the entirety of that certain building containing approximately 12,167 square feet, together with the use of the driveways, parking spaces, entranceways and exits included within the red boundary line shown on the Site Plan attached hereto as Exhibit "B-1" (collectively, "Tenant's Parking").
	 	 	 
	Item 4 -	Use of Premises (Section 1.5):	The Premises shall be utilized as a facility specializing in the collection of human plasma or blood used to make special medications for the treatment and prevention of diseases, general office administration and any other related use.
	 	 	 
	Item 5 -	Tenant’s Trade Name:	ADMA BIO CENTERS GEORGIA INC.
	 	 	 
	Item 6 -	Lease Term (Section 1.6):	EIGHT (8) YEARS, NINE (9) MONTHS
	 	 	 
	Item 7 -	Lease Commencement Date (Section 1.6):	The Lease shall commence upon substantial completion of Landlord’s Work (as described on Exhibit "B-4" attached hereto).
	 	 	 
	 	Lease Expiration Date (Section 1.6): 	Upon the expiration of one hundred five (105) months after the Lease Commencement Date.
	 	 	 
	Item 8 -	Rent Commencement Date (Section 1.7):	Upon the expiration of one hundred fifty (150) days after the Lease Commencement Date.
	 	 	 
	Item 9 -	Fixed Minimum Rent (Section 2.1):	SEE EXHIBIT “A” ATTACHED HERETO

 

    -1-

    

    

 

	Item 10 -	Percentage Rent:	N/A
	 	 	 
	Item 11 -	Tenant’s Participation in 	 	 	 
	 	Operating Costs (Section 3.4):	 	 	 
	 	 	 	 	 
	 	Estimated Landlord’s Operating	 	 	 
	 	Costs for Year 2017:	$1,238.09 per month
	 	 	 
	Item 12 -	Tenant’s Participation in Insurance	 	 	 
	 	(Section 9.4):	 	 	 
	 	 	 	 	 
	 	Estimated Insurance Charge for Year 2017:	$112.00 per month
	 	 	 
	Item 13 -	Participation in Promotional Programs:	N/A
	 	 	 
	Item 14 -	Tenant’s Participation in Real Estate	 	 	 
	 	Taxes (Section 5.2):	 	 	 
	 	 	 	 	 
	 	Estimated Tax Charge for Year 2017:	$1,632.00 per month
	 	 	 
	Item 15 - 	Amounts Due from Tenant at Lease Execution:	$20,282.09  	-  	Initial Monthly Charges (to be applied to the Fixed Minimum Rent, Landlord’s Operating Costs, Taxes, and Insurance charges for the first month rent is due hereunder).
	 	 	 	 	 
	Item 16 - 	Notices (Section 14.1):	TENANT:
	 	 	ADMA BIO CENTERS GEORGIA INC.
	 	 	166 EARNEST W. BARRETT PARKWAY
	 	 	MARIETTA, GA  30066
	 	 	ATTENTION:  Center Director
	 	 	Telephone: (678) 495-5803
	 	 	EMAIL:  ctolman@admabio.com
	 	 	 
	 	 	WITH A COPY TO:
	 	 	ADMA Biologics Inc. 
	 	 	465 Route 17 South
	 	 	Ramsey, NJ 07446
	 	 	ATTENTION:  Brian Lenz
	 	 	Telephone: 201-478-5552
	 	 	EMAIL:  blenz@admabio.com
	 	 	 
	 	 	LANDLORD:
	 	 	HOME CENTER PROPERTIES, LLC
	 	 	780 OLD ROSWELL PLACE
	 	 	SUITE 100
	 	 	ROSWELL, GA  30076
	 	 	TELEPHONE: (770) 518-2200
	 	 	 
	Item 17	Special Provisions:	SEE SPECIAL STIPULATIONS ATTACHED HERETO AS EXHIBIT “A”.

 

    -2-

    

    

 

Section 1.2      Exhibits

 

The exhibits listed hereunder and attached to this Lease are
incorporated and made a part hereof by reference:

 

EXHIBIT “A” – SPECIAL STIPULATIONS

EXHIBIT “B-1” – SITE PLAN

EXHIBIT “B-2” – EXISTING FLOOR
PLAN

EXHIBIT “B-3” – PROPOSED FLOOR
PLAN

EXHIBIT “B-4” – LANDLORD’S
WORK

EXHIBIT “B-5” – PYLON SIGNAGE

EXHIBIT “C” – RULES AND REGULATIONS

EXHIBIT "D" -- LEASE COMMENCEMENT
DATE LETTER

EXHIBIT "E" --TENANT'S SIGN PACKAGE

EXHIBIT "F" --BUILDING ENVELOPE ASSESSMENT
REPORT

 

Section 1.3      Covenants of Landlord’s Authority

 

Landlord represents and covenants that:

 

		a)	prior to commencement of the Lease Term, it will have good title to or a valid leasehold interest
in the land and building of which the Premises form a part; and

 

		b)	upon performing all of its obligations hereunder, Tenant shall peacefully and quietly have, hold
and enjoy the Premises for the Term of this Lease, subject, however, to matters of record.

 

Section 1.4      Premises Leased by Tenant

 

The Premises leased by Tenant are located
at the address set forth in Item 3 of the Definitions, which Premises are particularly described in Item 3 of the Definitions.

 

The boundaries and location of the Premises
are highlighted on the Site Plan diagram attached hereto as Exhibit “B-1” and the Existing Floor Plan of the Premises,
attached hereto as Exhibit “B-2”, which set forth the general layout of the Premises, respectively, as of the Effective
Date of this Lease, but neither Exhibit “B-1” or Exhibit “B-2” shall be deemed to be a warranty, representation,
or agreement upon the part of the Landlord that said Premises will be exactly as indicated on said diagram.

 

The Premises shall extend to the exterior
faces of all walls, and shall include the appurtenances specifically granted in this Lease, but reserving and excepting to Landlord
the use of the exterior walls and the roof and the right to install, maintain, use, repair, and replace pipes, ducts, conduits,
and wires leading through the Premises in locations which will not materially interfere with Tenant’s use thereof.

 

Consistent with Section 3.2 hereof, Tenant
shall have the non-exclusive use of the driveways, parking spaces, entranceways, exits, and all Common Areas of the Premises for
its employees, agents, customers, suppliers, or invitees, so long as such use shall not unreasonably interfere with the use of
such areas by Landlord.

 

Section 1.5      Use of Premises

 

		a)	Tenant shall use the Premises solely for the purpose specified in Item 4 of the Definitions.

 

		b)	Tenant shall operate its business in the Premises pursuant to Section 7.1 hereof under the trade
name as specified in Item 5 of the Definitions.

 

Section 1.6      Lease Term

 

The term of this Lease shall be for the
period specified in Item 6 of the Definitions commencing and expiring as provided in Item 7 of the Definitions, unless sooner terminated
or extended as hereinafter provided (hereinafter referred to as the “Term”). If the Lease commences on any day other
than the first day of a calendar month, the Term shall be extended by that part of one month necessary to cause the Lease Expiration
Date to be on the last day of a calendar month.

 

Section 1.7      Rent Commencement
Date

 

Tenant shall commence payment of rent at
the date specified in Item 8 of the Definitions. If the Rent Commencement Date falls on a day other than the first day of a calendar
month, the Fixed Minimum Rent for such month shall be prorated on a per diem basis, calculated on the basis of a thirty (30) day
month. The Rent Commencement Date shall automatically be extended if the Lease Commencement Date is extended pursuant to the provisions
of Exhibit "B-4" attached hereto. Within ten (10) business days of the Lease Commencement Date, Landlord and Tenant shall
execute a Lease Commencement Date Letter substantially in the same form as attached hereto and incorporated herein as Exhibit "D",
acknowledging the Lease Commencement Date and the Rent Commencement Date of this Lease.

 

    -3-

    

    

 

Section 1.8      Lease Year

 

For purpose of this Lease, the term Lease
Year is defined to mean a calendar year (beginning January 1 and extending through December 31 of any given year). Any portion
of a year which is less than a Lease Year, that is, from the Lease Commencement Date through the next December 31, and from the
last January 1 falling within the Term of the Lease through the last day of the Term, shall be defined as a Partial Lease Year.

 

Section 1.9      Acceptance
of Possession of Premises

 

On the Lease Commencement Date, Landlord
shall grant and Tenant shall accept possession of the Premises described in the Lease in its present “as is” condition,
with the exception of the work as described on Exhibit “B-4” (the “Landlord’s Work”). With the Exception
of the Landlord’s Work, Landlord has made no agreements for any labor, materials or work to be performed by Landlord in or
to the Premises. In the event Landlord is required to perform any improvements in the Premises prior to granting possession of
same to Tenant, Landlord, at Landlord's expense, shall be responsible for obtaining all permits necessary to complete such improvements.
Tenant acknowledges that except for work, which is to be performed by Landlord according to the terms and conditions of the Lease,
the Tenant shall accept the balance and remainder of any portion of the Premises that Landlord is not required by this Lease to
make improvements in or on its “as is” condition.

 

Subject to compliance with the term of
this Lease, Tenant shall make all improvements to the Premises which Tenant is required to make for the preparation of Tenant’s
use of the Premises, as permitted hereunder. Tenant agrees and understands that it is Tenant’s obligation to obtain or cause
to be obtained: (i) any and all permits and approvals for any Tenant improvements from the applicable governmental agency with
jurisdiction over the Premises; and (ii) Tenant’s certificate of occupancy for the Premises.

 

ARTICLE II 

RENT

 

Section 2.1      Fixed Minimum Rent

 

The total Fixed Minimum Rent for the Lease
Term shall be payable by Tenant as specified in Item 9 of the Definitions and in the Special Stipulations attached hereto as Exhibit
“A”.

 

The Fixed Minimum Rent shall be payable
monthly in advance on the first day of each month, without prior demand therefore and without any deduction or setoff whatsoever.
In addition, Tenant covenants and agrees to pay Landlord all applicable sales or other taxes which may be imposed on the above
specified rents or payments hereinafter provided for to be received by Landlord when each such payment is made. If Tenant pays
any installment of Fixed Minimum Rent or any other sum by check and such check is returned for insufficient funds or other reasons
not the fault of Landlord, then Tenant shall pay to Landlord on demand a service fee of $30.00 per returned check plus the amount
of any fees charged to Landlord by a bank as a result of the check not being honored.

 

Section 2.2      Late Payment Fee

 

Should Tenant fail to pay when due any
installment of Fixed Minimum Rent or any other sum payable to Landlord under the terms of this Lease, then Landlord shall assess
a servicing fee of Five Percent (5%) of any sum due to Landlord (the "Late Payment Fee") from and after the tenth (10th)
day following the date on which any sum shall be due and payable; provided, however, Landlord agrees to waive the Late Payment
Fee once during any 12-month period provided that Tenant pays the amount due under this Lease within ten (10) days after receipt
of written notice from Landlord. Tenant acknowledges and agrees that such late fee is intended as liquidated damages, and not as
a penalty, to compensate Landlord for its costs of handling the late payment. Failure of Landlord to enforce the late payment fee
shall not constitute a waiver of Landlord’s right to assess said fee in the future and shall not constitute a waiver of any
other rights Landlord may have at law or in equity.

 

Section 2.3      Additional Rent -
Definition

 

In addition to the foregoing Fixed Minimum
Rent, all payments to be made under this Lease by Tenant to Landlord shall be deemed to be and shall become Additional Rent hereunder
and, together with Fixed Minimum Rent, shall be included in the term “Rent” whenever such term is used herein. Unless
another time shall be herein expressly provided for the payment thereof, any Additional Rent shall be due and payable together
with each installment of Fixed Minimum Rent, and Landlord shall have the same remedies for failure to pay Additional Rent as for
non-payment of Fixed Minimum Rent. Subject to any notice and cure periods set forth in this Lease, Landlord, at its election, shall
have the right to pay or do any act which requires the expenditure of any sums of money by reason of the failure or neglect of
Tenant to perform any of the provisions of this Lease, and in the event Landlord elects to pay such sums or do such acts requiring
the expenditure of monies, all such sums so paid by Landlord, together with interest thereon, shall be deemed to be Additional
Rent and payable as such by Tenant to Landlord upon demand.

    -4-

    

    

 

 Section
2.4     Percentage
Rent                         
[INTENTIONALLY OMITTED]

 

Section
2.5     “Gross
Sales” Defined               
[INTENTIONALLY OMITTED]

 

Section 2.6     Statements of Gross
Sales          [INTENTIONALLY OMITTED]

 

Section 2.7     Tenant’s Gross
Sales Records   [INTENTIONALLY OMITTED]

 

ARTICLE III

COMMON AREAS AND FACILITIES

 

Section 3.1     Common Areas

 

Landlord shall make available for Tenant’s
non-exclusive use, exterior areas of the Premises designated for common use, including but not limited to, parking areas, driveways,
pedestrian sidewalks, access and egress roads, landscaped and planted areas, and common exterior other facilities, serving the
Premises (the “Common Areas”).

 

Landlord shall operate, manage, light,
repair and maintain said Common Areas for its intended purposes in such manner as Landlord, in its sole discretion, shall determine.
Additionally, so long as Landlord does not materially and adversely affect Tenant’s business operation on the Premises, or
Tenant’s ability to access and park on the Premises, Landlord reserves the right to change from time to time the size, location,
nature and use of any Common Areas, to make additional installations therein and to move and remove the same, and Landlord shall
not be subject to liability therefore nor shall Tenant be entitled to any compensation, or diminution or abatement of Rent, nor
shall any such action be deemed an actual or constructive eviction of Tenant.

 

Section 3.2     Use of Common Areas

 

During the Term of this Lease, Tenant and
its permitted concessionaires, officers, employees, agents, customers and invitees shall have the non-exclusive right, in common
with Landlord and all others to whom Landlord has or may hereafter grant rights, to use the Common Areas as (defined in Section
3.1 above), subject to such reasonable rules and regulations as Landlord may from time to time impose. Tenant agrees after notice
thereof to abide by such rules and regulations and to use its best efforts to cause its permitted concessionaires, officers, employees,
agents, customers and invitees to conform thereto. Landlord may at any time close temporarily any Common Areas to make repairs
or changes to same and grant to third persons the non-exclusive right to cross over and use the Common Areas along with Landlord,
and Landlord shall not be subject to liability therefore nor shall any such action be deemed an actual or constructive eviction
of Tenant. Further, Landlord may do such other acts in and to the Common Areas as in its reasonable judgment may be desirable to
improve the convenience thereof. Neither Tenant nor Tenant’s employees, concessionaires, officers or agents may solicit business
in the Common Areas, including but not limited to the distribution of handbills or other advertising matter and placing any such
handbills or advertising matter in or on any vehicles parked at the Premises without Landlord’s prior written consent. Tenant
shall at no time unreasonably interfere with the rights of Landlord and others to use and enjoy any part of the Common Areas.

