Document:

Third Amended and Restated Receivables Purchase Agreement

 Exhibit 10.1 
 Execution Version 
 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
 dated as of December 3, 2010 
 among 

PDC FUNDING COMPANY, LLC, as Seller, 
 PATTERSON COMPANIES, INC., as Servicer, 
 THE CONDUITS PARTY HERETO, 

THE FINANCIAL INSTITUTIONS PARTY HERETO, 
 THE PURCHASER AGENTS PARTY HERETO 
 and 

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

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	 PURCHASE ARRANGEMENTS
	  	 	2	  
			
	 Section 1.1
	  	 Purchase Facility
	  	 	2	  
			
	 Section 1.2
	  	 Increases; Sale of Asset Portfolio
	  	 	2	  
			
	 Section 1.3
	  	 Decreases
	  	 	3	  
			
	 Section 1.4
	  	 Payment Requirements
	  	 	4	  
			
	 Section 1.5
	  	 Deemed Exchange
	  	 	4	  
			
	 Section 1.6
	  	 RPA Deferred Purchase Price
	  	 	5	  
			
	 ARTICLE II
	  	 PAYMENTS AND COLLECTIONS
	  	 	5	  
			
	 Section 2.1
	  	 Payments
	  	 	5	  
			
	 Section 2.2
	  	 Collections Prior to Amortization
	  	 	5	  
			
	 Section 2.3
	  	 Collections Following Amortization
	  	 	7	  
			
	 Section 2.4
	  	 Ratable Payments
	  	 	8	  
			
	 Section 2.5
	  	 Payment Rescission
	  	 	8	  
			
	 Section 2.6
	  	 Maximum Purchases In Respect of the Asset Portfolio
	  	 	9	  
			
	 Section 2.7
	  	 Clean-Up Call; Limitation on Payments
	  	 	9	  
			
	 Section 2.8
	  	 Investment of Collections in Second-Tier Account
	  	 	10	  
			
	 ARTICLE III
	  	 CONDUIT PURCHASES
	  	 	10	  
			
	 Section 3.1
	  	 CP Costs
	  	 	10	  
			
	 Section 3.2
	  	 CP Costs Payments
	  	 	10	  
			
	 Section 3.3
	  	 Calculation of CP Costs
	  	 	10	  
			
	 ARTICLE IV
	  	 FINANCIAL INSTITUTION FUNDING
	  	 	10	  
			
	 Section 4.1
	  	 Financial Institution Funding
	  	 	10	  
			
	 Section 4.2
	  	 Financial Institution Yield Payments
	  	 	11	  
			
	 Section 4.3
	  	 Selection and Continuation of Rate Tranche Periods
	  	 	11	  
			
	 Section 4.4
	  	 Financial Institution Discount Rates
	  	 	12	  
			
	 Section 4.5
	  	 Suspension of the LIBO Rate
	  	 	12	  
			
	 Section 4.6
	  	 Extension of Liquidity Termination Date
	  	 	12	  
			
	 ARTICLE V
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	14	  
			
	 Section 5.1
	  	 Representations and Warranties of the Seller Parties
	  	 	14	  
			
	 ARTICLE VI
	  	 CONDITIONS OF PURCHASES
	  	 	18	  
			
	 Section 6.1
	  	 Conditions Precedent to Initial Purchase and Deemed Exchange
	  	 	18	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.2
	  	 Conditions Precedent to All Purchases
	  	 	18	  
			
	 ARTICLE VII
	  	COVENANTS	  	 	19	  
			
	 Section 7.1
	  	 Affirmative Covenants of The Seller Parties
	  	 	19	  
			
	 Section 7.2
	  	 Negative Covenants of The Seller Parties
	  	 	27	  
			
	 Section 7.3
	  	 Hedging Agreements
	  	 	28	  
			
	 ARTICLE VIII
	  	ADMINISTRATION AND COLLECTION	  	 	30	  
			
	 Section 8.1
	  	 Designation of Servicer
	  	 	30	  
			
	 Section 8.2
	  	 Duties of Servicer
	  	 	31	  
			
	 Section 8.3
	  	 Collection Notices
	  	 	32	  
			
	 Section 8.4
	  	 Responsibilities of Seller
	  	 	32	  
			
	 Section 8.5
	  	 Reports
	  	 	33	  
			
	 Section 8.6
	  	 Servicing Fees
	  	 	33	  
			
	 ARTICLE IX
	  	AMORTIZATION EVENTS	  	 	33	  
			
	 Section 9.1
	  	 Amortization Events
	  	 	33	  
			
	 Section 9.2
	  	 Remedies
	  	 	35	  
			
	 ARTICLE X
	  	INDEMNIFICATION	  	 	36	  
			
	 Section 10.1
	  	 Indemnities by The Seller Parties
	  	 	36	  
			
	 Section 10.2
	  	 Increased Cost and Reduced Return
	  	 	38	  
			
	 Section 10.3
	  	 Other Costs and Expenses
	  	 	39	  
			
	 Section 10.4
	  	 Allocations
	  	 	40	  
			
	 Section 10.5
	  	 Accounting Based Consolidation Event
	  	 	40	  
			
	 Section 10.6
	  	 Required Rating
	  	 	40	  
			
	 ARTICLE XI
	  	AGENT	  	 	41	  
			
	 Section 11.1
	  	 Authorization and Action
	  	 	41	  
			
	 Section 11.2
	  	 Delegation of Duties
	  	 	41	  
			
	 Section 11.3
	  	 Exculpatory Provisions
	  	 	41	  
			
	 Section 11.4
	  	 Reliance by Agent
	  	 	42	  
			
	 Section 11.5
	  	 Non-Reliance on Agent and Other Purchasers
	  	 	42	  
			
	 Section 11.6
	  	 Reimbursement and Indemnification
	  	 	42	  
			
	 Section 11.7
	  	 Agent in its Individual Capacity
	  	 	43	  
			
	 Section 11.8
	  	 Successor Agent
	  	 	43	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE XII
	  	ASSIGNMENTS; PARTICIPATIONS	  	 	43	  
			
	 Section 12.1
	  	 Assignments
	  	 	43	  
			
	 Section 12.2
	  	 Participations
	  	 	45	  
			
	 Section 12.3
	  	 Federal Reserve
	  	 	45	  
			
	 ARTICLE XIII
	  	PURCHASER AGENTS	  	 	45	  
			
	 Section 13.1
	  	 Purchaser Agents
	  	 	45	  
			
	 ARTICLE XIV
	  	MISCELLANEOUS	  	 	46	  
			
	 Section 14.1
	  	 Waivers and Amendments
	  	 	46	  
			
	 Section 14.2
	  	 Notices
	  	 	47	  
			
	 Section 14.3
	  	 Ratable Payments
	  	 	47	  
			
	 Section 14.4
	  	 Protection of Ownership Interests of the Purchasers
	  	 	48	  
			
	 Section 14.5
	  	 Confidentiality
	  	 	48	  
			
	 Section 14.6
	  	 Bankruptcy Petition
	  	 	49	  
			
	 Section 14.7
	  	 Limitation of Liability
	  	 	49	  
			
	 Section 14.8
	  	 CHOICE OF LAW
	  	 	50	  
			
	 Section 14.9
	  	 CONSENT TO JURISDICTION
	  	 	50	  
			
	 Section 14.10
	  	 WAIVER OF JURY TRIAL
	  	 	50	  
			
	 Section 14.11
	  	 Integration; Binding Effect; Survival of Terms
	  	 	50	  
			
	 Section 14.12
	  	 Counterparts; Severability; Section References
	  	 	51	  
			
	 Section 14.13
	  	 BTMU Roles and Purchaser Agent Roles
	  	 	51	  
			
	 Section 14.14
	  	 Characterization
	  	 	51	  
			
	 Section 14.15
	  	 Excess Funds
	  	 	52	  
			
	 Section 14.16
	  	 Intercreditor Agreement
	  	 	52	  
			
	 Section 14.17
	  	 Confirmation and Ratification of Terms
	  	 	52	  
			
	 Section 14.18
	  	 Consent
	  	 	53	  

  
 iii

 EXHIBITS 

 

					
	Exhibit I	 	-	  	Definitions
	Exhibit II	 	-	  	Form of Purchase Notice
	Exhibit III	 	-	  	Places of Business of the Seller Parties; Locations of Records; Federal Employer Identification Number(s)
	Exhibit IV	 	-	  	Names of Collection Banks; Collection Accounts
	Exhibit V	 	-	  	Form of Compliance Certificate
	Exhibit VI	 	-	  	Form of Collection Account Agreement
	Exhibit VII	 	-	  	Form of Assignment Agreement
	Exhibit VIII	 	-	  	Credit and Collection Policy
	Exhibit IX	 	-	  	Form of Contract(s)
	Exhibit X	 	-	  	Form of Monthly Report
	Exhibit XI	 	-	  	Form of Performance Undertaking
	Exhibit XII	 	-	  	Form of Postal Notice
	
	 SCHEDULES

 

	Schedule A	 	-	  	Commitments, Payment Addresses, Conduit Purchase Limits, Purchaser Agents and Related Financial Institutions
			
	Schedule B	 	-	  	Documents to be delivered to Agent and Each Purchaser Agent on or prior to the Initial Purchase
			
	Schedule C	 	-	  	Payment Instructions

  
 iv 

 INDEX OF DEFINED TERMS 

DEFINED IN THE BODY OF THE AGREEMENT 
  

					
	 Affected Financial Institution
	  	 	45	  
	 Agent
	  	 	1	  
	 Agent’s Account
	  	 	6	  
	 Aggregate Reduction
	  	 	4	  
	 Amortization Event
	  	 	33	  
	 Asset Portfolio
	  	 	3	  
	 Assignment Agreement
	  	 	44	  
	 BTMU
	  	 	1	  
	 BTMU Conduit
	  	 	1	  
	 BTMU Roles
	  	 	51	  
	 Conduits
	  	 	1	  
	 Consent Notice
	  	 	12	  
	 Consent Period
	  	 	12	  
	 Deemed Exchange
	  	 	5	  
	 Extension Notice
	  	 	12	  
	 Financial Institutions
	  	 	1	  
	 Indemnified Amounts
	  	 	36	  
	 Indemnified Party
	  	 	36	  
	 Non-Renewing Financial Institution
	  	 	13	  
	 Obligations
	  	 	5	  
	 Other Costs
	  	 	40	  
	 Other Sellers
	  	 	40	  
	 Participant
	  	 	45	  
	 Payment Instruction
	  	 	4	  
	 PDCo
	  	 	1	  
	 Prior Agreement
	  	 	1	  
	 Proposed Reduction Date
	  	 	4	  
	 Purchase
	  	 	2	  
	 Purchase Notice
	  	 	2	  
	 Purchaser Agent Roles
	  	 	51	  
	 Purchaser Agents
	  	 	1	  
	 Purchasing Financial Institutions
	  	 	44	  
	 Ratings Request
	  	 	39	  
	 Reduction Notice
	  	 	3	  
	 Required Ratings
	  	 	39	  
	 RPA Deferred Purchase Price
	  	 	5	  
	 Seller
	  	 	1	  
	 Seller Parties
	  	 	1	  
	 Seller Party
	  	 	1	  
	 Servicer
	  	 	30	  
	 Servicing Fee
	  	 	33	  
	 Terminating Financial Institution
	  	 	13	  
	 Terminating Rate Tranche
	  	 	11	  
	 Termination Date
	  	 	7	  
	 Termination Percentage
	  	 	7	  

  
 v 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
 This Third Amended and Restated Receivables Purchase Agreement, dated as of December 3, 2010, is by and among PDC Funding Company, LLC, a Minnesota limited liability company (the
“Seller”), Patterson Companies, Inc., a Minnesota corporation (together with its successors and assigns “PDCo”), as initial Servicer (Servicer together with Seller, the “Seller
Parties” and each a “Seller Party”), the entities listed on Schedule A to this Agreement under the heading “Financial Institution” (together with any of their respective successors
and assigns hereunder, the “Financial Institutions”), the entities listed on Schedule A to this Agreement under the heading “Conduit” (together with any of their respective successors and assigns hereunder,
the “Conduits”), the entities listed on Schedule A to this Agreement under the heading “Purchaser Agent” (together with any of their respective successors and assigns hereunder, the “Purchaser
Agents”) and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (“BTMU”), as assignee of JPMorgan, as agent for the Purchasers hereunder or any successor agent hereunder (together with its successors and
assigns hereunder, the “Agent”). Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I. 

PRELIMINARY STATEMENTS 
 The Seller Parties, BTMU and certain other financial institutions, Victory Receivables Corporation (the “BTMU Conduit”) and certain other commercial paper conduits and JPMorgan are
parties to that certain Second Amended and Restated Receivables Purchase Agreement, dated as of March 19, 2010 (as amended supplemented, or otherwise modified through the date hereof excluding this Agreement, the “Prior
Agreement”). 
 The parties to the Prior Agreement are entering into the Closing Date Assignment Agreement as of
the date hereof and, in connection therewith, the parties hereto now desire to amend and restate the Prior Agreement in its entirety to read as set forth herein. 
 BTMU has been requested and is willing to act as Agent on behalf of the Conduits and the Financial Institutions in accordance with the terms hereof. 

AGREEMENT 
 Now
therefore, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree that, subject to satisfaction of the conditions precedent set
forth in Section 6.1, the Prior Agreement is hereby amended and restated in its entirety to read as follows: 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 ARTICLE I 
 PURCHASE ARRANGEMENTS 
 Section 1.1 Purchase Facility.

 (a) Upon the terms and subject to the conditions hereof, during the period from the date hereof to but not including the
Facility Termination Date, Seller shall sell and assign, as described in Section 1.2(b), the Asset Portfolio to Agent for the benefit of the Purchasers, as applicable. In accordance with the terms and conditions set forth herein, each
Conduit may, at its option, instruct Agent to make cash payments to Seller of the related Cash Purchase Price in respect of the Asset Portfolio (each such cash payment, a “Purchase”) on behalf of such Conduit, or if any
Conduit shall decline to make such Purchase, Agent shall make such Purchase, on behalf of such declining Conduit’s Related Financial Institutions, in each case and from time to time in an aggregate amount not to exceed at such time (i) in
the case of each Conduit, its Conduit Purchase Limit and (ii) in the aggregate, the lesser of (A) the Purchase Limit and (B) the aggregate amount of the Commitments. Any amount not paid for the Asset Portfolio hereunder as Cash
Purchase Price shall be paid to Seller as the RPA Deferred Purchase Price pursuant to, and only to the extent required by, the priority of payments set forth in Sections 2.2(b) and (c) and otherwise pursuant to the terms of this
Agreement (including Section 2.6). 
 (b) Seller may, upon at least 10 Business Days’ prior notice to Agent
and each Purchaser Agent, terminate in whole or reduce in part, ratably among the Financial Institutions, the unused portion of the Purchase Limit; provided that (i) each partial reduction of the Purchase Limit shall be in an amount equal to
$5,000,000 or an integral multiple thereof and (ii) the aggregate of the Conduit Purchase Limits for all of the Conduits shall also be terminated in whole or reduced in part, ratably among the Conduits, by an amount equal to such termination or
reduction in the Purchase Limit. 
 Section 1.2 Increases; Sale of Asset Portfolio. 

(a) Increases. Seller shall provide Agent and each Purchaser Agent with at least two Business Days’ prior notice in a form
set forth as Exhibit II hereto of each Purchase (a “Purchase Notice”). Each Purchase Notice shall be subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable, shall specify the
requested Cash Purchase Price (which shall not be less than $10,000,000 and in additional increments of $100,000) and the requested date of such Purchase (which, in the case of any Purchase (after the initial Purchase and Deemed Exchange hereunder),
shall only be on a Settlement Date) and, in the case of a Purchase, if the Cash Purchase Price thereof is to be funded by any of the Financial Institutions, the requested Discount Rate and Rate Tranche Period and shall be accompanied by a current
listing of all Receivables (including any Receivables to be purchased by Seller under the Receivables Sale Agreement on the date of such Purchase specified in such Purchase Notice). Following receipt of a Purchase Notice, Agent will promptly notify
the BTMU Conduit of such Purchase Notice, each Purchaser Agent will promptly notify the Conduit in such Purchaser Agent’s Purchaser Group of such Purchase Notice and Agent and each Purchaser Agent will identify the Conduits that agree to make
the Purchase. If any Conduit declines to make a proposed Purchase, Seller 

  
 2 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
may cancel the Purchase Notice or, in the absence of such a cancellation, the Purchase of such Receivables, Related Security and Collections, which such Conduit has declined to Purchase, will be
made by such declining Conduit’s Related Financial Institution(s) in accordance with the rest of this Section 1.2(a). If the proposed Purchase or any portion thereof is to be made by any of the Financial Institutions, Agent shall
send notice of the proposed Purchase to the BTMU Conduit’s Related Financial Institution and/or the applicable Purchaser Agent shall send notice of the proposed Purchase to the Related Financial Institutions in such Purchaser Agent’s
Purchaser Group, as applicable, in each case concurrently by telecopier or email specifying (i) the date of such Purchase, which date must be at least one Business Day after such notice is received by the applicable Financial Institutions,
(ii) each Financial Institution’s Pro Rata Share of the aggregate Cash Purchase Price in respect of such Receivables, Related Security and Collections of the Financial Institutions in such Financial Institution’s Purchaser Group are
then purchasing and (iii) the requested Discount Rate and the requested Rate Tranche Period. On the date of each Purchase, upon satisfaction of the applicable conditions precedent set forth in Article VI and the conditions set forth in
this Section 1.2(a), the Conduits and/or the Financial Institutions, as applicable, shall deposit to the Facility Account, in immediately available funds, no later than 12:00 noon (Chicago time), an amount equal to (i) in the case
of a Conduit that has agreed to make such Purchase, such Conduit’s Pro Rata Share of the aggregate Cash Purchase Price of the Receivables, Related Security and Collections in respect of such Purchase or (ii) in the case of a Financial
Institution, such Financial Institution’s Pro Rata Share of the aggregate Cash Purchase Price of the Receivables, Related Security and Collections the Financial Institutions in such Financial Institution’s Purchaser Group are then
purchasing. Each Financial Institution’s Commitment hereunder shall be limited to purchasing the assets in the Asset Portfolio that the Conduit in such Financial Institution’s Purchaser Group has declined to Purchase. Each Financial
Institution’s obligation shall be several, such that the failure of any Financial Institution to make available to Seller any funds in connection with any Purchase shall not relieve any other Financial Institution of its obligation, if any,
hereunder to make funds available on the date of such Purchase, but no Financial Institution shall be responsible for the failure of any other Financial Institution to make funds available in connection with any Purchase. 

(b) Sale of Asset Portfolio. In accordance with Sections 1.1(a) and 1.2(a), Seller hereby sells, assigns and
transfers to Agent (on behalf of Purchasers), for the related Cash Purchase Price and the RPA Deferred Purchase Price, effective on and as of the date of each Purchase by any Purchaser hereunder, all of its right, title and interest in, to and under
all Receivables and the Related Security and Collections relating to such Receivables (other than Seller’s title in and to the Second-Tier Account and the Facility Account, each of which shall remain with Seller), whether currently existing or
thereafter acquired (the assets sold, assigned and transferred to include not only the Receivables, Collections and Related Security (other than Seller’s title in and to the Second-Tier Account and the Facility Account) existing as of the date
of such Purchase but also all future Receivables and such Related Security and Collections acquired by Seller from time to time as provided herein). Purchaser’s right, title and interest in and to such assets is herein called the
“Asset Portfolio”. 
 Section 1.3 Decreases. Seller shall provide Agent with an irrevocable prior
written notice in conformity with the Required Notice Period (a “Reduction Notice”) of any proposed reduction of the Aggregate Capital from Collections and Agent will promptly notify

  
 3 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
each Purchaser of such Reduction Notice after Agent’s receipt thereof. Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon
which any such reduction of the Aggregate Capital shall occur (which date shall give effect to the applicable Required Notice Period), and (ii) the amount of the Aggregate Capital to be reduced that shall be applied ratably to the aggregate
Capital of the Conduits and the Financial Institutions in accordance with the amount of Capital (if any) owing to the Conduits (ratably to each Conduit, based on the ratio of such Conduit’s Capital at such time to the aggregate Capital of all
the Conduits at such time), on the one hand, and the amount of Capital (if any) owing to the Financial Institutions (ratably to each Financial Institution, based on the ratio of such Financial Institution’s Capital at such time to the aggregate
Capital of all of the Financial Institutions at such time), on the other hand (the “Aggregate Reduction”), without regard to any unpaid RPA Deferred Purchase Price. Only one (1) Reduction Notice shall be outstanding at
any time. Concurrently with any reduction of the Aggregate Capital pursuant to this Section, Seller shall pay to the applicable Purchaser all Broken Funding Costs arising as a result of such reduction. No Aggregate Reduction will be made following
the occurrence of the Amortization Date without the prior written consent of Agent. 
 Section 1.4 Payment Requirements.
All amounts to be paid or deposited by any Seller Party pursuant to any provision of this Agreement or any other Transaction Document shall be paid or deposited in accordance with the terms hereof no later than 11:00 a.m. (Chicago time) on the day
when due in immediately available funds, and if not received before 11:00 a.m. (Chicago time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to (i) Agent, they shall be paid to Agent for its own
account, in accordance with the applicable instructions set forth on Schedule C and (ii) any Purchaser Agent or Purchaser, they shall be paid to the Purchaser Agent for such Person’s Purchaser Group, for the account of such Person,
in accordance with the applicable instructions set forth on Schedule C, in each case until otherwise notified by Agent or the related Purchaser Agent, as applicable (each instruction set forth in clauses (i) and
(ii) being a “Payment Instruction”). Upon notice to Seller, Agent (on behalf of itself and/or any Purchaser) may debit the Facility Account for all amounts due and payable hereunder. All computations of Financial
Institution Yield, per annum fees or discount calculated as part of any CP Costs, per annum fees hereunder and per annum fees under any Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed. If any amount
hereunder or under any other Transaction Document shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day. 
 Section 1.5 Deemed Exchange. Notwithstanding the otherwise applicable conditions precedent to payments in respect of the Asset Portfolio hereunder, upon the effectiveness of this Agreement in
accordance with its terms and the effectiveness of the Closing Date Assignment Agreement in accordance with its terms, each Purchaser shall be deemed to have delivered and released its undivided interests in the “Purchaser Interest” under
(and as defined in) the Prior Agreement as of the date hereof in a contemporaneous exchange for the acquisition of the Asset Portfolio hereunder in an amount equal to the outstanding principal amount of all outstanding “Capital” (as
defined in the Prior Agreement) advanced in respect of the initial purchase under the Prior Agreement or any subsequent “Incremental Purchase” under and as defined in the Prior Agreement. Such deemed exchange under the Prior Agreement and
the initial Purchase hereunder (the “Deemed Exchange”) shall constitute a replacement of all outstanding principal amounts of the outstanding “Capital” made under the Prior Agreement by way of such initial Purchase
hereunder. 

  
 4 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 Section 1.6 RPA Deferred Purchase Price. Subject to the application of
Collections as RPA Deferred Purchase Price as permitted on each Settlement Date pursuant to Sections 2.2(b), 2.2(c) and 2.6, on each Business Day on and after the Final Payout Date, Servicer, on behalf of Agent and the
Purchasers, shall pay to Seller an amount as deferred purchase price (the “RPA Deferred Purchase Price”) equal to the Collections of Receivables then held or thereafter received by Seller (or Servicer on its behalf)
less any accrued and unpaid Servicing Fee. 
 ARTICLE II 

PAYMENTS AND COLLECTIONS 
 Section 2.1 Payments. Notwithstanding any limitation on recourse contained in this Agreement, Seller shall immediately pay to Agent when due, for the account of Agent, or the relevant Purchaser or
Purchasers, on a full recourse basis: (a) all amounts accrued or payable by Seller to any such Person as described in Section 2.2 and (b) each of the following amounts, to the extent that such amounts are not paid in accordance
with Section 2.2: (i) such fees as set forth in each Fee Letter (which fees collectively shall be sufficient to pay all fees owing to the Financial Institutions), (ii) all amounts payable as CP Costs, (iii) all amounts
payable as Financial Institution Yield, (iv) all amounts payable as Deemed Collections (which shall be immediately due and payable by Seller and applied to reduce the outstanding Aggregate Capital hereunder in accordance with Sections
2.2 and 2.3 hereof), (v) all amounts required pursuant to Section 2.5 or 2.6, (vi) all amounts payable pursuant to Article X, if any, (vii) all Servicer costs and expenses, including the Servicing
Fee, in connection with servicing, administering and collecting the Receivables, (viii) all Broken Funding Costs, (ix) all Hedging Obligations and (x) all Default Fees (the fees, amounts and other obligations described in clauses
(a) and (b) collectively, the “Obligations”). If any Person fails to pay any of the Obligations when due, such Person agrees to pay, on demand, the Default Fee in respect thereof until paid.
Notwithstanding the foregoing, no provision of this Agreement or any Fee Letter shall require the payment or permit the collection of any amounts hereunder in excess of the maximum permitted by applicable law. If at any time Seller receives any
Collections or is deemed to receive any Collections, Seller shall immediately pay such Collections or Deemed Collections to Servicer for payment in accordance with the terms and conditions hereof and, at all times prior to such payment, such
Collections or Deemed Collections shall be held in trust by Seller for the exclusive benefit of the Purchasers and Agent. 

