Document:

Amended and Restated Limited Liability Company Agreement of Axle Holdings II

 Exhibit 10.24 
 EXECUTION VERSION 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 AXLE HOLDINGS II, LLC 
  

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINED TERMS
	Section 1.1	  	Definitions	  	
	
	ARTICLE II FORMATION OF THE COMPANY
			
	Section 2.1	  	Formation	  	9
	Section 2.2	  	Company Name	  	9
	Section 2.3	  	The Certificate, etc	  	9
	Section 2.4	  	Term of Company	  	9
	Section 2.5	  	Registered Agent and Office	  	10
	Section 2.6	  	Principal Place of Business	  	10
	Section 2.7	  	Qualification in Other Jurisdictions	  	10
	Section 2.8	  	Fiscal Year; Taxable Year	  	10
	
	ARTICLE III PURPOSE AND POWERS OF THE COMPANY
			
	Section 3.1	  	Purpose	  	10
	Section 3.2	  	Powers of the Company	  	10
	Section 3.3	  	Certain Tax Matters	  	10
	
	ARTICLE IV MEMBERS
			
	Section 4.1	  	Powers of Members	  	11
	Section 4.2	  	Units Generally	  	11
	Section 4.3	  	Meetings of Members	  	12
	Section 4.4	  	Business Transactions of a Member with the Company	  	13
	Section 4.5	  	No Cessation of Membership upon Bankruptcy	  	14
	Section 4.6	  	Noncompetition; Confidentiality and Nonsolicitation	  	14
	Section 4.7	  	Other Business for Kelso Members	  	18
	Section 4.8	  	Additional Members	  	18
	
	ARTICLE V MANAGEMENT
			
	Section 5.1	  	Board	  	20
	Section 5.2	  	Meetings of the Board	  	21
	Section 5.3	  	Quorum and Acts of the Board	  	21
	Section 5.4	  	Electronic Communications	  	21
	Section 5.5	  	Committees of Directors	  	21
	Section 5.6	  	Compensation of Directors	  	22
	Section 5.7	  	Resignation	  	22

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
	Section 5.8	  	Removal of Directors	  	22
	Section 5.9	  	Vacancies	  	22
	Section 5.10	  	Directors as Agents	  	23
	Section 5.11	  	Officers	  	23
	Section 5.12	  	Holdings Funding	  	23
	
	ARTICLE VI INVESTMENT REPRESENTATIONS, WARRANTIES AND COVENANTS
			
	Section 6.1	  	Representations, Warranties and Covenants of Members	  	23
	Section 6.2	  	Additional Representations and Warranties of Management Members and Investor Members	  	25
	Section 6.3	  	Additional Representations and Warranties of Kelso Members	  	25
	Section 6.4	  	Certain Members	  	26
	
	ARTICLE VII CAPITAL ACCOUNTS; CAPITAL CONTRIBUTIONS
			
	Section 7.1	  	Capital Accounts	  	26
	Section 7.2	  	Adjustments	  	26
	Section 7.3	  	Capital Contributions	  	27
	Section 7.4	  	Additional Capital Contributions by Kelso	  	27
	Section 7.5	  	Additional Capital Contributions	  	28
	Section 7.6	  	Negative Capital Accounts	  	28
	
	ARTICLE VIII ADDITIONAL TERMS APPLICABLE TO OVERRIDE UNITS
			
	Section 8.1	  	Certain Terms.	  	28
	Section 8.2	  	Effects of Termination of Employment on Override Units.	  	29
	Section 8.3	  	Nontransferability of Awards	  	32
	
	ARTICLE IX ALLOCATIONS
			
	Section 9.1	  	Book Allocations of Net Profit and Net Loss	  	32
	Section 9.2	  	Special Book Allocations	  	32
	Section 9.3	  	Tax Allocations	  	33
	
	ARTICLE X DISTRIBUTIONS
			
	Section 10.1	  	Distributions Generally	  	34
	Section 10.2	  	Distributions In Kind	  	35
	Section 10.3	  	No Withdrawal of Capital	  	35
	Section 10.4	  	Withholding	  	35
	Section 10.5	  	Restricted Distributions	  	36

  

 ii 

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
	Section 10.6	  	Tax Distributions	  	36
	Section 10.7	  	Benchmark Adjustment	  	36
	
	ARTICLE XI BOOKS AND RECORDS
			
	Section 11.1	  	Books, Records and Financial Statements	  	36
	Section 11.2	  	Filings of Returns and Other Writings; Tax Matters Partner	  	37
	Section 11.3	  	Accounting Method	  	38
	
	ARTICLE XII LIABILITY, EXCULPATION AND INDEMNIFICATION
			
	Section 12.1	  	Liability	  	38
	Section 12.2	  	Exculpation	  	38
	Section 12.3	  	Fiduciary Duty	  	38
	Section 12.4	  	Indemnification	  	38
	Section 12.5	  	Expenses	  	39
	Section 12.6	  	Severability	  	39
	
	ARTICLE XIII TRANSFERS OF INTERESTS
			
	Section 13.1	  	Restrictions on Transfers of Interests by Investor Members and Management Members	  	39
	Section 13.2	  	Estate Planning Transfers; Transfers upon Death of an Investor Member or Management Member; Affiliate Transfers.	  	39
	Section 13.3	  	Effect of Assignment	  	40
	Section 13.4	  	Overriding Provisions	  	40
	Section 13.5	  	Put and Call Rights.	  	41
	Section 13.6	  	Involuntary Transfers	  	43
	Section 13.7	  	Assignment by the Company	  	44
	Section 13.8	  	Substitute Members	  	44
	Section 13.9	  	Release of Liability	  	45
	Section 13.10	  	Tag-Along and Drag-Along Rights	  	45
	Section 13.11	  	Initial Public Offering	  	48
	
	ARTICLE XIV DISSOLUTION, LIQUIDATION AND TERMINATION
			
	Section 14.1	  	Dissolving Events	  	48
	Section 14.2	  	Dissolution and Winding-Up	  	49
	Section 14.3	  	Distributions in Cash or in Kind	  	49
	Section 14.4	  	Termination	  	50
	Section 14.5	  	Claims of the Members	  	50

  

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 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
	ARTICLE XV MISCELLANEOUS
			
	Section 15.1	  	Notices	  	50
	Section 15.2	  	Securities Act Matters	  	51
	Section 15.3	  	Headings	  	51
	Section 15.4	  	Entire Agreement	  	51
	Section 15.5	  	Counterparts	  	51
	Section 15.6	  	Governing Law; Attorneys’ Fees	  	51
	Section 15.7	  	Waiver of Jury Trial	  	51
	Section 15.8	  	Waiver of Partition	  	52
	Section 15.9	  	Severability	  	52
	Section 15.10	  	Further Actions	  	52
	Section 15.11	  	Amendments	  	52
	Section 15.12	  	Power of Attorney	  	52
	Section 15.13	  	Fees and Expenses	  	53

  

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 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT OF 
 AXLE HOLDINGS II, LLC 
 This Amended and Restated Limited Liability Company Agreement of Axle Holdings II, LLC, a Delaware limited liability company (the
“Company”) is made as of May 25, 2005 by and among the individuals or entities listed under the heading “Kelso Members” on Schedule A hereto (each a “Kelso Member” and
collectively, the “Kelso Members”), Thomas C. O’Brien, Scott Pettit, David Montgomery, Don Hermanek, John Kett, John Nordin and Sidney Kerley (each a “Management Member” and collectively, the
“Management Members,” which term shall also include such other management employees of the Company and its Affiliates as shall become members of the Company after the date hereof in accordance with Section 4.8 of this
Agreement), the entities listed under the heading “Parthenon Members” on Schedule A hereto (each a “Parthenon Member” and the collectively, the “Parthenon Members”), Magnetite Asset
Investors III L.L.C. (“Magnetite,”), Brian T. Clingen and Dan Simon (each an “Investor Member” and, together with the Parthenon Members and Magnetite, collectively the “Investor
Members,” which term shall also include those other individuals or entities who become members of the Company and are designated “Investor Members” after the date hereof in accordance with Section 4.8 of this Agreement).
The Kelso Members, the Investor Members and the Management Members are collectively referred to herein as the “Members.” Any capitalized term used herein without definition shall have the meaning set forth in Article I.

 ARTICLE I 
 DEFINED
TERMS 
 Section 1.1 Definitions. 
 “Accounting Period” means, for the first Accounting Period, the period commencing on the day after the Initial Capital Contribution Date and ending on the next Adjustment Date. All succeeding
Accounting Periods shall commence on the day after an Adjustment Date and end on the next Adjustment Date. 
 “Additional Capital
Contribution Event” shall have the meaning set forth in Section 7.4(a). 
 “Additional Member” shall have the
meaning set forth in Section 4.8(a). 
 “Adjustment Date” means the last day of each fiscal year of the Company or any
other date determined by the Board, in its sole discretion, as appropriate for an interim closing of the Company’s books. 
  

 “Affiliate” means, with respect to a specified Person, any Person that directly, or
indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreement” means this Limited Liability Company Agreement of the Company, as this agreement may be amended, modified, supplemented or restated from time to time after the date hereof. 
 “Applicable Performance Percentage” shall have the meaning set forth in Section 8.1(b) 
 “Auction Services Business” shall have the meaning set forth in Section 4.6(a)(i). 
 “Benchmark Amount” shall have the meaning set forth in Section 8.1(e). 
 “Board” shall have the meaning set forth in Section 5.1(a). 
 “Business Day” means any day of the week other than a Saturday, Sunday or a day on which the commercial banks in New York City are not
open for business. 
 “Call Rights” shall have the meaning set forth in Section 13.5(b). 
 “Capital Account” shall have the meaning set forth in Section 7.1. 
 “Capital Contribution” means, for any Member, the total amount of cash and the Fair Market Value of any property contributed to the
Company by such Member (including any capital deemed contributed pursuant to the provisions of the penultimate sentence of Section 7.5), as such amount is set forth opposite the name of such Member on Schedule A hereto under the heading
“Capital Contribution.” 
 “Carrying Value” means with respect to any Interest purchased by the Company, the value
equal to the Capital Contribution made by the selling Management Member in respect of any such Interest less the amount of distributions made in respect of such Interest. 
 “Certificate” means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of
the State of Delaware pursuant to the Delaware Act. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Company” shall have the meaning set forth in the recitals to this Agreement. 
  

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 “Common Units” mean a class of Interests in the Company, as described in
Section 4.2(a). For the avoidance of doubt, Common Units shall not include Override Units. 
 “Compensation Committee”
shall have the meaning set forth in Section 4.8(a). 
 “Confidential Information” shall have the meaning set forth in
Section 4.6(b). 
 “Covered Person” means a current or former Member or Director, an Affiliate of a current or former
Member or Director, any officer, director, shareholder, partner, member, employee, representative or agent of a current or former Member or Director or any of their respective Affiliates, or any current or former officer, employee or agent of the
Company or any of its Affiliates. 
 “Deficit” shall have the meaning set forth in Section 9.2(a). 
 “Delaware Act” means the Delaware Limited Liability Company Act, 6 Del. C. §18-101, et seq., as amended from time to time.

 “Directors” shall have the meaning set forth in Section 5.1(a). 
 “Disability” means with respect to a Management Member, the termination of the employment of any Management Member by the Company or any
Subsidiary of the Company that employs such individual (or by the Company on behalf of any such Subsidiary) as a result of such Management Member’s incapacity due to reasonably documented physical or mental illness that shall have prevented
such Management Member from performing his or her duties for the Company on a full-time basis for more than six months and within 30 days after written notice has been given to such Management Member, such Management Member shall not have returned
to the full time performance of his or her duties, in which case the date of termination shall be deemed to be the last day of the aforementioned 30-day period, provided that in the case of any Management Member who, as of the date of
determination, is party to an effective services, severance or employment agreement with the Company or any Subsidiary of the Company that employs such individual, “Disability” shall have the meaning, if any, specified in such agreement.

 “Distributable Amount” shall have the meaning set forth in Section 10.2. 
 “Drag-Along Right” shall have the meaning set forth in Section 13.10(b). 
 “Exit Event” shall mean a transaction or series of transactions (other than an Initial Public Offering): 
  

	 	(a)	involving the sale, transfer or other disposition by the Kelso Members to one or more Persons that are not, immediately prior to such sale, Affiliates of the Company or any Kelso
Member, of all of the Interests of the Company beneficially owned by the Kelso Members as of the date of such transaction; or 

  

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	 	(b)	involving the sale, Transfer or other disposition of all of the assets of the Company and its Subsidiaries, taken as a whole, to one or more Persons that are not, immediately prior
to such sale, transfer or other disposition, Affiliates of the Company or any Kelso Member. For the avoidance of doubt, assets of the Company shall include, without limitation, shares of common stock of Axle Holdings, Inc., a Delaware corporation,
that are held by the Company. 

 “Fair Market Value” means, as of any date, 
  

	 	(a)	for purposes of determining the value of any property owned by, contributed to or distributed by the Company, (i) in the case of publicly-traded securities, the average
of their last sales prices on the applicable trading exchange or quotation system on each trading day during the five trading-day period ending on such date and (ii) in the case of any other property, the fair market value of such
property, as determined in good faith by the Board, or 

  

	 	(b)	for purposes of determining the value of any Member’s Interest in connection with Section 13.5 (“Puts and Calls”) and Section 13.6 (“Involuntary
Transfers”), (i) the fair market value of such Interest as reflected in the most recent appraisal report prepared, at the request of the Board, by an independent valuation consultant or appraiser of recognized national standing,
reasonably satisfactory to Kelso, or (ii) in the event no such appraisal exists or the date of such report is more than one year prior to the date of determination, the fair market value of such Interest as determined in good faith by
the Board. 

 “Financing Documents” shall have the meaning set forth in Section 13.5(c). 
 “Final Value” shall mean the total Fair Market Value of all distributions received by Kelso from the Company in respect of Kelso's
investment in the Company, calculated giving simultaneous effect to the applicable level of participation of Value Units in distributions pursuant to Section 8.1(b). 
 “IAAI” means Insurance Auto Auctions, Inc., an Illinois corporation. 
 “Inactive
Management Member” shall have the meaning set forth in Section 8.2. 
 “Initial Capital Contribution” shall
mean, with respect to a Member, the Capital Contribution to be made by such Member on the Initial Capital Contribution Date, as set forth on Schedule A. 
 “Initial Capital Contribution Date” shall mean the date of this Agreement. 
  

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 “Initial Public Offering” or “IPO” means the first underwritten public
offering of the common stock of Newco or a Subsidiary of the Company to the general public through a registration statement filed with the Securities and Exchange Commission that covers (together with prior effective registrations)
(i) not less than 25% of the then outstanding shares of common stock of Newco or such Subsidiary of the Company on a fully diluted basis or (ii) shares of Newco or such Subsidiary of the Company that will be traded on any of
the New York Stock Exchange, the American Stock Exchange or the National Association of Securities Dealers Automated Quotation System after the close of any such general public offering. 
 “Initial Value” means Kelso's aggregate Capital Contributions to the Company. 
 “Interest” means the limited liability interest in the Company which represents the interest of each Member in and to the profits and
losses of the Company, such Member’s right to receive distributions of the Company’s assets, as set forth in this Agreement. 
 “Investor Member” has the meaning set forth in the recitals to this Agreement. 
 “Involuntary
Transfer” shall have the meaning set forth in Section 13.6. 
 “Involuntary Transferee” shall have the meaning
set forth in Section 13.6. 
 “IRR” shall have the meaning set forth in Section 8.1(b). 
 “Kelso” means Kelso Investment Associates VII, L.P., a Delaware limited partnership, together with KEP VI, LLC, a Delaware limited
liability company. 
 “Kelso Advisory Agreement” shall mean the financial advisory agreement, dated as of February 22,
2005, between Axle Merger Sub, Inc. and Kelso & Company, L.P. 
 “Kelso Investment Multiple” shall have the meaning
set forth in Section 8.1(b). 
 “Kelso Member” has the meaning set forth in the recitals to this Agreement. 

“Lender Financial Information” has the meaning set forth in Section 11.1(b). 
 “Magnetite” has the meaning set forth in the recitals to this Agreement. 
 “Management Members” has the meaning set forth in the recitals to this Agreement. A Management Member shall be deemed not to be a
“manager” within the meaning of the Delaware Act (except to the extent Section 5.1(b)(i) applies). 
 “Majority in
Interest” means the holders of a majority of the Units (as defined in Section 4.2) held by Members having the right to vote at a meeting of the Members. 
 “Maximum Amount” shall have the meaning set forth in Section 13.5(c). 
  

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 “Member” has the meaning set forth in the recitals to this Agreement and includes any
Person admitted as an additional or substitute Member of the Company pursuant to this Agreement. 
 “Net Profits” and
“Net Losses” means, with respect to any Accounting Period, net income or net loss of the Company for such Accounting Period, determined in accordance with § 703(a) of the Code, including any items that are separately stated for
purposes of § 702(a) of the Code, as determined in accordance with federal income tax accounting principles with the following adjustments: 
  

	 	(a)	any income of the Company that is exempt from United States federal income tax shall be included as income; 

  

	 	(b)	any expenditures of the Company described in § 705(a)(2)(B) of the Code or treated as expenditures pursuant to § 1.704-1(b)(2)(iv)(i) of the Treasury Regulations shall be
treated as current expenses; 

  

	 	(c)	any items of income, gain, loss or deduction specially allocated pursuant to this Agreement, including pursuant to Section 9.2, shall be excluded from the determination of Net
Profit and Net Loss; and 

  

	 	(d)	treating as an item of gain (loss) the excess (deficit), if any, of the gross fair market value of property distributed in such Accounting Period over (under) the amount at which
such property was carried on the books of the Company. 

 “Newco” shall have the meaning set forth in
Section 13.11(b). 
 “Officer” shall have the meaning set forth in Section 5.11. 
 “Operating Units” mean a sub-class of Override Units, as described in Section 4.2(b). 
 “Override Units” means either Operating Units or Value Units, or both, as described in Section 4.2(b). 
 “Parthenon Members” shall have the meaning set forth in the recitals to this Agreement. 
 “Partnership Minimum Gain” shall have the meaning set forth in sections 1.704-2(b)(2) and 1.704-2(d) of the Treasury Regulations.

 “Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate,
limited liability company, or other legal entity or organization. 
 “Put Rights” shall have the meaning set forth in
Section 13.5(a). 
  

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 “Registration Rights Agreement” means the registration rights agreement dated as of
April 1, 2005, by and between Axle Holdings, Inc. and Axle Holdings II, LLC, as the same may be amended or supplemented from time to time. 
 “resignation for Good Reason” means a voluntary termination of a Management Member’s employment with the Company or any Subsidiary of the Company that employs such individual by such Management Member of his employment
with the Company or any such Subsidiary as a result of either of the following: 
  

	 	(a)	without the Management Member’s prior written consent, a significant reduction by the Company or any such Subsidiary of his or her current salary, other than any such reduction
which is part of a general salary reduction or other concessionary arrangement affecting all employees or affecting the group of employees of which the Management Member is a member (after receipt by the Company or such Subsidiary of written notice
from such Management Member and the expiration of a 20-day cure period); or 

  

	 	(b)	the taking of any action by the Company or any such Subsidiary that would substantially diminish the aggregate value of the benefits provided him or her under the Company’s or
such Subsidiary’s accident, disability, life insurance and any other employee benefit plans in which he or she was participating on the date of his or her execution of this Agreement, other than any such reduction which is
(i) required by law, (ii) implemented in connection with a general concessionary arrangement affecting all employees or affecting the group of employees of which the Management Member is a member,
(iii) generally applicable to all beneficiaries of such plans (after receipt by the Company or such Subsidiary of written notice and the expiration of a 20-day cure period) or (iv) in accordance with the terms of any such
plan. 

 or, if such Management Member is a party to a services, severance or employment agreement with the Company or any Subsidiary of the
Company that employs such individual, the meaning as set forth in such services or employment agreement. 
 “Retirement”
means the voluntary termination of a Management Member’s employment with the Company or any Subsidiary of the Company that employs such individual on or after the date the Management Member attains age 65. Notwithstanding the foregoing,
(i) with respect to any Management Member who is a party to a services or employment agreement with the Company or any Subsidiary of the Company that employs such individual, “Retirement” shall have the meaning, if any,
specified in such Management Member’s services, severance or employment agreement and (ii) in the event a Management Member whose employment with the Company terminates due to Retirement continues to serve as a Director of or a
consultant to the Company, his or her employment with the Company shall not be deemed to have terminated for purposes of Sections 8.3 and 13.5 until the date as of which such Management Member’s services as a Director of or consultant to the
Company shall have also terminated, at which time the Management Member shall be deemed to have terminated employment due to retirement. 
  

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 “Rule 144” shall have the meaning set forth in Section 6.1(b). 
 “Securities Act” means the Securities Act of 1933 as amended from time to time. 
 “Special Termination” shall have the meaning set forth in Section 8.3(a). 
 “Shareholders Agreement” means the Shareholders Agreement, dated as of May 25, 2005, among Axle Holdings, Inc., the Company and the
individuals named therein, as the same may be amended, modified, supplemented or restated, from time to time. 
 “Subject
Members” means the Investor Members (including the Parthenon Members) and the Management Members. 
 “Subsidiary”
means, with respect to any Person, any corporation, partnership, joint venture or other legal entity of which such Person (either alone or through or together with any other Subsidiary) (a) owns, directly or indirectly, fifty percent
(50%) or more of the stock, partnership interests or other equity interests which are generally entitled to vote for the election of the board of directors or other governing body of such corporation, partnership, joint venture of other legal
entity; or (b) possesses, directly or indirectly, control over the direction of management or policies of such corporation, partnership, joint venture or other legal entity (whether through ownership of voting securities, by agreement or
otherwise). 
 “Subsidiary Board” shall have the meaning set forth in Section 5.1(b)(ii). 
 “Tag-Along Rights” shall have the meaning set forth in Section 13.10(a). 
 “Tax Matters Partner” shall have the meaning set forth in Section 11.2(b). 
 “termination for Cause” means a termination of a Management Member’s employment by the Company or any Subsidiary of the Company
that employs such individual (or by the Company on behalf of any such Subsidiary) due to such Management Member’s (i) refusal or neglect to perform substantially his or her employment-related duties, (ii) personal
dishonesty, incompetence, willful misconduct or breach of fiduciary duty, (iii) conviction of or entering a plea of guilty or nolo contendere (or any applicable equivalent thereof) to a crime constituting a felony (or a crime or
offense of equivalent magnitude in any jurisdiction) or his or her willful violation of any law, rule, or regulation (other than a traffic violation or other offense or violation outside of the course of employment which in no way adversely affects
the Company and its Subsidiaries or its reputation or the ability of the Management Member to perform his or her employment-related duties or to represent the Company or any of its Subsidiaries that employs such Management Member) or
(iv) material breach of any covenant or agreement with the Company or any of its Subsidiaries, or any written policy of the Company or any of its 

  

 8 

 
Subsidiaries, not to disclose any information pertaining to the Company or its Subsidiaries or not to compete or interfere with the Company or of its
Subsidiaries, provided that, in the case of any Management Member who, as of the date of determination, is party to an effective services, severance or employment agreement with the Company or any Subsidiary of the Company that employs such
individual, “termination for Cause” shall have the meaning, if any, specified in such agreement. 
 “Third Party”
shall mean, in respect of any Transfer, one or more Persons other than the Company, any Member or any of their respective Affiliates. 
 “Transfer” means to directly or indirectly transfer, sell, pledge, hypothecate or otherwise dispose of. 
 “Treasury Regulations” means the Regulations of the Treasury Department of the United States issued pursuant to the Code. 
 “Units” shall have the meaning set forth in Section 4.2. 
 ARTICLE II 
 FORMATION OF THE COMPANY 
 Section 2.1
Formation. The Company was formed upon the filing of the Certificate with the Secretary of State of the State of Delaware on February 18, 2005. 
 Section 2.2 Company Name. The name of the Company is Axle Holdings II, LLC. The business of the Company may be conducted under such other names as the Board may from time to time designate, provided that
the Company complies with all relevant state laws relating to the use of fictitious and assumed names. 
 Section 2.3. The Certificate,
etc. The designation of Deborah M. Reusch as an authorized person within the meaning of the Delaware Act and the actions taken by Deborah M. Reusch in causing the Certificate of Formation to be executed, delivered and filed with the Secretary of
State of the State of Delaware on February 18, 2005, are hereby ratified, adopted and approved. Each Director is hereby authorized to execute, deliver file and record all such other certificates and documents, including amendments to or
restatements of the Certificate, and to do such other acts as may be appropriate to comply with all requirements for the formation, continuation and operation of a limited liability company, the ownership of property, and the conduct of business
under the laws of the State of Delaware and any other jurisdiction in which the Company may own property or conduct business. 
 Section 2.4
Term of Company. The term of the Company commenced on the date of the initial filing of the Certificate with the Secretary of State of the State of Delaware. The Company may be terminated in accordance with the terms and provisions hereof,
and shall 

  

 9 

 
continue unless and until dissolved as provided in Article XIV. The existence of the Company as a separate legal entity shall continue until the cancellation
of the Certificate as provided in the Delaware Act. 
 Section 2.5 Registered Agent and Office. The Company’s registered agent
and office in the State of Delaware shall be The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The Board may designate another registered agent and/or registered office from
time to time in accordance with the then applicable provisions of the Delaware Act and any other applicable laws. 
 Section 2.6 Principal Place of Business. The principal place of business of the Company shall be located at 320 Park Avenue, 24th Floor, New York, New York 10022. The location of the Company’s principal place of business may be changed by the Board from
time to time in accordance with the then applicable provisions of the Delaware Act and any other applicable laws. 
 Section 2.7
Qualification in Other Jurisdictions. Any authorized person of the Company shall execute, deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction
in which the Company may wish to conduct business. 
 Section 2.8 Fiscal Year; Taxable Year. The fiscal year of the Company for
financial accounting purposes shall end on or about December 31. The taxable year of the Company for federal, state and local income tax purposes shall end on or about December 31. 
 ARTICLE III 
 PURPOSE AND POWERS OF THE COMPANY 
 Section 3.1 Purpose. The purposes of the Company are, and the nature of the business to be conducted and promoted by the Company is, engaging in
any lawful act or activity for which limited liability companies may be formed under the Delaware Act and engaging in all acts or activities as the Company deems necessary, advisable or incidental to the furtherance of the foregoing. 
 Section 3.2 Powers of the Company. The Company shall have the power and authority to take any and all actions that are necessary, appropriate,
advisable, convenient or incidental to or for the furtherance of the purposes set forth in Section 3.1. 
 Section 3.3 Certain Tax
Matters. The Company shall not elect, and the Board shall not permit the Company to elect, to be treated as an association taxable as a corporation for U.S. federal, state or local income tax purposes under Treasury Regulations section
301.7701-3 or under any corresponding provision of state or local law. The Company and the Board shall not permit the registration or listing of interests in the Company on an “established securities market,” as such term is used in
Treasury Regulations section 1.7704-1. 
  

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 ARTICLE IV 
 MEMBERS 
 Section 4.1 Powers of Members. The Members shall have the power to exercise any and
all rights or powers granted to the Members pursuant to the express terms of this Agreement. The approval or consent of the Members shall not be required in order to authorize the taking of any action by the Company and the Members shall have no
right to reject, overturn, override, veto or otherwise approve or pass judgment upon any action taken by the Board or an authorized officer of the Company, unless and then only to the extent that (i) this Agreement shall expressly
provide therefor, (ii) such approval or consent shall be required by non-waivable provisions of the Delaware Act or (iii) the Board shall determine that obtaining such approval or consent would be appropriate or desirable.
The Members, as such, shall have no power to bind the Company. 
 Section 4.2 Units Generally. As of the date hereof, the Company has
two authorized classes of Interests: Common Units and Override Units (which, as described below, will consist of either Operating Units or Value Units) (Common Units and Override Units collectively, the “Units”). Additional
classes of Interests denominated in the form of Units may be authorized from time to time by the Board without obtaining the consent of any Member or class of Members. Except as otherwise provided in this Article IV, Units in a particular class may
be issued from time to time, at such prices and on such terms as the Board or, in the case of Override Units, the Board (or the Compensation Committee) less any Management Member or Members to whom such Override Units are to be issued may determine,
without obtaining the consent of any Member or class of Members. 
 (a) Common Units. 
 (i) General. The holders of Common Units will have voting rights with respect to their Common Units as provided in
Section 4.3(d) and shall have the rights with respect to profits and losses of the Company and distributions from the Company as are set forth herein. The number of Common Units of each Member as of any given time shall be set forth on
Schedule A, as it may be updated from time to time in accordance with this Agreement. 
 (ii) Price. Unless
otherwise determined by the Board, the Common Units will initially be issued for a Capital Contribution of $25.616798 per Common Unit. The payment terms and schedule for the Capital Contributions applicable to the issuance of any Common Unit will be
determined by the Board upon issuance of such Common Units. 
  

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 (b) Override Units. 
 (i) General. The Company will have two sub-classes of Override Units: Operating Units and Value Units. Subject to the provisions of
Article VIII hereof (including the applicable Benchmark Amount), the holders of Override Units shall have the rights with respect to profits and losses of the Company and distributions from the Company as set forth herein (including Article VIII and
Article X), provided that additional terms and conditions applicable to an Override Unit may be established by the Compensation Committee in connection with the issuance of any such Override Unit to a person who becomes a Management Member at
any time after the date of this Agreement in accordance with Section 4.8 hereof. The number of Override Units issued to a Management Member as of any given time shall be set forth on Schedule A, as it may be updated from time to time in
accordance with this Agreement. Notwithstanding anything to the contrary, Override Units shall not have voting rights. 
 (ii)
Price. The holders of Override Units are not required to make any Capital Contribution to the Company in exchange for their Override Units, it being recognized that such Units shall be issued only to Management Members who own Common Units.

 Section 4.3 Meetings of Members. 
 (a) Meetings; Notice of Meetings. Meetings of the Members, including any special meeting, may be called by the Board from time to time. Notice of any such meeting shall be given to all Members not less than
five nor more than 30 Business Days prior to the date of such meeting and shall state the location, date and hour of the meeting and, in the case of a special meeting, the nature of the business to be transacted. Meetings shall be held at the
location (within or without the State of Delaware) at the date and hour set forth in the notice of the meeting. 
 (b) Waiver of
Notice. No notice of any meeting of Members need be given to any Member who submits a signed waiver of notice, whether before or after the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of
the Members need be specified in a written waiver of notice. The attendance of any Member at a meeting of Members shall constitute a waiver of notice of such meeting, except when the Member attends a meeting for the express purpose of objecting, at
the beginning of the meeting, to the transaction of any business on the ground that the meeting is not lawfully called or convened. 
 (c)
Quorum. Except as otherwise required by law or by the Certificate, the presence in person or by proxy of the holders of record of a Majority in Interest shall constitute a quorum for the transaction of business at such meeting. 
 (d) Voting. If the Board has fixed a record date, every holder of record of Units entitled to vote at a meeting of Members or to consent in
writing in lieu of a meeting of Members 

  

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shall be entitled to one vote for each such Unit outstanding in such Member’s name at the close of business on such record date. If no record date has
been so fixed, then every holder of record of such Units entitled to vote at a meeting of Members or to consent in writing in lieu of a meeting of Members shall be entitled to one vote for each Unit outstanding in his name on the close of business
on the day next preceding the day on which notice of the meeting is given or the first consent in respect of the applicable action is executed and delivered to the Company, or, if notice is waived, at the close of business on the day next preceding
the day on which the meeting is held. Except as otherwise required by applicable law, the Certificate or this Agreement, the vote of a Majority in Interest at any meeting at which a quorum is present shall be sufficient for the transaction of any
business at such meeting. 
 (e) Proxies. Each Member may authorize any Person to act for such Member by proxy on all matters in which
a Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Member or such Member’s attorney-in-fact. No proxy shall be valid after the expiration of
three years from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it unless otherwise provided in such proxy, provided, that such right to revocation shall not
invalidate or otherwise affect actions taken under such proxy prior to such revocation. 
 (f) Organization. Each meeting of Members
shall be conducted by such Person as the Board may designate. 
 (g) Action Without a Meeting. Unless otherwise provided in this
Agreement, any action which may be taken at any meeting of the Members may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by a Majority in Interest.
Prompt notice of the taking of the action without a meeting by less than unanimous written consent shall be given to those Members who have not consented in writing. 
 (h) Certain Fee Agreements. The entering into of any agreement with respect to regularly payable advisory or monitoring fees payable by the Company or any of its Subsidiaries, or any amendment to any such
agreement (including any increase in the current annual advisory fee under the Kelso Advisory Agreement), between the Kelso Members or any of their Affiliates (other than the Company or any of its Subsidiaries), on the one hand, and the Company or
any of its Subsidiaries, on the other hand, shall require the approval of the Disinterested Members of the Board (as defined below); provided, that, the Kelso Advisory Agreement has been ratified and approved in all respects, and any
advisory or monitoring fees or other amounts payable to the Kelso Members or any of their Affiliates thereunder shall not be subject to any further approval hereunder or otherwise. 
 Section 4.4 Business Transactions of a Member with the Company. Subject to prior approval of the Board, a Member (or an Affiliate thereof) may
lend money to, borrow money 

  

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from, act as surety or endorser for, guarantee or assume one or more specific obligations of, provide collateral for, or transact any other business with the
Company or any of its Subsidiaries, provided that any such transaction pursuant to any agreement entered into after the date hereof shall be approved by a majority of the Disinterested Members of the Board. For purposes of this Agreement,
“Disinterested Members of the Board” shall mean, with respect to any transaction in question, the disinterested members of the Board with respect to any such transaction; provided that, for the avoidance of doubt, any designee of
Kelso that is not an employee of Kelso or an Affiliate thereof (other than any portfolio company of Kelso or any such Affiliate) shall be considered disinterested unless such director has a direct pecuniary interest in the applicable transaction;
provided further, that if no members of the Board are disinterested (after giving effect to the preceding proviso), the "Disinterested Members of the Board" shall be deemed to be all of the members of the Board. Notwithstanding
anything to the contrary set forth in this Agreement, the proviso contained in the first sentence of this Section 4.4 shall not apply (by virtue of this Section 4.4) to agreements or amendments with respect to transactions contemplated by
this Agreement (including, but not limited to, transactions pursuant to the terms of (x) Sections 7.4 and 7.5 (e.g., Additional Capital Contributions) or (y) Sections 13.5, 13.7, 13.8, 13.10 and 13.11 (e.g., rights exercised by Members in
respect of Transfers)). 
 Section 4.5 No Cessation of Membership upon Bankruptcy. A Person shall not cease to be a Member of the
Company upon the happening, with respect to such Person, of any of the events specified in Section 18-304 of the Delaware Act. 
 Section 4.6 Noncompetition; Confidentiality and Nonsolicitation. The covenants and restrictions contained in this Section 4.6 shall be in addition to and not in lieu of any covenants or restrictions applying to any Member
pursuant to any employment, severance or services agreement between such Member and the Company or any of its Subsidiaries. Notwithstanding the foregoing, in the case of any Management Member or Inactive Management Member that is subject to any
employment, severance or services agreement with the Company or any of its Subsidiaries that contains covenants or restrictions with respect to noncompetition, confidentiality and nonsolicitation of employees and clients, such corresponding
covenants and restrictions in such Member's agreement with the Company or any of its Subsidiaries shall apply to such Member in lieu of the restrictions set forth herein; provided that, for the avoidance of doubt, the applicable restrictions
contained in the employment, severance or services agreement in effect at the time of (or concurrently with) such Management Member's termination of employment with the Company or any Subsidiary of the Company that employs such individual shall
apply to such Member following such termination of employment. 
 (a) Noncompetition. 
 (i) Parthenon Members Noncompetition. During the Parthenon Restriction Period (as defined below), the Parthenon Members shall not
become associated with any entity, whether as a principal, partner, employee, member, consultant or shareholder (other than as a holder of not in excess of 1% of the outstanding voting shares of any 

  

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publicly traded company), that is actively engaged in any geographic area in which the Company or any of its Subsidiaries does business in any business which
is in competition with the Company or any of its Subsidiaries in providing salvage (including related claims processing), impound, repossessed or whole vehicle auction services (other than (i) providing vehicle financing and (ii) buying
and selling vehicles from retail customers through a dealership) (the “Auction Services Business”). For purposes of this Agreement, the term “Parthenon Restriction Period” shall mean a period of time
beginning on the date hereof and ending on the date on which the Parthenon Members or any transferee thereof permitted under Section 13.2 hereof, directly or indirectly, no longer retains any equity interest in the Company (or the Company no
longer owns a direct or indirect equity interest in any Person conducting the Auction Services Business nor conducts the Auction Services Business) or, if earlier, the earlier of: (A) two years following the date that (1) Kelso's direct
and indirect equity ownership interest in the Company or any of its Subsidiaries (including IAAI) represents less than fifteen percent (15%) of the outstanding Common Units or corresponding equity interests of the Company and its Subsidiaries
(including IAAI), (2) the Board no longer includes a representative of the Parthenon Members or any of their Affiliates as a Director (it being understood that the substitution or replacement of, or the creation of vacancy in, a directorship
that was formerly occupied by a representative of the Parthenon Members shall not trigger this clause (2) if such directorship is filled with a representative of the Parthenon Members) and (3) the Parthenon Members elect, pursuant to
Section 11.1(b) hereof to no longer receive the Lender Financial Information; (B) five (5) years following the date that (x) the Board no longer includes a representative of the Parthenon Members or any of their Affiliates as a
Director (it being understood that the substitution or replacement of, or the creation of vacancy in, a directorship that was formerly occupied by a representative of the Parthenon Members shall not shall not trigger this clause (x) if such
directorship is filled with a representative of the Parthenon Members) and (y) the Parthenon Members elect, pursuant to Section 11.1(b) hereof, to no longer receive the Lender Financial Information; or (C) such time as the Kelso
Members no longer hold any direct or indirect equity ownership interest in the Company or any of its Subsidiaries (including IAAI). 
 (ii) Other Subject Members Noncompetition. Until the later of (i) the date on which a Subject Member or any transferee thereof permitted under Section 13.2 hereof, directly or indirectly, no longer retains any equity
interest in the Company and (ii) if applicable, the termination of any severance payable pursuant to any termination or severance agreement, if any, entered into between such Subject Member and the Company or any Subsidiary of the
Company that employs such Subject Member, if applicable, such Subject Member shall not become associated with any entity, whether as a principal, partner, employee, member, consultant or shareholder (other than as a holder of not in excess of 1% of
the outstanding voting shares of any publicly traded company), that is actively engaged in any geographic area in which the Company or any of its Subsidiaries does business in any business which is (a) in competition with the business 

  

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of the Company or any of its Subsidiaries conducted during the 12 months preceding the date such Subject Member ceases to hold any equity interest in the
Company or (b) proposed to be conducted by the Company or any of its Subsidiaries in the Company’s business plan as in effect as of the date such Subject Member ceases to hold any equity interest in the Company. This
Section 4.6(a)(ii) does not apply to the Parthenon Members. 
 (b) Confidentiality. Without the prior written consent of a
majority of the Board, except to the extent required by law, rule, regulation or court order, each Subject Member shall not disclose any trade secrets, customer lists, drawings, designs, information regarding product development, marketing plans,
sales plans, management organization information (including data and other information relating to members of the Board or management), operating policies or manuals, business plans, financial records, proprietary management information systems
and/or software or other financial, commercial, business or technical information relating to the Company or any of its Subsidiaries or information designated as confidential or proprietary that the Company or any of its Subsidiaries may receive
belonging to suppliers, customers or others who do business with the Company or any of its Subsidiaries (collectively, “Confidential Information”) to any third person (in the case of any Parthenon Member, other than such
Parthenon Member’s officers, directors, employees and legal advisors who have a need to know such information and who have agreed to maintain the confidentiality of such information) unless such Confidential Information has been previously
disclosed to the public by the Company, any such Subsidiary of the Company or is or becomes in the public domain (other than by reason of such Subject Member’s breach of this Section 4.6(b)) or, in the case of the Parthenon Members, is
independently developed by the Parthenon Members without the use of or including, and without being derived from or based on, any Confidential Information in its possession. 
 (c) Non-Solicitation of Employees. During the applicable restriction period under Section 4.6(a)(ii) (or, with respect to the Parthenon
Members, the Parthenon Restriction Period), no Subject Member shall directly or indirectly induce any employee of the Company or any of its Subsidiaries to terminate employment with such entity, and no Subject Member shall directly or indirectly,
either individually or as owner, agent, employee, consultant or otherwise, employ, offer employment to or otherwise interfere with the employment relationship of the Company or any of its Subsidiaries with any person who is or was employed by the
Company or such Subsidiary unless, at the time of such employment, offer or other interference, such person shall have ceased to be employed by such entity for a period of at least six months, provided that, nothing in this
Section 4.6(c) shall preclude such Subject Member from placing advertisements during the restriction period in periodicals of general circulation soliciting persons for employment or from employing any person who comes to such Subject Member
solely in response to such advertisements. 
 (d) Non-Solicitation of Clients. During the applicable restriction period under
Section 4.6(a)(ii) (or, with respect to the Parthenon Members, the Parthenon Restriction Period), no 

  

 16 

 
Subject Member shall solicit or otherwise attempt to establish for himself or any other person, firm or entity any business relationship (provided that, in
the case of the Parthenon Members, this provision shall be limited to any business relationship intended to compete with the Auction Services Business) with any person, firm or entity which is, or during the 12-month period preceding the date such
Subject Member ceases to hold any equity interest in the Company was, a customer, client or distributor of the Company or any of its Subsidiaries. 
 (e) Injunctive Relief with Respect to Covenants. Each Subject Member acknowledges and agrees that the covenants and obligations of such Subject Member with respect to noncompetition, nonsolicitation and confidentiality herein relate
to special, unique and extraordinary matters and that a violation or threatened violation of any of the terms of such covenants or obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore,
each Subject Member agrees, to the fullest extent permitted by applicable law, that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining such Subject
Member from committing any violation of the covenants or obligations contained in this Section 4.6. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. In
connection with the foregoing provisions of this Section 4.6, each Subject Member represents that his economic means and circumstances are such that such provisions will not prevent him from providing for himself and his family on a basis
satisfactory to him. 
 (f) Unenforceable Restriction. It is expressly understood and agreed that although each Subject Member and the
Company consider the restrictions contained in this Section 4.6 to be reasonable, if a final determination is made by an arbitrator to whom the parties have assigned the matter or a court of competent jurisdiction that any restriction contained
in this Agreement is an unenforceable restriction against any Subject Member, the provisions of this Agreement shall not be rendered void but shall be reformed to apply as to such maximum time and to such maximum extent as such arbitrator or court
may determine or indicate to be enforceable. Alternatively, if such arbitrator or court finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be reformed so as to make it enforceable, such finding shall
not affect the enforceability of any of the other restrictions contained herein. 
 (g) Inactive Management Members. Notwithstanding
anything to the contrary, the provisions of this Section 4.6 shall apply to both Management Members and Inactive Management Members (as defined in Section 8.2). 
 (h) Parthenon Members Portfolio Companies. Section 4.6 shall not apply to portfolio companies of the Parthenon Members; provided that (i) any such portfolio company has not been provided confidential
information concerning the Company or any of its Subsidiaries by or on behalf of the Parthenon Members (it being understood that a representative of the Parthenon Members acting as a director of a portfolio company shall not be considered to have
provided such information to such portfolio company solely by virtue of such representative acting as a 

  

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director of such portfolio company) and (ii) with respect to the action in question (in connection with the Company or any of its Subsidiaries or their
employees or clients) that is otherwise prohibited by this Section 4.6 if taken by any Parthenon Member, such portfolio company is not being directed, directly or indirectly, by the Parthenon Members or any Affiliate thereof to take such
action. 
 Section 4.7 Other Business for Kelso Members. Any Kelso Member or Affiliate thereof may engage in or possess an interest in
other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Company, and the Company, the Directors (as defined in Section 5.1) and the Members shall have no rights by virtue
of this Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company, shall not be deemed wrongful or improper. No Kelso Member,
Director (other than any Subject Member who serves as a Director) or Affiliate thereof shall be obligated to present any particular investment opportunity to the Company even if such opportunity is of a character that, if presented to the Company,
could be taken by the Company, and any Kelso Member, Director (other than any Subject Member who serves as a Director) or Affiliate thereof shall have the right to take for such Person’s own account (individually or as a partner or fiduciary)
or to recommend to others any such particular investment opportunity; provided that this Section 4.7 shall not apply to Management Members or any other Members who are employees of the Company or any of its Subsidiaries. 
 Section 4.8 Additional Members. 
 (a)
Admission. Upon the approval of a majority of the Board or the compensation committee of the Board (the “Compensation Committee”), provided that such majority includes a majority of the Directors or members of
the Compensation Committee appointed by Kelso, the Company may admit one or more additional Members (each an “Additional Member”), including additional Management Members to the Company, to be treated as a “Member”
or one of the “Members” for all purposes hereunder. Each Person shall be admitted as an Additional Member at the time such Person (i) executes a joinder agreement to this Agreement, (ii) complies with the applicable
Board resolution, if any, with respect to such admission and (iii) is named as a Member in Schedule A (as described in Section 8.1) hereto. The Board may designate any such Additional Member as a “Management Member” or as
an “Investor Member” (or another category or class of Members created by the Board (subject to the provisions of Section 15.11), with such rights and obligations as the Board may specify). Any Management Member or Investor Member
admitted as an Additional Member after the date hereof who is unable to make the representation contained in Section 6.1(e) may execute a joinder agreement which excludes such representation; provided such Additional Member also
concurrently delivers to the Company a certificate, accompanied by an opinion of counsel, to the effect that the issuance of Units to such Member shall be exempt from the registration requirements under the Securities Act. Kelso is authorized to
amend Schedule A to reflect any such admission and any actions pursuant to Section 4.8(b) below. 
  

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 (b) Rights of Additional Members. Upon the admission of an Additional Member: 
 (i) the Board shall determine the capital commitment (if any) of such Additional Member; 
 (ii) the Board shall determine the rights, if any, of such Additional Members to appoint Directors to the Board; 
 (iii) such Additional Member shall make Capital Contributions to the Company in an amount to be determined by the Board; 
 (iv) if such Additional Member is an employee of the Company or any of its subsidiaries, such employee will be a “Management
Member” and one of the “Management Members” for all purposes hereunder, and the Board or the Compensation Committee will (i) have the right to grant such employee Override Units pursuant to Article VIII and amend Schedule
A accordingly (including Operating Units and Value Units as applicable) and (ii) if Override Units are granted pursuant to clause (i), assign to such Management Member the applicable Benchmark Amount and other terms applicable to such
Override Units; 
 (v) if such Additional Member will not be a Management Member hereunder then the Board may either designate
such Member as a “Kelso Member” or as an “Investor Member” or another category or class of Members created by the Board (subject to the provisions of Section 15.11), with such rights and obligations as the Board may specify;

 (vi) without duplication of any of foregoing, the Board shall assign Units, if any, to such Additional Member; and

 (vii) the Board will amend Schedule A to reflect the actions taken pursuant to this Section 4.8. 
 (c) Notwithstanding anything to the contrary, unless the Board elects otherwise, any former stockholder of any entity receiving Units in a merger
transaction involving the Company or any Subsidiary shall be admitted as a Member (and be bound by the terms of this Agreement as a “Member” for all purposes of this Agreement except where expressly indicated) irrespective of whether this
Agreement or any Joinder Agreement is executed by such Person, and, unless the Board elects otherwise, there shall be no conditions (other than the consummation of the relevant merger) to such admission as contemplated under §18-101(7)(a)(2) of
the Delaware Act. Section 4.8(b) above shall apply to such admission of any such Member by merger. 
  