 

Section 3.3     Tenant to Share Expense
of Common Areas

 

Tenant shall pay to Landlord, in the manner
provided in Section 3.4, Tenant’s pro rata share of Operating Costs. “Operating Costs” shall be defined as and
consist of all costs and expenses of every kind and nature, paid or incurred by Landlord, its agents or any contractor employed
by Landlord with respect to the operation and maintenance of the Common Areas and the buildings on the Premises including but not
be limited to: maintaining lighting fixtures, including cost of light bulbs and electric current (provided, however, that if a
Tenant requires that the Premise remain illuminated after 11 p.m., Tenant shall be responsible for the cost allocable to said requirement);
salaries and related costs of all on-site personnel (full-time and part-time); repairs, maintenance and replacements necessary
for operation of the Common Areas, including all repairs, maintenance to the fire sprinkler system and all components thereof (but
excluding replacements of the fire sprinkler system); costs and expenses of planting, maintaining, replanting and replacing flowers
and other landscaping; mowing of grass; utilities; all costs of roof repairs and replacements including gutters and downspouts
for up to fifty percent (50%) of the roof areas of the building on the Premises, all costs of paving repairs including resealing
and restriping, patching holes and repaving for up to fifty percent (50%) of the parking lot and access drives on serving the Premises;
removal of trash, rubbish, garbage and other refuse; cleaning; supplies; cost of operating, maintaining and repairing retaining
walls, stairs, ramps, sidewalks, and other elements exterior to the building on the Premises; costs incurred by Landlord for the
illumination and maintenance of the pylon sign at Home Center Village on which Tenant’s sign panels will be located; equipment
depreciation; parcel pick-up stations; service contracts with independent contractors; advertising and promotion; and management,
administrative and overhead costs equal to three percent (3%) of the total annual Fixed Minimum Rent. Notwithstanding the foregoing,
with the exception of any expenses set forth above, which are by their nature capital expenditures, Operating Costs shall not include
any other capital expenditures. During the Lease term in no event shall Tenant’s pro rata share of actual Landlord’s
Operating Costs increase more than five percent (5%) on a cumulative going forward basis after the first Lease Year adjustment,
excluding controllable expenses such as utilities, insurance, taxes, snow/ice and debris/trash removal.

    -5-

    

    

 

Section 3.4     Landlord’s Operating
Costs

 

Tenant shall pay to Landlord the Estimated
Landlord’s Operating Costs specified in Item 11 of the Definitions, payable in advance in equal monthly installments, together
with the payment of the monthly Fixed Minimum Rent, during the first Lease Year or Partial Lease Year of the Lease Term. At the
end of each Lease Year, Landlord shall determine Tenant’s actual pro rata share of the Operating Costs paid or incurred by
Landlord during the prior Lease Year. In the event Tenant’s actual pro rata share of Operating Costs, as determined by Landlord,
exceeds the sums paid by Tenant during the Lease Year in which such costs are incurred, Tenant shall pay to Landlord the excess
on or before the first day of the month following receipt of Landlord’s statement invoicing the amount due by Tenant. The
monthly Estimated Landlord’s Operating Costs for each succeeding year may be adjusted, at Landlord’s option, based
on Landlord’s estimate of such costs for each succeeding period.

 

If the Lease expires during a Partial Lease
Year, and Tenant’s pro rata share of Landlord’s Operating Costs, as determined by Landlord, exceeds the sums paid by
Tenant during the Partial Lease Year, Landlord shall bill Tenant within a reasonable time after the expiration or sooner termination
of the Lease, for such excess costs for the Partial Lease Year. Tenant shall remit full payment to Landlord within fifteen (15)
days of such bill. If Tenant fails to remit such full payment to Landlord, Landlord in its sole discretion may deduct the amount
due from the Security Deposit and shall be entitled to all other rights and remedies hereunder for Tenant’s default.

 

Tenant shall have the right, upon ten (10)
business days' prior notice (which may be telephonic) to Landlord, to audit the books and accounts of Landlord to confirm the calculation
and accuracy of Operating Costs for any Lease Year or Partial Lease Year, as applicable, during the Lease Term. Such audit shall
be conducted at a place reasonably designated by Landlord. In the event of an inaccuracy in Operating Costs actually paid by Tenant
as compared to Operating Costs actually incurred and owed by Tenant, such shall be reconciled within thirty (30) days of discovering
same. In the event that amounts Tenant actually paid for Operating Costs exceed the amount for Operating Costs actually owed by
Tenant hereunder, when correctly accounted for and calculated, by three percent (3%) or greater of such amount actually owed, then
Landlord shall pay or reimburse Tenant for the reasonable cost of the audit.

 

ARTICLE IV

UTILITY SERVICES

 

Section 4.1     Utilities

 

Tenant agrees that it shall not install
any equipment which will exceed or overload the capacity of any utility facilities existing in the Premises on the Lease Commencement
Date and that if any equipment installed by Tenant shall require additional utility facilities, the same shall be installed at
Tenant’s expense in accordance with plans and specifications to be approved in writing by Landlord, such approval not to
be unreasonably withheld, conditioned or delayed. Tenant shall contract for all utilities in its own name and shall promptly pay
for all utilities rendered or furnished to the Premises from and after the date Tenant assumes possession of the Premises (irrespective
of whether Tenant shall have opened for business in the Premises) including, but not limited to, water/sewer, gas, and electricity
charges and all taxes thereon.

 

Landlord shall not be liable to Tenant
for damages due to any interruption or impairment of any such utility or related service, except if the cause of such interruption
or impairment is due to the intentional misconduct of Landlord or Landlord’s agents, representatives, contractors and employees.

 

    -6-

    

    

 

ARTICLE V

TAXES

 

Section 5.1     Tenant’s Taxes

 

Tenant covenants and agrees to pay timely
when due all taxes imposed upon its business operations and its personal property situated in the Premises.

 

Section 5.2     Tenant’s Participation
in Real Estate Taxes

 

Landlord will pay all “Real Estate
Taxes” which shall include:

 

		(i)	all real property taxes, including extraordinary, general, and/or special assessments imposed by
federal, state, or local governmental authority or any other taxing authority having jurisdiction over the Premises;

 

		(ii)	all real estate taxes levied and/or assessed against the Premises being located within the jurisdiction
of a community development district, tax allocation district, community improvement district, special tax district, municipal tax
district, a business park, municipal improvement district, and/or other similar tax program (collectively referred to as the “Special
Tax Assessments”) and which are included in the tax bill (or in the alternative are charged by the applicable governmental
and/or quasi-governmental agency(ies) to Landlord);

 

		(iii)	any resource recovery taxes or fees, retrofit taxes or fees, or any other special tax which may
be assessed and imposed on the Premises by any federal, state, or local government, including, without limitation, the Special
Tax Assessments, or any other special assessment against the Premises; and

 

		(iv)	any other assessments which may be levied or imposed on the Premises which are included on the
Landlord’s realty tax or assessment bill, including but not limited to, any and all costs, fees, and expenses incurred by
Landlord in negotiating, appealing or contesting such taxes and assessments.

 

Notwithstanding anything herein to the
contrary, Real Estate Taxes shall not include: (i) any franchise, capital, stock, transfer, inheritance, succession, special assessment,
estate, gift or income tax; and (ii) late payment charges, interest and penalties imposed on Landlord.

 

Tenant, for each Lease Year or Partial
Lease Year, as defined in Section 1.8, during the Term of this Lease or any renewal thereof, shall pay to Landlord its prorata
share, as hereinafter defined, of all Real Estate Taxes assessed or levied against the Premises. Tenant shall pay to Landlord the
Estimated Tax Charge specified in Item 14 of the Definitions, payable in advance in equal monthly installments, together with the
payment of the monthly Fixed Minimum Rent, during the first Lease Year or Partial Lease Year of the Lease Term. At the end of such
year and each Lease Year thereafter, Landlord shall furnish Tenant a statement of the actual Real Estate Taxes together with an
invoice for any additional Tax Charge, which shall be paid within thirty (30) days after receipt of Landlord’s statement.
If the aggregate amount of Real Estate Taxes actually paid by Tenant during a given Lease Year or Partial Lease Year, as applicable,
exceeds Tenant's actual liability for such Lease Year or Partial Lease Year, the excess shall be credited against the Real Estate
Taxes next due from Tenant during the immediately subsequent Lease Year or Partial Lease Year, as applicable, except that in the
event that such excess is paid by Tenant during the final Lease Year or Partial Lease Year, as applicable, of the Lease Term, then
upon the expiration of the Lease Term, Landlord shall pay Tenant the then-applicable excess within fifteen (15) days after determination
thereof. The monthly Estimated Tax Charge for each succeeding year may be adjusted based on Landlord’s estimate of the Real
Estate Taxes for each period. Tenant’s share shall be prorated in the event Tenant is required to make such payment for a
Partial Lease Year. In addition, should the taxing authorities include in such Real Estate Taxes the value of any improvements
made by Tenant, or include machinery, equipment, fixtures, inventory or other personal property or assets of the Tenant then Tenant
shall also pay 100% of the Personal Property Taxes and Real Estate Taxes for such items. If the Lease expires during a Partial
Lease Year, Landlord shall bill Tenant, not more than sixty (60) days prior to the expiration date to the Lease, for its estimated
pro rata share of Real Estate Taxes for the Partial Lease Year. Tenant shall remit full payment to Landlord within fifteen (15)
days of such bill. Should any governmental taxing authority, acting under any present or future law, ordinance, or regulation,
levy, assess or impose a tax, excise and/or assessment (other than income or franchise tax) upon or against or in any way related
to the land and buildings comprising the Premises, either by way of substitution or in addition to any existing tax on land and
buildings or otherwise, Tenant shall be responsible for and shall pay to Landlord its pro rata share as set forth above of such
tax, excise and/or assessment. Notwithstanding anything to the contrary contained in this Lease, in no event shall Tenant be responsible
or be required to pay or contribute to the payment of any Real Estate Taxes applicable to the period prior to the Lease Commencement
Date or after the Lease Expiration Date.

 

    -7-

    

    

 

ARTICLE VI 

REPAIRS AND MAINTENANCE

 

Section 6.1     Repairs by Landlord

 

Landlord shall keep the foundations, exterior
structural/load bearing walls, gutters, downspouts and the roof over the Premises in good order and repair (subject to reimbursement
by Tenant in accordance with Section 3.3), and shall make the exterior and structural repairs and replacements necessary to keep
the Premises in good order and repair, including maintenance and repair of the pipes, lines, wires, and ducts exterior to the Premises
up to, but not including, Tenant’s service connections therewith, but subject to Landlord’s recovery of such expenses
as may be provided in this Lease. Landlord shall not be liable for any injury or damage to persons or property resulting from fire,
explosion, falling plaster, steam, gas, electricity, water, rain or leaks from any part of the Premises or from the pipes, appliances
or plumbing works or from the roof, street or subsurface or from any other place or by dampness or by any other cause of whatsoever
nature. All property of Tenant, including merchandise and furnishings, kept or stored on the Premises shall be so kept or stored
at the risk of Tenant only and Tenant shall hold Landlord harmless from any and all claims arising out of damage to same. If Landlord
is required to make repairs by reason of the negligence or willful misconduct of Tenant, any permitted subtenants, concessionaires
or their respective employees, agents, invitees, licensees or contractors, the cost of such repairs shall be borne by Tenant and
shall be due and payable immediately upon receipt of Landlord’s notification of the amount due.

 

In addition to the foregoing, Landlord
shall maintain, repair, and replace as necessary the fire sprinkler system in the building on the Premises, subject to reimbursement
of such costs by Tenant pursuant to Section 3.3 above.

 

Landlord agrees both to commence the maintenance,
repairs, replacements or restoration described in this Section with reasonable promptness and to diligently pursue same and in
such manner as not to unreasonably interfere with Tenant's use and occupancy of the Premises. If Landlord fails to perform such
maintenance or repair within thirty (30) days after receiving from Tenant written notice of the need for same or if such maintenance
or repair cannot be performed within thirty (30) days, commence the maintenance and repair within thirty (30) days, and diligently
prosecute it to completion, Tenant may make such repairs after giving Landlord ten (10) days prior written notice and using the
lowest of three (3) competitive bids, and deduct the costs thereof from sums due Landlord hereunder.

 

Section 6.2     Repairs and Maintenance
by Tenant

 

Tenant shall, at Tenant’s sole cost
and expense, make all repairs to the Premises for which Landlord is not specifically responsible under Section 6.1, and shall replace
all things necessary to keep the same in good order and repair, including, but not limited to, all fixtures, furnishings, lighting,
windows, doors, and store signs of Tenant. Further, Tenant shall maintain, replace and keep in good order and repair all plumbing
(including grease traps), electrical, and heating, venting and air conditioning (“HVAC”) systems for the Premises.
Any HVAC system supplied by Tenant shall remain as a part of the Premises for the duration of the Lease Term and any renewals thereof,
and shall become the property of Landlord upon installation of such system. Tenant shall at all times keep the Premises and the
immediate areas in front of, behind and adjacent to it, exterior entrances, all glass and show windows, moldings and bulkheads,
and all partitions, doors, floor surfaces, fixtures, equipment and appurtenances thereof in good order, condition and repair, and
shall maintain the Premises in a satisfactory condition of cleanliness and appearance, including reasonable periodic painting of
the interior and, if applicable, the exterior of the Premises. Tenant shall be fully responsible and liable for the maintenance,
repair, and lighting of all its exterior signs and the maintenance and repair of its sign panels installed on the pylon sign (such
sign panels to be maintained in conformity with Tenant’s Sign Package affixed hereto as Exhibit E) that is shared by all
the tenants in the Home Center Village Shopping Center, and shall periodically repaint metal surfaces that rust or begin to deteriorate
from any causes. Any damage to the exterior walls to which a sign may be attached, including but not limited to rust stains and
structural cracking of the fascia, caused by Tenant’s signage shall be repaired by Tenant at its sole cost.

 

Tenant shall obtain and deliver to Landlord,
at Tenant’s sole cost, a maintenance agreement with a reputable licensed HVAC contractor reasonably approved by Landlord
for the servicing of the HVAC system throughout the Term of this Lease and all extensions thereof. At a minimum, the HVAC
system shall be serviced at least once per quarter by the service provider, including, but not limited to: (i) changing the
filters, (ii) inspecting and, if necessary, cleaning condensing coils and evaporator coils, (iii) inspecting and, if necessary,
tightening or replacing the belt on any HVAC unit having a belt driven fan, and (iv) inspecting and, if necessary, tightening
any electrical terminations.

 

If Tenant refuses or neglects to properly
repair and/or maintain the Premises as required herein to the reasonable satisfaction of Landlord, Landlord may, but shall not
be obligated to, complete such repairs and/or maintenance, without liability for any loss or damage that may accrue to Tenant’s
merchandise, fixtures, or other property or to Tenant’s business by reason thereof, and upon completion thereof, Tenant shall
pay Landlord’s costs for making such repairs within thirty (30) days of receipt of an invoice from Landlord, which invoice
shall include documentation supporting such costs.

 

    -8-

    

    

 

Section 6.3     Right of Entry

 

Landlord or its representatives shall have
the right to enter the Premises at reasonable hours of any day during the Lease Term upon not less than forty-eight (48) hours
prior telephone notice to Tenant (except in the case of an emergency) in order to:

 

		a)	ascertain if the Premises are in proper repair and condition, and further, Landlord or its representatives
shall have the right, without liability, to enter the Premises for the purposes of making repairs, additions or alterations thereto
or to the building in which the same are located, including the right to take the required materials therefore into and upon the
Premises without the same constituting an eviction of Tenant in whole or in part, and the Rent shall not abate while such repairs,
alterations, replacements or improvements are being made by reason of loss or interruption of Tenant’s business due to the
performance of any such work; provided, however, that Landlord shall use reasonable efforts to minimize interference with Tenant's
business operations and Tenant's occupancy and use of the Premises; and

 

		b)	show the Premises to prospective purchasers and lenders. During the ninety (90) days prior to the
expiration or earlier termination of the Lease Term, Landlord may place a “For Lease” sign on the Premises and show
the Premises to prospective tenants.

 

		c)	Tenant may require such individuals to register with Tenant and be accompanied by a Tenant representative
at all times while on the Premises. Notwithstanding the foregoing, in the event that Landlord requires entry to the Premises during
a circumstance that Landlord reasonably deems to be an emergency, and representatives of Tenant shall not be present to open and
permit such entry into the Premises, Landlord and its employees and agents may enter the Premises by means of a master key or otherwise.

 

Section 6.4     Sidewalks and Outside
Areas

 

Nothing shall be thrown or swept out of
doors or windows of the Premises onto sidewalks, entrances, passages, courts, plazas or any of the Common Area. Tenant shall diligently
keep the sidewalks and outside areas immediately in front and behind the Premises broom-clean and otherwise keep said areas free
of trash, litter, ice, snow, or obstruction of any kind.