Section 2.2 Collections Prior to Amortization. 
 (a) Collections Generally. On any day prior to the Amortization Date that Servicer receives any Collections and/or Deemed Collections, such Collections and/or Deemed Collections shall be set aside
and held in trust by Servicer for the benefit of Agent and the Purchasers in the Collection Accounts in the manner set forth in Sections 7.1(j) and 8.2. Prior to the Amortization Date, all such amounts shall be applied as set forth in this
Section 2.2. Servicer shall, on each Settlement Date, determine the amount of Collections set aside in 

  
 5 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
accordance with the first sentence of this Section 2.2 during the related Settlement Period which constitute Principal Collections and the portion of such Collections which constitute
Finance Charge Collections. On each Settlement Date, Servicer shall remit the Principal Collections set aside pursuant to this subsection (a) to the Second-Tier Account (to the extent such Principal Collections are not already on deposit
therein) to be distributed in accordance with subsection (b) below and Servicer shall remit the Finance Charge Collections set aside pursuant to this subsection (a) to the Second-Tier Account (to the extent such Finance
Charge Collections are not already on deposit therein) to be distributed in accordance with subsection (c) below. 

(b) Application of Principal Collections. On each Settlement Date, Servicer will apply the Principal Collections on deposit in
the Second-Tier Account in accordance with the applicable Payment Instructions pursuant to Section 2.2(a) to make the following distributions in the following amounts and order of priority: 

first, to each Terminating Financial Institution, an amount equal to such Terminating Financial Institution’s
Termination Percentage of such Principal Collections for the ratable reduction of the Capital of each such Terminating Financial Institution, 
 second, subject to Section 2.6, if any Purchase Notice shall have been delivered in accordance with Section 1.2(a), to Seller to fund the Cash Purchase Price of the Purchase
to be made on such date; otherwise, to Agent for the account of the Purchasers (other than any Terminating Financial Institution) as a further reduction of the Aggregate Capital, and 

third, subject to Section 2.6, to the extent of any such amounts remaining after such payments, to be
applied as if they were Finance Charge Collections in accordance with the priority of payments set forth in subsection (c) below. 
 (c) Application of Finance Charge Collections. On each Settlement Date, Servicer will apply (i) the Finance Charge Collections on deposit in the Second-Tier Account and (ii) all remaining
Principal Collections after making the distributions pursuant to clauses first and second of subsection (b) above, pursuant to Section 2.2(a), together with the applicable Hedge Floating Amount, if any, paid to
Seller by each Hedge Provider and any net income from Permitted Investments deposited to the Second-Tier Account pursuant to Section 2.8, in accordance with the applicable Payment Instructions, to make the following distributions in the
following amounts and order of priority: 
 first, to the reimbursement of Agent’s, each
Purchaser’s and each Purchaser Agent’s costs of collection and enforcement of this Agreement, 

second, to Agent for the account of the Purchasers, all accrued and unpaid fees under any Fee Letter and all
accrued and unpaid CP Costs and Financial Institution Yield, including any accrued CP Costs and Financial Institution Yield in respect of Capital reduced pursuant to clause second of subsection (b) above, together with any Broken
Funding Costs, 

  
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 third, if Servicer is not then Seller or an Affiliate of Seller,
to Servicer in payment of the Servicing Fee, 
 fourth, to Agent as a reduction of Aggregate Capital an
amount necessary to pay in full the Outstanding Balance of any Receivables that became Defaulted Receivables during the related Settlement Period and Receivables that became Defaulted Receivables during any prior Settlement Period that have not
previously been the subject of payment hereunder, 
 fifth, if Seller or an Affiliate of Seller is then
acting as Servicer, to Servicer in payment of the Servicing Fee, 
 sixth, to the applicable Persons, for
the ratable payment in full of all other unpaid Obligations, and 
 seventh, the balance, if any, in the
following priority: first, to Agent for deposit to the Second-Tier Account if the conditions of Section 7.3 requiring that the Hedging Agreements be in effect have occurred, but the Hedging Agreements are not then in effect (such
amount to be set aside and held in trust for application in accordance with this Section 2.2(c) on the next occurring Settlement Date) and then second, subject to Section 2.6, to Seller as RPA Deferred Purchase Price.

 (d) Each Terminating Financial Institution shall be allocated a ratable portion of Collections from the Liquidity
Termination Date that such Terminating Financial Institution did not consent to extend (as to such Terminating Financial Institution, the “Termination Date”), until, with respect to a Terminating Financial Institution, such
Terminating Financial Institution’s Capital, if any, shall be paid in full and the applicable, ratable portion of the RPA Deferred Purchase Price allocable to such Terminating Financial Institution’s portion of the Asset Portfolio has been
paid in full in accordance with the priority of payments set forth in Section 2.2(b). This ratable portion shall be calculated on the Termination Date of each Terminating Financial Institution as a percentage equal to (i) Capital of
such Terminating Financial Institution outstanding on its Termination Date, divided by (ii) the Aggregate Capital outstanding on such Termination Date (the “Termination Percentage”). Each Terminating
Financial Institution’s Termination Percentage shall remain constant prior to the Amortization Date. On and after the Amortization Date, each Termination Percentage shall be disregarded, and each Terminating Financial Institution’s Capital
shall be reduced ratably with all Financial Institutions in accordance with Section 2.3. 
 Section 2.3
Collections Following Amortization. On the Amortization Date and on each day thereafter, Servicer shall set aside and hold in trust for the benefit of Agent and the Purchasers, in the Collection Accounts in the manner set forth in Sections
7.1(j) and 8.2, all Collections and/or Deemed Collections received on such day and any additional amount for the payment of any Aggregate Unpaids owed by Seller and not previously paid by Seller in accordance with Section 2.1.
On and after the Amortization Date, Servicer shall, at any time upon the request from time to time by (or pursuant to standing instructions from) Agent (i) remit to the Second-Tier Account the amounts set aside pursuant to the preceding
sentence (to the extent such amounts are not already on deposit therein), and (ii) apply such amounts at Agent’s 

  
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direction to reduce the Aggregate Capital and any other Aggregate Unpaids (it being understood and agreed that, in any event, no portion of the RPA Deferred Purchase Price may be paid to Seller
on a date on or after the Amortization Date and prior to the Final Payout Date). If there shall be insufficient funds on deposit for Servicer to distribute funds in payment in full of the aforementioned amounts, Servicer shall distribute funds in
accordance with the applicable Payment Instructions: 
 first, to the reimbursement of Agent’s, each
Purchaser’s and each Purchaser Agent’s costs of collection and enforcement of this Agreement, 

second, ratably to the payment of all accrued and unpaid fees under any Fee Letter and all accrued and unpaid CP
Costs and Financial Institution Yield, 
 third, to the payment of Servicer’s reasonable
out-of-pocket costs and expenses in connection with servicing, administering and collecting the Receivables, including the Servicing Fee, if Seller, or one of its Affiliates is not then acting as Servicer, 

fourth, to the ratable reduction of Aggregate Capital to zero, 

fifth, for the ratable payment of all other unpaid Obligations, provided that to the extent such
Obligations relate to the payment of Servicer costs and expenses, including the Servicing Fee, when Seller or one of its Affiliates is acting as Servicer, such costs and expenses will not be paid until after the payment in full of all other
Obligations, 
 sixth, to the ratable payment in full of all other Aggregate Unpaids, and 

seventh, after the Aggregate Unpaids have been indefeasibly reduced to zero and this Agreement has terminated in
accordance with its terms, to Seller as RPA Deferred Purchase Price, any remaining Collections. 
 Section 2.4 Ratable
Payments. Collections applied to the payment of Aggregate Unpaids shall be distributed in accordance with the aforementioned provisions, and, giving effect to each of the priorities set forth in Sections 2.2 and 2.3 above, shall be
shared ratably (within each priority) among Agent, the Purchaser Agents and the Purchasers in accordance with the amount of such Aggregate Unpaids owing to each of them in respect of each such priority. 

Section 2.5 Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the
extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. Seller shall remain obligated for the amount of any
payment or application so rescinded, returned or refunded, and shall promptly pay to Agent (for application to the Person or Persons who suffered such rescission, return or refund), the full amount thereof, plus the Default Fee from the date
of any such rescission, return or refunding, in each case, if such rescinded amounts have not been paid under Section 2.2. 

  
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 Section 2.6 Maximum Purchases In Respect of the Asset Portfolio. Notwithstanding
anything to the contrary in this Agreement, Seller shall ensure that the Net Portfolio Balance shall at no time be less than the sum of (i) the Aggregate Capital at such time, plus (ii) the Credit Enhancement at such time. If, on
any date of determination, the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement exceeds the Net Portfolio Balance, in each case at such time, Seller shall pay to the Purchasers within one (1) Business Day an
amount to be applied to reduce the Aggregate Capital (allocated ratably based on the ratio of each Purchaser’s Capital at such time to the Aggregate Capital at such time), such that after giving effect to such payment, the Net Portfolio Balance
equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case at such time; provided however, that if on any Settlement Date, the Net Portfolio Balance is less than the sum of (i) the
Aggregate Capital, plus (ii) the Credit Enhancement, in each case at such time, the payment in full of the amount required by the previous sentence shall be made prior to any distributions are made pursuant to Section 2.2(b).

 Section 2.7 Clean-Up Call; Limitation on Payments. 

(a) Clean Up Call. In addition to Seller’s rights pursuant to Section 1.3, Seller shall have the right (after
providing written notice to Agent and each Purchaser Agent in accordance with the Required Notice Period), at any time following the reduction of the Aggregate Capital to a level that is less than 10.0% of the Purchase Limit as of the date hereof,
to repurchase from the Purchasers all, but not less than all, of the Asset Portfolio at such time. The purchase price in respect thereof shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in immediately
available funds. Such repurchase shall be without representation, warranty or recourse of any kind by, on the part of, or against any Purchaser, any Purchaser Agent or Agent. If, at any time, Servicer is not Seller or an Affiliate of Seller, Seller
may waive its repurchase rights under this Section 2.7(a) by providing a written notice of such waiver to Agent and each Purchaser Agent. 
 (b) Purchasers’ and Agent’s Limitation on Payments. Notwithstanding any provision contained in this Agreement or any other Transaction Document to the contrary, none of the Purchasers or
Agent shall, and none of them shall be obligated (whether on behalf of a Purchaser or otherwise) to, pay any amount to Seller in respect of any portion of the RPA Deferred Purchase Price, except to the extent that Collections are available for
distribution to Seller in accordance with this Agreement. In addition, notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document, the obligations of any Purchaser that is a commercial paper conduit or
similar vehicle under this Agreement or under any other Transaction Document shall be payable by such Purchaser or successor or assign solely to the extent of funds received from Seller in accordance herewith or from any party to any Transaction
Document in accordance with the terms thereof in excess of funds necessary to pay such Person’s matured and maturing Commercial Paper or other senior indebtedness of such Person when due. Any amount which Agent or a Purchaser is not obligated
to pay pursuant to the operation of the two preceding sentences shall not constitute a claim (as defined in § 101 of the Federal Bankruptcy Code) against, or corporate obligation of, any Purchaser or Agent, as applicable, for any such
insufficiency unless and until such amount becomes available for distribution to Seller pursuant to the terms hereof. 

  
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 Section 2.8 Investment of Collections in Second-Tier Account. All amounts from
time to time held in, deposited in or credited to, the Second-Tier Account shall be invested by Servicer (as agent for Agent) in Permitted Investments selected in writing by Servicer. All such investments shall at all times be held by or on behalf
of Agent for the benefit of the Purchasers and the Hedge Providers (if any), provided, that neither Agent, any Purchaser nor the Hedge Providers shall be held liable in any way by reason of any loss arising from the investment of amounts on deposit
in the Second-Tier Account in Permitted Investments. All income or other gain from investment of monies deposited in or credited to the Second-Tier Account shall be deposited in or credited to the Second-Tier Account immediately upon receipt, and
any loss resulting from such investment shall be charged thereto. Any net income from such investments shall be transferred to the Second-Tier Account on a monthly basis on the Business Day preceding each Settlement Date to be applied in accordance
with Section 2.2. Except as permitted in writing by Agent, funds on deposit in the Second-Tier Account shall be invested in Permitted Investments that will mature no later than the Business Day immediately preceding the next Settlement
Date. No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity date unless a default occurs with respect to such Permitted Investment and Agent directs Servicer in writing to dispose of such Permitted
Investment. 
 ARTICLE III 
 CONDUIT PURCHASES 
 Section 3.1 CP Costs. Seller shall pay CP
Costs with respect to the outstanding Capital associated with each of the Conduits for each day that any such Capital is outstanding. 
 Section 3.2 CP Costs Payments. On each Settlement Date, Seller shall pay to Agent (for the benefit of the Conduits) an aggregate amount equal to all accrued and unpaid CP Costs in respect of the
outstanding Capital of each of the Conduits for the related Settlement Period in accordance with Article II. 
 Section
3.3 Calculation of CP Costs. On the third Business Day immediately preceding each Settlement Date, each Conduit shall calculate the aggregate amount of its Conduit Costs for the related Settlement Period and shall notify Seller of such
aggregate amount. 
 ARTICLE IV 
 FINANCIAL INSTITUTION FUNDING 
 Section 4.1 Financial Institution
Funding. The aggregate Capital associated with the Purchases by the Financial Institutions shall accrue Financial Institution Yield for each day during its Rate Tranche Period at either the LIBO Rate or the Alternate Base Rate in accordance with
the terms and conditions hereof. Until Seller gives notice to Agent and the applicable Purchaser Agent(s) of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any portion of the Asset Portfolio
transferred to the Financial Institutions pursuant to the terms and conditions hereof shall be the Alternate Base Rate. If any pro rata portion of the Asset Portfolio of any Conduit is assigned or transferred to, or funded by,

  
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any Funding Source of such Conduit pursuant to any Funding Agreement or to or by any other Person, each such portion of the Asset Portfolio so assigned, transferred or funded shall each be deemed
to have a new Rate Tranche Period commencing on the date of any such assignment, transfer or funding, and shall accrue Yield for each day during its Rate Tranche Period at either the LIBO Rate or the Alternate Base Rate in accordance with the terms
and conditions hereof as if each such portion of the Asset Portfolio was held by a Financial Institution. With respect to each such portion of the Asset Portfolio, the assignee or transferee thereof, or the lender with respect thereto, shall be
deemed to be a Financial Institution in the applicable Conduit’s Purchaser Group solely for the purposes of Sections 4.1, 4.2, 4.3, 4.4 and 4.5 hereof. 

Section 4.2 Financial Institution Yield Payments. On the Settlement Date for each Rate Tranche Period with respect to the
aggregate Capital of the Financial Institutions, Seller shall pay to Agent (for the benefit of the Financial Institutions) an aggregate amount equal to all accrued and unpaid Financial Institution Yield for the entire Rate Tranche Period with
respect to such Capital in accordance with Article II. On the third Business Day immediately preceding the Settlement Date for such Capital of each of the Financial Institutions, each Financial Institution shall calculate the aggregate amount
of accrued and unpaid Financial Institution Yield for the entire Rate Tranche Period for such Capital of such Financial Institution and shall notify Seller of such aggregate amount. 

Section 4.3 Selection and Continuation of Rate Tranche Periods. 

(a) With consultation from (and approval by) Agent, the applicable Financial Institution and, if applicable, the Purchaser Agent in such
Financial Institution’s Purchaser Group, Seller shall from time to time, only for purposes of computing the Financial Institution Yield with respect to such Financial Institution, request Rate Tranche Periods to account for the portion of the
Asset Portfolio funded or maintained by such Financial Institution, provided that, if at any time any of the Financial Institutions shall have any Capital outstanding, Seller shall always request Rate Tranche Periods such that at least one Rate
Tranche Period shall end on the date specified in clause (A) of the definition of Settlement Date. 
 (b) Seller or
the applicable Financial Institution, upon notice to and consent by the other received at least three (3) Business Days prior to the end of a Rate Tranche Period (a “Terminating Rate Tranche”) for any portion of the
Asset Portfolio funded or maintained by such Financial Institution, may, effective on the last day of the Terminating Rate Tranche: (i) divide any such Financial Institution’s Capital into multiple portions by subdividing such Capital into
smaller amounts of Capital, (ii) combine any such portion of such Financial Institution’s Capital with one or more other portions of such Financial Institution’s Capital that have a Terminating Rate Tranche ending on the same day as
such Terminating Rate Tranche by combining the associated Capital of such Financial Institution or (iii) combine any such Financial Institution’s existing Capital with additional Capital being paid to Seller as Cash Purchase Price in
respect of a new Purchase made on the day such Terminating Rate Tranche ends by combining the associated Capital in respect of such new Purchase with the existing Capital of such Financial Institution, provided, that in no event may the
Capital of any Purchaser be combined with the Capital of any other Purchaser. 

  
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 Section 4.4 Financial Institution Discount Rates. Seller may select the LIBO Rate
or the Alternate Base Rate for each portion of the Capital of any of the Financial Institutions. Seller shall by 11:00 a.m. (Chicago time): (i) at least three (3) Business Days prior to the expiration of any Terminating Rate Tranche with
respect to which the LIBO Rate is being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Rate Tranche with respect to which the Alternate Base Rate is being requested as a
new Discount Rate, give each Financial Institution (or Funding Source) irrevocable notice of the new Discount Rate for the Capital or portion thereof associated with such Terminating Rate Tranche. Until Seller gives notice to the applicable
Financial Institution (or Funding Source) of another Discount Rate, the initial Discount Rate for any Capital of any Financial Institution pursuant to the terms and conditions hereof (or assigned or transferred to, or funded by, any Funding Source
pursuant to any Funding Agreement or to or by any other Person) shall be the Alternate Base Rate. 
 Section 4.5 Suspension
of the LIBO Rate. If any Financial Institution notifies Agent or its Purchaser Agent, as applicable, that it has determined that funding its Pro Rata Share of the Aggregate Capital in respect of the Financial Institutions in such Financial
Institution’s Purchaser Group at the LIBO Rate would violate any applicable law, rule, regulation, or directive of any governmental or regulatory authority, whether or not having the force of law, or that (i) deposits of a type and
maturity appropriate to match fund its Capital at the LIBO Rate are not available or (ii) the LIBO Rate does not accurately reflect the cost of acquiring or maintaining any portion of the Asset Portfolio or Capital at the LIBO Rate, then Agent
or such Purchaser Agent, as applicable, shall suspend the availability of the LIBO Rate for the Financial Institutions in such Financial Institution’s Purchaser Group and require Seller to select the Alternate Base Rate for any Capital funded
by the Financial Institutions in such Financial Institution’s Purchaser Group accruing Financial Institution Yield at the LIBO Rate. 
 Section 4.6 Extension of Liquidity Termination Date. 

(a) Seller may request one or more 364-day extensions of the Liquidity Termination Date then in effect by giving
written notice of such request to Agent (each such notice, an “Extension Notice”) at least 60 days prior to the Liquidity Termination Date then in effect. After Agent’s receipt of any Extension Notice, Agent shall
promptly notify each Purchaser Agent of such Extension Notice. After Agent’s and each Purchaser Agent’s receipt of any Extension Notice, Agent shall promptly notify the Financial Institutions in the BTMU Conduit’s Purchaser Group of
such Extension Notice and each Purchaser Agent shall promptly notify the Financial Institutions in such Purchaser Agent’s Purchaser Group of such Extension Notice. Each Financial Institution may, in its sole discretion, by a revocable notice (a
“Consent Notice”) given to Agent and, if applicable, the Purchaser Agent in such Financial Institution’s Purchaser Group on or prior to the 30th day prior to the Liquidity Termination Date then in effect (such period from the date of the Extension Notice to such
30th day being referred to herein as the
“Consent Period”), consent to such extension of such Liquidity Termination Date; provided, however, that, except as provided in Section 4.6(b), such extension shall not be effective with respect to any of the
Financial Institutions if any one or more Financial Institutions: (i) notifies Agent and, if applicable, the Purchaser Agent in such Financial Institution’s Purchaser Group during the Consent Period that such Financial Institution either
does not wish to consent to such extension or wishes to revoke its prior Consent Notice or (ii) fails to respond to Agent and, if 

  
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applicable, the Purchaser Agent in such Financial Institution’s Purchaser Group within the Consent Period (each Financial Institution or its related Conduit, as the case may be, that does
not wish to consent to such extension or wishes to revoke its prior Consent Notice of fails to respond to Agent and, if applicable, such Purchaser Agent within the Consent Period is herein referred to as a “Non-Renewing Financial
Institution”). If none of the events described in the foregoing clauses (i) or (ii) occurs during the Consent Period and all Consent Notices have been received, then, the Liquidity Termination Date shall be
irrevocably extended until the date that is 364 days after the Liquidity Termination Date then in effect. Agent shall promptly notify Seller of any Consent Notice or other notice received by Agent pursuant to this Section 4.6(a).

 (b) Upon receipt of notice from Agent or, if applicable, a Purchaser Agent, pursuant to Section 4.6(a) of any
Non-Renewing Financial Institution or that the Liquidity Termination Date has not been extended, one or more of the Financial Institutions (including any Non-Renewing Financial Institution) may proffer to Agent, the Conduit in such Non-Renewing
Financial Institution’s Purchaser Group and, if applicable, the Purchaser Agent in such Non-Renewing Financial Institution’s Purchaser Group the names of one or more institutions meeting the criteria set forth in
Section 12.1(b)(i) that are willing to accept assignments of and assume the rights and obligations under this Agreement and the other applicable Transaction Documents of the Non-Renewing Financial Institution. Provided the proffered
name(s) are acceptable to Agent, the Conduit in such Non-Renewing Financial Institution’s Purchaser Group and, if applicable, the Purchaser Agent in such Non-Renewing Financial Institution’s Purchaser Group, Agent shall notify each
Purchaser Agent and the remaining Financial Institutions in the BTMU Conduit’s Purchaser Group of such fact and each Purchaser Agent shall notify the remaining Financial Institutions in such Purchaser Agent’s Purchaser Group of such fact,
and the then existing Liquidity Termination Date shall be extended for an additional 364 days upon satisfaction of the conditions for an assignment in accordance with Section 12.1, and the Commitment of each Non-Renewing Financial
Institution shall be reduced to zero. If the rights and obligations under this Agreement and the other applicable Transaction Documents of each Non-Renewing Financial Institution are not assigned as contemplated by this Section 4.6(b)
(each such Non-Renewing Financial Institution or its related Conduit, as the case may be, whose rights and obligations under this Agreement and the other applicable Transaction Documents are not so assigned is herein referred to as a
“Terminating Financial Institution”) and at least one Financial Institution is not a Non-Renewing Financial Institution, the then existing Liquidity Termination Date shall be extended for an additional 364 days; provided,
however, that (i) the Purchase Limit shall be reduced on the Termination Date applicable to each Terminating Financial Institution by an aggregate amount equal to the Terminating Commitment Availability as of such date of each Terminating
Financial Institution and shall thereafter continue to be reduced by amounts equal to any reduction in the Capital of any Terminating Financial Institution (after application of Collections pursuant to Sections 2.2 and 2.3),
(ii) the Conduit Purchase Limit of each Conduit shall be reduced by the aggregate amount of the Terminating Commitment Amount of each Terminating Financial Institution in such Conduit’s Purchaser Group and (iii) the Commitment of each
Terminating Financial Institution shall be reduced to zero on the Termination Date applicable to such Terminating Financial Institution. Upon reduction to zero of the Capital of a Terminating Financial Institution (after application of Collections
thereto pursuant to Section 2.2 and 2.3), all rights and obligations of such Terminating Financial Institution hereunder shall be terminated and such Terminating Financial Institution shall no longer be a “Financial
Institution”; provided, however, 

  
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that the provisions of Article X shall continue in effect for its benefit with respect to the Capital held by such Terminating Financial Institution prior to its termination as a Financial
Institution. For the avoidance of doubt, each reference to a Financial Institution in the context of a Terminating Financial Institution shall be deemed to refer to the related Conduit if such Conduit continues to have Capital outstanding as a
Terminating Financial Institution. 
 (c) Any requested extension of the Liquidity Termination Date may be approved or
disapproved by a Financial Institution in its sole discretion. In the event that the Commitments are not extended in accordance with the provisions of this Section 4.6, the Commitment of each Financial Institution shall be reduced to
zero on the Liquidity Termination Date. Upon reduction to zero of the Commitment of a Financial Institution and upon reduction to zero of the Capital of such Financial Institution, all rights and obligations of such Financial Institution hereunder
shall be terminated and such Financial Institution shall no longer be a “Financial Institution”; provided, however, that the provisions of Article X shall continue in effect for its benefit with respect to the Capital held by such
Financial Institution prior to its termination as a Financial Institution. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 Section 5.1 Representations and Warranties of the Seller Parties. Each Seller Party hereby represents and warrants to Agent, the Purchaser Agents and the Purchasers, as to itself, as of the date
hereof and as of the date of each Purchase (other than with respect to the representations and warranties set forth in clause (x), which are only made as of the date hereof) that: 

(a) Existence and Power. Such Seller Party is a corporation or limited liability company, as applicable, duly organized, validly
existing and in good standing under the laws of its state of organization. Such Seller Party is duly qualified to do business and is in good standing as a foreign entity, and has and holds all power, corporate or otherwise, and all governmental
licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted, except where the failure to be so qualified or to have and hold such governmental licenses, authorization,
consents and approvals could not reasonably be expected to have a Material Adverse Effect. 
 (b) Power and Authority; Due
Authorization, Execution and Delivery. The execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and, in the case
of Seller, Seller’s use of the proceeds of Purchases made hereunder, are within its powers and authority, corporate or otherwise, and have been duly authorized by all necessary action, corporate or otherwise, on its part. This Agreement and
each other Transaction Document to which such Seller Party is a party has been duly executed and delivered by such Seller Party. 
 (c) No Conflict. The execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a party, and the performance

  
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of its obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or organization, by-laws or limited liability company agreement (or
equivalent governing documents), (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any
order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Seller Party or its Subsidiaries (except as created hereunder); and
no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
 (d) Governmental
Authorization. Other than the filing of the financing statements required hereunder, no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due
execution and delivery by such Seller Party of this Agreement and each other Transaction Document to which it is a party and the performance of its obligations hereunder and thereunder. 