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 ARTICLE V 
 MANAGEMENT 
 Section 5.1 Board. 
 (a) Generally. The business and affairs of the Company shall be managed by or under the direction of a committee of the Company (the
“Board”) consisting of at least five natural persons (each a “Director”), which initially shall be those persons designated as Directors in the first sentence of Section 5.1(b)(i) and subsequently
shall be those persons appointed as provided in Section 5.1(b)(ii). The authorized number of Directors on the Board shall be established by Kelso. Directors need not be Members. The Board shall have full, exclusive and complete discretion to
manage and control the business and affairs of the Company, to make all decisions affecting the business and affairs of the Company and to take all such actions as it deems necessary or appropriate to accomplish the purposes of the Company as set
forth herein, including, without limitation, to exercise all of the powers of the Company set forth in Section 3.2 of this Agreement. Notwithstanding anything contained herein to the contrary, Kelso will have the right to designate all of the
Directors of the Board; provided, that, one of such Kelso designees shall be the Chief Executive Officer of IAAI (or its successor) so long as such individual is the Chief Executive Officer of IAAI. 
 (b) Election of Directors. 
 (i) Initial Directors; Term. The Board shall initially consist of five (5) Directors. The initial Directors of the Company will be David Wahrhaftig, Church Moore, Thomas O’Brien, Brian T. Clingen and David Ament. Each
Director shall hold office until a successor is appointed in accordance with this Section 5.1(b) or until such Director’s earlier death, resignation or removal in accordance with the provisions hereof. Each person named as a Director
herein or subsequently appointed as a Director (including any Management Member named or appointed as such) is hereby designated as a “manager” (within the meaning of the Delaware Act) of the Company. Except as otherwise provided herein,
and notwithstanding the last sentence of Section 18-402 of the Delaware Act, no single Director may bind the Company, and the Board shall have the power to act only collectively in the manner specified herein. 
 (ii) Composition. Subject to the last sentence of Section 5.1(a), Kelso shall have the right to appoint in its sole discretion
all of the Directors of the Company, and shall have the right to appoint in its sole discretion additional Directors to fill all additional seats on the Board created in the event the Board determines to expand the size of the Board following the
date hereof in accordance with Section 5.1(a). Other than the board of directors of any direct subsidiary of IAAI, the composition of the board of directors of each of the Company’s subsidiaries (a “Subsidiary
Board”) shall be in the same proportion of Kelso appointed directors to non-Kelso appointed directors as that of 

  

 20 

 
the Board. Any committees of the Board or a Subsidiary Board shall be created only upon the approval of the Board as provided in Section 5.5 hereof. In
the event that any Director designated hereunder by Kelso for any reason ceases to serve as a member of the Board or a Subsidiary Board during his or her term of office, the resulting vacancy on the Board or the Subsidiary Board shall be filled by a
representative designated by Kelso. 
 Section 5.2 Meetings of the Board. The Board shall meet from time to time to discuss the
business of the Company. The Board may hold meetings either within or without the State of Delaware. Meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board. The Chief
Executive Officer of the Company or a majority of the Board may call a meeting of the Board by providing five Business Days’ notice to each Director, either personally, by telephone, by facsimile or by any other similarly timely means of
communication which notice requirement may be waived by the Directors. 
 Section 5.3 Quorum and Acts of the Board. At all meetings of
the Board three Directors shall constitute a quorum for the transaction of business unless the number of Directors is increased or decreased pursuant to Section 5.1(a), in which case the presence of a majority of the then authorized number of
Directors shall constitute a quorum. Except as otherwise provided in this Agreement, the act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board. If a quorum shall not be present at any
meeting of the Board, the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Any action required or permitted to be taken at any meeting of the
Board or of any committee thereof may be taken without a meeting, if a majority of the members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the
Board or committee. 
 Section 5.4 Electronic Communications. Members of the Board, or any committee designated by the Board, may
participate in a meeting of the Board, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall
constitute presence in person at the meeting. 
 Section 5.5 Committees of Directors. The Board (a) shall designate a
Compensation Committee, which shall be comprised of two Kelso Directors and the Chief Executive Officer of IAAI and (b) may, by resolution passed by unanimous consent of the Directors, designate one or more additional committees. Such
resolution shall specify the duties and quorum requirements of such additional committees, each such committee to consist of such number of Directors as the Board may fix from time to time. The Board may designate one or more Directors as alternate
members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified
from voting, whether or 

  

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not such members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or
disqualified member. Any such committee, to the extent provided in the resolution of the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Such committee or
committees shall have such name or names as may be determined from time to time by resolution adopted by the Board. Each committee shall keep regular minutes of its meetings and report the same to the Board when required. 
 Section 5.6 Compensation of Directors. The Board shall have the authority to fix the compensation (if any) of Directors. The Directors may be paid
their expenses (if any) of attendance at such meetings of the Board and may be paid a fixed sum for attendance at each meeting of the Board or a stated salary as a Director. No such payment shall preclude any Director from serving the Company in any
other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings. 
 Section 5.7 Resignation. Any Director may resign at any time by giving written notice to the Company. The resignation of any Director shall take effect upon receipt of such notice or at such later time as shall
be specified in the notice; and, unless otherwise specified in the notice, the acceptance of the resignation by the Company, the Members or the remaining Directors shall not be necessary to make it effective. Upon the effectiveness of any such
resignation, such Director shall cease to be a “manager” (within the meaning of the Delaware Act). 
 Section 5.8 Removal of
Directors. Members shall have the right to remove any Director at any time for cause upon the affirmative vote of a Majority in Interest. In addition, a majority of the Directors then in office shall have the right to remove a Director for
cause. Upon the taking of such action, the Director shall cease to be a “manager” (within the meaning of the Delaware Act). Notwithstanding the preceding sentence, (i) Kelso may remove any Director designated by Kelso or an initial
Director designated in the first sentence of Section 5.1(b)(i) and (ii) the removal from the Board or a Subsidiary Board (with or without cause) of any Director designated hereunder by Kelso or any initial Director designated in the first
sentence of Section 5.1(b)(i) shall be only at the written request of Kelso and under no other circumstances. Upon receipt of any such written request, the Board will promptly take all such actions as shall be necessary or desirable to cause
the removal of such Director. Any vacancy caused by any such removal shall be filled in accordance with Section 5.9. 
 Section 5.9
Vacancies. If any vacancies shall occur in the Board, by reason of death, resignation, removal or otherwise, the Directors then in office shall continue to act, and actions that would otherwise be taken by a majority of the Directors may be
taken by a majority of the Directors then in office, even if less than a quorum. Any vacancy shall be filled at any time in accordance with Section 5.1(b)(ii). A Director elected to fill a vacancy shall hold office until his or her successor
has been elected and qualified or until his or her earlier death, resignation or removal. 
  

 22 

 Section 5.10 Directors as Agents. The Directors, to the extent of their powers set forth in this
Agreement, are agents of the Company for the purpose of the Company’s business, and the actions of the Directors taken in accordance with such powers shall bind the Company. Except as otherwise provided in this Agreement and notwithstanding the
last sentence of Section 18-402 of the Delaware Act, no single Director shall have the power to bind the Company and the Board shall have the power to act only collectively in the manner specified herein. 
 Section 5.11 Officers. The Board may appoint from time to time as it deems advisable, appoint additional officers of the Company (collectively,
the “Officers”) and assign such officers titles (including, without limitation, President, Vice President, Secretary and Treasurer). Unless the Board decides otherwise, if the title is one commonly used for officers of a
business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. Any delegation pursuant
to this Section 5.11 may be revoked at any time by the Board. Any Officer may be removed with or without cause by the Board, except as otherwise provided in any services or employment agreement between such Officer and the Company. 

Section 5.12 Holdings Funding. With respect to cash amounts received by the Company on the Initial Capital Contribution Date, any of the
Officers of the Company shall be authorized to authorize the contribution on the Initial Capital Contribution Date of all or a portion of such funds promptly to Axle Holdings, Inc. and/or any other Subsidiary following the Initial Capital
Contributions. Notwithstanding anything to the contrary, no further approval of the Board or the Members shall be required with respect to the foregoing. 
 ARTICLE VI 
 INVESTMENT REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 6.1 Representations, Warranties and Covenants of Members. 
 (a) Investment Intention and Restrictions on Disposition. Each Member represents and warrants that such Member is acquiring the Interests solely for such Member’s own account for investment and not with a
view to resale in connection with, any distribution thereof. Each Member agrees that such Member will not, directly or indirectly, Transfer any of the Interests (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any of
the Interests) or any interest therein or any rights relating thereto or offer to Transfer, except in compliance with the Securities Act, all applicable state securities or “blue sky” laws and this Agreement, as the same shall be amended
from time to time. Any attempt by a Member, directly or indirectly, to Transfer, or offer to Transfer, any Interests or any interest therein or any rights relating thereto without complying with the provisions of this Agreement, shall be void and of
no effect. 
  

 23 

 (b) Securities Laws Matters. Each Member acknowledges receipt of advice from the Company that
(i) the Interests have not been registered under the Securities Act or qualified under any state securities or “blue sky” laws, (ii) it is not anticipated that there will be any public market for the Interests,
(iii) the Interests must be held indefinitely and such Member must continue to bear the economic risk of the investment in the Interests unless the Interests are subsequently registered under the Securities Act and such state laws or an
exemption from registration is available, (iv) Rule 144 promulgated under the Securities Act (“Rule 144”) is not presently available with respect to sales of any securities of the Company and the Company has
made no covenant to make Rule 144 available and Rule 144 is not anticipated to be available in the foreseeable future, (v) when and if the Interests may be disposed of without registration in reliance upon Rule 144, such disposition can
be made only in limited amounts and in accordance with the terms and conditions of such Rule and the provisions of this Agreement, (vi) if the exemption afforded by Rule 144 is not available, public sale of the Interests without
registration will require the availability of an exemption under the Securities Act, (vii) restrictive legends shall be placed on any certificate representing the Interests and (viii) a notation shall be made in the
appropriate records of the Company indicating that the Interests are subject to restrictions on transfer and, if the Company should in the future engage the services of a transfer agent, appropriate stop-transfer instructions will be issued to such
transfer agent with respect to the Interests. 
 (c) Ability to Bear Risk. Each Member represents and warrants that
(i) such Member’s financial situation is such that such Member can afford to bear the economic risk of holding the Interests for an indefinite period and (ii) such Member can afford to suffer the complete loss of such
Member’s investment in the Interests. 
 (d) Access to Information; Sophistication; Lack of Reliance. Each Member represents and
warrants that (i) such Member is familiar with the business and financial condition, properties, operations and prospects of the Company and that such Member has been granted the opportunity to ask questions of, and receive answers from,
representatives of the Company concerning the Company and the terms and conditions of the purchase of the Interests and to obtain any additional information that such Member deems necessary, (ii) such Member’s knowledge and
experience in financial and business matters is such that such Member is capable of evaluating the merits and risk of the investment in the Interests and (iii) such Member has carefully reviewed the terms and provisions of this Agreement
and has evaluated the restrictions and obligations contained therein. In furtherance of the foregoing, each Member represents and warrants that (i) no representation or warranty, express or implied, whether written or oral, as to the
financial condition, results of operations, prospects, properties or business of the Company or as to the desirability or value of an investment in the Company has been made to such Member by or on behalf of the Company, (ii) such Member
has relied upon such Member’s own independent appraisal and investigation, and the advice of such Member’s own counsel, tax 

  

 24 

 
advisors and other advisors, regarding the risks of an investment in the Company and (iii) such Member will continue to bear sole responsibility
for making its own independent evaluation and monitoring of the risks of its investment in the Company. For purposes of this Section 6.1(d), the Company includes each of the businesses to be acquired by the Company. 
 (e) Accredited Investor. Each Member represents and warrants that such Member is an “accredited investor” as such term is defined in
Rule 501(a) of Regulation D promulgated under the Securities Act and, in connection with the execution of this Agreement, agrees to deliver such certificates to that effect as the Board may request. 
 Section 6.2 Additional Representations and Warranties of Management Members and Investor Members. Each Investor Member and Management Member
represents and warrants that (a) such Investor Member or Management Member has duly executed and delivered this Agreement; (b) all actions required to be taken by or on behalf of the Investor Member or Management Member to authorize it to
execute, deliver and perform its obligations under this Agreement have been taken and this Agreement constitutes such Investor Member's or Management Member's legal, valid and binding obligation, enforceable against such Investor Member or
Management Member in accordance with the terms hereof; (c) the execution and delivery of this Agreement and the consummation by the Investor Member or Management Member of the transactions contemplated hereby in the manner contemplated hereby
do not and will not conflict with, or result in a breach of any terms of, or constitute a default under, any agreement or instrument or any statute, law, rule or regulation, or any judgment, decree, writ, injunction, order or award of any
arbitrator, court or governmental authority which is applicable to the Investor Member or Management Member or by which the Investor Member or Management Member or any material portion of its properties is bound; (d) no consent, approval,
authorization, order, filing, registration or qualification of or with any court, governmental authority or third person is required to be obtained by such Investor Member or Management Member in connection with the execution and delivery of
this Agreement or the performance of such Investor Member's or Management Member's obligations hereunder; (e) if such Investor Member or Management Member is an individual, such Investor Member or Management Member is a resident of the
state set forth below such Investor Member's or Management Member's name on the signature page hereof; and (f) if such Investor Member or Management Member is not an individual, such Investor Member's or Management Member's principal place of
business and mailing address is in the state or foreign jurisdiction set forth below the Investor Member or Management Member's signature on the signature page. 
 Section 6.3 Additional Representations and Warranties of Kelso Members. 
 (a) Due Organization;
Power and Authority, etc. Kelso Investment Associates VII, L.P. represents and warrants that it is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware. KEP VI, LLC represents and
warrants that it is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware. Each Kelso Member further represents and warrants that it has all necessary power and authority to enter into
this Agreement to carry out the transactions contemplated herein and therein. 
  

 25 

 (b) Authorization; Enforceability. All actions required to be taken by or on behalf of such Kelso
Member to authorize it to execute, deliver and perform its obligations under this Agreement have been taken, and this Agreement constitutes the valid and binding obligation of such Kelso Member, enforceable against such Kelso Member in accordance
with its terms, except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable principles relating to or limiting the rights of contracting parties generally. 
 (c) Compliance with Laws and Other Instruments. The execution and delivery of this Agreement and the consummation by such Kelso Member of the
transactions contemplated hereby and thereby in the manner contemplated hereby and thereby do not and will not conflict with, or result in a breach of any terms of, or constitute a default under, any agreement or instrument or any statute, law, rule
or regulation, or any judgment, decree, writ, injunction, order or award of any arbitrator, court or governmental authority which is applicable to such Kelso Member or by which such Kelso Member or any material portion of its properties is bound,
except for conflicts, breaches and defaults that, individually or in the aggregate, will not have a material adverse effect upon the financial condition, business or operations of such Kelso Member or upon such Kelso Member’s ability to enter
into and carry out its obligations under this Agreement. 
 (d) Executing Parties. The person executing this Agreement on behalf of
each Kelso Member has full power and authority to bind such Kelso Member to the terms hereof. 
 Section 6.4 Certain Members.
Notwithstanding anything to the contrary contained herein, the representations and warranties under this Article VI shall be deemed not to be made to Members not executing this Agreement or a joinder agreement to this Agreement. 
 ARTICLE VII 
 CAPITAL ACCOUNTS;
CAPITAL CONTRIBUTIONS 
 Section 7.1 Capital Accounts. A separate capital account (a “Capital Account”)
shall be established and maintained for each Member. The initial balance in each Member’s Capital Account shall be zero. 
 Section 7.2
Adjustments. 
 (a) Each Member’s Capital Accounts shall be credited with the amount of cash contributed by such Member on the
Initial Capital Contribution Date, as set forth on Schedule A, and shall also be credited with the Fair Market Value of property contributed by such Member on the Initial Capital Contribution Date, as set forth on Schedule A.

  

 26 

 (b) As of the end of each Accounting Period, the balance in each Member’s Capital Account shall be
adjusted by (i) increasing such balance by such Member’s (A) allocable share of Net Profit (allocated in accordance with Section 9.1) and (B) the amount of cash and the Fair Market Value of any property
(as of the date of the contribution thereof and net of any liabilities encumbering such property) contributed to the Company during such Accounting Period, if any, and (ii) decreasing such balance by (A) the amount of cash
and the Fair Market Value of any property (as of the date of the distribution thereof and net of any liabilities encumbering such property) distributed to such Member during such Accounting Period and (B) such Member’s allocable
share of Net Loss (allocated in accordance with Section 9.1). Each Member’s Capital Account shall be further adjusted with respect to any special allocations pursuant to Section 9.2. The provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Treasury Regulations section 1.704-1(b) and section 1.704-2 and shall be interpreted and applied in a manner consistent with such Treasury Regulations. 
 Section 7.3 Capital Contributions. Each of the Members hereby commits to make an initial cash contribution to the capital of the Company in the
amount equal to its Initial Capital Contribution set forth opposite each Members name on Schedule A upon the Initial Capital Contribution Date. Any contributions of property after the Initial Capital Contribution Date shall be valued at their
Fair Market Value. 
 Section 7.4 Additional Capital Contributions by Kelso. (a) Kelso (or any Affiliate thereof) may make
additional cash Capital Contributions to the Company or any Subsidiary at such times as the Board shall determine such additional Capital Contributions are advisable (x) to make, or in connection with, acquisitions of assets, businesses or
other entities which the Board determines are desirable for the business of the Company and its Subsidiaries and (y) for other bona fide corporate or organizational purposes (each such time, an “Additional Capital Contribution
Event”). 
 (b) Without limiting the generality of Section 7.5 (and without duplication), in connection with each
additional Capital Contribution made by Kelso pursuant to paragraph (a) of this Section 7.4 (or any loan made by Kelso or an Affiliate thereof whether or not in connection with equity interests), the Parthenon Members shall have the right
to make a concurrent Capital Contribution of such amount (or a corresponding loan, if applicable) on the same terms as Kelso or its Affiliate, applicable, and concurrently therewith (or, if additional notice is required in good faith pursuant to the
requirements of its fund in order to call capital, as soon as practicable (but no later than 20 days) after Kelso or its Affiliate, as applicable, makes its applicable Capital Contribution or loan) as is necessary to maintain the relative equity
interests or relative debt interests (which shall be deemed to be pro rata for equity interests if no Kelso loans have been made), as applicable, in the Company and its Subsidiaries between the Kelso Members and the Parthenon Members. In the event
that Kelso makes a Capital Contribution pursuant to 

  

 27 

 
paragraph (a) of this Section 7.4 (or a loan, if applicable) by means of a Capital Contribution (or loan, if applicable) to a Subsidiary of the
Company, so long as Kelso is in a position to cause the Company to do so, Kelso agrees to use reasonable best efforts to cause the Company (including to cause the applicable Subsidiary) to permit the Parthenon Members to make a concurrent Capital
Contribution (or loan, if applicable) in a manner consistent with the first sentence hereof. 
 Section 7.5 Additional Capital
Contributions. No Member shall be required to make any additional capital contribution to the Company in respect of the Interests then owned by such Member. However, a Member may make such additional capital contributions to the Company, but
only with the written consent of the Board acting by majority vote. The provisions of this Section 7.5 are intended solely to benefit the Members and, to the fullest extent permitted by applicable law, shall not be construed as conferring any
benefit upon any creditor of the Company (and no such creditor shall be a third party beneficiary of this Agreement), and no Member shall have any duty or obligation to any creditor of the Company to make any additional capital contributions or to
cause the Board to consent to the making of additional capital contributions. Members shall be deemed to have contributed such additional capital upon issuance of additional Interests equal to the cash purchase price for such Interests or, if no
cash is paid or there is non-cash consideration (including in the event that the Company or any Subsidiary acquires any company or business (whether by stock purchase, merger or otherwise, including any Company or business acquired or transferred
from any Affiliate of the Company), and Units are issued in respect of such acquisition), in the amount of the Fair Market Value of such non-cash consideration as determined by the Board in good faith at or prior to issuance of such Interests. For
the avoidance of doubt, the immediately foregoing sentence shall also apply to issuances of Interests to new Members. 
 Section 7.6
Negative Capital Accounts. Except as required by law, no Member shall be required to make up a negative balance in its Capital Account. 
 ARTICLE VIII 
 ADDITIONAL TERMS APPLICABLE TO OVERRIDE UNITS 
 Section 8.1 Certain Terms. 
 (a)
Forfeiture of Operating Units. A Management Member’s Operating Units shall be subject to forfeiture on a pro-rata basis in accordance with the schedule in Section 8.2 hereof if he or she becomes an Inactive Management Member before
the third anniversary of the issuance date of such Member's Operating Units. 
 (b) Value Unit Participation. Value Units will
participate in distributions under Article X only upon an Exit Event and, upon such Exit Event, as follows (and only as follows): (i) No Value Units will participate in distributions if the Kelso Investment Multiple is less than or equal to 2,
(ii) all Value Units will participate in distributions if the Kelso Investment Multiple is at 

  

 28 

 
least 4 and (iii) the Applicable Performance Percentage of the Value Units will participate in distributions if the Kelso Investment Multiple is greater
than 2 and less than 4. Notwithstanding the foregoing or anything to the contrary, in no event shall any Value Units participate in distributions unless Kelso receives an internal rate of return, compounded annually (“IRR”),
on its investment in the Company (as defined below) of at least 12% and the Kelso Investment Multiple is greater than 2. Kelso’s IRR will be calculated after giving full effect to the dilution of Kelso’s Interests in the Company by the
Override Units (i.e., after calculating an assumed distribution to Management Members based on the first sentence hereof and calculating Kelso's IRR on this basis). The “Applicable Performance Percentage” means, expressed as
a percentage, the quotient obtained by dividing (x) the excess, if positive, of the Kelso Investment Multiple (as defined below) over 2 by (y) 2. The “Kelso Investment Multiple” is computed by dividing (x) the
Final Value by (y) the Initial Value. 
 (c) Certain Cancellations. In the event that any portion of the Value Units does not
become eligible to participate in distributions pursuant to Section 8.1(b) upon the first occurrence of an Exit Event, such portion of such Value Units shall automatically be canceled without payment therefor. 
 (d) Certain Adjustments. All Override Units shall expire and be forfeited on the 10th anniversary of the issuance of such Override Unit. 
 (e) Calculations. All calculations required or contemplated by Section 8.1(b) shall be made in the sole determination of the Compensation
Committee (or the Board, as applicable) and shall be final and binding on the Company and each Management Member. 
 (f) Benchmark
Amount. The Board shall determine the Benchmark Amount with respect to each Override Unit at the time such Override Unit is issued to a Management Member, which shall be reflected on Schedule A. The Benchmark Amount of each Override Unit
issued as of the date hereof will be $25.616798, which (together with the provisions of Sections 10.1(a)(i) and (ii)) are intended to result in such Override Unit being treated as a profits interest for U.S. federal income tax purposes as of the
date such Override Units is issued. 
 Section 8.2 Effects of Termination of Employment on Override Units. 
 (a) Forfeiture of Override Units upon Termination. 
 (i) Termination for Cause. Unless otherwise determined by the Compensation Committee in a manner more favorable to such Management Member, in the event that a Management Member’s employment with the
Company or any Subsidiary that employs such individual is terminated for Cause, all of the Override Units issued to such Inactive Management Member shall be forfeited. 
 (ii) Other Termination. Unless otherwise determined by the Compensation Committee in a manner more favorable to such Inactive
Management Member, in the 

  

 29 

 
event that a Management Member’s employment with the Company or any Subsidiary that employs such individual is terminated for any reason other than for
Cause, then, in the event that (x) an Exit Event has not yet occurred, and (y) no definitive agreement shall be in effect regarding a transaction, which, if consummated, would result in an Exit Event, then all of the Value Units issued to
such Inactive Management Member shall be forfeited and a percentage of the Operating Units issued to such Inactive Management Member shall be forfeited according to the following schedule (it being understood that in the event that such forfeiture
does not occur as a result of the operation of clause (y) but the definitive agreement referred to in such clause (y) subsequently terminates without consummation of an Exit Event, then the forfeiture of all of the Value Units and of the
applicable percentage of Operating Units referred to herein shall thereupon occur): 
  

				
	 If the termination occurs
	  	Percentage of such
Inactive Management
Member’s Operating Units
to be Forfeited	 
	Before the first quarterly anniversary of the grant of such Inactive Management Member’s Operating Units	  	100	% 
		
	On or after the first quarterly anniversary, but before the second quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	91.67	% 
		
	On or after the second quarterly anniversary, but before the third quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	83.33	% 
		
	On or after the third quarterly anniversary, but before the fourth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	75	% 
		
	On or after the fourth quarterly anniversary, but before the fifth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	66.67	% 
		
	On or after the fifth quarterly anniversary, but before the sixth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	58.33	% 

  

 30 

				
	On or after the sixth quarterly anniversary, but before the seventh quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	50	% 
		
	On or after the seventh quarterly anniversary, but before the eighth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	41.67	% 
		
	On or after the eighth quarterly anniversary, but before the ninth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	33.33	% 
		
	On or after the ninth quarterly anniversary, but before the tenth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	25	% 
		
	On or after the tenth quarterly anniversary, but before the eleventh quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	16.67	% 
		
	On or after the eleventh quarterly anniversary, but before the twelfth quarterly anniversary, of the grant of such Inactive Management Member’s Operating Units	  	8.33	% 
		
	On or after the twelfth quarterly anniversary of the grant of such Inactive Management Member’s Operating Units	  	0	% 

 (b) Inactive Management Members. If a Management Member’s employment with the Company
terminates for any reason, such Member shall be thereafter be referred to herein as an “Inactive Management Member” with only the rights (and applicable restrictions) of an Inactive Management Member specified herein.
Notwithstanding anything to the contrary, such Inactive Management Member shall continue to be treated as a Member for purposes of any applicable allocations or distributions, which shall be deemed for tax purposes to be made to such Inactive
Management Member in its capacity as a Member, until such time as all Units retained by such Inactive Management Member are Transferred or repurchased in accordance with this Agreement. 
 (c) Special Distribution. If a Management Member’s employment with the Company or any Subsidiary that employs such individual is terminated
for any reason, the Company may distribute in its discretion to such Management Member, in complete liquidation of his retained Units (including Common Units and Operating Units), shares of the common stock of Axle Holdings, Inc. having a Fair
Market Value equal to the amount that such Inactive Management Member would have received with respect to such retained Units if the assets of the Company were sold for their Fair Market Value and the proceeds thereof distributed in accordance with
Section 14.2. Any such shares shall be subject to the Shareholders Agreement. 
  

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 (d) Effect of Forfeiture. Any Override Unit which is forfeited shall be cancelled for no
consideration. 
 (e) Special Allocation. Notwithstanding any other provision of this Agreement, if an Override Unit of a Management
Member is forfeited pursuant to Section 8.1(a) or 8.2(a) of this Agreement, then the Board, in its sole discretion, may (in its discretion) at any time reallocate all or any portion of such forfeited Override Units to one or more of the
Management Members. 
 Section 8.3 Nontransferability of Awards. Notwithstanding anything to the contrary, no Override Units may
be Transferred, other than (i) retained Operating Units by will or by the laws of descent and distribution (or, subject to the approval of the Compensation Committee, such approval not to be unreasonably withheld, to a trust or other entity as
described in Section 13.2 for estate-planning purposes), (ii) subject to approval by the Compensation Committee in any individual case (including such additional terms and conditions as the Compensation Committee shall require), to a
transferee under Article XIII. All distributions in respect of Override Units issued to a Management Member or an Inactive Management Member hereunder shall be distributed during his or her lifetime only to such Management Member or Inactive
Management Member or, if applicable, a transferee permitted under Section 13.2. 
 ARTICLE IX 
 ALLOCATIONS 
 Section 9.1 Book
Allocations of Net Profit and Net Loss. Except as provided in Section 9.2, Net Profit or Net Loss, as the case may be, with respect to any Accounting Period, including each item of income, gain, loss and deduction of the Company, shall be
allocated among the Capital Accounts as of the end of such Accounting Period in a manner that as closely as possible gives effect to the provisions of Article X and the other relevant provisions of this Agreement. 
 Section 9.2 Special Book Allocations. 
 (a) Qualified Income Offset. If any Member unexpectedly receives any adjustment, allocation or distribution described in Treasury Regulations section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) and such adjustment, allocation or
distribution causes or increases a deficit in such Member’s Capital Account in excess of its obligation to make additional Capital Contributions (a “Deficit”), items of gross income and gain for such Accounting Period
and each subsequent Accounting Period shall be specifically allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Deficit of such Member as quickly as possible;
provided that an allocation pursuant to this Section 9.2(a) shall 

  

 32 

 
be made only if and to the extent that such Member would have a Deficit after all other allocations provided for in this Article IX have been tentatively
made as if this Section 9.2(a) were not in this Agreement. This Section 9.2(a) is intended to comply with the qualified income offset provision of Treasury Regulations section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner
consistent therewith. 
 (b) Partnership Minimum Gain. Except as otherwise provided in Treasury Regulations section 1.704-2(f), if
there is a net decrease in Partnership Minimum Gain during any Accounting Period, each Member shall be specially allocated items of Company income and gain for such Accounting Period in proportion to, and to the extent of, an amount equal to the
portion of such Member’s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treasury Regulations section 1.704-2(g). This Section 9.2(b) is intended to comply with the chargeback of items of income and
gain requirement in Treasury Regulations section 1.704-2(f) and shall be interpreted consistently therewith. 
 (c) Restorative
Allocations. Any special allocations of items of income or gain pursuant to this Section 9.2 shall be taken into account in computing subsequent allocations pursuant to this Agreement, so that the net amount for any item so allocated and
all other items allocated to each Member pursuant to this Agreement shall be equal, to the extent possible, to the net amount that would have been allocated to each Member pursuant to the provisions of this Agreement if such special allocations had
not occurred. 
 Section 9.3 Tax Allocations. The income, gains, losses, credits and deductions recognized by the Company shall
be allocated among the Members, for U.S. federal, state and local income tax purposes, to the extent permitted under the Code and the Treasury Regulations, in the same manner that each such item is allocated to the Members’ Capital Accounts.
Notwithstanding the foregoing, the Board shall have the power to make such allocations for U.S. federal, state and local income tax purposes as may be necessary to maintain substantial economic effect, or to insure that such allocations are in
accordance with the Members’ Interests, in each case within the meaning of the Code and the Treasury Regulations, it being anticipated that no Management Member or Additional Management Member shall be allocated taxable income in excess of the
amount of cash to be received by such Member or Additional Member. In accordance with section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the
Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for U.S. federal income tax purposes and its fair market value at the time of
contribution. 
  

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 ARTICLE X 
 DISTRIBUTIONS 
 Section 10.1 Distributions Generally. 
 (a) This section provides for the distribution of certain amounts (“Distributable Amounts”) to the Members. The term
“Distributable Amounts” means (i) upon the occurrence of an Exit Event, all amounts held by the Company immediately following such Exit Event reduced by existing liabilities and expenses of the Company and a reasonable reserve
for future liabilities and expenses; and (ii) at any other time determined by Board, any amounts designated by the Board to the extent that the cash available to the Company and its subsidiaries is in excess of the reasonably anticipated
needs of the business (including reserves). Immediately prior to the making of any distribution, a tentative distribution schedule shall be made, including for the purpose of determining whether applicable Kelso performance hurdles are met. In
determining the amount distributable to each Member, the provisions of this Section 10.1 shall be applied in an iterative manner. Distributable Amounts shall then be distributed as follows: 
 (i) Subject to Section 10.1(a)(ii) and the provisions of Article VIII, to the Members in proportion to the number of Units held by
each Member as of the time of such distribution. 
 (ii) The amount of any proposed distribution to a holder of any
participating Override Unit pursuant to Section 10.1(a)(i) in respect of such Override Unit shall be reduced until the total reductions in proposed distributions pursuant to this Section 10.1(a)(ii) in respect of such Override Unit equals
the Benchmark Amount in respect of such Override Unit. Any amount that is not distributed to the holder of any Override Unit pursuant to this Section 10.1(a)(ii) shall be distributed to the Members pursuant to Section 10.1(a)(i) without
applying this Section 10.1(a)(ii) again with respect to such re-distributed Benchmark Amount. 
 (b) In the event that an Exit Event is
structured as a sale of Interests by the Members (including pursuant to Section 13.10(b)), rather than a distribution of proceeds by the Company, the purchase agreement governing such Interest sale will have provisions therein which replicate,
to the greatest extent possible, the economic result which would have been attained under this Article X had the Exit Event been structured as a sale of the Company's assets and a distribution of proceeds thereof. 
 (c) For the avoidance of doubt, it is understood that references herein to Override Units that “will not participate in distributions under Article
X” or any similar formulation or reference means (i) that Members will not receive distributions in respect of such Units held pursuant to Article X and (ii) that such non-participating Override Units held will not be counted in any
determination of the pro rata or proportionate ownership of Units of such Member or any other Member for purposes of Article X. Notwithstanding anything to the contrary, no Override Units shall participate in any distributions under this
Section 10.1 except pursuant to an Exit Event in accordance with this Agreement (including Section 8.1(b)) unless the Compensation Committee shall determine otherwise. 
  

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 Section 10.2 Distributions In Kind. In the event of a distribution of Company property, such
property shall for all purposes of this Agreement be deemed to have been sold at its Fair Market Value and the proceeds of such sale shall be deemed to have been distributed to the Members. 
 Section 10.3 No Withdrawal of Capital. Except as otherwise expressly provided in Article XIV, no Member shall have the right to withdraw
capital from the Company or to receive any distribution or return of such Member’s Capital Contributions. 
 Section 10.4
Withholding. 
 (a) Each Member shall, to the fullest extent permitted by applicable law, indemnify and hold harmless each Person who
is or who is deemed to be the responsible withholding agent for U.S. federal, state or local income tax purposes against all claims, liabilities and expenses of whatever nature (but, in each case, excluding any penalties and excluding accrued
interest that results from such Person’s fraud, willful misfeasance, bad faith or gross negligence) solely relating to such Person’s obligation to withhold and to pay over any U.S. federal, state, or local income taxes imposed on such
Member and the employee's share of social security, Medicare, and federal unemployment taxes imposed on such Member (including, in each case, accrued interest but excluding penalties thereon), provided that such liability of any Member shall not
exceed the sum of the balance of such Member’s Capital Account, after giving effect to all adjustments hereunder, and the aggregate amount of all prior distributions made to such Member by the Company. 
 (b) Notwithstanding any other provision of this Article X, (i) each Member hereby authorizes the Company to withhold and to pay over, or
otherwise pay, any withholding or other taxes payable by the Company or any of its Affiliates with respect to such Member or as a result of such Member’s participation in the Company and (ii) if and to the extent that the Company
shall be required to withhold or pay any such taxes (including any amounts withheld from amounts payable to the Company to the extent attributable, in the judgment of the Members, to such Member’s Interest), such Member shall be deemed for all
purposes of this Agreement to have received a payment from the Company as of the time such withholding or tax is required to be paid, which payment shall be deemed to be a distribution with respect to such Member’s Interest to the extent that
the Member (or any successor to such Member’s Interest) is then entitled to receive a distribution. To the extent that the aggregate of such payments to a Member for any period exceeds the distributions to which such Member is entitled for such
period, such Member shall make a prompt payment to the Company of such amount. It is the intention of the Members that no amounts will be includible as compensation income to any Management Member, or will give rise to any withholding taxes imposed
on compensation income, for United States federal income tax purposes as a result of the receipt, vesting or disposition of, or lapse of any restriction with respect to, any Override Units granted to such Member. 
  

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 (c) If the Company makes a distribution in kind and such distribution is subject to withholding or other
taxes payable by the Company on behalf of any Member, such Member shall make a prompt payment to the Company of the amount of such withholding or other taxes by wire transfer. 
 Section 10.5 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make
a distribution to any Member on account of its Interest in the Company if such distribution would violate Section 18-607 of the Delaware Act or other applicable law. 
 Section 10.6 Tax Distributions. In the event the Company allocates net taxable income to any of the Company's Members for any accounting period, then, at the Compensation Committee's discretion (or the
Board’s, if there shall be no Compensation Committee), the Company shall make distributions of cash to such members prior to any other distributions provided for in Article X in an amount determined by the Compensation Committee (or the Board,
if there shall be no Compensation Committee) for the purpose of allowing such members to satisfy their tax liability arising as a result of such allocation. Tax distributions made pursuant to the foregoing shall be treated as advances against
distributions payable to members pursuant to Section 10.1. 
 Section 10.7 Benchmark Adjustment. Management Members'
Benchmark Amounts shall be proportionately adjusted to reflect, as deemed equitable and appropriate by the Compensation Committee, distributions (including any such distribution in connection with a recapitalization transaction or similar
extraordinary transaction) made to the other Members pursuant to Section 10.1 at a time other than an Exit Event. All determinations and calculations required under this Section 10.7 shall be made in the sole discretion of the Compensation
Committee. 
 ARTICLE XI 
 BOOKS AND RECORDS 
 Section 11.1 Books, Records and Financial Statements. 
 (a) At all times during the continuance of the Company, the Company shall maintain, at its principal place of business, separate books of account for the
Company that shall show a true and accurate record of all costs and expenses incurred, all charges made, all credits made and received and all income derived in connection with the operation of the Company’s business in accordance with
generally accepted accounting principles consistently applied, and, to the extent inconsistent therewith, in accordance with this Agreement. Such books of account, together with 

  

 36 

 
a copy of this Agreement and the Certificate, shall at all times be maintained at the principal place of business of the Company and shall be open to
inspection and examination at reasonable times by each Member and its duly authorized representative for any purpose reasonably related to such Member’s Interest; provided that the Company may maintain the confidentiality of Schedule
A. 
 (b) Within the same time periods applicable to the Company's lenders with respect to the relevant financial information, the
Company shall provide to the Parthenon Members such quarterly or annual financial statements and other financial information (if any) (collectively, the “Lender Financial Information”) required to be provided, and provided, to the
lenders of the Company and its Subsidiaries; provided that, following such time that a Parthenon Member first informs the Company in writing that it has elected to no longer receive the Lender Financial Information, thereinafter the Parthenon
Members shall no longer receive, and the Company shall no longer have any obligation to provide to the Parthenon Members, the Lender Financial Information. 
 Section 11.2 Filings of Returns and Other Writings; Tax Matters Partner. 
 (a) The Company shall
timely file all Company tax returns and shall timely file all other writings required by any governmental authority having jurisdiction to require such filing. Within 90 days after the end of each taxable year (or as soon as reasonably practicable
thereafter), the Company shall send to each Person that was a Member at any time during such year copies of Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.”, or any successor schedule or form, with respect to such
Person, together with such additional information as may be necessary for such Person to file his, her or its United States federal income tax returns. 
 (b) KIA VII shall be the tax matters partner of the Company, within the meaning of section 6231 of the Code (the “Tax Matters Partner”) unless a Majority in Interest votes otherwise. Each
Member hereby consents to such designation and agrees that upon the request of the Tax Matters Partner, such Member will execute, certify, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be
necessary or appropriate to evidence such consent. 
 (c) Promptly following the written request of the Tax Matters Partner, the Company
shall, to the fullest extent permitted by applicable law, reimburse and indemnify the Tax Matters Partner for all reasonable expenses, including reasonable legal and accounting fees, claims, liabilities, losses and damages incurred by the Tax
Matters Partner in connection with any administrative or judicial proceeding with respect to the tax liability of the Members, except to the extent arising from the bad faith, gross negligence, willful violation of law, fraud or breach of this
Agreement by such Tax Matters Partner. 
  

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 (d) The provisions of this Section 11.2 shall survive the termination of the Company or the
termination of any Member’s Interest and shall remain binding on the Members for as long a period of time as is necessary to resolve with the Internal Revenue Service any and all matters regarding the U.S. federal income taxation of the Company
or the Members. 
 Section 11.3 Accounting Method. For both financial and tax reporting purposes, the books and records of the
Company shall be kept on the accrual method of accounting applied in a consistent manner and shall reflect all Company transactions and be appropriate and adequate for the Company’s business. 
 ARTICLE XII 
 LIABILITY, EXCULPATION
AND INDEMNIFICATION 
 Section 12.1 Liability. Except as otherwise provided by the Delaware Act, the debts, obligations and
liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for any such debt, obligation or liability of the
Company solely by reason of being a Covered Person. 
 Section 12.2 Exculpation. No Covered Person shall be liable to the Company
or any other Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner believed to be within the scope of authority
conferred on such Covered Person by this Agreement, except that a Covered Person shall be liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence, willful misconduct or willful breach of this
Agreement. 
 Section 12.3 Fiduciary Duty. To the extent that, at law or in equity, a Covered Person has duties (including
fiduciary duties) and liabilities relating thereto to the Company or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Company or to any other Covered Person for its good faith reliance on the
provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and
liabilities of such Covered Person. 
 Section 12.4 Indemnification. To the fullest extent permitted by applicable law, a Covered
Person shall be entitled to indemnification from the Company for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a
manner believed to be within the scope of authority conferred on such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by
reason of such Covered Person’s gross negligence, willful 

  

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misconduct or willful breach of this Agreement with respect to such acts or omissions; provided, that any indemnity under this Section 12.4 shall
be provided out of and to the extent of Company assets only, and no Covered Person shall have any personal liability on account thereof. 
 Section 12.5 Expenses. To the fullest extent permitted by applicable law, expenses (including, without limitation, reasonable attorneys’ fees, disbursements, fines and amounts paid in settlement) incurred by a Covered
Person in defending any claim, demand, action, suit or proceeding relating to or arising out of their performance of their duties on behalf of the Company shall, from time to time, be advanced by the Company prior to the final disposition of such
claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall ultimately be determined by a court of competent jurisdiction that the Covered Person is
not entitled to be indemnified as authorized in Section 12.4. 
 Section 12.6 Severability. To the fullest extent permitted
by applicable law, if any portion of this Article shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify each Director or Officer and may indemnify each employee or agent of the
Company as to costs, charges and expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative,
including an action by or in the right of the Company, to the fullest extent permitted by any applicable portion of this Article that shall not have been invalidated. 
 ARTICLE XIII 
 TRANSFERS OF INTERESTS 
 Section 13.1 Restrictions on Transfers of Interests by Investor Members and Management Members. No Management Member or Investor Member may
Transfer any Interests (including, without limitation to any other Member, or by gift, or by operation of law or otherwise), provided that Interests may be Transferred (a) pursuant to Section 13.2(a) (“Estate Planning
Transfers, Transfers Upon Death”), (b) in accordance with Section 13.5 (“Puts and Calls”), (c) in accordance with Section 13.6 (“Involuntary Transfers”), (d) pursuant to
Section 13.10(a) (“Tag-Along Rights”), (e) pursuant to Section 13.10(b) (“Drag-Along Rights”) and (f) pursuant to Section 13.11, in connection with the formation of Newco (as defined in
Section 13.11(b)) in anticipation of an IPO. 
 Section 13.2 Estate Planning Transfers; Transfers upon Death of an Investor
Member or Management Member; Affiliate Transfers. 
 (a) Common Units held by Management Members or Investor Members may be transferred
for estate-planning purposes of such Investor Member or Management Member, authorized by the prior written approval (such approval not to be unreasonably withheld or 

  

 39 

 
delayed) of the Board (excluding such Management Member or Investor Member and other members of the Board who are designees of the Management Members and the
Investor Members), to (A) a trust under which the distribution of the Common Units may be made only to beneficiaries who are such Management Member or Investor Members, his or her spouse, his or her parents, members of his or her
immediate family or his or her lineal descendants, (B) a charitable remainder trust, the income from which will be paid to such Management Member or Investor Member during his or her life, (C) a corporation, the shareholders
of which are only such Management Member or Investor Member, his or her spouse, his or her parents, members of his or her immediate family or his or her lineal descendants or (D) a partnership or limited liability company, the partners
or members of which are only such Management Member or Investor Member, his or her spouse, his or her parents, members of his or her immediate family or his or her lineal descendants. Common Units may be transferred as a result of the laws of
descent, provided that any heirs, executors or other beneficiaries shall remain subject to the terms of this Agreement as if such Management Member or Investor Member continued to hold the Common Units directly. 
 (b) The Parthenon Members may Transfer all or a portion of their Interests to any of their Affiliates (other than any portfolio company). For the
avoidance of doubt, upon any such Transfer to a permitted Affiliate (or to any subsequent permitted affiliated transferee), such Affiliate of the Parthenon Members shall be bound by all of the restrictions of this Agreement applicable to the
Parthenon Members. The Parthenon Members shall promptly inform the Company of any Transfer made pursuant to this Section 13.2(b). 
 Section 13.3 Effect of Assignment. The Company shall, from the effective date of any permitted assignment of an Interest (or part thereof), thereafter pay all further distributions on account of such Interest (or part thereof)
to the assignee of such Interest (or part thereof); provided that such assignee shall have no rights or powers as a Member unless such assignee complies with Section 13.8. 
 Section 13.4 Overriding Provisions. 
 (a) Any Transfer in violation of this Article XIII shall be null and void ab initio, and the provisions of Section 13.3 shall not apply to any such Transfers. The approval of any Transfer in any one or more instances shall not limit or
waive the requirement for such approval in any other or future instance. 
 (b) All Transfers permitted under this Article XIII are subject
to this Section 13.4 and Sections 13.5, 13.7 and 13.8. 
 (c) Any proposed Transfer by a Member pursuant to the terms of this Article
XIII shall, in addition to meeting all of the other requirements of this Agreement, satisfy the following conditions: (i) the Transfer will not be effected on or through an “established securities market” or a “secondary
market or the substantial equivalent thereof,” as such terms are used in Treasury 

  

 40 

 
Regulations section 1.7704-1, and, at the request of the Board, the transferor and the transferee will have each provided the Company a certificate to such
effect; and (ii) the proposed transfer will not result in the Company having more than 99 Members, within the meaning of Treasury Regulations section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations section
1.7704-1(h)(3)). The Board may in its sole discretion waive the condition set forth in clause (ii) of this Section 13.4(c). 
 (d)
The Company shall promptly amend Schedule A to reflect any permitted transfers of Interests pursuant to this Article XIII. 
 Section 13.5 Put and Call Rights. 
 (a) Sale by Inactive Management Members to the Company (“Put
Rights”). Subject to all provisions of this Section 13.5(a) and to Section 13.5(c) (“Prohibited Purchases”), each Inactive Management Member shall have the right to sell to the Company, and the Company shall have the
obligation to purchase from each such Inactive Management Member, all, but not less than all, of such Inactive Management Member’s Common Units following the termination of employment of such Inactive Management Member, at their Fair Market
Value, if the employment of such Inactive Management Member with the Company or any Subsidiary that employs such individual (or by the Company on behalf of any such Subsidiary) (i) is terminated without Cause or
(ii) terminates as a result of (A) the death or Disability of such Inactive Management Member, (B) the resignation of such Inactive Management Member (with or without Good Reason); provided, that (in the case of
this clause (B)), at the time of such resignation the Company or any Subsidiary that employs such individual would not have the right to terminate such Management Member for Cause or (C) the Retirement of such Inactive Management Member.
If any Inactive Management Member desires to sell Common Units pursuant to this Section 13.5(a), he or she (or his or her estate, as the case may be) shall notify the Company not more than 180 days after the termination of employment as a
result of death or Disability and not more than 90 days after the termination of employment as a result of a termination without Cause, the resignation of such Inactive Management Member or the Retirement of such Inactive Management Member.

 (b) Right of the Company to Purchase from Inactive Management Members (“Call Rights”). Subject to all provisions
of this Section 13.5(b) and Section 13.5(c) (“Prohibited Purchases”), the Company shall have the right to purchase from each Inactive Management Member, and each such Inactive Management Member shall have the obligation to sell
to the Company, all, but not less than all, of such Inactive Management Member’s Common Units following the termination of employment of such Inactive Management Member: 
 (i) at their Fair Market Value, if the employment of such Inactive Management Member with the Company or any Subsidiary that employs such
individual (or by the Company on behalf of any such Subsidiary) is terminated as a result of (A) the termination by the Company or any such subsidiary (or by the Company on behalf of any 

  

 41 

 
such subsidiary) of such employment without Cause, (B) the death or Disability of such Inactive Management Member, (C) the
resignation of such Inactive Management Member (with or without Good Reason); provided, that (in the case of this clause (C)), at the time of such resignation the Company or any Subsidiary that employs such individual would not have the right to
terminate such Management Member for Cause or (D) the Retirement of such Inactive Management Member; 
 (ii) at
the lesser of Fair Market Value and the Carrying Value of such Common Units if the employment of such Inactive Management Member with the Company or any Subsidiary that employs such individual (or by the Company on behalf of any such Subsidiary) is
terminated for Cause; or 
 (iii) at the Fair Market Value or the Carrying Value of such Common Units, in the sole discretion
of the Board (excluding such Inactive Management Member and other members of the Board who are designees of the Management Members), if such Inactive Management Member is terminated by the Company for any reason other than as a result of an event
described in either subparagraph (i) or (ii) of this Section 13.5(b). 
 (c) Prohibited Purchases. Notwithstanding
anything to the contrary herein, the Company shall not be obligated to purchase any Interests from an Inactive Management Member hereunder and shall not exercise any right to purchase Interests from a Management Member hereunder, in each case, to
the extent (a) the Company is prohibited from purchasing such Interests (or incurring debt to finance the purchase of such Interests), or the Company is unable to obtain funds to pay for such Interests from a Subsidiary of the Company, in any
case by reason of any debt instruments or agreements, including any amendment, renewal, extension, substitution, refinancing, replacement or other modification thereof, which have been entered into or which may be entered into by the Company or any
of its Subsidiaries, including those to finance the acquisition of the Company on the date hereof, and any future acquisitions by the Company or recapitalizations of the Company (the “Financing Documents”) or by applicable
law, (b) an event of default has occurred (or, with notice or the lapse of time or both, would occur) under any Financing Document and is (or would be) continuing, or (c) the purchase of such Interests (including the incurrence of any debt
which in the judgment of the Board is necessary to finance such purchase) or the distribution of funds to the Company by a Subsidiary thereof to pay for such purchase (1) would, or in the view of the Board (excluding such Inactive Management
Member and other members of the Board who are designees of any Management Member), would reasonably be likely to result in the occurrence of an event of default under any Financing Document or create a condition which would reasonably be likely to,
with notice or lapse of time or both, result in such an event of default, (2) would, in the judgment of the Board (excluding such Inactive Management Member and other members of the Board who are designees of any Management Member), be
imprudent in view of the financial condition (present or projected) of the Company and its Subsidiaries or the anticipated impact of the purchase (or of the obtaining of funds to permit the purchase) of such Interests on the Company's or any of its
Subsidiaries' ability to meet their respective obligations, including under any Financing Document or 

  

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otherwise, or to satisfy and make their planned capital and other expenditures or satisfy any related obligations, or (3) could, in the judgment of the
Board, constitute a fraudulent conveyance or transfer by the Company or a Subsidiary thereof or render the Company or a Subsidiary thereof insolvent under applicable law or violate limitations in applicable corporate law on repurchases of stock or
payment of dividends or distributions. If Interests which the Company has the right or obligation to purchase on any date exceed the total amount permitted to be purchased on such date pursuant to the preceding sentence (the “Maximum
Amount”), the Company shall purchase on such date only that number of Interests up to the Maximum Amount (if any) (and shall not be required to purchase more than the Maximum Amount) in such amounts as the Board shall in good faith
determine. 
 Notwithstanding anything to the contrary contained in this Agreement, if the Company is unable to make any payment when due to
any Management Member under this Agreement by reason of this Section 13.5(c), the Company shall have the option to either (i) make such payment at the earliest practicable date permitted under this Section 13.5(c) and any such
payment shall accrue simple interest (or if such payment is accruing interest at such time, shall continue to accrue interest) at a rate per annum of 6% from the date such payment is due and owing to the date such payment is made, provided
that all payments of interest accrued hereunder shall be paid only at the date of payment by the Company for the Interests being purchased or (ii) pay the purchase price for such Interests with a subordinated note which is fully
subordinated in right of payment and exercise of remedies to the lenders’ rights under the Financing Documents and the maturity date of which is 30 days after the latest maturity date on any debt of the Company which is outstanding (or
reasonably expected to become outstanding) as of the date such subordinated note is issued. 
 (d) Retained Operating Units.
Notwithstanding anything to the contrary, the provisions of Section 13.5(a) and 13.5(b) shall not apply to (and there shall no put or call rights with respect to) retained Operating Units unless the Board or the Compensation Committee
determines in its discretion that such provisions will so apply; provided that in the event that the Board or the Compensation Committee, as applicable, determines that the provisions will be applicable to retained Operating Units, with respect to
any Operating Units to be purchased or sold pursuant to such Sections, clauses 13.5(a)(ii)(B) and 13.5(b)(i)(C) shall read as follows: “the resignation of such Inactive Management Member with Good Reason” (it being understood that, in
respect of retained Operating Units, the Board or the Compensation Committee, as applicable, will have discretion to purchase such Operating Units at either Fair Market Value or Carrying Value with respect to resignations without Good Reason).