 

Section 6.5     Replacement of Glass

 

At the commencement of the Term of this
Lease, all glass in the Premises shall be in good condition, scraped clean of any paint and undamaged. Tenant shall, at its own
expense, replace all glass thereafter broken or damaged with glass of the same quality and physical properties.

 

ARTICLE VII

RESTRICTIONS ON USE OF PREMISES

 

Section 7.1     Restrictions on Use
of Premises

 

Tenant covenants and agrees to use the
Premises only for the permitted uses set forth in Item 4 of the Definitions and for no other purpose, and Tenant shall not maintain
or permit to be maintained any vending machines of any nature in exterior areas adjacent to the Premises or in the Premises which
block the flow of pedestrian traffic therein.

 

The Premises shall, during the Term of
this Lease, be used only and exclusively for lawful purposes and no part of the Premises shall be used in any manner whatsoever
that will injure the commercial reputation of the Premises nor for any purposes in violation of the laws, ordinances, regulations
or orders of the United States, or the State, County and/or City where the Premises are located or the Fire Insurance Rating organization
and/or the Board of Fire Insurance Underwriters, or any duly constituted subdivision, department or board thereof. Tenant shall
comply with all such laws, ordinances, regulations or orders now in effect or hereafter enacted or passed during the Term of this
Lease insofar as the Premises and any signs of Tenant are concerned, and shall make at Tenant’s own cost and expense all
repairs, additions and alterations to the Premises and signs ordered or required by such authorities, whether to meet the special
needs of Tenant, or by reason of the occupancy of Tenant, or otherwise.

 

Section 7.2     Tenant’s Right
to Go Dark; Landlord’s Recapture Right

 

At any time during the Term, including
any Extension Term (as defined in Exhibit "A"), Tenant shall have the right, but not the obligation, to cease its business
operations within the Premises (which may be referred to herein as “Go Dark” or any verb-tense variation thereof);
provided, however, that nothing herein shall be deemed to affect Tenant’s obligation to pay full Rent during the period Tenant
has Gone Dark. If Tenant Goes Dark from the Premises for a period of one hundred eighty (180) or more consecutive days or for a
period of three hundred sixty five (365) or more days in the aggregate at any time during the Term (“Dark Period”),
except for a Permitted Closure (as defined below), Landlord shall have the right, but not the obligation, as its sole and exclusive
remedy for early termination of the Lease, to terminate this Lease and recapture the Premises at any time after such Dark Period
by delivering written notice to Tenant indicating its election to so terminate this Lease (“Termination Notice”). This
Lease shall terminate thirty (30) days after Tenant’s receipt of the Termination Notice; provided, however, that Tenant may
nullify such termination by Landlord if, within thirty (30) days after Tenant’s receipt of the Termination Notice, Tenant
re-opens for business in the Premises. Notwithstanding the foregoing, from the date of the Termination Notice through the effective
date of termination as set forth in such Termination Notice, Tenant shall continue to pay full Rent and remain liable for all liabilities
accrued through the Termination Date. Notwithstanding anything contained herein to the contrary, Tenant shall not be required to
open for business in the Premises (i) on nationally recognized holidays (e.g., Christmas Day, Thanksgiving Day, New Year’s
Day, etc.), (ii) for periods of closure for permitted remodeling, renovation or alterations, (iii) for periods of closure due to
force majeure events, or (iv) for periods of closure due to casualty or condemnation (any of the foregoing being a “Permitted
Closure”). Notwithstanding anything to the contrary contained herein, the Dark Period shall not be interrupted by, and Tenant
shall be deemed to be not operating, during any single day or other temporary resumption of operations by Tenant in bad faith and
not in the normal course of business for the sole purpose of avoiding the exercise of Landlord's recapture right. If Tenant Goes
Dark, Tenant shall maintain a security alarm for the Premises with a reputable company approved by Landlord, sufficient to notify
the police or fire officials in the event of an emergency; maintain the temperature within the Premises at 45o degrees Fahrenheit
or higher in order to prevent any damage to the Premises due to freezing temperatures; and comply with all other terms and conditions
of the Lease.

 

    -9-

    

    

 

Section 7.3     Retail Restriction
Limit [Intentionally Omitted]

 

Section 7.4     Rules and Regulations

 

Tenant’s use of the Premises shall
be subject to Landlord’s right to adopt, modify and/or rescind reasonable rules and regulations not in conflict with any
of the express provisions hereof governing the use of the Common Areas and/or Premises and other matters affecting the general
management and appearance of the Premises but no such rule or regulation shall discriminate against Tenant. The current rules and
regulations are attached hereto as Exhibit “C” and made a part hereof. Landlord will provide any newly promulgated
rules and regulations to Tenant prior to same being effective and enforceable.

 

ARTICLE VIII

ADDITIONS, ALTERATIONS, REPLACEMENTS
AND TRADE FIXTURES

 

Section 8.1     By Landlord

 

Landlord also reserves the right to construct
other buildings or improvements in the Common Areas from time to time and to make alterations thereof or additions thereof and
to build additional stories on any such building or buildings so constructed provided that such construction does not interfere
or interrupt Tenant's business and access to the Areas and to Tenant's Parking.

 

Section 8.2     By Tenant

 

Tenant may, from time to time, at its expense,
make alterations or improvements in and to the Premises (hereinafter collectively referred to as "Alterations") without
acquiring the prior written consent of Landlord in each instance, provided that: (a) the Alterations are non-structural and the
structural integrity of the building in which the Premises is located shall not be affected; (b) the Alterations are to the interior
of the Premises; (c) the proper functioning of the electrical, mechanical, plumbing, HVAC or other systems servicing the Premises
is not impaired; or (d) the cost in each case does not exceed Ten Thousand and No/100 Dollars ($10,000.00) (the "Permitted
Alterations"). For any other Alterations, Tenant shall be required to obtain the prior written consent of Landlord, which
consent Landlord shall not unreasonably withhold, condition, or delay. If Tenant makes written request for any Alterations requiring
Landlord's prior written consent, such request must be accompanied by a description of the proposed Alterations. If Landlord fails
to deny consent to the proposed Alterations in writing accompanied by reasons for such denial within thirty (30) days of Tenant's
request, then Landlord shall be deemed to have granted consent to the Alterations described. After obtaining Landlord's consent
for any Alterations (either expressly or by inference), Tenant shall give Landlord at least five (5) days' prior written notice
of the commencement of any Alterations at the Premises, and Landlord may elect to record and post notices of non-responsibility
at the Premises. This provision shall apply to improvements made by Tenant at any time, including Tenant’s initial leasehold
improvements and fixturing. No changes, alterations, or improvements affecting the exterior of the Premises shall be made by Tenant
without the prior written approval of Landlord. Tenant also agrees to pay one hundred percent (100%) of any increase in the Real
Estate Taxes or Landlord’s Personal Property Taxes resulting from such improvements.

 

    -10-

    

    

 

All alterations, decorations, additions
and improvements made by Tenant, or made by Landlord on Tenant’s behalf as provided in this Lease, shall be the property
of Landlord. Upon obtaining the prior written consent of Landlord, Tenant shall remove such alterations, decorations, additions
and improvements made by Tenant and restore the Premises as provided in Section 8.5, and if Tenant fails to do so and moves from
the Premises, all such alterations, decorations, and additions and improvements shall remain the property of Landlord.

 

Section 8.3     Construction Insurance
and Indemnity

 

Tenant shall indemnify and hold Landlord
harmless from any and all claims for loss or damages or otherwise based upon or in any manner growing out of any alterations or
construction undertaken by Tenant under the terms of this Lease, including all costs, damages, expenses, court costs and attorneys’
fees incurred in or resulting from claims made by any person or persons.

 

Before undertaking any alterations or construction
(excluding any Permitted Alterations), Tenant shall obtain and pay for a public liability policy insuring Landlord and Tenant against
any liability which may arise on account of such proposed alterations or construction work in limits of not less than $1,000,000.00
for any one person, $1,000,000.00 for more than one person in any one accident and $1,000,000.00 for property damage; and a copy
of such policy shall be delivered to Landlord prior to the commencement of such proposed work. Tenant shall also maintain at all
times fire insurance with extended coverage in the name of Landlord and Tenant as their interests may appear in the amount adequate
to cover the cost of replacement of all alterations, decoration, additions or improvements in and to the Premises and all trade
fixtures therein, in the event of fire or extended coverage loss. Tenant shall deliver to Landlord copies of such fire insurance
policies which shall contain a clause requiring the insurer to give Landlord thirty (30) days’ notice of cancellation of
such policies.

 

Section 8.4     Mechanic’s Liens
and Additional Construction

 

If by reason of any alteration, repair,
or labor performed or materials furnished to the Premises for or on behalf of Tenant any mechanic’s or other lien shall be
filed, claimed, perfected or otherwise established as provided by law against the Premises, Tenant shall discharge or remove the
lien by bonding or otherwise, within thirty (30) days after notice from Landlord to Tenant of the filing of same, and Tenant shall
indemnify and hold the Landlord harmless from and against any such lien and any costs, damages, charges and expenses, including,
but not limited to, attorney’s fees, incurred in connection with or with respect to such lien.

 

Landlord and Tenant expressly acknowledge
and agree that neither the Tenant nor any one claiming by, through or under the Tenant, including without limitation contractors,
sub-contractors, materialmen, mechanics and laborers, shall have any right to file or place any mechanics’ or materialmen’s
liens of any kind whatsoever upon the Premises nor upon any building or improvement thereon; such liens being specifically prohibited.
Tenant shall notify all parties with whom it deals that Tenant (and such party acting by and through Tenant) has no power to subject
the Landlord’s interest in the Premises to any claim or lien of any kind or character and any parties dealing with the Tenant
must look solely to the credit of the Tenant for payment and not to the Landlord’s interest in the Premises or otherwise.

 

Section 8.5     Trade Fixtures

 

All trade fixtures and equipment installed
by Tenant in the Premises shall remain the property of Tenant. Provided Tenant is not in default hereunder beyond any applicable
notice and cure periods, Tenant shall have the right, upon the expiration or termination of this Lease, to remove any and all such
trade fixtures and equipment not constituting a part of the freehold which it may have stored or installed in the Premises, including,
but not limited to, counters, shelving, showcases, chairs, and moveable machinery purchased or provided by Tenant, provided this
right is exercised on or before the expiration or termination date of this Lease and provided that Tenant, at its own cost and
expense, shall repair any damage to the Premises caused thereby. The right granted Tenant in this Section 8.5 shall not include
the right to remove any plumbing or electrical fixtures or equipment (with exception of generator), hot water heaters, oven hood,
oven exhaust, heating or air-conditioning equipment, floor-coverings (including wall-to-wall carpeting) glued or fastened to the
floors or any paneling, tile or other materials fastened or attached to the walls or ceilings, all of which shall be deemed to
constitute a part of the freehold, and, as a matter of course, shall not include the right to remove any fixtures or machinery
that were furnished or paid for by Landlord. The Premises and the immediate areas in front of, behind and adjacent to the Premises
shall be left in a broom-clean condition. If Tenant shall fail to remove all of its trade fixtures or other property on or before
the expiration or termination date of this Lease, such fixtures and other property not removed by Tenant shall be deemed abandoned
by Tenant, and, at the option of Landlord, shall become the property of Landlord.

 

    -11-

    

    

 

ARTICLE IX

INSURANCE AND INDEMNITY

 

Section 9.1     Tenant’s Insurance

 

Tenant covenants and agrees to procure
and maintain, at Tenant’s expense, prior to entry upon the Premises, in responsible companies reasonably approved by Landlord,
combined single limit public liability insurance, insuring Landlord and Tenant, as their interests may appear, against all claims,
demands or actions for bodily injury, including death of any person, property damage, and personal injury with limits of not less
than $1,000,000.00 for each occurrence and $2,000,000.00 on an annual aggregate basis, and also casualty coverage insuring Landlord
and Tenant, as their interests may appear, with a limit of not less than $300,000.00 for each occurrence. Landlord shall have the
right to direct Tenant to increase such amounts whenever Landlord’s insurance carrier or governing authority considers them
inadequate. Such liability insurance shall also cover any liability from signs erected by Tenant. The policy of insurance shall
provide that Landlord is specifically named as an additional insured therein. Tenant shall also maintain, at its own cost and expense,
with nationally recognized companies, insurance as follows: (1) insurance commonly known as “special all risk property insurance”
on property belonging to Tenant or for which Tenant is the bailee covering 100% of the replacement cost of any item of value including
Tenant’s property and specifically including but not limited to signs, stock, inventory, furniture and fixtures, equipment,
and improvements and betterments installed by Tenant; (2) business interruption insurance covering 100% of Tenant’s actual
loss sustained for a period not exceeding twelve (12) months; and (3) insurance covering all glass forming a part of the Premises
including plate glass in the Premises. All of said insurance shall be in form and in responsible companies licensed to do business
in the State of Georgia and shall have an A.M. Best Rating of at least A-,VIII and shall endeavor to provide that it will not be
subject to cancellation or termination or change except after at least thirty (30) days prior written notice to Landlord. The certificates
of insurance shall be deposited with Landlord no later than the day Tenant opens for business. Thereafter, Tenant shall provide
Landlord with certificates of insurance within fifteen (15) days after renewal of any such policy. In the event Tenant fails to
obtain or maintain the insurance required hereunder, and fails to provide Landlord with the required certificates of insurance
within thirty (30) days after demand therefore, Landlord may obtain same (but shall have no obligation to do so) and any costs
incurred by Landlord in connection therewith shall be payable by Tenant upon demand. Tenant agrees that its insurance shall be
primary over any insurance, which may be purchased by the Landlord. In the event of any loss of property or earnings of the Tenant
as a result of property damage, the Tenant agrees not to subrogate against the Landlord and further agrees that it shall require
an express waiver of any right of subrogation by its insurance company against Landlord.

 

Section 9.2     Extra Hazard Insurance
Premiums

 

Tenant agrees that it will not knowingly
keep, use, sell or offer for sale in or upon the Premises any article or permit any activity, which may be prohibited by the standard
form of fire or public liability insurance policy. Tenant agrees to pay any increase in premiums for fire and extended coverage
or public liability insurance which may be carried by Landlord on the Premises or the building of which they are a part, resulting
from the type of merchandise sold or services rendered by Tenant or activities in the Premises, whether or not Landlord has consented
to the same. In determining whether increased premiums are the result of Tenant’s use of the Premises, a schedule, issued
by the organization making the insurance rate on the Premises, showing various components of such rate, shall be conclusive evidence
of the several items and charges, which make up the fire and public liability insurance rate on the Premises.

 

Tenant shall not knowingly use or occupy
the Premises or any part thereof, or suffer or permit the same to be used or occupied for any business or purpose deemed extra
hazardous on account of fire or otherwise. In the event Tenant’s use and/or occupancy causes any increase of premium for
the fire, boiler and/or casualty rates on the Premises or any part thereof above the rate for the least hazardous type of occupancy
legally permitted in the Premises, Tenant shall pay such additional premium on the fire, boiler and/or casualty insurance policy
that may be carried by Landlord for its protection against rent loss through fire. Bills for such additional premiums shall be
rendered by Landlord to Tenant at such times as Landlord may elect, and shall be due from and payable to Tenant when rendered in
writing, but such increases in the rate of insurance shall not be deemed a breach of this covenant by Tenant. Failure to pay amounts
due hereunder shall be a breach of the Lease.