(e) Actions, Suits. There are no actions, suits or proceedings pending, or to the best of such Seller Party’s knowledge,
threatened, against or affecting such Seller Party, or any of its properties, in or before any court, arbitrator or other body, that could reasonably be expected to have a Material Adverse Effect. Such Seller Party is not in default with respect to
any order of any court, arbitrator or governmental body. 
 (f) Binding Effect. This Agreement and each other
Transaction Document to which such Seller Party is a party constitute the legal, valid and binding obligations of such Seller Party enforceable against such Seller Party in accordance with their respective terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or
at law). 
 (g) Accuracy of Information. All information heretofore furnished by such Seller Party or any of its
Affiliates to Agent, the Purchaser Agents or the Purchasers for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter
furnished by such Seller Party or any of its Affiliates to Agent, the Purchaser Agents or the Purchasers will be, true and accurate in every material respect on the date such information is stated or certified and does not and will not contain any
material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not materially misleading. 
 (h) Use of Proceeds. No proceeds of any Purchase hereunder will be used (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of
Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 

(i) Good Title. Immediately prior to each Purchase hereunder, Seller shall be the legal and beneficial owner of the Receivables
and Related Security with respect 

  
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thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s ownership interest in each Receivable, its Collections and the Related Security. 

(j) Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is effective to, and
shall, upon each Purchase hereunder, transfer to Agent for the benefit of the Purchasers (and Agent for the benefit of the Purchasers shall acquire from Seller) a valid and perfected ownership of or first priority perfected security interest in each
Receivable existing or hereafter arising and in the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or
other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Agent’s (on behalf of the Purchasers) ownership or security interest in the Receivables, the Related Security and
the Collections. 
 (k) Jurisdiction of Organization; Places of Business and Locations of Records. The principal places
of business, jurisdiction of organization and chief executive office of such Seller Party and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit III or such other locations of which Agent and each
Purchaser Agent have been notified in accordance with Section 7.2(a) in jurisdictions where all action required by Section 7.1(h) and/or Section 14.4(a) has been taken and completed. Such Seller party’s
organizational number assigned to it by its jurisdiction of organization and such Seller Party’s Federal Employer Identification Number are correctly set forth on Exhibit III. Except as set forth on Exhibit III, such Seller Party
has not, within a period of one year prior to the date hereof, (i) changed the location of its principal place of business or chief executive office or its organizational structure, (ii) changed its legal name, (iii) become a
“new debtor” (as defined in Section 9-102(a)(56) of the UCC in effect in the State of Minnesota) or (iv) changed its jurisdiction of organization. Seller is a Minnesota limited liability company and is a “registered
organization” (within the meaning of Section 9-102 of the UCC in effect in the State of Minnesota). 
 (l)
Collections. The conditions and requirements set forth in Section 7.1(j) and Section 8.2 have at all times been satisfied and duly performed. The names and addresses of all Collection Banks, together with the account
numbers of the Collection Accounts at each Collection Bank and the post office box number of each Lock-Box or P.O. Box, are listed on Exhibit IV or have been provided to Agent and each Purchaser Agent in a written notice that complies with
Section 7.2(b). Seller has not granted any Person, other than Agent as contemplated by this Agreement, dominion and control or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of
any Lock-Box, P.O. Box or Collection Account, or the right to take dominion and control or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any such Lock-Box, P.O. Box or Collection Account
at a future time or upon the occurrence of a future event. Each Seller Party has taken all steps necessary to ensure that Agent has “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) over all
Collection Accounts. Such Seller Party has the ability to identify, within one Business Day of deposit, all amounts that are deposited to any First Tier Account as constituting Collections or non-Collections. No funds other than the proceeds of
Receivables are deposited to the Second-Tier Account. 

  
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 (m) Material Adverse Effect. (i) The initial Servicer represents and
warrants that since January 26, 2002, no event has occurred that would have a material adverse effect on the financial condition or operations of the initial Servicer and its Subsidiaries or the ability of the initial Servicer to perform its
obligations under this Agreement, and (ii) Seller represents and warrants that since May 10, 2002, no event has occurred that would have a material adverse effect on (A) the financial condition or operations of Seller, (B) the
ability of Seller to perform its obligations under the Transaction Documents, or (C) the collectibility of the Receivables generally or any material portion of the Receivables. 

(n) Names. In the past five (5) years, Seller has not used any corporate or other names, trade names or assumed names other
than the name in which it has executed this Agreement. 
 (o) Ownership of Seller. PDCo owns, directly or indirectly,
100% of the issued and outstanding membership units of Seller, free and clear of any Adverse Claim. Such membership units are validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of
Seller. 
 (p) Not an Investment Company. Such Seller Party is not and, after giving effect to the transactions
contemplated hereby, will not be required to be registered as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or any successor statute. 

(q) Compliance with Law. Such Seller Party has complied in all respects with all applicable laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Averse Effect. Each Receivable, together with the Contract related thereto, does
not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity,
fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation. 

(r) Compliance with Credit and Collection Policy. Such Seller Party has complied in all material respects with the Credit and
Collection Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy, except such material change as to which Agent and each Purchaser Agent have been notified in
accordance with Section 7.1(a)(vii). 
 (s) Payments to Originators. With respect to each Receivable
transferred to Seller under the Receivables Sale Agreement, Seller has given reasonably equivalent value to the applicable Originator in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by
any Originator of any Receivable under the Receivables Sale Agreement is or may be voidable under any section of the Federal Bankruptcy Code. 

  
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 (t) Enforceability of Contracts. Each Contract with respect to each Receivable
is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance
with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 
 (u) Eligible Receivables. Each Receivable included in the
Net Portfolio Balance as an Eligible Receivable was an Eligible Receivable on the date of its purchase by Seller under the Receivables Sale Agreement. 
 (v) Net Portfolio Balance. Seller has determined that, immediately after giving effect to each Purchase hereunder (including the initial Purchase and the Deemed Exchange on the date hereof), the
Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case, at such time. 
 (w) Accounting. The manner in which such Seller Party accounts for the transactions contemplated by this Agreement and the Receivables Sale Agreement does not jeopardize the true sale analysis.

 (x) Prior Agreement. As of the date hereof, no Amortization Event or Potential Amortization Event has occurred and is
continuing under the Prior Agreement and no default under any of the “Transaction Documents” (as defined in the Prior Agreement) has occurred and is continuing. 
 ARTICLE VI 
 CONDITIONS OF PURCHASES 

Section 6.1 Conditions Precedent to Initial Purchase and Deemed Exchange. Each of the initial Purchase and the Deemed Exchange
under this Agreement are subject to the conditions precedent that (a) Agent and each Purchaser Agent shall have received on or before the date of such Purchase those documents listed on Schedule B, Agent, (b) each Purchaser Agent
and each Purchaser shall have received all fees and expenses required to be paid on or prior to such date pursuant to the terms of this Agreement and/or any Fee Letter, (c) Seller shall have marked its books and records with a legend
satisfactory to Agent identifying Agent’s interest therein, (d) Agent and each Purchaser Agent shall have completed to its satisfaction a due diligence review of each Originator’s and Seller’s billing, collection and reporting
systems and other items related to the Receivables and (e) each of the Purchasers shall have received the approval of its credit committee of the transactions contemplated hereby. 

Section 6.2 Conditions Precedent to All Purchases. Each Purchase (including the initial Purchase and the Deemed Exchange) shall be
subject to the further conditions precedent that in the case of each such Purchase: (a) Servicer shall have delivered to Agent and each Purchaser Agent on or prior to the date of such Purchase, in form and substance satisfactory to Agent and
each Purchaser Agent, all Monthly Reports as and when due under Section 8.5, and 

  
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upon Agent’s or any Purchaser Agent’s request, Servicer shall have delivered to Agent and each Purchaser Agent at least three (3) days prior to such Purchase an interim Monthly
Report showing the amount of Eligible Receivables; (b) the Facility Termination Date shall not have occurred; (c) Agent and each Purchaser Agent shall have received a duly executed Purchase Notice and such other approvals, opinions or
documents as Agent or any Purchaser Agent may reasonably request, (d) if required to be in effect pursuant to Section 7.3, the Hedging Agreements shall be in full force and effect and (e) on the date of each such Purchase, the
following statements shall be true (and acceptance of the proceeds of such Purchase shall be deemed a representation and warranty by Seller that such statements are then true): 

(i) the representations and warranties set forth in Section 5.1 are true and correct on and as of the date of
such Purchase as though made on and as of such date; 
 (ii) no event has occurred and is continuing, or would
result from such Purchase, that will constitute an Amortization Event, and no event has occurred and is continuing, or would result from such Purchase, that would constitute a Potential Amortization Event; and 

(iii) the Aggregate Capital does not exceed the Purchase Limit and the Net Portfolio Balance equals or exceeds the sum of
(i) the Aggregate Capital, plus (ii) the Credit Enhancement, in each case, both immediately before and after giving effect to such Purchase. 
 ARTICLE VII 
 COVENANTS 

Section 7.1 Affirmative Covenants of The Seller Parties. Until the date on which the Aggregate Unpaids have been indefeasibly paid
in full and this Agreement terminates in accordance with its terms, each Seller Party hereby covenants, as to itself, as set forth below: 
 (a) Financial Reporting. Such Seller Party will maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish or cause
to be furnished to Agent and each Purchaser Agent: 
 (i) Annual Reporting. Within 90 days after the
close of each of its respective fiscal years, (x) audited, unqualified consolidated financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for PDCo and its
consolidated Subsidiaries for such fiscal year certified in a manner acceptable to Agent by independent public accountants acceptable to Agent and (y) unaudited balance sheets of Seller as at the close of such fiscal year and statements of
income and retained earnings and a statement of cash flows for Seller for such fiscal year, all certified by its chief financial officer. Delivery within the time period specified above of PDCo’s annual report on Form 10-K for such fiscal year
(together with PDCo’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act of 1934, as amended) prepared in accordance 

  
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with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of clause (x) of this Section 7.1(a)(i),
provided that the report of the independent public accountants contained therein is acceptable to Agent. 
 (ii) Quarterly Reporting. Within 45 days after the close of the first three (3) quarterly periods of each of its respective fiscal years, unaudited balance sheets of PDCo as at the close of
each such period and statements of income and retained earnings and a statement of cash flows for PDCo for the period from the beginning of such fiscal year to the end of such quarter, all certified by its chief financial officer. Delivery within
the time period specified above of copies of PDCo’s quarterly report Form 10-Q for such fiscal quarter prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the
foregoing requirements of this Section 7.1(a)(ii). 
 (iii) Compliance Certificate. Together
with the financial statements required hereunder, a compliance certificate in substantially the form of Exhibit V signed by such Seller Party’s Authorized Officer and dated the date of such annual financial statement or such quarterly
financial statement, as the case may be. 
 (iv) Shareholders Statements and Reports. Promptly upon the
furnishing thereof to the shareholders of such Seller Party copies of all financial statements, reports and proxy statements so furnished. 
 (v) S.E.C. Filings. Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which PDCo, any Originator or any of their
respective Subsidiaries files with the Securities and Exchange Commission. 
 (vi) Copies of Notices.
Promptly upon its receipt of any notice, request for consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than Agent, any Purchaser Agent (so long as
Agent is copied on such communication) or any Purchaser (so long as each other Purchaser is copied on such communication), copies of the same. 
 (vii) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of any material change in or material amendment to the Credit and Collection Policy, a copy
of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely to adversely affect the collectibility of the Receivables or
decrease the credit quality of any newly created Receivables, requesting Agent’s and each Purchaser Agent’s consent thereto. 
 (viii) Sale Assignments. Promptly upon its receipt of any Sale Assignment under and as defined in the Receivables Sale Agreement, copies of the same. 

  
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 (ix) Other Information. Promptly, from time to time, such other
information, documents, records or reports relating to the Receivables or the condition or operations, financial or otherwise, of such Seller Party as Agent or any Purchaser Agent may from time to time reasonably request in order to protect the
interests of Agent and the Purchasers under or as contemplated by this Agreement. 
 (b) Notices. Such Seller Party will
notify Agent and each Purchaser Agent in writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 

(i) Amortization Events or Potential Amortization Events. The occurrence of each Amortization Event and each
Potential Amortization Event, by a statement of an Authorized Officer of such Seller Party. 
 (ii) Judgment
and Proceedings. (1) The entry of any judgment or decree against Servicer or any of its respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Servicer and its Subsidiaries exceeds $1,000,000
and (2) the institution of any litigation, arbitration proceeding or governmental proceeding against Servicer that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (B) the entry of any
judgment or decree or the institution of any litigation, arbitration proceeding or governmental proceeding against Seller. 
 (iii) Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably be expected to have, a Material Adverse Effect. 

(iv) Termination Date. The occurrence of the “Termination Date” under and as defined in the Receivables
Sale Agreement. 
 (v) Defaults Under Other Agreements. The occurrence of a default or an event of
default under any other financing arrangement pursuant to which such Seller Party is a debtor or an obligor. 

(vi) Downgrade of PDCo or any Originator. Any downgrade in the rating of any Indebtedness of PDCo or any
Originator by S&P or Moody’s, setting forth the Indebtedness affected and the nature of such change. 

(vii) Appointment of Independent Governor. The decision to appoint a new governor of Seller as the
“Independent Governor” for purposes of this Agreement, such notice to be issued not less than ten (10) days prior to the effective date of such appointment and to certify that the designated Person satisfies the criteria set forth in
the definition herein of “Independent Governor.” 
 (c) Compliance with Laws and Preservation of Existence.
Such Seller Party will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected
to have a Material Adverse Effect. Such Seller 

  
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Party will preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign
entity in each jurisdiction where its business is conducted, except where the failure to so preserve and maintain any such rights, franchises or privileges or to so qualify could not reasonably be expected to have a Material Adverse Effect.

 (d) Audits. Such Seller Party will furnish to Agent and each Purchaser Agent from time to time such information with
respect to it and the Receivables as Agent or any Purchaser Agent may reasonably request. Such Seller Party will, from time to time during regular business hours as requested by Agent or any Purchaser Agent upon reasonable notice and at the sole
cost of such Seller Party, permit Agent or any Purchaser Agent or any of their respective agents or representatives, (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Person relating
to the Receivables and the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of such Person for the purpose of examining such materials described in clause
(i) above, and to discuss matters relating to such Person’s financial condition or the Receivables and the Related Security or any Person’s performance under any of the Transaction Documents or any Person’s performance under
the Contracts and, in each case, with any of the officers or employees of Seller or Servicer having knowledge of such matters. Without limiting the foregoing, such Seller Party will, annually and prior to any Financial Institution renewing its
Commitment hereunder, during regular business hours as requested by Agent or any Purchaser Agent upon reasonable notice and at the sole cost of such Seller Party, permit Agent or any Purchaser Agent or any of their respective agents or
representatives, to conduct a follow-up audit. 
 (e) Keeping and Marking of Records and Books. 

(i) Servicer will maintain and implement administrative and operating procedures (including, without limitation, an
ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all
Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Servicer will give Agent notice of any material change in
the administrative and operating procedures referred to in the previous sentence. 
 (ii) Such Seller Party
(A) has on or prior to May 10, 2002, marked its master data processing records and other books and records relating to the Asset Portfolio with a legend, acceptable to Agent, describing the Asset Portfolio and (B) will, upon the
request of Agent (x) mark each Contract with a legend describing the Asset Portfolio and (y) deliver to Agent all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables.

 (f) Compliance with Contracts and Credit and Collection Policy. Such Seller Party will timely and fully
(i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all respects with the Credit and Collection Policy in regard to each
Receivable and the related Contract. 

  
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 (g) Performance and Enforcement of Receivables Sale Agreement. Seller will, and
will require each Originator to, perform each of their respective obligations and undertakings under and pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder in strict compliance with the terms thereof and will vigorously
enforce the rights and remedies accorded to Seller under the Receivables Sale Agreement. Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of Agent and the Purchasers as assignees of Seller)
under the Receivables Sale Agreement as Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained
in the Receivables Sale Agreement. 
 (h) Ownership. Seller will take all necessary action to (i) vest legal and
equitable title to the Receivables, the Related Security and the Collections purchased under the Receivables Sale Agreement irrevocably in Seller, free and clear of any Adverse Claims other than Adverse Claims in favor of Agent and the Purchasers
(including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s interest
in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Seller therein as Agent may reasonably request), and (ii) establish and maintain, in favor of Agent, for the
benefit of the Purchasers, a valid and perfected ownership interest (and/or a valid and perfected first priority security interest) in all Receivables, Related Security and Collections to the full extent contemplated herein, free and clear of any
Adverse Claims other than Adverse Claims in favor of Agent for the benefit of the Purchasers (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the
UCC (or any comparable law) of all appropriate jurisdictions to perfect Agent’s (for the benefit of the Purchasers) interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence
the interest of Agent for the benefit of the Purchasers as Agent may reasonably request). 
 (i) Purchasers’
Reliance. Seller acknowledges that the Purchasers are entering into the transactions contemplated by this Agreement in reliance upon Seller’s identity as a legal entity that is separate from each Patterson Entity and their respective
Affiliates. Therefore, from and after May 10, 2002, Seller will take all reasonable steps, including, without limitation, all steps that Agent, any Purchaser Agent or any Purchaser may from time to time reasonably request, to maintain
Seller’s identity as a separate legal entity and to make it manifest to third parties that Seller is an entity with assets and liabilities distinct from those of each Patterson Entity and any Affiliates thereof and not just a division of any
Patterson Entity. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, Seller will: 
 (A) conduct its own business in its own name and require that all full-time employees of Seller, if any, identify themselves as such and not as employees of any Patterson Entity (including, without
limitation, by means of providing appropriate employees with business or identification cards identifying such employees as Seller’s employees); 

  
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 (B) compensate all employees, consultants and agents directly, from
Seller’s own funds, for services provided to Seller by such employees, consultants and agents and, to the extent any employee, consultant or agent of Seller is also an employee, consultant or agent of any Patterson Entity or any Affiliate
thereof, allocate the compensation of such employee, consultant or agent between Seller and such Patterson Entity or such Affiliate, as applicable on a basis that reflects the services rendered to Seller and such Patterson Entity or such Affiliate,
as applicable; 
 (C) clearly identify its offices (by signage or otherwise) as its offices and, if such office
is located in the offices of any Patterson Entity or an Affiliate thereof, Seller will lease such office at a fair market rent; 
 (D) have a separate telephone number, which will be answered only in its name and separate stationery, invoices and checks in its own name; 

(E) conduct all transactions with each Patterson Entity and Servicer and their respective Affiliates strictly on an
arm’s-length basis, allocate all overhead expenses (including, without limitation, telephone and other utility charges) for items shared between Seller and any Patterson Entity or any Affiliate thereof on the basis of actual use to the extent
practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 

(F) at all times have a Board of Governors consisting of three members, at least one member of which is an Independent
Governor; 
 (G) observe all limited liability company formalities as a distinct entity, and ensure that all
limited liability company actions relating to (1) the selection, maintenance or replacement of the Independent Governor, (2) the dissolution or liquidation of Seller or (3) the initiation of, participation in, acquiescence in or
consent to any bankruptcy, insolvency, reorganization or similar proceeding involving Seller, are duly authorized by unanimous vote of its Board of Governors (including the Independent Governor); 

(H) maintain Seller’s books and records separate from those of each Patterson Entity and any Affiliate thereof and
otherwise readily identifiable as its own assets rather than assets of any Patterson Entity and any Affiliate thereof; 
 (I) prepare its financial statements separately from those of each Patterson Entity and insure that any consolidated financial statements of any Patterson Entity or any Affiliate thereof that include
Seller, including any that are filed with the Securities and Exchange Commission or any other governmental agency have notes clearly stating that Seller is a separate legal entity and that its assets will be available first and foremost to satisfy
the claims of the creditors of Seller; 

  
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 (J) except as herein specifically otherwise provided, maintain the
funds or other assets of Seller separate from, and not commingled with, those of any Patterson Entity or any Affiliate thereof and only maintain bank accounts or other depository accounts to which Seller alone (or Servicer in the performance of its
duties hereunder) is the account party and from which Seller alone (or Servicer in the performance of its duties hereunder or Agent hereunder) has the power to make withdrawals; 

(K) pay all of Seller’s operating expenses from Seller’s own assets (except for certain payments by any
Patterson Entity or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i)); 
 (L) operate its business and activities such that: it does not engage in any business or activity of any kind, or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease
or other undertaking, other than the transactions contemplated and authorized by this Agreement and the Receivables Sale Agreement; and does not create, incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether
direct or contingent, other than (1) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (2) the incurrence of obligations under this Agreement,
(3) the incurrence of obligations, as expressly contemplated in the Receivables Sale Agreement, to make payment to the Originators thereunder for the purchase of Receivables from the Originators under the Receivables Sale Agreement, and
(4) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement; 
 (M) maintain its articles of organization and bylaws in conformity with this Agreement, such that (1) it does not amend, restate, supplement or otherwise modify its articles of organization or bylaws
in any respect that would impair its ability to comply with the terms or provisions of any of the Transaction Documents, including, without limitation, Section 7.1(i) of this Agreement; and (2) its articles of organization and
bylaws, at all times that this Agreement is in effect, provides for not less than ten (10) days’ prior written notice to Agent of the replacement or appointment of any governor that is to serve as an Independent Governor for purposes of
this Agreement and the condition precedent to giving effect to such replacement or appointment that Seller certify that the designated Person satisfied the criteria set forth in the definition herein of “Independent Governor” and
Agent’s written acknowledgement that in its reasonable judgment the designated Person satisfies the criteria set forth in the definition herein of “Independent Governor”; 

(N) maintain the effectiveness of, and continue to perform under the Receivables Sale Agreement, the Performance
Undertaking and the other Transaction Documents, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Receivables Sale Agreement, the Performance Undertaking or any other Transaction Document, or give any
consent, waiver, directive or approval thereunder or waive any default, action, omission or breach under the 

  
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Receivables Sale Agreement, the Performance Undertaking, or any other Transaction Document, or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of Agent
and the Required Purchasers; 
 (O) maintain its legal separateness such that it does not merge or consolidate
with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now owned or hereafter
acquired) to, or acquire all or substantially all of the assets of, any Person, nor at any time create, have, acquire, maintain or hold any interest in any Subsidiary; 

(P) maintain at all times the Required Capital Amount (as defined in the Receivables Sale Agreement) and refrain from
making any dividend, distribution, redemption of membership units or payment of any subordinated Indebtedness or other liabilities which would cause the Required Capital Amount to cease to be so maintained; and 

(Q) take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the
opinion issued by Briggs and Morgan, Professional Association, as counsel for Seller, dated June 19, 2002 (as such opinion may be brought down or replaced from time to time), relating to substantive consolidation issues, and in the certificates
accompanying such opinion, remain true and correct in all material respects at all times. 
 (j) Collections. Such
Seller Party will cause (1) all items from all P.O. Boxes to be processed and deposited into a Collection Account within 1 Business Day after receipt in a P.O. Box, all ACH Receipts to be deposited immediately to a Collection Account and all
proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account, (2) all Collections deposited to any First-Tier Account to be electronically swept or otherwise transferred to the Second-Tier Account within
1 Business Day of being deposited to such First-Tier Account, and (3) each Lock-Box, P.O. Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect. In the event any payments
relating to Receivables are remitted directly to any Seller Party or any Affiliate of any Seller Party, such Seller Party will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection
Account within 1 Business Day following receipt thereof, and, at all times prior to such remittance, such Seller Party or Affiliate will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of Agent
and the Purchasers. Seller will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each Lock-Box, P.O. Box and Collection Account and shall not grant the right to take dominion and control or establish
“control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any Lock-Box, P.O. Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to Agent as
contemplated by this Agreement. With respect to each Collection Account, each Seller Party shall take all steps necessary to ensure that Agent has “control” (within the meaning of Section 9-104 of the UCC of all applicable
jurisdictions) over each such Collection Account. 

  
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RECEIVABLES PURCHASE AGREEMENT 
  

 (k) Taxes. Such Seller Party will file all tax returns and reports required by
law to be filed by it and will promptly pay all taxes and governmental charges at any time owing. Seller will pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or measured by income or gross receipts of any
Conduit, Agent or any Financial Institution. 
 (l) Insurance. Seller will maintain in effect, or cause to be maintained
in effect, at Seller’s own expense, such casualty and liability insurance as Seller shall deem appropriate in its good faith business judgment. Agent, for the benefit of the Purchasers, shall be named as an additional insured with respect to
all such liability insurance maintained by Seller. Seller will pay or cause to be paid, the premiums therefor and deliver to Agent evidence satisfactory to Agent of such insurance coverage. Copies of each policy shall be furnished to Agent and any
Purchaser in certificated form upon Agent’s or such Purchaser’s request. The foregoing requirements shall not be construed to negate, reduce or modify, and are in addition to, Seller’s obligations hereunder. 