 Section 13.6 Involuntary Transfers. Any transfer of title or beneficial ownership of Interests upon default, foreclosure,
forfeit, divorce, court order or otherwise than by a voluntary decision on the part of a Management Member or an Investor Member (each, an “Involuntary Transfer”) shall be void unless the Management Member or the Investor
Member complies with this Section 13.6 and enables the Company to exercise in full its rights hereunder. Upon any Involuntary Transfer, the Company shall have the right to purchase such Interests pursuant to 

  

 43 

 
this Section 13.6 and the person or entity to whom such Interests have been Transferred (the “Involuntary Transferee”) shall
have the obligation to sell such Interests in accordance with this Section 13.6. Upon the Involuntary Transfer of any Interest, such Management Member or an Investor Member shall promptly (but in no event later than two days after such
Involuntary Transfer) furnish written notice to the Company indicating that the Involuntary Transfer has occurred, specifying the name of the Involuntary Transferee, giving a detailed description of the circumstances giving rise to, and stating the
legal basis for, the Involuntary Transfer. Upon the receipt of the notice described in the preceding sentence, and for 60 days thereafter, the Company shall have the right to purchase, and the Involuntary Transferee shall have the obligation to
sell, all (but not less than all) of the Interests acquired by the Involuntary Transferee for a purchase price equal to the lesser of (i) the Fair Market Value of such Interest and (ii) the amount of the indebtedness or other
liability that gave rise to the Involuntary Transfer plus the excess, if any, of the Carrying Value of such Interests over the amount of such indebtedness or other liability that gave rise to the Involuntary Transfer. Notwithstanding anything to the
contrary, any Involuntary Transfer of Override Units shall result in the immediate forfeiture of such Override Units and without any compensation therefor, and such Involuntary Transferee shall have no rights with respect to such Override Units
without regard to the transferring Management Member’s or Investor Member’s, as applicable, status of employment with the Company or any of its Subsidiaries. 
 Section 13.7 Assignment by the Company. The Company shall have the right to assign to Kelso all or any portion of its rights and obligations under Sections 13.5(a), 13.5(b) or 13.6, provided that
any such assignment or assumption is accepted by Kelso; provided further that if the Company determines to assign its rights and obligations under this Section 13.7 to Kelso (and Kelso accepts such assignment and assumption), the
Company shall also offer to assign such rights and obligations to the Parthenon Members on a pro-rata basis based on relative ownership interests between Kelso and the Parthenon Members. If the Company has not exercised its right to purchase
Interests pursuant to any such Section within fifteen (15) days of receipt by the Company of the letter, notice or other occurrence giving rise to such rights, then Kelso shall have the right to require the Company to assign such rights;
provided that the provisos set forth in the immediately preceding sentence with respect to the pro-rata assignment of such rights shall apply if Kelso determines to require the Company to assign such rights. Kelso shall have the right to assign to
one or more of the Kelso Members all or any of its rights to purchase Interests pursuant to this Section 13.7. 
 Section 13.8
Substitute Members. In the event any Management Member, Investor Member or Kelso Member Transfers its Interest in compliance with the other provisions of this Article XIII, the transferee thereof shall have the right to become a substitute
Management Member, Investor Member or substitute Kelso Member, as the case may be, but only upon satisfaction of the following: 
 (a)
execution of such instruments as the Board deems reasonably necessary or desirable to effect such substitution; and 
  

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 (b) acceptance and agreement in writing by the transferee of the Member’s Interest to be bound by
all of the terms and provisions of this Agreement and assumption of all obligations under this Agreement (including breaches hereof) applicable to the transferor and in the case of a transferee of a Management Member who resides in a state with a
community property system, such transferee causes his or her spouse, if any, to execute a Spousal Waiver in the form of Exhibit A attached hereto. Upon the execution of the instrument of assumption by such transferee and, if applicable, the Spousal
Waiver by the spouse of such transferee, such transferee shall enjoy all of the rights and shall be subject to all of the restrictions and obligations of the transferor of such transferee. 
 Section 13.9 Release of Liability. In the event any Member shall sell such Member’s entire Interest in the Company (other than in
connection with an Exit Event) in compliance with the provisions of this Agreement, including, without limitation, pursuant to the last sentence of Section 13.6, without retaining any interest therein, directly or indirectly, then the selling
Member shall, to the fullest extent permitted by applicable law, be relieved of any further liability arising hereunder for events occurring from and after the date of such Transfer, provided, however, that no such Transfer shall
relieve any Management Member of his obligations pursuant to Section 4.6 hereof and such obligations shall survive any termination of such Management Member’s membership in the Company for the restriction period set forth in
Section 4.6. 
 Section 13.10 Tag-Along and Drag-Along Rights. 
 (a) Tag-Along Rights. In the event that at any time Kelso (or an Affiliate (other than the Company and its Subsidiaries) thereof holding Interests)
proposes to Transfer Interests in the Company, other than any Transfer to an Affiliate of Kelso, Kelso shall give each Investor Member and Management Member written notice of such proposed Transfer. Each Management Member and Investor Member shall
then have the right (the “Tag-Along Right”), exercisable by written notice to Kelso within 30 days following delivery of the notice referred to in the foregoing sentence, to participate pro rata in such sale by selling a pro
rata portion of such Management Member’s and Investor Member’s Interests on substantially the same (and no less favorable) terms (including with respect to representations, warranties and indemnification) as the selling Kelso Member,
provided, however, that any representations and warranties relating specifically to any Member shall only be made by that Member and any indemnification provided by the Members (other than in respect of representations and warranties
relating to any such Shareholder’s title to or ownership of the Interests being sold by such Shareholder in the Proposed Sale and such holder’s authority, power and right to enter into and consummate such transaction without violating any
other agreement or legal requirement) shall be based on the proceeds to be received by each Member in the proposed sale, either on a several, not joint, basis or solely with recourse to an escrow established for the benefit of the proposed
purchaser; provided, further, however, that, (i) in respect of consideration received by the Management Members, if a majority (based on ownership of participating Interests) of participating Management Members consent
(ii) in respect of consideration received by the Parthenon 

  

 45 

 
Members, with a Parthenon Members’ consent, or (iii) in respect of consideration received by the Investor Members (other than the Parthenon
Members), if a majority (based on ownership of participating Interests) of participating Investor Members (other than the Parthenon Members) consent, the form of consideration to be received by Kelso or any Kelso Member in connection with the
proposed sale may be different from that received by the Management Members and/or the Investor Members so long as the value of the consideration to be received by Kelso or any Kelso Member is the same or less than what they would have received had
they received the same form of consideration as the Management Members and/or Investor Members (as reasonably determined by the Board in good faith). 
 (b) Drag-Along Rights. (i) In the event that at any time Kelso (or an Affiliate (other than the Company and its Subsidiaries) thereof holding Interests) (A) proposes to Transfer Interests in
the Company, other than any Transfer to an Affiliate of Kelso, or (B) desires to effect an Exit Event, Kelso shall have the right (the “Drag-Along Right”), upon written notice to the other Members not less than 30
days prior to the proposed closing, to require that each other Member join pro rata in such sale by selling a pro rata portion of such Member’s Interests on substantially the same (and no less favorable) terms (including with respect to
representations, warranties and indemnification) as the selling Kelso Members, provided, however, that any representations and warranties relating specifically to any Member shall only be made by that Member and any indemnification
provided by the Members (other than in respect of representations and warranties relating to any such Shareholder’s title to or ownership of the Interests being sold by such Shareholder in the Proposed Sale and such holder’s authority,
power and right to enter into and consummate such transaction without violating any other agreement or legal requirement) shall be based on the relative purchase price being received by each Member in the proposed sale, either on a several, not
joint, basis or solely with recourse to an escrow established for the benefit of the proposed purchaser; provided, further, however, that (i) in respect of consideration received by the Management Members, if a majority
(based on ownership of participating Interests) of participating Management Members consent, (ii) in respect of consideration received by the Parthenon Members, with a Parthenon Members’ consent, or (iii) in respect of consideration
received by the Investor Members (other than the Parthenon Members), if a majority (based on ownership of participating Interests) of the Investor Members (other than the Parthenon Members) consent, the form of consideration to be received by Kelso
or any Kelso Member in connection with the proposed sale may be different from that received by the Management Members and/or the Investor Members so long as the value of the consideration to be received by Kelso or any Kelso Member is the same or
less than what they would have received had they received the same form of consideration as the Management Members and/or Investor Members (as reasonably determined by the Board in good faith). For purposes of this Section 13.10, for each
Member, “joining Kelso in such sale” shall include voting its Interests consistently with Kelso, transferring its Interests to a corporation organized in anticipation of such sale in exchange for capital stock of such corporation,
executing and delivering agreements and documents which are being executed and delivered by Kelso and providing such other cooperation as Kelso may reasonably request. 
  

 46 

 (ii) Any Exit Event may be structured as an auction and may be initiated by the delivery to the Company
and the other Members of a written notice that Kelso has elected to initiate an auction sale procedure. Kelso shall be entitled to take all steps reasonably necessary to carry out an auction of the Company, including, without limitation, selecting
an investment bank, providing confidential information (pursuant to confidentiality agreements), selecting the winning bidder and negotiating the requisite documentation. The Company and each Member shall provide assistance with respect to these
actions as reasonably requested. 
 (iii) The Members acknowledge and agree that Kelso shall have the right, pursuant to Section 6.2(f)
of the Shareholders Agreement, to elect that a Member holding securities of Axle Holdings, Inc., a Delaware corporation (“Holdings”) sell additional shares of Holdings common stock (in addition to shares that such Member holding securities
of Holdings would be required to sell pursuant to Section 6.2(a) of the Shareholders Agreement) in lieu of all or a portion of Interests that such Member would otherwise be required to sell by virtue of Kelso's drag-along rights pursuant to
Section 13.10(b). 
 (c) In the event the Kelso Members sell less than 100% of their Interests in the Company, joining “pro rata in
such sale” shall be based on relative participating Common Units unless the Compensation Committee deems the provisions of Article X operative (including Section 10.1(b)) or the Compensation Committee determines that Override Units shall,
or shall be required to, participate in such sale (in which case “pro rata in such sale” shall be based on relative participating Units, with applicable adjustments made for Benchmark Amounts) or the Compensation Committee otherwise
determines on a reasonable basis based on the then current capital structure of the Company. Notwithstanding anything to the contrary set forth in this Section 13.10, holders of Override Units shall not have rights (nor obligations) to
participate in Transfers by Kelso or Affiliates thereof pursuant to Section 13.10(a) or 13.10(b) unless the Compensation Committee, in its sole discretion, determines (with respect to any particular Transfer by Kelso or an Affiliate) that
Override Units (including either or both of Operating Units or Value Units or portions thereof) shall be permitted to (in the case of Section 13.10(a)), or shall be required to (in the case of 13.10(b)), to participate in a sale of Interests by
Kelso pursuant to Section 13.10(a) or 13.10(b) (in which case applicable Override Units shall be permitted to participate or be required to participate); provided that, in either case, the Compensation Committee may make appropriate provision
in the transaction with respect to Override Units so included to account for applicable Benchmark Amounts, the retention schedule set forth in Section 8.2(a)(ii) and other appropriate provisions of this Agreement. The foregoing shall not limit
the rights of holders of Override Units to participate in any Exit Event pursuant to Articles VIII and X. 
 (d) Any transaction costs,
including transfer taxes and legal, accounting and investment banking fees incurred by the Company and Kelso in connection with a Exit Event shall, unless the applicable purchaser refuses, be borne by the Company in the event of a merger,
consolidation or sale of assets and shall otherwise be borne by the Members on a pro rata basis based on the consideration received by each Member in such Exit Event. 
  

 47 

 Section 13.11 Initial Public Offering. 
 (a) Upon a determination by Kelso to effect an Initial Public Offering, the Board shall take such actions as are necessary to structure the IPO in a
manner acceptable to Kelso, including, without limitation, causing the public offering of the stock of an existing or newly formed subsidiary of the Company or any of the Transfers, mergers, consolidations or restructurings pursuant to
Section 13.11(b) and making any such amendments to this Agreement (subject to Section 15.11) as may be deemed by the Board to be necessary to facilitate such IPO. 
 (b) In the event of a determination by Kelso to cause (i) a Transfer of all or substantially all of (x) the assets of the Company
or (y) the Interests to a newly organized stock corporation or other business entity (“Newco”), (ii) a merger of the Company into Newco by merger or consolidation or (iii) any other
restructuring of the Interests, in any such case in anticipation of an Initial Public Offering, each Member shall take such steps to effect such Transfer, merger, consolidation or other restructuring as may be requested by the Company on terms that
are substantially the same (and no less favorable) in respect of such Member's Interests as other holders of corresponding Interests in respect of such corresponding Interests, including, without limitation, if requested, Transferring such
Member’s Interests to Newco in exchange for capital stock of Newco, provided, that in the event of such an exchange, each Interest would be exchanged for a number of shares of Newco stock determined in a manner such that each Member is
treated no less favorably than such Member would have been treated upon an Exit Event (assuming the value of the consideration to be received by Kelso in the Exit Event is the mid-point of the filing range in the IPO); provided,
however, in lieu of effecting any such exchange of the Common Units (and/or, at the option and request of Kelso, Override Units) of Management Members, the Company shall, at the request of Kelso, pay to the Management Members cash in an
amount equal to the aggregate Fair Market Value of the shares such Management Member would, otherwise, have received pursuant to the preceding proviso. Notwithstanding the preceding sentence, no Member shall be required to take any action or omit to
take any action to the extent such action or omission violates applicable law. If the Board determines to effect an IPO pursuant to this Section 13.11(b) and the Management Members receive shares of Newco pursuant to any such Transfer, merger,
consolidation or restructuring, each Management Member and Investor Member agrees to enter (as a “Management Shareholder” or a “Outside Investor”, respectively, as set forth therein) into a registration rights agreement on terms
substantially comparable to the terms of the Registration Rights Agreement. 
 ARTICLE XIV 
 DISSOLUTION, LIQUIDATION AND TERMINATION 
 Section 14.1 Dissolving Events. The Company shall be dissolved and its affairs wound up in the manner hereinafter provided upon the happening of any of the following events: 
 (a) the Board and the Members shall vote or agree in writing to dissolve the Company pursuant to the required votes set forth in Sections 5.3 and 4.3(d),
respectively; 
  

 48 

 (b) any event which under applicable law would cause the dissolution of the Company, provided
that, unless required by law, the Company shall not be wound up as a result of any such event and the business of the Company shall continue. 
 Notwithstanding the foregoing, the death, retirement, resignation, expulsion, bankruptcy or dissolution of any Member or the occurrence of any other event that terminates the continued membership of any Member in the Company under the
Delaware Act shall not, in and of itself, cause the dissolution of the Company. In such event, the remaining Member(s) shall continue the business of the Company without dissolution. 
 Section 14.2 Dissolution and Winding-Up. Upon the dissolution of the Company, the assets of the Company shall be liquidated or distributed
under the direction of and to the extent determined by the Board and the business of the Company shall be wound up. Within a reasonable time after the effective date of dissolution of the Company, the Company’s assets shall be distributed in
the following manner and order: 
 First, to creditors in satisfaction of indebtedness (other than any loans or advances that may have
been made by any of the Members to the Company), whether by payment or the making of reasonable provision for payment, and the expenses of liquidation, whether by payment or the making of reasonable provision for payment, including the establishment
of reasonable reserves (which may be funded by a liquidating trust) determined by the Board or the liquidating trustee, as the case may be, to be reasonably necessary for the payment of the Company’s expenses, liabilities and other obligations
(whether fixed, conditional, unmatured or contingent); 
 Second, to the payment of loans or advances that may have been made by any
of the Members to the Company; and 
 Third, to the Members in accordance with Section 10.1, taking into account any amounts
previously distributed under Section 10.1, 
 provided that no payment or distribution in any of the foregoing categories shall be made until all
payments in each prior category shall have been made in full, and provided, further, that if the payments due to be made in any of the foregoing categories exceed the remaining assets available for such purpose, such payments shall be
made to the Persons entitled to receive the same pro rata in accordance with the respective amounts due to them. 
 Section 14.3
Distributions in Cash or in Kind. Upon the dissolution of the Company, the Board shall use all commercially reasonable efforts to liquidate all of the Company’s assets in an orderly manner and apply the proceeds of such liquidation as
set forth in Section 14.2, provided that if in the good faith judgment of the Board, a Company asset should not be 

  

 49 

 
liquidated, the Board shall cause the Company to allocate, on the basis of the Fair Market Value of any Company assets not sold or otherwise disposed of, any
unrealized gain or loss based on such value to the Members’ Capital Accounts as though the assets in question had been sold on the date of distribution and, after giving effect to any such adjustment, distribute such assets in accordance with
Section 14.2 as if such Fair Market Value had been received in cash, subject to the priorities set forth in Section 14.2, and provided, further, that the Board shall in good faith attempt to liquidate sufficient Company
assets to satisfy in cash (or make reasonable provision for) the debts and liabilities referred to in Section 14.2. 
 Section 14.4
Termination. The Company shall terminate when the winding up of the Company’s affairs has been completed, all of the assets of the Company have been distributed and the Certificate has been canceled, all in accordance with the Delaware
Act. 
 Section 14.5 Claims of the Members. The Members and former Members shall look solely to the Company’s assets for the
return of their Capital Contributions, and if the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such Capital Contributions, the Members and
former Members shall have no recourse against the Company or any other Member. 
 ARTICLE XV 
 MISCELLANEOUS 
 Section 15.1
Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally,
(b) mailed, certified or registered mail with postage prepaid, (c) sent by next-day or overnight mail or delivery or (d) sent by fax, as follows (or to such other address as the party entitled to notice shall
hereafter designate in accordance with the terms hereof): 
 (a) If to the Company: 
 Axle Holdings II, LLC 
 c/o Kelso &
Company 
 320 Park Avenue, 24th Floor 
 New York, New
York 10022 
 Attention: James J. Connors II, Esq. 
 Telecopy No.: (212) 751-3939 
 with a copy to (which shall not constitute notice) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attention: Lou R. Kling 
 Telecopy No.: (917) 777-2770 
  

 50 

 (b) If to a Member, at the address set forth opposite such Member’s name on Schedule A
attached hereto, or at such other address as such Member may hereafter designate by written notice to the Company. 
 All such notices,
requests, demands, waivers and other communications shall be deemed to have been received by (w) if by personal delivery, on the day delivered, (x) if by certified or registered mail, on the fifth Business Day after the
mailing thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day delivered, provided that such delivery is confirmed. 
 Section 15.2 Securities Act Matters. Each Member understands that in addition to the restrictions on transfer contained in this Agreement, he
or she must bear the economic risks of his or her investment for an indefinite period because the Interests have not been registered under the Securities Act. 
 Section 15.3 Headings. The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of this Agreement. 
 Section 15.4 Entire Agreement. This Agreement constitutes the entire agreement among the Members with respect to the subject matter hereof,
and supersedes any prior agreement or understanding among them with respect to such subject matter. 
 Section 15.5 Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. 
 Section 15.6 Governing Law; Attorneys’ Fees. This Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the internal laws of the State of Delaware,
without giving effect to the conflict of laws rules thereof. The substantially prevailing party in any action or proceeding relating to this Agreement shall be entitled to receive an award of, and to recover from the other party or parties, any fees
or expenses incurred by him, her or it (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with any such action or proceeding. 
 Section 15.7 Waiver of Jury Trial. EACH MEMBER HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT
OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

 51 

 Section 15.8 Waiver of Partition. Except as may otherwise be provided by law in connection
with the winding-up, liquidation and dissolution of the Company, each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Company’s property. 
 Section 15.9 Severability. If any provision of this Agreement is inoperative or unenforceable for any reason, such circumstances shall not
have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative, or unenforceable to any extent
whatsoever, so long as this Agreement, taken as a whole, still expresses the material intent of the parties hereto. The invalidity of any one or more phrases, sentences, clauses, Sections or subsections of this Agreement shall not affect the
remaining portions of this Agreement. 
 Section 15.10 Further Actions. Each Member shall execute and deliver such other
certificates, agreements and documents, and take such other actions, as may reasonably be requested by the Company in connection with the continuation of the Company and the achievement of its purposes, including, without limitation, (a) any
documents that the Company deems necessary or appropriate to continue the Company as a limited liability company in all jurisdictions in which the Company or its subsidiaries conduct or plan to conduct business and (b) all such agreements,
certificates, tax statements and other documents as may be required to be filed in respect of the Company. 
 Section 15.11
Amendments. This Agreement (including this Section 15.11) may not be amended, modified or supplemented except by a written instrument signed by the Kelso Members; provided, however, that Kelso may, pursuant to
Section 4.8, make such modifications to this Agreement, including Schedule A as are necessary to admit Additional Members. Notwithstanding the foregoing, no amendment, modification or supplement shall adversely affect either
(a) a particular Member on a discriminatory basis (or otherwise adversely and disproportionately relative to the other Members) without such Member’s consent (it being understood that any such applicable amendment to the rights or
exceptions herein that apply expressly and exclusively to “Parthenon Members” shall require the consent of the Parthenon Members) or (b) the Management Members as a class without the consent of a majority of the Management
Members. The Company shall notify all Members after any such amendment, modification or supplement, other than any amendments to Schedule A, as permitted herein, has taken effect. 
 Section 15.12 Power of Attorney. Each Member (other than the Parthenon Members) hereby constitutes and appoints Kelso as his or her true and
lawful representative and attorney-in-fact in his or her name, place and stead to make, execute, acknowledge, record and file the following: 
  

 52 

 (a) any amendment to the Certificate which may be required by the laws of the State of Delaware because
of: 
 (i) any duly made amendment to this Agreement, or 
 (ii) any change in the information contained in such Certificate, or any amendment thereto; 
 (b) any other certificate or instrument which may be required to be filed by the Company under the laws of the State of Delaware or under the applicable
laws of any other jurisdiction in which counsel to the Company determines that it is advisable to file; 
 (c) any certificate or other
instrument which Kelso or the Board deems necessary or desirable to effect a termination and dissolution of the Company which is authorized under this Agreement; 
 (d) any amendments to this Agreement, duly adopted in accordance with the terms of this Agreement; and 
 (e)
any other instruments that Kelso or the Board may deem necessary or desirable to carry out fully the provisions of this Agreement; provided, however, that any action taken pursuant to this power shall not, in any way, increase the
liability of the Members beyond the liability expressly set forth in this Agreement, and provided further that where action by a majority of the Board is required, such action shall have been taken. 
 Such attorney-in-fact is not by the provisions of this Section 15.12 granted any authority on behalf of the undersigned to amend this Agreement,
except as provided for in this Agreement. Such power of attorney is coupled with an interest and shall continue in full force and effect notwithstanding the subsequent death or incapacity of the Member granting such power of attorney. 
 Section 15.13 Fees and Expenses. The Company shall assume (as applicable) and pay all legal, formation, transaction and related expenses
incurred by the Company and its Subsidiaries (including all such expenses incurred by the Kelso Members on behalf of the Company and its Subsidiaries). Except as provided in this Agreement or in any other agreement between the Company and such
Member or its Affiliates (including the letter agreement dated February 22, 2005, between Kelso & Company, L.P. and Axle Merger Sub, Inc.), all other fees and expenses incurred by any Member in connection with its investment in the
Company (including in connection with such Member's negotiation of this Agreement) shall be borne by the respective Member incurring such expenses. 
  

 53 

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

			
	 KELSO MEMBERS

	
	KELSO INVESTMENT ASSOCIATES VII, L.P.
		
	By:	 	Kelso GP VII, L.P., the general partner
		
	By:	 	Kelso GP VII, LLC, its general partner
		
	By:	 	 /s/ David I. Wahrhaftig

	Name:	 	David I. Wahrhaftig
	Title:	 	Managing Member
	
	KEP VI, LLC
		
	By:	 	 /s/ David I. Wahrhaftig

	Name:	 	David I. Wahrhaftig
	Title:	 	Managing Member
	
	MANAGEMENT MEMBERS
	
	 /s/ Thomas C. O’Brien

	Thomas C. O’Brien
	
	 /s/ Scott P. Pettit

	Scott P. Pettit

			
	
	 /s/ David R. Montgomery

	David R. Montgomery
	
	 /s/ Donald J. Hermanek

	Donald J. Hermanek
	
	 /s/ John W. Kett

	John W. Kett
	
	 /s/ John R. Nordin

	John R. Nordin
	
	 /s/ Sidney L. Kerley

	Sidney L. Kerley
	
	INVESTOR MEMBERS
	
	 /s/ Brian T. Clingen

	Brian T. Clingen
	
	 /s/ Dan Simon

	Dan Simon

  

 2 

			
	PARTHENON INVESTORS II, L.P., a Delaware limited partnership
		
	By:	 	PCap Partners II, LLC,
		 	its General Partner
		
	By:	 	PCap II, LLC
		 	its Managing Member
		
	By:	 	 /s/ John C. Rutherford

	Name:	 	John C. Rutherford or Ernest K. Jacquet
	Title:	 	Managing Member
	
	J&R FOUNDERS’ FUND II, L.P., a Delaware limited partnership
		
	By:	 	J&R Advisors F.F., LLC,
		 	its General Partner
		
	By:	 	J&R Investment Management Company, LLC
		 	its Managing Member
		
	By:	 	 /s/ John C. Rutherford

	Name:	 	John C. Rutherford or Ernest K. Jacquet
	Title:	 	Managing Member
	
	PCIP INVESTORS, a Delaware general partnership
		
	By:	 	Parthenon Capital, LLC.,
		 	its Managing Partner
		
	By:	 	J&R Investment Management Company, LLC
		 	its Managing Member
		
	By:	 	 /s/ John C. Rutherford

	Name:	 	John C. Rutherford or Ernest K. Jacquet
	Title:	 	Managing Member

  

 3 

			
	MAGNETITE ASSET INVESTORS III L.L.C.
		
	By:	 	BLACKROCK FINANCIAL MANAGEMENT, INC.
		 	As Managing Member
		
	By:	 	 /s/ Mark J. Williams

	Name:	 	Mark J. Williams
	Title:	 	Authorized Signatory

  

 4 

 Schedule A 
 Kelso Members 
  

								
	 Name & Mailing Address
	  	Date of
Admission	  	Capital Contribution	  	Common Units
	 Kelso Investment Associates VII, L.P.
 c/o Kelso & Company, L.P.
 320 Park Avenue, 24th Floor
 New York, NY 10022
	  	May 10, 2005	  	$	97,353,435.41	  	3,800,374
				
	 KEP VI, LLC
 c/o Kelso & Company, L.P.
 320 Park Avenue, 24th Floor
 New York, NY 10022
	  	May 10, 2005	  	$	24,106,564.59	  	941,044

 Management Members 
  

															
	 Name & Mailing Address
	  	Date of
Admission	  	Capital
Contribution	  	Common
Units	  	Override Units	  	Benchmark
Amount
	  	  	  	  	Value Units	  	Operating Units	  
	 Thomas C. O’Brien
	  	May 25, 2005	  	$	20,000	  	781	  	128,971	  	64,485	  	$	25.616798
							
	 Scott P. Pettit
	  	May 25, 2005	  	$	20,000	  	781	  	50,000	  	25,000	  	$	25.616798
							
	 David R. Montgomery
	  	May 25, 2005	  	$	20,000	  	781	  	53,333	  	26,667	  	$	25.616798
							
	 Donald J. Hermanek
	  	May 25, 2005	  	$	20,000	  	781	  	50,000	  	25,000	  	$	25.616798
							
	 John W. Kett
	  	May 25, 2005	  	$	20,000	  	781	  	50,000	  	25,000	  	$	25.616798
							
	 John R. Nordin
	  	May 25, 2005	  	$	20,000	  	781	  	33,333	  	16,667	  	$	25.616798
							
	 Sidney L. Kerley
	  	May 25, 2005	  	$	20,000	  	781	  	16,667	  	8,333	  	$	25.616798

 Investor Members 
  

								
	 Name & Mailing Address
	  	Date of
Admission	  	Capital Contribution	  	Common Units
	 PARTHENON MEMBERS:
	  		  			  	
				
	 Parthenon Investors II, L.P.
 75 State Street
 Boston, Massachusetts 02109
	  	May 25, 2005	  	$	14,574,456	  	568,941
				
	 PCIP Investors
 75 State Street
 Boston, Massachusetts 02109
	  	May 25, 2005	  	$	200,544	  	7,829
				
	 J&R Founders Fund II, L.P.
 75 State Street
 Boston, Massachusetts 02109
	  	May 25, 2005	  	$	225,000	  	8,783
				
	 OTHER INVESTOR MEMBERS:
	  		  			  	
				
	 Magnetite Asset Investors III L.L.C.
 c/o BlackRock Financial Management
 40 East 52nd Street
 New York, NY 10022
	  	May 25, 2005	  	$	2,000,000	  	78,074

								
	 Name & Mailing Address
	  	Date of
Admission	  	Capital Contribution	  	Common Units
	 Brian T. Clingen
	  	May 25, 2005	  	$	2,000,000	  	78,074
				
	 Dan Simon
	  	May 25, 2005	  	$	3,000,000	  	117,111

 EXHIBIT A 
 SPOUSAL WAIVER 
 Not included in the executed version of the Amended and Restated Limited Liability
Company 
 Agreement of Axle Holdings II, LLC 
  

 67Third Amended and Restated Receivables Purchase Agreement

 Exhibit 10.36 
 Portions of this Exhibit 10.36 have been omitted based upon a request for confidential treatment. This Exhibit 10.36, including the non-public information, has been filed separately with the Securities and Exchange Commission.
“[*]” designates portions of this document that have been redacted pursuant to the request for confidential treatment filed with the Securities and Exchange Commission. 
 THIRD AMENDED AND RESTATED 
 RECEIVABLES PURCHASE AGREEMENT 
 dated as of April 20, 2007 
 among

 AFC FUNDING CORPORATION, 
 as
Seller, 
 AUTOMOTIVE FINANCE CORPORATION, 
 as Servicer, 
 FAIRWAY FINANCE COMPANY, LLC, 
 MONTEREY FUNDING LLC 
 and such other entities from time to time 
 as may become Purchasers hereunder 
 DEUTSCHE
BANK AG, NEW YORK BRANCH, 
 as Purchaser Agent for Monterey Funding LLC, 
 and 
 BMO CAPITAL MARKETS CORP., 
 as the initial Agent 
 and as Purchaser Agent
for Fairway Finance Company, LLC 
  

 TABLE OF CONTENTS 
  

							
	 	  	Page
	ARTICLE I. AMOUNTS AND TERMS OF THE PURCHASES	  	1
				
		 	Section 1.1.	 	Purchase Facility	  	1
				
		 	Section 1.2.	 	Making Purchases	  	2
				
		 	Section 1.3.	 	Participation Computation	  	3
				
		 	Section 1.4.	 	Settlement Procedures	  	3
				
		 	Section 1.5.	 	Fees	  	7
				
		 	Section 1.6.	 	Payments and Computations, Etc	  	7
				
		 	Section 1.7.	 	Dividing or Combining Portions of the Investment of any Participation	  	8
				
		 	Section 1.8.	 	Increased Costs	  	8
				
		 	Section 1.9.	 	Dilutions; Application of Payments	  	9
				
		 	Section 1.10.	 	Requirements of Law	  	9
				
		 	Section 1.11.	 	Inability to Determine Eurodollar Rate	  	10
				
		 	Section 1.12.	 	Additional and Replacement Purchasers, Increase in Maximum Amount	  	11
				
		 	Section 1.13.	 	Special Allocation Provisions for Non-Revolving Purchasers	  	12
		
	ARTICLE II. REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS	  	12
				
		 	Section 2.1.	 	Representations and Warranties; Covenants	  	12
				
		 	Section 2.2.	 	Termination Events	  	12
		
	ARTICLE III. INDEMNIFICATION	  	13
				
		 	Section 3.1.	 	Indemnities by the Seller	  	13
				
		 	Section 3.2.	 	Indemnities by AFC	  	15
				
		 	Section 3.3.	 	Indemnities by Successor Servicer	  	16
		
	ARTICLE IV. ADMINISTRATION AND COLLECTIONS	  	17
				
		 	Section 4.1.	 	Appointment of Servicer	  	17
				
		 	Section 4.2.	 	Duties of Servicer; Relationship to Backup Servicing Agreement	  	18
				
		 	Section 4.3.	 	Deposit Accounts; Establishment and Use of Certain Accounts	  	20
				
		 	Section 4.4.	 	Enforcement Rights	  	21
				
		 	Section 4.5.	 	Responsibilities of the Seller	  	22

  

					
		  	-i-	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 TABLE OF CONTENTS 
 (continued) 
  
  

							
	 	 	 	 	 	  	Page
		 	Section 4.6.	 	Servicing Fee	  	22
				
		 	Section 4.7.	 	Specified Ineligible Receivables	  	22
		
	ARTICLE V. THE AGENTS	  	23
				
		 	Section 5.1.	 	Appointment and Authorization	  	23
				
		 	Section 5.2.	 	Delegation of Duties	  	24
				
		 	Section 5.3.	 	Exculpatory Provisions	  	24
				
		 	Section 5.4.	 	Reliance by Agents	  	24
				
		 	Section 5.5.	 	Notice of Termination Date	  	25
				
		 	Section 5.6.	 	Non-Reliance on Agent, Purchaser Agents and Other Purchasers	  	25
				
		 	Section 5.7.	 	Agent, Purchaser Agents and Purchasers	  	26
				
		 	Section 5.8.	 	Indemnification	  	26
				
		 	Section 5.9.	 	Successor Agent	  	26
		
	ARTICLE VI. MISCELLANEOUS	  	26
				
		 	Section 6.1.	 	Amendments, Etc	  	26
				
		 	Section 6.2.	 	Notices, Etc	  	27
				
		 	Section 6.3.	 	Assignability	  	27
				
		 	Section 6.4.	 	Costs, Expenses and Taxes	  	28
				
		 	Section 6.5.	 	No Proceedings; Limitation on Payments	  	29
				
		 	Section 6.6.	 	Confidentiality	  	30
				
		 	Section 6.7.	 	GOVERNING LAW AND JURISDICTION	  	30
				
		 	Section 6.8.	 	Execution in Counterparts	  	30
				
		 	Section 6.9.	 	Survival of Termination	  	30
				
		 	Section 6.10.	 	WAIVER OF JURY TRIAL	  	30
				
		 	Section 6.11.	 	Entire Agreement	  	31
				
		 	Section 6.12.	 	Headings	  	31
				
		 	Section 6.13.	 	Liabilities of the Purchasers	  	31
				
		 	Section 6.14.	 	Tax Treatment	  	31

  

					
		  	-ii-	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	EXHIBIT I	 	DEFINITIONS	  	I-1
	EXHIBIT II	 	CONDITIONS OF PURCHASES	  	II-1
	EXHIBIT III	 	REPRESENTATIONS AND WARRANTIES	  	III-1
	EXHIBIT IV	 	COVENANTS	  	IV-1
	EXHIBIT V	 	TERMINATION EVENTS	  	V-1
	EXHIBIT VI	 	PORTFOLIO CERTIFICATE	  	VI-1
	EXHIBIT VII	 	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS	  	VII-1
			
	SCHEDULE I	 	CREDIT AND COLLECTION POLICY	  	I-1
	SCHEDULE II	 	DEPOSIT BANKS AND DEPOSIT ACCOUNTS	  	II-1
	SCHEDULE III	 	[RESERVED]	  	III-1
	SCHEDULE IV	 	ELIGIBLE CONTRACTS	  	IV-1
	SCHEDULE V	 	TAX MATTERS	  	V-1
	SCHEDULE VI	 	COMPETITOR FINANCIAL INSTITUTIONS	  	VI-1
			
	ANNEX A	 	FORM OF PURCHASE NOTICE	  	
	ANNEX B	 	FORM OF SERVICER REPORT	  	
	ANNEX C	 	FORMS OF JOINDER AGREEMENTS	  	

  

					
		  	-i-	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 THIRD AMENDED AND RESTATED 
 RECEIVABLES PURCHASE AGREEMENT 
 This THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, originally
dated as of December 31, 1996, amended and restated as of May 31, 2002, as of June 15, 2004 and as of April 20, 2007 (as further amended, supplemented or otherwise modified from time to time, the “Agreement”) is
entered into among AFC FUNDING CORPORATION, an Indiana corporation, as seller (the “Seller”), AUTOMOTIVE FINANCE CORPORATION, an Indiana corporation (“AFC”), as initial servicer (in such capacity, together with its
successors and permitted assigns in such capacity, the “Servicer”), FAIRWAY FINANCE COMPANY, LLC, a Delaware limited liability company (“Fairway”), and MONTEREY FUNDING LLC, a Delaware limited liability company
(“Monterey”), as initial purchasers (together with their successors and permitted assigns and such other entities as may become party hereto from time to time as purchasers, the “Purchasers”), DEUTSCHE BANK AG, NEW
YORK BRANCH, as Purchaser Agent for Monterey (in such capacity, together with its successors and assigns and such other financial institutions as may become party hereto from time to time each as a purchaser agent, a “Purchaser
Agent”) and BMO CAPITAL MARKETS CORP., a Delaware corporation (“BMOCM”), as agent for the Purchasers (in such capacity, together with its successors and assigns in such capacity, the “Agent”) and as
Purchaser Agent for Fairway (in such capacity, together with its successors and assigns and such other financial institutions as may become party hereto from time to time each as a purchaser agent, a “Purchaser Agent”). 

PRELIMINARY STATEMENTS. Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit I to this Agreement.
References in the Exhibits hereto to “the Agreement” refer to this Agreement, as amended, modified or supplemented from time to time. 
 Fairway, the Agent (as successor to Harris Nesbitt Corp.), the Seller and the Servicer are party to that certain Second Amended and Restated Receivables Purchase Agreement, dated as of June 15, 2004 (the “Prior
Agreement”), pursuant to which the Seller has sold, transferred and assigned an undivided variable percentage interest in a pool of receivables to the Purchasers thereunder. 
 The parties hereto wish to amend and restate the Prior Agreement in its entirety in order to make certain changes set forth herein. 
 In consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows: 
 ARTICLE I. 
 AMOUNTS AND TERMS OF THE
PURCHASES 
 Section 1.1. Purchase Facility. (a) On the terms and conditions hereinafter set forth, each Purchaser hereby
agrees to purchase and make reinvestments of undivided percentage ownership interests with regard to its Participation from the Seller from time to time prior to the 

  

					
		  		  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
Termination Date. Under no circumstances shall any Purchaser make any such purchase or reinvestment, if, after giving effect to such purchase or
reinvestment, (A) the aggregate Investment of such Purchaser would exceed its Maximum Commitment; or (B) the aggregate outstanding Investment of all Purchasers would exceed the Maximum Amount. 
 (b) The Seller may, upon at least 30 days’ notice to the Agent, the Purchaser Agents, the Servicer and the Backup Servicer, terminate the purchase
facility provided in Section 1.1(a) in whole or, from time to time, irrevocably reduce in part the unused portion of the Maximum Amount; provided that each partial reduction shall be in the amount of at least $1,000,000, or an
integral multiple of $500,000 in excess thereof and shall not reduce the Maximum Amount below $100,000,000. Any such reductions shall be applied to the Commitments of the Purchasers on a pro rata basis (based on unused Commitments) or as otherwise
consented to by the Agent. 
 Section 1.2. Making Purchases. (a) Each purchase (but not reinvestment) of undivided ownership
interests with regard to any Participation of any Purchaser hereunder shall be made upon the Seller’s irrevocable written notice in the form of Annex A delivered to the Agent (who will forward such notice to the applicable Purchaser
Agent) in accordance with Section 6.2 (which notice must be received by such Purchaser Agent prior to 11:00 a.m., Chicago time) on the Business Day immediately preceding the date of such proposed purchase. Each such notice of any such
proposed purchase shall specify the desired amount and date of such purchase and the desired duration of the initial Yield Period for the related Portion of the Investment of such Participation; provided each proposed purchase shall be in the
amount of at least $1,000,000 or an integral multiple of $100,000 in excess thereof. Each Purchaser Agent shall select the duration of such initial Yield Period with respect to the Portion of the Investment funded by the Purchaser(s) for which it is
acting as Purchaser Agent and each subsequent Yield Period in connection with such Portion of Investment in its discretion; provided that it shall use reasonable efforts, taking into account market conditions, to accommodate Seller’s
preferences. 
 (b) On the date of each purchase (but not reinvestment) of undivided ownership interests with regard to the Participation of
any Purchaser, such Purchaser shall, subject to Section 1.1(a) and the satisfaction of the applicable conditions set forth in Exhibit II hereto, make available to its Purchaser Agent (at its address set forth on the signature
pages hereto or of the applicable Joinder Agreement), in same day funds, an amount equal to its Pro Rata Share (subject to Section 1.13) of the amount of such purchase. Upon receipt of such funds, each such Purchaser Agent shall make
such funds immediately available to the Seller at such address. 
 (c) The Seller hereby sells and assigns to the Agent, for the benefit of
the Purchasers, an undivided percentage ownership interest equal to the Aggregate Participation in (i) each Pool Receivable then existing and thereafter arising, (ii) all Related Security with respect to such Pool Receivables, and
(iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. 
 (d) To secure all of the
Seller’s obligations (monetary or otherwise) under the Transaction Documents to which it is a party, whether now or hereafter existing or arising, due or to become due, direct or indirect, absolute or contingent, including to secure the
obligation of the Servicer to apply Collections as provided in this Agreement, the Seller hereby grants to the 

  

					
		  	2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
Agent, for the benefit of the Secured Parties, a security interest in all of the Seller’s right, title and interest in, to and under all of the
following, whether now or hereafter owned, existing or arising: (A) all Pool Receivables, (B) all Related Security with respect to each such Pool Receivable, (C) all Collections with respect to such Pool Receivables and Related
Security , (D) the Deposit Accounts, the Liquidation Account and the Cash Reserve Account and all certificates and instruments, if any, from time to time evidencing the Deposit Accounts, the Liquidation Account and the Cash Reserve Account, all
amounts on deposit therein, all investments (including any investment property) made with such funds, all claims thereunder or in connection therewith, and all interest, dividends, moneys, instruments, securities and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing, (E) all rights of the Seller under the Purchase and Sale Agreement, and (F) all proceeds of, and all amounts received or receivable
under any or all of, the foregoing. The Agent, for the benefit of the Secured Parties, shall have, with respect to the property described in this Section 1.2(d), and in addition to all the other rights and remedies available under this
Agreement, all the rights and remedies of a secured party under any applicable UCC. 
 Section 1.3. Participation Computation.
Each Participation shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than a Termination Day. Each Participation shall remain constant as computed (or deemed recomputed) as of the day immediately preceding the
Termination Date until such date that the aggregate Investment and Discount thereon shall have been paid in full, all the amounts owed by the Seller hereunder and under any other Transaction Document to the Purchasers, the Purchaser Agents, the
Agent, and any other Indemnified Party or Affected Person are paid in full and the Servicer shall have received the accrued Servicing Fee. 
 Section 1.4. Settlement Procedures. (a) Collection of the Pool Receivables shall be administered by the Servicer in accordance with the terms of this Agreement. The Seller shall provide to the Servicer on a timely basis all
information needed for such administration, including notice of the occurrence of any Termination Date or Paydown Day and current computations of the Participations. The Servicer shall segregate and hold all Collections in trust for the benefit of
the Seller, the Purchasers and the other Secured Parties and, within one Business Day of the receipt of Collections of Pool Receivables by the Seller or Servicer, deposit such Collections into a Deposit Account. On each day that is not a Termination
Day, the Servicer shall remit to the Liquidation Account from the Deposit Accounts an amount at least equal to the amount needed to make the payments set forth in clause (c) below. 
 (b) Allocation of Seller’s Share of Collections Prior to Termination Date. If such day is not a Termination Day, the Servicer shall allocate
out of the Seller’s Share of Collections and pay or otherwise deposit into the Cash Reserve Account as set forth below the following amounts in the following order: 
 (1) first, to the Servicer any accrued and unpaid Servicing Fees; 
 (2) second, deposit into
the Cash Reserve Account an amount up to the excess of the Cash Reserve over the amount on deposit in the Cash Reserve Account; and 
  

					
		  	3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (3) third, to the Seller. 
 (c) Daily Purchaser Share Allocation. On each Business Day that is not a Termination Day, the Servicer shall allocate from the Purchaser’s
Share of Collections and set aside in the Liquidation Account (unless otherwise specified below) the following amounts in the following order: 
 (1) first, to the Servicer and the Backup Servicer, the Unaffiliated Servicing Fees and Backup Servicing Fees and Transition Expenses (but subject to the Backup Servicing Fee Cap) accrued through such day and not previously set aside
in the Liquidation Account; 
 (2) second, to each Purchaser, any applicable Discount and Program Fees accrued through such day and not
previously set aside in the Liquidation Account; 
 (3) third, to the Cash Reserve Account, an amount, if any, sufficient to increase
the amount on deposit therein to equal the Cash Reserve; 
 (4) fourth, if a voluntary paydown of Investment is being made, for
application in reduction of the Investment in accordance with Section 1.4(f); 
 (5) fifth, if the sum of the aggregate
Participations exceeds 100% or if such day is Paydown Day, for application in reduction of the Investment in accordance with Section 1.4(g); 
 (6) sixth, to any Indemnified Party, ratably in proportion to the respective amounts owed to each such Person, any amounts owed to such Indemnified Party; 
 (7) seventh, to the Backup Servicer, any accrued and unpaid Backup Servicing Fees, after giving effect to the distribution in clause
(1) above; 
 (8) eighth, to the Servicer, any accrued and unpaid Servicing Fees, which in the Servicer’s discretion may be
netted monthly from Collections, after giving effect to the distribution in clause (1) above; 
 (9) ninth, to the
reinvestment in Pool Receivables and Related Security; and 
 (10) tenth, to the Seller, but only to the extent no Paydown Day exists
or would result from such distribution. 
 (d) Distributions from Liquidation Account. Funds set aside and held on deposit in the
Liquidation Account pursuant to Section 1.4(c) above shall be distributed by the Agent as follows: 
 (1)
Distribution of Discount, Program Fees and Investment Prior to Termination Date. On each Settlement Date that is not a Termination Day, amounts set aside in the Liquidation Account for a particular Purchaser with respect to Discount, Program
Fees and Investment shall be paid to the applicable Purchaser’s Account of such Purchaser on the applicable Yield Period End Date or Fee Payment Date for such amounts; 
  

					
		  	4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (2) Distributions of Indemnified Amounts. On each Settlement Date, Collections
held on deposit in the Liquidation Account for the benefit of an Indemnified Party shall be paid to the applicable Indemnified Party as directed by such Indemnified Party; 
 (3) Distributions of Servicing Fees. On each Servicer Payment Date, Collections held on deposit in the Liquidation Account for the
benefit of the Servicer shall be paid as the Servicer shall direct; and 
 (4) Distribution of Backup Servicing Fees and
Transition Expenses. On each Backup Servicer Payment Date, Collections held on deposit in the Liquidation Account for the benefit of the Backup Servicer shall be paid to the Backup Servicer as the Backup Servicer shall direct. 
 (e) Settlement Following Termination Date. On each Draw Date on and after the Termination Date, all Collections (including the Seller’s
Share) in the Deposit Accounts shall be transferred into the Liquidation Account and applied as follows: 
 (1) first, to the Servicer
(if not AFC or an Affiliate thereof) and the Backup Servicer (ratably in proportion to the respective amounts owed to each) the sum of accrued and unpaid Unaffiliated Servicing Fees and Backup Servicing Fees and Transition Expenses (but subject to
the Backup Servicing Fee Cap) for the prior calendar month; 
 (2) second, to the Agent an amount equal to any accrued and unpaid
Enforcement Costs (provided that the amount payable pursuant to this clause (2) shall not exceed $200,000); 
 (3) third, pro rata
(based on amounts due) to each Purchaser’s Account an amount equal to all accrued and unpaid Discount and Program Fees; 
 (4)
fourth, pro rata (based on Investment outstanding) to each Purchaser’s Account an amount equal to each Purchaser’s outstanding Investment; 
 (5) fifth, to the Backup Servicer or any applicable successor Servicer, an amount equal to the sum of the invoiced but unpaid Transition Expenses (if any) and any Backup Servicing Fees (if any) for the prior
calendar month to the extent not paid pursuant to clause (1) above; 
 (6) sixth, (i) first, to the Agent an amount
equal to any accrued and unpaid Enforcement Costs to the extent not paid pursuant to clause (2) above and (ii) second, to any Indemnified Party, ratably in proportion to the respective amounts owed to each such Person, any amounts owed to
such Indemnified Party; 
 (7) seventh, to the Servicer an amount equal to such Purchaser’s Investment Share of any accrued and
unpaid Servicing Fees due to the Servicer; and 
  

					
		  	5	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (8) eighth, to the Seller. 
 (f) Voluntary Paydown of Investment. If at any time the Seller shall wish to cause the reduction of the aggregate of the Investment of the
Participations of the Purchasers, the Seller shall give each Purchaser Agent, the Agent, the Servicer and the Backup Servicer at least two Business Days’ prior written notice thereof (including the amount of such proposed reduction and the
proposed date on which such reduction will commence). Following the delivery of such notice, on the proposed date of commencement of such reduction and on each day thereafter, the Servicer shall cause the remainder of the Purchasers’ Share of
Collections (after giving effect to allocations of more senior priority items under Section 1.4(c) above) to be transferred to the Liquidation Account and the Agent shall hold therein such amounts for the benefit of the Purchasers until
the aggregate amount thereof not so reinvested shall equal the desired amount of reduction, at which time such amount shall be allocated to repay the outstanding Investment of the Purchasers ratably according to their respective Purchaser
Percentages, with such reduction to be applied first to the Investment of the Revolving Purchasers and then to the Investment of the Non-Revolving Purchasers (and otherwise subject to Section 1.13); provided, that upon the
occurrence of the Termination Date, all such Collections set aside shall instead be held for distribution in accordance with Section 1.4(e); and provided, further, that, 
 (1) unless otherwise agreed by the Agent, the amount of any such reduction with respect to each Purchaser shall be not less than
$1,000,000 and shall be an integral multiple of $100,000, and the entire Investment (if any) of the Participation after giving effect to such reduction shall be not less than $100,000,000, 
 (2) the Seller shall use reasonable efforts to choose a reduction amount, and the date of commencement thereof, so that to the extent
practicable such reduction shall commence and conclude in the same Yield Period, and 
 (3) if two or more Portions of
Investment shall be outstanding with respect to any Purchaser at the time of any proposed reduction, such proposed reduction shall be applied, unless the Seller shall otherwise specify in the notice described above, to the Portion of Investment of
such Purchaser with the shortest remaining Yield Period. 
 (g) Distributions of Investment Upon Paydown Day. On each Paydown Day
(including on any day the Aggregate Participations exceed 100%), the remainder of the Purchasers’ Share of any remaining Collections (after giving effect to allocations of more senior priority items in Section 1.4(c)), shall be
transferred by the Servicer from the Deposit Accounts to the Liquidation Account and held therein by the Agent and allocated to repay the outstanding Investment of the Purchasers ratably according to their respective Purchaser Percentages (with such
reduction to be applied first to the Investment of the Revolving Purchasers and then to the Investment of the Non-Revolving Purchasers and otherwise subject to Section 1.13); provided, that on the first day that is not a Paydown
Day or a Termination Day, the Agent shall hold all funds allocated to repay Investment pursuant to this subsection for distribution in accordance with the priorities set forth in Section 1.4(c); and, provided,
further, that upon the occurrence of the Termination Date, all Collections allocated to repay Investment pursuant to this subsection shall instead be held for distribution in accordance with Section 1.4(e). 
  