 

Section 9.3     Indemnity

 

Tenant during the Term hereof shall indemnify
and save harmless Landlord, including its employees, agents, and property manager, if any, from and against any and all claims
and demands whether for injuries to persons or loss of life, or damage to property, occurring within the Premises and immediately
adjoining the Premises and arising out of the use and occupancy of the Premises by Tenant, or occasioned wholly or in part by any
act or omission of Tenant, its subtenants, agents, contractors, employees, servants, lessees or concessionaires, excepting however,
such claims and demands, whether for injuries to persons or loss of life, or damage to property, caused by the negligence of Landlord,
its employees, agents, and property manager. If, however, any liability arises in the Common Areas because of the negligence of
Tenant, Tenant’s subtenants, agents, employees, contractors, invitees, customers or visitors, then in such event Tenant shall
hold Landlord harmless. In case Landlord shall, without fault on its part, be made a party to any litigation that is covered by
the indemnity by Tenant in the foregoing two sentences, then Tenant shall protect and hold Landlord harmless and shall pay all
costs, expenses and reasonable attorney’s fees incurred or paid by Landlord in connection with such litigation. The obligation
of Tenant to indemnify Landlord under this Section 9.3 shall survive the termination of the Lease. Nothing in this Section 9.3
shall modify or alter the Tenant’s responsibility to purchase the insurance required by Section 9.1.

 

    -12-

    

    

 

Landlord during the Term hereof shall indemnify
and save harmless Tenant, including its employees, agents, and property manager, if any, from and against any and all claims and
demands whether for injuries to persons or loss of life, or damage to property, occurring within the Common Areas occasioned wholly
or in part by any act or omission of Landlord, its agents, contractors or employees, excepting however, such claims and demands,
whether for injuries to persons or loss of life, or damage to property, caused by the negligence of Tenant including Tenant's subtenants,
agents, employees or contractors. If any liability arises in the Premises because of the negligence of Landlord, Landlord's agents,
employees or property manager, then in such event Landlord shall hold Tenant harmless. In case Tenant shall, without fault on its
part, be made a party to any litigation that is covered by the indemnity by Landlord in the foregoing two sentences, then Landlord
shall protect and hold Tenant harmless and shall pay all costs, expenses and reasonable attorney’s fees incurred or paid
by Tenant in connection with such litigation. The obligation of Landlord to indemnify Tenant under this Section 9.3 shall survive
the termination of the Lease. Nothing in this Section 9.3 shall modify or alter Landlord's responsibility to purchase the insurance
required by Section 9.4.

 

Section 9.4     Tenant’s Participation
in Insurance

 

Landlord will pay all premiums for liability,
fire, casualty and other property related insurance for the Premises, including any insurance, such as flood insurance, which in
the reasonable judgment of Landlord is necessary (collectively, “Insurance”). Tenant for each Lease Year or Partial
Lease Year during the Term of this Lease or any renewal thereof, shall pay to Landlord its Pro Rata Share of Insurance. In addition
to the foregoing, Tenant shall also pay its Pro Rata Share of any Insurance deductible (“Deductible Share”) paid by
Landlord in the event of a claim or insured loss. The Deducible Share shall be determined by multiplying the applicable deductible
amount paid by Landlord by Tenant’s pro rata share. The Deductible Share shall be amortized and paid by Tenant in monthly
installments over the remaining term of the Lease beginning the month next succeeding the date on which Landlord notifies Tenant
in writing about same.

 

Tenant shall pay to Landlord the Insurance
Charge specified in Exhibit “A” monthly. At the end of each Lease Year (or Partial Lease Year, if applicable), Landlord
shall determine Tenant’s actual Pro Rata Share of Insurance for such preceding Lease Year. In the event Tenant’s Pro
Rata Share of Insurance exceeds the Insurance Charge paid by Tenant for such preceding Lease Year, Tenant shall pay to Landlord
the excess amount within thirty (30) days after receipt of Landlord’s statement invoicing the amount due by Tenant. If the
aggregate amount of Insurance actually paid by Tenant during a given Lease Year or Partial Lease Year, as applicable, exceeds Tenant's
actual liability for such Lease Year or Partial Lease Year, the excess shall be credited against the payment of Insurance next
due from Tenant during the immediately subsequent Lease Year or Partial Lease Year, as applicable, except that in the event that
such excess is paid by Tenant during the final Lease Year or Partial Lease Year, as applicable, of the Lease Term, then upon the
expiration of the Lease Term, Landlord shall pay Tenant the then-applicable excess within fifteen (15) days after determination
thereof. The Insurance Charge for each succeeding Lease Year may be adjusted based on Landlord’s estimate of the Insurance
for such succeeding Lease Year. If the Lease expires during a Partial Lease Year, Landlord shall bill Tenant, not more than sixty
(60) days following to the Expiration Date of the Lease, for its estimated Pro Rata Share of Insurance for the Partial Lease Year.
Tenant shall remit full payment to Landlord within fifteen (15) days of receipt of such bill. If Tenant fails to remit such payment
to Landlord, Landlord in its sole discretion may deduct the amount due from Tenant’s Security Deposit and/or pursue all other
rights and remedies hereunder for Tenant’s default.

 

Any Insurance policy maintained by Landlord
shall be for the sole benefit of Landlord, and Tenant shall have no right or claim to any proceeds thereof or any other rights
thereunder. Further, Tenant acknowledges and agrees that Tenant’s obligation to pay its Pro Rata Share of Insurance for the
Premises shall not give Tenant any rights under any Insurance policy maintained by Landlord, nor shall such obligation constitute
a waiver of subrogation on the part of Landlord’s Insurance carrier to assert claims against Tenant for damage to the Premises
caused by Tenant’s negligence, or for Landlord to assert any such claims against Tenant for uninsured losses. Specifically,
nothing in this Lease shall be construed to prohibit or diminish either the subrogation rights of Landlord’s insurance carrier
against Tenant or Landlord’s rights to assert claims against Tenant in its own name for damage caused by Tenant’s negligence.

 

Section 9.5     Mutual Waiver of Claims
and Subrogation

 

LANDLORD AND TENANT HEREBY WAIVE AND RELEASE
ANY CLAIM THAT EITHER OF THEM MAY HEREAFTER HAVE AGAINST THE OTHER ON ACCOUNT OF ANY DAMAGE TO THE PROPERTY OF THE WAIVING PARTY,
EVEN IF SUCH DAMAGE SHALL BE DUE TO THE NEGLIGENT ACT OR OMISSION OF THE OTHER PARTY. LANDLORD AND TENANT SHALL EACH CAUSE THEIR
RESPECTIVE PROPERTY INSURANCE POLICIES TO CONTAIN EITHER A WAIVER OF ANY RIGHT OF SUBROGATION THE INSURER OF ONE PARTY HERETO MAY
ACQUIRE AGAINST THE OTHER PARTY HERETO BY VIRTUE OF PAYMENT OF ANY LOSS UNDER ANY SUCH INSURANCE OR AN ACKNOWLEDGMENT BY THE INSURER
THAT THE FOREGOING WAIVER OF CLAIMS DOES NOT IMPAIR OR INVALIDATE SUCH POLICY OF INSURANCE.

 

    -13-

    

    

 

ARTICLE X

DAMAGE OR DESTRUCTION BY FIRE OR OTHER
CASUALTY AND CONDEMNATION

 

Section 10.1    Damage or Destruction by Fire or Other
Casualty

 

		a)	Tenant shall give prompt notice to Landlord in case of fire or other damage to the Premises or
the building(s) containing the Premises. In the event the Premises are damaged by fire, explosion, flood, Tornado or by the elements,
or through any casualty, or otherwise, after the commencement of the Term of this Lease, the Lease shall continue in full force
and effect. If the extent of the damage is less than Fifty Percent (50%) of the cost of replacement of the Premises, the damage
shall promptly be repaired by Landlord at Landlord’s expense, provided that Landlord shall not be obligated to expend for
such repair an amount in excess of the insurance proceeds recovered or recoverable as a result of such damage, and that in no event
shall Landlord be required to replace Tenant’s stock in trade, fixtures, furniture, furnishings, floor coverings and equipment.
In the event of any such damage and:

 

		(i)	Landlord is not required to repair as hereinabove provided; or

 

		(ii)	the Premises shall be damaged to the extent of Fifty Percent (50%) or more of the cost of replacement;

 

		(iii)	either Landlord or Tenant may elect to terminate this Lease upon giving notice of such election
to the other party within ninety (90) days after the occurrence of the event causing the damage.

 

		b)	If the casualty, repairing, or rebuilding shall render the Premises untenable, in whole or in part,
a proportionate abatement of the Fixed Minimum Rent shall be allowed from the date when the damage occurred until the date Landlord
completes the repairing or rebuilding, said proportion to be computed on the basis of the relation which the gross square foot
area of the space rendered untenable bears to the floor area of the Premises If Landlord is required or elects to repair the Premises
as herein provided, Tenant shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings and equipment,
and if Tenant has closed for business, Tenant shall promptly reopen for business upon the completion of such repairs.

 

		c)	In the event the Premises shall be damaged in whole or in substantial part within the last twelve
(12) months of the Term of this Lease, either Landlord or Tenant shall have the option, exercisable within thirty (30) days following
such damage, of terminating this Lease, effective as of the date of receipt.

 

		d)	by the non-terminating party of written notice from the terminating party; provided, however, that
if Landlord elects to terminate this Lease pursuant to this Section 10.1(c), Tenant may void such termination by exercising any
then available option to renew this Lease by giving Landlord written notice thereof within thirty (30) days of Tenant's receipt
of Landlord's termination notice, whereupon such termination notice shall be void and Landlord will promptly and diligently repair
the damage and restore and rebuild the Premises with reasonable dispatch to substantially the same condition as immediately prior
to such casualty.

 

Section 10.2    Condemnation

 

		a)	Total: In the event the entire Premises shall be appropriated or taken under the power of eminent
domain by any public or quasi-public authority (the “Condemning Authority”), this Lease shall terminate and expire
as of the date of title vesting in the Condemning Authority, and Landlord and Tenant shall thereupon be released from any further
liability, hereunder.

 

		b)	Partial: If any part of the Premises shall be taken as aforesaid and such partial taking shall
render that portion not so taken unsuitable for the business of Tenant, as reasonably determined by Landlord and Tenant, then this
Lease and the Term herein shall cease and terminate as aforesaid. If such partial taking is not extensive enough to render the
Premises unsuitable for the business of Tenant, then this Lease shall continue in effect, except that the Fixed Minimum Rent shall
be reduced in the same proportion that the floor area of the Premises taken bears to the original floor area leased and Landlord
shall, upon receipt of the award in condemnation, make all necessary repairs or alterations to the building in which the Premises
are located so as to constitute the portion of the building not taken a complete architectural unit, but such work shall not exceed
the scope of the work to be done by Landlord in originally constructing said building, nor shall Landlord, in any event, be required
to spend for such work an amount in excess of the amount received by Landlord as damages for the part of the Premises so taken.
“Amount received by Landlord” shall mean that part of the award in condemnation which is free and clear to Landlord
of any collection by mortgagee for the value of the diminished fee.

 

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		c)	Termination: If more than twenty percent (20%) of the floor area of the building in which the Premises
are located shall be taken as aforesaid, either Landlord or Tenant may, by written notice to the other party, terminate this Lease,
such termination to be effective as aforesaid.

 

		d)	Rent on Termination: If this Lease is terminated as provided in this Section, the Rent shall be
paid, up to the date, that possession is so taken by the Condemning Authority and Landlord shall make an equitable refund of any
rent paid by Tenant in advance.

 

		e)	Award: Tenant shall not be entitled to and expressly waives all claim to any condemnation award
for any taking, whether whole or partial, and whether for diminution in value of the leasehold or to the fee although Tenant shall
have the right, to the extent that the same shall not reduce Landlord’s award, to claim from the Condemning Authority, but
not from Landlord, such compensation as may be recoverable by Tenant in its own right for damage to Tenant’s business, fixtures
and improvements installed by Tenant at its expense.

 

ARTICLE XI

DEFAULT AND REMEDIES

 

Section 11.1    Default

 

The following events shall be deemed to be Events of Default
under this Lease:

 

		a)	Tenant shall fail to pay when due any sum of money becoming due to be paid to Landlord under this
Lease, whether such sum be an installment of Rent under this Lease, any other amount treated as Additional Rent under this Lease,
or any other payment or reimbursement to Landlord required by this Lease, whether or not treated as additional rent under this
Lease, and such failure shall continue for a period of ten (10) days after the date such payment is due.;

 

		b)	Tenant shall fail to comply with any term, provision or covenant of this Lease which is not provided
for in another Section of this Article and shall not cure such failure within thirty (30) days (immediately, if the failure involves
a hazardous condition, improper parking under Section 3.2, or a cleanliness matter under Section 6.2) after written notice of such
failure to Tenant; provided, however, that if such failure cannot, by its nature, be cured within such thirty (30) day period,
but Tenant commences and diligently pursues a cure of such failure promptly within the initial thirty (30) day cure period, then
Tenant shall not be in default under this Lease;

 

		c)	Tenant shall fail to vacate the Premises immediately upon termination of this Lease, by lapse of
time or otherwise, or upon termination of Tenant’s right to possession only;

 

		d)	Tenant shall become insolvent, admit in writing its inability to pay its debts generally as they
become due, file a petition in bankruptcy or a petition to take advantage of any insolvency statute, make an assignment for the
benefit of creditors, make a transfer in fraud of creditors, apply for or consent to the appointment of a receiver of itself or
of the whole or any substantial part of its property, or file a petition or answer seeking reorganization or arrangement under
the federal bankruptcy laws, as now in effect or hereafter amended, or any other applicable law or statute of the United States
or of any state thereof;

 

		e)	A court of competent jurisdiction shall enter an order, judgment or decree adjudicating Tenant
bankrupt or granting bankruptcy relief, or appointing a receiver of Tenant, or of the whole or any substantial part of its property,
without the consent of Tenant, or approving or granting relief based on a petition filed against Tenant seeking reorganization
or arrangement of Tenant under the bankruptcy laws of the United States, as now in effect or hereafter amended, or any state thereof,
and such order, judgment or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof;

 

		f)	Tenant shall abandon or vacate any substantial portion of the Premises except as allowed in Section 7.2;

 

		g)	Tenant shall assign, sublet or transfer its interest hereunder in violation of this Lease; OR

 

		h)	Tenant does, or permits to be done, any act which creates a mechanic’s lien or claim therefor
against the Premises and it is not removed within thirty (30) days

 

Section 11.2    Remedies

 

Upon the occurrence of any of the Events
of Default described or referred to in Section 11.1, Landlord shall have the option to pursue any one or more of the following
remedies without any notice or demand whatsoever, concurrently or consecutively and not alternatively:

 

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		a)	Landlord may, at its election, terminate this Lease or terminate Tenant’s right to possession
only, without terminating the Lease.

 

		b)	Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination
of Tenant’s right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises
immediately, and deliver possession thereof to Landlord, and Tenant hereby grants to Landlord full and free license to enter into
and upon the Premises in such event and to repossess Landlord of the Premises as of Landlord’s former estate and to expel
or remove Tenant and any others who may be occupying or be within the Premises and to remove Tenant’s signs and other evidence
of tenancy and all other property of Tenant therefrom without being deemed in any manner guilty of trespass, eviction or forcible
entry or detainer, and without incurring any liability for any damage resulting therefrom, Tenant waiving any right to claim damages
for such re-entry and expulsion, and without relinquishing Landlord’s right to Rent or any other right given to Landlord
under this Lease or by operation of law.

 

		c)	Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination
of Tenant’s right to possession without termination of the Lease, Landlord shall be entitled to recover as damages, all Rent,
including any amounts treated as Additional Rent under this Lease, and any other sums due and payable by Tenant on the date of
termination, plus as liquidated damages and not as a penalty, an amount equal to the sum of:

 

		(i)	an amount equal to the then present value of the Rent reserved in this Lease for the residue of
the stated Term of this Lease including any amounts treated as additional rent under this Lease and all other sums provided in
this Lease to be paid by Tenant, minus the fair rental value of the Premises for such residue;

 

		(ii)	the value of the time and expense necessary to obtain a replacement tenant or tenants, and the
estimated expenses relating to recovery of the Premises, preparation for reletting and for reletting itself, and

 

		(iii)	the cost of performing any other covenants, which would have otherwise been performed by Tenant.