(m) Payments to Originators. With respect to any Receivable purchased by Seller from any Originator, such sale shall be effected
under, and in strict compliance with the terms of, the Receivables Sale Agreement, including, without limitation, the terms relating to the amount and timing of payments to be made to such Originator in respect of the purchase
price for such Receivable. 
 Section 7.2 Negative Covenants of The Seller Parties. Until the date on which the Aggregate
Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance with its terms, each Seller Party hereby covenants, as to itself, that: 
 (a) Name Change, Offices and Records. Such Seller Party will not change its name, jurisdiction of organization, identity or organizational structure (within the meaning of Sections 9-503 and/or
9-507 of the UCC of all applicable jurisdictions) or relocate its chief executive office, principal place of business or any office where Records are kept unless it shall have: (i) given Agent and each Purchaser Agent at least forty-five
(45) days’ prior written notice thereof and (ii) delivered to Agent all financing statements, instruments and other documents requested by Agent and each Purchaser Agent in connection with such change or relocation. 

(b) Change in Payment Instructions to Obligors. Except as may be required by Agent pursuant to Section 8.2(b), such
Seller Party will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box, P.O. Box or Collection Account, unless Agent and each Purchaser Agent shall have
received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account, P.O. Box or
Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box or P.O. Box; provided, however, that Servicer may make changes in instructions to Obligors regarding payments if such new
instructions require such Obligor to make payments to another existing Collection Account. 

  
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 (c) Modifications to Contracts and Credit and Collection Policy. Such Seller
Party will not make any change to the Credit and Collection Policy that could adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables. Except as provided in Section 8.2(d),
Servicer will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy. 

(d) Sales, Liens. Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option
with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect to any Contract
under which any Receivable arises, or any Lock-Box, P.O. Box or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests therein in favor of Agent and the Purchasers
provided for herein), and Seller will defend the right, title and interest of Agent and the Purchasers in, to and under any of the foregoing property, against all claims of third parties claiming through or under Seller or any Originator. Seller
will not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory, the financing or lease of which gives rise to any Receivable. 

(e) Net Portfolio Balance. At no time prior to the Amortization Date shall Seller permit the Net Portfolio Balance to be less
than an amount equal to the sum of (i) the Aggregate Capital plus (ii) the Credit Enhancement, in each case, at such time. 
 (f) Termination Date Determination. Seller will not designate the Termination Date (as defined in the Receivables Sale Agreement), or send any written notice to any Originator in respect thereof,
without the prior written consent of Agent and each Purchaser Agent, except with respect to the occurrence of such Termination Date arising pursuant to Section 5.1(d) of the Receivables Sale Agreement. 

(g) Restricted Junior Payments. From and after the occurrence of any Amortization Event, Seller will not make any Restricted
Junior Payment if, after giving effect thereto, Seller would fail to meet its obligations set forth in Section 7.2(e). 
 (h) Collections. No Seller Party will deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Second-Tier Account cash or cash proceeds other than Collections. Except
as may be required by Agent pursuant to the last sentence of Section 8.2(b), no Seller Party will deposit or otherwise credit, or cause or permit to be so deposited or credited, any Collections or proceeds thereof to any lock-box account
or to any other account not covered by a Collection Account Agreement. 
 Section 7.3 Hedging Agreements.
(a) Entering into Hedging Agreements. At all times Seller shall be a party to a Hedging Agreement in accordance with the terms hereof. 
 (b) Notices. Each Seller Party will notify Agent in writing of any of the following promptly upon learning of the occurrence thereof, describing the same, and if applicable, the steps being taken
with respect thereto: 
 (A) the occurrence of any default, event of default, early termination date,
termination event or similar event under, or the termination of, any Hedging Agreement; 

  
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 (B) the failure of any Hedging Agreement (or assignment thereof from
Seller to Agent for the ratable benefit of the Purchasers) to be in full force and effect; 
 (C) any downgrade
in, or withdrawal of, the unsecured, unguaranteed, long-term debt rating of any Hedge Provider by S&P or Moody’s, setting forth the long-term debt rating effected and the nature of such change; and 

(D) any failure of any Hedge Provider to be an Eligible Hedge Provider. 

(c) Affirmative Covenants. So long as Seller is a party to any Hedging Agreement: 

(A) Seller will timely and fully perform and comply with all provisions, covenants and other promises required to be
observed by it under any Hedging Agreement and will vigorously enforce the rights and remedies accorded to Seller under any Hedging Agreement. Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests
of Agent and the Purchasers as assignees of Seller) under each Hedging Agreement as Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any provision contained in any Hedging
Agreement. 
 (B) Seller and Servicer will instruct all Hedge Providers to pay all Hedge Floating Amounts
relating to any Hedging Agreement directly to Second-Tier Account. In the event any Hedge Floating Amounts relating to any Hedging Agreement are remitted directly to any Seller Party or any Affiliate of a Seller Party, such Seller Party will remit
(or will cause all such payments to be remitted) directly to Second-Tier Account within one Business Day following receipt thereof, and, at all times prior to such remittance, such Seller Party or Affiliate will itself hold or, if applicable, will
cause such payments to be held in trust for the exclusive benefit of Agent and the Purchasers. 
 (C) At any
time that it enters into a Hedging Agreement, Seller will (A) execute and deliver to Agent, for the ratable benefit of the Purchasers, an assignment, in form and substance satisfactory to Agent, of all Hedge Floating Amounts payable to Seller
under such Hedging Agreement and (B) cause the applicable Hedge Provider to consent and agree to such assignment, which consent and agreement shall be evidenced by a writing in form and substance satisfactory to Agent and shall effect any
amendments to the applicable Hedging Agreement to allow such assignment. 
 (D) If a Hedge Provider Downgrade
shall occur with respect to a Hedge Provider, within 10 days thereof, Seller shall cause such Hedge Provider to transfer its obligations under this Agreement and the applicable Hedging 

  
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Agreement, at such Hedge Provider’s cost and expense, to a bank or other financial institution acceptable to Agent, and consented to by Seller (such consent not to be unreasonably withheld)
which possesses an unsecured, unguaranteed, long-term debt rating of A- or better by S&P and A3 or better by Moody’s. 

(d) Negative Covenants. So long as Seller is a party to any Hedging Agreement: 

(A) No Seller Party will make any change in the instructions to any Hedge Provider regarding payments to be made to the
Second-Tier Account (it being understood that on the date hereof Seller shall instruct each Hedge Provider to direct all Hedge Floating Amounts to the Second-Tier Account in accordance with Section 7.3(c)(B) instead of to the
“Agent’s Account” under and as defined in the Prior Agreement). 
 (B) Seller will not designate
an early termination date under any Hedging Agreement, or send any written notice to any Hedge Provider in respect thereof, or waive any provision of any Hedging Agreement, without, in each case, the prior written consent of Agent. 

(C) Seller shall not supplement, amend, extend, replace, terminate, or otherwise modify any Hedging Agreement without, in
each case, the prior written consent of Agent. 
 ARTICLE VIII 

ADMINISTRATION AND COLLECTION 
 Section 8.1 Designation of Servicer. (a) The servicing, administration and collection of the Receivables on behalf of Agent and the Purchasers shall be conducted by such Person (the
“Servicer”) so designated from time to time in accordance with this Section 8.1. PDCo is hereby designated as, and hereby agrees to perform the duties and obligations of, Servicer for Agent and the Purchasers
pursuant to the terms of this Agreement. Agent (on behalf of the Purchasers) may, and at the direction of the Required Purchasers shall, at any time following the occurrence of an Amortization Event designate as Servicer any Person to succeed PDCo
or any successor Servicer. 
 (a) Without the prior written consent of Agent and the Required Purchasers, PDCo shall not be
permitted to delegate any of its duties or responsibilities as Servicer to any Person other than (i) an Originator (with respect to Receivables originated by such Originator), (ii) Seller and (iii) with respect to certain Charged-Off
Receivables, outside collection agencies and lawyers in accordance with its customary practices. None of Seller or any Originator shall be permitted to further delegate to any other Person any of the duties or responsibilities of Servicer delegated
to it by PDCo. If at any time Agent shall designate as Servicer any Person other than PDCo, all duties and responsibilities theretofore delegated by PDCo to Seller and any Originator may, at the discretion of Agent, be terminated forthwith on notice
given by Agent to PDCo and to Seller. 

  
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 (b) Notwithstanding the foregoing subsection (b), (i) PDCo shall be and
remain primarily liable to Agent, the Purchaser Agents and the Purchasers and the Hedge Providers (if any) for the full and prompt performance of all duties and responsibilities of Servicer hereunder and (ii) Agent, the Purchaser Agents and the
Purchasers shall be entitled to deal exclusively with PDCo in matters relating to the discharge by Servicer of its duties and responsibilities hereunder. Agent, the Purchaser Agents and the Purchasers shall not be required to give notice, demand or
other communication to any Person other than PDCo in order for communication to Servicer and its sub-servicer or other delegate with respect thereto to be accomplished. PDCo, at all times that it is Servicer, shall be responsible for providing any
sub-servicer or other delegate of Servicer with any notice given to Servicer under this Agreement. 
 Section 8.2 Duties of
Servicer. (a) Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and
diligence, and in accordance with the Credit and Collection Policy. 
 (b) Servicer will instruct all Obligors to pay all
Collections either (i) directly to a Collection Account by means of an automatic electronic funds transfer, wire transfer or otherwise or (ii) directly to a Lock-Box or P.O. Box. Servicer shall cause any payments made by means of automatic
electronic funds transfer to be deposited directly into a Collection Account from each Obligor’s relevant account. Servicer shall effect a Collection Account Agreement substantially in the form of Exhibit VI with each bank party to a
Collection Account at any time. In the case of any remittances received in any Lock-Box, P.O. Box or Collection Account that shall have been identified, to the satisfaction of Servicer, to not constitute Collections or other proceeds of the
Receivables or the Related Security, Servicer shall promptly remit such items to the Person identified to it as being the owner of such remittances. From and after the date Agent delivers a Collection Notice to any Collection Bank or a Postal Notice
to any post office pursuant to Section 8.3, Agent may request that Servicer, and Servicer thereupon promptly shall instruct all Obligors with respect to the Receivables, to remit all payments thereon to a new lock-box, post office box or
depositary account specified by Agent and, at all times thereafter, Seller and Servicer shall not deposit or otherwise credit, and shall not permit any other Person to deposit or otherwise credit to such new lock-box, post office box or depositary
account any cash or payment item other than Collections. 
 (c) Servicer shall administer the Collections in accordance with
the procedures described herein and in Article II. Servicer shall set aside and hold in trust for the account of Seller (in respect of RPA Deferred Purchase Price, as applicable), the Purchasers and the Hedge Providers (if any) their
respective shares of the Collections in accordance with Article II. Servicer shall, upon the request of Agent, segregate, in a manner acceptable to Agent, all cash, checks and other instruments received by it from time to time constituting
Collections from the general funds of Servicer or Seller prior to the remittance thereof in accordance with Article II. If Servicer shall be required to segregate Collections pursuant to the preceding sentence, Servicer shall segregate and
deposit with a bank designated by Agent such allocable share of Collections of Receivables set aside for the Purchasers on the first Business Day following receipt by Servicer of such Collections, duly endorsed or with duly executed instruments of
transfer. 

  
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 (d) Servicer may, in accordance with the Credit and Collection Policy, extend the
maturity of any Receivable or adjust the Outstanding Balance of any Receivable as Servicer determines to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the status of
such Receivable as a Delinquent Receivable, Defaulted Receivable or Charged-Off Receivable or limit the rights of Agent, the Purchaser Agents or the Purchasers under this Agreement. Notwithstanding anything to the contrary contained herein, Agent
shall have the absolute and unlimited right to direct Servicer to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess any Related Security. 

(e) Servicer shall hold in trust for Agent on behalf of the Purchasers all Records that (i) evidence or relate to the Receivables,
the related Contracts and Related Security or (ii) are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of Agent, deliver or make available to Agent all such Records, at a place selected
by Agent. Servicer shall, as soon as practicable following receipt thereof turn over to Seller any cash collections or other cash proceeds received with respect to Indebtedness not constituting Receivables. Servicer shall, from time to time at the
request of any Purchaser, furnish to the Purchasers (promptly after any such request) a calculation of the amounts set aside for the Purchasers pursuant to Article II. 
 (f) Any payment by an Obligor in respect of any Indebtedness or other liability owed by it to the applicable Originator or Seller shall, except as otherwise specified by such Obligor or otherwise required
by contract or law and unless otherwise instructed by Agent, be applied as a Collection of any Receivable of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to
any other receivable or other obligation of such Obligor. 
 Section 8.3 Collection Notices. Agent is authorized at any
time after the occurrence of an Amortization Event to date and to deliver to the Collection Banks the Collection Notices and to date and deliver the Postal Notices to the applicable post offices. Seller hereby transfers to Agent for the benefit of
the Purchasers, effective when Agent delivers such notices, the dominion and control and “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of each Lock-Box, P. O. Box, each Collection
Account and the amounts on deposit therein. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice or Postal
Notice shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes Agent, and agrees that Agent shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections,
(ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into
the possession of Agent rather than Seller. 
 Section 8.4 Responsibilities of Seller. Anything herein to the contrary
notwithstanding, the exercise by Agent, the Purchaser Agents and the Purchasers of their rights hereunder shall not release Servicer, any Originator or Seller from any of their duties or obligations with respect to any Receivables or under the
related Contracts. The Purchasers shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of Seller. 

  
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 Section 8.5 Reports. Servicer shall prepare and forward to Agent and each
Purchaser Agent (i) three Business Days prior to each Settlement Date and at such times as Agent or any Purchaser Agent shall request, a Monthly Report and (ii) at such times as Agent or any Purchaser Agent shall request, a listing by
Obligor of all Receivables together with an aging of such Receivables. Unless otherwise requested by Agent or any Purchaser Agent, all computations in such Monthly Report shall be made as of the close of business on the last day of the Accrual
Period preceding the date on which such Monthly Report is delivered. 
 Section 8.6 Servicing Fees.
In consideration of PDCo’s agreement to act as Servicer hereunder, the Purchasers hereby agree that, so long as PDCo shall continue to perform as Servicer hereunder, PDCo shall be paid a fee (the “Servicing Fee”) in
accordance with the priority of payments set forth in Sections 2.2(c) and 2.3, as applicable, on the
19th calendar day of each month (or, if such day is not a
Business Day, then the next Business Day thereafter), in arrears for the immediately preceding Fiscal Month, equal to 1% per annum of the average Net Portfolio Balance during such period, as compensation for its servicing activities.

 ARTICLE IX 
 AMORTIZATION EVENTS 
 Section 9.1 Amortization Events. The
occurrence of any one or more of the following events shall constitute an “Amortization Event”: 
 (a)
Any Seller Party shall fail (i) to make any payment or deposit required hereunder when due, or (ii) to perform or observe any term, covenant or agreement hereunder (other than as referred to in clause (i) of this paragraph
(a) and Section 9.1(e)) or any other Transaction Document and such failure shall continue for seven (7) consecutive Business Days. 
 (b) Any representation, warranty, certification or statement made by any Seller Party in this Agreement, any other Transaction Document or in any other document delivered pursuant hereto or thereto shall
prove to have been incorrect in any material respect when made or deemed made. 
 (c) Failure of Seller to pay any Indebtedness
when due or the failure of any other Seller Party to pay Indebtedness when due in excess of $1,000,000; or the default by any Seller Party in the performance of any term, provision or condition contained in any agreement under which any such
Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any such Indebtedness of any Seller Party
shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof. 
 (d) (i) Any Seller Party, the Hedge Providers (if any), the Performance Provider or any of their respective Subsidiaries shall generally not pay its debts as such debts

  
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become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; or (ii) any proceeding shall be instituted by
or against any Seller Party, the Hedge Providers (if any), the Performance Provider or any of their respective Subsidiaries seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar
official for it or any substantial part of its property, and solely in the case of Servicer and the Performance Provider and a proceeding instituted against (and not by) such Person, such proceeding is not dismissed within 60 days; or (iii) any
Seller Party, the Hedge Providers (if any), the Performance Provider or any of their respective Subsidiaries shall take any corporate or other action to authorize any of the actions set forth in clauses (i) or (ii) above in
this subsection (d). 
 (e) Seller shall fail to comply with the terms of Section 2.6 or
Section 7.3 hereof. 
 (f) As at the end of any Fiscal Month: 

(i) the average of the Delinquency Ratio for such Fiscal Month and each of the two immediately preceding Fiscal Months
shall exceed 7.00%, or 
 (ii) the average of the Default Ratio for such Fiscal Month and each of the two
immediately preceding Fiscal Months shall exceed 3.30%, or 
 (iii) Excess Spread is less than 0.75%.

 (g) A Change of Control shall occur. 
 (h) A Hedge Provider Downgrade shall occur and a replacement Hedge Provider meeting the requirements of Section 7.3 fails to assume such then current Hedge Provider’s obligations under
this Agreement and the applicable Hedging Agreement as provided in Section 7.3 after such occurrence. 
 (i) (i)
One or more final judgments for the payment of money shall be entered against Seller or (ii) one or more final judgments for the payment of money in an amount in excess of $1,000,000, individually or in the aggregate, shall be entered against
Servicer on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for fifteen (15) consecutive days without a stay of execution.

 (j) The “Termination Date” under and as defined in the Receivables Sale Agreement shall occur under the
Receivables Sale Agreement or any Originator shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables to Seller under the Receivables Sale Agreement; or Seller
shall for any reason cease to purchase, or cease to have the legal capacity to purchase, or otherwise be incapable of accepting Receivables from any Originator under the Receivables Sale Agreement. 

  
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 (k) This Agreement shall terminate in whole or in part (except in accordance with its
terms), or shall cease to be effective or to be the legally valid, binding and enforceable obligation of Seller, or any Obligor shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability, or
Agent for the benefit of the Purchasers shall cease to have a valid and perfected ownership or first priority perfected security interest in the Receivables, the Related Security and the Collections with respect thereto and the Collection Accounts.

 (l) If required to be in effect pursuant to Section 7.3, any Hedging Agreement shall for any reason not be in
full force and effect. 
 (m) The Intercreditor Agreement shall terminate in whole or in part or shall cease to be in full
force and effect or US Bank shall directly or indirectly contest in any manner the effectiveness or enforceability thereof. 

(n) The Leverage Ratio shall at any time be greater than 3.50 to 1.0. 

(o) Performance Provider shall fail to perform or observe any term, covenant or agreement required to be performed by it under the
Performance Undertaking, or the Performance Undertaking shall cease to be effective or to be the legally valid, binding and enforceable obligation of Performance Provider, or Performance Provider shall directly or indirectly contest in any manner
such effectiveness, validity, binding nature or enforceability. 
 (p) The ratio, determined as of the end of each of
PDCo’s fiscal quarters for the then most-recently ended four fiscal quarters of (i) Consolidated EBIT during such period to (ii) Consolidated Interest Expense during such period, all calculated for PDCo and its Subsidiaries on a
consolidated basis, shall be less than 3.0 to 1.0. 
 (q) Any Person shall be appointed as an Independent Governor of Seller
without prior notice thereof having been given to Agent in accordance with Section 7.1(b)(vii) or without the written acknowledgement by Agent that such Person conforms, to the satisfaction of Agent, with the criteria set forth in the
definition herein of “Independent Governor.” 
 (r) Seller shall fail to pay in full all of its Obligations to Agent
and the Purchasers hereunder and under each other Transaction Document on or prior to the Legal Maturity Date. 
 Section 9.2
Remedies. Upon the occurrence and during the continuation of an Amortization Event, Agent may, or upon the direction of the Required Purchasers shall, take any of the following actions: (i) replace the Person then acting as Servicer,
(ii) declare the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller Party; provided, however,
that upon the occurrence of an Amortization Event described in Section 9.1(d), or of an actual or deemed entry of an order for relief with respect to any Seller Party under the Federal Bankruptcy Code or under any other applicable
bankruptcy, insolvency, arrangement, moratorium or similar laws of any other jurisdiction (foreign or domestic), the Amortization Date shall automatically occur, without demand, protest or any

  
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notice of any kind, all of which are hereby expressly waived by each Seller Party, (iii) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with
respect to any of the Aggregate Unpaids outstanding at such time, (iv) deliver the Collection Notices to the Collection Banks and the Postal Notices to any post office where a P.O. Box is located, and (v) notify Obligors of the
Purchasers’ interest in the Receivables. The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of Agent, the Purchaser Agents and the Purchasers otherwise available under
any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative.

 ARTICLE X 
 INDEMNIFICATION 
 Section 10.1 Indemnities by The Seller
Parties. Without limiting any other rights that Agent, any Purchaser Agent, any Funding Source, any Purchaser or any of their respective Affiliates may have hereunder or under applicable law, (A) Seller hereby agrees to indemnify (and pay
upon demand to) Agent, each Purchaser Agent, each Funding Source, each Purchaser and the Hedge Providers (if any) and their respective Affiliates, successors, assigns, officers, directors, agents and employees (each an “Indemnified
Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of any Indemnified Party)
and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the Hedging Agreements, or the use
of the proceeds of any Purchase hereunder, or the acquisition, funding or ownership either directly or indirectly, by any Indemnified Party of a an interest in the Asset Portfolio, Receivables, or any Receivable or any Contract or any Related
Security, or any action or inaction of any Seller Party, and (B) Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any of them arising out of
Servicer’s activities as Servicer hereunder excluding, however, in all of the foregoing instances under the preceding clauses (A) and (B): 

(x) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified
Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
 (y) Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor;
or 
 (z) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is
located, on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by the Purchasers of the Asset Portfolio
as a loan or loans by the Purchasers to Seller secured by the Receivables, the Related Security, the Collection Accounts and the Collections; 

  
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 provided, however, that nothing contained in this sentence shall limit the liability of
any Seller Party or limit the recourse of the Purchasers to any Seller Party for amounts otherwise specifically provided to be paid by such Seller Party under the terms of this Agreement. Without limiting the generality of the foregoing
indemnification, Seller shall indemnify each Indemnified Party for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether reimbursement therefor would constitute recourse to Seller
or Servicer) relating to or resulting from: 
 (i) any representation or warranty made by any Seller Party, any
Originator or Performance Provider (or any officers of any such Person) under or in connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person pursuant hereto or thereto, which
shall have been false or incorrect when made or deemed made; 
 (ii) the failure by Seller, Servicer or any
Originator to comply with any applicable law, rule or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any
failure of any Originator to keep or perform any of its obligations, express or implied, with respect to any Contract; 
 (iii) any failure of Seller, Servicer, any Originator or Performance Provider to perform its duties, covenants or other obligations in accordance with the provisions of this Agreement or any other
Transaction Document; 
 (iv) any products liability, personal injury or damage suit, or other similar claim
arising out of or in connection with merchandise, insurance or services that are the subject of any Contract or any Receivable; 
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such
Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or service related to such
Receivable or the furnishing or failure to furnish such merchandise or services; 
 (vi) the commingling of
Collections of Receivables at any time with other funds; 
 (vii) any investigation, litigation or proceeding
related to or arising from this Agreement or any other Transaction Document, the transactions contemplated hereby, the use of the proceeds of a Purchase, the ownership of the Asset Portfolio (or any portion thereof) or any other investigation,
litigation or proceeding relating to Seller, Servicer or any Originator in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 

  
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 (viii) any inability to litigate any claim against any Obligor in
respect of any Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 

(ix) any Amortization Event described in Section 9.1(d); 

(x) any failure of Seller to acquire and maintain legal and equitable title to, and ownership of, any Receivable and the
Related Security and Collections with respect thereto from any Originator, free and clear of any Adverse Claim (other than as created hereunder); or any failure of Seller to give reasonably equivalent value to any Originator under the Receivables
Sale Agreement in consideration of the transfer by such Originator of any Receivable, or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action; 

(xi) any failure to vest and maintain vested in Agent for the benefit of the Purchasers, or to transfer to Agent for the
benefit of the Purchasers, legal and equitable title to, and ownership of, or a valid and perfected first priority security interest in, the Asset Portfolio, free and clear of any Adverse Claim (except as created by the Transaction Documents);

 (xii) the failure to have filed, or any delay in filing, financing statements or other similar instruments or
documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of any Purchase or at any
subsequent time; 
 (xiii) any action or omission by any Seller Party which reduces or impairs the rights of
Agent or the Purchasers with respect to any Receivable or the value of any such Receivable; 
 (xiv) any attempt
by any Person to void any Purchase under statutory provisions or common law or equitable action; and 
 (xv) the
failure of any Receivable included in the calculation of the Net Portfolio Balance as an Eligible Receivable to be an Eligible Receivable at the time so included. 
 Section 10.2 Increased Cost and Reduced Return. (a) If any Regulatory Change (i) subjects any Purchaser or any Funding Source to any charge or withholding on or with respect to any
Funding Agreement or this Agreement or a Purchaser’s or Funding Source’s obligations under a Funding Agreement or this Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any Purchaser or
any Funding Source of any amounts payable under any Funding Agreement or this Agreement (except for changes in the rate of tax on the overall net income of a Purchaser or Funding Source or taxes excluded by Section 10.1) or
(ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Funding Source or a Purchaser, or
credit extended by a 

  
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Funding Source or a Purchaser pursuant to a Funding Agreement or this Agreement or (iii) imposes any other condition the result of which is to increase the cost to a Funding Source or a
Purchaser of performing its obligations under a Funding Agreement or this Agreement, or to reduce the rate of return on a Funding Source’s or Purchaser’s capital as a consequence of its obligations under a Funding Agreement or this
Agreement, or to reduce the amount of any sum received or receivable by a Funding Source or a Purchaser under a Funding Agreement or this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or
interest received by it, then, upon demand by Agent, Seller shall pay to Agent, for the benefit of the relevant Funding Source or Purchaser, such amounts charged to such Funding Source or Purchaser or such amounts to otherwise compensate such
Funding Source or such Purchaser for such increased cost or such reduction. 
 (b) A certificate of the applicable Purchaser or
Funding Source setting forth the amount or amounts necessary to compensate such Purchaser or Funding Source pursuant to paragraph (a) of this Section 10.2 shall be delivered to Seller and shall be conclusive absent manifest error.