					
		  	6	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (h) Withdrawals from Cash Reserve Account. If on any Draw Date (A) insufficient funds are on
deposit in the Liquidation Account to make in full all required distributions of Discount and fees and (B) since the prior Draw Date funds have been released to the Seller and not used by the Seller to acquire Receivables, the Seller shall
deposit into the Liquidation Account on or before such Draw Date the lesser of the amounts described in clauses (A) and (B) above for the benefit of the applicable Purchasers. If on any Draw Date insufficient funds are on
deposit in the Liquidation Account (after giving effect to any deposits made by the Seller as described in the preceding sentence) to make in full all required distributions of Discount and fees for such Draw Date, the Agent shall distribute funds
from the Cash Reserve Account in payment of such Discount and fees as if such funds were funds on deposit in the Liquidation Account held for the benefit of the applicable Purchaser. On any Termination Day, to the extent directed by the Majority
Purchasers, the Agent shall distribute funds from the Cash Reserve Account pursuant to Section 1.4(e) as if such funds were funds on deposit in the Liquidation Account held for the benefit of the applicable Purchaser and, following the
payment in full of all outstanding Investment, any remaining amounts on deposit in the Cash Reserve Account shall be distributed as Collections pursuant to Section 1.4(e). If on any Business Day other than a Termination Day, after giving
effect to all distributions on such day pursuant to Section 1.4, the amount on deposit in the Cash Reserve Account exceeds the Cash Reserve, such excess shall be released from the Cash Reserve Account and treated as Collections for
purposes of Section 1.4 for the following Business Day. 
 Section 1.5. Fees. (a) The Seller shall pay to the
Purchaser Agents certain fees in the amounts and on the dates set forth in a letter dated April 20, 2007 between the Seller, AFC and the Purchaser Agents, as such letter agreement may be amended, supplemented or otherwise modified from time to
time in accordance with the terms thereof (the “Fee Letter”). 
 (b) The Seller shall pay to the Backup Servicer the Backup
Servicing Fees and any Transition Expenses in the amounts and on the dates set forth in the Backup Servicing Fee Letter, as the same may be amended, supplemented or otherwise modified from time to time with the prior written consent of the Agent.

 Section 1.6. Payments and Computations, Etc. (a) All amounts to be paid or deposited by the Seller or the Servicer to, or
for the benefit of, any Purchaser Agent, any Purchaser, the Agent or the Backup Servicer hereunder shall be paid or deposited no later than 12:00 noon (Chicago time) on the day when due in same day funds to the Liquidation Account. All amounts
received after noon (Chicago time) will be deemed to have been received on the immediately succeeding Business Day. 
 (b) The Seller, AFC or
Servicer (as applicable) shall, to the extent permitted by law, pay interest on any amount not paid by the respective party to the applicable Person when due hereunder, at an interest rate equal to [*]. 
 (c) All computations of interest under subsection (b) above and all computations of Discount, fees and other amounts hereunder shall be made on the
basis of a year of 360 days for the actual number of days 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 no later than the next succeeding Business
Day and such extension of time shall be included in the computation of such payment or deposit. 
  

					
		  	7	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 Section 1.7. Dividing or Combining Portions of the Investment of any Participation. The
Seller may, on any Yield Period End Date, either (i) divide the Investment of any Purchaser into two or more portions (each, with respect to the applicable Participation, a “Portion of Investment”) equal, in aggregate, to the
Investment of such Purchaser, provided that after giving effect to such division the amount of each such Portion of Investment shall be not less than $1,000,000, or (ii) combine any two or more Portions of Investment outstanding on such
Yield Period End Date and having Yield Periods ending on such Yield Period End Date into a single Portion of Investment equal to the aggregate of the Investment of such Portions of Investment. 
 Section 1.8. Increased Costs. (a) If any Purchaser Agent, any Purchaser, the Agent, any Liquidity Bank, any Related CP Issuer, any other
Program Support Provider or any of their respective Affiliates (each an “Affected Person”) determines that the existence of or compliance with (i) any law or regulation or any change therein or in the interpretation or
application thereof, in each case adopted, issued or occurring after the date hereof or (ii) any request, guideline or directive from any central bank or other Official Body (whether or not having the force of law) issued, occurring or first
applied after the date of this Agreement affects or would affect the amount of capital required or expected to be maintained by such Affected Person and such Affected Person determines that the amount of such capital is increased by or based upon
the existence of any commitment to make purchases of or otherwise to maintain the investment in Pool Receivables related to this Agreement or any related liquidity facility or credit enhancement facility and other commitments of the same type, then,
upon written demand by such Affected Person (with a copy to the Agent and the applicable Purchaser Agent (if any)), the Seller shall immediately pay to the Agent, for the account of such Affected Person, from time to time as specified by such
Affected Person, additional amounts sufficient to compensate such Affected Person in the light of such circumstances, to the extent that such Affected Person reasonably determines such increase in capital to be allocable to the existence of any of
such commitments or maintenance of its investment in the Pool Receivables; provided that within 30 days of an Affected Person’s knowledge of any such circumstance such Affected Person shall notify the Seller in writing of the same and
whether such Affected Person will request that the Seller indemnify it for such circumstance. A certificate as to such amounts submitted to the Seller, the Agent and the applicable Purchaser Agent (if any) by such Affected Person shall be conclusive
and binding for all purposes, absent manifest error. For the avoidance of doubt, the first application of Accounting Research Bulletin No. 51 by the Financial Accounting Standards Board (“FASB”) (including, without limitation,
FASB Interpretation No. 46R), shall constitute an adoption, change, request or directive subject to this Section 1.8(a). 
 (b) If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) compliance with any guideline or request from any central bank or other Governmental Authority (whether or
not having the force of law), there shall be any increase in the cost to any Affected Person of agreeing to purchase or purchasing, or maintaining the ownership of the related Participation(s) in respect of which Discount is computed by reference to
the Eurodollar Rate, then, upon written demand by such Affected Person, the Seller shall immediately pay to the Agent, for the account of such Affected Person, from time to time as specified, additional amounts sufficient to compensate such Affected
Person for such 

  

					
		  	8	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
increased costs; provided that within 30 days of an Affected Person’s knowledge of any such circumstance such Affected Person shall notify the
Seller in writing of the same and whether such Affected Person will request that the Seller indemnify it for such circumstance. A certificate as to such amounts submitted to the Seller, the Agent and the applicable Purchaser Agent (if any), by such
Affected Person shall be conclusive and binding for all purposes, absent manifest error. 
 Section 1.9. Dilutions; Application of
Payments. 
 (a) if on any day 
 (i) the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any discount, rebate or other adjustment made by the Originator, Seller or Servicer, or any setoff or dispute between the Seller, Originator or the
Servicer and an Obligor, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment; or 
 (ii) any of the representations or warranties in paragraphs A.(g) or A.(o) of Exhibit III is not true with respect to any Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such
Pool Receivable in full. 
 Any such deemed Collections shall be deposited by the Seller into the Liquidation Account on the first Business Day of the
calendar week following deemed receipt thereof. 
 (b) Except as otherwise required by applicable law or the relevant Contract, all
Collections received from an Obligor of any Receivable shall be applied in accordance with the Contract with such Obligor and the Credit and Collection Policy. 
 (c) If and to the extent any Secured 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 shall be deemed not to have been so received but rather to have been retained by the Seller and, accordingly, such Secured Party shall have a claim against the Seller for such amount, payable when and to the extent that any
distribution from or on behalf of such Obligor is made in respect thereof. 
 Section 1.10. Requirements of Law. In the event
that any Affected Person determines that the existence of or compliance with (i) any law or regulation or any change therein or in the interpretation or application thereof, in each case adopted, issued or occurring after the date hereof or
(ii) any request, guideline or directive from any central bank or other Governmental Authority (whether or not having the force of law) issued or occurring after the date of this Agreement: 
 (i) does or shall subject such Affected Person to any tax of any kind whatsoever with respect to this Agreement, any increase in the
applicable Participation(s) or in the amount of Investment relating thereto, or does or shall change the basis of taxation of payments to such Affected Person on account of Collections, Discount or any other amounts payable hereunder (excluding
taxes imposed on the overall net income of such Affected Person, and franchise taxes imposed on such Affected Person, by the jurisdiction under the laws of which such Affected Person is organized or a political subdivision thereof); 
  

					
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		  		  	Receivables Purchase Agreement

 (ii) does or shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, purchases, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Affected
Person which are not otherwise included in the determination of the Eurodollar Rate or the Base Rate hereunder; or 
 (iii)
does or shall impose on such Affected Person any other condition; 
 and the result of any of the foregoing is (x) to increase the cost to such Affected
Person of acting as a Purchaser Agent or Agent or of agreeing to purchase or purchasing or maintaining the ownership of undivided ownership interests with regard to the applicable Participation or any Portion of Investment (or interests therein) in
respect of which Discount is computed by reference to the Eurodollar Rate or the Base Rate or (y) to reduce any amount receivable hereunder (whether directly or indirectly) funded or maintained by reference to the Eurodollar Rate or the Base
Rate, then, in any such case, upon written demand by such Affected Person the Seller shall pay the Agent, for the account of such Affected Person, any additional amounts necessary to compensate such Affected Person for such additional cost or
reduced amount receivable. All such amounts shall be payable as incurred. A certificate from such Affected Person to the Seller certifying, in reasonably specific detail, the basis for, calculation of, and amount of such additional costs or reduced
amount receivable shall be conclusive in the absence of manifest error; provided, however, that no Affected Person shall be required to disclose any confidential or tax planning information in any such certificate. 
 Section 1.11. Inability to Determine Eurodollar Rate. In the event that any Purchaser Agent shall have determined prior to the first day of
any Yield Period for the Participation of its Purchaser (which determination shall be conclusive and binding upon the parties hereto) by reason of circumstances affecting the interbank Eurodollar market, either (a) dollar deposits in the
relevant amounts and for the relevant Yield Period are not available, (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Yield Period or (c) the Eurodollar Rate determined pursuant hereto does not
accurately reflect the cost (as conclusively determined by such Purchaser Agent) to any Purchaser for which such Purchaser Agent acts as agent of maintaining each such Portion of Investment of such Purchaser during such Yield Period, such Purchaser
Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Seller prior to the first day of such Yield Period. Upon delivery of such notice (a) no Portion of Investment of such Purchaser shall be funded
thereafter at the Bank Rate determined by reference to the Eurodollar Rate, unless and until the applicable Purchaser Agent shall have given notice to the Seller that the circumstances giving rise to such determination no longer exist, and
(b) with respect to any outstanding Portions of Investment then funded at the Bank Rate determined by reference to the Eurodollar Rate, such Bank Rate shall automatically be converted to the Bank Rate determined by reference to the Base Rate at
the respective Yield Period End Dates relating to such Portions of Investment. 
  

					
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 Section 1.12. Additional and Replacement Purchasers, Increase in Maximum Amount. (a) The
Seller shall have the right, at any time and from time to time, with the prior written consent of the Agent to add any entity as a Purchaser hereunder (which addition may increase the Maximum Amount if a Purchaser is added) or increase the Maximum
Commitment of any existing Purchaser. No increase in the Maximum Commitment of a Purchaser hereunder shall be effective unless, if the increasing Purchaser is a Note Issuer, such Note Issuer shall have received written confirmation by the Rating
Agencies that such action shall not cause the rating on the then outstanding Notes of such Note Issuer to be downgraded or withdrawn. Each such addition of a new Purchaser hereunder shall be effected by delivery to the Seller, the Servicer, the
Agent and each Purchaser Agent, of a Joinder Agreement executed by the Seller, the Servicer, the Agent, such new Purchaser and its Purchaser Agent (if different from the Purchaser) in substantially the form of Annex C hereto. Upon receipt of
a Joinder Agreement, if such Joinder Agreement has been fully executed and completed and is substantially in the form of Annex C, the Servicer shall, not less than five (5) Business Days prior to the effectiveness of such Joinder
Agreement give prompt written notice to all Purchaser Agents, the Agent and Purchasers as to (i) the name, identity and address for receiving notices of the new Purchaser(s) and Purchaser Agent(s) becoming party hereto, (ii) the Maximum
Commitment of such new Purchaser, (iii) the change in the Maximum Amount and (iv) the effective date of such Joinder Agreement. Immediately upon the effectiveness of such Joinder Agreement, such additional Purchaser shall purchase, by wire
transfer of immediately available funds its Participation. Effective with the payment of such amounts, such new Purchaser and its Purchaser Agent designated in the applicable Joinder Agreement shall each become parties hereto. 
 (b) By executing and delivering a Joinder Agreement, each new Purchaser and Purchaser Agent confirms to and agrees with the Agent and each other
Purchaser and Purchaser Agent party hereto as follows: (A) such new Purchaser has received a copy of this Agreement, and the Purchase and Sale Agreement, together with copies of such financial statements and other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into such Joinder Agreement; (B) such new Purchaser has made and will continue to make, independently and without reliance upon the Agent, any Purchaser Agent or
any other Purchaser and based on such documents and information as it shall deem appropriate at the time, its own credit decisions in taking or not taking action under this Agreement; (C) such new Purchaser appoints and authorizes the Agent to
take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (D) such new Purchaser and its
Purchaser Agent agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Purchaser or Purchaser Agent. 
 (c) In addition to the foregoing, in the event that any Purchaser or Purchaser Agent (i) does not consent to an amendment of clause (ii) of the
definition of Termination Date to which the Seller and the Servicer have otherwise consented; or (ii) does not consent to any amendment or modification of this Agreement agreed to by the Seller, the Servicer and the Majority Purchasers but
which requires the consent of such Purchaser, then, in any such event, the Seller shall have the right, with the prior written consent of the Agent, to require such Purchaser to assign its interests in its Participation and the Pool Receivables and
all of its rights and obligations under this Agreement to a replacement Purchaser acceptable to the Agent and the 

  

					
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Seller. Any such assignment shall be without recourse, representation or warranty of any kind on the part of the assigning Purchaser, except that such
assignment is free and clear of any Adverse Claims created by such Purchaser, and shall be consummated pursuant to documentation reasonably satisfactory to the assignor and assignee on not less than ten days’ prior written notice, at a purchase
price equal to the sum of (w) the aggregate outstanding Investment of the Purchaser being so replaced; (x) all accrued and unpaid Discount on such Investment; (y) all accrued and unpaid Program Fees owed to or on behalf of such
Purchaser; and (z) all other accrued and unpaid expenses, indemnities and other amounts owing under this Agreement to such Purchaser, including any Termination Fees caused by the above-described assignment. Concurrently with any such
assignment, the Seller, the Servicer, such replacement Purchaser and its Purchaser Agent (if different from the Purchaser) shall execute a Joinder Agreement to evidence the terms and conditions under which such replacement Purchaser has agreed to
become a Purchaser hereunder. 
 Section 1.13. Special Allocation Provisions for Non-Revolving Purchasers. Notwithstanding the
definitions of “Pro Rata Share” or “Purchaser Percentage” and the provisions of Section 1.2(b), 1.4(f) and 1.4(g), such definitions and provisions shall be adjusted such that the Investment of each such
Non-Revolving Purchaser shall remain (i) constant prior to the occurrence of the Termination Date or (ii) subject to such other limitations specified in the applicable Joinder Agreement of such Non-Revolving Purchaser. 
 ARTICLE II. 
 REPRESENTATIONS AND WARRANTIES;
COVENANTS; 
 TERMINATION EVENTS 
 Section 2.1. Representations and Warranties; Covenants. Each of the Seller and the Servicer hereby makes the representations and warranties, and hereby agrees to perform and observe the covenants of such Person, set forth in
Exhibits III, IV and VII, respectively hereto. 
 Section 2.2. Termination Events. If any of the
Termination Events set forth in Exhibit V hereto shall occur, the Majority Purchasers may, by notice to the Seller, each Purchaser Agent, the Agent and the Backup Servicer, declare the Termination Date to have occurred (in which case the
Termination Date shall be deemed to have occurred); provided that, automatically upon the occurrence of any event (without any requirement for the passage of time or the giving of notice) described in subsection (g), (h),
(k) or (m) of Exhibit V, the Termination Date shall occur. Upon any such declaration, the occurrence or the deemed occurrence of the Termination Date, the Agent (at the direction of the Majority Purchasers) shall have,
in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided after default under the UCC and under other applicable law, which rights and remedies shall be cumulative. The Agent shall obtain
confirmation of the then-current rating of the Notes from the Rating Agencies prior to waiving the occurrence of any Termination Event of the type described in clause (j) of Exhibit V hereto. 
  

					
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		  		  	Receivables Purchase Agreement

 ARTICLE III. 
 INDEMNIFICATION 
 Section 3.1. Indemnities by the Seller. Without limiting any other rights that
the Agent, the Purchaser Agents, the Purchasers, the Related CP Issuers, the Backup Servicer or any of their respective Affiliates, employees, agents, successors, transferees or assigns (each, an “Indemnified Party”) may have
hereunder or under applicable law, the Seller hereby agrees to indemnify each Indemnified Party from and against any and all claims, damages, expenses, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively
referred to as “Indemnified Amounts”) arising out of or resulting from this Agreement or other Transaction Documents (whether directly or indirectly) or the use of proceeds of purchases or reinvestments or the ownership of any
Participation, or any interest therein, or in respect of any Receivable or any Contract regardless of whether any such Indemnified Amounts result from an Indemnified Party’s negligence or strict liability or other acts or omissions of an
Indemnified Party, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, (b) recourse (except as otherwise specifically provided in this
Agreement) for uncollectible Receivables to be written off consistent with the Credit and Collection Policy or (c) any overall net income taxes or franchise taxes imposed on such Indemnified Party by the jurisdiction under the laws of which
such Indemnified Party is organized or any political subdivision thereof. Without limiting or being limited by the foregoing, and subject to the exclusions set forth in the preceding sentence, the Seller shall pay on demand to each Indemnified Party
any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnified Amounts relating to or resulting from any of the following: 
 (i) the failure of any Receivable included in the calculation of the Net Receivables Pool Balance as an Eligible Receivable to be an
Eligible Receivable, the failure of any information contained in a Servicer Report or a Portfolio Certificate to be true and correct, or the failure of any other information provided to any Purchaser, any Purchaser Agent or the Agent with respect to
Receivables or this Agreement to be true and correct; 
 (ii) the failure of any representation or warranty or statement made
or deemed made by the Seller (or any of its officers) under or in connection with this Agreement to have been true and correct in all respects when made; 
 (iii) the failure by the Seller to comply with any applicable law, rule or regulation 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, rule or regulation; 
 (iv) the failure (A) to vest in the Agent (for the benefit of
the Secured Parties) a valid and enforceable perfected undivided percentage ownership interest, to the extent of the Aggregate Participation, in the Receivables in, or purporting to be in, the Receivables Pool and the Related Security and
Collections with respect thereto and (B) the failure to vest in the Agent (for the benefit of the Secured Parties) a first priority perfected security interest in the items described in Section 1.2(d), in each case, free and clear
of any Adverse Claim; 
  

					
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		  		  	Receivables Purchase Agreement

 (v) the failure to have filed, or any delay in filing, financing statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables in, or purporting to be in, the Receivables Pool and the Related Security and Collections in respect thereof,
whether at the time of any purchase or reinvestment or at any subsequent time; 
 (vi) any dispute, claim, offset or defense
(other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool (including, without limitation, a defense based on such Receivable or the related Contract not being
a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from or relating to the transaction giving rise to such Receivable or relating to collection activities with
respect to such Receivable (if such collection activities were performed by the Seller or any of its Affiliates acting as Servicer or by any agent or independent contractor retained by the Seller or any of its Affiliates); 
 (vii) any failure of the Seller to perform its duties or obligations in accordance with the provisions hereof or to perform its duties or
obligations under the Contracts; 
 (viii) any products liability or other claim, investigation, litigation or proceeding
arising out of or in connection with goods, insurance or services that are the subject of or secure any Contract; 
 (ix) the
commingling of Collections of Pool Receivables at any time with other funds; 
 (x) any investigation, litigation or
proceeding related to this Agreement or the use of proceeds of purchases or reinvestments or the ownership of any Participation or in respect of any Receivable, Related Security or Contract; 
 (xi) any reduction in Investment as a result of the distribution of Collections pursuant to Section 1.4, in the event that all
or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason; 
 (xii) any
tax or governmental fee or charge (other than any tax upon or measured by net income or gross receipts), all interest and penalties thereon or with respect thereto, and all reasonable out-of-pocket costs and expenses, including the reasonable fees
and expenses of counsel in defending against the same, which may arise by reason of the purchase or ownership of any Participation or other interests in the Receivables Pool or in any Related Security or Contract; 
 (xiii) the failure by the Seller or the Servicer to pay when due any taxes payable by it, including, without limitation, the franchise
taxes and sales, excise or personal property taxes payable in connection with the Receivables; 
  

					
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 (xiv) the failure by the Seller or the Servicer to be duly qualified to do business, to
be in good standing or to have filed appropriate fictitious or assumed name registration documents in any jurisdiction; or 
 (xv) the failure of any Deposit Account Bank to remit any amounts held in its Deposit Account pursuant to the instructions of the Servicer whether by reason of the exercise of setoff rights or otherwise. 
 If for any reason the indemnification provided above in this Section 3.1 is unavailable to an Indemnified Party or is insufficient to hold
such Indemnified Party harmless, then the Seller shall contribute to such Indemnified Party the amount otherwise payable by such Indemnified Party as a result of such loss, claim, damage or liability to the maximum extent permitted under applicable
law (but subject to the exclusions set forth in clauses (a) through (c) above). 
 The obligations of the Seller under this
Section 3.1 are limited recourse obligations payable solely from the Collections, the Receivables and Related Security in accordance with the priority of payments set forth in Section 1.4. 
 Section 3.2. Indemnities by AFC. Without limiting any other rights that the Agent, any Purchaser, any Purchaser Agent or any other
Indemnified Party may have hereunder or under applicable law, AFC hereby agrees to indemnify each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts, awarded against or incurred by any of them, regardless of
whether any such Indemnified Amounts result from an Indemnified Party’s negligence or strict liability or other acts or omissions of an Indemnified Party excluding, however, (a) Indemnified Amounts to the extent resulting from gross
negligence or willful misconduct on the part of such Indemnified Party, (b) recourse (except as otherwise specifically provided in this Agreement) for uncollectible Receivables to be written off consistent with the Credit and Collection Policy
or (c) any overall net income taxes or franchise taxes imposed on such Indemnified Party by the jurisdiction under the laws of which such Indemnified Party is organized or any political subdivision thereof, arising out of or relating to:

 (i) the failure of any Receivable included in the calculation of the Net Receivables Pool Balance as an Eligible Receivable
at any time to be an Eligible Receivable at such time, the failure of any information contained in a Servicer Report or a Portfolio Certificate to be true and correct, or the failure of any other information provided (directly or indirectly) by AFC
or the Seller to the Purchasers, the Agent, the Backup Servicer or any Purchaser Agent with respect to Receivables or this Agreement to be true and correct; 
 (ii) any representation or warranty made by AFC under or in connection with any Transaction Document in its capacity as Servicer or any
information or report delivered by or on behalf of AFC in its capacity as Servicer pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made or deemed made; 
 (iii) the failure by AFC, in its capacity as Servicer, to comply with any applicable law, rule or regulation (including truth in lending,
fair credit billing, usury, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) with respect to any Pool Receivable or other related contract; 
  

					
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		  		  	Receivables Purchase Agreement

 (iv) any failure of AFC to perform its duties, covenants and obligations in accordance
with the applicable provisions of this Agreement; 
 (v) any dispute, claim, offset or defense (other than discharge in
bankruptcy of the Obligor) of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool resulting from or relating to collection activities with respect to such Receivable (if such collection activities were
performed by the Seller or any of its Affiliates acting as Servicer or by any agent or independent contractor retained by the Seller or any of its Affiliates); 
 (vi) the commingling of Collections of Pool Receivables at any time with other funds; or 
 (vii) any investigation, litigation or proceeding related to AFC’s activities as Servicer under this Agreement. 
 If for any reason the indemnification provided above in this Section 3.2 is unavailable to an Indemnified Party or is insufficient to hold
such Indemnified Party harmless, then AFC shall contribute to such Indemnified Party the amount otherwise payable by such Indemnified Party as a result of such loss, claim, damage or liability to the maximum extent permitted under applicable law
(but subject to the exclusions set forth in clauses (a) through (c) above). 
 Section 3.3. Indemnities by Successor
Servicer. Without limiting any other rights that the Agent, any Purchaser, any Purchaser Agent or any other Indemnified Party may have hereunder under applicable law, each successor Servicer hereby agrees to indemnify each Indemnified Party,
forthwith on demand, from and against any and all Indemnified Amounts, other than Indemnified Amounts resulting from gross negligence or willful misconduct on the part of such Indemnified Party, awarded against or incurred by any of them arising out
of or relating to: 
 (i) any representation or warranty made by such successor Servicer under or in connection with any
Transaction Document in its capacity as Servicer or any information or report delivered by such successor Servicer pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made or deemed made; 
 (ii) the failure by such successor Servicer to comply with any applicable law, rule or regulation (including truth in lending, fair credit
billing, usury, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) with respect to any Pool Receivable or other related contract; 
 (iii) any failure of such successor Servicer to perform its duties, covenants and obligations in accordance with the applicable provisions
of this Agreement; 
  

					
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		  		  	Receivables Purchase Agreement

 (iv) any dispute, claim, offset or defense (other than discharge in bankruptcy of the
Obligor) of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool resulting from or relating to collection activities with respect to such Receivable (if such collection activities were performed by such
successor Servicer or by any agent or independent contractor retained by such successor Servicer); or 
 (v) any
investigation, litigation or proceeding related to such successor Servicer’s activities as Servicer under this Agreement. 
 If for any
reason the indemnification provided above in this Section 3.3 is unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party harmless, then such successor Servicer shall contribute to such Indemnified Party the
amount otherwise payable by such Indemnified Party as a result of such loss, claim, damage or liability to the maximum extent permitted under applicable law. 
 Notwithstanding anything to the contrary herein, in no event shall any successor Servicer be liable to any Person for any act or omission of any predecessor Servicer. 
 ARTICLE IV. 
 ADMINISTRATION AND COLLECTIONS

 Section 4.1. Appointment of Servicer. (a) The servicing, administering and collection of the Pool Receivables shall be
conducted by the Person so designated from time to time as Servicer in accordance with this Section 4.1. Until the Majority Purchasers give notice to the Seller, the Agent and the Servicer (in accordance with the following sentence) of
the designation of a new Servicer, AFC 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 a Termination Event, the Majority Purchasers may designate
the Backup Servicer or any other Person (including the Agent) to succeed the Servicer, on the condition that any such Person so designated (other than the Backup Servicer, except to the extent specified in the Backup Servicing Agreement) shall agree
in writing to perform the duties and obligations of the Servicer pursuant to the terms hereof unless otherwise consented to by the Majority Purchasers. 
 (b) Upon the designation of a successor Servicer as set forth in Section 4.1(a) hereof, the Servicer agrees that it will terminate its activities as Servicer hereunder in a manner which the Agent
determines will facilitate the transition of the performance of such activities to the new Servicer, and the Servicer shall cooperate with and assist such new Servicer. Such cooperation shall include (without limitation) access to and transfer of
all records and use by the new Servicer of all licenses, hardware or software necessary or desirable to collect the Pool Receivables and the Related Security. Without limiting the foregoing, the Servicer agrees that, at any time following the
occurrence of a Termination Event, the Servicer shall, at the request of the Agent (i) promptly identify all branch offices, loan processing offices or other locations at which the Pool Receivable Documents are then being held, (ii) allow
the Agent or its designee full access to all such locations and all Pool Receivable Documents, (iii) promptly arrange, at the Servicer’s expense, the transfer of possession of all such Pool Receivable Documents to the Backup Servicer, any
successor Servicer or other third-party custodian specified by the Agent 

  

					
		  	17	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
and (iv) instruct the Servicer’s agents and any person with whom the Servicer or its agents have contracted to hold any such Pool Receivable
Documents to provide full access to, and/or transfer possession of, any Pool Receivable Documents held by such agent or contractor. The Servicer agrees to take no action which would impede or impair the ability of the Agent or its designees to gain
access to the Pool Receivable Documents or to obtain possession thereof in accordance with the provisions hereof. The parties hereto agree that the covenants contained in the foregoing sentence are reasonable and necessary for the protection of the
legitimate interests of the Secured Parties in the Pool Receivables. Accordingly, in addition to other remedies provided at law or equity, upon any breach by the Servicer of the covenants contained in the second preceding sentence, the Agent shall
be entitled to seek specific performance and injunctive relief by and against the Servicer prohibiting any further breach of such covenants, without the necessity of proving irreparable injury or posting bond. 
 (c) The Servicer acknowledges that, in making its decision to execute and deliver this Agreement, the Purchaser Agents, the Agent and the Purchasers have
relied on the Servicer’s agreement to act as Servicer hereunder. Accordingly, the Servicer agrees that it will not voluntarily resign as Servicer. 
 (d) The Servicer may delegate its duties and obligations hereunder to any subservicer (each, a “Sub-Servicer”); provided that, in each such delegation, (i) such Sub-Servicer shall agree in
writing to perform the duties and obligations of the Servicer pursuant to the terms hereof, (ii) the Servicer shall remain primarily liable to the Secured Parties for the performance of the duties and obligations so delegated, (iii) the
Secured Parties shall have the right to look solely to the Servicer for such performance and (iv) the terms of any agreement with any Sub-Servicer shall provide that the Majority Purchasers may terminate such agreement upon the termination of
the Servicer hereunder in accordance with Section 4.1(a) above by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate notice to such Sub-Servicer); provided
further, no such delegation shall be effective without the prior written consent of the Majority Purchasers. 
 Section 4.2.
Duties of Servicer; Relationship to Backup Servicing Agreement. (a) The Servicer shall take or cause to be taken all such action as may be necessary or advisable to collect each Pool Receivable from time to time, all in accordance with
this Agreement, accepted industry standards and all applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. The Servicer shall set aside for the accounts of the Seller, the
Backup Servicer and the Purchasers the amount of the Collections to which each is entitled in accordance with Section 1.4. The Seller shall deliver to the Servicer and the Servicer shall hold for the benefit of the Secured Parties in
accordance with their respective interests, all records and documents (including without limitation computer tapes or disks) with respect to each Pool Receivable and all Pool Receivable Documents. The Servicer (if the Servicer is AFC or one of its
Affiliates) shall stamp each page of each Contract related to a Pool Receivable with the following legend “This Receivable has been sold to AFC Funding Corporation and an interest therein has been granted to BMO Capital Markets Corp. as
Agent”. During such period as a Backup Servicer is required to be maintained hereunder, the Servicer agrees to provide the Backup Servicer with an electronic (scanned) copy of each Contract related to a Pool Receivable and with monthly updates
thereafter upon receipt of which the Backup Servicer shall perform a conversion and reconciliation of the Receivables data and recalculate 

  

					
		  	18	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
the Servicer Report. Notwithstanding anything to the contrary contained herein, the Agent may direct the Servicer to commence or settle any legal action to
enforce collection of any Pool Receivable or to foreclose upon or repossess any Related Security; provided, however, that no such direction may be given unless a Termination Event has occurred. AFC is hereby appointed the custodian of
the Pool Receivable Documents for the benefit of the Agent on behalf of the Secured Parties; provided, however, that such appointment may be terminated pursuant to the terms hereof. AFC, or an affiliate on its behalf, will maintain
fidelity and forgery insurance and adequate insurance to replace all Pool Receivable Documents due to casualty loss or theft of such documents. In performing its duties as servicer and custodian, AFC shall act with reasonable care, using that degree
of skill and attention that AFC exercises with respect to the files relating to all comparable contracts that AFC owns or services for itself or others. AFC shall (i) maintain the Pool Receivable Documents in such a manner as shall enable the
Agent and the Purchaser Agents to verify the accuracy of AFC’s recordkeeping; and (ii) promptly report to the Agent and the Purchaser Agents any failure on its part or the part of its agents to hold the Pool Receivable Documents and
promptly take appropriate action to remedy any such failure. Upon termination of AFC’s appointment as custodian hereunder and the delivery of the Pool Receivable Documents to the successor custodian, the successor custodian shall review such
documents to determine whether it is missing any documents, and AFC shall cooperate with the successor custodian and use its best efforts to assist the successor custodian to obtain the missing documents. AFC shall maintain continuous custody of the
Pool Receivable Documents in secure facilities in accordance with customary standards for such custody. 
 (b) In the event the Backup
Servicer becomes the successor Servicer hereunder, any applicable terms and conditions of the Backup Servicing Agreement relating to its performance as successor Servicer shall be deemed to be incorporated herein, and the obligations and liabilities
of the successor Servicer (as such obligations and liabilities apply to the Backup Servicer acting in such capacity) shall be deemed to be modified in accordance with the provisions thereof. To the extent that any conflict exists between the terms
of this Agreement and the Backup Servicing Agreement, the terms of the Backup Servicing Agreement shall control. 
 (c) The Servicer’s
obligations hereunder shall terminate on the Final Payout Date. After such termination, the Servicer shall promptly deliver to the Seller all books, records and related materials that the Seller previously provided to the Servicer in connection with
this Agreement. 
 (d) During such period as a Backup Servicer is required to be maintained hereunder, the Servicer shall provide the Backup
Servicer and the Agent and each Purchaser Agent (if requested) on a monthly basis an electronic download with respect to the Pool Receivables in form and substance acceptable to the Backup Servicer (and which shall include, but not be limited to,
all records related to each Receivable required by the Backup Servicer to service and collect such Receivable). 
 (e) Following the
occurrence and during the continuation of a Termination Event or a Level One Trigger, the Servicer shall provide to the Backup Servicer and the Agent and each Purchaser Agent (if requested) on a daily basis an electronic download with respect to the
Pool Receivables in form and substance acceptable to the Backup Servicer (and which shall include, 

  

					
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		  		  	Receivables Purchase Agreement

 
but not be limited to, all records related to each Receivable required by the Backup Servicer to service and collect such Receivable) and a Portfolio
Certificate (including information with respect to all Collections received and all Receivables acquired by the Seller). Following the occurrence and during the continuation of a Level One Trigger, the Agent shall have the right to require the
Seller or the Servicer to, and upon such request the Seller or the Servicer, as applicable, shall, assemble all of the Contracts and make the same available to the Backup Servicer or other third-party custodian specified by, and at a place selected
by, the Agent within 30 days. 
 Section 4.3. Deposit Accounts; Establishment and Use of Certain Accounts. 
 (i) Deposit Accounts. On or prior to the date hereof, the Servicer agrees to transfer ownership and control of each Deposit Account to the Seller.
Seller has granted a valid security interest in each Deposit Account to the Agent (for the benefit of the Secured Parties) pursuant to Section 1.2(d) and shall take all actions reasonably requested by the Agent to cause the security
interest to be perfected under the applicable UCC. 
 (ii) Cash Reserve Account. The Agent has established and will maintain in
existence the Cash Reserve Account. The Cash Reserve Account shall be used to hold the Cash Reserve and for such other purposes described in the Transaction Documents. 
 (iii) Liquidation Account. The Agent has established and will maintain in existence the Liquidation Account. The Liquidation Account shall be used to receive Collections from the Deposit Accounts pursuant to
Section 1.4(b) and to hold amounts set aside for the Purchasers, the Backup Servicer and (if the Servicer is not AFC or an Affiliate of AFC) the Servicer out of the Collections of Pool Receivables prior to the applicable Settlement Dates
and for such other purposes described in the Transaction Documents. No funds other than those transferred in accordance with Section 1.4 shall be intentionally transferred into the Liquidation Account. 
 (iv) Permitted Investments. Any amounts in the Liquidation Account or the Cash Reserve Account, as the case may be, may be invested by the
Liquidation Account Bank or the Cash Reserve Account Bank, respectively, prior to the occurrence of a Termination Event at the Agent’s direction and following the occurrence of a Termination Event at the Agent’s direction, in Permitted
Investments, so long as the Agent’s interest (for the benefit of the Secured Parties) in such Permitted Investments is perfected in a manner satisfactory to the Agent and such Permitted Investments are subject to no Adverse Claims other than
those of the Agent provided hereunder. 
 (v) Control of Accounts. The Agent may (with written notice to the Purchaser Agents) and
shall (at the direction of the Majority Purchasers) following any Termination Event (or an Unmatured Termination Event of the type described in paragraph (g) of Exhibit V) at any time give notice to any Deposit Account Bank that
the Agent is exercising its rights under the applicable Deposit Account Agreement to do any or all of the following: (i) to have the exclusive ownership and control of such Deposit Account transferred to the Agent (or such other party
designated by the Majority Purchasers) and to exercise exclusive dominion and control over the funds deposited therein and (ii) to take any or all other actions permitted under the applicable Deposit Account Agreement. The Seller hereby agrees
that if the Agent (or such 

  

					
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other party designated by the Majority Purchasers) at any time takes any action set forth in the preceding sentence, the Agent (or such other party
designated by the Majority Purchasers) shall have exclusive control of the proceeds (including Collections) of all Pool Receivables and the Seller hereby further agrees to take any other action that the Majority Purchasers may reasonably request to
transfer such control. Any proceeds of Pool Receivables received by the Seller, the Servicer or AFC (as Servicer or otherwise), thereafter shall be sent immediately to an account designated by the Majority Purchasers and held by the Agent (or such
other party designated by the Majority Purchasers) for the benefit of the Secured Parties. 
 (vi) Location of Liquidation Account and
Cash Reserve Account. If at [*] is rated below A-1 by S&P or P-1 by Moody’s, the Agent shall promptly establish a new Liquidation Account and a new Cash Reserve Account at a financial institution which is rated at least A-1+ by S&P
(or if the financial institution is the [*] A-1 by S&P) and P-1 by Moody’s and transfer all amounts on deposit in such accounts at [*] to such new accounts at such financial institution, until such time as [*] is rated at least A-1 by
S&P and P-1 by Moody’s. 
 Section 4.4. Enforcement Rights. (a) At any time following the occurrence of a
Termination Event: 
 (i) the Majority Purchasers may (with the consent of the Agent) direct the Obligors that payment of all
amounts payable under any Pool Receivable be made directly to the Backup Servicer or such other party designated by the Majority Purchasers, in each case, for the benefit of the Secured Parties; 
 (ii) the Majority Purchasers may with the consent of the Agent instruct the Seller or the Servicer to give notice of the Agent’s
interest (for the benefit of the Secured Parties) in Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Backup Servicer or such other party designated by the Majority Purchasers (for the benefit of the
Secured Parties), and upon such instruction from the Majority Purchasers, the Seller or the Servicer, as applicable, shall give such notice at the expense of the Seller; provided, that if the Seller or the Servicer fails to so notify each
Obligor, the Agent or its designee may so notify the Obligors; and 
 (iii) the Majority Purchasers may with the consent of
the Agent request the Seller or the Servicer to, and upon such request the Seller or the Servicer, as applicable, shall, (A) assemble all of the records necessary or desirable to collect the Pool Receivables and the Related Security and all
Pool Receivable Documents, and transfer or license to any new 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 Backup Servicer or other third-party
custodian specified by, and at a place selected by, the Agent and (B) segregate all cash, checks and other instruments received by it from time to time constituting Collections with respect to the Pool Receivables in a manner acceptable to the
Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Agent or the Backup Servicer (or such other party designated by the Majority Purchasers) (for the
benefit of the Secured Parties). 
  

					
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 (b) The Seller hereby authorizes the Agent (for the benefit of the Secured Parties), and irrevocably
appoints the Agent (acting on behalf of the Secured Parties) as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Seller, which appointment is coupled with an interest, to take any and all
steps in the name of the Seller and on behalf of the Seller necessary or desirable, in the determination of the Agent, to collect any and all amounts or portions thereof due under any and all Pool Receivables or Related Security, including, without
limitation, endorsing the name of the Seller on checks and other instruments representing Collections and enforcing such Pool Receivables, Related Security and the related Contracts. The Agent shall only exercise the powers conferred by this
subsection (b) after the occurrence of a Termination Event. Notwithstanding anything to the contrary contained in this subsection (b), none of the powers conferred upon such attorney-in-fact pursuant to the immediately 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 4.5. Responsibilities of the Seller. Anything herein to the contrary notwithstanding, the Seller 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 any Secured Party of its rights hereunder shall not relieve
the Seller from such obligations and (ii) pay when due any taxes, including, without limitation, any sales taxes payable in connection with the Pool Receivables and their creation and satisfaction. The Agent, the Purchaser Agents, the
Purchasers, the Backup Servicer and any successor Servicer shall not have any obligation or liability with respect to any Pool Receivable, any Related Security or any related Contract, nor shall any of them be obligated to perform any of the
obligations of the Seller or AFC under any of the foregoing. 
 Section 4.6. Servicing Fee. The Servicer shall be paid a monthly
fee in arrears, through distributions contemplated by Section 1.4, equal to (a) at any time AFC or an Affiliate of AFC is the Servicer, [*] (b) at any time the Backup Servicer is the Servicer, the fee set forth in the Backup
Servicing Agreement or Backup Servicing Fee Letter, and (c) at any time a Person other than AFC, an Affiliate of AFC or the Backup Servicer is the Servicer, the Successor Servicer Fee or such other amount as the Agent and such successor
Servicer shall agree. The Servicing Fee shall not be payable to the extent funds are not available to pay the Servicing Fee pursuant to Section 1.4. 
 Section 4.7. Specified Ineligible Receivables. To the extent the Originator has from time to time identified a Receivable as a “Specified Ineligible Receivable” in accordance with
Section 5.20 of the Purchase and Sale Agreement, (i) such Receivable shall not be included as an Eligible Receivable by the Seller or the Servicer hereunder, (ii) such Receivable shall not be included in any calculations of the
Delinquency Ratio or the Default Ratio or other Receivable Pool information (other than a statement of the aggregate outstanding amount of such Specified Ineligible Receivables) hereunder and (iii) shall not be considered a Receivable for
purposes of clause (o) of Exhibit V hereof. 
  

					
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 ARTICLE V. 
 THE AGENTS 
 Section 5.1. Appointment and Authorization. Each Purchaser and Purchaser Agent
(including each Purchaser and Purchaser Agent that may from time to time become a party hereto) hereby irrevocably designates and appoints BMO Capital Markets Corp. as the “Agent” hereunder and authorizes the Agent to take such actions and
to exercise such powers as are delegated to the Agent hereby and to exercise such other powers as are reasonably incidental thereto. The Agent shall hold, in its name, for the benefit of the Secured Parties, amounts on deposit in the Liquidation
Account and the Cash Reserve Account. The Agent shall not have any duties other than those expressly set forth herein or any fiduciary relationship with any Indemnified Party, and no implied obligations or liabilities shall be read into this
Agreement or any other Transaction Document or otherwise exist against the Agent. The Agent does not assume, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Seller or Servicer. Notwithstanding
any provision of this Agreement or any other Transaction Document to the contrary, in no event shall the Agent ever be required to take any action which exposes the Agent to personal liability (unless indemnified in advance in a manner determined
satisfactory to the Agent in its sole and absolute discretion) or which is contrary to the provision of any Transaction Document or applicable law. 
 (a) Each Purchaser hereby irrevocably designates and appoints the respective institution identified as the Purchaser Agent for such Purchaser on the signature pages hereto or in any agreement pursuant to which such Purchaser becomes a party
hereto, and each authorizes such Purchaser Agent to take such action on its behalf under the provisions of this Agreement and to exercise such powers and perform such duties as are expressly delegated to such Purchaser Agent by the terms of this
Agreement, if any, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Purchaser Agent shall have any duties or responsibilities, except those expressly
set forth herein, or any fiduciary relationship with any Purchaser or other Purchaser Agent or the Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Purchaser Agent shall be read
into this Agreement or otherwise exist against such Purchaser Agent. 
 (b) Except as otherwise specifically provided in this Agreement, the
provisions of this Article V are solely for the benefit of the Purchaser Agents, the Agent and the Purchasers, and none of the Seller or Servicer shall have any rights as a third-party beneficiary or otherwise under any of the provisions
of this Article V, except that this Article V shall not affect any obligations which any Purchaser Agent, the Agent or any Purchaser may have to the Seller or the Servicer under the other provisions of this Agreement. Furthermore,
no Purchaser shall have any rights as a third-party beneficiary or otherwise under any of the provisions hereof in respect of a Purchaser Agent which is not the Purchaser Agent for such Purchaser. 
 (c) In performing its functions and duties hereunder, the Agent shall act solely as the agent of the Secured Parties, and the Agent does not assume nor
shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller or Servicer or any of their successors and assigns. In performing its functions and duties hereunder, each Purchaser 

  

					
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Agent shall act solely as the agent of its respective Purchasers and does not assume nor shall be deemed to have assumed any obligation or relationship of
trust or agency with or for the Seller, the Servicer, any other Purchaser, any other Purchaser Agent or the Agent, or any of their respective successors and assigns. 
 Section 5.2. Delegation of Duties. The Agent may, with the prior written consent of the Majority Purchasers, 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 Agent shall not be responsible to the Purchaser Agents or any Purchaser for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 Section 5.3. Exculpatory Provisions. None of the Purchaser Agents, the Agent or any of their directors, officers, agents or
employees shall be liable for any action taken or omitted (i) with the consent or at the direction of the Majority Purchasers (or in the case of any Purchaser Agent, the Purchaser relating to such Purchaser Agent) or (ii) in the absence of
such Person’s gross negligence or willful misconduct. The Agent shall not be responsible to any Purchaser or Purchaser Agent for (i) any recitals, representations, warranties or other statements made by the Seller, Servicer, the Originator
or any of their Affiliates, (ii) the value, validity, effectiveness, genuineness, enforceability or sufficiency of any Transaction Document, (iii) any failure of the Seller, the Servicer, the Originator or any of their Affiliates to
perform any obligation it may have under any Transaction Document to which it is a party or (iv) the satisfaction of any condition specified in Exhibit II. The Agent shall not have any obligation to any Purchaser or any Purchaser
Agent to ascertain or inquire about the observance or performance of any agreement contained in any Transaction Document or to inspect the properties, books or records of the Seller, Servicer, the Originator or any of their Affiliates. 