 

		d)	Upon any termination of Tenant’s right to possession only without termination of the Lease:

 

		(i)	Neither such termination of Tenant’s right to possession nor Landlord’s taking and
holding possession thereof as provided in Section 11.2(b), nor the issuance of a Writ of Possession or the lawful execution thereof,
shall terminate the Lease or release Tenant, in whole or in part, from any obligation, including Tenant’s obligation to pay
the Rent, under this Lease for the full Term.

 

		(ii)	Landlord may, but need not, relet the Premises or any part thereof for such rent and upon such
terms as Landlord, in its sole discretion, shall determine (including the right to relet the Premises for a greater or lesser term
than that remaining under this Lease, the right to relet the Premises as a part of a larger area, and the right to change the character
or use made of the Premises). In connection with or in preparation for any reletting, Landlord may, but shall not be required to,
make repairs, alterations and additions in or to the Premises and redecorate the same to the extent Landlord deems necessary or
desirable, and Tenant shall, upon demand, pay the cost thereof, together with Landlord’s expenses of reletting, including,
without limitation, any commission incurred by Landlord. If Landlord decides to relet the Premises or a duty to relet is imposed
upon Landlord by law, Landlord and Tenant agree that nevertheless Landlord shall at most be required to use only the same efforts
Landlord then uses to lease premises generally and that in any case Landlord shall not be required to give any preference or priority
to the showing or leasing of the Premises over any other space that Landlord may be leasing or have available and may place a suitable
prospective tenant in any such other space regardless of when such other space becomes available. Landlord shall not be required
to observe any instruction given by Tenant about any reletting or accept any tenant offered by Tenant unless such offered tenant
has a credit-worthiness acceptable to Landlord and leases the entire Premises upon terms and conditions including a rate of rent
(after giving effect to all expenditures by Landlord for tenant improvements, broker’s commissions and other leasing costs)
all no less favorable to Landlord than as called for in this Lease, nor shall Landlord be required to make or permit any assignment,
or sublease for more than the current term or which Landlord would not be required to permit under the provisions of Section 13.2.

 

		(iii)	Until such time as Landlord shall elect to terminate the Lease and shall thereupon be entitled
to recover the amounts specified in such case in Section 11.2 (c), Tenant shall pay to Landlord upon demand the full amount of
all rent, including any amounts treated as additional rent under this Lease and other sums reserved in this Lease for the remaining
Term, together with the costs of repairs, alterations, additions, redecorating and Landlord’s expenses of reletting and the
collection of the rent accruing therefrom (including attorneys’ fees and broker’s commissions), as the same shall then
be due or become due from time to time, less only such consideration as Landlord may have received from any reletting of the Premises;
and Tenant agrees that Landlord may file suits from time to time to recover any sums falling due under this Lease as they become
due. Any proceeds of reletting by Landlord in excess of the amount then owed by Tenant to Landlord from time to time shall be credited
against Tenant’s future obligations under this Lease but shall not otherwise be refunded to Tenant or inure to Tenant’s
benefit.

 

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Consistent with Section 6.2 hereof, Landlord
may, at Landlord’s option, enter into and upon the Premises if Landlord determines in its sole discretion that Tenant is
not acting within a commercially reasonable time to maintain, repair or replace anything for which Tenant is responsible under
this Lease and correct the same, without being deemed in any manner guilty of trespass, eviction or forcible entry and detainer
and without incurring any liability for any damage or interruption of Tenant’s business resulting therefrom and bill Tenant
the cost thereof as provided in Section 6.2. If Tenant shall have vacated the Premises, Landlord may at Landlord’s option
re-enter the Premises at any time during the last six months of the then current Term of this Lease and make any and all such changes,
alterations, revisions, additions and tenant and other improvements in or about the Premises as Landlord shall elect, all without
any abatement of any of the rent otherwise to be paid by Tenant under this Lease.

 

Tenant expressly waives any right to: (a)
trial by jury; and (b) service of any notice required by any present or future law or ordinance applicable to landlords or tenants
but not required by the terms of this Lease.

 

Pursuit of any of the foregoing remedies
shall not preclude pursuit of any of the other remedies provided in this Lease or any other remedies provided by law (all such
remedies being cumulative), nor shall pursuit of any remedy provided in this Lease constitute a forfeiture or waiver of any rent
due to Landlord under this Lease or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions
and covenants contained in this Lease. Notwithstanding any provision of this Lease (including any provision which may provide a
reduction in liability to Tenant for rent collected by Landlord in reletting the Premises) or in law, Landlord, in the event of
an Event of Default, shall have no duty to mitigate damages and the same is hereby expressly waived by Tenant and disclaimed by
Landlord.

 

No act or thing done by Landlord or its
agents during the Term shall be deemed a termination of this Lease or an acceptance of the surrender of the Premises, and no agreement
to terminate this Lease or accept a surrender of said Premises shall be valid, unless in writing signed by Landlord. No waiver
by Landlord of any violation or breach of any of the terms, provisions and covenants contained in this Lease shall be deemed or
construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants contained in this
Lease. Landlord’s acceptance of the payment of rental or other payments after the occurrence of an Event of Default shall
not be construed as a waiver of such Default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord in enforcing
one or more of the remedies provided in this Lease upon an Event of Default shall not be deemed or construed to constitute a waiver
of such Default or of Landlord’s right to enforce any such remedies with respect to such Default or any subsequent Default.

 

Any and all property which may be removed
from the Premises by Landlord pursuant to the authority of this Lease or of law, to which Tenant is or may be entitled, may be
handled, removed, disposed of and/or stored, as the case may be, by or at the direction of Landlord but at the risk, cost and expense
of Tenant, and Landlord shall in no event be responsible for the value, preservation or safekeeping thereof. Any such property
of Tenant shall, at Landlord’s option, be deemed conveyed by Tenant to Landlord under this Lease as by a bill of sale without
further payment or credit by Landlord to Tenant.

 

ARTICLE XII

SECURITY DEPOSIT

 

Section 12.1   Security Deposit      [INTENTIONALLY
DELETED]

 

ARTICLE XIII

ADDITIONAL TENANT AGREEMENTS

 

Section 13.1   Mortgage Financing,
Subordination and Attornment

 

Provided that Tenant is provided with a
reasonable and customary nondisturbance and attornment agreement duly executed by the holder of any mortgage, deed to secure debt,
or deed of trust, this Lease and all of Tenant’s rights hereunder are and shall be subordinate to any mortgage, deed of trust
or deed to secure debt (“Mortgage”) upon the Premises, whether such Mortgage is in existence as of the date hereof
or created hereafter, as well as to any existing ground lease. Subject to the foregoing, the subordination provided for in this
section is self-operative; however, Tenant shall, upon request of either Landlord, the holder of any Mortgage now or hereafter
placed upon the Landlord’s interest in the Premises or future additions thereto, or the lessor under any ground lease now
or hereafter affecting the Premises, execute and deliver upon demand, such further instruments subordinating this Lease to the
lien of any such Mortgage or ground lease, provided such subordination shall be upon the express condition that this Lease shall
be recognized by the mortgagees and ground lessors and that the rights of Tenant shall remain in full force and effect during the
term of this Lease and any extension thereof, notwithstanding any default by the mortgagors with respect to the mortgages or any
foreclosure thereof, or any default by the ground lessee, so long as Tenant shall perform all of the covenants and conditions of
this Lease. Tenant agrees to execute within ten (10) days of Landlord’s written request all agreements required by Landlord’s
mortgagee or ground lessor or any purchaser at a foreclosure sale or sale in lieu of foreclosure by which agreements Tenant will
attorn to the mortgagee or purchaser or ground lessor without requiring Landlord to make alterations or improvements to the Premises
or modifications to the Lease.

 

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Section 13.2   Assignment or Subletting

 

All assignments of this Lease or sublease
or subleases of the Premises by Tenant shall be subject to and in accordance with all of the provisions of this Section.

 

Tenant may not assign this Lease or sublease
the Premises, in whole or in part, without first having obtained the written consent of Landlord, which consent shall not be unreasonably
withheld or delayed.

 

Any assignment or sublease by Tenant shall
be only for the purpose specified in Section 1.1, Item 4 of the Lease, and for no other purpose, without the prior written consent
of Landlord, and in no event shall any assignment or sublease of the Premises release or relieve Tenant from any obligations of
this Lease.

 

It shall be a condition to any consent
by Landlord to an assignment or sublease that Tenant shall pay to Landlord a processing fee in the amount of One Thousand and 00/100
Dollars ($1,000.00) as reimbursement to Landlord for its review and preparation of assignment or sublease-related documents, which
may be incurred by Landlord in connection therewith. Payment of such fee shall be submitted along with Tenant’s request for
Landlord’s consent. Any consent by Landlord to any assignment or sublease, or to the operation of a concessionaire or licensee,
shall not constitute a waiver or the necessity for such consent to any subsequent assignment or sublease, or operation by a concessionaire
or licensee.

 

In the event Tenant shall sublease any
portion of the Premises for rentals in excess of the Rent payable hereunder on a per square foot basis higher than Tenant is paying
hereunder, Tenant shall pay to Landlord, as Additional Rent hereunder, fifty percent (50%) of such excess rentals.

 

Any proposed assignee or subtenant of Tenant
shall assume Tenant’s obligations hereunder and deliver to Landlord an assumption agreement in form satisfactory to Landlord
no less than ten (10) days prior to the effective date of the proposed assignment.

 

Notwithstanding any of the foregoing provisions,
if Tenant is in default under any of the terms of this Lease beyond any notice and cure period, Tenant may not assign or sublet
the Premises in whole or in part.

 

Notwithstanding the foregoing provisions
of this Section 13.2 or anything to the contrary in this Lease, it is agreed that Tenant shall have the right, without the prior
consent of Landlord, to assign this Lease or sublet any part of or all of the Leased Premises to an Affiliate (as defined below)
(a "Permitted Assignment"), provided that Tenant notifies Landlord within ten (10) days following any Permitted Assignment.
Any assignee under a Permitted Assignment shall be entitled to all of Tenant’s right, title and interest under this Lease,
including, but not limited to, all rights to exercise any options to renew or extend the term of this Lease as provided herein.
An “Affiliate” shall mean (i) a wholly owned subsidiary of Tenant, (ii) the parent of Tenant, or (iii) any corporation
into or with which Tenant may be merged or consolidated.

 

Section 13.3   Tenant’s
Notice to Landlord of Default

 

Should Landlord be in default under any
of the terms of this Lease, Tenant shall give Landlord prompt written notice thereof in the manner specified in Section 14.1, Notices,
and Tenant shall allow Landlord a reasonable length of time in which to cure such default, which time shall not in any event be
less than thirty (30) days from the date of such notice, provided, however, that if such failure cannot, by its nature, be cured
within such thirty (30) day period, but Landlord commences and diligently pursues a cure of such failure promptly within the initial
thirty (30) day cure period, then Landlord shall not be in default under this Lease. In the event Landlord is in breach of this
Lease beyond the applicable notice and cure period, (and in addition to any other remedies provided elsewhere in this Lease), Tenant
shall be entitled to exercise and pursue all rights and remedies available at law or in equity.

 

Section 13.4   No Recording of
Lease

 

Tenant agrees not to record this Lease
without the express written consent of Landlord.

 

Section 13.5   Surrender of Premises
and Holding Over

 

Upon the expiration of the Term of this
Lease, Tenant shall surrender the Premises in good condition, reasonable wear and tear excepted, and damage by unavoidable casualty,
and Tenant shall surrender all keys for the Premises to Landlord at the place then fixed for the payment of rent and shall inform
Landlord of all combinations on locks, safes and vaults, if any, in the Premises. Tenant shall remove all its trade fixtures and
any alterations or improvements, subject to the provisions of Section 8.5, before surrendering the Premises, and shall repair,
at its own expense, any damage to the Premises caused thereby. Any of Tenant’s property not so removed shall be deemed abandoned
by Tenant and may be retained or disposed of by Landlord as Landlord shall desire, without any liability to Tenant and Tenant hereby
expressly waives and releases all claims against Landlord and its agents therefor. Tenant’s obligations to observe or perform
this covenant shall survive the expiration or other termination of the term of this Lease. In the event Tenant remains in possession
of the Premises after the expiration of the tenancy created hereunder, whether or not with the consent or acquiescence of Landlord,
and without the execution of a new lease, Tenant, at the option of Landlord, shall be deemed to be occupying the Premises as a
tenant at will on a month-to-month tenancy. The rent during this month-to-month tenancy shall be payable monthly at one hundred
twenty-five percent (125%) of the Fixed Minimum Rent and it shall be subject to all the other terms, conditions, covenants, provisions
and obligations of this Lease, and no extension or renewal of this Lease shall be deemed to have occurred by such holding over.
Tenant’s obligations to observe or perform its obligations set forth herein, shall survive the expiration or other termination
of the term of this Lease.

 

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Section 13.6   Estoppel Certificate

 

Tenant agrees to provide at any time, within
ten (10) business days of Landlord’s written request, a statement certifying that this Lease is unmodified and in full force
and effect or, if there have been modifications, that the Lease is in full force and effect as modified and stating the modifications,
the dates to which the Fixed Minimum Rent and other charges have been paid in advance, if any, and such other information reasonably
requested by Landlord, a prospective purchaser or mortgagee without requiring Landlord to make alterations or improvements to the
Premises or modifications to the Lease. It is intended that any such statement delivered pursuant to this Section may be relied
upon by any prospective purchaser or mortgagee of the Premises.

 

Section 13.7   Compliance With
Law, Waste

 

Tenant shall comply with all governmental
laws, ordinances and regulations applicable to the use of the Premises and shall promptly comply with all governmental orders and
directives for the correction, prevention and abatement of nuisances in, upon, or connected with the Premises, all at Tenant’s
sole risk and expense. Tenant shall not commit, or suffer to be committed, any waste upon the Premises or any nuisance, other act,
or thing. Tenant agrees that it shall be responsible for complying in all respects with the Americans With Disabilities Act of
1990, as such Act may be amended from time to time, and all regulations promulgated therein (collectively, the “ADA”),
as it affects the Premises, including but not limited to, making, to the extent required by the ADA, “readily achievable”
changes to remove any architectural or communications barriers, and providing auxiliary aides and services within the Premises.
Tenant further agrees that any and all alterations made to the Premises during the Term will comply with the requirements of the
ADA. Tenant agrees that it will defend, indemnify and hold harmless Landlord and Landlord’s trustees, policy holders, officers,
employees, agents, attorneys, successors and assigns from and against any and all claims, demands, causes of action, suits, proceedings,
liabilities, damages (including consequential and punitive damages), losses, costs and expenses, including reasonable attorneys’
fees, caused by, incurred, or resulting from Tenant’s failure to comply with the obligations under this Section.

 

Section 13.8   Abandonment

 

Except as provided in 7.2, if Tenant shall
abandon, vacate or surrender the Premises, or be dispossessed by process of law or otherwise, any personal property belonging to
Tenant left on the Premises shall, at the option of the Landlord, be deemed abandoned.

 

Section 13.9   Relocation      [INTENTIONALLY
OMITTED]

 

ARTICLE XIV

MISCELLANEOUS PROVISIONS

 

Section 14.1   Notices

 

Unless expressly otherwise provided in
this Lease, all notices required under this Lease to Landlord or Tenant shall be in writing and shall be addressed to the addresses
and parties indicated in Item 16 of the Definitions or to any subsequent address or party which Landlord or Tenant may designate
in writing. All notices shall be deemed to be properly served if delivered to the appropriate address and party by hand delivery,
registered or certified mail (with postage prepaid and return receipt requested), courier or reputable overnight delivery service.
Date of service of a notice served in accordance with this Section shall be the date of receipt or refusal of receipt.

 

Section 14.2  Entire and Binding
Agreement

 

This Lease contains all of the agreements
between the parties hereto, and it may not be modified in any manner other than by agreement in writing signed by all parties hereto
or their successors in interest. The terms, covenants and conditions contained herein shall inure to the benefit of and be binding
upon Landlord and Tenant and their respective heirs, successors and assigns, except as may be otherwise expressly provided in this
Lease.