 (c) If any Purchaser or any Funding Source has or anticipates having any claim for compensation from Seller pursuant to
clause (iii) of the definition of Regulatory Change, and such Purchaser or Funding Source believes that having the Facility publicly rated by one credit rating agency would reduce the amount of such compensation by an amount deemed by
such Purchaser or Funding Source to be material, such Purchaser or Funding Source shall provide written notice to Seller and Servicer (a “Ratings Request”) that such Purchaser or Funding Source intends to request a public
rating of the Facility from one credit rating agency selected by such Purchaser or Funding Source and reasonably acceptable to Seller, of at least AA equivalent (the “Required Rating”). Seller and Servicer agree that they
shall cooperate with such Purchaser’s or Funding Source’s efforts to obtain the Required Rating, and shall provide the applicable credit rating agency (either directly or through distribution to Agent, Purchaser or Funding Source), any
information requested by such credit rating agency for purposes of providing and monitoring the Required Rating. Seller shall pay the initial fees payable to the credit rating agency for providing the rating and all ongoing fees payable to the
credit rating agency for their continued monitoring of the rating. Nothing in this Section 10.2(c) shall preclude any Purchaser or Funding Source from demanding compensation from Seller pursuant to Section 10.2(a) hereof at any time
and without regard to whether the Required Rating shall have been obtained, or shall require any Purchaser or Funding Source to obtain any rating on the Facility prior to demanding any such compensation from Seller. 

Section 10.3 Other Costs and Expenses. Seller shall reimburse Agent, each Purchaser Agent and each Conduit on demand for all costs
and out-of-pocket expenses in connection with the preparation, negotiation, arrangement, execution, delivery, enforcement and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered hereunder,
including without limitation, the cost of any Conduit’s auditors auditing the books, records and procedures of Seller, reasonable fees and out-of-pocket expenses of legal counsel for any Conduit, any Purchaser Agent and/or Agent (which such
counsel may be employees of any Conduit, any Purchaser Agent or Agent) with respect thereto and with respect to advising any Conduit, any Purchaser Agent and/or Agent as to their respective rights and remedies under this Agreement. Seller shall
reimburse Agent and each Purchaser Agent on 

  
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demand for any and all costs and expenses of Agent, the Purchaser Agents and the Purchasers, if any, including reasonable counsel fees and expenses in connection with the enforcement of this
Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following an Amortization Event. Seller shall reimburse each
Conduit on demand for all other costs and expenses incurred by such Conduit (“Other Costs”), including, without limitation, the cost of auditing such Conduit’s books by certified public accountants, the cost of rating
the Commercial Paper of such Conduit by independent financial rating agencies, and the reasonable fees and out-of-pocket expenses of counsel for such Conduit or any counsel for any shareholder of such Conduit with respect to advising such Conduit or
such shareholder as to matters relating to such Conduit’s operations. 
 Section 10.4 Allocations. Each Conduit
shall allocate the liability for Other Costs among Seller and other Persons with whom such Conduit has entered into agreements to purchase interests in receivables (“Other Sellers”). If any Other Costs are attributable to
Seller and not attributable to any Other Seller, Seller shall be solely liable for such Other Costs. However, if Other Costs are attributable to Other Sellers and not attributable to Seller, such Other Sellers shall be solely liable for such Other
Costs. All allocations to be made pursuant to the foregoing provisions of this Article X shall be made by the applicable Conduit in its sole and absolute discretion and shall be binding on Seller and Servicer. 

Section 10.5 Accounting Based Consolidation Event. Upon demand by Agent, Seller shall pay to Agent, for the benefit of the
relevant Funding Source, such amounts as such Funding Source reasonably determines will compensate or reimburse such Funding Source for any (i) fee, expense or increased cost charged to, incurred or otherwise suffered by such Funding Source,
(ii) reduction in the rate of return on such Funding Source’s capital or reduction in the amount of any sum received or receivable by such Funding Source or (iii) internal capital charge or other imputed cost determined by such
Funding Source to be allocable to Seller or the transactions contemplated in this Agreement, in each case resulting from or in connection with the consolidation, for financial and/or regulatory accounting purposes, of all or any portion of the
assets and liabilities of the Conduit, that are subject to this Agreement or any other Transaction Document with all or any portion of the assets and liabilities of a Funding Source. Amounts under this Section 10.5 may be demanded at any
time without regard to the timing of issuance of any financial statement by the Conduit or by any Funding Source. A certificate of the Funding Source setting forth the amount or amounts necessary to compensate such Funding Source pursuant to this
Section 10.5 shall be delivered to Seller and shall be conclusive absent manifest error. Seller shall pay such Funding Source the amount as due on any such certificate on the next Settlement Date following receipt of such notice.

 Section 10.6 Required Rating. Agent shall have the right at any time to request that a public rating of the Facility
of at least the Required Rating be obtained from one credit rating agency acceptable to Agent. Each of Seller and Servicer agree that they shall cooperate with Agent’s efforts to obtain the Required Rating, and shall provide Agent, for
distribution to the applicable credit rating agency, any information requested by such credit rating agency for purposes of providing the Required Rating. Any Ratings Request shall be in writing, and if the Required Rating is not obtained within 60
days following the date of such Ratings Request (unless the failure to obtain the Required Rating is solely the result of Agent’s failure to provide 

  
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the credit rating agency with sufficient information to permit the credit rating agency to perform their analysis, and is not the result of Seller or Servicer’s failure to cooperate or
provide sufficient information to Agent), (i) upon written notice by Agent to Seller, the Amortization Date shall occur, and (ii) outstanding Capital shall thereafter incur the Default Fee and costs associated with obtaining the Required
Rating hereunder shall be paid by Seller or Servicer. 
 ARTICLE XI 

AGENT 
 Section 11.1 Authorization and Action. Each Purchaser hereby designates and appoints BTMU to act as its agent hereunder and under each other Transaction Document, and authorizes Agent to take such
actions as agent on its behalf and to exercise such powers as are delegated to Agent by the terms of this Agreement and the other Transaction Documents together with such powers as are reasonably incidental thereto. Agent shall not have any duties
or responsibilities, except those expressly set forth herein or in any other Transaction Document, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the
part of Agent shall be read into this Agreement or any other Transaction Document or otherwise exist for Agent. In performing its functions and duties hereunder and under the other Transaction Documents, Agent shall act solely as agent for the
Purchasers and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any Seller Party or any Purchaser Agent or any of such Seller Party’s or Purchaser Agent’s successors or
assigns. Agent shall not be required to take any action that exposes Agent to personal liability or that is contrary to this Agreement, any other Transaction Document or applicable law. The appointment and authority of Agent hereunder shall
terminate upon the indefeasible payment in full of all Aggregate Unpaids. Each Purchaser hereby authorizes Agent to authorize and file each of the Uniform Commercial Code financing or continuations statements (and amendments thereto and assignments
or terminations thereof) on behalf of such Purchaser (the terms of which shall be binding on such Purchaser). 
 Section 11.2
Delegation of Duties. Agent may execute any of its duties under this Agreement and each other Transaction Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such
duties. Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 Section 11.3 Exculpatory Provisions. Neither Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or
them under or in connection with this Agreement or any other Transaction Document (except for its, their or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Purchasers for any
recitals, statements, representations or warranties made by any Seller Party contained in this Agreement, any other Transaction Document or any certificate, report, statement or other document referred to or provided for in, or received under or in
connection with, this Agreement, or any other Transaction Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, or any other Transaction Document or any other document

  
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furnished in connection herewith or therewith, or for any failure of any Seller Party to perform its obligations hereunder or thereunder, or for the satisfaction of any condition specified in
Article VI, or for the ownership, perfection, priority, condition, value or sufficiency of any collateral pledged in connection herewith. Agent shall not be under any obligation to any Purchaser to ascertain or to inquire as to the observance
or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the Seller Parties. Agent shall not be deemed to have knowledge
of any Amortization Event or Potential Amortization Event unless Agent has received notice from Seller or a Purchaser. 

Section 11.4 Reliance by Agent. Agent and each Purchaser Agent shall in all cases be entitled to rely, and shall be fully
protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation,
counsel to any Seller Party), independent accountants and other experts selected by Agent. Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other Transaction Document unless it shall
first receive such advice or concurrence of the Required Purchasers or all of the Purchasers, as applicable, as it deems appropriate and it shall first be indemnified to its satisfaction by the Purchasers, provided that unless and until Agent
shall have received such advice, Agent may take or refrain from taking any action, as Agent shall deem advisable and in the best interests of the Purchasers. Agent shall in all cases be fully protected in acting, or in refraining from acting, in
accordance with a request of the Required Purchasers or all of the Purchasers, as applicable, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Purchasers. 

Section 11.5 Non-Reliance on Agent and Other Purchasers. Each Purchaser expressly acknowledges that neither Agent, nor any of its
officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by Agent hereafter taken, including, without limitation, any review of the affairs of any Seller Party, shall be
deemed to constitute any representation or warranty by Agent. Each Purchaser represents and warrants to Agent that it has and will, independently and without reliance upon Agent or any other Purchaser and based on such documents and information as
it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of each Seller Party and made its own decision to enter into this
Agreement, the other Transaction Documents and all other documents related hereto or thereto. 
 Section 11.6 Reimbursement
and Indemnification. Each Financial Institution and each Purchaser Agent agrees to reimburse and indemnify Agent and its officers, directors, employees, representatives and agents ratably based on the ratio of each such indemnifying Financial
Institution’s Commitment to the aggregate Commitment (or, in the case of an indemnifying Purchaser Agent, ratably based on the Commitment(s) of each Financial Institution in such Purchaser Agent’s Purchaser Group to the aggregate
Commitment), to the extent not paid or reimbursed by Seller Parties (i) for any amounts for which Agent, acting in its capacity as Agent, is entitled to reimbursement by the Seller Parties hereunder and (ii) for any other expenses incurred
by Agent, in its capacity as Agent and acting on behalf of the Purchasers, in connection with the administration and enforcement of this Agreement and the other Transaction Documents. 

  
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 Section 11.7 Agent in its Individual Capacity. Agent and its Affiliates may make
loans to, accept deposits from and generally engage in any kind of business with any Seller Party or any Affiliate of any Seller Party as though Agent were not Agent hereunder. With respect to the acquisition of the Asset Portfolio on behalf of the
Purchasers pursuant to this Agreement, Agent shall have the same rights and powers under this Agreement in its individual capacity as any Purchaser and may exercise the same as though it were not Agent, and the terms “Financial
Institution,” “Related Financial Institution,” “Purchaser,” “Financial Institutions,” “Related Financial Institutions” and
“Purchasers” shall include Agent in its individual capacity. 
 Section 11.8 Successor Agent.
Agent may, upon 10 Business Days’ notice to Seller and the Purchasers, and Agent will, upon the direction of all of the Purchasers (other than Agent, in its individual capacity) resign as Agent. If Agent shall resign, then the Required
Purchasers during such five-day period shall appoint from among the Purchasers and the Purchaser Agents a successor agent. If for any reason no successor Agent is appointed by the Required Purchasers during such five-day period, then effective upon
the termination of such five-day period, the Purchasers shall perform all of the duties of Agent hereunder and under the other Transaction Documents and Seller and Servicer (as applicable) shall make all payments in respect of the Aggregate Unpaids
directly to the applicable Purchasers and for all purposes shall deal directly with the Purchasers. After the effectiveness of any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and
obligations hereunder and under the other Transaction Documents and the provisions of this Article XI and Article X shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was
Agent under this Agreement and under the other Transaction Documents. 
 ARTICLE XII 

ASSIGNMENTS; PARTICIPATIONS 
 Section 12.1 Assignments. (a) (I) Seller, Servicer, Agent, each Purchaser Agent and each Purchaser hereby agree and consent to the complete or partial assignment by any Conduit of all or
any portion of its rights under, interest in, title to and obligations under this Agreement to any Funding Source pursuant to any Funding Agreement or to any other Person, and upon such assignment, such Conduit shall be released from its obligations
so assigned; provided, however, that no Conduit shall transfer, sell or assign its rights in all or any part of the Asset Portfolio at any time prior to the Amortization Date unless the RPA Deferred Purchase Price allocable to the
Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable to such assigned interest on a pro rata basis, has been paid in full or is being assumed by the applicable transferee. Further, Seller, Servicer, Agent, each
Purchaser Agent and each Purchaser hereby agree that any assignee of any Conduit of this Agreement or of all or any portion of the Asset Portfolio of any Conduit shall have all of the rights and benefits under this Agreement as if the term
“Conduit” explicitly referred to and included such party (provided that (i) the Capital of any such assignee that is a Conduit or a commercial paper conduit shall accrue CP Costs based on such Conduit’s Conduit Costs or on
such commercial paper conduit’s cost of 

  
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funds, respectively, and (ii) the Capital of any other such assignee shall accrue Financial Institution Yield pursuant to Section 4.1), and no such assignment shall in any way
impair the rights and benefits of any Conduit hereunder. 
 (II) Neither Seller nor Servicer shall have the right to assign its
rights or obligations under this Agreement; provided, however, that Seller may assign its right to receive the RPA Deferred Purchase Price or any portion thereof, which right shall be freely assignable by Seller without the consent of
Agent, any Purchaser or any Purchaser Agent so long as no Amortization Event has occurred that has not been waived in accordance with the terms hereof and the Amortization Date has not occurred, upon prior written notice of such assignment to Agent;
provided, that the related assignee has agreed, in a writing in form and substance reasonably satisfactory to Agent, to (i) all of the terms and conditions hereunder in respect of payment of the RPA Deferred Purchase Price (including
Section 2.7(b)), (ii) a non-petition clause in favor of each of Seller and each Conduit in substantially the form of Section 14.6 and (iii) a limitation on payment clause in favor of Agent and each Purchaser in
substantially the form of Section 2.7(b). 
 (b) Any Financial Institution may at any time and from time to time
assign to one or more Persons (“Purchasing Financial Institutions”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit
VII hereto (the “Assignment Agreement”) executed by such Purchasing Financial Institution and such selling Financial Institution; provided, however, that no Financial Institution shall transfer, sell or
assign its rights in all or any part of the Asset Portfolio at any time prior to the Amortization Date unless the RPA Deferred Purchase Price allocable to the Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable
to such assigned interest on a pro rata basis, has been paid in full or is being assumed by the applicable transferee. The consent of the Conduit in such selling Financial Institution’s Purchaser Group shall be required prior to the
effectiveness of any such assignment. Each assignee of a Financial Institution must (i) have a short-term debt rating of A-1 or better by S&P and P-1 by Moody’s and (ii) agree to deliver to Agent, promptly following any request
therefor by Agent or the Conduit in such selling Financial Institution’s Purchaser Group, an enforceability opinion in form and substance satisfactory to Agent and such Conduit. Upon delivery of the executed Assignment Agreement to Agent, such
selling Financial Institution shall be released from its obligations hereunder to the extent of such assignment. Thereafter the Purchasing Financial Institution shall for all purposes be a Financial Institution party to this Agreement and shall have
all the rights and obligations of a Financial Institution (including, without limitation, the applicable obligations of a Related Financial Institution) under this Agreement to the same extent as if it were an original party hereto and no further
consent or action by Seller, the Purchasers, the Purchaser Agents or Agent shall be required. 
 (c) Each of the Financial
Institutions agrees that in the event that it shall cease to have a short-term debt rating of A-1 or better by S&P and P-1 by Moody’s (an “Affected Financial Institution”), such Affected Financial Institution shall
be obliged, at the request of the Conduit in such Affected Financial Institution’s Purchaser Group or Agent, to assign all of its rights and obligations hereunder to (x) another Financial Institution in such Affected Financial
Institution’s Purchaser Group or (y) another funding entity nominated by Agent and acceptable to the Conduit in such Affected Financial Institution’s Purchaser Group, 

  
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and willing to participate in this Agreement through the Liquidity Termination Date in the place of such Affected Financial Institution; provided that the Affected Financial Institution
receives payment in full, pursuant to an Assignment Agreement, of an amount equal to such Financial Institution’s Pro Rata Share of the Aggregate Capital and Financial Institution Yield owing to the Financial Institutions in such Affected
Financial Institution’s Purchaser Group and all accrued but unpaid fees and other costs and expenses payable in respect of its Pro Rata Share of the Asset Portfolio of the Financial Institutions in such Affected Financial Institution’s
Purchaser Group; provided, further, that, if such assignment occurs at any time prior to the Amortization Date, the Affected Financial Institution shall (x) pay in full or (y) provide that the related Assignment Agreement
requires the assignee to assume, the RPA Deferred Purchase Price allocable to the Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable to such assigned interest on a pro rata basis. 

Section 12.2 Participations. Any Financial Institution may, in the ordinary course of its business at any time sell to one or more
Persons (each a “Participant”) participating interests in its Pro Rata Share portion of the Asset Portfolio of the Financial Institutions in such Financial Institution’s Purchaser Group or any other interest of such
Financial Institution hereunder. Notwithstanding any such sale by a Financial Institution of a participating interest to a Participant, such Financial Institution’s rights and obligations under this Agreement shall remain unchanged, such
Financial Institution shall remain solely responsible for the performance of its obligations hereunder, and each Seller Party, each Conduit, each other Financial Institution, each Purchaser Agent and Agent shall continue to deal solely and directly
with such Financial Institution in connection with such Financial Institution’s rights and obligations under this Agreement. Each Financial Institution agrees that any agreement between such Financial Institution and any such Participant in
respect of such participating interest shall not restrict such Financial Institution’s right to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver or modification described
in Section 14.1(b)(i). 
 Section 12.3 Federal Reserve. Notwithstanding any other provision of this Agreement
to the contrary, any Financial Institution may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, its portion of the Asset Portfolio and any rights to payment of Capital and Financial
Institution Yield) under this Agreement to secure obligations of such Financial Institution to a Federal Reserve Bank, without notice to or consent of Seller or Agent; provided that no such pledge or grant of a security interest shall release a
Financial Institution from any of its obligations hereunder, or substitute any such pledgee or grantee for such Financial Institution as a party hereto. 
 ARTICLE XIII 
 PURCHASER AGENTS 

Section 13.1 Purchaser Agents. Each Purchaser Group may (but is not required to) designate and appoint a “Purchaser
Agent” hereunder which Purchaser Agent shall become a party to this Agreement and shall authorize such Purchaser Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Purchaser Agent by the terms
of this Agreement and the other Transaction Documents together with such powers as are 

  
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reasonably incidental thereto. Unless otherwise notified in writing to the contrary by the applicable Purchaser, Agent and the Seller Parties shall provide all notices and payments specified to
be made by Agent or any Seller Party to a Purchaser hereunder to such Purchaser’s Purchaser Agent, if any, for the benefit of such Purchaser, instead of to such Purchaser. Each Purchaser Agent may perform any of the obligations of, or exercise
any of the rights of, any member of its Purchaser Group and such performance or exercise shall constitute performance of the obligations of, or exercise of the rights of, such member hereunder. In performing its functions and duties hereunder and
under the other Transaction Documents, each Purchaser Agent shall act solely as agent for the Purchasers in such Purchaser Agent’s Purchaser Group and does not assume nor shall be deemed to have assumed any obligation or relationship of trust
or agency with or for any other Purchaser or any Seller Party or any of such Purchaser’s or Seller Party’s successors or assigns. The appointment and authority of each Purchaser Agent hereunder shall terminate upon the indefeasible payment
in full of all Aggregate Unpaids. Each member of the BTMU Conduit’s Purchaser Group hereby designates BTMU, and BTMU hereby agrees to perform the duties and obligations of, such Purchaser Group’s Purchaser Agent. 

ARTICLE XIV 
 MISCELLANEOUS 
 Section 14.1 Waivers and Amendments.
(a) No failure or delay on the part of Agent, any Purchaser Agent or any Purchaser in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power,
right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any waiver of
this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 
 (b) No
provision of this Agreement may be amended, supplemented, modified or waived except in writing in accordance with the provisions of this Section 14.1(b). Each Conduit, Seller, each Purchaser Agent and Agent, at the direction of the
Required Purchasers, may enter into written modifications or waivers of any provisions of this Agreement, provided, however, that no such modification or waiver shall: 

(i) without the consent of each affected Purchaser, (A) extend the Liquidity Termination Date or the date of any
payment or deposit of Collections by Seller or Servicer, (B) reduce the rate or extend the time of payment of Financial Institution Yield or any CP Costs (or any component of Financial Institution Yield or CP Costs), (C) reduce any fee
payable to Agent for the benefit of the Purchasers, (D) except pursuant to Article XII hereof, change the amount of the Capital of any Purchaser, any Financial Institution’s Pro Rata Share, any Conduit’s Pro Rata Share, any
Financial Institution’s Commitment or any Conduit’s Conduit Purchase Limit (other than, to the extent applicable in each case, pursuant to Section 4.6 or the terms of any Funding Agreement), (E) amend, modify or waive any
provision of the definition of Required Purchasers, Section 4.6, this Section 14.1(b) or Section 14.6, (F) consent to or permit the assignment or transfer by Seller of any of its rights and obligations under
this Agreement, (G) change the definition of “Concentration Limit,” “Eligible Receivable,” “Credit 

  
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Enhancement,” “Hedging Agreement,” “Hedge Provider,” “Net Portfolio Balance” or “RPA Deferred Purchase
Price” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention of
the restrictions set forth in such clauses; or 
 (ii) without the written consent of the then Agent, amend,
modify or waive any provision of this Agreement if the effect thereof is to affect the rights or duties of such Agent. 
 Notwithstanding the
foregoing, (i) without the consent of the Purchasers, but with the consent of Seller, Agent may amend this Agreement solely to add additional Persons as Financial Institutions, Conduits and/or Purchaser Agents hereunder and (ii) Agent, the
Required Purchasers and each Conduit may enter into amendments to modify any of the terms or provisions of Article XI, Article XII, Section 14.13 or any other provision of this Agreement without the consent of any Seller
Party, provided that such amendment has no negative impact upon such Seller Party. Any modification or waiver made in accordance with this Section 14.1 shall apply to each of the Purchasers equally and shall be binding upon each Seller
Party, the Purchaser Agents, the Purchasers and Agent. 
 Section 14.2 Notices. Except as provided in this
Section 14.2, all communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their
respective addresses or telecopy numbers set forth on the signature pages hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or
other communication shall be effective if given by telecopy, upon the receipt thereof, if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or if given by any
other means, when received at the address specified in this Section 14.2. Seller hereby authorizes Agent and the Purchasers to effect Purchases and Rate Tranche Period and Discount Rate selections based on telephonic notices made by any
Person whom Agent or applicable Purchaser in good faith believes to be acting on behalf of Seller. Seller agrees to deliver promptly to Agent and each applicable Purchaser a written confirmation of each telephonic notice signed by an authorized
officer of Seller; provided, however, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation differs from the action taken by Agent and/or the applicable Purchaser, the records of
Agent and/or the applicable Purchaser shall govern absent manifest error. 
 Section 14.3 Ratable Payments. If any
Purchaser, whether by setoff or otherwise, has payment made to it with respect to any portion of the Aggregate Unpaids owing to such Purchaser (other than payments received pursuant to Sections 10.2 or 10.3) in a greater proportion
than that received by any other Purchaser entitled to receive a ratable share of such Aggregate Unpaids, such Purchaser agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Aggregate Unpaids held by the
other Purchasers so that after such purchase each Purchaser will hold its ratable proportion of such Aggregate Unpaids; provided that if all or any portion of such excess amount is thereafter recovered from such Purchaser, such purchase shall be
rescinded and the purchase price restored to the extent of such recovery, but without interest. 

  
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 Section 14.4 Protection of Ownership Interests of the Purchasers. (a) Seller
agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that Agent may request, to perfect, protect or more fully evidence
Agent’s (on behalf of the Purchasers) valid ownership of or first priority perfected security interest in the Asset Portfolio, or to enable Agent or the Purchasers to exercise and enforce their rights and remedies hereunder. Without limiting
the foregoing, Seller will, upon the request of Agent, file such financing or continuation statements, or amendments thereto or assignments thereof, and execute and file such other instruments and documents, that may be necessary or desirable, or
that Agent may reasonably request, to perfect, protect or evidence such valid ownership of or first priority perfected security interest in the Asset Portfolio. At any time following the occurrence of an Amortization Event, Agent may, or Agent may
direct Seller or Servicer to, notify the Obligors of Receivables, at Seller’s expense, of the ownership or security interests of the Purchasers under this Agreement and may also direct that payments of all amounts due or that become due under
any or all Receivables be made directly to Agent or its designee. Seller or Servicer (as applicable) shall, at any Purchaser’s request, withhold the identity of such Purchaser in any such notification. 

(b) If any Seller Party fails to perform any of its obligations hereunder, Agent or any Purchaser may (but shall not be required to)
perform, or cause performance of, such obligations, and Agent’s or such Purchaser’s costs and expenses incurred in connection therewith shall be payable by Seller as provided in Section 10.3. Each Seller Party irrevocably
authorizes Agent at any time and from time to time in the sole and absolute discretion of Agent, and appoints Agent as its attorney-in-fact, to act on behalf of such Seller Party (i) to authorize and/or execute on behalf of such Seller Party as
debtor and to file financing or continuation statements (and amendments thereto and assignments thereof) necessary or desirable in Agent’s sole and absolute discretion to perfect and to maintain Agent’s (on behalf of the Purchasers) valid
ownership of or first priority perfected security interest in the Receivables and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in
such offices as Agent in its sole and absolute discretion deems necessary or desirable to perfect and to maintain the ownership of or first priority perfected security interest in the interests of the Purchasers in the Receivables. This appointment
is coupled with an interest and is irrevocable. The authorization by each Seller Party set forth in the second sentence of this Section 14.4(b) is intended to meet all requirements for authorization by a debtor under Article 9 of any
applicable enactment of the UCC, including, without limitation, Section 9-509 thereof. 
 Section 14.5
Confidentiality. (a) Each Seller Party, Agent, each Purchaser Agent and each Purchaser shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and the other confidential or
proprietary information with respect to Agent, each Purchaser Agent, each Purchaser and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except
that such Seller Party, Agent, such Purchaser Agent and such Purchaser and its officers and employees may disclose such information to such Seller Party’s, Agent’s, such Purchaser Agent’s and such Purchaser’s external accountants
and attorneys and as required by any applicable law or order of any judicial or administrative proceeding. 