Section 5.4. Reliance by Agents. Each Purchaser Agent and the Agent shall in all cases be entitled to rely, and shall be fully protected
in relying, upon any document or other writing or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person and upon advice and statements of legal counsel (including counsel to the Seller or
Servicer), independent accountants and other experts selected by the Agent or any such Purchaser Agent. Each Purchaser Agent and the Agent shall in all cases be fully justified in failing or refusing to take any action under any Transaction Document
unless it shall first receive such advice or concurrence of the Majority Purchasers (or in the case of any Purchaser Agent, the Purchaser relating to such Purchaser Agent) and it shall first be indemnified to its satisfaction against any and all
liability and expense which may be incurred by reason of taking or continuing to take any such action. 
 (a) With regard to the Purchasers
and the Purchaser Agents, the Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Majority Purchasers, the Purchasers and the Purchaser Agents, and such
request and any action taken or failure to act pursuant thereto shall be binding upon all Purchasers and Purchaser Agents. 
 (b) Purchasers
that have a common Purchaser Agent and that have a majority of the Investment of all such related Purchasers shall be entitled to request or direct the related Purchaser Agent to take action, or refrain from taking action, under this Agreement on
behalf of 

  

					
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such Purchasers. With regard to the Purchasers and the Purchaser Agents, such Purchaser Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement in accordance with a request of such Majority Purchasers, and such request and any action taken or failure to act pursuant thereto shall be binding upon all of such Purchaser Agent’s related
Purchasers. 
 (c) Unless otherwise advised in writing by a Purchaser Agent or by any Purchaser on whose behalf such Purchaser Agent is
purportedly acting, each party to this Agreement may assume that (i) such Purchaser Agent is acting for the benefit of each of the Purchasers for which such Purchaser Agent is identified herein (or in any Joinder Agreement or assignment
agreement) as being the Purchaser Agent, as well as for the benefit of each assignee or other transferee from any such Person, and (ii) each action taken by such Purchaser Agent has been duly authorized and approved by all necessary action on
the part of the Purchasers on whose behalf it is purportedly acting. Each Purchaser Agent and its Purchaser(s) shall agree amongst themselves as to the circumstances and procedures for removal, resignation and replacement of such Purchaser Agent.

 Section 5.5. Notice of Termination Date. Neither any Purchaser Agent nor the Agent shall be deemed to have knowledge or notice
of the occurrence of any Termination Event or Unmatured Termination Event unless such Person has received notice from any Purchaser, Purchaser Agent, the Servicer or the Seller stating that a Termination Event or Unmatured Termination Event has
occurred hereunder and describing such Termination Event or Unmatured Termination Event. If the Agent receives such a notice, it shall promptly give notice thereof to each Purchaser Agent whereupon each such Purchaser Agent shall promptly give
notice thereof to its Purchasers. If a Purchaser Agent receives such a notice (other than from the Agent), it shall promptly give notice thereof to the Agent. The Agent shall take such action concerning a Termination Event or Unmatured Termination
Event as may be directed by the Majority Purchasers (unless such action is otherwise specified herein as requiring the consent of all Purchasers), but until the Agent receives such directions, the Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, as the Agent deems advisable and in the best interests of the Secured Parties. 
 Section 5.6. Non-Reliance on Agent, Purchaser Agents and Other Purchasers. Each Purchaser expressly acknowledges that none of the Agent, the Purchaser Agents nor any of their respective officers, directors, employees, agents,
attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Agent or any Purchaser Agent hereafter taken, including any review of the affairs of the Seller, Servicer or the Originator, shall be deemed to
constitute any representation or warranty by the Agent or such Purchaser Agent, as applicable. Each Purchaser represents and warrants to the Agent and the Purchaser Agents that, independently and without reliance upon the Agent, Purchaser Agents or
any other Purchaser 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 Seller, Servicer and the Originator, and the Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document. Except for items specifically required to
be delivered hereunder, the Agent shall not have any duty or responsibility to provide any Purchaser Agent with any information concerning the Seller, Servicer or the Originator or any of their Affiliates or the Receivables that comes into the
possession of the Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
  

					
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 Section 5.7. Agent, Purchaser Agents and Purchasers. Each of the Purchasers, the Agent, the
Purchaser Agents and their Affiliates may extend credit to, accept deposits from and generally engage in any kind of banking, trust, debt or other business with the Seller, ADESA, Servicer or the Originator or any of their Affiliates. With respect
to the acquisition of the Eligible Receivables pursuant to this Agreement, any of the Purchaser Agents and the Agent shall, to the extent they become Purchasers hereunder, have the same rights and powers under this Agreement as any Purchaser and may
exercise the same as though it were not such an agent, and the terms “Purchaser” and “Purchasers” shall, in such case, include such Purchaser Agent or the Agent in their individual capacities. 
 Section 5.8. Indemnification. Each Purchaser shall indemnify and hold harmless the Agent (but solely in its capacity as Agent) and its
officers, directors, employees, representatives and agents (to the extent not reimbursed by the Seller or Servicer and without limiting the obligation of the Seller or Servicer to do so), ratably in accordance with their respective Investment from
and against any and all liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses and disbursements of any kind whatsoever (including in connection with any investigative or threatened proceeding, whether or not
the Agent or such Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Agent or such Person as a result of, or related to, any of the transactions contemplated by the Transaction
Documents or the execution, delivery or performance of the Transaction Documents or any other document furnished in connection therewith (but excluding any such liabilities, obligations, losses, damages, penalties, judgments, settlements, costs,
expenses or disbursements resulting solely from the gross negligence or willful misconduct of the Agent or such Person as finally determined by a court of competent jurisdiction). The obligations of any Note Issuer under this Section 5.8
shall be subject to the restrictions of Section 6.5. 
 Section 5.9. Successor Agent. The Agent may, upon at least
thirty (30) days notice to the Seller, the Servicer, the Backup Servicer, each Purchaser and Purchaser Agent, resign as Agent. Such resignation shall not become effective until a successor Agent is appointed by the Majority Purchasers and has
accepted such appointment. Upon such acceptance of its appointment as Agent hereunder by a successor Agent, such successor Agent shall succeed to and become vested with all the rights and duties of the retiring Agent, and the retiring Agent shall be
discharged from its duties and obligations under the Transaction Documents. After any retiring Agent’s resignation hereunder, the provisions of Sections 3.1, 3.2, 3.3 and this Article V shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the Agent. 
 ARTICLE VI. 
 MISCELLANEOUS 
 Section 6.1.
Amendments, Etc. No amendment or waiver of any provision of this Agreement or consent to any departure by the Seller or Servicer therefrom shall be effective 

  

					
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unless in a writing signed by the Majority Purchasers and, in the case of any amendment, by the Seller and the Servicer 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 (i) other than an amendment to extend the scheduled Termination Date, no amendment shall be effective unless
each Note Issuer that is a Purchaser (or the applicable Purchaser Agent on its behalf) shall have received written confirmation by the Rating Agencies that such amendment shall not cause the rating on the then outstanding Notes of such Note Issuer
to be downgraded or withdrawn; (ii) no amendment shall be effective which would reduce the amount of Investment or Discount, or fees or other amounts payable to any Purchaser hereunder, or delay any scheduled date for payment thereof (including
any scheduled occurrence of the Termination Date) absent the prior written consent of such Purchaser; (iii) no increase in a Purchaser’s Maximum Commitment shall be effective without the prior written consent of such Purchaser;
(iv) no amendments to this Section 6.1 or to the definition of Majority Purchasers shall be effective without the prior written consent of all Purchasers and (v) no amendments to Sections 1.1, 1.2, 1.3,
1.4, 1.5, 1.6, 1.8, 1.10, 1.11, 1.12, 3.1, 3.2, Article V, 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.9, 6.10, 6.11 or
6.13 or the definitions of Applicable Margin, Bank Rate, Base Rate, Carry Costs, CP Rate, Discount, Eurodollar Rate, Federal Funds Rate, Investment, Investment Share, Level One Trigger, LIBOR Participation, Loss Percentage, Loss Reserve, Loss
Reserve Ratio, Net Receivables Pool Balance, Normal Concentration Percentage, Program Fee, Special Obligor, Termination Date, Termination Fee, Yield Period, or any definitions incorporated in such definitions, shall be effective in each case without
the consent of the Majority Purchasers and the Agent; and provided, further, that no such amendment shall in any way amend any provisions of this Agreement applicable to the rights or obligations of the Agent or any Purchaser Agent
without the prior written consent of the Agent or such Purchaser Agent, as applicable. No failure on the part of the Agent, any Purchaser, or any Purchaser Agent 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. 
 Section 6.2. Notices, Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include facsimile and electronic mail communication) and sent or
delivered, to each party hereto, at its address set forth under its name on the signature pages hereof or, in the case of the Backup Servicer, at its notice address designated in the Backup Servicing Agreement or, in any case, 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 or electronic mail shall be effective when sent (and shall, unless such delivery is waived by the recipient by electronic
mail or other means, be followed by hard copy sent by first class mail), and notices and communications sent by other means shall be effective when received. 
 Section 6.3. Assignability. (a) This Agreement and any Purchaser’s rights and obligations herein (including ownership of its Participation) shall be assignable, in whole or in part, by such
Purchaser and its successors and assigns with the prior written consent of the Seller and the Agent; provided, however, that such consent shall not be unreasonably withheld; and provided, further, that no such consent
shall be required if the assignment is made to (i) any Affiliate of such Purchaser, (ii) any Liquidity Bank (or any Person who upon such assignment would be a Liquidity Bank) of such Purchaser or (iii) any Program Support Provider (or
any Person who upon such assignment would be a Program Support Provider) of such Purchaser. 

  

					
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Each assignor may, in connection with the assignment, disclose to the applicable assignee any information relating to the Seller or the Pool Receivables
furnished to such assignor by or on behalf of the Seller, the Agent, the Purchasers or the Purchaser Agents. 
 Upon the assignment by a
Purchaser in accordance with this Section 6.3, the assignee receiving such assignment shall have all of the rights of such Purchaser with respect to the Transaction Documents and the Investment (or such portion thereof as has been
assigned). 
 (b) Each Purchaser may at any time grant to one or more banks or other institutions (each a “Liquidity Bank”)
party to a Liquidity Agreement or to any other Program Support Provider participating interests or security interests in its Participation. In the event of any such grant by a Purchaser of a participating interest to a Liquidity Bank or other
Program Support Provider, the Purchaser shall remain responsible for the performance of its obligations hereunder. The Seller agrees that each Liquidity Bank or other Program Support Provider shall be entitled to the benefits of Sections 1.8
and 1.10. 
 (c) This Agreement and the rights and obligations of any Purchaser Agent hereunder shall be assignable, in whole or in
part, by such Purchaser Agent and its successors and assigns; provided, however, that if such assignment is to any Person that is not an Affiliate of the assigning Purchaser Agent, such Purchaser Agent must receive the prior written
consent (which consent in each case shall not be unreasonably withheld) of the Agent and the Seller. 
 (d) Except as provided in
Section 4.1(d), neither the Seller nor the Servicer may assign its rights or delegate its obligations hereunder or any interest herein without the prior written consent of the Majority Purchasers. 
 (e) Without limiting any other rights that may be available under applicable law, the rights of any Purchaser may be enforced by it directly or by its
Purchaser Agent or its other agents. 
 (f) [*]. 
 Section 6.4. Costs, Expenses and Taxes. (a) In addition to the rights of indemnification granted under Section 3.1 hereof, the Seller agrees to pay on demand all reasonable costs and
expenses in connection with the preparation, execution, delivery and administration (including periodic auditing of Pool Receivables) of this Agreement, any Liquidity Agreement, the other Transaction Documents and the other documents and agreements
to be delivered hereunder or in connection herewith, including all reasonable costs and expenses relating to the amending, amending and restating, modifying or supplementing any such documents or agreements and the waiving of any provisions thereof,
and including in all cases, without limitation, Rating Agency fees (including in connection with the execution hereof and any amendments hereto) and Attorney Costs for the Agent, each Purchaser, each Program Support Provider, each Purchaser Agent,
the Backup Servicer, any successor Servicer and their respective Affiliates and agents with respect thereto and with respect to advising the Agent, the Purchaser, each Program Support Provider and their respective Affiliates and agents as to their
rights and remedies under this Agreement and the other Transaction Documents, and all reasonable costs and expenses, if any (including Attorney Costs), of each Purchaser Agent, each Purchaser, each Program Support 

  

					
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Provider, the Agent, the Backup Servicer, any successor Servicer and their respective Affiliates and agents in connection with the enforcement of this
Agreement and the other Transaction Documents. 
 (b) In addition, the Seller shall pay on demand any and all stamp and other taxes and fees
payable in connection with the execution, delivery, filing and recording of this Agreement or the other documents or agreements to be delivered hereunder, and agrees to save each Indemnified Party harmless from and against any liabilities with
respect to or resulting from any delay in paying or omission to pay such taxes and fees. 
 Section 6.5. No Proceedings; Limitation
on Payments. (a) Each of the Seller, the Servicer, the Agent, the Purchaser Agents, the Purchasers, the Backup Servicer, each assignee of a Participation or any interest therein, and each Person which enters into a commitment to purchase or
does purchase a Participation or interests therein hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, any Note Issuer or Related CP Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and one day after the latest maturing Note issued by any such Note Issuer or Related CP Issuer is paid in full. 

(b) Notwithstanding any provisions contained in this Agreement to the contrary, no Note Issuer shall, nor shall it be obligated to, pay any amount
pursuant to this Agreement unless such Note Issuer has excess cash flow from operations or has received funds with respect to such obligation which may be used to make such payment and which funds or excess cash flow are not required to repay its
Notes when due. Any amounts which a Note Issuer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim against such Note Issuer for any such insufficiency unless and until the condition described in the
preceding sentence is satisfied. Nothing in this subsection (b) shall be construed to forgive or cancel any obligations of such Note Issuer hereunder. 
 (c) Each of the Servicer, the Agent, the Purchaser Agents, the Purchasers, the Backup Servicer, each assignee of a Participation or any interest therein, and each Person which enters into a commitment to purchase or
does purchase a Participation or interests therein hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, the Seller any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and one day after all amounts payable by the Seller hereunder are paid in full. 
 (d) Notwithstanding any provisions contained in this Agreement to the contrary, the Seller shall not be obligated to pay any amount pursuant to this
Agreement unless the Seller has property or other assets which may be used to make such payment. Any amounts which the Seller does not pay pursuant to the operation of the preceding sentence shall not constitute a claim against the Seller for any
such insufficiency unless and until the conditions described in the preceding sentence are satisfied. Nothing in this subsection (d) shall be construed to forgive or cancel any obligations of the Seller hereunder. 
  

					
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 Section 6.6. Confidentiality. Unless otherwise required by applicable law or already known by
the general public or the third party to which it is disclosed, the Seller agrees to maintain the confidentiality of this Agreement and the other Transaction Documents (and all drafts thereof) in communications with third parties and otherwise;
provided that this Agreement may be disclosed to (a) third parties to the extent such disclosure is made pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Agent and (b) the
Seller’s legal counsel and auditors if they agree to hold it confidential. 
 Section 6.7. GOVERNING LAW AND JURISDICTION.
(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA (WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, EXCEPT TO THE EXTENT THAT THE PERFECTION (OR THE EFFECT OF PERFECTION OR NON-PERFECTION) OF THE INTERESTS OF THE PURCHASERS IN THE POOL RECEIVABLES AND THE OTHER ITEMS DESCRIBED
IN SECTION 1.2(d) IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF INDIANA. 
 (b) ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF ILLINOIS COOK COUNTY AND CHICAGO OR NEW YORK NEW YORK COUNTY, NEW YORK CITY OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF ILLINOIS OR THE SOUTHERN DISTRICT OF
NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PURCHASERS, THE SELLER, THE SERVICER, THE PURCHASER AGENTS AND THE AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.
EACH OF THE PURCHASERS, THE SELLER, THE SERVICER, THE PURCHASER AGENTS AND THE AGENT IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. 
 Section 6.8. 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. 
 Section 6.9. Survival
of Termination. The provisions of Sections 1.8, 1.10, 3.1, 3.2, 6.4, 6.5, 6.6, 6.7, 6.10 and 6.13 shall survive any termination of this Agreement. 
 Section 6.10. WAIVER OF JURY TRIAL. THE PURCHASERS, THE SELLER, THE SERVICER, THE PURCHASER AGENTS, THE AGENT AND THE BACKUP SERVICER (BY
ACCEPTING THE BENEFIT HEREOF) EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS 

  

					
		  	30	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH
RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PURCHASERS, THE SELLER, THE SERVICER, THE PURCHASER AGENTS, THE AGENT AND THE BACKUP SERVICER EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.
WITHOUT LIMITING THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART,
TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 
 Section 6.11. Entire Agreement. This Agreement (together with the other Transaction Documents) embodies the entire agreement and
understanding between the Purchasers, the Seller, the Servicer, the Purchaser Agents and the Agent, and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof
and thereof. 
 Section 6.12. Headings. The captions and headings of this Agreement and in any Exhibit hereto are for convenience
of reference only and shall not affect the interpretation hereof or thereof. 
 Section 6.13. Liabilities of the Purchasers. The
obligations of each Purchaser under this Agreement are solely the corporate obligations of such Purchaser. No recourse shall be had for any obligation or claim arising out of or based upon this Agreement against any stockholder, employee, officer,
director or incorporator of any Purchaser; and provided, however, that this Section 6.13 shall not relieve any such Person of any liability it might otherwise have for its own gross negligence or willful misconduct. The
agreements provided in this Section 6.13 shall survive termination of this Agreement. 
 Section 6.14. Tax Treatment.
The Participations shall be treated and reported as indebtedness of the Seller for all income and franchise tax purposes. The Seller, the Servicer, the Agent and Fairway and each Purchaser, by its agreement to make a purchase (and to make
reinvestments, if applicable) with regard to its Participation, agrees, and shall cause its assignees to agree, to treat and report the Participations as indebtedness of the Seller for all income and franchise tax purposes. 
  

					
		  	31	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 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. 
  

			
	AFC FUNDING CORPORATION,
	as Seller
		
	By:	 	 /S/ CAMERON HITCHCOCK

	Name:	 	Cameron Hitchcock
	Title:	 	President
	
	13085 Hamilton Crossing Blvd., Suite 310
	Carmel, Indiana 46032
	Attention: Jim Money
	Telephone: 317-843-4756
	Facsimile: 317-815-8687
	E-mail: jmoney@autofinance.com
	
	 AUTOMOTIVE FINANCE CORPORATION,
 as
Servicer

		
	By:	 	 /S/ JAMES E. MONEY, II

	Name:	 	James E. Money, II
	Title:	 	Vice President of Finance & Treasurer
	
	13085 Hamilton Crossing Blvd., Suite 300
	Carmel, Indiana 46032
	Attention: Jim Money
	Telephone: 317-843-4756
	Facsimile: 317-815-8687
	E-mail: jmoney@autofinance.com

  

					
		  	S-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

			
	BMO CAPITAL MARKETS CORP.,
	as Agent and as Purchaser Agent for Fairway
		
	By:	 	 /S/ JOHN PAPPANO

	Name:	 	John Pappano
	Title:	 	Managing Director
	
	BMO CAPITAL MARKETS CORP.
	115 S. LaSalle, 13th Floor West
	Chicago, Illinois 60603
	Attention: Conduit Administration
	E-mail: fundingdesk@bmo.com
	Telephone: (312) 461-5640
	Facsimile: (312) 293-4908
	
	 FAIRWAY FINANCE COMPANY, LLC,
 as a
Purchaser

		
	By:	 	 /S/ PHILIP A. MARTONE

	Name:	 	Philip A. Martone
	Title:	 	Vice President
	
	c/o Lord Securities Corp.
	48 Wall Street, 27th Floor
	New York, New York 10005
	Attention: Phillip Martone
	Email: pmartone@lordspv.com
	Telephone: (212) 346-9008
	Facsimile: (212) 346-9012
	
	Maximum Commitment:
	[*]

  

					
		  	S-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as Purchaser Agent for Monterey
		
	By:	 	 /S/ DANIEL PIETRZAK

	Name:	 	Daniel Pietrzak
	Title:	 	Director
		
	By:	 	 /S/ DANIEL GERBER

	Name:	 	Daniel Gerber
	Title:	 	Vice President
	
	DEUTSCHE BANK AG, NEW YORK BRANCH
	60 Wall Street, 18th Floor
	New York, New York 10005
	E-mail: abs-conduits@list.db.com
	Telephone: (212) 250-0357
	Facsimile: (212) 797-5150
	
	 MONTEREY FUNDING LLC,
 as a Purchaser

		
	By:	 	 /S/ LORI GEBRON

	Name:	 	Lori Gebron
	Title:	 	Vice President
	
	c/o Lord Securities Corp.
	48 Wall Street, 27th Floor
	New York, New York 10005
	
	Maximum Commitment:
	[*]

  

					
		  	S-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

			
	STATE OF INDIANA	 	)
		 	)    SS
	COUNTY OF HAMILTON	 	)

 Before me the undersigned, a Notary Public in and for the said County and State, personally
appeared Cameron Hitchcock, an officer of AFC FUNDING CORPORATION, personally known to me who acknowledged the execution of the foregoing this 19th day of April, 2007. 
  

					
	 /S/ FRANCESCA C. YORK
	 		 	My Commission Expires: 12/5/08
	Signature	 		 	
			
	 Francesca C. York
	 		 	My County of Residence: Hamilton
	Printed Name	 		 	

  

			
	STATE OF INDIANA	 	)
		 	)    SS
	COUNTY OF HAMILTON	 	)

 Before me the undersigned, a Notary Public in and for the said County and State, personally
appeared James E. Money, II, an officer of AUTOMOTIVE FINANCE CORPORATION, personally known to me who acknowledged the execution of the foregoing this 19th day of April, 2007. 
  

					
	 /S/ FRANCESCA C. YORK
	 		 	My Commission Expires: 12/5/08
	Signature	 		 	
			
	 Francesca C. York
	 		 	My County of Residence: Hamilton
	Printed Name	 		 	

  

					
		  	S-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT I 
 DEFINITIONS 
 As used in the Agreement (including its Exhibits), 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). Unless otherwise indicated, all Section, Annex, Exhibit and Schedule references in this Exhibit are to Sections of and Annexes,
Exhibits and Schedules to the Agreement. 
 “ADESA” means ADESA, Inc., a Delaware corporation. 
 “Adverse Claim” means a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement, it being
understood that a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement, in favor of the Agent for the benefit of the Secured Parties contemplated by the Agreement shall not constitute an Adverse
Claim. 
 “AFC” has the meaning set forth in the preamble to this Agreement. 
 “Affected Person” has the meaning set forth in Section 1.8. 
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under
common control with such Person or is a director or officer of such Person, except that with respect to a Purchaser, Affiliate shall mean the holder(s) of its capital stock. 
 “Agent” has the meaning set forth in the preamble to this Agreement. 
 “Aggregate Participation” means, at any time, the sum of the Participations expressed as a percentage. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 
 “Applicable Margin” means [*]. 
 “Attorney Costs” means and includes all reasonable fees and reasonable disbursements of any law firm or other external counsel, and all reasonable disbursements of internal counsel. 
 “Backup Servicer” means the Person appointed to act as backup servicer pursuant to the Backup Servicing Agreement. 
 “Backup Servicer Payment Date” means each Draw Date. 
 “Backup Servicing Agreement” means (i) the Backup Servicing Agreement, dated as of August 19, 2004, among the Servicer, Portfolio Financial Servicing Company, the Agent and the other parties
thereto; and (ii) any replacement backup servicing agreement entered into 

  

					
		  	EX-I-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
from time to time with the prior written consent of the Majority Purchasers; in each case as such agreements may be amended, supplemented or otherwise
modified from time to time in accordance with the terms hereof. 
 “Backup Servicing Fee Cap” has the meaning set forth in
the Backup Servicing Agreement or the Backup Servicing Fee Letter. 
 “Backup Servicing Fee Letter” means the fee letter (if
any) approved in writing by the Majority Purchasers, setting forth the Backup Servicing Fees payable to the Backup Servicer, as the same may be amended, supplemented or otherwise modified from time to time with the prior written consent of the
Majority Purchasers. 
 “Backup Servicing Fees” means all fees and reimbursable expenses (excluding Transition Expenses)
payable pursuant to the Backup Servicing Agreement or the Backup Servicing Fee Letter. 
 “Bank Rate” means, for any
Purchaser for any Yield Period for any Portion of Investment, an interest rate per annum equal to the Applicable Margin above the Eurodollar Rate for such Purchaser for such Yield Period; provided, that in the case of

 (a) any Yield Period on or after the first day of which the applicable Purchaser Agent shall have been notified by a
Liquidity Bank or the related Purchaser that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for such
Liquidity Bank or such Purchaser to fund any Portion of Investment based on the Eurodollar Rate set forth above (and such Liquidity Bank or such Purchaser, as applicable, shall not have subsequently notified such Purchaser Agent that such
circumstances no longer exist), 
 (b) any Yield Period of one to (and including) 13 days, or 
 (c) any Yield Period as to which (i) the applicable Purchaser Agent does not receive notice, by no later than 12:00 noon (Chicago
time) on (w) the second Business Day preceding the first day of such Yield Period that the Seller desires that the related Portion of Investment be funded at the CP Rate, or (x) the third Business Day preceding the first day of such Yield
Period that the Seller desires that the related Portion of Investment be funded at the Bank Rate, or (ii) the Seller has given the notice contemplated by clause (w) of this clause (c) and the applicable Purchaser Agent shall have
notified the Seller that funding the related Portion of Investment at the CP Rate is unacceptable to the applicable Purchaser, 
 the “Bank
Rate” for each such Yield Period shall be an interest rate per annum equal to the Base Rate in effect on each day of such Yield Period. Notwithstanding the foregoing, the “Bank Rate” for each day in a Yield Period occurring during
the continuance of a Termination Event shall be an interest rate equal to 2% per annum above the Base Rate in effect on such day. 
  

					
		  	EX-I-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11U.S.C.
§ 101, et seq.), as amended and in effect from time to time. 
 “Base Rate” means, for any Purchaser for
any day, a fluctuating interest rate per annum equal to the higher of: (a) the rate of interest most recently announced by the applicable Reference Bank as its prime commercial rate for loans made in Dollars in the United States or
(b) 0.50% per annum above the latest Federal Funds Rate. The rate referred to in clause (a) is not necessarily intended to be the lowest rate of interest determined by the applicable Reference Bank in connection with
extensions of credit. 
 “Business Day” means any day on which (i) (A) the Agent at its branch office in Chicago,
Illinois is open for business and (B) commercial banks in New York City are not authorized or required to be closed for business, and (ii) if this definition of “Business Day” is utilized in connection with the Eurodollar Rate,
dealings are carried out in the London interbank market. 
 “Buyer’s Fees” means the fees paid by an Obligor to the
auction in connection with a purchase of a vehicle by such dealer. 
 “Byrider” means BYRIDER SALES OF INDIANA S, INC. and
any subsidiary thereof. 
 “Capped Backup Servicing Fees” means all Backup Servicing Fees accrued in any calendar month, not
to exceed the Backup Servicing Fee Cap. 
 “Carry Costs” means, with respect to any calendar month, the sum of the amounts
of the following items that accrued or were incurred during such calendar month: (a) all Discount, (b) the Program Fee, (c) the Servicing Fee, (d) the Backup Servicing Fee and (e) all other expenses and fees of the Seller
under the Agreement. 
 “Cash Reserve” means (i) at any time after the occurrence and during the continuation of a
Level One Trigger, [*] of the aggregate Investment at such time and (ii) at any other time, an amount equal to [*] of the aggregate Investment at such time. 
 “Cash Reserve Account” means that certain bank account numbered [*] maintained at [*] and maintained for the benefit of the Secured Parties. 
 “Cash Reserve Account Bank” means the bank holding the Cash Reserve Account. 
 “Change in Control” means 
 (a) AFC shall fail to own, free and clear of all Adverse Claims, 100% of the outstanding shares of voting stock of the Seller, except as otherwise provided by the Pledge Agreement; or 
  

					
		  	EX-I-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (b) KAR shall fail to own, directly or indirectly, free and clear of all Adverse Claims
(other than the KAR Credit Facility Pledge), at least 80% of the outstanding shares of voting stock of AFC, on a fully diluted basis. 
 “Collections” means, with respect to any Pool Receivable, (a) all funds which are received by the Seller, the Originator or the Servicer (including amounts paid directly to an Originating Lender and subsequently
forwarded to the Seller, the Originator or the Servicer) in payment of any amounts owed in respect of such Receivable (including, without limitation, principal payments, finance charges, floorplan fees, curtailment fees, interest and all other
charges), or applied (or to be applied) to amounts owed in respect of such Receivable (including, without limitation, insurance payments and net proceeds of the sale or other disposition of vehicles or other collateral or property of the related
Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable applied (or to be applied) thereto), (b) all Collections deemed to have been received pursuant to Section 1.4(f) and (c) all
other proceeds of such Receivable. 
 “Company Note” has the meaning set forth in Section 3.2 of the Purchase and Sale
Agreement. 
 “Contract” means, with respect to any Obligor, collectively, the Dealer Note issued by such Obligor, or
similar agreement between such Obligor and AFC or an Originating Lender, as applicable, any guaranty issued in connection therewith and each other agreement or instrument executed by an Obligor pursuant to or in connection with any of the foregoing,
the purpose of which is to evidence, secure or support such Obligor’s obligations to AFC or each Originating Lender, as applicable, under such Dealer Note or other similar agreement. 
 “CP Rate” means, for any Purchaser for any Yield Period for any Portion of Investment, to the extent such Purchaser funds such Portion
of Investment for such Yield Period by the issuance of Notes, (a) a rate per annum equal to the sum of (i) the rate (or if more than one rate, the weighted average of the rates) at which Notes of such Purchaser (or its
Related CP Issuer) having a term equal to such Yield Period and to be issued to fund such Portion of Investment may be sold by any placement agent or commercial paper dealer selected by the applicable Purchaser Agent on behalf of such Purchaser (or
its Related CP Issuer), as agreed between each such agent or dealer and the applicable Purchaser Agent and notified by the applicable Purchaser Agent to the Servicer; provided, that if the rate (or rates) as agreed between any such agent or
dealer and the applicable Purchaser Agent with regard to any Yield Period for such Portion of Investment is a discount rate (or rates), then such rate shall be the rate (or if more than one rate, the weighted average of the rates) resulting from
converting such discount rate (or rates) to an interest-bearing equivalent rate per annum, plus (ii) the commissions and charges charged by such placement agent or commercial paper dealer with respect to such Notes, expressed as a percentage of
such face amount and converted to an interest-bearing equivalent rate per annum; or (b) such other rate set forth in the Joinder Agreement pursuant to which such Purchaser becomes a party to the Agreement. Notwithstanding anything
to the contrary in this definition, to the extent that any Portion of the Investment is funded by issuing Notes denominated in a currency other than United States dollars, the costs of any currency exchange contracts entered into in connection with
such issuance of Notes shall be included in the rate determined hereunder and the interest rate (or, if any component of such rate is a discount rate, 

  

					
		  	EX-I-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
the rate resulting from converting such discount rate to an interest rate bearing equivalent rate per annum for such component) with respect to such Notes
may be calculated with reference to the amounts received and payable by the Purchaser, or Related CP Issuer, under currency exchange contracts entered into in connection with the issuance of such Notes; provided, however, that any such
costs shall only be included in the calculation of “CP Rate” to the extent that the issuance of such Notes in a currency other than U.S. dollars would result (as reasonably determined by the applicable Purchaser Agent at the time the
applicable Purchaser, or its Related CP Issuer, became obligated under the related currency exchange contracts) in a lower “CP Rate” than would have been obtained through the issuance of such Notes in U.S. dollars. 
 “Credit and Collection Policy” means those receivables credit and collection policies and practices of the Servicer in effect on the
date of the Agreement and described in Schedule I hereto, as modified in compliance with the Agreement. 
 “Curtailment
Date” means, with respect to any Receivable, the date defined as such in the Contract for such Receivable. 
 “Dealer
Note” means a Demand Promissory Note and Security Agreement and any other promissory note issued by an Obligor in favor of AFC or the applicable Originating Lender. 
 “Debt” means (i) indebtedness for borrowed money (which shall not include, in the case of the Seller or AFC, accounts payable to
any Affiliate in the ordinary course of business arising from the provision of goods and services by such Affiliate), (ii) obligations evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations to pay the
deferred purchase price of property or services, (iv) obligations as lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, (v) obligations under
direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of kinds referred to in
clauses (i) through (iv) above, and (vi) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA. 
 “Default Ratio” means the ratio (expressed as a percentage and rounded upward to the nearest 1/100th of 1%) computed as of the last day of each calendar month by dividing (i) the aggregate
Outstanding Balance of all Pool Receivables that became Defaulted Receivables during such month plus the aggregate amount of non-cash adjustments that reduced the Outstanding Balance of any Pool Receivable during such month (other than a Pool
Receivable that became a Defaulted Receivable during such month) by (ii) the aggregate amount of Pool Receivables that were generated by the Originator (including those acquired by the Originator from any Originating Lender) during the calendar
month that occurred five calendar months prior to the calendar month ending on such day. 
 “Defaulted Receivable” means a
Receivable: 
 (i) as to which any payment, or part thereof, remains unpaid for more than [*] after the due date for such
payment; 
  

					
		  	EX-I-5	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (ii) which, consistent with the Credit and Collection Policy, would be written off the
Seller’s books as uncollectible; or 
 (iii) which is converted to a long term payment plan in the form of a note or
other similar document. 
 “Delinquency Ratio” means the ratio (expressed as a percentage and rounded upward to the nearest
1/100 of 1%) computed as of the last day of each calendar month by dividing (i) the aggregate Outstanding Balance of all Pool Receivables (net of all miscellaneous credits) that were Delinquent Receivables on such day by (ii) the aggregate
Outstanding Balance of all Pool Receivables on such day. 
 “Delinquent Receivable” means a Receivable which is not a
Defaulted Receivable (i) as to which any payment, or part thereof, remains unpaid for more than [*] after the due date for such payment or (ii) which, consistent with the Credit and Collection Policy, would be classified as delinquent by
the Seller. 
 “Deposit Account” means an account listed on Schedule II hereto and maintained at a bank or other
financial institution for the purpose of receiving Collections. 
 “Deposit Account Agreement” means a letter agreement, in
form and substance acceptable to the Agent, among the Seller, the Agent and the applicable Deposit Account Bank, as the same may be amended, supplemented, amended and restated, or otherwise modified from time to time in accordance with the
Agreement. 
 “Deposit Bank” means any of the banks or other financial institutions at which one or more Deposit Accounts
are maintained. 
 “Discount” means, with respect to each Purchaser: 
 [*]. 
 “Dividends” means
any dividend or distribution (in cash or obligations) on any shares of any class of Seller’s capital stock or any warrants, options or other rights with respect to shares of any class of Seller’s capital stock. 
 “Draw Date” means the 20th day of each calendar month or, if such day is not a Business Day, the following Business Day. 
 “Eligible Contract” means a Contract in one of the forms set forth in Schedule IV with such variations as AFC shall approve in
its reasonable business judgment that shall not materially adversely affect the rights of the Originator or the Originating Lender, the Seller or the Purchasers. 
 “Eligible Receivable” means, at any time, any Receivable: 
 [*]. 
  

					
		  	EX-I-6	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Enforcement Costs” means, at any time, all unpaid costs and expenses incurred by the
Agent in enforcing its rights and the rights of the other Indemnified Parties hereunder. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to
any successor sections. 
 “ERISA Affiliate” shall mean, with respect to any Person, at any time, each trade or business
(whether or not incorporated) that would, at the time, be treated together with such Person as a single employer under Section 4001 of ERISA or Sections 414(b), (c), (m) or (o) of the Internal Revenue Code. 
 “Eurodollar Rate” means, for any Portion of the Investment for any Yield Period, an interest rate per annum (rounded upward to the
nearest 1/16th of 1%) determined pursuant to the following formula: 
  

									
	 Eurodollar Rate =
	  	 LIBOR
	  		  		  	
		  	1.00 -Eurodollar Reserve Percentage	  		  		  	

 Where, 
 “Eurodollar Reserve Percentage” means, for any Yield Period, the maximum reserve percentage (expressed as a decimal, rounded upward to the nearest 1/100th of 1%) in effect on the date LIBOR for such
Yield Period is determined under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to
“Eurocurrency” funding (currently referred to as “Eurocurrency liabilities”) having a term comparable to such Yield Period. 
 “Excluded Obligor” means an Obligor so designated in writing as such by the Agent or the Majority Purchasers in a notice to the Seller in good faith and in the Agent’s or the Majority Purchasers’ reasonable
judgment relating to credit considerations from time to time, it being understood that from time to time such designation may be revoked by written notice to the Seller. 
 “Excluded Receivables” means any Receivable identified on Schedule 1.1(b) of the Purchase and Sale Agreement from time to time and any right to payment under: 
 [*]. 
 “Fairway” has the
meaning set forth in the preamble to this Agreement. 
 “Federal Funds Rate” means, for any period, a fluctuating interest
rate per annum equal (for each day during such period) to: (a) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day
(or, if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York, or (b) if such rate is not so published for any Business Day, the average of the quotations for such day on such transactions
received by the Agent from three federal funds brokers of recognized standing selected by it. 
  

					
		  	EX-I-7	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “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” means, as to any Purchaser, the fee letter entered
into by such Purchaser’s Purchaser Agent and the Seller as described more particularly in Section 1.5. 
 “Fee
Payment Date” means each Draw Date. 
 “Final Payout Date” means the date following the Termination Date on which
no Investment or Discount in respect of any Participation under the Agreement shall be outstanding and all other amounts payable by the Originator, the Seller or the Servicer to the Purchasers, the Purchaser Agents, the Agent, the Backup Servicer,
any successor Servicer or any other Affected Person under the Transaction Documents shall have been paid in full. 
 “Finance Charge
and Floorplan Fee Collections” means, with respect to any calendar month, any Collections applied by the Servicer in such calendar month to the payment of interest and finance charges and all other amounts (other than principal) owed under
a Contract. 
 “First Bank” means First Bank of White, a federally insured commercial bank organized under the laws of the
State of South Dakota, used herein solely in connection with the First Bank Sale Agreement. 
 “First Bank Sale Agreement”
means that Commercial Floor Plan Loan Marketing, Originator and Sale Agreement dated January 18, 2007 between the Originator and First Bank. 
 “GAAP” means generally accepted accounting principles and practices in the United States, consistently applied. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, including without limitation any court, and any Person owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.

 “Holdings” means KAR Holdings II, LLC, a Delaware limited liability company. 
 “Indemnified Amounts” has the meaning set forth in Section 3.1. 
 “Indemnified Party” has the meaning set forth in Section 3.1. 
 “Insolvent” or “Insolvency” means, with respect to any Multiemployer Plan, the condition that such Plan is insolvent
within the meaning of Section 4245 of ERISA. 
  

					
		  	EX-I-8	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “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, composition, marshalling of
assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case (a) and (b) undertaken under U.S. Federal, state or foreign law, including the Bankruptcy
Code. 
 “Investment” means, with respect to any Purchaser, the aggregate of the amounts paid to the Seller in respect of
the Participation of such Purchaser pursuant to the Agreement, or such amount divided or combined in accordance with Section 1.7, in each case reduced from time to time by amounts actually distributed and applied on account of such
Investment pursuant to Section 1.4; provided, that if such Investment 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 Investment shall be increased by the amount of such rescinded or returned distribution, as though it had not been made. 
 “Investment Share” means, with respect to any Purchaser at any time, the percentage equivalent of a fraction, the numerator of which is the Investment of such Purchaser and the denominator of which is the aggregate of the
Investment of all Purchasers. 
 “Joinder Agreement” means a Joinder Agreement substantially in the form of Annex C
and executed pursuant to Section 1.12. 
 “KAR” means KAR Holdings, Inc., a Delaware corporation. 
 “KAR Credit Facility” means that certain Credit Agreement, dated as of April 20, 2007 among KAR Holdings II, LLC, KAR Holdings,
Inc., as Borrower, the secured lenders from time to time party thereto, Bear Stearns Corporate Lending Inc., as Administrative Agent, UBS Securities LLC, as Syndication Agent and the other parties thereto, as the same may be amended, supplemented or
otherwise modified from time to time. 
 “KAR Credit Facility Pledge” means the pledge of AFC stock to secure the
obligations under the KAR Credit Facility. 
 “KAR Financial Covenant” means the financial covenant regarding KAR’s
maximum consolidated senior secured leverage ratio as set forth in Section 8.1(a) of the KAR Credit Facility on the date of execution thereof. Such covenant (including all defined terms incorporated therein) will survive the termination of the
KAR Credit Facility and can only be amended, modified, added or terminated from time to time with the prior written consent of the Majority Purchasers; provided, however, that as long as KAR’s senior secured debt shall be rated at
least “BBB- (stable)” by S&P and at least “Baa3 (stable)” by Moody’s, the financial covenant will conform with the financial covenants required by KAR’s Credit Facility or any replacement facility without the
consent of the Majority Purchasers. 
 “KAR Financial Covenant Event” means any breach of the KAR Financial Covenant that is
not cured pursuant to the cure right as set forth in Section 8.1 (b) of the KAR Credit Facility. 
  

					
		  	EX-I-9	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “KAR Financial Covenant Termination Event” means, following the occurrence of a KAR
Financial Covenant Event, the earliest to occur of [*]. 
 “KAR Restricted Amendment” means any action under or amendment to
the KAR Credit Facility [*]. 
 “Legal Final Maturity Date” means the first Settlement Date on or after the date that is two
years after the Termination Date. 
 “Level One Trigger” means [*]. 
 “LIBOR” means, with respect to each Purchaser’s Portion(s) of Investment, the rate of interest per annum (rounded to the nearest
1/100th of 1%, with 0.005% being rounded upwards) equal to the rate of interest per annum: (i) for deposits in Dollars (in the approximate amount of the Investment to be funded) for a period equal to the applicable Yield Period that
appears on Telerate Page 3750 or (ii) if such rate does not appear on Telerate Page 3750, determined by the Agent to be the arithmetic mean (rounded to the nearest 1/100th of 1%, with 0.005% being rounded upwards) of the rates of interest
per annum notified to the Agent as the rate of interest at which Dollar deposits in the approximate amount of the Investment to be funded, and for a period equal to the applicable Yield Period, would be offered to major banks in the London
interbank market at their request, in each case at or about 11:00 a.m. (London time) on the second Business Day before such funding. For the purposes of calculating LIBOR for any (a) Yield Period of 30 days or less shall be equal to LIBOR for
30 days as of the first day of such Yield Period and (b) Yield Period greater than 30 days shall be equal to an interpolated rate as determined by the Agent based on LIBOR for 30 to 90 days, as applicable, as of the first day of such Yield
Period. 
 “Liquidation Account” means that certain bank account numbered [*] and pledged, on a first-priority basis, by the
Seller to the Agent pursuant to Section 1.2(d). 
 “Liquidation Account Bank” means the bank holding the
Liquidation Account. 
 “Liquidity Agent” means any financial institution in its capacity as a Liquidity Agent pursuant to a
Liquidity Agreement. 
 “Liquidity Agreement” means any loan or asset purchase agreement or similar agreement whereby a Note
Issuer party hereto as a Purchaser obtains commitments from financial institutions to support its funding obligations hereunder and/or to refinance any Notes issued to fund the Note Issuer’s Investment hereunder. 
 “Liquidity Bank” has the meaning set forth in Section 6.3(b). 
 “Loss Percentage” means [*]. 
 “Loss Reserve” means [*]. 
 “Loss Reserve Ratio” means [*]. 
  

					
		  	EX-I-10	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Lot Check” means, with respect to any Obligor, a physical inspection of such
Obligor’s financed vehicles and which may include a review of such Obligor’s books and records related thereto. 
 “Majority Purchasers” means Purchasers [*]. 
 “Majority Purchasers Notice Event” means, following
the occurrence of a [*]. 
 “Material Adverse Effect” means, with respect to any event or circumstance, a material adverse
effect on: 
 (a) the business, operations, property or financial condition of the Seller or the Servicer; 
 (b) the ability of the Seller or the Servicer to perform its obligations under this Agreement or any other Transaction Document to which
it is a party or the performance of any such obligations; 
 (c) the validity or enforceability of this Agreement or any other
Transaction Document; 
 (d) the status, existence, perfection, priority or enforceability of the Agent’s interest (for
the benefit of the Secured Parties) in the Receivables or Related Security; or 
 (e) the collectibility of the Receivables.

 “Maximum Amount” means the lesser of (i) $750,000,000 or (ii) the sum of the Maximum Commitments of all
Purchasers. 
 “Maximum Commitment” means, with respect to a Purchaser, the maximum dollar amount of Investment that such
Purchaser is willing to fund, as set forth on the signature pages of this Agreement, any Joinder Agreement or any assignment entered into pursuant to Section 6.3, as applicable, which amount may, following the written request of the
Seller, be increased at any time with the written consent of such Purchaser. 
 “Moody’s” means Moody’s Investor
Services, Inc. 
 “Multiemployer Plan” means a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of
ERISA. 
 “Net Receivables Pool Balance” means, at any time, an amount equal to the result of (a) 100% of the aggregate
Outstanding Balances of Eligible Receivables (other than Specified Curtailment Receivables) then in the Receivables Pool [*] plus (b) [*] of the aggregate Outstanding Balances of all Eligible Receivables constituting Specified Curtailment
Receivables then in the Receivables Pool [*] minus (c) the amount by which the result obtained in clause (b) above exceeds the product of (X) the amount obtained in clause (a) above multiplied by (Y) 8.0% minus (d) the
aggregate amount by which the aggregate Outstanding Balance of the Eligible Receivables [*] of each Obligor then in the Receivables Pool exceeds the product of (A)

  

					
		  	EX-I-11	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
the Normal Concentration Percentage for such Obligor (or, in the case of a Special Obligor, the Special Concentration Percentage for such Obligor) multiplied
by (B) the aggregate Outstanding Balance of the Eligible Receivables [*] then in the Receivables Pool [*]. 
 “Net
Spread” means the annualized percentage equivalent of a fraction (computed as of the last day of each calendar month), the numerator of which is the excess of (x) all Finance Charge and Floorplan Fee Collections received and applied
during such calendar month (including recoveries) over (y) the sum of, without duplication, (i) the Carry Costs for such calendar month, (ii) the aggregate amount of Receivables that became Defaulted Receivables during such calendar
month, and (iii) the aggregate amount of non-cash adjustments that reduced the Outstanding Balance of any Pool Receivable during such calendar month (but excluding any Receivable that was included in the calculation of Net Spread pursuant to
clause (ii) above in any previous calendar month); and the denominator of which is the average aggregate Outstanding Balances of the Pool Receivables during such calendar month. 
 “Non-Revolving Purchaser” means each Purchaser designated as a “Non-Revolving Purchaser” in the Joinder Agreement or amendment
pursuant to which such Purchaser becomes a party hereto. 
 “Normal Concentration Percentage” for any Obligor (other than a
Special Obligor) means at any time [*]. 
 “Note Issuer” means Fairway and any other Purchaser which funds its Investment
and other investments by issuing short or medium term promissory notes either directly or by means of a Related CP Issuer. 
 “Notes” means (a) in the case of Fairway or other Purchaser, the short-term promissory notes issued or to be issued by Fairway or such Purchaser to fund its investments in accounts receivable or other financial assets,
(b) in the case of any Purchaser with a Related CP Issuer, the short-term promissory notes issued by its Related CP Issuer to indirectly fund the investments of such Purchaser, and (c) in the case of any other Purchaser, as set forth in
the applicable Joinder Agreement. 
 “Obligor” means, with respect to any Receivable, a Person obligated to make payments
pursuant to the Contract relating to such Receivable; provided that Receivables generated by Affiliates of any Obligor shall be treated as if generated by such Obligor. 
 “Official Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission, department or
instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a part of government) which is responsible for the establishment or
interpretation of national or international accounting principles, in each case whether foreign or domestic. 
 “Originating
Lender” means each of First Bank, AFC Cal, LLC, a California limited liability company, AFC of Minnesota Corporation, a Minnesota corporation, and AFC of TN, LLC, a Tennessee limited liability company. 
  