 

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Section 14.3   Provisions Severable

 

If any term or provision of this Lease
or the application hereof to any person or circumstance shall, to any extent, be illegal, invalid or unenforceable, the remainder
of this Lease, or the application of such term or provision to persons or circumstances other than those to which it is held illegal,
invalid or unenforceable shall not be affected hereby and each term and provision of this Lease shall be valid and be enforced
to the fullest extent permitted by law.

 

Section 14.4   Captions

 

The captions contained herein are for convenience
and reference only and shall not be deemed as part of this Lease or construed as in any manner limiting or amplifying the terms
and provisions of this Lease to which they relate.

 

Section 14.5   Relationship of the
Parties

 

Nothing herein contained shall be deemed
or construed as creating the relationship of principal and agent or of partnership or joint venture between the parties hereto;
it being understood and agreed that neither the method of computing rent nor any other provision contained herein nor any acts
of the parties hereto shall be deemed to create any relationship between the parties other than that of Landlord and Tenant.

 

Section 14.6   Accord and Satisfaction

 

No payment by Tenant or receipt by Landlord
of a lesser amount than the rental herein stipulated shall be deemed to be other than on account of the earliest stipulated rent
nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord
and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance
of such rent or pursue any other remedy provided for in this Lease or available at law or in equity.

 

Section 14.7   Broker’s Commission

 

With the exception of Stephanie Marino
of Avison Young – Atlanta, LLC (“Tenant’s Broker”), who shall be paid by Landlord in accordance
with the provisions of a separate commission agreement, Landlord shall have no further obligation for payment of commissions or
fees to any other real estate broker, finder or intermediary in connection with this Lease. Landlord and Tenant hereby covenant,
warrant and represent that Tenant's Broker was the only broker to represent the respective parties in the negotiation of this Lease.
Landlord and Tenant agree to and hereby do defend, indemnify and hold the other harmless against and from any other brokerage commissions
or finder's fees or claims therefor by a party claiming to have dealt with the indemnifying party and all costs, expenses and liabilities
in connection therewith, including, without limitation, reasonable attorneys' fees and expenses, for any breach of the foregoing.
The foregoing indemnification shall survive the termination of this Lease for any reason.

 

Section 14.8   Corporate Status

 

If Tenant is a corporation, Tenant’s
corporate status shall continuously be in good standing and active and current with the state of its incorporation and the state
in which the Premises is located at the time of execution of the Lease and at all times thereafter and Tenant shall keep its corporate
status active and current throughout the Term of the Lease or any extensions or renewals. Upon Landlord’s request, Tenant
shall provide Landlord with a copy of the Certificate of Good Standing under Seal of Tenant’s legal entity. Failure of Tenant
to keep its corporate status active and current shall constitute a default under the terms of the Lease. To the extent applicable,
the same requirements shall apply to any other form of business entity that Tenant may utilize.

 

Section 14.9   Hazardous Substances

 

		a)	Except to the extent used in the ordinary course of Tenant's business or for the routine maintenance
of the Premises, and provided that Tenant complies at all times with all Hazardous Materials Laws, Tenant shall not cause or permit
any of Tenant's agents, representatives, contractors or employees (collectively, the "Tenant Parties") any of the following:

 

		(i)	the presence, use, generation, release, treatment, processing, storage (including storage in above
ground and underground storage tanks), handling, or disposal of any Hazardous Materials defined as petroleum and petroleum products
and compounds containing them, including gasoline, diesel fuel and oil; explosives; flammable materials; radioactive materials;
polychlorinated biphenyls (“PCBs”) and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing
materials in any form that is or could become friable; underground or above-ground storage tanks, whether empty or containing any
substance; any substance the presence of which on the Premises is prohibited by any federal, state or local authority; any substance
that requires special handling; and any other material or substance now or in the future defined as a “hazardous substance,”
“hazardous material,” “hazardous waste,” “toxic substance,” “toxic pollutant,”
“contaminant,” or “pollutant” within the meaning of any Hazardous Materials Law. “Hazardous Materials
Laws” means all federal, state and local laws, ordinances and regulations and standards, rules, policies and other governmental
requirements, administrative rulings and court judgments and decrees in effect now or in the future and including all amendments,
that relate to Hazardous Materials and apply to Tenant or to the Premises. Hazardous Materials Laws include, but are not limited
to, the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601, et seq., the Resource Conservation
and Recovery Act, 42 U.S.C. Section 6901, et seq., the Toxic Substance Control Act, 15 U.S.C. Section 2601, et seq., the Clean
Water Act, 33 U.S.C. Section 1251, et seq., and the Hazardous Materials Transportation Act, 49 U.S.C. Section 5101, et seq.,);

 

    -20-

    

    

 

		(ii)	the transportation of any Hazardous Materials to, from, or across the Premises; or

 

		(iii)	any occurrence or condition on the Premises which is or may be in violation of Hazardous Materials
Laws;

 

The matters described
in clauses (a) (i) through (iii) above are referred to collectively in this Section 14.9 as “Prohibited Activities or Conditions.”

 

		b)	Tenant represents and warrants to Landlord that:

 

		(i)	Tenant will not at any time engage in or cause, or permit any of the Tenant Parties to engage in
or cause, any Prohibited Activities or Conditions; and

 

		(ii)	Tenant will comply with all Hazardous Materials Laws.

 

The representations
and warranties in this Section 14.9 shall be continuing representations and warranties that shall be deemed to be made by Tenant
throughout the Term of the Lease including any renewals or extensions.

 

		c)	Tenant shall promptly notify Landlord in writing upon the occurrence of any of the following events:

 

		(i)	Tenant’s discovery of any Prohibited Activity or Condition;

 

		(ii)	Tenant’s receipt of or knowledge of any complaint, order, notice of violation or other communication
from any Government Authority or other person with regard to present or future alleged Prohibited Activities or Conditions or any
other environmental, health or safety matters affecting the Premises; and

 

		(iii)	any representation or warranty in this Section 14.9 becomes untrue after the date of this Lease.

 

Any such notice
given by Tenant shall not relieve Tenant of, or result in a waiver of, any obligation under this Lease.

 

		d)	If because of anything attributable to Tenant, any investigation, site monitoring, containment,
clean-up, restoration or other remedial work (“Remedial Work”) is necessary to comply with any Hazardous Materials
Law or order of any Governmental Authority that has or acquires jurisdiction over the Premises or the use, operation, or improvement
of the Premises under any Hazardous Materials Law, Tenant shall, by the earlier of (1) the applicable deadline required by Hazardous
Materials Law or (2) 30 days after notice from Landlord demanding such action, begin performing the Remedial Work, and thereafter
diligently prosecute it to completion, and shall in any event complete the work by the time required by applicable Hazardous Materials
Law. If Tenant fails to begin on a timely basis or diligently prosecute any required Remedial Work, Landlord may, at its option,
cause the Remedial Work to be completed, in which case Tenant shall reimburse Landlord on demand for the cost of doing so.

 

		e)	Tenant shall indemnify, hold harmless, and defend Landlord from and against all proceedings, claims,
damages, penalties and costs (whether initiated or sought by Governmental Authorities or private parties), including fees and out-of-pocket
expenses of attorneys and expert witnesses, investigatory fees, and remediation costs, whether incurred in connection with any
judicial or administrative process or otherwise, arising directly or indirectly from any of the following:

 

		(i)	any breach of any representation or warranty of Tenant in this Section 14.9;

 

		(ii)	any failure by Tenant to perform any of its obligations under this Section 14.9;

 

		(iii)	the existence or alleged existence of any Prohibited Activity or Condition by Tenant or any of
the Tenant Parties;

 

		(iv)	the presence or alleged presence of Hazardous Materials on or under the Premises caused by Tenant
or any of the Tenant Parties; and

 

		(v)	the actual or alleged violation of any Hazardous Materials Law by Tenant or any of the Tenant Parties.

 

    -21-

    

    

 

		f)	Tenant shall, at its own cost and expense, do all of the following:

 

		(i)	pay or satisfy any judgment or decree that may be entered against Landlord in any legal or administrative
proceeding incident to any matters against which Landlord is entitled to be indemnified under this Section 14.9;

 

		(ii)	reimburse Landlord for any expenses paid or incurred in connection with any matters against which
Landlord is entitled to be indemnified under this Section 14.9; and

 

		(iii)	reimburse Landlord for any and all expenses, including fees and out-of-pocket expenses of attorneys
and expert witnesses, paid or incurred in connection with the enforcement by Landlord of its rights under this Section 14.9, or
in monitoring and participating in any legal or administrative proceeding.

 

		g)	If Tenant consists of more than one person or entity, the obligation of those persons or entities
to indemnify Landlord under this Section 14.9 shall be joint and several. The obligation of Tenant to indemnify Landlord under
this Section 14.9 shall survive the termination of the Lease.

 

Section 14.10  Inability to Perform

 

If either party is delayed or prevented
from performing any of its obligations under this Lease, with the exception of Tenant's obligation to pay Rent, by reason of such
causes, including but not limited to, the delays by governmental and administrative agencies in granting such party’s permits
or approvals required for any improvements to the Premises, strikes, labor disputes, inability to procure materials, natural disaster,
or any other cause whatsoever beyond such party’s reasonable control, the period of such delay or such prevention shall be
deemed added to the time herein provided for the performance of any obligation by such party.

 

Section 14.11 Joint and Several
Liability

 

If two or more individuals, corporations,
partnerships or other business associations (or any combination of two or more thereof) shall sign this Lease as Tenant, the liability
of each such individual, corporation, partnership or other business association to pay rent and perform all other obligations hereunder
shall be deemed to be joint and several and all notices, payments and agreements given or made by, with or to anyone of such individuals,
corporations, partnerships, or other business associations shall be deemed to have been given or made by, with or all of them.
In like manner, if Tenant shall be a partnership or other business association, the members of which are by virtue of state or
federal law, subject to personal liability, the liability of each such member shall be joint and several.

 

Section 14.12 Time of the Essence

 

It is understood and agreed between the
parties hereto that time is of the essence of all the terms, covenants and conditions of this Lease.

 

Section 14.13 Governing Law

 

This Lease and the rights and obligations
of the parties hereunder shall be construed in accordance with the internal substantive laws of the State of Georgia without regard
to choice of law principles.

 

Section 14.14 Attorney’s
Fees

 

Tenant shall pay to Landlord all costs
and expenses, including but not limited to attorney’s fees, incurred by Landlord for and in connection with the review, drafting
and negotiation of any lease amendment, modification, tenant finance or other document, or the granting of any waiver or consent
under the Lease requested by Tenant, in respect of or related to the Lease or Tenant’s tenancy at the Premises (each a “Related
Lease Matter”) requested by Tenant, which Landlord, in its discretion determines to be of benefit to Tenant; provided, however,
if Landlord determines in its sole reasonable discretion that the Related Lease Matter equally benefits Landlord and Tenant, Landlord
and Tenant shall share equally in any attorney’s fees incurred by Landlord. Notwithstanding the foregoing, Tenant shall pay
to Landlord all costs and expenses, including reasonable attorney’s fees, incurred by Landlord incident to the participation
in, or in connection with, a case or proceeding under any chapter of the Bankruptcy Code, any statute or any law dealing with insolvency,
assignment for the benefit of creditors, receivership, or similar proceeding or probate, or any successor statute thereto brought
by or against Tenant. If either Landlord or Tenant shall commence any action or other proceeding against the other arising out
of, or relating to, this Lease or the Premises, including the enforcement of any of the covenants and agreements of this Lease,
the prevailing party shall be entitled to recover from the losing party, in addition to any other relief, its reasonable attorney’s
fees, irrespective of whether the action or other proceeding is prosecuted to judgment or other final order (without regard to
the application of O.C.G.A. § 13-1-11, or any other fee limiting statute). This shall also include reasonable attorney’s
fees in the event of an appeal.

 

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Section 14.15 Signage

 

Landlord may erect and maintain such suitable
signs as Landlord, in its sole discretion, may deem appropriate to advertise the Premises. Tenant may erect and maintain, at its
sole cost and expense, signs upon the exterior of the Premises and beneath the canopy, which shall be of such size and type and
in such locations as Landlord may approve. Tenant shall keep insured and shall maintain such signs in good condition and repair
at all times, and such signs must be lighted at all times after sunset when the Premises is in operation, whether Tenant’s
Premises are open for business or not, unless Landlord shall, by written approval given to Tenant, waive such requirement. If any
damage is done to Tenant’s signs, Tenant shall repair same within fifteen(15) days provided if such repairs cannot reasonably
be accomplished within such period, to begin performance within such period and to pursue performance diligently to completion
in a reasonable time thereafter. If Tenant fails to do so, Landlord shall have the right to repair such signs and bill Tenant for
cost of the repairs, as further provided in Section 6.2.Tenantagrees to maintain any sign, awning, canopy decoration, lettering,
advertising matter, or other things as may be approved by Landlord, in good condition and repair at all times.

 

Any sign, awning, canopy or advertising
matter or decoration of any kind, erected or placed by Tenant in violation of this Section, may be removed by Landlord without
notice and without liability, and any expenses incurred by Landlord in such removal shall be charged to and paid by Tenant upon
demand.

 

Tenant's signage must be approved by Landlord
and provided by Tenant. Landlord hereby approves of Tenant's sign package attached hereto as Exhibit "E". Landlord’s
approval does not constitute any assurance that Tenant’s signage satisfies governmental regulations and requirements. All
signs must adhere to the following sign criteria:

 

		a)	Signs shall contain only the store name. There shall be no listing of merchandise or service, and
no slogans;

 

		b)	The maximum letter height contained in any sign shall not exceed Twenty Percent (20%) of storefront
height. No sign shall exceed in width Seventy-Five Percent (75%) of the storefront width;

 

		c)	Signs shall be installed within the area leased to tenants and shall not project beyond the property
line of space leased to tenants;

 

		d)	There shall be only one sign for each storefront, provided that any tenant having store frontage
on more than one facade may install one sign for each elevation;

 

		e)	Signs must be illuminated. The illumination must be internal. Internal illumination by individual
metal channel letters with neon tubing in translucent Plexiglas face, or opaque sign panel with letter cut out, backed up with
translucent Plexiglas and illuminated with neon or fluorescent tubing from behind;

 

		f)	The following will not be permitted in any signs:

 

		(i)	Exposed neon tubing;

 

		(ii)	Animated components;

 

		(iii)	Intermittent illumination;

 

		(iv)	Iridescent painted sign;

 

		(v)	Luminous sign panel;

 

		(vi)	Back lighting (inverted metal channel letters containing exposed neon tubing);

 

		(vii)	Exterior signs mounted on exterior walls or rooftops except for identification signs within Tenant
facade on main entrances of shops.

 

		g)	All signs must comply with applicable governmental regulations and requirements.

 

Section 14.16 No Offer

 

The submission of this Lease by Landlord
is not an offer to lease the Premises, nor an agreement by Tenant to lease the Premises. Neither party will be bound until both
Landlord and Tenant have duly executed and delivered an original lease to each other.

 

Section 14.17 Tenant’s Representations

 

In order to induce Landlord to enter into
this Lease, Tenant represents and warrants that Tenant has full right, power and lawful authority to execute, deliver and perform
its obligations under this Lease, in the manner and upon the terms contained herein, with no other person needing to join in the
execution hereof in order for this Lease to be binding on Tenant.

 

    -23-

    

    

 

Section 14.18 Landlord’s
Representations

 

In order to induce Tenant to enter into
this Lease, Landlord represents and warrants that Landlord has full right, power and lawful authority to execute, deliver and perform
its obligations under this Lease, in the manner and upon the terms contained herein, with no other person needing to join in the
execution hereof in order for this Lease to be binding on Landlord.

 

Section 14.19 Pro Rata Share

 

Wherever reference is
made to Tenant’s “pro rata share,” the prorating of such share shall equal one hundred percent (100%).