  
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 (b) Anything herein to the contrary notwithstanding, each Seller Party hereby consents
to the disclosure of any nonpublic information with respect to it (i) to Agent, the Financial Institutions, the Purchaser Agents or the Conduits by each other and by each such Person to such Person’s equityholders, (ii) by Agent, the
Purchaser Agents or the Purchasers to any prospective or actual assignee or participant of any of them and (iii) by Agent, any Purchaser Agent or any Conduit to any rating agency, Funding Source, Commercial Paper dealer or provider of a surety,
guaranty or credit or liquidity enhancement to any Conduit or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which BTMU or any Purchaser Agent acts as the administrative agent and to any
officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of and agrees to maintain the confidential nature of such information. In addition, the Purchasers, the Purchaser
Agents and Agent may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of
law). 
 Section 14.6 Bankruptcy Petition. (a) Seller, Servicer, Agent, each Purchaser Agent and each Purchaser
hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any Conduit or any Financial Institution or Funding Source that is a special purpose bankruptcy
remote entity, it will not institute against, or join any other Person in instituting against, any Conduit, any Financial Institution or any such entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceeding under the laws of the United States or any state of the United States. 
 (b) Servicer hereby covenants and
agrees that, prior to the date that is one year and one day after the payment in full of all Obligations of Seller, it will not institute against, or join any other Person in instituting against, Seller any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
 Section 14.7 Limitation of Liability. Except with respect to any claim arising out of the willful misconduct or gross negligence of any Conduit, Agent, any Purchaser Agent, any Funding Source or
any Financial Institution, no claim may be made by any Seller Party or any other Person against any Conduit, Agent, any Purchaser Agent, any Funding Source or any Financial Institution or their respective Affiliates, directors, officers, employees,
attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any
act, omission or event occurring in connection therewith; and each Seller Party hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

  
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 Section 14.8 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. 
 Section 14.9 CONSENT TO JURISDICTION. EACH SELLER PARTY HEREBY
IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON
PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO
THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF AGENT, ANY PURCHASER AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY
IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST AGENT, ANY PURCHASER AGENT OR ANY PURCHASER OR ANY AFFILIATE OF AGENT, ANY PURCHASER AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS. 

Section 14.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 
 Section 14.11 Integration; Binding Effect; Survival of Terms. 

(a) This Agreement and each other Transaction Document contain the final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

(b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns (including any trustee in bankruptcy) and shall inure to the benefit of the Hedge Providers (if any) and its successors and permitted assigns (including any trustee in bankruptcy). This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach
of any representation and warranty 

  
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made by any Seller Party pursuant to Article V, (ii) the indemnification, payment and other provisions of Article X, and Sections 2.7(b), 14.5 and
14.6 shall be continuing and shall survive any termination of this Agreement. 
 Section 14.12 Counterparts;
Severability; Section References. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all
references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 

Section 14.13 BTMU Roles and Purchaser Agent Roles. 
 (a) Each of the Purchasers and Purchaser Agents acknowledges that BTMU acts, or may in the future act, (i) as administrative agent for the BTMU Conduit or any Financial Institution in the BTMU
Conduit’s Purchaser Group, (ii) as issuing and paying agent for certain Commercial Paper, (iii) to provide credit or liquidity enhancement for the timely payment for certain Commercial Paper and (iv) to provide other services
from time to time for the BTMU Conduit or any Financial Institution in the BTMU Conduit’s Purchaser Group (collectively, the “BTMU Roles”). Without limiting the generality of this Section 14.13, each
Purchaser and each Purchaser Agent hereby acknowledges and consents to any and all BTMU Roles and agrees that in connection with any BTMU Role, BTMU may take, or refrain from taking, any action that it, in its discretion, deems appropriate,
including, without limitation, in its role as administrative agent for the BTMU Conduit. 
 (b) Each of the Purchasers
acknowledges that each Purchaser Agent acts, or may in the future act, (i) as administrative agent for the Conduit in such Purchaser Agent’s Purchaser Group or any Financial Institution in such Purchaser Agent’s Purchaser Group,
(ii) as issuing and paying agent for certain Commercial Paper, (iii) to provide credit or liquidity enhancement for the timely payment for certain Commercial Paper and (iv) to provide other services from time to time for the Conduit
in such Purchaser Agent’s Purchaser Group or any Financial Institution in such Purchaser Agent’s Purchaser Group (collectively, the “Purchaser Agent Roles”). Without limiting the generality of this
Section 14.13, each Purchaser hereby acknowledges and consents to any and all Purchaser Agent Roles and agrees that in connection with any Purchaser Agent Role, the applicable Purchaser Agent may take, or refrain from taking, any action
that it, in its discretion, deems appropriate, including, without limitation, in its role as agent for the Conduit in such Purchaser Agent’s Purchaser Group. 
 Section 14.14 Characterization. (a) It is the intention of the parties hereto that each Purchase hereunder shall constitute and be treated as an absolute and irrevocable sale to Agent, on
behalf of the Purchasers, for all purposes (other than federal and state income tax purposes), which such Purchase shall provide Agent, on behalf of the Purchasers, with the full benefits of ownership of the Asset Portfolio. Except as specifically
provided in this Agreement, 

  
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each Purchase hereunder is made without recourse to Seller; provided, however, that (i) Seller shall be liable to each Purchaser, each Purchaser Agent and Agent for all
representations, warranties, covenants and indemnities made by Seller pursuant to the terms of this Agreement, and (ii) such sale does not constitute and is not intended to result in an assumption by any Purchaser, any Purchaser Agent or Agent
or any assignee thereof of any obligation of Seller or any Originator or any other Person arising in connection with the Receivables, the Related Security, or the related Contracts, or any other obligations of Seller or any Originator. 

(b) In addition to any ownership interest which Agent may from time to time acquire pursuant hereto, Seller hereby grants to Agent for
the ratable benefit of the Purchasers a valid and perfected security interest in all of Seller’s right, title and interest in, to and under all Receivables now existing or hereafter arising, the Collections, each Lock-Box, each P.O. Box, each
Collection Account, all Related Security, all other rights and payments relating to such Receivables, and all proceeds of any thereof prior to all other liens on and security interests therein to secure the prompt and complete payment of the
Aggregate Unpaids. Agent, the Purchaser Agents and the Purchasers shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other
applicable law, which rights and remedies shall be cumulative. 
 Section 14.15 Excess Funds. Each of Seller, Servicer,
each Purchaser, each Purchaser Agent and Agent agrees that each Conduit shall be liable for any claims that such party may have against such Conduit only to the extent that such Conduit has funds in excess of those funds necessary to pay matured and
maturing Commercial Paper and to the extent such excess funds are insufficient to satisfy the obligations of such Conduit hereunder, such Conduit shall have no liability with respect to any amount of such obligations remaining unpaid and such unpaid
amount shall not constitute a claim against such Conduit. Any and all claims against any Conduit shall be subordinate to the claims against such Conduit of the holders of Commercial Paper and any Person providing liquidity support to such Conduit.

 Section 14.16 Intercreditor Agreement. Each member of each Purchaser Group, Seller and Servicer each hereby authorize
Agent to enter into the Intercreditor Agreement or an amendment thereto, as applicable, in each case, on or about the date hereof, and each member of each Purchaser Group agrees to be bound by the provisions thereof. 

Section 14.17 Confirmation and Ratification of Terms. 
 (a) Upon the effectiveness of this Agreement, each reference to the Prior Agreement in any other Transaction Document, and any document, instrument or agreement executed and/or delivered in connection
with the Prior Agreement or any other Transaction Document, shall mean and be a reference to this Agreement. 
 (b) The other
Transaction Documents and all agreements, instruments and documents executed or delivered in connection with the Prior Agreement or any other Transaction Document shall each be deemed to be amended to the extent necessary, if any, to give effect to
the provisions of this Agreement, as the same may be amended, modified, supplemented or restated from time to time. 

  
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 (c) The effect of this Agreement is to amend and restate the Prior Agreement in its
entirety, and to the extent that any rights, benefits or provisions in favor of Agent or any Purchaser existed in the Prior Agreement and continue to exist in this Agreement without any written waiver of any such rights, benefits or provisions prior
to the date hereof, then such rights, benefits or provisions are acknowledged to be and to continue to be effective from and after May 10, 2002. This Agreement is not a novation. 

(d) The parties hereto agree and acknowledge that any and all rights, remedies and payment provisions under the Prior Agreement,
including, without limitation, any and all rights, remedies and payment provisions with respect to (i) any representation and warranty made or deemed to be made pursuant to the Prior Agreement, or (ii) any indemnification provision, shall
continue and survive the execution and delivery of this Agreement. 
 (e) The parties hereto agree and acknowledge that any and
all amounts owing as or for Capital, Financial Institution Yield, CP Costs, fees, expenses or otherwise under or pursuant to the Prior Agreement, immediately prior to the effectiveness of this Agreement shall be owing as or for Capital, Financial
Institution Yield, CP Costs, fees, expenses or otherwise, respectively, under or pursuant to this Agreement. 
 Section 14.18
Consent. Each of the parties hereto hereby consents to Amendment No. 3 to the Receivables Sale Agreement, dated as of the date hereof, among Seller, PDSI and Webster. 

(Signature Pages Follow) 

  
 53 

 WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their
duly authorized officers as of the date hereof. 
  

			
	PDC FUNDING COMPANY, LLC
		
	By:	 	 /s/ Jeffrey J. Stang

	Name:	 	Jeffrey J. Stang
	Title:	 	Vice President and Treasurer
		
	Address:	 	 PDC Funding Company, LLC

1031 Mendota Heights Road
 St. Paul, Minnesota
55120

		
	Attention:	 	Chief Financial Officer
		 	Facsimile: (651) 686-8984
	
	PATTERSON COMPANIES, INC., as Servicer
		
	By:	 	 /s/ R. Stephen Armstrong

	Name:	 	R. Stephen Armstrong
	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
		
	Address:	 	 Patterson Companies, Inc.

1031 Mendota Heights Road
 St. Paul, Minnesota
55120

		
	Attention:	 	Chief Financial Officer
	Facsimile:	 	(651) 686-8984

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

  

			
	VICTORY RECEIVABLES CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Address:	 	Victory Receivables Corporation
		 	c/o The Bank of Tokyo-Mitsubishi UFJ, Ltd.
		 	1251 Avenue of the Americas
		 	12th Floor
		 	New York, New York 10020
		
	Attention:	 	Van Dusenbury
	Telephone:	 	(212) 782-6964
	Facsimile:	 	(212) 782-6448
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Financial Institution
		
	By:	 	  

	Name:	 	
	Title:	 	

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

  

			
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 NEW YORK BRANCH, as a Purchaser Agent

		
	By:	 	 /s/ Aditya Reddy

	Name:	 	Aditya Reddy
	Title:	 	Senior Vice President
		
	Address:	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
		 	1251 Avenue of the Americas
		 	12th Floor
		 	New York, New York 10020
		
	Attention:	 	Van Dusenbury
	Telephone:	 	(212) 782-6964
	Facsimile:	 	(212) 782-6448
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 NEW YORK BRANCH, as Agent

		
	By:	 	 /s/ Aditya Reddy

	Name:	 	Aditya Reddy
	Title:	 	Senior Vice President

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 EXHIBIT I 
 DEFINITIONS 
 As used in this Agreement, the following terms shall have the
following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“3D Cone Beam Receivable” means a Receivable originated by PDSI that arises from the sale or financing of 3D Cone
Beam technology. 
 “Accrual Period” means each Fiscal Month, provided that the initial
Accrual Period hereunder means the period from (and including) the date hereof to (and including) the last day of the Fiscal Month thereafter. 
 “ACH Receipts” means funds received in respect of Automatic Debit Collections. 
 “Acquisition” means any transaction, or any series of related transactions, consummated on or after September 12, 2003, by which PDCo or any of its Subsidiaries
(i) acquires any going concern business or all or substantially all of the assets of any Person, or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires from one or more Persons
(in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities
having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company of any Person. 

“Adverse Claim” means a lien, security interest, charge or encumbrance, or other right or claim in, of or on any
Person’s assets or properties in favor of any other Person. 
 “Affected Financial Institution” has
the meaning set forth in Section 12.1(c). 
 “Affiliate” means, with respect to any Person,
any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling Person owns 10%
or more of any class of voting securities of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by
contract or otherwise. 
 “Agent” has the meaning set forth in the preamble to this Agreement.

 “Aggregate Capital” means, on any date of determination, the aggregate outstanding Capital of all
Purchasers on such date. 
 “Aggregate Reduction” has the meaning set forth in Section 1.3.

 “Aggregate Unpaids” means, at any time, an amount equal to the sum of all accrued and unpaid fees
under any Fee Letter, CP Costs, Financial Institution Yield, Aggregate Capital, Hedging Obligations and all other unpaid Obligations (whether due or accrued) at such time. 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 “Agreement” means this Third Amended and Restated Receivables
Purchase Agreement, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time. 

“Agreement Accounting Principles” means generally accepted accounting principles as in effect in the United
States as of September 12, 2003, applied in a manner consistent with that used in preparing the financial statements of PDCo delivered to Agent on September 12, 2003. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
 1/2 of 1% and (c) the LIBO Rate for a one
month period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the LIBO Rate for any day shall be based on the rate appearing on the Reuters BBA
Libor Rates Page 3750 (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBO
Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively. 
 “Amortization Date” means the earliest to occur of (i) the day on which any of the conditions precedent set forth in Section 6.2 are not satisfied, (ii) the
Business Day immediately prior to the occurrence of an Amortization Event set forth in Section 9.1(d)(ii), (iii) the Business Day specified in a written notice from Agent following the occurrence of any other Amortization
Event, (iv) the Business Day specified in a written notice from Agent following the failure to obtain the Required Ratings within 60 days following delivery of a Ratings Request to Seller and Servicer, and (v) the date which is 5 Business
Days after Agent’s receipt of written notice from Seller that it wishes to terminate the facility evidenced by this Agreement. 
 “Amortization Event” has the meaning set forth in Article IX. 
 “Asset Portfolio” has the meaning set forth in Section 1.2(b). 
 “Assignment Agreement” has the meaning set forth in Section 12.1(b). 
 “Authorized Officer” means, with respect to any Person, its president, corporate controller, treasurer or chief financial officer. 

“Automatic Debit Collection” means the payment of Collections by an Obligor by means of automatic electronic
funds transfer from the Obligor’s bank account. 
 “Balloon Payment Receivable” means a Receivable
that arises under a Contract that requires the final payment to be in an amount equal to 35% of the initial balance of such Receivable. 
 “Broken Funding Costs” means for any Capital of any Purchaser which: (i) is reduced without compliance by Seller with the notice requirements hereunder or (ii) is
assigned, transferred or funded pursuant to a Funding Agreement or otherwise transferred or terminated on a date prior to the date on which it was originally scheduled to end; an amount equal to the

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
excess, if any, of (A) the CP Costs or Financial Institution Yield (as applicable) that would have accrued during the remainder of the Rate Tranche Periods or the tranche periods for
Commercial Paper determined by the applicable Purchaser Agent or Agent to relate to such Capital (as applicable) subsequent to the date of such reduction, assignment, transfer, funding or termination of such Capital if such reduction, assignment,
transfer, funding or termination had not occurred, over (B) the income, if any, actually received net of any costs of redeployment of funds during the remainder of such period by the holder of such Capital from investing the portion of
such Capital not so allocated. In the event that the amount referred to in clause (B) exceeds the amount referred to in clause (A), the relevant Purchaser or Purchasers agree to pay to Seller the amount of such excess. All Broken
Funding Costs shall be due and payable hereunder upon demand. 
 “BTMU” has the meaning set forth in the
Preliminary Statements to this Agreement. 
 “BTMU Conduit” has the meaning set forth in the Preliminary
Statements to this Agreement. 
 “BTMU Roles” has the meaning set forth in Section 14.13(a).

 “Business Day” means any day on which banks are not authorized or required to close in New York, New
York or Chicago, Illinois and The Depository Trust Company of New York is open for business, and, if the applicable Business Day relates to any computation or payment to be made with respect to the LIBO Rate, any day on which dealings in dollar
deposits are carried on in the London interbank market. 
 “Capital” means at any time with respect to
the Asset Portfolio and any Purchaser, an amount equal to (A) the amount of Cash Purchase Price paid by such Purchaser to Seller for Purchases pursuant to Sections 1.1 and 1.2, minus (B) the sum of the aggregate amount
of Collections and other payments received by Agent or such Purchaser, as applicable, which in each case are applied to reduce such Purchaser’s Capital in accordance with the terms and conditions of this Agreement; provided that such Capital
shall be restored (in accordance with Section 2.5) in the amount of any Collections or other payments so received and applied if at any time the distribution of such Collections or payments are rescinded, returned or refunded for any
reason. 
 “Cap Strike Rate” means 3.25%, or such other applicable “cap strike rate” approved
by Agent and specified as such in the applicable Hedging Agreement in effect at such time. 
 “Cash Purchase
Price” means, with respect to any Purchase of any portion of the Asset Portfolio, the amount paid to Seller for such portion of the Asset Portfolio which shall not exceed the least of (i) the amount requested by Seller in the
applicable Purchase Notice, (ii) the unused portion of the Purchase Limit on the applicable Purchase date, taking into account any other proposed Purchase requested on the applicable Purchase date, and (iii) the excess, if any, of the Net
Portfolio Balance (less the Credit Enhancement) on the applicable Purchase date over the aggregate outstanding amount of the Aggregate Capital determined as of the date of the most recent Monthly Report, taking into account any other proposed
Purchase requested on the applicable Purchase date. 

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RECEIVABLES PURCHASE AGREEMENT 
  

 “Change of Control” means (i) the acquisition by any
Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock
of Servicer or (ii) PDCo ceases to own, directly or indirectly, 100% of the outstanding membership units of Seller or 100% of the outstanding capital stock of any Originator. 

“Charged-Off Receivable” means a Receivable: (i) as to which the Obligor thereof has taken any action, or
suffered any event to occur, of the type described in Section 9.1(d) (as if references to the Seller Party therein refer to such Obligor); (ii) as to which the Obligor thereof, if a natural person, is deceased, (iii) which,
consistent with the Credit and Collection Policy, would be written off Seller’s books as uncollectible, (iv) which has been identified by Seller as uncollectible or (v) as to which any payment, or part thereof, remains unpaid for 180
days or more from the original due date for such payment. 
 “Closing Date Assignment Agreement” means
that certain Assignment and Assumption Agreement, dated as of the date hereof, by and among Servicer, Seller, JPMorgan, Agent, the BTMU Conduit, BTMU, Chariot Funding LLC, J.P. Morgan Securities, Inc., Three Pillars Funding LLC, SunTrust Bank and
SunTrust Robinson Humphrey, Inc., as amended, restated, supplemented or otherwise modified from time to time. 

“Collection Account” means, collectively, each First-Tier Account and the Second-Tier Account. 

“Collection Account Agreement” means (i) with respect to each Lock-Box or Collection Account, an agreement,
substantially in the form of Exhibit VI, among an Originator (if applicable), Seller, Agent and a Collection Bank, or any similar or analogous agreement among an Originator, Seller, Agent and a Collection Bank and (ii) with respect to
each P.O. Box, a Postal Notice, in each case as such document may be amended, restated, supplemented or otherwise modified from time to time. 
 “Collection Bank” means, at any time, any of the banks holding one or more Collection Accounts. 
 “Collection Notice” means a notice, in substantially the form of Annex A to Exhibit VI, from Agent to a Collection Bank, or any similar or analogous notice from Agent to a
Collection Bank. 
 “Collections” means, with respect to any Receivable, all cash collections and other
cash and other proceeds in respect of such Receivable, including, without limitation, all scheduled payments, prepayments, yield, Finance Charges or other related amounts accruing in respect thereof, all cash proceeds of Related Security with
respect to such Receivable and all payments received pursuant to the Hedging Agreements. 
 “Commercial
Paper” means promissory notes of any Conduit issued by such Conduit in the commercial paper market. 

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RECEIVABLES PURCHASE AGREEMENT 
  

 “Commitment” means, for each Financial Institution, the
commitment of such Financial Institution to Purchase portions of the Asset Portfolio from Seller and to the extent that the Conduit in its Purchaser Group declines to make such Purchases, in an amount not to exceed (i) in the aggregate, the
amount set forth opposite such Financial Institution’s name on Schedule A to this Agreement, as such amount may be modified in accordance with the terms hereof (including, without limitation, any termination of Commitments pursuant to
Section 4.6 hereof) and (ii) with respect to any individual Purchase hereunder, its Pro Rata Share of the Cash Purchase Price therefor. 
 “Concentration Limit” means, at any time, for any Obligor, 2% of the aggregate Outstanding Balance of all Eligible Receivables, or such other amount (a “Special Concentration
Limit”) for such Obligor designated by Agent and consented to by each Purchaser Agent; provided, that in the case of an Obligor and any Affiliate of such Obligor, the Concentration Limit shall be calculated as if such Obligor and such
Affiliate are one Obligor; and provided, further, that Agent may, upon not less than three Business Days’ notice to Seller, cancel any Special Concentration Limit. 

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

“Conduit Costs” means, for any outstanding Capital of any Conduit, an amount equal to such Capital
multiplied by a per annum rate equivalent to the “weighted average cost” (as defined below) related to the issuance of indexed Commercial Paper of such Conduit that is allocated, in whole or in part, to fund such Capital (and
which may also be allocated in part to the funding of other assets of such Conduit); provided, however, that if any component of such rate is a discount rate, in calculating such rate for such Capital for such date, the rate used to
calculate such component of such rate shall be a rate resulting from converting such discount rate to an interest bearing equivalent rate per annum. As used in this definition, the “weighted average cost” shall consist of (x) the
actual interest rate paid to purchasers of indexed Commercial Paper issued by such Conduit, (y) the costs associated with the issuance of such Commercial Paper (including dealer fees and commissions to placement agents), and (z) interest
on other borrowing or funding sources by such Conduit, including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market. 
 “Conduit Purchase Limit” means, for each Conduit, the purchase limit of such Conduit with respect to Purchases from Seller, in an amount not to exceed (i) in the aggregate,
the amount set forth opposite such Conduit’s name on Schedule A to this Agreement, as such amount may be modified in accordance with the terms hereof (including, without limitation, Section 4.6(b)) and (ii) with respect
to any individual Purchase hereunder, its Pro Rata Share of the aggregate Cash Purchase Price therefor. 
 “Consent
Notice” has the meaning set forth in Section 4.6(a). 
 “Consent Period” has
the meaning set forth in Section 4.6(a). 
 “Consolidated Adjusted EBITDA” means, as to any
Person for any period, the sum of Consolidated EBIT for such period plus consolidated depreciation and amortization for such period. For Persons acquired by PDCo or any of its Subsidiaries during the relevant

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RECEIVABLES PURCHASE AGREEMENT 
  

 
measurement period, their EBITDA results will be included in the calculation of Consolidated Adjusted EBITDA as if those Persons were owned by PDCo or such Subsidiary for the entire reporting
period. Consolidated Adjusted EBITDA will be calculated on a rolling four-quarter basis. 
 “Consolidated
EBIT” means, as to any Person and with reference to any period, Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense and
(ii) expense for federal, state, local and foreign income and franchise taxes paid or accrued, all calculated for such Person and its Subsidiaries on a consolidated basis. 

“Consolidated Interest Expense” means, as to any Person and with reference to any period, the interest expense of
such Person and its Subsidiaries calculated on a consolidated basis for such period including, without limitation, such interest expense as may be attributable to capitalized leases, receivables transaction financing costs, the discount or implied
interest component of off-balance sheet liabilities, all commissions, discounts and other fees and charges owed with respect to letters of credit and net mark-to-market exposure. 

“Consolidated Net Income” means as to any Person and with reference to any period, the net income (or loss) of
such Person and its Subsidiaries calculated on a consolidated basis for such period, excluding any non-cash charges or gains which are unusual, non-recurring or extraordinary. 
 “Consolidated Net Worth” means, as of any date of determination, the consolidated total stockholders’ equity (including capital stock, additional paid-in capital and retained
earnings) of PDCo and its Subsidiaries determined in accordance with Agreement Accounting Principles. 

“Consolidated Total Debt” means (i) all indebtedness of PDCo and its Subsidiaries, on a consolidated basis,
reflected on a balance sheet prepared in accordance with Agreement Accounting Principles, plus, without duplication (ii) the face amount of all outstanding letters of credit in respect of which PDCo or any Subsidiary has any
reimbursement obligation and the principal amount of all Contingent Obligations of PDCo and its Subsidiaries, plus obligations associated with capitalized leases, plus obligations arising from the sale of accounts receivable and other
forms of off-balance sheet financing, including Off-Balance Sheet Liabilities. 
 “Contingent
Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently
liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including,
without limitation, any comfort letter, operating agreement, take-or-pay contract or application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership.