					
		  	EX-I-12	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Originating Lender Sale Agreement” means each transfer agreement between an Originating
Lender and the Originator; prior to the Receivables of any Originating Lender (other than First Bank) being treated as Eligible Receivables hereunder, the Majority Purchasers shall have consented to the form of Originating Lender Sale Agreement and
each Rating Agency shall have received a copy thereof at least 5 Business Days prior to such Receivables receiving such treatment. 
 “Originator” has the meaning set forth in the Purchase and Sale Agreement. 
 “Outstanding
Balance” means [*]. 
 “Participation” means, with respect to any Purchaser at any time, the undivided percentage
ownership interest of such Purchaser in (i) each and every Pool Receivable now existing or hereafter arising, other than any Pool Receivable that arises on or after the Termination Date, (ii) all Related Security with respect to such Pool
Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Such undivided percentage interest shall be computed as 
  

			
	 I + LR
	  	
	NRB + LA	  	

 where: 
  

					
			
	I	  	=	  	the Investment of such Participation at the time of computation as reduced by the amount of cash in the [*] at the end of business on either (i) with respect to any Servicer Report, the
last Business Day of the prior calendar month, or (ii) with respect to any Portfolio Certificate, the last Business Day of the prior calendar week, in each case that was wired to the respective Purchaser on the immediately following Business
Day to pay down that Purchaser’s Investment.
			
	LR	  	=	  	the Loss Reserve of such Participation at the time of computation (calculated after reducing the Purchaser’s Investment by the amount of cash in the [*] at the end of business on either
(i) with respect to any Servicer Report, the last Business Day of the prior calendar month, or (ii) with respect to any Portfolio Certificate, the last Business Day of the prior calendar week, in each case that was wired to the respective
Purchaser on the immediately following Business Day to pay down that Purchaser’s Investment).
			
	NRB	  	=	  	the Net Receivables Pool Balance at the time of computation.
			
	LA	  	=	  	the amount on deposit in the Liquidation Account (other than amounts transferred thereto from the Deposit Accounts to pay Discount, the Servicing Fee, Unaffiliated Servicing Fees, Backup
Servicing Fees, Transition Expenses and Program Fees and Indemnified Amounts to the Indemnified Parties).

  

					
		  	EX-I-13	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 Each Participation shall be determined from time to time pursuant to the provisions of Section 1.3.

 “Paydown Day” means any day that is not a Termination Day on which the conditions set forth in Section 3 of
Exhibit II are not either satisfied or waived. 
 “Perfection Representation” means the representations, warranties
and covenants set forth in Exhibit VII attached hereto. 
 “Performance Guaranty” means the Performance Guaranty,
dated as of April 20, 2007, made by KAR in favor of the Agent for the benefit of the Secured Parties, as the same may be amended, supplemented or otherwise modified from time to time with the prior written consent of the Majority Purchasers.

 “Permitted Investments” means (i) overnight obligations of the United States of America, (ii) time deposits or
AAAm or AAAm-G rated money market accounts maintained at [*] or if [*] is rated below A-1 by S&P or P-1 by Moody’s such other financial institutions rated at the time of investment not less than A-1+ by S&P and P-1 by Moody’s,
(iii) certificates of deposit that are not represented by instruments, have a maturity of one week or less and are issued by financial institutions rated at the time of investment not less than A-1 by S&P and P-1 by Moody’s if such
certificates of deposit are issued by [*] or A-1+ by S&P and P-1 by Moody’s if such certificates of deposit are issued by financial institutions other than [*] and (iv) commercial paper rated at the time of investment not less than A-1
by S&P and P-1 by Moody’s if such commercial paper is issued by Fairway or A-1+ by S&P and P-1 by Moody’s if such commercial paper is issued by an entity other than Fairway and, in the cases of clauses (ii), (iii) and (iv),
having a maturity date not later than (A) with respect to amounts on deposit in the Cash Reserve Account, the immediately succeeding Draw Date and (B) with respect to amounts on deposit in the Liquidation Account, the earlier of
(x) the next Settlement Date and (y) one week from the date of investment; provided, however, that the Majority Purchasers may, from time to time, upon three Business Days’ prior written notice to Servicer, remove from
the scope of “Permitted Investments” any such obligations, certificates of deposit or commercial paper and specify to be within such scope, other investments. 
 “Permitted Lien” means (i) any mechanic’s lien, supplier’s lien, materialman’s lien, landlord’s lien or similar lien arising by operation of law with respect to the Related
Security and (ii) and liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that
are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to which the Adverse
Claim attaches is not impaired during the pendency of such proceeding. 
 “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. 
  

					
		  	EX-I-14	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Plan” means, at a particular time, any employee benefit plan or other plan established,
maintained or contributed to by the Seller or any ERISA Affiliate thereof that is covered by Title IV of ERISA. 
 “Pledge
Agreement” means the Pledge Agreement dated May 31, 2002 between AFC and the Agent, as the same may be amended or modified with the prior written consent of the Majority Purchasers. 
 “Pool Receivable” means a Receivable in the Receivables Pool. 
 “Pool Receivable Documents” has the meaning set forth in paragraph (l)(iii) of Exhibit IV to the Agreement. 
 “Portfolio Certificate” means a certificate substantially in the form of Exhibit VI to the Agreement. 
 “Portion of Investment” has the meaning set forth in Section 1.7. In addition, at any time when the Investment of a
Participation is not divided into two or more portions, “Portion of Investment” means 100% of the Investment of such Participation. For any Yield Period, the “related” Portion of Investment means the Portion of Investment of any
Purchaser accruing Discount during such Yield Period at a particular Discount rate. For any Yield Period End Date, the “related” Portion of Investment means the Portion of Investment of any Purchaser which has a Yield Period ending on such
Yield Period End Date. 
 “Prior Agreement” has the meaning set forth in the Preliminary Statements. 
 “Program Fee” means, as to any Purchaser, the periodic fees set forth in the applicable Fee Letter. 
 “Program Support Agreement” means, as to any applicable Note Issuer party hereto as a Purchaser, the Liquidity Agreement and any other
agreement (if any) entered into by any Program Support Provider providing for the issuance of one or more letters of credit for the account of the Purchaser, the issuance of one or more surety bonds for which the Purchaser is obligated to reimburse
the applicable Program Support Provider for any drawings thereunder, the sale by the Purchaser to any Program Support Provider of the Participation (or portions thereof) and/or the making of loans and/or other extensions of credit to the Purchaser
in connection with the Purchaser’s securitization program, together with any letter of credit, surety bond or other instrument issued thereunder. 
 “Program Support Provider” as to any Note Issuer (and/or Related CP Issuers) means and includes any Liquidity Bank and any other or additional Person (other than any customer of a Purchaser (and/or
Related CP Issuers)) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, a Purchaser (and/or Related CP Issuers) or issuing a letter of credit, surety bond or other
instrument to support any obligations arising under or in connection with any Note Issuer’s (and/or Related CP Issuer’s) securitization program. 
  

					
		  	EX-I-15	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Pro Rata Share” means, with respect to any Purchaser at any time, a fraction, the
numerator of which is the sum of the unused portion of such Purchaser’s Maximum Commitment at such time and the denominator of which is the unused portion of the Maximum Amount at such time. 
 “Purchase and Sale Agreement” means the Amended and Restated Purchase and Sale Agreement, dated as of May 31, 2002, among the
Originator and the Seller, as the same has been and may be modified, supplemented, amended and amended and restated from time to time in accordance with the Transaction Documents and with prior written consent of the Majority Purchasers. 

“Purchaser” means Fairway and each other Person which becomes a “Purchaser” hereunder in accordance with the provisions of
Section 1.12 or Section 6.3(a). 
 “Purchaser Agent” means, as to any Purchaser, the financial
institution designated by such Purchaser as responsible for administering this Agreement on behalf of such Purchaser, together with any successors or permitted assigns acting in such capacity; if any Purchaser does not so designate another
institution as its Purchaser Agent, such Purchaser shall be deemed to have designated itself as its Purchaser Agent and all references herein to such Purchaser’s Purchaser Agent shall mean and be references to such Purchaser. 
 “Purchaser Percentage” means, with respect to any Purchaser at any time, a fraction (expressed as a percentage), the numerator of which
is such Purchaser’s outstanding Investment at such time, and the denominator of which is the aggregate Investment of all Purchasers at such time. 
 “Purchaser’s Account” means (i) as to Fairway, the special account (account number [*] maintained at the office of Harris Trust and Savings Bank, or such other account as may be so
designated in writing by its Purchaser Agent to the Seller and (ii) as to any other Purchaser, such account as may be so designated in writing by the applicable Purchaser Agent to the Seller and the Servicer. 
 “Purchasers’ Share” means the share of Collections deposited into the Deposit Accounts represented by the Aggregate Participation.

 “Rating Agencies” means Moody’s and S&P. 
 “Receivable” means any right to payment from any Person, whether constituting an account, chattel paper, instrument, payment intangible
or a general intangible, arising from the providing of financing and other services by the Originator or the applicable Originating Lender to new, used and wholesale automobile or other motor vehicle dealers, and includes the right to payment of any
interest or finance charges and other obligations of such Person with respect thereto. 
 “Receivables Pool” means at any
time all of the then outstanding Receivables conveyed to the Seller pursuant to the Purchase and Sale Agreement and not reconveyed to the Originator in accordance with the terms of the Purchase and Sale Agreement. 
  

					
		  	EX-I-16	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Recreational Vehicle” means [*]. 
 “Recreational Vehicle Receivable” means those Receivables generated as a result of the making of loans to finance the purchase of
Recreational Vehicles. 
 “Reference Bank” means [*], provided that if so agreed by the Seller, the Servicer and the
Agent, each Purchaser which becomes a party hereto by virtue of Section 1.12 may designate a different Reference Bank for purposes of calculating the Base Rate applicable to such Purchaser’s Investment. 
 “Related CP Issuer” shall mean, with respect to any Purchaser, any commercial paper conduit approved by the Servicer which advances
funds to such Purchaser for the purpose of funding or maintaining its interest in the Investment, together with their successors and permitted assigns. 
 “Related Security” means, with respect to any Receivable: 
 (a) all right,
title and interest in and to all Contracts and other Pool Receivable Documents that relate to such Receivable; 
 (b) all
security interests or liens and rights in property subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, including all rights in vehicles securing
or purporting to secure such payment and any insurance or other proceeds arising therefrom; 
 (c) all UCC financing
statements covering any collateral securing payment of such Receivable; 
 (d) all guarantees and other agreements or
arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise; 
 (e) all rights in any power of attorney delivered by the related Obligor; and 
 (f) all rights and claims of the Seller with respect to such Receivable pursuant to the Purchase and Sale Agreement. 
 “Rental Receivable” means a Receivable which satisfies all of the requirements of the definition of Eligible Receivable except clause
[*]. 
 “Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization
within the meaning of Section 4241 of ERISA. 
 “Reportable Event” means any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under subsections .22, .27 or .28 of PBGC Reg. §4043. 
  

					
		  	EX-I-17	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Restricted Payments” has the meaning set forth in paragraph (o)(i) of
Exhibit IV of the Agreement. 
 “Revolving Purchaser” means Fairway and each other Purchaser designated as a
“Revolving Purchaser” in the Joinder Agreement or amendment pursuant to which such Purchaser becomes a party hereto. 
 “S&P” means Standard and Poor’s Ratings Services. 
 “Secured Parties” means,
collectively, the Purchasers, the Purchaser Agents, the Agent and the Program Support Providers. 
 “Seller” has the meaning
set forth in the preamble to this Agreement. 
 “Seller’s Share” means the Seller’s share of Collections deposited
into the Deposit Accounts, calculated as 100% minus the Aggregate Participation. 
 “Servicer” has the meaning set forth in
the preamble to this Agreement. 
 “Servicer Payment Date” shall mean each Draw Date. 
 “Servicer Report” means a report, in substantially the form of Annex B hereto. 
 “Servicer Report Date” means the 15th day of each month, or if such day is not a Business Day, the next Business Day. 
 “Servicing Fee” shall mean the fee referred to in Section 4.6. 
 “Settlement Date” means each of (a) each Yield Period End Date, (b) any Servicer Payment Date or Backup Servicer Payment Date
and (c) any Fee Payment Date. 
 “Single Employer Plan” means any Plan which is covered by Title IV of ERISA, but which
is not a Multiemployer Plan. 
 “Special Concentration Percentage” means, (i) [*] and (ii) for any other Special
Obligor at any time [*]. 
 “Special Obligor” means [*]. 
 “Specified Ineligible Receivables” means such Pool Receivables collected through the Deposit Accounts that the Originator has identified
as “Specified Ineligible Receivables” pursuant to the Purchase and Sale Agreement and are therefore ineligible under this Agreement. 
 “Specified Curtailment Receivable” means [*]. 
 “Successor Servicer Fee” means, for any calendar
month, [*]. 
  

					
		  	EX-I-18	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “Tangible Net Worth” means, with respect to any Person, the net worth of such Person
calculated in accordance with GAAP after subtracting therefrom the aggregate amount of such Person’s intangible assets, including, without limitation, goodwill, franchises, licenses, patents, trademarks, tradenames, copyrights, service marks
and brand names and capitalized software. 
 “Termination Date” means the earliest of (i) the Business Day which the
Seller so designates by notice to the Agent at least 30 days in advance pursuant to Section 1.1(b), (ii) April 20, 2012 (the “Scheduled Termination Date”), and (iii) the date determined pursuant to
Section 2.2. 
 “Termination Day” means each day which occurs on or after the Termination Date, unless the
occurrence of the Termination Date (if declared by the Majority Purchasers pursuant to Section 2.2) is waived in accordance with Section 6.1. 
 “Termination Event” has the meaning specified in Exhibit V. 
 “Termination Fee” means, with respect to any Portion of the Investment of any Purchaser and any Yield Period during which any reduction of such Portion of the Investment occurs on a date other than the Yield Period End Date
therefor (without giving effect to any shortened duration of such Yield Period pursuant to clause (b)(iv) of the definition thereof), the amount, if any, by which (i) the additional Discount (calculated without taking into account any
Termination Fee) which would have accrued during the remainder of such Yield Period on the reductions of Investment had such reductions remained as Investment, exceeds (ii) the income, if any, received by the applicable Purchaser from investing
the proceeds of such reductions of Investment, as determined by the related Purchaser Agent, which determination shall be binding and conclusive for all purposes, absent manifest error. 
 “Title Attached Receivable” means [*]. 
 “Tractor Receivable” means those Receivables generated as a result of the making of loans to finance the purchase of Tractors. 
 “Tractors” means [*]. 
 “Transaction Documents” means the Agreement, the Deposit Account Agreements, the Purchase and Sale Agreement, each Originating Lender Sale Agreement, the Performance Guaranty, the Pledge Agreement, the Company Note, each
Joinder Agreement, the Backup Servicing Agreement, the Backup Servicing Fee Letter and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with any of
the foregoing, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with the Agreement. 
 “Transition Expenses” means all reasonable cost and expenses (including Attorney Costs) incurred by the Backup Servicer in connection with transferring servicing obligations under this Agreement, which shall not exceed the
cap established in the Backup Servicing Agreement or the Backup Servicing Fee Letter. 
  

					
		  	EX-I-19	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable
jurisdiction. 
 “Unaffiliated Servicing Fees” means all Servicing Fees payable to the Servicer (if AFC or any Affiliate
thereof is not the Servicer). 
 “Unmatured Termination Event” means an event which, with the giving of notice or lapse of
time, or both, would constitute a Termination Event. 
 “Yield Period” means, with respect to each Portion of Investment of
any Purchaser: 
 (a) initially the period commencing on the date of a purchase pursuant to Section 1.2 and ending
such number of days thereafter as the Seller shall select, subject to the approval of the applicable Purchaser Agent pursuant to Section 1.2, up to 90 days after such date; provided that the weighted average length of
all Yield Periods may not exceed 45 days; and 
 (b) thereafter each period commencing on the Yield Period End Date of the
immediately preceding Yield Period and ending such number of days (not to exceed 90 and the weighted average length of all Yield Periods not to exceed 45 days) as the Seller shall select, subject to the approval of the applicable Purchaser Agent
pursuant to Section 1.2, on notice by the Seller received by the applicable Purchaser Agent (including notice by telephone, confirmed in writing) not later than 11:00 a.m. (Chicago time) on such Yield Period End Date or the second
Business Day prior to such Yield Period End Date if Discount is computed by reference to the Eurodollar Rate, except that if the applicable Purchaser Agent shall not have received such notice or approved such period on or before 11:00 a.m.
(Chicago time) on such Yield Period End Date, such period shall be one day; provided, that 
 (i) any Yield Period in
respect of which Discount is computed by reference to the Bank Rate shall be a period from one to and including 90 days; 
 (ii) any Yield Period (other than of one day) which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day; provided, however, if Discount in respect of such Yield Period
is computed by reference to the Eurodollar Rate, and such Yield Period would otherwise end on a day which is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Yield Period shall end on the next
preceding Business Day; 
 (iii) in the case of any Yield Period of one day, (A) if such Yield Period is the initial
Yield Period for a purchase pursuant to Section 1.2, such Yield Period shall be the day of purchase of the Participation; (B) any subsequently occurring Yield Period which is one day shall, if the immediately preceding Yield Period
is more than one day, be the Yield Period End Date of such immediately preceding Yield Period, and, if the immediately preceding Yield Period is one day, be the day next following such immediately preceding Yield Period; and 

  

					
		  	EX-I-20	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
(C) if such Yield Period occurs on a day immediately preceding a day which is not a Business Day, such Yield Period shall be extended to the next
succeeding Business Day; 
 (iv) in the case of any Yield Period for any Portion of Investment which commences before the
Termination Date and would otherwise end on a date occurring after the Termination Date, such Yield Period shall end on such Termination Date and the duration of the initial Yield Period which commences after the Termination Date shall commence on
the Termination Date and end on the next Draw Date and thereafter such Yield Period shall commence on the day after such previous Draw Date and end on the next Draw Date; 
 (v) no Yield Period may exceed 90 days in length and the weighted average length of all Yield Periods may not exceed 45 days; and

 (vi) each Yield Period of the Portion of Investment funded by a Non-Revolving Purchaser shall be one calendar month in
duration prior to the occurrence of the Termination Date (or as otherwise specified in the Joinder Agreement or amendment pursuant to which such Purchaser becomes a party hereto). 
 “Yield Period End Date” means the last day of each Yield Period. 
 Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles.
All terms used in Article 9 of the UCC in the State of Indiana, and not specifically defined herein, are used herein as defined in such Article 9. Unless the context otherwise requires, “or” means “and/or,” and
“including” (and with correlative meaning “include” and “includes”) means including without limiting the generality of any description preceding such term. 
  

					
		  	EX-I-21	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT II 
 CONDITIONS OF PURCHASES 
 1. Conditions Precedent to Initial Purchase and the Effectiveness of the Prior
Agreement. The effectiveness of the Prior Agreement was subject to the conditions precedent (which have been satisfied or waived as of the date hereof) that the Agent receive on or before the date thereof the following: 
 (a) A counterpart of the Prior Agreement and the other Transaction Documents duly executed by the parties thereto. 
 (b) Certified copies of (i) the resolutions of the board of directors of each of the Seller and AFC authorizing the execution, delivery, and
performance by the Seller and AFC of the Prior Agreement and the other Transaction Documents, (ii) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Prior Agreement and the other
Transaction Documents and (iii) the articles of incorporation and by-laws of the Seller and AFC. 
 (c) A certificate of the secretary
or assistant secretary of the Seller and AFC certifying the names and true signatures of the officers of the Seller and AFC authorized to sign the Prior Agreement and the other Transaction Documents. Until the Agent receives a subsequent incumbency
certificate from the Seller and AFC in form and substance satisfactory to the Agent, the Agent shall be entitled to rely on the last such certificate delivered to them by the Seller and AFC, as applicable. 
 (d) Financing statements, in proper form for filing under the UCC of all jurisdictions that the Agent may deem necessary or desirable in order to perfect
the interests of the Agent (for the benefit of the Secured Parties) contemplated by the Prior Agreement and other Transaction Documents. 
 (e) Financing statements, in proper form for filing under the applicable UCC, if any, necessary to release all security interests and other rights of any Person in the Receivables, Contracts or Related Security previously granted by the
Seller or AFC. 
 (f) Completed UCC requests for information, dated on or before the date of the Prior Agreement, listing the financing
statements referred to in subsection (e) above and all other effective financing statements filed in the jurisdictions referred to in subsection (e) above that named the Seller or AFC as debtor, together with copies of such
other financing statements (none of which shall cover any Receivables, Contracts or Related Security), and similar search reports with respect to federal tax liens, judgments and liens of the Pension Benefit Guaranty Corporation in such
jurisdictions as the Agent requested, showing no such liens on any of the Receivables, Contracts or Related Security. 
 (g) Executed copies
of a Deposit Account Agreement with each Deposit Account Bank. 
  

					
		  	EX-II-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (h) Favorable opinions of in-house counsel for the Seller and AFC, as to corporate and such other matters
as the Agent reasonably requested. 
 (i) Favorable opinions of Ice Miller, special counsel for the Seller, ADESA and AFC, as to
enforceability and such other matters as the Agent reasonably requested. 
 (j) Favorable opinions of Ice Miller, special counsel for the
Seller and AFC, as to bankruptcy matters. 
 (k) Certificates of Existence with respect to the Seller and AFC issued by the Indiana Secretary
of State and articles of incorporation of the Seller certified by the Indiana Secretary of State. 
 (l) Evidence (i) of the execution
and delivery by each of the parties thereto of the Purchase and Sale Agreement and all documents, agreements and instruments contemplated thereby (which evidence included copies, either original or facsimile, of each of such documents, instruments
and agreements), (ii) that each of the conditions precedent to the execution and delivery of the Purchase and Sale Agreement was satisfied to the Agent’s satisfaction, and (iii) that the initial purchases under the Purchase and Sale
Agreement were consummated. 
 (m) Evidence of payment by the Seller of all accrued and unpaid fees (including those contemplated by the Fee
Letter), costs and expenses to the extent then due and payable on the date thereof, together with Attorney Costs of the Agent to the extent invoiced prior to or on such date, plus such additional amounts of Attorney Costs as constituted the
Agent’s reasonable estimate of Attorney Costs incurred or to be incurred by it through the closing proceedings; including any such costs, fees and expenses arising under or referenced in Section 6.4 as provided in the Fee Letter.

 (n) The Fee Letter between the Seller and the Agent contemplated by and delivered pursuant to Section 1.5. 
 (o) A Servicer Report representing the performance of the portfolio purchased through the Purchase and Sale Agreement and the Prior Agreement for the
month prior to closing. 
 (p) Such confirmations from the rating agencies as were required by any Purchaser in its respective sole
discretion. 
 (q) a listing of all Obligors of all Receivables as of the date of the Prior Agreement. 
 2. Conditions Precedent to the Effectiveness of this Agreement. The effectiveness of the Agreement is subject to the condition precedent that the
Agent shall have received on or before the date hereof the following, each in form and substance satisfactory to the Agent: 
 (a) A
counterpart of the Agreement and the other Transaction Documents duly executed by the parties thereto. 
  

					
		  	EX-II-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (b) Certified copies of (i) the resolutions of the board of directors of each of the Seller and AFC
authorizing the execution, delivery, and performance by the Seller and AFC of the Agreement and the other Transaction Documents, (ii) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to
the Agreement and (iii) the articles of incorporation and by-laws of the Seller and AFC (to the extent such documents have been modified since they were last delivered to the Agent). 
 (c) A certificate of the secretary or assistant secretary of the Seller and AFC certifying the names and true signatures of the officers of the Seller
and AFC authorized to sign the Agreement and the other Transaction Documents. 
 (d) Favorable opinions of in-house counsel for the Seller
and AFC, as to corporate and such other matters as the Agent may reasonably request. 
 (e) Favorable opinions of Ice Miller, special counsel
for the Seller and AFC, as to enforceability and such other matters as the Agent may reasonably request. 
 (f) Evidence of payment by the
Seller of all fees, costs and expenses then due and payable to the Purchasers or the Agent (including, without limitation, any such fees payable under the Fee Letter), together with Attorney Costs of the Agent to the extent invoiced prior to or on
such date, plus such additional amounts of Attorney Costs as shall constitute the Agent’s reasonable estimate of Attorney Costs incurred or to be incurred by it through the closing proceedings. 
 (g) A Portfolio Certificate dated as of the last Friday immediately prior to the date hereof, together with a floorplan receivables summary dated as of
the date hereof. 
 (h) Such confirmations from the rating agencies as shall be required by any Purchaser in its sole discretion. 

(i) A current list of all branch offices, loan processing offices or other locations at which the Pool Receivable Documents are being held.

 (j) An executed copy of an amended and restated Fee Letter for Fairway in form and substance acceptable to the Purchaser Agent for
Fairway. 
 (k) Evidence of the filing of appropriate UCC-3 amendments to reflect the revisions to the collateral description. 
 (l) Such other approvals, opinions or documents as the Agent may reasonably request. 
 3. Conditions Precedent to All Purchases and Reinvestments. Each purchase (including the initial purchase) and each reinvestment shall be subject
to the further conditions precedent that: 
 (a) in the case of each purchase, the Servicer shall have delivered to the Agent on or prior to
such purchase, in form and substance satisfactory to the Agent, (i) a completed 

  

					
		  	EX-II-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
Servicer Report with respect to the immediately preceding calendar month, dated within 30 days prior to the date of such purchase (or a completed Portfolio
Certificate, dated as of the last Business Day of the immediately preceding calendar week) and (ii) a completed Portfolio Certificate to the extent a daily Portfolio Certificate is required in accordance with Section 4.2(e) of the
Agreement, and shall have delivered to the Agent such additional information as may reasonably be requested by the Agent. 
 (b) on the date
of such purchase or reinvestment the following statements shall be true (and acceptance of the proceeds of such purchase or reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true): 
 (i) the representations and warranties contained in Exhibit III are true and correct on and as of the date of such purchase or
reinvestment as though made on and as of such date; and 
 (ii) no event has occurred and is continuing, or would result from
such purchase or reinvestment, that constitutes a Termination Event or an Unmatured Termination Event; and 
 (iii) the sum of
the aggregate of the Participations does not exceed 100%; and 
 (iv) the amount on deposit in the Cash Reserve Account is
equal to or greater than the Cash Reserve; and 
 (c) the Agent shall have received such other approvals, opinions or documents it may
reasonably request. 
  

					
		  	EX-II-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT III 
 REPRESENTATIONS AND WARRANTIES 
 A. Representations and Warranties of the Seller. The Seller
represents and warrants as follows: 
 (a) The Seller is a corporation duly incorporated and in existence under the laws of the State of
Indiana, and is duly qualified to do business, and is in good standing, as a foreign corporation in every jurisdiction where the nature of its business requires it to be so qualified except where the failure to so qualify has not had and could not
reasonably be expected to have a Material Adverse Effect. 
 (b) The execution, delivery and performance by the Seller of the Agreement and
the other Transaction Documents to which it is a party, including the Seller’s use of the proceeds of purchases and reinvestments, (i) are within the Seller’s corporate powers, (ii) have been duly authorized by all necessary
corporate action of the Seller, (iii) do not contravene or result in a default under or conflict with (1) the Seller’s charter or by-laws, (2) any law, rule or regulation applicable to the Seller, (3) any contractual
restriction binding on or affecting the Seller or its property or (4) any order, writ, judgment, award, injunction or decree binding on or affecting the Seller or its property, and (iv) do not result in or require the creation of any
Adverse Claim upon or with respect to any of the Seller’s properties, where, in the cases of items (2), (3) and (4), such contravention, default or conflict has had or could reasonably be expected to have a Material
Adverse Effect. The Agreement and the other Transaction Documents to which it is a party have been duly executed and delivered by the Seller. 
 (c) No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other Person is required for the due execution, delivery and performance by the Seller of the Agreement or any other
Transaction Document to which it is a party other than those previously obtained or UCC filings. 
 (d) Each of the Agreement and the other
Transaction Documents to which it is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law. 
 (e) Since December 31, 2006 there has been no material adverse change in the business, operations, property or financial condition of the Seller or
AFC, the ability of the Seller or AFC to perform its obligations under the Agreement or the other Transaction Documents to which it is a party or the collectibility of the Receivables, or which affects the legality, validity or enforceability of the
Agreement or the other Transaction Documents. 
 (f) (i) There is no action, suit, proceeding or investigation pending or, to the
knowledge of the Seller, threatened against the Seller before any Government Authority or arbitrator and (ii) the Seller is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Government Authority
or arbitrator, that, in the case of each of foregoing clauses (i) and (ii), could reasonably be expected to have a Material Adverse Effect. 
  

					
		  	EX-III-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (g) The Seller is the legal and beneficial owner of the Pool Receivables free and clear of any Adverse
Claim, excepting only Permitted Liens; and has acquired all of the Originator’s right, title and interest in, to and under the Related Security; upon each purchase or reinvestment, the Agent (for the benefit of the Secured Parties) shall
acquire a valid and enforceable perfected undivided percentage ownership interest, to the extent of the Participation, in each Pool Receivable then existing or thereafter arising, free and clear of any Adverse Claim, excepting only Permitted Liens;
in the Collections with respect thereto and in the Seller’s right, title and interest in, to and under the Related Security and proceeds thereof, the Agreement creates a security interest in favor of the Agent (for the benefit of the Secured
Parties) in the items described in Section 1.2(d), and the Agent (for the benefit of the Secured Parties) has a first priority perfected security interest in such items. No effective financing statement or other instrument similar in
effect naming AFC or the Seller as debtor or seller and covering any Contract or any Pool Receivable or the Related Security or Collections with respect thereto or any Deposit Account is on file in any recording office, except those filed in favor
of the Agent (for the benefit of the Secured Parties) relating to the Agreement. 
 (h) [Reserved]. 
 (i) Each Servicer Report, Portfolio Certificate, information, exhibit, financial statement, document, book, record or report furnished or to be furnished
at any time by or on behalf of the Seller to the Agent or any Purchaser Agent in connection with the Agreement is or will be accurate in all material respects as of its date or (except as otherwise disclosed to the Agent and any such Purchaser Agent
at such time) as of the date so furnished, and no such item contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements contained therein, in the light of
the circumstances under which they were made, not misleading. 
 (j) The principal place of business and chief executive office (as such
terms are used in the UCC) of the Seller and the office(s) where the Seller keeps its records concerning the Receivables are located at the address set forth under its signature to this Agreement. 
 (k) The names and addresses of all the Deposit Banks, together with the account numbers of the Deposit Accounts of the Seller at such Deposit Banks, are
specified in Schedule II to the Agreement. 
 (l) The Seller is not in violation of any order of any court, arbitrator or
Governmental Authority. 
 (m) Neither the Seller nor any Affiliate of the Seller has any direct or indirect ownership or other financial
interest in any Purchaser, the Agent or any Purchaser Agent. 
 (n) No proceeds of any purchase or reinvestment will be used for any purpose
that violates any applicable law, rule or regulation, including, without limitation, Regulations T, U and X of the Federal Reserve Board. 
  

					
		  	EX-III-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (o) Each Pool Receivable included as an Eligible Receivable in the calculation of the Net Receivables
Pool Balance is an Eligible Receivable as of the date of such calculation. 
 (p) No event has occurred and is continuing, or would result
from a purchase in respect of, or reinvestment in respect of, any Participation or from the application of the proceeds therefrom, which constitutes a Termination Event. 
 (q) The Seller and the Servicer have complied in all material respects with the Credit and Collection Policy with regard to each Receivable. 
 (r) The Seller has complied with all of the terms, covenants and agreements contained in the Agreement and the other Transaction Documents and applicable
to it. 
 (s) The Seller’s complete corporate name is set forth in the preamble to the Agreement, and the Seller does not use and has
not during the last six years used any other corporate name, trade name, doing-business name or fictitious name, and except for names first used after the date of the Agreement and set forth in a notice delivered to the Agent pursuant to
paragraph (l)(vi) of Exhibit IV. 
 (t) The authorized capital stock of Seller consists of 1,000 shares of common
stock, no par value, 100 shares of which are currently issued and outstanding. All of such outstanding shares are validly issued, fully paid and nonassessable and are owned (beneficially and of record) by AFC. 
 (u) The Seller has filed all federal and other tax returns and reports required by law to have been filed by it and has paid all taxes and governmental
charges thereby shown to be owing. 
 (v) The Seller is not an “investment company” within the meaning of the Investment Company
Act of 1940, as amended. 
 (w) No “accumulated funding deficiency” (within the meaning of Section 412 of the Internal Revenue
Code or Section 302 of ERISA) exists with respect to any Single Employer Plan, and each Single Employer Plan has complied in all material respects with the applicable provisions of ERISA and the Internal Revenue Code. The present value of all
accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets
of such Plan allocable to such accrued benefits. Neither the Seller nor any ERISA Affiliate has had a complete or partial withdrawal from any Multiemployer Plan, and neither the Seller nor any ERISA Affiliate would become subject to any liability
under ERISA if the Seller or any such ERISA Affiliate were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No such Multiemployer Plan
is in Reorganization or Insolvent. 
  

					
		  	EX-III-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 B. Representations and Warranties of the Servicer. The Servicer represents and warrants as
follows: 
 (a) The Servicer is a corporation duly organized and in existence under the laws of the State of Indiana, and is duly qualified
to do business, and is in good standing, as a foreign corporation in every jurisdiction where the nature of its business requires it to be so qualified except where the failure to so qualify has not had and could not reasonably be expected to have a
Material Adverse Effect. 
 (b) The execution, delivery and performance by the Servicer of the Agreement and the other Transaction Documents
to which it is a party, (i) are within the Servicer’s corporate powers, (ii) have been duly authorized by all necessary corporate action on the part of the Servicer, (iii) do not contravene or result in a default under or
conflict with (1) the Servicer’s charter or by-laws, (2) any law, rule or regulation applicable to the Servicer, (3) any contractual restriction binding on or affecting the Servicer or its property or (4) any order, writ,
judgment, award, injunction or decree binding on or affecting the Servicer or its property, and (iv) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties, where, in the cases of items (2),
(3) and (4), such contravention, default or conflict has had or could reasonably be expected to have a Material Adverse Effect. The Agreement and the other Transaction Documents to which it is a party have been duly executed and delivered by
the Servicer. 
 (c) No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other
Person is required for the due execution, delivery and performance by the Servicer of the Agreement or any other Transaction Document to which it is a party. 
 (d) Each of the Agreement and the other Transaction Documents to which it is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is
considered in a proceeding in equity or at law. 
 (e) There is no pending or threatened action or proceeding affecting the Servicer before
any Governmental Authority or arbitrator which could have a Material Adverse Effect. 
 (f) The Servicer has complied in all material
respects with the Credit and Collection Policy with regard to each Receivable. 
 (g) the Servicer is not subject to any order, judgment,
decree, injunction, stipulation or consent order of or with any Governmental Authority or arbitrator, that, could reasonably be expected to have a Material Adverse Effect. 
 (h) Each Servicer Report, Portfolio Certificate, information, exhibit, financial statement, document, book, record or report furnished or to be furnished
at any time by or on behalf of the Seller to the Agent or any Purchaser Agent in connection with the Agreement is or 

  

					
		  	EX-III-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
will be accurate in all material respects as of its date or (except as otherwise disclosed to the Agent and any such Purchaser Agent at such time) as of the
date so furnished, and no such item contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances under
which they were made, not misleading. 
 (i) The principal place of business and chief executive office (as such terms are used in the UCC)
of the Servicer and the office(s) where the Servicer keeps its records concerning the Receivables are located at the address set forth under its signature to this Agreement or the Backup Servicing Agreement, as applicable. 
 (j) The Servicer is not in violation of any order of any court, arbitrator or Governmental Authority. 
 (k) Neither the Servicer nor any Affiliate of the Servicer has any direct or indirect ownership or other financial interest in any Purchaser, the Agent
or any Purchaser Agent. 
 (l) The Servicer is not an “investment company” within the meaning of the Investment Company Act of
1940, as amended. 
  

					
		  	EX-III-5	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT IV 
 COVENANTS 
 Covenants of the Seller and the Servicer. Until the latest of the Termination Date, the
date on which no Investment of or Discount in respect of any Participation shall be outstanding or the date all other amounts owed by the Seller under the Agreement to the Purchasers, the Purchaser Agents, the Agent and any other Indemnified Party
or Affected Person shall be paid in full: 
 (a) Compliance with Laws, Etc. Each of the Seller and the Servicer shall comply in all
material respects with all applicable laws, rules, regulations and orders, and preserve and maintain its corporate existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such laws, rules
and regulations or the failure so to preserve and maintain such existence, rights, franchises, qualifications, and privileges would not materially adversely affect the collectibility of the Receivables or the enforceability of any related Contract
or the ability of the Seller or the Servicer to perform its obligations under any related Contract or under the Agreement. 
 (b) Offices,
Records and Books of Account, Etc. The Seller shall provide the Agent with at least 60 days’ written notice prior to making any change in the Seller’s name or jurisdiction of organization or making any other change in the Seller’s
identity or corporate structure (including a merger) which could impair or otherwise render any UCC financing statement filed in connection with this Agreement “seriously misleading” as such term is used in the applicable UCC; each notice
to the Agent pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof. The Seller and Servicer will also maintain and implement administrative and operating procedures (including, without limitation, an
ability to recreate records evidencing 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 Receivables (including, without limitation, records adequate to permit the daily identification of each Receivable and all Collections of and adjustments to each existing Receivable). 
 (c) Performance and Compliance with Contracts and Credit and Collection Policy. Each of the Seller and the Servicer shall, at its expense, timely
and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and timely and fully comply in all material respects with the Credit and Collection
Policy with regard to each Receivable and the related Contract. 
 (d) Ownership Interest, Etc. The Seller shall, at its expense, take
all action necessary or desirable to establish and maintain a valid and enforceable undivided ownership interest, to the extent of the Aggregate Participation, in the Pool Receivables (free and clear of any Adverse Claim excepting only Permitted
Liens) and the Collections, with respect thereto and the Seller’s right, title and interest in, to and under the Related Security and the proceeds thereof, and a first priority perfected security interest in the items described in
Section 1.2(d), in favor of 

  

					
		  	EX-IV-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
the Agent (for the benefit of the Secured Parties), including, without limitation, taking such action to perfect, protect or more fully evidence the interest
of the Agent (for the benefit of the Secured Parties) under the Agreement as the Agent may request. 
 (e) Sales, Liens, Etc. The
Seller shall not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (excepting only Permitted Liens) upon or with respect to, any or all of its right, title or interest in, to or
under, any item described in Section 1.2(d) (including without limitation the Seller’s undivided interest in any Receivable, Related Security, or Collections, or upon or with respect to any account to which any Collections of any
Receivables are sent), or assign any right to receive income in respect of any items contemplated by this paragraph (e). 
 (f)
Extension or Amendment of Receivables. After the occurrence and during the continuance of a Termination Event or an Unmatured Termination Event or after the Termination Date (or if a Termination Event or Unmatured Termination Event would
result therefrom), neither the Seller nor the Servicer shall extend the maturity or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive any term or condition of any
related Contract in any material respect. 
 (g) Change in Business or Credit and Collection Policy. Without the prior written consent
of the Majority Purchasers, neither the Seller nor the Servicer shall make any material change in the character of its business or in the Credit and Collection Policy, or any change in the Credit and Collection Policy that would adversely affect the
collectibility of the Receivables Pool or the enforceability of any related Contract or the ability of the Seller or Servicer to perform its obligations under any related Contract or under the Agreement. Neither the Seller nor the Servicer shall
make any material change to its standard operating practices or procedures with respect to the Receivables Pool (including, by way of example, its practice of granting waivers relative to the Credit and Collection Policy) without providing each
Rating Agency and the Agent prior written notice thereof to the extent such change would impact a material portion of the Receivables Pool [*]. 
 (h) Audits. Each of the Seller and the Servicer shall, from time to time during regular business hours, upon reasonable prior notice as requested by the Agent, permit the Agent or its agents or representatives, (i) to examine
and make copies of and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in the possession or under the control of the Seller or the Servicer relating to Receivables and the Related Security,
including, without limitation, the related Contracts, and (ii) to visit the offices and properties of the Seller and the Servicer for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to
Receivables and the Related Security or the Seller’s or Servicer’s performance hereunder or under the Contracts with any of the officers, employees, agents or contractors of the Seller having knowledge of such matters; provided,
however, that the Agent shall not be reimbursed for more than two such examinations in any year (including any examinations conducted pursuant to any other Transaction Document but excluding any audit conducted pursuant to
Section 4.2(a)) unless (x) a Level One Trigger has occurred and is continuing, in which case the Agent shall be reimbursed for four such examinations per year in addition to any audits conducted pursuant to
Section 4.2(a) or (y) a Termination Event or Unmatured Termination Event has occurred, in which case the Agent shall be reimbursed for all such examinations. 
  

					
		  	EX-IV-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (i) Change in Deposit Banks, Deposit Accounts and Payment Instructions to Obligors. Neither the
Seller nor the Servicer shall add or terminate any bank as a Deposit Bank or any account as a Deposit Account from those listed in Schedule II to the Agreement without (i) the prior written consent of the Agent and (ii) in the
case of a new Deposit Account and/or Deposit Bank, the applicable Deposit Bank has executed, and the applicable Deposit Account is subject to, a Deposit Account Agreement consented to in writing by the Agent. 
 (j) Deposit Accounts. Each Deposit Account shall at all times be subject to a Deposit Account Agreement. Neither the Seller nor the Servicer will
deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Deposit Account, the Liquidation Account or the Cash Reserve Account cash or cash proceeds other than Collections of Pool Receivables. 
 (k) Marking of Records. At its expense, the Seller (or the Servicer on its behalf) shall mark its master data processing records relating to Pool
Receivables and related Contracts, including with a legend evidencing that the undivided percentage ownership interests with regard to the Aggregate Participation related to such Receivables and related Contracts have been sold in accordance with
the Agreement. 
 (l) Reporting Requirements. The Seller will provide to the Agent and each Purchaser Agent (in multiple copies, if
requested by the Agent) (except that with respect to paragraphs (i), (ii), (iii) and (iv), the Seller will cause AFC (or, with respect to paragraph (iv), the Servicer), to provide to the Agent, each Purchaser Agent, the
Backup Servicer (in the case of paragraph (iii)) and (in the case of items (iii)(a) and (xiii)) each Rating Agency, the following: 
 (i) (I)
as soon as available and in any event within 45 days after the end of the first three quarters of each fiscal year of AFC in a format acceptable to the Agent the consolidating balance sheet of AFC and its consolidated subsidiaries as of the end of
such quarter and statements of income of AFC and its consolidated subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of such Person and (II)
as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of KAR (or, in the case of the first fiscal quarter ending after April 20, 2007, 60 days after the end
of such fiscal quarter), the unaudited consolidated balance sheet of KAR and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion
of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year and the current year budget; 
 (ii) (I) as soon as available and in any event within 90 days after the end of each fiscal year of AFC, (A) a copy of the annual report for AFC and its consolidated subsidiaries, containing financial statements
for such year audited by 

  

					
		  	EX-IV-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
KPMG LLP or other independent certified public accountants acceptable to the Agent and (B) the consolidating balance sheet of AFC and the income
statement of the Seller for such year certified by the chief financial officer of the Seller, and (II) as soon as available and in any event within 90 days after the end of each fiscal year of KAR, a copy of the audited consolidated balance sheet of
KAR and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year and the
current year budget, reported on by KPMG LLP or other independent certified public accountants of nationally recognized standing; 
 (iii)
(a) as soon as available and in any event not later than the Servicer Report Date, a Servicer Report as of the calendar month ended immediately prior to such Servicer Report Date and (b) unless the Agent has otherwise agreed in writing, a
Portfolio Certificate as of each Friday, delivered on the third Business Day of the next calendar week (or as of each Business Day to the extent required by Section 4.2(e)). Each Servicer Report shall contain a current list of all branch
offices, loan processing offices or other locations at which records and documents relating to the Pool Receivables (including, without limitation, any related Contracts and vehicle certificates of title) (collectively, the “Pool Receivable
Documents”) are held by the Servicer. The Servicer shall provide each Rating Agency with prior notice of any material change to the form of Servicer Report and get their consent thereto prior to implementing any such change. 
 (iv) as soon as possible and in any event within three days after the occurrence of each Termination Event and Unmatured Termination Event, a statement of
the chief financial officer of the Seller setting forth details of such Termination Event or event and the action that the Seller has taken and proposes to take with respect thereto; 
 (v) promptly after the filing or receiving thereof, copies of all reports and notices that the Seller or any ERISA Affiliate files with respect to a Plan
under ERISA or the Internal Revenue Code with the Internal Revenue Service or the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or that the Seller or any ERISA Affiliate receives from any of the foregoing or from any
Multiemployer Plan to which the Seller or any ERISA Affiliate is or was, within the preceding five years, a contributing employer, in each case in respect of the assessment of withdrawal liability or an event or condition which could, in the
aggregate, result in the imposition of liability on the Seller and/or any such ERISA Affiliate in excess of $250,000; 
 (vi) at least 60 days
prior to any change in the Seller’s name or any other change requiring the amendment of UCC financing statements, a notice setting forth such changes and the effective date thereof; 
 (vii) such other information respecting the Receivables, the Related Security (including inventory reports by branch, Obligor, vehicle identification
number, 

  

					
		  	EX-IV-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
and other descriptions sufficient to identify the Related Security) or the condition of operations, financial or otherwise, of the Seller or AFC as the Agent
or any Purchaser Agent may from time to time reasonably request; 
 (viii) promptly after the Seller obtains knowledge thereof, notice of any
litigation, regulatory ruling, default under any Originating Lender Sale Agreement or other event which could reasonably be expected to prevent any Originating Lender from originating Receivables or transferring Receivables to the Originator
following origination; 
 (ix) promptly after the Seller obtains knowledge thereof, notice of the commencement of any proceedings instituted
by or against any of the Seller, the Servicer or the Originator, as applicable, in any federal, state or local court or before any governmental body or agency, or before any arbitration board, in which the amount involved, in the case of the
Servicer or Originator, is $500,000 or more and not covered by insurance or in which injunctive or similar relief is sought or any litigation or proceeding relating to any Transaction Document; 
 (x) promptly after the occurrence thereof, notice of any event or circumstance that could reasonably be expected to have a Material Adverse Effect;

 (xi) notice of any material change to the Credit and Collection Policy or any amendment, waiver, extension, termination or replacement of
the KAR Credit Facility (with a copy thereof) and an execution copy of the underlying credit agreement with respect to the KAR Credit Facility, in each case, upon execution thereof; 
 (xii) as soon as possible and in any event within 30 days after the Seller knows or has reason to know of: (i) the occurrence or expected occurrence
of any Reportable Event with respect to any Plan that is a Single Employer Plan, a failure to make any required contribution to a Plan, the creation of any lien in favor of the Pension Benefit Guaranty Corporation or a Plan or any withdrawal from,
or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the Pension Benefit Guaranty Corporation or the Seller or any ERISA Affiliate or any
Multiemployer Plan with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of any Plan; and 
 (xiii) as soon as
available and in any event upon the earlier to occur of (x) 45 days following the end of a fiscal quarter (90 days, in the case of the fourth fiscal quarter in any fiscal year, and 60 days in the case of the first fiscal quarter ending after
April 20, 2007) and (y) the day a compliance certificate is delivered pursuant to the KAR Credit Facility, a compliance certificate setting forth computations in reasonable detail satisfactory to the Majority Purchasers demonstrating
compliance with the financial covenants of KAR thereunder. 
  