 

Section 14.20 Tenant’s
Financial Records

 

Landlord may divulge
such information in any litigation or arbitration proceedings between the parties and confidential, to a prospective buyer or encumbrancer
of the Premises. After written request from Landlord, Tenant shall make available to Landlord copies of Tenant’s audited
financial and quarterly financial statements for the prior five (5) years, which includes the subsidiary plasma Premises segment
sales and financials, or the Landlord can electronically access such annual audited and quarterly financials through Tenant's website,
www.admabiologics.com.

 

Section 14.21 Pest
Control

 

Tenant shall obtain at Tenant’s sole
cost, a pest control agreement subject to Landlord’s reasonable approval with a reputable pest control contractor for the
control of roaches, ants, termites, rats, mice and other miscellaneous vermin throughout the term of this Lease and all renewals
thereafter. The agreement shall provide that the space shall be serviced at least once per quarter by the service provider. Landlord
shall be provided with a copy of said agreement.

 

Section 14.22 Confidentiality

 

Tenant
hereby agrees not to disclose, and to TAKE THE NECESSARY STEPS TO PREVENT its employees and agents FROM DISCLOSING to any other
party any information regarding the terms of this Lease, including without limitation the Basic Rental rate; provided that Tenant
may disclose such terms to its employees and agents pursuant to a legitimate need to disclose such terms.

 

Section 14.23 Mold

 

It is generally understood that mold spores
are part of the environment, present essentially everywhere and can grow in most moist locations. Tenant acknowledges that control
of moisture and mold prevention is integral to its lease obligations. Emphasis is properly placed on prevention of moisture and
on good housekeeping and ventilation practices. Tenant acknowledges the necessity of housekeeping, ventilation, and moisture control
(especially in kitchens, janitor’s closets, bathrooms, break rooms and around outside walls) for mold prevention. Prior to
executing this Lease, Tenant first has inspected the Premises and certifies that Tenant has not observed mold, mildew and/or moisture
conditions (from any source, including leaks), and shall take appropriate corrective action to remediate such condition. TENANT
EXPRESSLY ASSUMES AND ACCEPTS ANY AND ALL RISKS INVOLVED IN OR RELATED TO, AND RELEASES LANDLORD AND LANDLORD’S MANAGERS,
AGENTS, EMPLOYEES AND OFFICERS FROM LIABILITY FOR ANY PERSONAL INJURY OR DAMAGES TO PROPERTY CAUSED BY OR ASSOCIATED WITH MOISTURE
OR THE GROWTH OR OCCURRENCE OF MOLD OR MILDEW WITHIN THE PREMISES DURING THE TERM OF THIS LEASE, EXCEPT TO THE EXTENT SUCH MOLD
OR MILDEW IS CAUSED BY LANDLORD OR LANDLORD'S MANAGERS, AGENTS, EMPLOYEES OR OFFICERS OR CAUSED BY THE BREACH BY LANDLORD OF ITS
OBLIGATIONS UNDER THIS LEASE.

 

Section 14.24 Anti-Terrorism Representation
and Warranty

 

To each party's actual knowledge, Landlord
and Tenant each represent and warrant that neither they nor the officers and directors controlling Landlord and Tenant, respectively,
are acting, directly or indirectly, for or on behalf of any person, group, entity or nation named by the United States Treasury
Department as a Specially Designated National and Blocked Person, or for or on behalf of any person, group, entity or nation designated
in Presidential Executive Order 13224 as a person who commits, threatens to commit or supports terrorism; and that they are not
engaged in this transaction or facilitating this transaction, directly or indirectly, on behalf of any such person, group, entity
or nation. In the event the representation set forth above is not accurate, then the non-defaulting party may terminate this Lease
on thirty (30) days’ notice, which notice must include an explanation as to why that party is terminating the Lease; provided,
however, that such termination shall be null and void in the event the defaulting party removes the specially designated or blocked
person from any interest in the defaulting party within such 30-day period.

 

    -24-

    

    

 

Section 14.25 Limitation on Right
of Recovery Against Landlord

 

Tenant
acknowledges and agrees that the liability of Landlord under this Lease shall be limited to its interest in the Premises and any
judgments rendered against Landlord shall be satisfied solely out of the proceeds of sale of its interest in the Premises. No personal
judgment shall lie against Landlord upon extinguishment of its rights in the Premises and any judgment so rendered shall not give
rise to any right of execution or levy against Landlord’s assets. The provisions hereof shall inure to Landlord’s successors
and assigns including any Mortgagee. The foregoing provisions are not intended to relieve Landlord from the performance of any
of Landlord’s obligations under this Lease, but only to limit the personal liability of Landlord in case of recovery of a
judgment against Landlord; nor shall the foregoing be deemed to limit Tenant’s rights to obtain injunctive relief or specific
performance or to avail itself of any other right or remedy which may be awarded Tenant by law or under this Lease.

 

If
Tenant claims or asserts that Landlord has violated or failed to perform a covenant of Landlord not to unreasonably withhold or
delay Landlord’s consent or approval, Tenant’s sole remedy shall be an action for specific performance, declaratory
judgment or injunction and in no event shall Tenant be entitled to any money damages for a breach of such covenant and in no event
shall Tenant claim or assert any claim for any money damages in any action or by way of set off, defense or counterclaim and Tenant
hereby specifically waives the right to any money damages or other remedies.

 

IN WITNESS WHEREOF,
Landlord and Tenant have duly executed this Lease under seal as of the day and year first above written, each acknowledging receipt
of an executed copy hereof.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

 

    -25-

    

    

 

[LANDLORD'S SIGNATURE PAGE]

 

	
         

         

         

         

         

        Signed, sealed and delivered
in the presence of:

         

         

          

        

        

        

        

        _____________________

        Notary Public or Witness

         

        

        _____________________

        Name (Please Print) 
	
        LANDLORD:

         

        HOME CENTER PROPERTIES, LLC, a Georgia limited liability
        company

         

        By: MIMMS INVESTMENTS, a
        Georgia general partnership, its sole managing member

         

        By: /s/Robert C. Mimms

         

        Name:Robert C. Mimms

         

        Title:General Partner

 

    -26-

    

    

 

[TENANT'S SIGNATURE PAGE]

 

	
         

         

         

         

        Signed, sealed and delivered
in the presence of:

         

         

        /s/ Allison Kerr

        

        Notary Public or Witness

         

        Allison Kerr

        

        Name (Please Print)

        
	
        TENANT:

         

        ADMA BIO CENTERS GEORGIA INC., a Delaware corporation

         

         

        By:/s/ Brian Lenz

         

        Name:Brian Lenz

         

        Title: Vice President and Chief
Financial Officer

  

    -27-

    

    

 

EXHIBIT “A”

 

ADMA BIO CENTERS GEORGIA INC.

 

SPECIAL STIPULATIONS

 

		1.	In the event that any of the foregoing terms and conditions of the Lease shall conflict with the
following Special Stipulations, then in such event the within and following Special Stipulations shall control.

 

		2.	Fixed Minimum Rent and Additional Rent shall be as follows:

 

	 	 	 	 	Landlord's Operating	 	Total Fixed Minimum Rent,
	 	 	 	 	Costs, Taxes and	 	Landlord’s Operating Costs,
	 	 	Fixed	 	Insurance	 	Taxes & Insurance Charges
	 	 	MinimumRent	 	Charges Monthly*	 	Monthly
	Term	 	Monthly	 	(Adjustable)	 	(Adjustable)
	 	Months 1 – 5	 	 	$	0.00	**	 	$	0.00	 	 	$	0.00	 
	 	Months 6 	 	 	$	17,300.00	***	 	$	2,982.09	 	 	$	20,282.09	 
	 	Months 7 – 17 	 	 	$	19,300.00	 	 	$	2,982.09	 	 	$	22,282.09	 
	 	Months 18 – 29	 	 	$	19,879.00	 	 	$	2,982.09	 	 	$	22,861.09	 
	 	Months 30 – 41 	 	 	$	20,475.00	 	 	$	2,982.09	 	 	$	23,457.09	 
	 	Months 42 – 53 	 	 	$	21,089.00	 	 	$	2,982.09	 	 	$	24,071.09	 
	 	Months 54 – 65 	 	 	$	21,722.00	 	 	$	2,982.09	 	 	$	24,704.09	 
	 	Months 66– 77 	 	 	$	22,374.00	 	 	$	2,982.09	 	 	$	25,356.09	 
	 	Months 78 – 89 	 	 	$	23,045.00	 	 	$	2,982.09	 	 	$	26,027.09	 
	 	Months 90 – 101	 	 	$	23,736.00	 	 	$	2,982.09	 	 	$	26,718.09	 
	 	Months 102 – 105	 	 	$	0.00	**	 	$	0.00	 	 	$	0.00	 

 

[*]NOTE: Landlord's Operating Costs=
$1,238.09/mo.;  

Taxes = $1,632.00/mo.; Insurance = $112.00/mo.

 

[**] NOTE: Subject to the terms of Special
Stipulation No. 4 below.

 

[***] NOTE: This sum reflects a $2,000
credit related to Tenant’s 

replacement of the electrical panel in
the FMLS portion of the Premises.

 

		3.	Commencing on the Rent Commencement Date, Tenant hereby agrees to pay Landlord, on or before the
first of each month, Two Thousand Nine Hundred Eighty-Two and 00/100 Dollars ($2,982.09) as Tenant’s estimated share of Landlord's
Operating Costs, Taxes and Insurance for the Premises. Said amount may be adjusted, as Landlord deems necessary, which shall be
based on actual expenses incurred by Landlord.

 

		4.	Notwithstanding any provision to the contrary in the Lease, provided
Tenant is not in default hereunder beyond the expiration of any applicable notice and cure period, the Rent and Additional
Rent for the Abatement Months (as defined below) shall be conditionally excused and Tenant shall
not be obligated to make payments of Rent and Additional Rent for the Abatement Months (the “Conditionally Excused Rent”).
The "Abatement Months" shall refer to the first Five (5) calendar months of the Term beginning on the Lease Commencement
Date and the last Four (4) months of the term beginning on month 102. If an uncured Event of Default occurs at any time during
the Lease Term, then (i) if applicable, the Abatement Month shall immediately cease and
Tenant shall have no further right to the Conditionally Excused Rent and (ii) the full value of the abated Fixed Minimum
Rent shall be immediately due and payable to Landlord. If no such uncured Event of Default occurs
during the Lease Term, then the Conditionally Excused Rent will be deemed irrevocably
waived by Landlord.

 

		5.	Provided the Lease is in full force and effect, and provided there has been no Event of Default
(beyond any applicable notice and cure periods) during the Term of the Lease, Tenant shall have the option to extend the Term of
the Lease (each an "Option") for two (2) additional periods of five (5) years each (each an “Extension Term”).
Tenant shall give Landlord written notice of Tenant’s desire to exercise each Option at least one hundred eighty (180) days
prior to the expiration of the then existing Term of the Lease (the “Extension Notice Deadline”). If Landlord does
not actually receive such written extension notice on or before 5:00 p.m., Atlanta, Georgia time on the Extension Notice Deadline,
then Tenant shall be deemed to have waived its rights to exercise an Option (such Option becoming null and void no further force
or effect) under this Special Stipulation number 5, and Landlord shall be automatically released from any and all obligations,
and the then current Term shall expire as scheduled. If Landlord does actually receive such written extension notice on or before
5:00 p.m., Atlanta, Georgia time on or before the Extension Notice Deadline, then, subject to the foregoing, the Term shall be
extended for the Extension Term on the following terms and conditions: 

 

    -28-

    

    

 

		(i)	The Extension Term shall be on the same terms, covenants and conditions as this Lease, except that
the Fixed Minimum Rent payable during the applicable Extension Term shall be an amount equal to the fair market Fixed Minimum Rent
for the Premises as of the commencement of such Extension Term.  Landlord and Tenant shall determine and agree upon the fair
market rate of Fixed Minimum Rent no later than the expiration of Lease term.  If Landlord and Tenant do not agree upon the
fair market rate of Fixed Minimum Rent by the end of the then current Lease Term, the Fixed Minimum rental rate for the applicable
Extension Term shall be determined by appraisal pursuant to subparagraph (ii), below.   

 

		(ii)	If Landlord and Tenant do not timely agree upon the aforesaid terms by the expiration of the Lease
term, then within seven (7) days after said date, Landlord and Tenant shall mutually appoint an appraiser that has at least ten
(10) years full-time commercial appraisal experience and is a member of the American Institute of Real Estate Appraisers. 
If Landlord and Tenant are unable to agree upon an appraiser, either Landlord or Tenant, after giving five (5) days’ prior
written notice to the other party, may apply to the then president of the Atlanta Board of Realtors for the selection of an appraiser
who meets the foregoing qualifications, which selection shall be made within fifteen (15) days after such application.  The
appraiser selected by the president of the Board of Realtors shall be a person who has not previously acted in any capacity for
either party, its affiliates or leasing agents and who meets the above experience qualifications.  Landlord and Tenant shall
each, within seven (7) days after the appointment (either by agreement or selection) of the appraiser, submit to the appraiser
such party’s determination of such fair market Fixed Minimum Rent.  Within twenty (20) days after the expiration of
such seven-day period, the appraiser shall select one of the two submittals as the more reasonable, and the submittal so selected,
shall be the Fixed Minimum Rent for the Extension Term.  If, upon the expiration of such seven (7) day period, the appraiser
shall have received one of the party’s submittal of its proposed fair market Fixed Minimum Rent, but not both, then the appraiser
shall select the proposal of the fair market Fixed Minimum Rent so submitted. 

 

		6.	Tenant shall have the right to use, on a non-exclusive basis, the parking spaces on the Premises
as delineated on Exhibit “B-1” for use of parking vehicles.

 

		7.	Tenant may install a panel on the pylon or monument sign, at Tenant’s own expense, as shown
on Exhibit “B-5” subject to Landlord’s reasonable approval, local code and governmental approval. Landlord’s
approval of signage does not necessarily guarantee approval by local municipalities. The Landlord is responsible for removing current
signage on the exterior of the building. Tenant may also have signage on front of the Premises facing Barrett Parkway and may also
elect to have signage on the designated area on the side of the building facing I-575. Tenant shall also have the right to place
signage on the front door to the Premises. All signage shall be installed by Tenant, at Tenant’s sole cost and expense.

 

		8.	Landlord acknowledges that Tenant will have biomedical waste on the Premises
and that Landlord shall permit such activity.

 

Landlord represents that,
to the best of its knowledge without inquiry, the Premises are free from hazardous substances and that there has never been environmental
pollution to the Premises. Landlord agrees to indemnify and hold Tenant harmless from and against any and all claims, damages,
liabilities, costs, penalties and fines which Tenant may suffer as a result of environmental pollution caused prior or subsequent
to the occupancy of the Premises by Tenant as a result of damage or injury from hazardous substances placed in or about the Premises
by any party other than Tenant or a Tenant party.

 

Notwithstanding anything to the
contrary contained in the Lease, Tenant shall be solely responsible for complying with all federal, state and local laws, whether
now existing or established in the future, relating in any way to the storage, containment, treatment, transfer, transportation
and disposal of biomedical waste (including the use of licensed medical waste management companies) and shall indemnify and hold
Landlord harmless for Tenant’s noncompliance or violations thereof. No such biomedical waste shall be held or deposited in
containers outside of the Premises. For purposes hereof, “biomedical waste” shall mean any solid, semisolid or liquid
waste which is collected from any part of the body of human beings (this is in addition to Tenant’s obligations under Section
14.9 of the Lease).

 

    -29-

    

    

 

		9.	Except as provided for in the Lease (including Exhibit "B-4"), Tenant shall be responsible
for all improvements to the Premises to prepare the Premises for Tenant’s use and occupancy under this Lease (hereinafter
referred to as “Tenant Improvements”). Tenant shall make all improvements with materials and workmanship of a quality
and character at least equal to that at the Premises. All such work shall be done by Tenant or licensed contractors in accordance
with applicable building, fire, health, sanitary and other codes, regulations and local ordinances in a good, workmanlike manner.
Landlord shall promptly sign and execute such documents or otherwise evidence its approval, consent or grant of authority, as required
by any public authorities having jurisdiction thereover, to facilitate issuance to Tenant of necessary licenses or permits to make
or perform the improvements at no cost to Landlord. Tenant shall furnish Landlord a copy of the plans and specifications for all
such improvements.