 “Contract” means, with respect to any Receivable, any and all instruments, agreements, invoices or
other writings pursuant to which such Receivable arises or which evidences such Receivable. 

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RECEIVABLES PURCHASE AGREEMENT 
  

 “CP Costs” means, for each day, the aggregate discount or yield
accrued with respect to the outstanding Capital of each respective Conduit as determined in accordance with the definition of Conduit Costs. 
 “Credit and Collection Policy” means Seller’s and/or the applicable Originator’s credit and collection policies and practices relating to Contracts and Receivables
existing on the date of the Prior Agreement and summarized in Exhibit VIII hereto, as modified from time to time in accordance with this Agreement. 
 “Credit Enhancement” means, on any date, an amount equal to the product of (i) the Net Portfolio Balance as of the close of business of Servicer on such date,
multiplied by (ii) the sum of (x) the greater of (a) 12.5% and (b) the product of the Loss Multiple multiplied by the average Loss-to-Liquidation Ratio for the immediately preceding three Fiscal Months
plus (y) the average Dilution Ratio for the immediately preceding three Fiscal Months. 
 “Deemed
Collections” means the aggregate of all amounts Seller shall have been deemed to have received as a Collection of a Receivable. If at any time, (i) the Outstanding Balance of any Receivable is either (x) reduced as a result of
any defective or rejected goods or services, any discount or any adjustment or otherwise by Seller or any Originator (other than cash Collections on account of the Receivables) or (y) reduced or canceled as a result of a setoff in respect of
any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), (ii) any of the representations or warranties in Article V are no longer true with respect to any Receivable or
(iii) the Related Equipment for any Receivable is Repossessed and sold for less than the fair market value of such Related Equipment, Seller shall be deemed to have received a Collection of such Receivable in the amount of (A) such
reduction or cancellation in the case of clause (i) above, (B) the entire Outstanding Balance in the case of clause (ii) above and (C) the difference between the fair market value of the Repossessed Related
Equipment and the gross proceeds received upon the sale of such Repossessed Related Equipment in the case of clause (iii) above. 
 “Deemed Exchange” shall have the meaning set forth in Section 1.5. 
 “Defaulted Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for 121 days or more from the original due date for such payment. 

“Default Fee” means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an
amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 3.50% above the Alternate Base Rate. 
 “Default Ratio” means, as of the last day of each Fiscal Month, a percentage equal to: (i) the aggregate Outstanding Balance of all Defaulted Receivables on such day,
divided by (ii) the aggregate Outstanding Balance of all Receivables on such day. 
 “Delinquency
Ratio” means, at any time, a percentage equal to (i) the aggregate Outstanding Balance of all Receivables that were Delinquent Receivables at such time divided by (ii) the aggregate Outstanding Balance of all
Receivables at such time. 

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RECEIVABLES PURCHASE AGREEMENT 
  

 “Delinquent Receivable” means a Receivable as to which any
payment, or part thereof, remains unpaid for 61 days or more from the original due date for such payment. 

“Designated Obligor” means an Obligor indicated by Agent to Seller in writing. 

“Dilution Ratio” means, on any date, an amount equal to the product of (i) 6 multiplied by
(ii) the quotient of (x) “non-cash full returns” and “non-cash partial returns” (each as set forth as a separate line item in the Monthly Report) divided by (y) the Outstanding Balance of all
Receivables as of the first day of the current month. 
 “Dilutions” means, at any time, the aggregate
amount of reductions or cancellations described in clause (i) of the definition of “Deemed Collections”. 

“Discounted Receivable” means a Receivable that arises under a Contract pursuant to which the first installment
payment thereunder is not required to be made prior to 120 days after the contract inception; provided that such Receivable shall cease to be a Discounted Receivable after the date 120 days after the contract inception and shall at all times
thereafter be deemed to be a “Skip Receivable”. 
 “Discount Rate” means, the LIBO Rate or the
Alternate Base Rate, as applicable, with respect to the Capital of each Financial Institution. 
 “EagleSoft Computer
Receivable” means a Receivable originated by PDSI that arises from the sale or financing of computer hardware equipment by PDSI. “EagleSoft Computer Receivables” may also be referred to as “Patterson Computer
Receivables”. 
 “EagleSoft Software Receivable” means a Receivable originated by PDSI that arises
from the sale, licensing or financing of computer software by PDSI. 
 “EagleSoft Software Receivable Discounted
Balance” means, at any time, with respect to any EagleSoft Software Receivable, the discounted Outstanding Balance of such Receivable, which Outstanding Balance shall be discounted using a discount rate of 10%. 

“Eligible Hedge Provider” means any financial institution that has an unsecured, unguaranteed, long-term debt
rating of at least A- by S&P or A3 by Moody’s. 
 “Eligible Receivable” means, at any time, a
Receivable: 
 (i) the Obligor of which (a) if a natural person, is a resident of the United States or, if
a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive office in the United States; (b) is not an Affiliate of any of the parties hereto;
(c) is not a Designated Obligor; and (d) is not a government or a governmental subdivision or agency, 

(ii) the Obligor of which is not, and has not been, the Obligor of any Charged-Off Receivable or any Defaulted
Receivable, 

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RECEIVABLES PURCHASE AGREEMENT 
  

 (iii) that is not a Charged-Off Receivable or a Defaulted Receivable,

 (iv) that is not a Delinquent Receivable, 

(v) that arises under a Contract that has not had any payment or other terms of such Contract extended, modified or
waived, 
 (vi) that is an “account” or “chattel paper” within the meaning of Article 9 of
the UCC of all applicable jurisdictions, 
 (vii) that is denominated and payable only in United States dollars
in the United States, 
 (viii) that arises under a Contract in substantially the form of one of the form
contracts set forth on Exhibit IX hereto or otherwise approved by Agent in writing, which, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor enforceable
against such Obligor in accordance with its terms subject to no offset, counterclaim or other defense, 
 (ix)
that arises under a Contract that (A) does not require the Obligor under such Contract to consent to the transfer, sale or assignment of the rights and duties of the applicable Originator or any of its assignees under such Contract,
(B) does not contain a confidentiality provision that purports to restrict the ability of any Purchaser to exercise its rights under this Agreement, including, without limitation, its right to review the Contract and (C) at the time the
payment is received the Contract is continuing and does not constitute a refund on a terminated Contract, 
 (x)
that arises under a Contract that contains an obligation to pay a specified sum of money, contingent only upon the sale of goods or the provision of services by the applicable Originator, 

(xi) that, together with the Contract related thereto, does not contravene any law, rule or regulation applicable thereto
(including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and with respect to which no part of the
Contract related thereto is in violation of any such law, rule or regulation, 
 (xii) that satisfies all
applicable requirements of the Credit and Collection Policy, 
 (xiii) that was generated in the ordinary course
of the applicable Originator’s business, 
 (xiv) that arises solely from the sale, licensing or financing
of goods or the provision of services to the related Obligor by the applicable Originator, and not by any other Person (in whole or in part), 

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RECEIVABLES PURCHASE AGREEMENT 
  

 (xv) as to which Agent has not notified Seller that Agent has
determined that such Receivable or class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises under a Contract that is not acceptable to Agent, 

(xvi) that is not subject to any right of rescission, set-off, counterclaim, any other defense (including defenses
arising out of violations of usury laws) of the applicable Obligor against the applicable Originator or any other Adverse Claim, and the Obligor thereon holds no right as against such Originator to cause such Originator to repurchase the goods or
merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or defective goods returned in accordance with the terms of the Contract), 

(xvii) that, (a) if such Receivable is a Discounted Receivable, the related Contract requires that payment in full
of the Outstanding Balance of such Receivable be made not later than 63 months after the date such Receivable was originated; (b) if such Receivable is an Extended Discounted Receivable, the related Contract requires that payment in full of the
Outstanding Balance of such Receivable be made not later than 72 months after the date such Receivable was originated; (c) if such Receivable is an EagleSoft Computer Receivable or EagleSoft Software Receivable, the related Contract requires
that payment in full of the Outstanding Balance of such Receivable be made not later than 39 months after the date such Receivable was originated; (d) otherwise, the related Contract requires that payment in full of the Outstanding Balance of
such Receivable be made not later than 60 months after the date such Receivable was originated; and (e) if such Receivable is a 3D Cone Beam Receivable, the related Contract requires that payment in full of the Outstanding Balance of such
Receivable be made not later than 84 months after the date such Receivable was originated, 
 (xviii) as to
which the applicable Originator has satisfied and fully performed all obligations on its part with respect to such Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other
than payment thereon by the applicable Obligor, 
 (xix) all right, title and interest to and in which has been
validly transferred by the applicable Originator directly to Seller under and in accordance with the Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear of any Adverse Claim, 

(xx) that arises under a Contract that requires the Outstanding Balance of such Receivable to be paid in equal
consecutive monthly installments, 
 (xxi) that, if such Receivable is a Veterinary Receivable, the Outstanding
Balance thereof, when added to the Outstanding Balance of all other Veterinary Receivables, does not exceed 5% of the aggregate Outstanding Balance of all Receivables, 

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RECEIVABLES PURCHASE AGREEMENT 
  

 (xxii) that is not a Balloon Payment Receivable or a Modified
Receivable, 
 (xxiii) that, if such Receivable is an EagleSoft Software Receivable, the Outstanding Balance
thereof, when added to the Outstanding Balance of all other EagleSoft Software Receivables, does not exceed 3% of the aggregate Outstanding Balance of all Receivables, 

(xxiv) that, if such Receivable is an EagleSoft Computer Receivable (also referred to as a “Patterson Computer
Receivable”), the Outstanding Balance thereof, when added to the Outstanding Balance of all other EagleSoft Computer Receivables, does not exceed 2% of the aggregate Outstanding Balance of all Receivables, 

(xxv) [reserved], 
 (xxvi) that if such Receivable is a Discounted Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Discounted Receivables, does not exceed 5% of the
aggregate Outstanding Balance of all Receivables, 
 (xxvii) that if such Receivable is a 3D Cone Beam
Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such 3D Cone Beam Receivables, does not exceed 5% of the aggregate Outstanding Balance of all Receivables, 

(xxviii) that, together with the related Contract, has not been sold, assigned or pledged by the applicable Originator or
Seller, except pursuant to the terms of the Receivables Sale Agreement and this Agreement, 
 (xxix) that if
such Receivable is an EagleSoft Software Receivable, the Obligor thereof has made at least three payments on such Receivable, 
 (xxx) the Obligor of which is not the Obligor of other Receivables with an aggregate Outstanding Balance in excess of $400,000, 

(xxxi) with respect to which there is only one original executed copy of the related Contract, which will, together with
the related records be held by Servicer as bailee of Agent and the Purchasers, and no other custodial agreements are in effect with respect thereto, 
 (xxxii) that excludes residual value and any maintenance component, 
 (xxxiii) that if such Receivable is a Discounted Receivable or a Skip Receivable, the Outstanding Balance thereof when added to the Outstanding Balance of all other such Discounted Receivables and Skip
Receivables, does not exceed 25% of the aggregate Outstanding Balance of all Receivables, 

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RECEIVABLES PURCHASE AGREEMENT 
  

 (xxxiv) that if such Receivable is an Extended Discounted Receivable,
the Outstanding Balance thereof when added to the Outstanding Balance of all other such Extended Discounted Receivables, does not exceed 20% of the aggregate Outstanding Balance of all Receivables, and 

(xxxv) that if such Receivable is an Extended Discounted Receivable, the Obligor thereof has made at least one payment on
such Receivable. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time. 
 “Excess Spread” means, as of the last day of any Fiscal Month, the sum of (i) the
weighted average annual percentage rate accruing on the Receivables, minus (ii) 1%, minus (iii) the Cap Strike Rate, minus (iv) the Program Fee Rate (as defined in each Fee Letter). 

“Extended Discounted Receivable” means a Receivable that arises under a Contract pursuant to which the first
installment payment thereunder is not required to be made prior to 4 to 12 months after the contract inception and as to which no required payment, or part thereof, in connection with such Receivable remains unpaid for 30 days or more from the
original due date for such payment; provided that if the first six payments thereunder are made in full in consecutive months, such Receivable shall no longer be deemed to be an “Extended Discounted Receivable.” 

“Extension Notice” has the meaning set forth in Section 4.6(a). 

“Facility” means the facility providing for Seller to sell the Asset Portfolio as provided in this Agreement.

 “Facility Account” means the account numbered 1109495 maintained by Seller in the name of “PDC
Funding Company, LLC” at JPMorgan, together with any successor account or sub-account. 
 “Facility Termination
Date” means the earliest of (i) the Liquidity Termination Date and (ii) the Amortization Date. 

“Federal Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as amended
and any successor statute thereto. 
 “Federal Funds Effective Rate” means for any
day, the weighted average (rounded upwards, if necessary, to the next  1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next
 1/100 of 1%) of the quotations for such day for
such transactions received by Agent from three Federal funds brokers of recognized standing selected by it. Notwithstanding the foregoing, if any Financial Institution is borrowing overnight funds on any day from a Federal Reserve Bank to make or
maintain such Financial Institution’s funding of all or any portion of the Asset Portfolio hereunder, the Federal Funds Effective Rate, at the option of 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
such Financial Institution, for such Financial Institution shall be the average rate per annum at which such overnight borrowings are made on any such day. Each determination of the Federal Funds
Effective Rate shall be conclusive and binding on Seller and the Seller Parties, except in the case of manifest error. 

“Fee Letter” means the letter agreement dated as of the date hereof (as amended, restated, supplemented, or
otherwise modified from time to time) among Seller, BTMU and the BTMU Conduit. 
 “Final Payout Date”
means the date following the Amortization Date on which the Aggregate Capital shall have been reduced to zero and all of the Aggregate Unpaids, Obligations and all other amounts then accrued or payable to Agent, the Purchaser Agents, the Purchasers
and the other Indemnified Parties shall have been indefeasibly paid in full in cash. 
 “Finance Charge
Collections” means Collections consisting of Finance Charges. 
 “Finance Charges” means,
with respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract. 
 “Financial Institutions” has the meaning set forth in the preamble in this Agreement. 
 “Financial Institution Yield” means for each respective Rate Tranche Period relating to any Capital (or portion thereof) of any of the Financial Institutions, an amount equal to
the product of the applicable Discount Rate for such Capital (or portion thereof) multiplied by the Capital (or portion thereof) of such Financial Institution for each day elapsed during such Rate Tranche Period, annualized on a 360
day basis. 
 “First Tier Account” means each concentration account, depositary account, lock-box
account or similar account in which any Collections are collected or deposited, including, without limitation, by means of automatic funds transfer (other than the Second-Tier Account) and which is listed on Exhibit IV. 

“Fiscal Month” means any of the twelve consecutive four week or five week accounting periods used by PDCo for
accounting purposes which begin on the Sunday after the last Saturday in April of each year and ending on the last Saturday in April of the next year. 
 “Funding Agreement” means (i) this Agreement and (ii) any agreement or instrument executed by any Funding Source with or for the benefit of a Conduit. 

“Funding Source” means with respect to any Conduit (i) such Conduit’s Related Financial Institution(s)
or (ii) any insurance company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or facilities to such Conduit. 
 “GAAP” means generally accepted accounting principles in effect in the United States of America as of the date of this Agreement, provided, that if there occurs after
the date of this Agreement any change in GAAP that affects in any material respect the calculation of any amount described in Sections 9.1(f) or (m), Agent and Seller shall negotiate in good faith amendments to the provisions of this
Agreement that relate to the calculation of such amounts 

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RECEIVABLES PURCHASE AGREEMENT 
  

 
with the intent of having the respective positions of Agent and the Purchasers and Seller after such change in GAAP conform as nearly as possible to their respective positions as of the date of
this Agreement and, until any such amendments have been agreed upon, the amounts described in Sections 9.1(f) or (m) shall be calculated as if no such change in GAAP has occurred. 

“Hedge Floating Amount” means, with respect to any Hedging Agreement, all amounts owing to Seller under, and any
other Collections with respect to, such Hedging Agreement. 
 “Hedge Provider” means any Person that
enters into a Hedging Agreement with Seller. 
 “Hedge Provider Downgrade” means the unsecured,
unguaranteed, long-term debt rating of any Hedge Provider under its then current Hedging Agreement, if any, is reduced below A- or withdrawn by S&P or below A3 or withdrawn by Moody’s. 

“Hedging Agreement” means an interest rate cap agreement or other interest rate hedge agreement, in each case, in
form and substance satisfactory to Agent, entered into by Seller (and pledged to Agent, for the ratable benefit of the Purchasers), as the same may from time to time be supplemented, amended, extended, replaced or otherwise modified, in each case,
in accordance with Section 7.3(d)(iii); provided that (i) at the time such transaction is entered into, the Hedge Provider thereunder is an Eligible Hedge Provider, (ii) Seller shall have no payment obligations nor any
Hedging Obligations under such transaction other than the payment of up-front premiums to the Eligible Hedge Provider (and on or prior to the date of such Hedging Agreement all such premiums payable by Seller during the scheduled term of such
Hedging Agreement shall have been duly paid in full in advance), (iii) the notional amount with respect to such Hedging Agreement shall be an amount at all times satisfactory to Agent, which amount shall be $300,000,000 until otherwise
specified by Agent to Seller and (iv) the documentation governing such hedge transaction shall be in form and substance satisfactory to Agent. 
 “Hedging Obligations” means all amounts payable to a Hedge Provider under such Hedge Provider’s Hedging Agreement, including, without limitation, the accrued fixed amount
under such Hedging Agreement and all breakage costs associated with the termination of such Hedging Agreement. 

“Indebtedness” of a Person means such Person’s (i) obligations for borrowed money,
(ii) obligations representing the deferred purchase price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations,
whether or not assumed, secured by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments,
(v) capitalized lease obligations, (vi) net liabilities under interest rate swap, exchange or cap agreements, (vii) Contingent Obligations and (viii) liabilities in respect of unfunded vested benefits under plans covered by Title
IV of ERISA. 
 “Independent Governor” shall mean a member of the Board of Governors of Seller who
(i) shall not have been at the time of such Person’s appointment or at any time during the preceding five years, and shall not be as long as such Person is a governor of Seller, (A) a director, officer, employee, partner, shareholder,
member, manager, governor or Affiliate of any 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
of the following Persons (collectively, the “Independent Parties”): Servicer, any Patterson Entity, or any of their respective Subsidiaries or Affiliates (other than Seller),
(B) a supplier to any of the Independent Parties, (C) a Person controlling or under common control with any partner, shareholder, member, manager, governor, Affiliate or supplier of any of the Independent Parties, or (D) a member of
the immediate family of any director, officer, employee, partner, shareholder, member, manager, Affiliate or supplier of any of the Independent Parties; (ii) has prior experience as an independent director or governor for a corporation or
limited liability company whose charter documents required the unanimous consent of all independent directors or governors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (iii) has at least three years of employment experience with one or more entities that provide, in the ordinary
course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities and is employed by any such entity. 

“Indemnified Amounts” has the meaning set forth in Section 10.1. 

“Indemnified Party” has the meaning set forth in Section 10.1. 

“Intercreditor Agreement” means the Amended and Restated Intercreditor Agreement, dated as of April 27,
2007, by and among Agent, US Bank, as agent under the US Bank Contract Purchase Agreement, PDCo, PDSI, Webster and Seller, as amended by Amendment #1 thereto, dated as of the date hereof, and as the same may be further amended, restated supplemented
or otherwise modified from time to time. 
 “JPMorgan” means JPMorgan Chase Bank, N.A. in its individual
capacity and its successors and assigns. 
 “Legal Maturity Date” means the two-year anniversary of the
due date of the latest maturing Receivable in the Asset Portfolio on the date of the occurrence of the Amortization Date. 
 “Leverage Ratio” means, as of the end of any of PDCo’s fiscal quarters, the ratio of Consolidated Total Debt as of the end of such fiscal quarter to Consolidated Adjusted
EBITDA for the four consecutive fiscal quarters then ended; provided, that the Leverage Ratio shall be calculated, with respect to Acquisitions approved by Agent, on a pro forma basis using historical financial statements and containing reasonable
adjustments satisfactory to Agent, broken down by fiscal quarter in PDCo’s reasonable judgment. 
 “LIBO
Rate” means the rate per annum equal to the sum of (i) (a) the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars appearing on Reuters Screen LIBOR01 as of 11:00 a.m. (London
time) two Business Days prior to the first day of the relevant Rate Tranche Period, and having a maturity equal to such Rate Tranche Period, provided that, (i) if Reuters Screen LIBOR01 is not available to Agent for any reason, the
applicable LIBO Rate for the relevant Rate Tranche Period shall instead be the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars as reported by any other

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
generally recognized financial information service as of 11:00 a.m. (London time) two Business Days prior to the first day of such Rate Tranche Period, and having a maturity equal to such Rate
Tranche Period, and (ii) if no such British Bankers’ Association Interest Settlement Rate is available to Agent, the applicable LIBO Rate for the relevant Rate Tranche Period shall instead be the rate determined by Agent to be the rate at
which BTMU offers to place deposits in U.S. dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Rate Tranche Period, in the approximate amount to be
funded at the LIBO Rate and having a maturity equal to such Rate Tranche Period, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal or other reserves) which is imposed
against Agent in respect of Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal), applicable to such Rate Tranche Period plus
(ii) 1.00% per annum. The LIBO Rate shall be rounded, if necessary, to the next higher  1/16 of 1%. 
 “Liquidity Termination Date” means
December 2, 2011, as extended by the mutual agreement of Seller, Agent, the Purchaser Agents and the Purchasers. 

“Lock-Box” means each locked postal box with respect to which a bank who has executed a Collection Account
Agreement has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Exhibit IV. 
 “Loss Multiple” means (i) 3.5 if the Leverage Ratio is less than or equal to 3.00x and (ii) 4.5 if the Leverage Ratio is greater than 3.00x. 

“Loss-to-Liquidation Ratio” means, on any date, an amount equal to the quotient of (i) the Loss Amount
divided by (ii) the sum of (x) the total Collections that reduce the Outstanding Balance on the Receivables during the immediately preceding Fiscal Month, plus (y) the Loss Amount, 

 

					
	where:	  		  	
			
	Loss Amount	  	=	  	The positive number representing the difference between (i) the Outstanding Balance of all Receivables which became Defaulted Receivables during the immediately preceding Fiscal
Month minus (ii) the Outstanding Balance of all Receivables which ceased to continue to be Defaulted Receivables (solely as a consequence of any Obligor making a payment on any Defaulted Receivable) during the immediately preceding Fiscal Month. The
Loss Amount shall not be less than “zero”.

 “Material Adverse Effect” means a
material adverse effect on (i) the financial condition or operations of any Seller Party and its Subsidiaries, (ii) the ability of any Seller Party to perform its obligations under this Agreement or the Performance Provider to perform its
obligations under the Performance Undertaking, (iii) the legality, validity or enforceability of this Agreement or any other Transaction Document, (iv) any Purchaser’s interest in the Receivables

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
generally or in any significant portion of the Receivables, the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or of any
material portion of the Receivables. 
 “Modified Receivable” means a Receivable as to which the payment
terms of the related Contract have been extended or modified for credit reasons since the origination of such Receivable. 

“Monthly Report” means a report, in substantially the form of Exhibit X hereto (appropriately completed),
furnished by Servicer to Agent and each Purchaser Agent pursuant to Section 8.5. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Portfolio Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such
time reduced by (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Concentration Limit for such Obligor and (ii) the excess of the aggregate Outstanding
Balance of all Eligible Receivables that are EagleSoft Software Receivables over the aggregate EagleSoft Software Receivable Discounted Balance of all such Receivables. 
 “Non-Renewing Financial Institution” has the meaning set forth in Section 4.6(a). 
 “Obligations” shall have the meaning set forth in Section 2.1. 
 “Obligor” means a Person obligated to make payments pursuant to a Contract. 
 “Off-Balance Sheet Liability” of a Person means the principal component of (i) any repurchase obligation or liability of such Person with respect to accounts or notes
receivable sold by such Person, (ii) any liability under any sale and leaseback transaction which is not a capitalized lease, (iii) any liability under any so-called “synthetic lease” or “tax ownership operating lease”
transaction entered into by such Person, (iv) any receivables purchase or financing facility or (v) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but
which does not constitute a liability on the consolidated balance sheets of such Person, but excluding from this clause (v) all operating leases. 
 “Originated Receivable” means all indebtedness and other obligations owed to Seller or an Originator (at the time it arises, and before giving effect to any transfer or conveyance
under the Receivables Sale Agreement or hereunder) or in which Seller or an Originator has a security interest or other interest, including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper,
instrument or general intangible, arising in connection with the sale, licensing or financing of goods or the rendering of services by an Originator, and further includes, without limitation, the obligation to pay any Finance Charges with respect
thereto. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute an Originated Receivable
separate from an Originated Receivable consisting of the indebtedness and other rights and obligations arising from any other 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
transaction; provided further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be an Originated Receivable regardless of whether
the account debtor, any Originator or Seller treats such indebtedness, rights or obligations as a separate payment obligation. 

“Originator” means each of PDSI and Webster, in their respective capacities as seller under the Receivables Sale
Agreement and any other seller from time to time party thereto. 
 “Other Costs” shall have the meaning
set forth in Section 10.3. 
 “Other Sellers” shall have the meaning set forth in
Section 10.4. 
 “Outstanding Balance” of any Receivable at any time means the then
outstanding principal balance thereof. 
 “Participant” has the meaning set forth in
Section 12.2. 
 “Patterson Entity” means each of PDCo and each Originator and their
respective successors and assigns. 
 “Payment Instruction” has the meaning set forth in
Section 1.4. 
 “PDCo” has the meaning set forth in the preamble to this Agreement.