					
		  	EX-IV-5	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (m) Separate Corporate Existence. Each of the Seller and AFC hereby acknowledges that the
Purchasers, the Agent and the Purchaser Agents are entering into the transactions contemplated by the Agreement and the Transaction Documents in reliance upon the Seller’s identity as a legal entity separate from AFC. Therefore, from and after
the date hereof, the Seller and AFC shall take all reasonable steps to continue the Seller’s identity as a separate legal entity and to make it apparent to third Persons that the Seller is an entity with assets and liabilities distinct from
those of AFC, the Originator and any other Person, and is not a division of AFC or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the covenant set forth in paragraph (a) of this
Exhibit IV, the Seller and AFC shall take such actions as shall be required in order that: 
 (i) The Seller will
be a limited purpose corporation whose primary activities are restricted in its articles of incorporation to purchasing Receivables from the Originator, entering into agreements for the servicing of such Receivables, selling undivided interests in
such Receivables and conducting such other activities as it deems necessary or appropriate to carry out its primary activities; 
 (ii) Not less than one member of Seller’s Board of Directors (the “Independent Directors”) shall be individuals who are not direct, indirect or beneficial stockholders, officers, directors, employees, affiliates,
associates, customers or suppliers of the Originator or any of its Affiliates. The Seller’s Board of Directors shall not approve, or take any other action to cause the commencement of a voluntary case or other proceeding with respect to the
Seller under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law, or the appointment of or taking possession by, a receiver, liquidator, assignee, trustee, custodian, or other similar official
for the Seller unless in each case the Independent Directors shall approve the taking of such action in writing prior to the taking of such action. The Independent Directors’ fiduciary duty shall be to the Seller (and creditors) and not to the
Seller’s shareholders in respect of any decision of the type described in the preceding sentence. In the event an Independent Director resigns or otherwise ceases to be a director of the Seller, there shall be selected a replacement Independent
Director who shall not be an individual within the proscriptions of the first sentence of this clause (ii) or any individual who has any other type of professional relationship with the Originator or any of its Affiliates or any management
personnel of any such Person or Affiliate and who shall be (x) a tenured professor at a business or law school, (y) a retired judge or (z) an established independent member of the business community, having a sound reputation and
experience relative to the duties to be performed by such individual as an Independent Director; 
 (iii) No Independent
Director shall at any time serve as a trustee in bankruptcy for Originator or any Affiliate thereof; 
 (iv) Any employee,
consultant or agent of the Seller will be compensated from the Seller’s own bank accounts for services provided to the Seller except as provided herein in respect of the Servicing Fee. The Seller will engage no agents other than a Servicer for
the Receivables, which Servicer will be fully compensated for its services to the Seller by payment of the Servicing Fee; 
  

					
		  	EX-IV-6	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (v) The Seller will contract with the Servicer to perform for the Seller all operations
required on a daily basis to service its Receivables. The Seller will pay the Servicer a monthly fee based on the level of Receivables being managed by the Servicer. The Seller will not incur any material indirect or overhead expenses for items
shared between the Seller and the Originator or any Affiliate thereof which are not reflected in the Servicing Fee. To the extent, if any, that the Seller and the Originator or any Affiliate thereof share 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, it being understood that Originator shall pay all expenses relating to the preparation, negotiation, execution and delivery of the Transaction Documents, including, without limitation, legal and other fees;

 (vi) The Seller’s operating expenses will not be paid by Originator or any Affiliate thereof unless the Seller shall
have agreed in writing with such Person to reimburse such Person for any such payments; 
 (vii) The Seller will have its own
separate mailing address and stationery; 
 (viii) The Seller’s books and records will be maintained separately from
those of the Originator or any Affiliate thereof; 
 (ix) Any financial statements of the Originator or KAR which are
consolidated to include the Seller will contain detailed notes clearly stating that the Seller is a separate corporate entity and has sold ownership interests in the Seller’s accounts receivable; 
 (x) The Seller’s assets will be maintained in a manner that facilitates their identification and segregation from those of the
Originator and any Affiliate thereof; 
 (xi) The Seller will strictly observe corporate formalities in its dealings with the
Originator and any Affiliate thereof, and funds or other assets of the Seller will not be commingled with those of the Originator or any Affiliate thereof. The Seller shall not maintain joint bank accounts or other depository accounts to which the
Originator or any Affiliate thereof (other than AFC in its capacity as Servicer) has independent access and shall not pool any of the Seller’s funds at any time with any funds of the Originator or any Affiliate thereof; 
 (xii) The Seller shall pay to the Originator 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 Seller and any Affiliate thereof, but the Seller shall not, directly or indirectly, be named or enter into an agreement to be named, as a direct or contingent beneficiary or
loss payee, under any such insurance policy, with respect to any amounts payable due to occurrences or events related to the Originator or any Affiliate thereof (other than the Seller); and 
  

					
		  	EX-IV-7	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (xiii) The Seller will maintain arm’s length relationships with the Originator and
any Affiliate thereof. The Originator or any Affiliate thereof that renders or otherwise furnishes services to the Seller will be compensated by the Seller at market rates for such services. Neither the Seller nor the Originator or any Affiliate
thereof 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. 
 (n) Mergers, Acquisitions, Sales, etc. 
 (i) The Seller shall not: 
 (A) be a party to any merger or consolidation, or directly or indirectly purchase or otherwise acquire, whether in one or a series of
transactions, all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, or sell, transfer, assign, convey or lease any of its property and assets (including, without
limitation, any Pool Receivable or any interest therein) other than pursuant to this Agreement; 
 (B) make, incur or suffer
to exist an investment in, equity contribution to, loan, credit or advance to, or payment obligation in respect of the deferred purchase price of property from, any other Person, except for obligations incurred pursuant to the Transaction Documents;
or 
 (C) create any direct or indirect Subsidiary or otherwise acquire direct or indirect ownership of any equity interests
in any other Person. 
 (o) Restricted Payments. 
 (i) General Restriction. Except in accordance with subparagraph (ii), the Seller shall not (A) purchase or redeem any
shares of its capital stock, (B) declare or pay any Dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem any subordinated indebtedness of the Seller, (D) lend or advance any funds or (E) repay any
loans or advances to, for or from the Originator. Actions of the type described in this clause (i) are herein collectively called “Restricted Payments”. 
 (ii) Types of Permitted Payments. Subject to the limitations set forth in clause (iii) below, the Seller may make Restricted
Payments so long as such Restricted Payments are made only to the Originator and only in one or more of the following ways: 
 (A) Seller may make cash payments (including prepayments) on the Company Note in accordance with its terms; and 
 (B) if no amounts are then outstanding under the Company Note, the Seller may declare and pay Dividends. 
  

					
		  	EX-IV-8	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (iii) Specific Restrictions. The Seller may make Restricted Payments only out of
Collections paid or released to the Seller pursuant to Section 1.4(b). Furthermore, the Seller shall not pay, make or declare: 
 (A) any Dividend if, after giving effect thereto, Seller’s Tangible Net Worth would be less than [*]; or 
 (B) [*]. 
 (p) Use of Seller’s Share of Collections. Subject to clause (o) above,
the Seller shall apply its share of Collections to make payments in the following order of priority: first, the payment of its expenses (including, without limitation, the obligations payable to Purchasers, the Affected Persons, the Agent,
the Purchaser Agents and the Agent under the Transaction Documents), second, the payment of accrued and unpaid interest on the Company Note, third, the payment of the outstanding principal amount of the Company Note, and fourth,
other legal and valid corporate purposes permitted by the Agreement. 
 (q) Amendments to Certain Documents. 
 (i) The Seller shall not amend, supplement, amend and restate, or otherwise modify the Purchase and Sale Agreement, the Company Note, any
other document executed under the Purchase and Sale Agreement, the Deposit Account Agreements, the Backup Servicing Agreement, the Backup Servicing Fee Letter or the Seller’s articles of incorporation or by-laws, except (A) in accordance
with the terms of such document, instrument or agreement and (B) with the prior written consent of the Agent. The Seller shall obtain confirmation of the then–current rating of the Notes from S&P prior to amending the Seller’s
articles of incorporation. 
 (ii) The Originator shall not enter into, or otherwise become bound by, any agreement,
instrument, document or other arrangement that restricts its right to amend, supplement, amend and restate or otherwise modify, or to extend or renew, or to waive any right under, this Agreement or any other Transaction Document. 
 (r) Incurrence of Indebtedness. The Seller shall not (i) create, incur or permit to exist any Debt or liability or (ii) cause or permit
to be issued for its account any letters of credit or bankers’ acceptances, except for Debt incurred pursuant to the Company Note and liabilities incurred pursuant to or in connection with the Transaction Documents or otherwise permitted
therein. 
 (s) Lot Checks. The Seller shall, or shall cause the Originator to, conduct Lot Checks of the Obligors according to the
Originator’s customary practices or such more frequent intervals as may reasonably be requested by the Agent. 
 (t) Byrider.
[*]. 
  

					
		  	EX-IV-9	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT V 
 TERMINATION EVENTS 
 Each of the following shall be a “Termination Event”: 
 (a) Any Person which is the Servicer shall fail to (1) make when due any payment or deposit to be made by it under the Agreement or any other
Transaction Document or (2) set aside or allocate all accrued and unpaid Program Fee, Discount or Servicing Fee in accordance with Section 1.4(b) and in each case, such failure shall remain unremedied for two Business Days after the
earlier of (i) the Servicer’s knowledge of such failure and (ii) notice to the Servicer of such failure; or 
 (b) The Seller
shall fail (i) to transfer to any successor Servicer when required any rights, pursuant to the Agreement, which the Seller then has with respect to the servicing of the Pool Receivables, or (ii) to make any payment required under the
Agreement or any other Transaction Document, and in either case such failure shall remain unremedied for two Business Days after notice or discovery thereof; or 
 (c) Any representation or warranty made or deemed made by the Seller or the Servicer (or any of their respective officers) under or in connection with the Agreement or any other Transaction Document or any information
or report delivered by the Seller or the Servicer pursuant to the Agreement or any other Transaction Document shall prove to have been incorrect, incomplete (with respect to such information or report delivered) or untrue in any material respect
when made or deemed made or delivered; provided, however, if the violation of this paragraph (c) by the Seller or the Servicer may be cured without any potential or actual detriment to any Purchaser, the Agent, any
Purchaser Agent, the Backup Servicer or any Program Support Provider, the Seller or the Servicer, as applicable, shall have 30 days from the earlier of (i) such Person’s knowledge of such failure and (ii) notice to such Person of such
failure to so cure any such violation before a Termination Event shall occur so long as such Person is diligently attempting to effect such cure; or 
 (d) The Seller or the Servicer shall fail to perform or observe any other material term, covenant or agreement contained in the Agreement or any other Transaction Document on its part to be performed or observed and
any such failure shall remain unremedied for 30 days after the earlier of (i) such Person’s knowledge of such failure and (ii) notice to such Person of such failure (or, with respect to a failure to deliver the Servicer Report or the
Portfolio Certificate pursuant to the Agreement, such failure shall remain unremedied for five days); or 
 (e) (i) A default shall occur in
the payment when due (subject to any applicable grace period), whether by acceleration or otherwise, of any Debt of the Seller, AFC or KAR or (ii) a default shall occur in the performance or observance of any obligation or condition with
respect to such Debt if the effect of such default is to accelerate the maturity of any such Debt, and, in the case of either clause (i) or clause (ii), the Debt with respect to which non-payment and/or non-performance shall have
occurred exceeds, at any point in time, with respect to the Seller or AFC, $1,000,000 in the aggregate for all such occurrences or, with respect to KAR, $35,000,000, in the aggregate for all such occurrences; or 
  

					
		  	EX-V-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 (f) The Agreement or any purchase or any reinvestment pursuant to the Agreement shall for any reason
(other than pursuant to the terms hereof) (i) cease to create, or the Aggregate Participation shall for any reason cease to be, a valid and enforceable perfected undivided percentage ownership interest to the extent of the Aggregate
Participation in each Pool Receivable free and clear of any Adverse Claim, excepting only Permitted Liens and the Collections with respect thereto and the Seller’s right, title and interest in, to and under the Related Security and the proceeds
thereof, or (ii) cease to create with respect to the items described in Section 1.2(d), or the interest of the Agent (for the benefit of the Secured Parties) with respect to such items shall cease to be, a valid and enforceable
first priority perfected security interest, and in the case of the Pool Receivables, free and clear of any Adverse Claim, excepting only Permitted Liens; or 
 (g) The Originator, KAR or Seller shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against the Originator, KAR or Seller seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it
or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 45 days, or any of the actions sought
in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the
Originator, KAR or Seller shall take any corporate action to authorize any of the actions set forth above in this paragraph (g); or 
 (h) As of the last day of any calendar month, the arithmetic average of the Default Ratios for the most recent [*] shall exceed [*] or the Default Ratio as of the last day of any calendar month shall exceed [*]; or 
 (i) As of the last day of any calendar month, the arithmetic average of the Delinquency Ratios for the most recent [*] shall exceed [*] or the
Delinquency Ratio as of the last day of any calendar month shall exceed [*]; or 
 (j) The Net Spread shall be [*]; or 
 (k) At any time the aggregate of all Participations exceeds 100% and such condition shall continue unremedied for five days after any date any Servicer
Report or Portfolio Certificate is required to be delivered; or 
 (l) A Change in Control shall occur; or 
 (m) (i) Any “accumulated funding deficiency” (within the meaning of Section 412 of the Internal Revenue Code or Section 302 of
ERISA), whether or not waived, shall exist with respect to any Plan, (ii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to 

  

					
		  	EX-V-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the
Majority Purchasers, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iii) the Seller or any ERISA Affiliate shall, or in the reasonable opinion of the Majority Purchasers, is likely to, incur any liability
in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan, (iv) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Internal Revenue Code with regard to any
assets of the Seller or any ERISA Affiliate and such lien shall not have been released within ten Business Days, or the Pension Benefit Guaranty Corporation shall, or shall indicate its intention to, file notice of a lien pursuant to
Section 4068 of ERISA or perfect a lien under Section 302(f) of ERISA with regard to any of the assets of Seller or any ERISA Affiliate, or (v) any other adverse event or condition shall occur or exist with respect to a Plan; and in
each case in clauses (i), (ii), (iii), (iv) and (v) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to involve an aggregate amount of liability to the
Seller or an ERISA Affiliate in excess of $10,000,000; or 
 (n) The Tangible Net Worth of the Seller shall be less than [*] or the Tangible
Net Worth of the Originator shall be less than [*]; or 
 (o) Any material adverse change shall occur in the reasonable business judgment of
the Agent or the Majority Purchasers in the collectibility of the Receivables or the business, operations, property or financial condition of the Originator or the Seller; or 
 (p) Any Purchase and Sale Termination Event (as defined in the Purchase and Sale Agreement) shall occur (whether or not waived by the Seller); or

 (q) The Performance Guaranty shall cease to be in full force and effect with respect to KAR, KAR shall fail to comply with or perform any
provision of the Performance Guaranty, or KAR (or any Person by, through or on behalf of KAR) shall contest in any manner the validity, binding nature or enforceability of the Performance Guaranty with respect to KAR; or 
 (r) the sum of all of AFC’s Debt (including intercompany loans between AFC and KAR but excluding any guarantee of KAR’s Debt under the KAR
Credit Facility), plus the Investment of the Aggregate Participation, plus the outstanding balance of any other recourse or non-recourse transactions exceeds [*]; or 
 (s) AFC’s debt (excluding guarantees) to equity ratio is greater than [*]; or 
 (t) The aggregate
Outstanding Balances of Eligible Receivables then in the Receivables Pool shall be less than $100,000,000; or 
 (u) The amount on deposit in
the Cash Reserve Account shall at any time fail to equal or exceed the Cash Reserve for a period of [*]; or 
 (v) (i) any of the Originator,
the Seller or the Servicer shall have asserted that any of the Transaction Documents to which it is a party is not valid and binding on the parties thereto; or (ii) any court, governmental authority or agency having jurisdiction over any of the

  

					
		  	EX-V-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
parties to any of the Transaction Documents or any property thereof shall find or rule that any material provisions of any of the Transaction Documents is
not valid and binding on the parties thereto and all appeals therefrom have been decided or the time to appeal has run; or 
 (w) the Backup
Servicer shall resign or be terminated and no successor Backup Servicer reasonably acceptable to the Agent shall have been appointed pursuant to a replacement Backup Servicing Agreement within 90 days of such resignation or termination; unless on or
prior to the first day in which a Backup Servicer is required to be appointed pursuant to this paragraph (x) ADESA’s senior unsecured debt shall be rated at least “BBB-” by S&P and “Baa3” by Moody’s;
provided, that a Termination Event shall be deemed to occur if no Backup Servicer reasonably acceptable to the Agent shall have been appointed within 90 days following any subsequent withdrawal, suspension or downgrade of such senior
unsecured debt ratings of ADESA below “BBB-” by S&P or below “Baa3” by Moody’s or, if the applicable rating is “BBB-” by S&P or “Baa3” by Moody’s, the placement of such ratings on credit
watch or similar notation; or 
 (x) the occurrence of a KAR Financial Covenant Termination Event. 
  

					
		  	EX-V-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT VI 
 PORTFOLIO CERTIFICATE 
 AFC FUNDING CORPORATION 
 PORTFOLIO CERTIFICATE 
 AS OF: ____________________ 
  

	To:	BMO Capital Markets, as Agent 

 Deutsche Bank AG, as Agent

 Reference is made to the Third Amended and Restated Receivables Purchase Agreement, dated as of April 20, 2007 (herein, as amended or
otherwise modified from time to time, called the “Receivables Purchase Agreement”), among AFC Funding Corporation (the “Seller”), Automotive Finance Corporation (the “Servicer”), Fairway Finance
Company, LLC, and Monterey Funding LLC as Purchasers, and such other entities from time to time as may become purchasers thereunder, BMO Capital Markets as Agent and Purchaser Agent for Fairway Finance Company, LLC and Deutsche Bank AG as Agent and
Purchaser Agent for Monterey Funding LLC. Capitalized terms used but not otherwise defined herein are used as defined in the Receivables Purchase Agreement. 
 The Seller hereby certifies and warrants to you that the following is a true and correct computation as of
                                        .

  

									
	1.	  	NET RECEIVABLES POOL BALANCE	  	Amount
				
		  	A.	  	Total of all Receivables in the Receivables Pool	  	$                        
				
		  	B.	  	Specified Ineligible Receivables	  	$                        
				
		  	C.	  	Sum of Outstanding Balances of all Receivables in the Receivables Pool that are excluded from the Net Receivables Pool Balance	  	$                        
				
		  	D.	  	Amount by which the Outstanding Balances of all Eligible Receivables of each Obligor exceeds the product of the Normal Concentration Percentage for such Obligor (or, in the case
of a Special Obligor, the Special Concentration Percentage) multiplied by the Outstanding Balance of all Eligible Receivables	  	$                        
				
		  	E.	  	Net Receivables Pool Balance (1A-1B-1C-1D)	  	$                        

  

					
		  	EX-VI-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

											
	2.	  	LIQUIDATION ACCOUNT BALANCE EXCESS/(DEFICIT)	 		  	
				
		  	Amount of Collections on deposit in the Liquidation Account (other than amounts transferred thereto from the Deposit Accounts to pay Discount, Utilization Fee, Facility Fee,
Unused Fee, Note Placement Fees, Backup Servicing Fees, Unaffiliated Servicer Fees and Transition Expenses pursuant to Section 1.4(b)(i) and 1.4(b)(ii) of the Receivables Purchase Agreement and Indemnified Amounts to the Indemnified
Parties)	 	$                        	  	
				
	3.	  	PARTICIPATION OUTSTANDING	 		  	
				
		  	The sum of the Aggregate Investment of the Participation and the Loss Reserve minus the amount of cash in the Deposit Account at [*] at the end of business on either (i)
with respect to any Servicer Report, the last Business Day of the prior calendar month, or (ii) with respect to any Portfolio Certificate, Friday of the prior calendar week and that was wired to the respective Revolving Purchaser on the immediately
following Business Day to paydown that Revolving Purchaser’s Investment.	 	$                        	  	
						
		  	A.	  	Aggregate Investment	 	$                        	 		  	
						
		  	B.	  	Loss Reserve ([*]) after application of cash sent from [*]	 	$                        	 		  	
						
		  	C.	  	Cash Sent from [*]	 	$                        	 		  	
		
	TEST: (1E PLUS 2 MUST BE GREATER THAN OR EQUAL TO 3)	 	     YES/NO            
                    

					
	4.	  	CASH RESERVE ([*])	 		 		  	
						
		  	A.	  	Actual Balance	 		 	$                        	  	
						
		  	B.	  	Minimum Required Balance	 		 	$                        	  	
		
	TEST: (4A MUST BE GREATER THAN 4B)	 	     YES/NO            
                    

  

					
		  	EX-VI-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 IN WITNESS WHEREOF, the Seller has caused this Certificate to be executed and delivered by its duly authorized officer
this          day of                     , 200  . 
  

			
	 AFC FUNDING CORPORATION,

		
	 By
	 	  

	 Name:
	 	Jim Money
	 Title:
	 	VP of Finance

  

					
		  	EX-VI-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 EXHIBIT VII 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the representations, warranties and
covenants contained in the Agreement, to induce Purchasers and Agent to enter into the Agreement and, in the case of Purchasers, to purchase the Participation hereunder, the Seller hereby represents, warrants and covenants to Agent and the
Purchasers as to itself as follows on the Closing Date and on the date of each purchase and reinvestment in the Participation thereafter: 
 General 
 1. The Agreement creates a valid and continuing security interest (as defined in the Indiana UCC) in the
Receivables in favor of the Agent, for the benefit of the Secured Parties, which security interest is prior to all other Adverse Claims, and is enforceable as such as against creditors of and purchasers from the Seller. 
 2. The Receivables constitute “accounts,” “payment intangibles,” “general intangibles,” “instruments” or
“tangible chattel paper,” within the meaning of the Indiana UCC. 
 3. The Cash Reserve Account, the Deposit Account and the
Liquidation Account and all subaccounts of such accounts, constitute either a “deposit account” or a “securities account” within the meaning of the Indiana UCC. 
 4. The Originator or the Originating Lender, as applicable, thereof has perfected its security interest against the Obligors in the property securing the
Receivables (to the extent that a security interest in such property can be perfected by the filing of a financing statement). 
 Creation

 5. The Seller owns and has good and marketable title to the Receivables free and clear of any Adverse Claim, claim or encumbrance of
any Person, excepting only Permitted Liens. 
 6. Originator has received all consents and approvals to the sale of the Receivables to the
Seller required by the terms of the Receivables that constitute instruments or payment intangibles. 
 Perfection 
 7. Each of the Originator and the Seller has caused or will have caused, within ten days after the effective date of the Agreement, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from Originator to the Seller pursuant to the Purchase and Sale Agreement and the
security interest therein granted by the Seller to the Agent, for the benefit of the Secured Parties, hereunder; and Originator has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the
Receivables, and all 

  

					
		  	EX-VII-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
financing statements referred to in this paragraph contain a statement to the effect that: A purchase of or security interest in any collateral described in
this financing statement will violate the rights of the Agent, for the benefit of the Secured Parties. 
 8. With respect to Receivables that
constitute an instrument or tangible chattel paper: 
 Such instruments or tangible chattel paper is in the possession of the Servicer and the
Agent has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Agent, on behalf of the Secured Parties, and each of the Originator and
the Seller has caused or will have caused, within ten days after the effective date of the Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law, and all
financing statements referred to in this paragraph contain a statement to the effect that: A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Agent, for the benefit of the
Secured Parties. 
 9. With respect to the Cash Reserve Account, the Deposit Account and the Liquidation Account and all subaccounts of such
accounts that constitute deposit accounts, either: 
 (i) The Seller has delivered to the Agent, for the benefit of the Secured Parties, a
fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Agent, for the benefit of the Secured Parties, directing disposition of the funds in such accounts
without further consent by the Seller; or 
 (ii) The Seller has taken all steps necessary to cause the Agent, on behalf of the Secured
Parties, to become the account holder of such accounts. 
 10. With respect to the Cash Reserve Account, the Deposit Account and the
Liquidation Account or subaccounts of such accounts that constitute “securities accounts” or “securities entitlements” within the meaning of the Indiana UCC: 
 (i) The Seller has delivered to the Agent, for the benefit of the Secured Parties, a fully executed agreement pursuant to which the securities
intermediary has agreed to comply with all instructions originated by the Agent, for the benefit of the Secured Parties, relating to such account without further consent by the Seller; or 
 (ii) The Seller has taken all steps necessary to cause the securities intermediary to identify in its records the Agent, for the benefit of the Secured
Parties, as the person having a security entitlement against the securities intermediary in each of such accounts. 
  

					
		  	EX-VII-2	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 Priority 
 11. Other than the transfer of the Receivables to the Seller under the Purchase and Sale Agreement and the security interest granted to the Agent, for the benefit of the Secured Parties, pursuant to this Agreement,
neither the Seller nor the Originator has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables or the Cash Reserve Account, the Deposit Account, the Liquidation Account or any subaccount of such
accounts. Neither the Seller nor the Originator has authorized the filing of, or is aware of any financing statements against the Seller or the Originator that include a description of collateral covering the Receivables or the Cash Reserve Account,
the Deposit Account, the Liquidation Account or any subaccount of such accounts other than any financing statement relating to the security interest granted to the Agent, for the benefit of the Secured Parties, hereunder or that has been terminated.

 12. Neither the Seller nor the Originator is aware of any judgment, ERISA or tax lien filings against either the Seller or the Originator.

 13. None of the instruments or tangible chattel paper that constitute or evidence the Receivables has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Seller or the Agent, for the benefit of the Secured Parties. 
 14. Neither the Cash Reserve Account, the Deposit Account, the Liquidation Account nor any subaccount of such accounts are in the name of any person other than the Seller or the Agent, on behalf of the Secured
Parties. The Seller has not consented to the securities intermediary of any such account to comply with entitlement orders of any person other than the Agent, on behalf of the Secured Parties. 
 15. Survival of Perfection Representations. Notwithstanding any other provision of the Agreement or any other Transaction Document, the Perfection
Representations contained in this Exhibit VII shall be continuing, and remain in full force and effect (notwithstanding any termination of the commitments or any replacement of the Servicer or termination of Servicer’s rights to act as
such) until such time as Investments and all other obligations under the Agreement have been finally and fully paid and performed. 
 16.
No Waiver. The parties to the Agreement: (i) shall not, without obtaining a confirmation of the then-current rating of the Notes, waive any of the Perfection Representations; and (ii) shall provide the Ratings Agencies with prompt
written notice of any breach of the Perfection Representations, and shall not, without obtaining a confirmation of the then-current rating of the Notes (as determined after any adjustment or withdrawal of the ratings following notice of such
breach), waive a breach of any of the Perfection Representations. 
 17. Servicer to Maintain Perfection and Priority. The Servicer
covenants that, in order to evidence the interests of the Agent, on behalf of the Secured Parties, under this Agreement, Servicer shall take such action, or execute and deliver such instruments (other than effecting a Filing (as defined below),
unless such Filing is effected in accordance with this paragraph) as may be necessary or advisable including, without limitation, such actions as are 

  

					
		  	EX-VII-3	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 
requested by the Agent, on behalf of the Secured Parties, to maintain and perfect, as a first priority interest (subject only to Permitted Liens), the
Agent’s, on behalf of the Secured Parties’, security interest in the Receivables and Collections with respect thereto and the Seller’s right, title and interest in, to and under the Related Security and the proceeds thereof. Servicer
shall, from time to time and within the time limits established by law, prepare and present to the Agent, on behalf of the Secured Parties, for the Agent, on behalf of the Secured Parties, to authorize (based in reliance on the opinion of counsel
hereinafter provided for) the Servicer to file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other
filings necessary or advisable to continue, maintain and perfect the Agent’s, on behalf of the Secured Parties’, security interest in the Receivables and Collections with respect thereto and the Seller’s right, title and interest in,
to and under the Related Security and the proceeds thereof as a first-priority interest (subject only to Permitted Liens) (each a “Filing”). Servicer shall present each such Filing to the Agent, on behalf of the Secured Parties,
together with (x) an opinion of counsel as to perfection and such other matters as the Agent may reasonably request with respect to such Filing, and (y) a form of authorization for the Agent’s, on behalf of the Secured Parties’
signature. Upon receipt of such opinion of counsel and form of authorization, the Agent, on behalf of the Secured Parties, shall promptly authorize in writing Servicer to, and Servicer shall, effect such Filing under the Uniform Commercial Code
without the signature of Originator, the Seller, or the Agent, on behalf of the Secured Parties where allowed by applicable law. Notwithstanding anything else in the Agreement to the contrary, the Servicer shall not have any authority to effect a
Filing without obtaining written authorization from the Agent, on behalf of the Secured Parties, in accordance with this paragraph (17). 
  

					
		  	EX-VII-4	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 SCHEDULE I 
 CREDIT AND COLLECTION POLICY 
  

					
		  	SCH I	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 AFC Credit Policy 
 Rev. 04/07 
  

					
		 	SCH I - i	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

			
	 TABLE OF CONTENTS
	  	
		
	 INTRODUCTION
	  	1-1
		
	 RESPONSIBILITY AND AUTHORITY
	  	2-1
		
	 GOLD ACCOUNTS: Line requests up to [*] (New applications and line increases)
	  	3-1
		
	 PLATINUM ACCOUNTS: Line requests [*] (New applications and line increases)
	  	4-1
		
	 CREDIT APPROVAL POLICY
	  	5-1
		
	 ADDITIONAL CURTAILMENT POLICY
	  	6-1
		
	 AUCTION PURCHASES
	  	7-1
		
	 NON-AUCTION PURCHASES
	  	8-1
		
	 DEALER QUICK APPS POLICY
	  	9-1
		
	 CREDIT FILES & MAINTENANCE
	  	10-1
		
	 ANNUAL REVIEW POLICY
	  	11-1
		
	 SPECIAL PROGRAMS
	  	12-1
		
	 LOAN SUPERVISION
	  	13-1
		
	 APPENDIX A
	  	14-1

  

					
		 	SCH I - i	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	1.0	INTRODUCTION 

 The AFC Board of Directors* has adopted these
policies for the purpose of establishing its general credit philosophy, guidelines and limitations. 
 These credit policies are intended to provide a
framework for management to direct credit activities for the company. While they are intended to be a general guide, it is recognized that specific situations may arise that would require exceptions to the policies stated herein. Exceptions will be
allowed subject to the approval by a majority of the Credit Committee in accordance with sound business practice. 
  

	*	See Appendix A 

  

	2.0	RESPONSIBILITY AND AUTHORITY 

  

	 	2.1	Board of Directors 

 The AFC Board of
Directors has ultimate authority for these credit policies. In addition to approving this policy, the Board is responsible for reviewing credit standards, procedures and for monitoring the loan portfolio and its performance. The Board requires sound
credit standards, internal and accounting controls, and periodic audits of loan approvals and transactions. 
  

	 	2.2	Credit Committee 

 The Credit Committee shall
consist of the President and at least four other members. The President may appoint additional members to the Credit Committee at their discretion. The current Credit Committee members are: 
 President, AFC 
 Chief Operating Officer, AFC

 VP of Finance, AFC 
 Director
of Credit Services, AFC 
 Vice President of Operations, AFC 
 Vice President of Legal, Collections, & Special Operations, AFC 
 Specific functions and duties of
the Credit Committee: 
  

	 	•	 	 Approve loans in excess of [*] 

  

	 	•	 	 Monitor compliance with this policy and related procedures 

  

	 	•	 	 Recommend changes to this policy as necessary 

  

					
		 	SCH I -1	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	 	2.3	Credit Department 

 AFC shall have the
following objectives in its Credit Department: 
  

	 	•	 	 To set the level of funds and monitor performance to make sure AFC is achieving rates of return adequate to meet budgeted profit objectives

  

	 	•	 	 To consider all risks involved with a loan and to evaluate and analyze risk factors during the period that the loan is available 

  

	 	•	 	 To maintain a moderately aggressive lending posture that achieves reasonable growth objectives 

  

	 	•	 	 To avoid undue concentrations of exposure to any one credit loan 

 The primary functions of the Credit Department shall be to: 
  

	 	•	 	 Process loan applications and prepare recommendations for approval by the Credit Department and Credit Committee 

  

	 	•	 	 Obtain all required loan documentation 

  

	 	•	 	 Manage force-placed insurance 

  

	 	•	 	 Establish and update the credit file for each loan 

  

	 	•	 	 In addition to these primary duties, other functions may be assigned to the department by the President 

 The President shall be responsible for the general administration and supervision of the loan portfolio. He shall monitor compliance with this policy and
shall see that reports of loans approved and other lending activities are made to the Credit Committee. The President or his designee has authority to approve loans up to and including [*]. 
 The Chief Operating Officer shall have primary responsibility for compliance with the policies stated herein and shall see that proper and complete
reports are made to the Credit Committee. 
 The Director of Credit Services (DCS) shall be responsible for the day-to-day operation of the
Credit Department. The DCS shall see that loan forms and procedures are updated from time to time, that all Credit personnel are properly trained and that all lending operations are carried out in a prudent and proper manner. The DCS will ensure
proper review of procedures and controls over the credit approval process. The DCS will establish and maintain approved credit limits. It is the DCS and/or the Credit Committee’s prerogative to restrict temporary increases in conjunction with
line increases or new lines for [*]. 
 The Credit Analyst has authority to approve new loans and existing loan increases up to and including
[*] in accordance with the AFC Credit Scorecard. The Credit Analyst will use reasonable business judgment in addition to the scorecard when approving or declining loan applications. Loan approvals, which exceed the scorecard limit, require
approval by the Credit Manager. 
  

					
		 	SCH I -2	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	 	2.4	Credit Standards 

 Credit shall be extended to
qualified dealers according to the following criteria: 
  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

 Other considerations:

  

	 	•	 	 [*] 

  

	 	•	 	 Financial condition of the borrower and availability of additional collateral 

  

	 	•	 	 [*] 

  

	 	2.5	Citizenship 

 It is AFC’s policy to lend only to U.S.
Citizens, Canadian Citizens, and/or Non-U.S. Citizens who are legal permanent residents of the Unites States (“Legal Permanent Resident”). When considering whether to extend credit to a Legal Permanent Resident, AFC will do so without
regard to the applicant’s specific race, nationality, or ethnic origin; rather it will consider the application under the totality of the circumstances. 
 The Credit Department will maintain the current legal requirements to be considered a Legal Permanent Resident. All discrepancies must be discussed with the Legal Department or outside Counsel. 
 AFC reserves the right, through the Freedom of Information Act (FOIA)/Privacy Act (PA), to require a Legal Permanent Resident to obtain verification of
the validity of their documentation via a formal request through the FOIA/PA. 
  

	 	2.6	Credit Limits and Advances 

 Since credit limits may be set
or altered by a State from time to time, the Credit Department and Legal Department will monitor this on an ongoing basis. Additionally, it might be a requirement of a State to have a minimum advance on the dealer’s line. These regulations will
also be monitored and adjusted accordingly. 
 Currently the States of CA and VA have an INITIAL minimum advance requirement of $5,000.

  

					
		 	SCH I -3	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 The Credit Department reserves the right to alter a dealer’s credit limit based on the above
factors as well as performance concerns. 
  

	3.0	Gold Accounts: LINE REQUESTS UP TO [*] 

 (NEW
APPLICATIONS AND LINE INCREASES) 
  

	 	3.1	New Applications 

 Application Process:

 The credit process is initiated when the branch receives a completed and signed application from a dealer. The
branch must enter the application and reference information into the COSMOS computer system and send to the Corporate Credit Department. A Credit Analyst within the Credit Department will complete a credit analysis which includes a credit bureau,
UCC/lien search, KO Book check, credit summary, and credit scorecard. [*] 
  

	 	3.2	Existing Credit Lines 

 Credit Line Increase
Requests: 
 Minimum Requirements: 
  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

 The branch should submit the
documents above via the computer system, to the Credit Department. 
  

					
		 	SCH I -4	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 3.3 Contract Documents Required: 
 Required Documents: 
 1. Sole
Proprietorship and Partnerships 
 A. [*] 
 B. [*] 
 C. [*] 
 2. Corporations 
 A. [*] 
 B. [*] 
 C. [*] 
 3. LLCs 
 A. [*] 
 B. [*] 
 C. [*] 
  

	4.0	Platinum Account: LINE REQUESTS [*] 

 (NEW
APPLICATIONS AND LINE INCREASES) 
 When a request for a platinum package is received at the corporate Credit Department the following steps will be
taken: 
 The package will be reviewed [*] for completeness. 
  

	 	4.1	Platinum Package Review 

  

	 	4.1.1	Complete Packages 

  

	 	•	If the package is complete, the Branch Manager will be e-mailed that the package has been received complete. 

  

	 	•	The Credit Department will send a final e-mail with the decision from Credit Committee when received. 

  

					
		 	SCH I -5	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	 	4.1.2	Incomplete Packages 

  

	 	•	If the package is incomplete, the branch will be e-mailed a list of missing documents. 

  

	 	•	The Platinum Department will follow-up with the dealer via a phone call and/or letter to assist the branch in gathering missing documents. 

  

	 	•	If the missing documents are not received within [*], the request will be stale dated. The package will be scanned into EDMS and originals will be shredded.

  

	 	•	The package can be resubmitted when complete with updated documents. 

  

	 	4.2	Contents of a Complete Platinum Package 

  

	 	4.2.1	[*] 

  

	 	4.2.2	[*] 

  

	 	4.2.3	[*] 

  

	 	4.2.4	[*] 

  

	 	4.2.5	[*] 

  

	 	4.2.6	A new applicant requires a completed, signed AFC application; a completed signed checklist, [*]. 

 A review requires an AFC Review Worksheet, a completed Dealer Modification Form, [*]. 
  

	 	4.2.7	It is necessary to obtain other floorplan sources, current balances and all information related to all auction references listed. (There is space for this information on the [*]
Checklist). 

  

	 	4.2.8	LLC (If Applicable)- Because of the way that Limited Liability Companies are structured, it is necessary to obtain and send Articles of Organization, and the Operating Agreement
(where applicable) to the Credit Department. Where there is no Operating Agreement required by the state, we will need to see the corporate tax returns. If there are neither, then AFC will draft a document that must be signed by certain members
and/or manager of the Borrower. We need to identify all Members and Managers. [*]. 

  

					
		 	SCH I -6	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 There are two common structures of an LLC: 
  

	 	•	Member managed – [*]. 

  

	 	•	Manager managed – [*]. 

 In the event of a
discrepancy the Legal Department will be involved in making the appropriate course of action. 
  

	 	4.2.9	If a Corporation, please obtain a copy of dealership’s Articles of Incorporation. 

  

	 	4.2.10	Completed [*] checklist signed by Branch Manager verifying that package is complete (can be located on MyAFC.net). 

  

	 	4.2.11	Security or collateral- It may be necessary to obtain security or collateral in the form of a mortgage . This possibility should be discussed with the dealer.

 If security is needed, the dealer needs to be advised that the average cost of document preparation may exceed [*]. These
costs include: 
  

	 	•	a property appraisal 

  

	 	•	a title search 

  

	 	•	the cost for having a Deed of Trust or a Mortgage prepared. 

 If the property being used as collateral is a commercial property, please be aware that these costs could be considerably higher due to [*]. 
 [*] 
 If the increase is subject to security or collateral, the Credit Department will put the branch in
touch with in-house counsel. When contacted, counsel will know what is required and in most cases can handle internally. 
 Security or
collateral could also be in the form of a certificate of deposit or cash. Any other type of security or collateral should be discussed with a Regional Manager. 
  

	5.0	CREDIT APPROVAL POLICY 

  

	 	5.1	Gold Accounts: Credit Lines [*] 

 The Credit Analyst has
the authority to credit decision the following: 
  

	 	•	 	 New applications 

  

	 	•	 	 Requests for increases 

  

	 	•	 	 Annual reviews 

  

	 	•	 	 Standard term changes ([*]). Non-standard term change requests must be approved by the Credit Manager or the Director of Credit Services.

  

	 	•	 	 Once an Application is approved the account can be automatically increased to the new credit line via a [*] temporary increase by the Credit /Contract Departments.

  

					
		 	SCH I -7	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 This gives the branch ample time to get the contract executed to make the line permanent. 

 

	 	5.2	Platinum Accounts: – Credit lines [*] 

 Credit lines
over [*] are handled in the following manner: 
  

	 	5.2.1	The Sr. Credit Analyst will prepare the credit package and route to the Credit Manager. At the same time the analyst emails their recommendation to the RM and BM. The RM has the
ability to recommend revising or terminating the request. The Sr. Credit Analyst may also order a criminal background check at this time with the appropriate authorization. 

  

	 	5.2.2	The Credit Manager will review, make recommendation and route the package to the DCS for their recommendation if available. 

  

	 	5.2.3	The DCS will review the file, make a recommendation and then forward it to the remaining credit committee members. 

 The following are the dollar amounts and the corresponding credit committee members required to approve the request (in addition to the DCS): 

Loan requests up to [*] 
  

	 	•	COO, VP of Finance, or another representative as directed by the President 

 Loan requests between [*] up to [*] 
  

	 	•	One independent VP (other than the VP of the area the dealer is located in) 

  

	 	•	President, COO, VP of Finance, or another representative as directed by the President (Two of the three). 

 Loan requests in excess of [*] 
  

	 	•	One independent VP (other than the VP of the area the dealer is located in) 

  

	 	•	COO & VP of Finance 

  

	 	•	And President 

  

	 	-	It is not necessary for the President to sign on loan packages under [*]; however, the President may sign in place of any of the individuals listed above. 

 

	 	5.2.4	 The file will be returned to the Credit Manager who will prepare a summary term sheet. The package will be routed back to the DCS for 

  

					
		 	SCH I -8	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	 	 
review of all recommendations. It is the DCS’ responsibility to interpret all recommendations and ensure that a majority of signing members agree on a
final decision. 

  

	 	5.2.5	The final decision will be forwarded to the Branch Manager via email and also entered into COSMOS. The Credit Analyst will detail why the decision was made, if other than requested,
in an email to the Branch Manager. 

  

	 	5.2.6	Once an Application is approved the account can be automatically increased to the new credit line via a [*] temporary increase by the Credit Department. This gives the branch ample
time to get the contract executed to make the line permanent (refer to 5.1). 

  

	 	5.2.7	Term change requests require the approval of the following (after RM and Division VP approval): 

  

	 	•	DCS 

  

	 	•	COO, VP of Finance, or another respresentative as directed by the President. 

  

	 	•	An independent VP or the President can substitute for the above individuals if they are not available. 

 If a dealer is not contracted within [*] of approval, the dealer must reapply unless an exception is made by the Credit Manager. 
  

	6.0	ADDITIONAL EXTENSION OF CURTAILMENT DATE 

  

	 	6.1	Policy Statement 

 An additional extension
of curtailment date, beyond contract terms for a vehicle, may be approved with the following qualifiers (unless approved by the Division VP): 
  

	 	6.1.1	Dealer must have a [*] history with AFC of reasonable activity. 

  

					
		 	SCH I -9	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	 	6.1.2	No failed lot checks in the last [*]. 

  

	 	6.1.3	No NSF’s in the last [*]. 

  

	 	6.1.4	Contract floorplan fee applies. 

  

	 	6.1.5	Any additional extension of curtailment is for at least [*] of the remaining principal, plus fees, plus interest and unit must be visually verified within [*] of the transaction.

  

	 	6.1.6	The unit must be visually verified within [*] of the transaction. If the unit was not visually verified by an AutoVin Field Manager within [*] of the transaction, then the branch
must visually verify the unit. Branches may use pictures in place of visual inspections when visual inspections are not possible. The pictures must include images of all four sides of the vehicle with at least one of the pictures showing the valid
AFC P.O. number for the current week. The branch will receive a weekly email in their branch inbox with their Corporate assigned AFC P.O. number for that week. The branch must retain the photos used for the inspection in the respective dealer’s
Miscellaneous file at the branch. 

  

	 	6.2	Approvals 

  

	 	6.2.1	 1st extension of curtailment beyond contracted terms must be approved by the [*]. 

  

	 	6.2.2	 2nd extension of curtailment beyond contracted terms must be approved by the [*]. 

  

	 	6.2.3	 3rd extension of curtailment or greater must be approved by the [*] who will then forward to the [*] if recommended for their approval. 

  

	 	•	Approvals must be documented via e-mail and retained in the title file 

  

	7.0	AUCTION PURCHASES 

  

	 	7.1	Policy Statement  

 This is a purchase in
which the vehicle is purchased through the auction lane of an AFC-approved auction. The dealer must present the auction ticket as the loan’s source documentation. Branch employees must verify the integrity of the transaction by inspecting the
related documentation. The table below explains the parameters for advances made for an AFC Approved Auction Purchases. 
  

					
		 	SCH I -10	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 Approved Auction Purchase 
  

							
	 [*]
	  	 Maximum AFC Advance
	  	 COSMOS Floorplan Date
	  	 Additional AFC Fee

	 [*]
	  	Up to [*].	  	[*]	  	None
				
	 [*]
	  	Up to [*]	  	[*]	  	[*]

  

	•	Required documentation: Negotiable title and auction ticket. If inspection is required, attach the Advance Checklist Form. 

  

			
	 Floorplanning dates when Paying Auction
	  	 Floorplanning dates when Paying Dealer

	 [*]
	  	[*]
	 [*]
	  	[*]
	 [*]
	  	[*]

  

	**	Note: An additional [*] must be entered manually into COSMOS unless this was from an AFC-sponsored float program. 

 Vehicles over [*] 
 [*] These transactions require [*]
approval. Dealers may have distinct terms identified within their respective contract. 
 Refloorplanning 
 [*] approval is required if dollar amount of refloor is greater than or equal to previous floorplanned amount. Refloor is the same unit floored by the
same dealer within the [*]. 
  

	8.0	NON-AUCTION PURCHASES 

 Policy Statement

 This is a purchase in which the vehicle is not purchased through the auction lane of an AFC approved auction, or an approved auction
purchase [*]. The dealer must provide appropriate source documentation showing how they acquired the vehicle and the cost they incurred in doing so. 
 Non-Auction Purchases 
 There are many ways a dealer can acquire inventory. The three that occur most often are: 

1) Dealer takes vehicle on trade from a retail customer. 
 2) Dealer trades inventory with another dealer (new or used). 
  

					
		 	SCH I -11	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 3) Dealer directly purchases from another dealer (new or used), fleet organization or other
automotive entity. 
  

					
	 	  	 Maximum AFC Advance
	  	 Additional Administrative Fee charged to dealer.

	 If inspected prior to flooring
	  	*Up to [*] (whichever is less)	  	Yes—[*]
			
	 If NOT inspected prior to flooring
	  	*Up to [*] (whichever is less)	  	Yes—[*]

  

	•	 	 Required documentation: Negotiable title, APPROVED value guide valuation, Advance Checklist Form and an original executed BOS or copy of BOS or auction ticket.

  

	•	 	 Approved Value Guides (the selected Value Guide must be geographically specific to the flooring branch’s location where applicable) :

  

	•	 	 Blackbook – Average Wholesale 

  

	•	 	 Classic Car Blackbook – Average Wholesale 

  

	•	 	 Heavy Duty Blackbook – Average Wholesale 

  

	•	 	 NADA – Trade-In 

  

	•	 	 NADA – Low Retail (use only when NADA Trade-In value is not available for same unit) 

  

	•	 	 NADA Classic Guide – Low Retail 

  

	•	 	 NADA Recreational Vehicle Guides – Low Retail (boats, RVs, trailers, etc.) 

  

	•	 	 ADESA Market Guide – Average 

  

	•	 	 Manheim Market Report – Average 

  

	•	 	 Branches may use pictures in place of visual inspections when visual inspections are not possible. The pictures must include images of all four sides of the vehicle
with at least one of the pictures showing the valid AFC P.O. number for the current week. The branch will receive a weekly email in their branch inbox with their Corporately assigned AFC P.O. number. Each number will be valid for seven calendar
days. Branch must attach all inspection photos to the respective paid source document. 

 Any exception to the above outline can be made
by written request from the Branch Manager to the Regional Manager. 
 Non-Auction Purchase Privileges 
  

	•	 	 [*]%= All account begin with [*] of the credit line available for non-auction purchases. 

  

					
		 	SCH I -12	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	•	 	 [*]%= Any account with at least [*] paid off. 

 Any
exception to the above outline may be made by written request from the Branch Manager to the Regional Manager prior to submission to the Credit Admin Department for approval by the [*]. 
 Reminders for Approved Auction and Non-Auction Purchases 
  

	•	 	 Branches do not have to advance the full percentage in the Maximum AFC Advance column and it is recommended to inspect. 

  

	•	 	 Branches must aggressively follow-up for all outstanding titles from “indirect” advances. Outstanding titles should never age [*] from the date on
which AFC funds were mailed. 

  

	•	 	 Branches must conduct complete inspections of the collateral in accordance with the advance checklist form. 

  

	•	 	 Branches must have original title prior to all direct funding. 

 Vehicles over [*] 
 [*] These transactions require [*] Approval. Dealers may have distinct terms
identified within their respective contract. 
 Refloorplanning 
 [*] approval is required if dollar amount of refloor is greater than or equal to previous floorplanned amount. Refloor is the same unit floored by the same dealer within the [*]. 
  

	9.0	DEALER QUICK APPS POLICY 

 Purpose 
 Quick Apps were designed to allow the branches to take greater advantage of sales opportunities. A Quick App will allow a dealer to begin flooring on the day of sale and
gather full, supporting documentation after the sale. The dealer must leave one check per car with the branch on sale day. 
 Quick Apps are to be used for
special situations which must be pre-approved by the Division VP [*] prior to the event.The branch will [*] floor vehicles, after which the account will be placed on a no flooring restriction. The account will remain restricted until a complete
application package has been received and reviewed at Corporate. 
 NOTE: The credit limit established on quick applications will be determined with limited
information. The account can be re-evaluated for a higher credit limit if more information is provided in the completed application package. 
  

					
		 	SCH I -13	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 In no case will a Quick App line exceed [*]. 
  

	10.0	CREDIT FILES AND MAINTENANCE 

 As a matter of policy, all credit
files shall be maintained on all loans at the corporate office in electronic format. Each credit file shall contain: 
  

	 	•	Borrower application for credit (signed and obtained from ALL signers on the account, including Guarantors) 

  

	 	•	Credit reports on each Borrower and Guarantor 

  

	 	•	Credit applications review worksheet prepared by the Credit Department 

  

	 	•	Credit review write-up for loans in excess of [*] 

  

	 	•	Copies of [*] for loans in excess of [*] 

  

	 	•	UCC or applicable search 

  

	 	•	Evidence of loan approval 

  

	 	•	Evidence of PMSI filings with other creditors, as necessary (green card or equivalient) 

  

	 	•	Properly executed documents: 

  

	 	•	Promissory Note and Security Agreement 

  

	 	•	Term Sheet 

  

	 	•	Power of Attorney 

  

	 	•	Unconditional Guaranty 

  

	 	•	Other documents necessary to secure AFC’s interest in the loan 

  

	 	•	Any other information deemed necessary by the Credit Department 

 Dealer
lot check documentation shall be maintained by lot check provider and can be retrieved via the web. 
  