 

Landlord shall have the right
to review and approve the interior drawings at the end of design development, whose approval shall not be unreasonably withheld,
conditioned or delayed. Landlord and Tenant shall mutually and reasonably agree upon a schedule of delivery and review of the architectural
and engineering plans to allow for the timely commencement of the construction.

 

Upon expiration or earlier termination
of the Lease, ownership of the Tenant Improvements shall transfer to Landlord and they shall not be removed from the Premises except
to the extent otherwise provided for in the Lease.

 

		10.	Tenant shall have control of the Premises HVAC on a 24/7 basis. Landlord shall warrant HVAC, electrical
(to the exterior walls of the Premises not within the Premises), and plumbing (to the exterior walls of the Premises not within
the Premises) for twelve (12) months from lease commencement unless necessary repair or replacements by the acts, omissions or
negligence of Tenant. Tenant shall have the right to locate its backup electrical generator and cooling equipment condensers anywhere
within the red line shown on Exhibit “B-1” attached hereto.

 

		11.	The Adjacent Space as identified in Exhibit, “B-2” for 2,707 square feet is currently
occupied by First Multiple Service Listing Service, Inc. (the Current Tenant). In the event the Landlord is unsuccessful in terminating
the lease with the Current Tenant on or before the Lease Commencement Date, this Lease shall be amended to reflect the reduced
square footage of the Premises until such time as the Landlord obtains possession of the Adjacent Space and delivers to the Tenant
such Adjacent Space in the condition required by this Lease.

 

		12.	Subject to the provisions of that certain Sign Easement Agreement dated September 11, 2014, by
and between Home Center Properties, LLC, as “Grantor” and Chastain Meadows 2014, LLC as “Grantee” as amended
by that certain First Amendment to Sign Easement dated April 17, 2015 (“Sign Easement”). Tenant may use that certain
panel on the monument sign for Home Center Village Shopping Center as indicated on Exhibit, “B-5” attached hereto and
incorporated herein by reference. Tenant shall have all the benefits and obligations of Grantor under the Sign Easement.

 

		13.	Tenant shall have the right to paint the roof on the building located on the Premises, so long
as Tenant first obtains Landlord’s consent to color of paint to be used.

 

    -30-

    

    

  

EXHIBIT “B-1”

ADMA BIO CENTERS GEORGIA INC.

SITE PLAN

 

[Image of Site Plan]

 

    -31-

    

    

 

EXHIBIT “B-2”

ADMA BIO CENTERS GEORGIA INC.

EXISTING FLOOR PLAN

 

 [Image of Floor  Plan]

 

    -32-

    

    

 

EXHIBIT “B-3”

ADMA BIO CENTERS GEORGIA INC. 

PROPOSED FLOOR PLAN

 

 [Image of Floor  Plan] 

 

    -33-

    

    

  

EXHIBIT “B-4” 

ADMA BIO CENTERS GEORGIA INC. 

LANDLORD’S WORK

 

Prior to the Lease Commencement Date, and
except as hereinafter provided to the contrary, Landlord, at Landlord’s sole cost and expense and in compliance with all
applicable codes, laws, regulations and ordinances, will perform or cause to be performed, the work described in items 1 through
12 below (collectively, "Landlord's Work"):

 

		1.	Landlord will deliver to the Tenant in good working order all existing heating, venting and air
conditioning systems, plumbing systems (toilets, sinks), and electrical systems (panels, outlets, switches, and lighting) in place
on the Premises (hereinafter the “Systems”) as of the Effective Date of this Lease. Upon taking the possession of the
Premises by the Tenant, the Tenant shall have thirty (30) days within which to inspect, or cause said Systems to be inspected,
to determine if any of the Systems are not in good working order. Tenant acknowledges that Tenant has a duty and an obligation
to make such an inspection or cause such an inspection to be made and notify the Landlord within the time provided for herein of
any non-compliance. If the Landlord shall not receive any such notice within the aforementioned thirty (30) day period, it shall
be conclusive that the Tenant has accepted the Systems “as-is” “where-is” on the date of taking possession
of the Premises and Landlord shall have no further obligation with regard to said Systems except as provided for in the Lease.
Should the Tenant notify the Landlord of any system which is not in good working order, then the Landlord, at Landlord's sole cost
and expense, shall cause the system to be operating in good working order.

 

		2.	Landlord shall repair or add metal studs, sheetrock, tape, mud, and sand all interior perimeter
walls and support columns to a minimum height above new drop ceiling grid (which new drop ceiling grid shall be installed at Tenant’s
expense), or as required by code.

 

		3.	Landlord shall supply the Premises with, and/or install in the Premises, one (1) ton of HVAC per
350 square feet of floor space. All units shall be Landlord’s standard units. Ductwork and registers shall be designed and
installed to distribute air throughout the Premises. Ductwork and registers shall be Landlord’s standard fiberglass duct
board trunk, insulated wire flex branches, and 3 tab step-down diffusers.

 

		4.	Landlord shall remove all existing floor coverings and glue to concrete slab.

 

		5.	Landlord shall provide the materials for standard commercial grade 2'-0" x 4'-0" white
acoustical tile lay-in ceiling system. Tenant shall be responsible for installation.

 

		6.	Landlord’s standard 2'-0" x 4'-0" (4) bulb fluorescent light fixtures shall be
installed, one (1) per eighty (80) square feet of floor space.

 

		7.	Landlord shall install sprinkler lines and heads throughout the Premises.

 

		8.	Landlord shall pressure wash the exterior of the building

 

		9.	Landlord shall make all repairs required pursuant to the Building Envelope Assessment Report prepared
by BETEC, Inc., which report is attached to the Lease as Exhibit "G".

 

		10.	Landlord shall repaint exterior walls of the surfaces that are currently painted on the Premises.
Colors for paint shall be selected by the Tenant and approved by the Landlord.

 

		11. 	Landlord shall install new
mechanically fastened 45 mil TPO roof membrane over existing EPDM section of the roof that services the Premises.

 

12.       Landlord
will reseal and restripe the parking lot.

 

Notwithstanding anything
in the Lease to the contrary, the Lease Commencement Date will be the date upon which Landlord's Work has been substantially completed
by Landlord in accordance with the provisions of the Lease (the “Substantial Completion Date”). The Substantial Completion
Date is defined to be the date when (i) Landlord's Work is complete in accordance with the Lease and this Exhibit "B-4",
other than those punch-list items of work and adjustment of equipment and fixtures in the Premises, the incompleteness of which
do not cause material and unreasonable interference with Tenant's use of or access to the Premises for the operation of Tenant’s
business in the entire Premises, (ii) the Premises are broom clean; (iii) Landlord has obtained a temporary or permanent certificate
of occupancy (and if temporary then a permanent certificate of occupancy within thirty (30) days of the Substantial Completion
Date and Tenant has delivered to Landlord the Lease Commencement Date Letter Exhibit D attached hereto) for Tenant's use of the
Premises, and (iv) the Premises have been delivered to Tenant pursuant to notice from Landlord. In the event that the Substantial
Completion Date has not occurred within one hundred and twenty (120) days from the date Landlord commences Landlord’s Work,
then Tenant shall have the right to terminate this Lease by giving Landlord written notice of such termination within ten (10)
days following such date. Notwithstanding the foregoing, Tenant acknowledges and agrees that Landlord shall have no obligation
to commence with performing Landlord’s Work until the contingency set forth in Special Stipulation No. 14 on Exhibit “A”
to these Lease is satisfied or waived in writing by Tenant.

 

    -34-

    

    

 

As used in this Exhibit "B-4",
the term "Force Majeure Delay" shall mean only an actual delay resulting from fire, earthquake, explosion, flood, hurricane,
tornado, the elements, acts of God or the public enemy, war, invasion, insurrection, rebellion, riots, industry-wide labor strikes
or lockouts (which objectively preclude Landlord from obtaining from any reasonable source of labor or substitute materials at
a reasonable cost necessary for completing Landlord's Work), or governmental acts. Notwithstanding anything to the contrary contained
herein, a Force Majeure Delay shall not include any of the foregoing delays to the extent caused by the gross negligence or willful
misconduct of Landlord, its contractors or agents. As used in this Exhibit "B-4", "Tenant Delay" shall mean
a delay resulting from the acts of Tenant including, but not limited to, interference or delay in approving plans, signing applications
to authorities having jurisdiction, and the like, and failure to perform its work as stated above (e.g. Item 6) in a timely manner
by Tenant, its agents or employees with the completion of Landlord's Work and which objectively preclude performance of Landlord’s
Work by any person.

 

As soon as Landlord's Work has been substantially
completed, Landlord will notify Tenant in writing. Within ten (10) days thereafter, Tenant will submit to Landlord in writing a
punch list of items needing completion or correction. Landlord will use its reasonable diligence to complete such items within
thirty (30) days after the receipt of such notice. Punchlist items will not cause a delay in the Lease Commencement Date, provided
that Landlord's Work is substantially completed as defined above.

 

    -35-

    

    

 

EXHIBIT “B-5”

ADMA BIO PREMISES GEORGIA INC.

PYLON SIGNAGE 

 

  [Image of Signage]

 

    -36-

    

    

 

EXHIBIT “C” 

ADMA BIO CENTERS GEORGIA INC. 

RULES AND REGULATIONS

 

		1.	All loading and unloading of goods shall be done only at such times in the areas and through the
entrances reasonably designated for such purposes by Landlord.

 

		2.	The delivery or shipping of merchandise, supplies and fixtures to and from the Premises shall be
subject to such reasonable rules and regulations as in the judgment of Landlord are necessary for the proper operation of the Premises.

 

		3.	Tenant will not utilize any unethical method of business operation nor shall any space in the Premises
be used for living quarters, whether temporary or permanent.

 

		4.	Tenant shall have full responsibility for protecting the Premises and the property located therein
from theft and robbery and shall keep all doors and windows securely fastened when not in use.

 

		5.	No aerial, satellite dish, or other similar device shall be erected on the roof or exterior walls
of the Premises or on the grounds without, in each instance, the written consent of the Landlord. Any aerial, satellite dish or
similar device so installed without such written consent shall be subject to removal without notice at any time without liability
to Landlord and the expenses involved in said removal shall be charged to and paid by Tenant upon demand.

 

		6.	No loudspeakers, televisions, phonographs, radios or other devices shall be used in a manner so
as to be heard or seen outside of the Premises without the prior written consent of Landlord.

 

		7.	Tenant shall maintain the inside of the Premises at a temperature sufficiently high to prevent
freezing of water in pipes and fixtures inside the Premises.

 

		8.	The plumbing facilities shall not be used for any other purpose than that for which they are constructed
and no foreign substance of any kind shall be deposited therein. The expenses of any breakage, stoppage or damage resulting from
a violation of this provision shall be borne by Tenant.

 

		9.	Tenant shall not burn any trash or garbage of any kind in or about Premises.

 

		10.	Tenant shall not cause or permit any unusual or objectionable odors to be produced upon or permeated
from the Premises nor shall Tenant vent any cooking fumes or odors into the interior of the Premises.

 

		11.	The sidewalk, entrances, passages, quarters or halls shall not be obstructed or encumbered by any
tenant or used for any purpose other than ingress or egress to and from the Premises.

 

		12.	No sales tables, displays, signs or other articles shall be put in front of or affixed to any part
of the exterior of the Premises nor placed in the loading or parking area without the prior written consent of the Landlord.

 

		13.	Tenant shall not create or maintain, nor allow others to create or maintain, any nuisances, including
without limiting the foregoing general language, loud noises, sound effects, bright lights, changing, flashing, flickering or lighting
devices or similar devices, smoke or dust, the effect of which will be visible from the exterior of the Premises.

 

		14.	Tenant shall not conduct or allow to be conducted within, on or about the leased Premises an “adult
massage parlor” or spa, or the sale or viewing of lingerie modeling, nude or erotic dancing, rated X or adult videos, books,
tapes, magazines or other “adult fantasy products” or other products or services which would injure the reputation
of the Premises or Landlord.

 

		15.	Landlord shall have the right to designate employee and customer parking during the term of this
Lease.

 

		16.	No animals of any kind may be brought into or kept in or about the Premises, with the exception
of licensed service/guide dogs.

 

		17.	Landlord reserves the right to waive any rule in any particular instance or as to any particular person
or occurrence and further, Landlord reserves the right to amend or rescind any of these rules or make, amend and rescind reasonable
new rules to the extent Landlord, in its sole judgment, deems suitable for the safety, care and cleanliness of the Premises and
the conduct of high standards of merchandising and services therein. Tenant agrees to conform to such new or amended rules upon
receiving written notice of the same, and so long as Tenant's use of the Premises (including Tenant's use of Tenant's Parking)
is not materially and adversely infringed.

    -37-

    

    

 

EXHIBIT “D”

ADMA BIO CENTERS GEORGIA INC.

LEASE COMMENCEMENT DATE LETTER

 

166 BARRETT PARKWAY MARIETTA GA 30066 

ACKNOWLEDGMENT OF TERM

 

This Acknowledgment
of Term (this “Acknowledgment”) is attached to and made a part of the Lease Agreement, dated the _____ day of __________,
20__, by and between _________________, a _________________, as “Landlord”, and __________________, a _________________,
as “Tenant” (the “Lease”).

 

		1.	Landlord and Tenant hereby agree that:

 

	 	(a)	The
Lease Commencement is __________________.

 

	 	(b)	The
Rent Commencement Date is ____________________.

 

	 	(c)	The Expiration
Date of the Lease Term of the Lease is ___________________

 

	 	 	[or, if Tenant exercises its Renewal Option for the
Option Period, the Expiration Date shall be__________, 20__ ].

 

	 	(d)	The schedule of rent and charges in Special Stipulation No.
2 on Exhibit “A” to the Lease is hereby replaced with the following rent schedule:

  

	 	 	 	Total Fixed Minimum Rent, 
	 	Fixed	Landlord's	Landlord's Operating
	 	Minimum	Operating Costs	Costs and 
	 	Rent	Monthly	Charges Monthly
	Term	Monthly	(Adjustable)	(Adjustable)
	_______ to________	 	 	 
	_______ to________	 	 	 
	_______ to________	 	 	 
	 	 	 	 

		2.	Tenant hereby confirms the following:

 

		(a)	That it has accepted possession of the Premises pursuant to the terms of the Lease;

 

		(b)	To its actual knowledge, that Landlord has fulfilled all of its obligations under the Lease required
to be fulfilled by Landlord on or prior to the date of this Acknowledgment;

 

		(c)	That Tenant has no existing right of setoff or credits against any rentals, nor has any security
deposit been paid except as provided by the terms of the Lease; and

 

		(d)	That the Lease is in full force and effect as of the date of this Acknowledgment.

 

    -38-

    

    

 

	WITNESS:

                            

                            

                            

                            

                           ___________________________

                           

Witness

 

 

 

 

WITNESS:

 

 

 

 

_____________________________

Witness

 

 

 

Title:____________________________

	LANDLORD:

                            

                           

____________________,

a
___________________

 

By:_____________________________

 

Name:___________________________

 

Title:____________________________

 

TENANT:

 

____________________,

a
___________________

 

By:_____________________________

 

Name:___________________________

 

 

 

    -39-

    

    

 

EXHIBIT “E”

ADMA BIO CENTERS GEORGIA INC.

TENANT'S SIGN PACKAGE

  

   [Image of Signage]

 

    -40-

    

    

 

EXHIBIT “F” 

ADMA BIO CENTERS GEORGIA INC. 

BUILDING ENVELOPE ASSESSMENT REPORT

 

(see attached)

 

	-41-

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