	 	10.1	Manufacturer Agreements 

 Following is the policy
regarding Manufacturer Agreements, and the procedures which must be completed prior to executing such agreements. It is the intention of AFC to fully review each manufacturer for financial stability, quality of product and commitment to integrity at
a level equal to which AFC is held. In order to accomplish this, the following documents are necessary. 
 Financial Statements: 

 

	 	•	 	 Income statement and balance sheet within the last 90 days. 

  

	 	•	 	 Income and balance sheet for prior year-end. 

 Tax Returns: 
  

	 	•	 	 Last two years corporate tax returns. 

 Miscellaneous: 
  

	 	•	 	 Credit references (minimum of two). 

  

	 	•	 	 Most recent annual report or current business plan 

 The documents above must be submitted to the Credit Manager. The Credit Manager will prepare a complete credit package for Credit Committee review. The package will 

  

					
		 	SCH I -14	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 
include a financial analysis, Lexis/Nexis search or equivalent, reference check, business summary and credit recommendation. Every package requires the
approval of at least the Director of Credit Services, Treasurer of ADESA, Inc., COO, or Controller. 
  

	11.0	ANNUAL REVIEW POLICY [*] 

 The purpose of this policy is to
ensure that the customer’s credit and account performance has been maintained to AFC standards. All AFC dealer files are reviewed annually by the corporate office. The branch must update all documentation required for initial approval and
submit with recommendation for renewal. Current financial data should be no more than three months old (exceptions must be approved by the Credit Department). Platinum account annual reviews require the approval of the Credit Manager, platinum
accounts and DCS, and one of the following (an independent VP, COO, Controller, Treasurer, ADESA, Inc., or the President). 
 Required Documents

  

			
	 Gold Accounts:
	  	 Platinum Accounts:

	 •        [*]
	  	 •        [*]

		
	 •        [*]
	  	 •        [*]

		
	 •        [*]
	  	 •        [*]

		
	 •        [*]
	  	 •        [*]

		
	 •        [*]
	  	 •        [*]

		
	 •        [*]
	  	 •        [*]

  

					
		 	SCH I -15	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	12.0	SPECIAL PROGRAMS 

 The Operations Department has created several
special programs to help facilitate our borrowers and branches. These programs allow the branches to better serve their dealers while still upholding the desired credit standards of AFC. 
 The following explains each special program in depth: 
  

	•	 	 Temporary Increase and Overlines 

  

	 	•	 	 It is the DCS and/or the Credit Committee’s prerogative to restrict temporary increases in conjunction with line increase or new lines for up to six months.

  

	•	 	 Float Sales 

  

	•	 	 Rental 

  

	 	12.1	Dealer Temporary Increase and Overline Policies 

 The purpose of these policies is to prevent losses due to over-extended, unmonitored dealers, as well as identify those dealers who may need an increased credit line. It is designed to document and monitor those dealers who exceed their
credit limits. 
  

	 	12.1.1	Temporary Increase Policy 

 The purpose of the temporary
increase is to accommodate a dealers sporadic buying needs and to allow for increased buying power while a credit line increase is being processed. Dealers are permitted to go over their credit line by an approved amount for a given period of time.
The dealer’s account may fluctuate up and down within that time frame as long as the account balance remains under the temporary approved credit line. The credit line must be under the standard credit limit by the end of the temporary increase
period or the account will be restricted from flooring. 
 Approval Levels for Temporary Increase*: 
  

					
	•	  	 Branch Manager or SAM
 (Special Assignment
Manager)
	  	up to [*]**
	•	  	Regional Manager or Credit Manager	  	up to [*]
	•	  	Vice President	  	up to [*]
	•	  	COO or DCS	  	up to [*]
	•	  	COO & DCS	  	over  [*]
	•	  	President can substitute for all of the above.	  	

  

	*	Based on performance review of a dealer the Credit Department has the authority to decline any request made. 

	**	Requests made by someone other than the Branch Manger must copy the Branch Manager in the email request. 

  

					
		 	SCH I -16	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 The above listed differences between US and Canadian are based on an average exchange rate of [*].
The actual exchange rate is changed daily in COSMOS. As a result the Overline/Temporary Increase amounts will differ from the maximums listed above. 
 Maximum term for a temporary increase is [*]. 
 The maximum limit for a temporary increase must not exceed
the dealers contracted credit limit unless approved by the VP, COO, VP of Finance, DCS, or President. 
 On accounts where the Temporary
request is [*], the Dealer must submit a current Balance Sheet and Income Statement (not older than 90 days) for review by the DCS and COO, or their replacements. 
 There can be no more than [*] temporary increases within any [*] month period unless approved by the COO, Controller, or President (in the event that neither are available, the DCS can approve). If none of the above
are available, then the Credit manager may approve exceptions. Additionally, there can be no more than [*] consecutive temporary increases after our Seasonal Temp Program (STP). 
 For example if a dealer [*]. 
  

	 	12.1.2	Overline Policy 

 This should be used when a dealer needs
to exceed their credit line for a special, one-day event or situation (such as a special sale). The account may not fluctuate up and down; once the dealer is approved for the overage, no more vehicles may be floored until the line is paid back to
the normal credit limit. All Overlines that exceed a temporary increase by [*] must be approved by the COO, VP of Finance, or President (in the event that they are not available, the DCS can approve). If none of the above is available, then the
Credit Manager may approve the exceptions. 
 Approval levels for Overline (Where no Temporary Increases are in place)*; 
  

					
	 •
	  	All Branch Employees	  	up to [*]**
	 •
	  	Regional Manager or Credit Manager	  	up to [*]
	 •
	  	Vice President	  	up to [*]
	 •
	  	COO or DCS	  	up to [*]
	 •
	  	COO & DCS	  	over  [*]
	 •
	  	President can substitute for all of the above.	  	

  

	*	Based on performance review of a dealer the Credit Department has the authority to decline any request made. 

	**	Approvals at the Branch level do not need to be e-mailed to the Overline Administrator. 

  

					
		 	SCH I -17	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 The above listed differences are based on an average exchange rate of .80. The actual exchange rate
is changed daily in COSMOS. As a result the Overline/Temporary Increase amounts will differ from the maximums listed above. 
  

	 	12.2	Rate & Term Adjustment Procedure 

 The need for rate
and term adjustments comes up from time to time. In order to process these requests quickly, please forward the following to the Credit Department: 
  

	 	•	 	 Summary write-up 

  

	 	•	 	 Complete a ROGI form 

  

	 	•	 	 Obtain the [*] and [*]’s written approval for the request 

  

	 	•	 	 Complete request in Cosmos computer system. 

  

	 	•	 	 Submit all of the above for approval to the Credit Department at Corporate. 

 Gold account standard term changes ([*]) can be approved by the credit analyst. Non-standard term changes must be approved by the [*].

 Platinum account non-standard term changes must be approved by the [*] (two independent [*] can substitute if the
[*] is not available), and the [*]. 
  

	 	12.3	Float Sales – Auction Guaranteed  

 (100% Guaranteed or Partially Guaranteed) 
 Purpose 
 Float sales are special sales held by an auction to increase sales by allowing dealers to purchase vehicles and not pay for them until sold or within a
specified term, whichever comes first. AFC participates in order to support the auction. 
 Auction Approval 
 Prior to a float sale the host auction must be approved by the Credit Committee. Initial float sale requests must be submitted 2 weeks prior to the
sale and should have the following documents submitted with the request. 
  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

					
		 	SCH I -18	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 Once the host auction is approved by the Credit Committee the auction will be allowed to have float
sales for 1 year. In order to continue having float sales, the auction must be reviewed annually. 
 NOTE: The limit established by the Credit
Committee is the maximum amount that the auction can extend to the dealers purchasing at the float sale. This dollar amount will be treated as a “credit line” – that is, AFC will only floor cars up to the set dollar amount. The
auction can apply for temporary increases if necessary. 
 Terms & Conditions 
  

	 	•	 	 The term will be stated on the float sale request form (i.e. 30 to 60 days). 

  

	 	•	 	 [*] in accordance with their standard floorplan contract. 

  

	 	•	 	 [*] 

  

	 	12.4	Float Sales – [*] AFC Liability 

 Purpose

 Float sales are special sales held by an auction to increase sales by allowing dealers to purchase vehicles and not pay for them
until sold or within a specified term, whichever comes first. AFC participates in order to support the auction. 
 All non AFC dealers who
participate must have a credit limit assigned by the Credit Department and execute a float sale agreement prior to floor planning. 
 Terms & Conditions 
  

	 	•	 	 The term will be stated on the float sale request form (i.e. 30 to 60 days). 

  

	 	•	 	 [*] float in accordance with their standard floorplan contract. 

  

	 	•	 	 [*] 

  

	 	12.5	Rental 

 Rental Floorplans 

Rental floorplans operate in much the same way as do retail floorplans with a few marked exceptions. In general, rental floorplans are geared toward
the segment of the automotive market in the car rental business. Their fee, interest and term structure is designed to reflect the nature of the rental industry. Application procedures for rental accounts mirror those of the retail floorplan.

 Although rental accounts differ in term and rate, they are maintained to the same standard as a retail account. Dealers must be reviewed on
an annual basis; credit line reviews for increases are completed as well as periodic lot audits. 
  

					
		 	SCH I -19	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

	13.0	LOAN SUPERVISION 

 Each Regional and Branch Manager
has the duty to review the performance of the loans he or she services and to actively follow up if substantial deviations or problems are detected. It is the Regional and Branch Mangers’ responsibility to notify the appropriate individuals,
via a potential loss notice, and to develop a plan to correct the problem. 
 AFC shall provide ADESA Inc. a monthly operating report as
defined by ADESA Inc. 
 The policies listed below are the policies that the AFC Credit Department is responsible to oversee regarding problem
loans: 
  

	 	•	 	 NSF Policy 

  

	 	•	 	 Contract Execution Policy 

  

	 	•	 	 Direct Dealer Contact 

  

	 	•	 	 Credit References 

  

	 	•	 	 AFC Reinstatement Policy 

  

	 	•	 	 Forced Placed Insurance 

  

	 	•	 	 Cashier’s Check 

  

	 	13.1	NSF Policy 

 The corporate Administrative Services
Department receives notification daily of all NSFs. The Administration Department posts the checks in the Cosmos computer system and notifies the branch. Cosmos automatically restricts the account from any further flooring until the following types
of funds are deposited upon which it automatically removes the flooring restriction: 
  

	 	•	 	 Cashier’s check 

  

	 	•	 	 Certified check 

  

	 	•	 	 Traveller’s check 

  

	 	•	 	 Money order 

  

	 	•	 	 Cash 

  

	 	•	 	 Wire transfer 

  

	 	•	 	 Credit card 

  

	 	•	 	 ACH 

  

	 	13.2	Contract Execution Policy 

 The purpose of this
memorandum is to establish AFC’s policy regarding the signing, witnessing, and notarizing of AFC contracts, exhibits, and Amendments. 
 US branches/Alberta Dealers: All contracts, exhibits and amendments must be signed by the dealer in the presence of an AFC employee. Each branch must have at least one employee who is a notary, and have access to at least one other notary
who is known by an AFC employee. (I.e. an auction employee) 
  

					
		 	SCH I -20	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 These notaries and no others will be used to notarize applicable exhibits and amendments, including
all guaranties. 
 Canadian branches/except Alberta Dealers: All Contracts, exhibits and amendments must be signed by the dealer in the
presence of two witnesses, at least one of which must be an AFC employee. If an amendment or exhibit that requires the signature of two witnesses is not signed by both witnesses, it will be returned as incorrect. 
 All branches: The Notary/Witnesses must be present at the time of signing. A notarized/witnessed copy of the contract must be given to all signors. Each
branch will verify the identity of the parties and compare signatures on the contract with a signature on a signor’s picture identification in a form of either a driver’s license or passport. Each branch will also be required to write down
the photo ID number of the contract signers at the bottom of the dealer contract application page. 
  

	 	13.3	AFC Reinstatement Policy 

 Purpose 
 Should an active dealer be designated as a potential loss necessitating a PLN Notice, and subsequently considered
for reinstatement of a credit line, the following procedures are required. 
 The following procedures are also required if the dealership
files for bankruptcy protection under chapter 7, 11, or 13. This would result in a BANKRUPTCY LOCKOUT. 
 Requirements

 Branch Manager: Recommends reinstatement procedures are activated via an e-mail to the respective Regional Manager describing in
detail the reason for the request. The cause of the potential loss, how the potential loss was resolved (i.e.; PIF or PN), the current status of the account, and what the dealer has done to prevent reoccurrence of a potential loss must be a part of
this recommendation. The recommended dollar amount of the reinstatement credit line must be less than the previous credit line. Additionally, if this is a bankruptcy, we need the date of filing, the type filed, and the date of discharge or
dismissal. 
 Regional Manager: Reviews the Branch Manager recommendation. Either concurs or rejects the recommendation. If rejected-
the issue is closed. If concurs- forwards recommendation e-mail to the Collection Manager with appropriate comments. 
 Collection
Manager: Reviews the recommendation and either concurs or rejects with appropriate comments. Forwards recommendation e-mail to Credit Manager. 
 Credit Manager: Reviews the recommendation and completes the Review Process Matrix. Upon completion, routes to DCS for review. The DCS then forwards recommendation with appropriate comments to the respective Area Vice President for
final concurrence or rejection. 
  

					
		 	SCH I -21	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 AFC - Credit Policy  
  
  

 Division Vice President: Reviews the recommendation and determines final concurrence or
rejection. Upon completion, forwards file with appropriate comments to the Collection Manager. 
 Collection Manager: If recommendation
is rejected, dealer file is re-filed with the collection accounts. If concurrence, the lockout is removed, the Branch Manager is notified, and the dealer file is re-filed in the Credit Department as an active dealer. 
 Required Documents: 
  

	 	•	 	 AFC Review Worksheet 

  

	 	•	 	 Dealer Request Form 

  

	 	•	 	 Lot Audit Summary 

  

	 	•	 	 If a term or rate change, submit a ROGI and approval by Regional Manager. 

 File will be reviewed for the following: 
  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

  

	 	•	 	 [*] 

 As a general rule the standard reinstatement
process must be performed when a PLN has been previously entered. If a dealer cures the default prior to any vehicle being 30 days delinquent or written off, the Collection Manager and the Regional Manager have the authority to waive the
reinstatement process. Thereafter, only the President, COO or any two of the following VP of Collections, Corporate Counsel, and any of the divisional VP’s have the authority to waive the reinstatement process. If the reinstatement process has
been waived the Collections Department will immediately inform the Credit Department of such waiver. In the case of a bankruptcy the entity or person which AFC has contracted with (i.e. not a guarantor) must go through a reinstatement process and
there will be no waivers allowed. 
  

	 	13.4	Credit References 

 From time to time AFC is asked to
provide credit references for dealers that we have done business with. In order to protect AFC and its dealers, please forward all inquiries to the corporate Credit Department. 
  

	 	13.5	Forced Placed Insurance 

 To establish a line of
credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; Comprehensive and Collision coverage and physical damage coverage for a
limit of not less than 50% of their approved credit line. [*] 
 If a dealer does not provide AFC with the required insurance documentation
within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntarily sign-up for the VIP insurance program. 
  

					
		 	SCH I -22	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

 SCHEDULE II 
 DEPOSIT BANKS AND DEPOSIT ACCOUNTS 
  

			
	 Deposit Bank
	 	 Deposit Account

	[*]	 	[*]
		
	 [*]
	 	[*]
		
	 [*]
	 	[*]
		
	 [*]
	 	[*]

  

					
		  	SCH-II-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 SCHEDULE III 
 [RESERVED] 
  

					
		  	SCH-III-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 SCHEDULE IV 
 ELIGIBLE CONTRACTS 
 Eligible Contracts are available upon request 
  

					
		  	SCH-IV-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 SCHEDULE V 
 TAX MATTERS 
 None. 
  

					
		  	SCH-V-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 SCHEDULE VI 
 COMPETITOR FINANCIAL INSTITUTIONS 
 [*] 
  

					
		  	SCH-VI-1	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 ANNEX A 
 FORM PURCHASE NOTICE 
 [INSERT DATE] 
  

			
	 BMO Capital Markets
 115 S. LaSalle Street
 13th Floor West
 Chicago, Illinois 60603
 Attention: Conduit Management
	 	 Deutsche Bank Securities Inc
 60 Wall
Street
 19th Floor
 New York, NY 10005
 Attn: DB Funding & Admin

 Ladies and Gentlemen: 
 Reference is hereby made to the Third Amended and Restated Receivables Purchase Agreement, dated as of April 20, 2007 (as heretofore amended or supplemented, the “Receivables Purchase
Agreement”), among AFC Funding Corporation (the “Seller”), Automotive Finance Corporation, as servicer (the “Servicer”), Fairway Finance Company, LLC, and Monterey Funding LLC as Purchasers and such other
entities from time to time as may become purchasers thereunder, BMO Capital Markets, as Agent and Purchaser Agent for Fairway Finance Company, LLC, Deutsche Bank Securities Inc. as Agent and Purchaser Agent for Monterey Funding LLC. Capitalized
terms used in this Purchase Notice and not otherwise defined herein shall have the meanings assigned thereto in the Receivables Purchase Agreement. 
 This letter constitutes a Purchase Notice pursuant to Section 1.2(a) of the Receivables Purchase Agreement. Seller desires to sell a Participation on [insert date] for a purchase price of [insert $ amount]. Seller requests an
initial Yield Period of [insert no. of days] days for such Participation. 
 Seller hereby represents and warrants as of the date hereof, and
as of the date of Purchase, as follows: 
 (i) the representations and warranties contained in Exhibit III to the
Receivables Purchase Agreement are true and correct on and as of such date of such Purchase as though made on and as of such date; 
 (ii) no event has occurred and is continuing, or would result from such Purchase, that constitutes a Termination Event or Unmatured Termination Event; 
 (iii) the sum of the aggregate of the Participations does not exceed 100%; 
 (iv) the aggregate Investment for all Term Purchasers does not exceed 40% of the aggregate Investment; and 

 (v) the amount on deposit in the Cash Reserve Account is equal to or greater than the
Cash Reserve. 
 IN WITNESS WHEREOF, the undersigned has caused this Purchase Notice to be executed by its duly authorized officer as of the
date first above written. 
  

			
	AFC FUNDING CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 2 

 ANNEX B 
 FORM OF SERVICER REPORT 
  

									
		  		  	Date	  	  
	  	
		  		  	# of Days in Month:	  	  
	  	
	
	Third Amended and Restated Receivables Purchase Agreement dated as of
                         , 200   among AFC FUNDING CORPORATION as Seller, AUTOMOTIVE FINANCE
CORPORATION, as Servicer, FAIRWAY FINANCE COMPANY, LLC and MONTEREY FUNDING as Purchasers, and BMO Capital Markets and Deutsche Bank as Initial Agents

  

									
	Part I. Purchase Limit, Investment Amount, and Participation as of	  		  	
	 	  	Fairway	  	Monterey
	  A.	 	Purchase Limit	  		  	
		 	Purchase Limit %	  		  	
	  B.	 	Aggregate Investment Amount (Excludes Cash Wired from [*])	  		  	
	  C.	 	Aggregate Loss Reserve Calculation	  		  	
	  D.	 	Collateral Balance = (Net Receivables Pool Balance + Excess in Liq. Acct )	  		  	
	  E	 	Participation = [(B+C /D)]	  		  	
		
	Part II. Receivables Rollforward and Aging Report	  	
				
		 	See Section I details on Receivables Pool Balance calculated as of the Month End Date.	  		  	
		
	Part III. Concentration Limits and Net Portfolio Balance	  	
				
		 	See Section II details on Receivables Pool Balance calculated as of the Month End Date.	  		  	
			
	Part IV. Required Reserves (Section III)	  	$	  	%
					
	  A.	 	Loss Reserve (incl Cash Res)	 	Loss Reserves and Percentage	  		  	
		 		 	Minimum Level (Min % * Investment)	  		  	
	  B.	 	Cash Reserve (part of LR)	 	Minimum Level (Min % * Investment)	  		  	
			
	Part V. Performance Triggers (Section IV)	  	Actual	  	Trigger Level
				
	  A.	 	[*]	  		  	
		 	[*]	 		  		  	
	  B.	 	[*]	  		  	
	  C.	 	[*]	  		  	
	  D.	 	[*]	  		  	
	  E.	 	[*]	 		  		  	
	  F.	 	[*]	  		  	
	  G.	 	Net Spread Test	 		  		  	

  

					
		  	Annex B	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

									
				
	Part VI. Financial Triggers & Covenants (Section V)	  	Actual	  	 	  	Trigger Level
					
	  A.	 	Bankruptcy	  		  		  	
	  B.	 	Material Adverse Change	  		  		  	
	  C.	 	IRS section 6323 Lien	  		  		  	
	  D.	 	Change in Control	  		  		  	
	  E.	 	Level One Trigger Event	  		  		  	
	  F.	 	KAR Financial Covenant Violation	  		  		  	
	  G.	 	Cross Acceleration of Corporate Debt	  		  		  	
	  H.	 	Servicer’s Debt + Investment Limitation	  		  		  	
	  I.	 	Tangible Net Worth Test (AFC)	  		  		  	
	  J.	 	Tangible Net Worth Test (Seller)	  		  		  	
	  K	 	Leverage Ratio (Debt / Equity) of AFC - Quarterly	  		  		  	
				
	Part VII. Reporting Requirements	  	Timing	  	 	  	 
					
	  A.	 	Reporting Period	  		  		  	
	  B.	 	Report Dates	  		  		  	
	  C.	 	Quarterly Financial Statements - Seller & Servicer	  		  		  	
	  D.	 	Annual Financial Statements - Seller & Servicer	  		  		  	
	  E.	 	KAR Compliance Certificate	  		  		  	
	  F.	 	Material Changes to Servicer Report	  		  		  	
	
	Part VIII. Representations & Warranties
	The Servicer certifies the figures on the Servicer Report to be true and complete, no Termination Events as forth in Exhibit V have occurred, and the representations and warranties
set forth in Exhibit III of the Receivables Purchase Agreement are true and correct as of the date hereof.

  

							
	AFC FUNDING CORPORATION
			
	   By:
	  		  	
			
	   Name Printed:
	  		  	
			
	   Title:
	  		  	
			
	   Date:
	  		  	

  

					
		  	Annex B	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

									
	  SECTION I – Receivables Information	  	 	 		 		 	

  

											
	  I.	  	Receivables Rollforward	  		  		  		  	
		  		  		  	 Current
 Month
	  		  	 
	A)	  	Beginning Principal Balance	  		  	 	  		  	 
	 B)
	  	Receivables Floorplanned	  		  	 	  		  	 
	 C)
	  	Principal Receipts	  		  	 	  		  	 
	 D)
	  	Write-Offs	  		  	 	  		  	 
	 E)
	  	A/R Converted to Notes	  		  	 	  		  	 
	 F)
	  	Ending Principal Balance [A + B - C - D - E]	  		  	 	  		  	 
		  	Finance Charge Collections	  		  		  		  	
	 G)
	  	Interest	  		  	 	  		  	 
	 H)
	  	Floorplan Fee	  		  	 	  		  	 
	 I)
	  	Other Fees	  		  	 	  		  	 
	 J)
	  	Finance Charge Collections	  		  	 	  		  	 
						
		  	Write-Offs	  		  		  		  	
	 K)
	  	Total Write-Offs	  		  	 	  		  	 
	 L)
	  	Write-Offs > [*]	  		  	 	  		  	 
	 M)
	  	Total Converted to Notes	  		  	 	  		  	 
	 N)
	  	Converted to Notes > [*]	  		  	 	  		  	 
						
	 II.
	  	Receivables Aging Report	  		  		  		  	
	 A)
	  	Current	  		  	 	  		  	 
	 B)
	  	[*] Days Past Due	  		  	 	  		  	 
	 C)
	  	[*] Days Past Due	  		  	 	  		  	 
	 D)
	  	[*] Days Past Due	  		  	 	  		  	 
	 E)
	  	[*] Days Past Due	  		  	 	  		  	 
	 F)
	  	[*] Days Past Due	  		  	 	  		  	 
		  	Total Receivables [A + B + C + D + E + F]	  		  	 	  		  	 
		  	Average Maturity (ref purposes only)	  		  		  		  	
						
		  	Difference	  		  		  		  	
					
	 III.
	  	Payment Rate / Implied Turnover	  		  		  	
	 A)
	  	Principal Receipts (from rollforward)	  		  	 	  		  	
	 B)
	  	Beginning Principal Balance (from rollforward)	  		  	 	  		  	
		  	Implied Turnover [B / A * 30]	  		  	 	  		  	
		  		  		  		  		  	
	 V.
	  	Delinquent Receivables	  		  	 	  		  	
		  	Receivables [*] days past due	  		  		  		  	
	 VI.
	  	Defaulted Receivables	  		  		  		  	
		  	Receivables [*] days past due	  		  	 	  		  	
		  		  		  		  		  	
	 SECTION II – Concentrations & NRPB
	  		  		  		  	
						
	 VII.
	  	Obligor Information	  		  		  		  	
		  	Number of Active Dealers	  		  	 	  		  	
		  	Average Dealer Size	  		  	 	  		  	

  

					
		 	Annex B	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

													
					
	 VIII.
	  	Net Receivables Pool Balance Calculation	  		  		  	
		  	Total Receivables	  		  		  	 	  	
		  	Less: Specified Inelgibile Receivables	  		  	 	  	
		  	Total Receivables excluding Specified Ineligible Receivables	  		  		  	
		  	Receivables excluded from NRPB (includes exclusion for Specified Curtailment Recv.)*	  		  		  	
		  		  	TA Exclusions	  		  		  	 	  	
		  		  	Delinquent Receivables	  		  		  	 	  	
		  		  	Defaulted Receivables	  		  		  	 	  	
		  		  	        Non-Eligible Vehicles	  		  	 	  	
		  		  	        Tractor Receivables > [*]	  		  	 	  	
		  		  	        Recreational Vehicle Receivables > [*]	  	 	  	
		  		  	        Used Motorcycles > [*]	  		  	 	  	
		  		  	Obligors with > [*] defaulted (not previously excluded)	  	 	  	
		  		  	Ineligible Term Exclusions	  		  	 	  	
		  		  	Floorplanned > [*]	  		  		  	 	  	
		  		  	[*] Day Terms > [*]	  		  		  	 	  	
		  		  	Terms > [*] payoff	  		  		  	 	  	
		  		  	Short Pays (P Exclusions)	  		  	 	  	
		  		  	NSF	  		  		  	 	  	
		  	Total Specified Curtailment Exclusion	  		  	 	  	
		  		  		  		  		  	
		  	Outstanding Balance of Eligible Receivables	  		  	 	  	
		  	(before Specified Curtailment Recv. Add-back)	  		  		  	
		  	Specified Curtailment Receivables	  		  		  	
		  	Add: [*]	  		  		  		  	
		  	Add: [*]	  		  		  		  	
		  		  	Less Specified Curtailment Receivables Advance in excess of [*]	  		  	
		  	O/s Bal. of Eligible Recv. (incl. Specified Curtailment Recv.)	  		  	 	  	
					
		  	Concentration Limits (including Specified Curtailment Receivables)	  		  		  	
		  	 Normal Concentrations (List all obligors in excess of [*] - US$ Equivalent)
  
	  		  		  	
		  		  	Largest Obligors	  	O/S Eligible	  	Elig Rec Limit	  	Excess	  	
		  		  	Dealer Number	  	Balance - NPE	  	[*]	  	Concentrations	  	
		  	 2
	  	 	  	 	  	0	  	—  	  	
		  	 3
	  	 	  	 	  	0	  	—  	  	
		  	 4
	  	 	  	 	  	0	  	—  	  	
		  	 5
	  	 	  	 	  	0	  	—  	  	
		  	 6
	  	 	  	 	  	0	  	—  	  	
		  	 7
	  	 	  	 	  	0	  	—  	  	
		  	8	  	 	  	 	  		  	—  	  	
		  		  	 	  	 	  		  	 	  	
		  	9	  	 	  	 	  		  	 	  	
		  		  		  	Total Excess Concentrations – Normal	  		  		  	—  
		  		  	Excluded Obligors	  		  		  		  	N/A

  

					
		 	Annex B	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

													
			
		  		 	Special Concentrations (List all obligors in excess of [*] - US $ Equivalent that has been approved as a special obligor)
		  		 	Per Third Amended Restated Agmt new dealers added to this list
		  		 		  	O/S Eligible	  	Elig Rec Limit	  	Excess	  	
		  		 	Dealer Number	  	Balance -
 NPE
	  	 	  	Concentrations	  	
		  	1	 	 	  	 	  		  	—  	  	
		  	2	 	 	  	 	  		  	—  	  	
		  	3	 	 	  	 	  		  	—  	  	
		  		 		  	Total Excess
Concentrations
- Special [*]	  		  		  	—  
			
		  		 	Special Concentrations (List all obligors in excess of [*] - US $ Equivalent that has been approved as a special obligor)
		  		 	 	  	 	  	 	  		  	
		  	1	 	 	  	 	  	0	  	—  	  	
		  		 		  	Total Excess
Concentrations
- Special [*]	  		  		  	—  
			
		  		 	Special Concentrations (List all obligors in excess of [*] -- US $ Equivalent that has been approved as a special obligor)
		  		 	 	  	 	  	 	  		  	
		  	1	 	 	  	 	  	0	  	—  	  	
		  	2	 	 	  	 	  	0	  	—  	  	
		  	3	 	 	  	 	  	0	  	—  	  	
		  	4	 	 	  	 	  	0	  	—  	  	
		  		 		  	Total Excess
Concentrations
- Special [*]	  		  		  	—  
		  		 		  		  		  		  	 
		  		 	Net Receivables Pool Balance	  		  		  		  	0

  

					
		 	Annex B	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

															
	 SECTION III - Required Reserves
	  		  		  		  	
		  		  	 	  	 	  	 
	IX.	  	 Investment & Discount (Discount Tab)
	 		  		  	Fairway	  	Monterey	  	Total
	A)	  	 Aggregate Investments
	 		  		  		  		  	0
	B)	  	Total
Discount	 		 		  		  		  		  	0
	C)	  	Accrued &
Unpaid
Discount	 		 		  		  		  		  	0
	D)	  	 Average Investment (from Billing)
	 		  		  		  		  	0
							
	X.	  	 Loss Percentage (Calculated Monthly)
	 		  		  		  		  	
	A)	  	[*]	 		 		  		  		  	 
	B)	  	[*]	 		 		  		  		  		  	
	C)	  	 Loss Reserve Ratio (Calculated Below)
	 		  		  		  		  	
	D)	  	Minimum
Loss
Percentage	 		 		  		  		  	 
	E)	  		 	Loss Percentage [*]	 		  		  		  		  	
		  		 		 		  		  	 	  	
		  		 	Loss Percentage (1-Loss Percentage)	 		  		  		  	 
		  		 		 		  		  		  		  	
	XI.	  	 Loss Reserve Calculation
	 	Fairway	  		  	Monterey	  		  	Total
	A)	  	Total
Investment	 		 		  		  		  		  	
	B)	  	 Cash wired in from collection account
	 		  		  		  		  	
	C)	  	 Loss Percentage/(1-Loss Percentage)
	 		  		  		  		  	
		  		 	Loss Reserve [A - B * C]	 		  		  		  	 
							
		  	 Loss Reserve Ratio:
	 		  		  		  		  	
	F)	  	[*]	 		 		  		  	 	  	 
	G)	  	[*]	 		 		  		  		  		  	
	H)	  	[*]	 		 		  		  		  	 
	I)	  	 Outstanding Balance of Eligible Receivables
	 		  		  		  	 
		  		 	Loss Reserve Ratios [G * H/I]	 		  		  		  	 
							
	XII.	  	 Cash Reserve Account
	 		  		  		  		  	
	A)	  	Excess
Spread [*]	 		 		  		  		  		  	
	B)	  	Excess
Spread [*]	 		 		  		  		  		  	
	C)	  	[*]	 		 		  		  		  	 
		  	[*]	 		 		  		  		  	 
		  		 		 		  		  		  	
	D)	  	[*]	 		 		  		  		  	 
		  	 Maximum Delinquency Ratio
	 		  		  		  	 
		  		 		  		  		  	
	E)	  	 Level One Trigger Event (C less than [*] or D greater than [*]]
	  		  	 
		  	 If ‘YES’, then such trigger shall remain in effect until three consecutive calendar months have
elapsed during which such trigger has not been breached.

	F)	  	 Cash Reserve Percentage
	 		  		  		  	 
	G)	  	 Aggregate Investments (Fairway + Monterey)
	  		  		  		  	
	H)	  	 Required Cash Reserve Amount [F * G]
	 		  		  		  	 
	I)	  	 Actual Cash Reserve Balance
	 		  		  		  	 

  

					
		 	Annex B	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

															
							
	XIII.	  	 Total Reserves
	 		  		  		  		  	
	A)	  	 Loss Reserve
	  		  		  		  	
	B)	  	 Cash Reserve [from XII. H)]
	  		  		  	
		  	         Total Reserve $ [A + B]
	  		  		  		  	 
		  		 		 		  		  		  		  	
		  	         Total Reserve % [A + B]
	  		  		  	 
						
	C)	  	 Investment + Loss Reserve [A + F]
	  		  		  		  	
		  		 		 		  		  		  		  	 
		  		 		 		  		  		  		  	
		  		  		  		  		  	
	XIV.	  	 Liquidation Account Balance
	  		  	Fairway	  	Monterey	  	Total
	A)	  	 Liquidation Account Balance
	  		  		  		  	
	B)	  	 Last Billing Paid
	 		  	 	  		  		  	
	C)	  	     Discount
	  		  		  		  	
	D)	  	     Utilization Fee (From Billing)
	  		  		  	
	E)	  	     Facility Fee (From Billing)
	  		  		  		  	
	F)	  	     Note Placement Fees
	  		  		  		  	
	G)	  	     Backup Serv. Fees & Unaffiliated Serv. Fees
	  		  		  	
	H)	  	     Transition Expenses (if Any)
	  		  		  	
		  		  		  		  	
		  		  	 Minimum Balance
	  		  	 
		  		  	 Excess Cash/(Deficit)
	  		  	 
		  		  	 Compliance?
	  		  	
				
		  	 Note: Items D, E and F are limited to Libor + [*]
	  		  	
				
	XV.	  	 Allocation to Purchaser’s Share and Seller’s Share (Based on or
	  		  	Participation)
		  	 Prior to a Termination Event
	  		  		  	
						
		  		  		  		  		  	Purchasers’
 Share

	A)	  	 Principal Receipts
	  		  		  		  	
	B)	  	 Finance Receipts
	  		  		  		  	
		  		 		 		  		  	 	  		  	 
	C)	  	 Total
	  		  		  		  	
		  		 		 		  		  		  		  	 
				
	1	  	 Unaffiliated Servicing Fee and Back-up Servicing Fee
	  		  	
	2	  	 Interest and Program Fees (not previously set aside in Liquidation Acct)
	  		  	
	3	  	 Cash Reserve Acct (any amt required to equal Cash Reserve Requirement)
	  		  	
	4	  	 Voluntary Paydown of Investment
	  		  		  	 
	5	  	 Paydown Investment of the Purchasers
	  		  		  	
	6	  	 Liquidation Account (to any Indemnified Party excl. any Interest/Program Fees & Investment)
	  	
	7	  	 Back-up Servicer (any accrued & unpaid Back-up Servicing Fees)
	  		  	
		  		 		 		  		  		  		  	 
	8	  	 Servicing Fees (not paid above) to the Servicer
	  		  		  	
		  		 		 		  		  		  		  	 
	9	  	 Reinvested in Receivables
	  		  		  	
		  		 		 		  		  		  		  	 
	10	  	 Seller, any remaining amounts
	  		  		  	
		  		 		 		  		  		  		  	
	 SECTION IV - Performance Triggers
	  		  		  		  	
		
	XVI.	  	 Termination Events - Month End Only

	A)	  	 Participation Test

		  	1)	 	Aggregate Investments
		  	2)	 	Loss Reserve Calculation
		  	3)	 	Cash wired from collection account
		  	4)	 	Excess Cash in Liquidation Account

  

					
		 	Annex B	 	Third Amended and Restated
		 		 	Receivables Purchase Agreement

											
		  	5)	 	Investment + Loss Reserve - Cash wired	  		  		  	
		  	6)	 	Net Receivable Pool Balance minus + Excess in Liq. Acct	  		  		  	
		  	7)	 	Participation % [5) / 6)]	  		  		  	 
		  	8)	 	Participation % Limit	  	In Compliance	  		  	 
					
	B)	  	 Default Ratio Test
	  		  		  	
		  	1)	 	 Receivables [*] days past due + Write-offs and Notes < [*] past due
	  		  		  	Jan-00
		  		 	 + A/R conv to Notes <[*] past due (Ref Tab 1 for details)
	  		  		  	 
		  	2)	 	Receivables Originated [*] months prior (Cash Disbur.)	  		  		  	 
		  	3)	 	Default Ratio [1/2]	  		  		  	 
		  		 	Maximum [*] Default Ratio	  	In Compliance	  		  	 
		  		 		  		  		  	
		  	4)	 	[*] Avg Default Ratio	  		  		  	 
		  		 	Maximum [*] Avg Default Ratio	  	In Compliance	  		  	 
		  		 		  		  		  	
	C)	  	 Delinquency Ratio Test
	  		  		  	Jan-00
		  	1)	 	Total Delinquent Receivables	  		  		  	 
		  	2)	 	Outstanding Balance of Pool Receivables	  		  		  	 
		  	3)	 	Delinquency Ratio [1/2]	  		  		  	 
		  		 	Maximum [*] Delinquency Ratio	  	In Compliance	  		  	 
		  		 		  		  		  	
		  	4)	 	[*] Avg Delinquency Ratio	  		  		  	 
		  		 	Maximum [*] Avg Delinquency Ratio	  	In Compliance	  		  	 
		  		 		  		  		  	
	D)	  	 Net Spread Test
	  		  		  	 
		  	1)	 	Finance Charge Collections	  		  		  	
		  	2)	 	Discount Expensed During Month (actual)	  		  		  	
		  	3)	 	Monthly Facility Fees (includes pgm fee & insur premium)	  		  		  	
		  	4)	 	Monthly Utilization Fee (includes Use & NonUse fees)	  		  		  	
		  	5)	 	Backup Servicing Fees and Unaffiliated Servicer Fees	  		  		  	
		  	6)	 	Transition Expenses (if any)	  		  		  	
		  	7)	 	Servicer Fee	  		  		  	
		  	8)	 	Other Fees > $100	  		  		  	
		  	9)	 	Receivables [*] Days Past Due	  		  		  	
		  	10)	 	Write-offs/Non-Cash AJE’s	  		  		  	
		  	11)	 	A/R Converted to Notes	  		  		  	
		  		 	 Subtotal
	  		  		  	 
		  	12)	 	Add Back 10) & 11) greater than [*] days old	  		  		  	
		  	13)	 	Recoveries	  		  		  	
		  	14)	 	Excess Finance Collections	  		  		  	 
		  	15)	 	Average Aggregate Balance Pool Receivables	  		  		  	
		  	16)	 	Net Spread [*]	  		  		  	 
		  	17)	 	Minimum Net Spread	  		  		  	 
		  		 	Compliance [*]	  		  		  	
		  		 		  		  		  	
		  	18)	 	[*] Avg Net Spread	  		  		  	 

  

					
		  	Annex B	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

											
	 E)
	 		  	Minimum Eligible Receivables	  		  	
		 		  	1)	  	Eligible Receivables	  		  	 
		 		  	2)	  	Minimum Eligible Receivables	  		  	 
		 		  		  	Compliance [1 > 2]	  		  	
					
	 F)
	 		  	Minimum Cash Reserve	  		  	
		 		  	1)	  	Amount on Deposit in Cash Reserve	  		  	 
		 		  	2)	  	Minimum Cash Reserve Amount	  		  	 
		 		  		  	Compliance [1 > 2]	  		  	
		 		  		  		  		  	 
		 		  		  		  		  	
	 SECTION V - Financial Triggers & Covenants
	  		  	
	 A)
	 		  	Tangible Net Worth Test	  		  	
		 	 1.
	  	Servicer - Automotive Finance Corporation	  	
		 		  	A)	  	AFC’s Shareholder’s Equity	  		  	 
		 		  	B)	  	AFC’s Intangible Assets	  		  	 
		 		  	C)	  	Tangible Net Worth [A-B]	  		  	 
		 		  	D)	  	Minimum Tangible Net Worth	  		  	 
		 		  		  	Compliance [C > D]	  		  	
					
		 	 2.
	  	Seller - AFC Funding Corporation	  		  	
		 		  	A)	  	Funding Shareholder’s Equity	  		  	 
		 		  	B)	  	Funding Corp’s Intangible Assets	  		  	 
		 		  	C)	  	Tangible Net Worth [A-B]	  		  	 
		 		  	D)	  	Minimum Tangible Net Worth	  		  	 
		 		  		  	Compliance [C > D]	  		  	
				
	 B)
	 		  	Servicer’s Debt + Investment Limitation	  	
		 		  	A)	  	Maximum Debt	  		  	 
		 		  	B)	  	All Debt (including Intercompany) & Receivables Sold	  	 
		 		  	C)	  	Compliance (A > B)	  		  	
						
	 C)
	 		  	[*]	  		  		  	
		 		  	A)	  	[*]	  		  	
		 		  		  	                        Month/Year of most recent search
	  	 
		 		  	B)	  	[*]	  		  	
		 		  		  	[*]	  		  	
		 		  		  		  		  	 
		 		  		  	[*]	  		  	
		 		  		  		  		  	 
		 		  		  	[*]	  		  	
		 		  		  		  		  	 
		 		  	C)	  	[*]	  		  	 
		 		  		  	[*]	  		  	 
		 		  		  	[*]	  		  	
		 		  		  		  		  	
	 D)
	 		  		  	Contract Images Sent	  		  	 

  

					
		  	Annex B	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 ANNEX C 
 FORM OF JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Agreement”), dated as of
[                    ], 20[    ], is entered into among AFC Funding Corporation (the “Seller”),
Automotive Finance Corporation, as servicer (the “Servicer”),
[                                ], a
[                            ], as a Purchaser (the
“[            ] Purchaser”), [            ], as Purchaser Agent for the
[            ] Purchaser (the “[            ] Purchaser Agent”), Fairway Finance Company, LLC, as
a Purchaser (“Fairway”), and BMO Capital Markets Corp. (formerly known as Harris Nesbitt Corp.), as Purchaser Agent for Fairway and as agent for the Purchasers (the “Agent”). 
 BACKGROUND 
 The Seller, the Servicer,
Fairway and the Agent are parties to a certain Third Amended and Restated Receivables Purchase Agreement, dated as of April 20, 2007 (as amended through the date hereof, the “Receivables Purchase Agreement”). Capitalized terms
used but not defined herein have the meanings assigned to them in the Receivables Purchase Agreement. 
 NOW, THEREFORE, the parties hereto
hereby agree as follows: 
 5. Addition of [            ] and
[            ] Purchaser. (a) This letter constitutes a Joinder Agreement pursuant to Section 1.12 of the Receivables Purchase Agreement. The Seller desires the
[            ] Purchaser to become a Purchaser and the [            ] Purchaser Agent to become a Purchaser Agent
under the Receivables Purchase Agreement, and the [            ] Purchaser agrees to become a Purchaser and the
[            ] Purchaser Agent agrees to become a Purchaser Agent thereunder. 
 (b) Seller hereby represents and warrants to each of the [            ] Purchaser, the [            ]
Purchaser Agent, the Agent and Fairway as of the date hereof, as follows: 
 (i) the representations and warranties contained
in Exhibit III and Exhibit VII to the Receivables Purchase Agreement are true and correct on and as of the date hereof as though made on and as of such date; 
 (ii) no event has occurred and is continuing, or would result from the execution of this Agreement, that constitutes a Termination Event
or Unmatured Termination Event; 
 (iii) the sum of the aggregate of the Participations does not exceed 100%; 
 (iv) the aggregate Investment for all Term Purchasers does not exceed 40% of the aggregate Investment; and 
 (v) the amount on deposit in the Cash Reserve Account is equal to or greater than the Cash Reserve. 
  

 Annex C -1 

 6. Effective Date of Addition. Upon execution and delivery of this Agreement by the Seller, the
Servicer, each of the [            ] Purchaser, the [            ] Purchaser Agent, Fairway and the Agent and
receipt by the Agent of counterparts of this Agreement (whether by facsimile or otherwise) executed by each of the parties hereto, on
[                    ], 20[    ] (the “Effective Date”) each of the
[            ] Purchaser and the [            ] Purchaser Agent shall become a party to, and have the rights and
obligations of a Purchaser and Purchaser Agent, respectively, under, the Receivables Purchase Agreement and Fairway shall, to the extent of the interest assigned by Fairway hereunder, relinquish its rights and interest (other than the right to
receive payments which accrued in favor of Fairway prior to but not including the date hereof) and be released from its obligations under the Receivables Purchase Agreement. 
 7. Assignment by Fairway. On the Effective Date, Fairway (the “Assignor”) hereby sells and assigns to the
[            ] Purchaser (the “Assignee”) without recourse and without representation or warranty (except that the portion of the Participation being assigned
hereunder is outstanding and owing and Assignor is the sole owner of its right, title and interest in and to the portion of Participation being transferred hereunder free of any Adverse Claim), and the Assignee hereby purchases and assumes from the
Assignor, that portion of the Assignor’s interest in and to the Participation and that portion of the Assignor’s other rights and obligations under the Receivables Purchase Agreement as of the date hereof equal to the following:

  

					
	 Maximum Commitment assigned:
	  	$	[            	] 
	 Assignor’s remaining Maximum Commitment:
	  	$	[            	] 
	 Investment to be assigned on the Effective Date:
	  	$	[            	] 

 The Agent shall confirm the aggregate Investment of each Purchaser to each Purchaser Agent by
email on the Effective Date after the transfers to occur on the Effective Date. 
 The Maximum Commitment of the Assignor and the Assignee
shall be as set forth on the signature page hereto. 
 A. The Assignor hereby instructs the Agent to make all payments from and after the
Effective Date in respect of the portion of the Participation assigned hereby directly to the Assignee. The Assignor and the Assignee agree that all Discount and fees accrued up to, but not including, the Effective Date are the property of the
Assignor, and not the Assignee. The Assignee agrees that, upon receipt of any such Discount or fees, the Assignee will promptly remit the same to the Assignor. 
 B. On the Effective Date, the Assignee shall pay to the Assignor, in immediately available funds, an amount equal to the purchase price of the portion of the Participation assigned hereunder in accordance with the
following payment instructions: 
  

					
	  
	  	
	ABA No.:	 	  
	  	
	Account Name:	 	  
	  	
	Account No.:	 	  
	  	
	Ref:	 	AFC Funding Corporation	  	

  

					
		  	Annex B	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

 All notices and other communications hereunder or under the Receivables Purchase Agreement to the
[            ] Purchaser and the [            ] Purchaser Agent shall be sent or delivered to
[            ] Purchaser and [            ] Purchaser Agent at the address set forth under their names on the
signature pages hereof. 
 8. No Proceedings. Each party hereto hereby covenants and agrees that it will not institute against, or
join any other Person in instituting against, any Purchaser, any Note Issuer or any Related CP Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or
similar law, for one year and one day after the latest maturing Note issued by such Purchaser, Note Issuer or Related CP Issuer is paid in full. The provisions of Section 6.5(b) of the Receivables Purchase Agreement shall apply to this
Agreement mutatis mutandis as if set forth herein. The covenants contained in this paragraph shall survive any termination of the Receivables Purchase Agreement. 
 9. Miscellaneous. THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF INDIANA. This Agreement may not be amended, supplemented or 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. 
  

					
		  	Annex B	  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

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

			
	 [                                       
         ]

			
		
	By:	 	  

			
	Name Printed:	 	  

			
	Title:	 	  

	
	 Maximum Commitment: $[            -]

	
	 Address:

	
	 [                    ],
as Purchaser Agent for [            ]

			
		
	By:	 	  

			
	 Name Printed:
	 	  

			
	 Title:
	 	  

	
	 Address:

  

					
		  		  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

					
		 	 FAIRWAY FINANCE COMPANY, LLC,

		
		 	 as a Purchaser

			
		 	 By:
	 	  

					
		 	 Name Printed:
	 	  

					
		 	 Title:
	 	  

					
		
		 	 Maximum Commitment: $[            ]

		
		 	 BMO CAPITAL MARKETS CORP.,
 as Purchaser
Agent for Fairway and as Agent

			
		 	 By:
	 	  

					
		 	 Name Printed:
	 	  

					
		 	 Title:
	 	  

  

					
		  		  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

			
	 AFC FUNDING CORPORATION, as Seller

		
	By:	 	  

			
	Name Printed:	 	  

			
	Title:	 	  

	
	 AUTOMOTIVE FINANCE CORPORATION, as Servicer

		
	 By:
	 	  

			
	 Name Printed:
	 	  

			
	 Title:
	 	  

  

					
		  		  	Third Amended and Restated
		  		  	Receivables Purchase Agreement

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