 “PDSI” means Patterson Dental Supply, Inc., a Minnesota corporation, together with its successors and
assigns. 
 “Performance Provider” means PDCo in its capacity as Provider under the Performance
Undertaking. 
 “Performance Undertaking” means that certain Performance Undertaking, dated as of
May 10, 2002, by Performance Provider in favor of Seller, substantially in the form of Exhibit XI, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Permitted Investments” means (a) evidences of indebtedness maturing within thirty days after the date of
loan thereof, issued by, or guaranteed by the full faith and credit of, the federal government of the United States, (b) repurchase agreements with banking institutions or broker-dealers registered under the Securities Exchange Act of 1934
which are fully secured by obligations of the kind specified in clause (a), (c) money market funds (i) rated not lower than the highest rating category from Moody’s and “AAA m” or “AAAm-g,” from S&P or
(ii) which are otherwise acceptable to Agent or (d) commercial paper issued by any corporation incorporated under the laws of the United States and rated at least “A-1+” (or the equivalent) by S&P and at least “P-1”
(or the equivalent) by Moody’s. 
 “Person” means an individual, partnership, corporation
(including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 “P.O. Box” means a locked postal box located in a United States
post office to which Obligors remit payments of Receivables. 
 “Postal Notice” means a notice from an
Originator directing the United States post office where any P.O. Box is located to transfer control of such P.O. Box to Agent, which notice shall be substantially in the form of Exhibit XII. 

“Potential Amortization Event” means an event which, with the passage of time or the giving of notice, or both,
would constitute an Amortization Event. 
 “Prior Agreement” has the meaning set forth in the
Preliminary Statements to this Agreement. 
 “Prime Rate” means a rate per annum equal to the prime rate
of interest announced from time to time by BTMU or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
 “Principal Collections” means Collections other than Finance Charge Collections. 
 “Proposed Reduction Date” has the meaning set forth in Section 1.3. 
 “Pro Rata Share” means, (a) for each Financial Institution, a percentage equal to (i) the Commitment of such Financial Institution, divided by (ii) the
aggregate amount of all Commitments of all Financial Institutions in such Financial Institution’s Purchaser Group, adjusted as necessary to give effect to the application of the terms of Section 4.6, and (b) for each Conduit, a
percentage equal to (i) the Conduit Purchase Limit of such Conduit, divided by (ii) the aggregate amount of all Conduit Purchase Limits of all Conduits hereunder. 

“Purchase” has the meaning set forth in Section 1.1(a). 

“Purchase Limit” means $300,000,000, as such amount may be modified in accordance with the terms of
Section 4.6(b). 
 “Purchase Notice” has the meaning set forth in
Section 1.2(a). 
 “Purchaser Agent Roles” has the meaning set forth in
Section 14.13(b). 
 “Purchaser Agents” has the meaning set forth in the preamble to this
Agreement. 
 “Purchaser Group” means with respect to (i) each Conduit, a group consisting of such
Conduit, its Purchaser Agent and its Related Financial Institution(s), (ii) each Financial Institution, a group consisting of such Financial Institution, the Conduit for which such Financial Institution is a Related Financial Institution, its
Purchaser Agent and each other Financial Institution that is a Related Financial Institution for such Conduit (if any) and (iii) each Purchaser Agent, a group consisting of such Purchaser Agent and the Conduit and Related Financial
Institution(s) for which such Purchaser Agent is acting as Purchaser Agent hereunder. 
 “Purchasers”
means each Conduit and each Financial Institution. 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 “Purchasing Financial Institution” has the meaning set forth in
Section 12.1(b). 
 “Rate Tranche Period” means, with respect to any portion of the Asset
Portfolio held by a Financial Institution: 
 (a) if Financial Institution Yield for any portion of such Financial
Institution’s Capital is calculated on the basis of the LIBO Rate, a period of one month, or such other period as may be mutually agreeable to the applicable Financial Institution and Seller, commencing on a Business Day selected by Seller or
the applicable Financial Institution pursuant to this Agreement. Such Rate Tranche Period shall end on the day in the applicable succeeding calendar month which corresponds numerically to the beginning day of such Rate Tranche Period, provided,
however, that if there is no such numerically corresponding day in such succeeding month, such Rate Tranche Period shall end on the last Business Day of such succeeding month; or 

(b) if Financial Institution Yield for any portion of such Financial Institution’s Capital is calculated on the basis of the
Alternate Base Rate, a period commencing on a Business Day selected by Seller and agreed to by the applicable Financial Institution, provided no such period shall exceed one month. 
 If any Rate Tranche Period would end on a day which is not a Business Day, such Rate Tranche Period shall end on the next succeeding Business Day, provided, however, that in the case of Rate
Tranche Periods corresponding to the LIBO Rate, if such next succeeding Business Day falls in a new month, such Rate Tranche Period shall end on the immediately preceding Business Day. In the case of any Rate Tranche Period for any portion of any
Financial Institution’s Capital which commences before the Amortization Date and would otherwise end on a date occurring after the Amortization Date, such Rate Tranche Period shall end on the Amortization Date. The duration of each Rate Tranche
Period which commences after the Amortization Date shall be of such duration as selected by the applicable Financial Institution. 
 “Ratings Request” has the meaning as specified in Section 10.2(c). 
 “Receivable” means at any time, each and every Originated Receivable that has been identified for sale to Seller in any Sale Assignment (as defined in the Receivables Sale
Agreement), including all schedules thereto, delivered pursuant to Section 1.1(a)(ii) of the Receivables Sale Agreement. 

“Receivables Sale Agreement” means that certain Receivables Sale Agreement, dated as of May 10, 2002, by and
among the Originators and Seller, as amended, restated, supplemented or otherwise modified from time to time. 

“Records” means, with respect to any Receivable, all Contracts and other documents, books, records and other
information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related Security therefor and the related Obligor. 

“Reduction Notice” has the meaning set forth in Section 1.3. 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 “Regulatory Change” shall mean (i) the adoption after the
date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy) or any change therein after the date hereof, (ii) any change after the date hereof in the interpretation or
administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency, or (iii) the compliance, whether commenced prior to or after the date hereof, by any Funding Source or Purchaser with the final rule titled Risk-Based Capital Guidelines; Capital Adequacy
Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted by the United States bank regulatory
agencies on December 15, 2009, or any rules or regulations promulgated in connection therewith by any such agency. 

“Related Equipment” means with respect to any Receivable, the goods sold or licensed to or financed for the
Obligor which sale, licensing or financing gave rise to such Receivable and all financing statements or other filings with respect thereto. 
 “Related Financial Institution” means with respect to each Conduit, each Financial Institution set forth opposite such Conduit’s name on Schedule A to this Agreement
and/or, in the case of an assignment pursuant to Section 12.1, set forth in the applicable Assignment Agreement. 

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

(i) all of Seller’s interest in the Related Equipment or other inventory and goods (including returned or
repossessed inventory or goods), if any, the sale, licensing or financing of which by the applicable Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 

(ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure
payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 

(iii) all guaranties, letters of credit, insurance, “supporting obligations” (within the meaning of
Section 9-102(a) of the UCC of all applicable jurisdictions) and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such
Receivable or otherwise, 
 (iv) all service contracts and other contracts and agreements associated with such
Receivable, 
 (v) all Records related to such Receivable, 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 (vi) all of Seller’s right, title and interest in, to and under
the Receivables Sale Agreement and the Performance Undertaking, 
 (vii) all of Seller’s right, title and
interest in and to each Lock-Box, P.O. Box and Collection Account, and any and all agreements related thereto, 

(viii) all of Seller’s right, title and interest in, to and under the Hedging Agreements, 

(ix) all Collections in respect thereof, and 

(x) all proceeds of such Receivable and any of the foregoing. 

“Repossessed” means that, with respect to any Related Equipment, the applicable Originator or its agent has
obtained possession, control and dominion of such Related Equipment from the related Obligor. 
 “Required Notice
Period” means the number of days required notice set forth below applicable to the Aggregate Reduction indicated below: 
  

			
	 Aggregate Reduction
	  	 Required Notice Period

	 £$100,000,000
	  	two Business Days
	 >$100,000,000 to $250,000,000
	  	five Business Days
	 3$250,000,000
	  	ten Business Days

 “Required
Purchasers” means, at any time, collectively, the Financial Institutions with Commitments in excess of 75% of the aggregate Commitments and the Conduits with Conduit Purchase Limits in excess of 75% of the aggregate amount of all
Conduit Purchase Limits of all Conduits hereunder. 
 “Required Ratings” has the meaning as specified in
Section 10.2(c). 
 “Restricted Junior Payment” means (i) any dividend or other
distribution, direct or indirect, on account of any shares of any class of membership units of Seller now or hereafter outstanding, except a dividend payable solely in shares of that class of membership units or in any junior class of membership
units of Seller, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of membership units of Seller now or hereafter outstanding,
(iii) any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with
respect to the Subordinated Loans (as defined in the Receivables Sale Agreement), (iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire
shares of any class of membership units of Seller now or hereafter outstanding, and (v) any payment of management fees by Seller (except for reasonable management fees to the Originators or their Affiliates in reimbursement of actual management
services performed). 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 “RPA Deferred Purchase Price” has the meaning set forth in
Section 1.6. 
 “S&P” means Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. 
 “Second-Tier Account” means the account numbered 4910006458
maintained by Seller in the name of “PDC Funding Company, LLC” at Union Bank, N.A., together with any successor account or sub-account. 
 “Seller” has the meaning set forth in the preamble to this Agreement. 
 “Seller Parties” has the meaning set forth in the preamble to this Agreement. 
 “Seller Party” has the meaning set forth in the preamble to this Agreement. 
 “Servicer” means at any time the Person (which may be Agent) then authorized pursuant to Article VIII to service, administer and collect Receivables. 

“Servicing Fee” has the meaning set forth in Section 8.6. 

“Settlement Date” means (A) the 19th day of each calendar month, and (B) the last day of the
relevant Rate Tranche Period in respect of each portion of Capital of any Financial Institution; or, in each case, if such day is not a Business Day, then the first Business Day thereafter. 

“Settlement Period” means (i) in respect of the Capital of any Conduit, each Accrual Period and (ii) in
respect of each portion of Capital of any Financial Institution, the entire Rate Tranche Period of such portion of Capital. 

“Skip Receivable” has the meaning set forth in the definition of “Discounted Receivable”. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having
ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association,
limited liability company, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references
herein to a “Subsidiary” shall mean a Subsidiary of Seller. 
 “Terminating Commitment Amount”
means, with respect to any Terminating Financial Institution, an amount equal to the Commitment (without giving effect to clause (iii) of the proviso to the penultimate sentence of Section 4.6(b)) of such Terminating
Financial Institution, minus an amount equal to 2% of such Commitment. 
 “Terminating Commitment
Availability” means, with respect to any Terminating Financial Institution, the positive difference (if any) between (a) an amount equal to the Commitment (without giving effect to clause (iii) of the proviso to the
penultimate sentence of Section 4.6(b)) of such Terminating Financial Institution, minus an amount equal to 2% of such Commitment, minus (b) the Capital funded by such Terminating Financial Institution. 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 “Terminating Financial Institution” has the meaning set forth in
Section 4.6(b). 
 “Terminating Rate Tranche” has the meaning set forth in
Section 4.3(b). 
 “Termination Date” has the meaning set forth in
Section 2.2(c). 
 “Termination Percentage” has the meaning set forth in
Section 2.2(c). 
 “Transaction Documents” means, collectively, this Agreement, the Prior
Agreement, each Purchase Notice, the Receivables Sale Agreement, the Performance Undertaking, the Intercreditor Agreement, each Collection Account Agreement, the Hedging Agreements, each Fee Letter, the Subordinated Note (as defined in the
Receivables Sale Agreement), the Closing Date Assignment Agreement and all other instruments, documents and agreements executed and delivered in connection herewith or in connection with the Prior Agreement, in each case, as amended, restated,
supplemented or otherwise modified from time to time. 
 “UCC” means the Uniform Commercial Code as from
time to time in effect in the specified jurisdiction. 
 “US Bank” means U.S. Bank National Association,
a national banking association, together with its successors and assigns. 
 “US Bank Contract Purchase
Agreement” means that certain Contract Purchase Agreement, dated as of April 27, 2007, by and among PDC Funding Company II, LLC, certain financial institutions party thereto and US Bank, as agent, as amended, restated, supplemented
or otherwise modified from time to time. 
 “US Bank Receivable” means each receivable identified on a
schedule to the US Bank Contract Purchase Agreement (or in any other writing delivered pursuant thereto) as a receivable to be sold thereunder and identified at least by the obligor thereof and the outstanding principal amount thereof. 

“Veterinary Receivable” means a Receivable arising from the sale or financing by Webster of veterinary equipment.

 “Webster” means Webster Veterinary Supply, Inc., a Minnesota corporation, together with its
successors and assigns. 
 All accounting terms defined directly or by incorporation in this Agreement or the Receivables Sale
Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement, the Receivables Sale Agreement and all such certificates and other
documents, unless the context otherwise requires: (a) accounting terms not specifically defined herein shall be construed in accordance with GAAP; (b) all terms used in Article 9 of the UCC in the State of Illinois, and not specifically
defined herein, are used herein as defined in such Article 9; 

 THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 
  

 
(c) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (d) the words “hereof,”
“herein” and “hereunder” and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of such agreement (or such certificate or
document); (e) references to any Section are references to such Section in such agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (f) the term “including” means “including without limitation”; (g) references to any law, rule,
regulation, or directive of any governmental or regulatory authority refer to such law, rule, regulation, or directive, as amended from time to time and include any successor law, rule, regulation, or directive; (h) references to any agreement
refer to that agreement as from time to time amended or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (i) references to any Person include that Person’s successors and assigns;
(j) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (k) unless otherwise provided, in the calculation of time from a specified date to a later specified
date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but excluding”; (l) terms in one gender include the parallel terms in the neuter and opposite
gender; and (m) the term “or” is not exclusive.Lease Between BIovest and JMS Holdings

 Exhibit 10.1 
 LEASE AGREEMENT 

 TABLE OF CONTENTS 

 

							
	 DEFINITIONS
	  	 	1	  
			
	ARTICLE I	  	TERM OF LEASE/USE	  	 	4	  
			
	ARTICLE II	  	CONSTRUCTION OF IMPROVEMENTS	  	 	4	  
			
	ARTICLE III	  	RENT	  	 	5	  
			
	ARTICLE IV	  	TAXES AND ASSESSMENTS	  	 	7	  
			
	ARTICLE V	  	INSURANCE	  	 	9	  
			
	ARTICLE VI	  	UTILITIES	  	 	10	  
			
	ARTICLE VII	  	REPAIRS	  	 	10	  
			
	ARTICLE VIII	  	COMPLIANCE WITH LAWS	  	 	11	  
			
	ARTICLE IX	  	MECHANIC’S LIENS AND OTHER LIENS	  	 	12	  
			
	ARTICLE X	  	INTENT OF PARTIES	  	 	13	  
			
	ARTICLE XI	  	DEFAULTS OF TENANT	  	 	14	  
			
	ARTICLE XII	  	DESTRUCTION AND RESTORATION	  	 	17	  
			
	ARTICLE XIII	  	CONDEMNATION	  	 	19	  
			
	ARTICLE XIV	  	HAZARDOUS MATERIALS	  	 	21	  
			
	ARTICLE XV	  	ASSIGNMENT SUBLETTING	  	 	22	  
			
	ARTICLE XVI	  	SUBORDINATION	  	 	22	  
			
	ARTICLE XVII	  	SIGNS	  	 	23	  
			
	ARTICLE XVIII	  	MISCELLANEOUS	  	 	23	  
			
	ARTICLE XIX	  	CHANGES AND ALTERATIONS	  	 	26	  
			
	ARTICLE XX	  	REPORTS BY TENANTS	  	 	27	  
			
	ARTICLE XXI	  	OPTION TO EXTEND	  	 	27	  
			
	ARTICLE XXII	  	GUARANTY	  	 	28	  

 LEASE AGREEMENT 

THIS LEASE AGREEMENT is made this 2nd day of December, 2010, by and between JMS Holdings, LLC, a Minnesota limited liability company
(“Landlord”), and Biovest International, Inc., a Delaware corporation (“Tenant”). 
 W I T N E S S E T H :

 Landlord, for and in consideration of the rents, covenants and agreements hereinafter reserved, mentioned and contained
on the part of Tenant, its successors and assigns, to be paid, kept observed and performed, has leased, rented, let and demised, and by these presents does lease, rent, let and demise unto Tenant, and Tenant does hereby take and hire, upon and
subject to the conditions and limitations hereinafter expressed, all that parcel of land situated at 8500 Evergreen Blvd. NW, in the City of Coon Rapids, County of Anoka, and State of Minnesota, described in Exhibit “A” attached hereto and
made a part hereof, together with the Building and Improvements thereon as hereinafter defined. Said real estate, the Building and the Improvements, are sometimes hereinafter referred to as the “Demised Premises.” The Demised Premises are
subject to the easements, reservations, covenants, restrictions and encumbrances contained in Exhibit “B” (the “Permitted Encumbrances”), attached hereto and made a part hereof. 

DEFINITIONS 

“Bank Loan” means the loan between Landlord and Central Bank, N.A. (the “Bank”) in the amount of $1,225,000.

 “Bank Loan Payment” means payments of principal and interest due under the Bank Loan. 

“Bankruptcy Court” means the United States Bankruptcy Court in the Middle District of Florida, Tampa Division. 

“Bankruptcy Court Approvals” means the entry of an order, approving this Lease and the Guaranty of Lease, by the Bankruptcy Court in re
Chapter 11, case no. 8.08-bk-17795-KRM, Accentia Biopharmaceuticals, Inc., et al. 
 “Base Rent” has the meaning specified in
Article III, Section 3.1. 
 “Building” means the building currently located on the Leased Land which contains
approximately 35, 134 square feet, and any buildings hereafter on the Leased Land, as the same may exist at any time. 
 “City of Coon
Rapids Loans” means the two (2) loans between the Tenant and the City of Coon Rapids (the “City”) in the amounts of $103,000 and $250,000, respectively. 
 “City of Coon Rapids Loan Payment” means payments of principal and interest due under the City of Coon Rapids Loans. 
 “Commencement Date” has the meaning specified in Article I, Section 1.1. 

“Compliance Certificate” has the meaning specified in Article III, Section 3.2. 

  
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 “Construction Completion Date” means the date specified in Article II, Section 2.3, of
this Lease Agreement. 
 “Damages” has the meaning specified in Article III, Section 3.2. 

“Demised Premises” means and shall include the Leased Land, the Building and the Improvements, and any other buildings placed on the
Leased Land at any time during the Term. 
 “Deferred Maintenance Costs” has the meaning specified in Article II,
Section 2.10. 
 “Deferred Maintenance Items” means the items of deferred maintenance that shall be completed by Landlord
as set forth in Article II, Section 2.10 and outlined on Exhibit C, attached hereto and made a part hereof. 
 “Encumbrances”
means any mortgage, deed of trust or other encumbrance or lien entered into by Landlord for the purpose of providing financing for the acquisition of the Leased Land and the construction of the Improvements, including anything used or intended
to be used in connection with the Demised Premises and provided by Landlord. 
 “Extended Term” means the duration of the
leasehold estate created hereby in the event that Tenant exercises its options to renew the Initial Term of this Lease as set forth in Article XXI, Section 21.1 of this Lease in accordance with the terms contained therein. 

“Guarantor” means Accentia Biopharmaceuticals, Inc. 
 “Guaranty of Lease” has the meaning specified in Article XXII, Section 22.1. 

“Hazardous Materials” means any substance or material defined in or governed or regulated by any Hazardous Materials Laws as a
dangerous, toxic or hazardous pollutant, contaminant, chemical, waste, material or substance, and also expressly includes urea-formaldehyde, polychlorinated biphenyls, dioxin, radon, lead-based paint, asbestos, asbestos containing materials, nuclear
fuel or waste, radioactive materials, explosives, carcinogens and petroleum products, including but not limited to crude oil or any fraction thereof; natural gas, natural gas liquids, gasoline and synthetic gas, and any other waste, material,
substance, pollutant or contaminant the presence of which on, in, about or under the Demised Premises would subject the owner or operator thereof to any damages, penalties, fines or liabilities under any applicable Hazardous Materials Laws.

 “Hazardous Materials Laws” means any federal, state or local law, statute, code, ordinance, rule, regulation or requirement,
including any laws relating to the environment and/or to human health or safety, or governing, regulating or pertaining to the generation, treatment, storage, handling, transportation, use of disposal or any Hazardous Materials. 

“Improvements” means the improvements to the Building to be made by Landlord pursuant to Article II, Section 2.1, of this Lease, in
accordance with the Plans and Specifications. 
 “Improvement Costs” has the meaning specified in Article II, Section 2.2.

 “Indemnifiable Event” has the meaning specified in Article III, Section 3.2. 

“Indemnified Party” has the meaning specified in Article III, Section 3.2 

  
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 “Initial Term” has the meaning specified in Article I, Section 1. 

“Landlord” means JMS Holdings, LLC. 
 “Lease” means this Lease Agreement between JMS Holdings, LLC as Landlord, and Biovest International, Inc., as Tenant, dated on page 1 hereinabove, and may be sometimes herein also
referred to as the “Lease Agreement.” 
 “Lease Interest Rate” means a rate of one percent (1%) per annum in
excess of the “reference rate” of U.S. Bank, located in Minneapolis, Minnesota, publicly announced by such Bank as being in effect on the date on which or as of which the Lease Interest Rate is to be determined. If no such rate is then
publicly announced by said Bank, or the successor to said Bank, then the reference rate publicly announced by a financial institution of similar size and reputation located in Minneapolis, Minnesota, shall be used. Notwithstanding the foregoing,
interest shall not accrue under this Lease at a rate which would be in excess of the rate of interest which can be charged Tenant under applicable law. 
 “Leased Land” means the real estate and interests therein as described on Exhibit “A” attached hereto. 
 “Liquated Rent” shall have the meaning set forth in Article III, Section 3.4. 
 “Market Rent” means the annual net effective base rent that a tenant would pay under a triple net lease upon the other terms and conditions herein, if it were then to rent comparable
premises in a comparable building in a comparable location in Coon Rapids, Minnesota to a tenant of comparable financial creditworthiness. If and to the extent that comparable annual net effective base rents might reflect amounts paid by landlords
for tenant improvements, leasing commissions and/or moving allowances, there shall be a reduction in Market Rent by reason of the fact that no such amounts are due hereunder. 
 “Memorandum of Lease” means a memorandum of this Lease as provided in Article XVIII, Section 18.9, of this Lease Agreement. 
 “Option to Extend” has the meaning specified in Article XXI, Section 21.1. 

“Plans and Specifications” means the plans and specifications referred to in Article II, Section 2.1, of this Lease. 

“Taxes and Assessments” shall have the meaning specified in Article IV, Section 4.1. 

“Tenant” means Biovest International, Inc. 
 “Tenant Affiliate” means any entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with Tenant. 

“Tenant Improvements” means any improvements constructed or installed on the Demised Premises at any time during the Term by Tenant.

 “Term” means the Initial Term, together with any Extended Term. 

  
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 ARTICLE I 

TERM OF LEASE/USE 

Section 1.1 The term of this Lease shall commence on a date mutually agreed to and confirmed by Landlord and Tenant in writing (the
“Commencement Date”), and shall end ten years (10) thereafter unless otherwise extended or terminated in accordance with the terms hereof. The term of this Lease as set forth above is sometimes referred to as “Initial Term.”
If the Commencement Date is a date other than the first day of a calendar month, the Initial Term shall run for the number of years set forth above from the first day of the calendar month following the Commencement Date. Notwithstanding the
foregoing, the Commencement Date shall be a date after the Bankruptcy Court Approvals have been entered and Tenant’s Chapter 11 reorganization plan is approved by the Bankruptcy Court. 
 Section 1.2 Tenant shall use the Demised Premises as a GMP production facility for the production of Tenant’s BiovaxID personalized cancer vaccine, the production of other cell-based
products and provision of services related to the study, treatment or diagnosis of human disease. In addition, the Demised Premises shall support Biovest’s legacy business such as the design and manufacture of instrumentation and disposables
related to mammalian cell culture and research and development or GLP contract services associated with the production of cells and biological materials for third parties. The Demised Premises shall have no other purpose without the specific advance
written consent of Landlord and then only for the use consented to by Landlord and upon compliance with any and all conditions upon which Landlord, in Landlord’s sole and exclusive discretion, specifies must be complied with as a condition to
Landlord’s consent contained in or made a specific part of Landlord’s consent. Tenant shall not use or occupy the Demised Premises, or knowingly permit them to be used or occupied, in a manner or for a purpose contrary to any statute,
rule, order, ordinance, requirement or regulation applicable thereto, or in any manner which would violate the certificate of occupancy affecting the same, or which would cause structural injury to the improvements or cause the value or usefulness
of the Demised Premises, or any portion thereof; substantially to diminish (reasonable wear and tear excepted), or that would constitute a public or private nuisance or waste, or that will create any liability, cost, expense or obligation upon
Landlord for any clean-up, removal, disposal or other action in relation to any chemical substance or material that is or could be under statutes, rules or regulations considered “Hazardous Waste.” Tenant agrees that it will promptly, upon
discovery of any such use, take all necessary steps to compel the discontinuance of such use. 
 ARTICLE II

 CONSTRUCTION OF IMPROVEMENTS 
 Section 2.1 Landlord shall make improvements to the Demised Premises for Tenant’s intended use (the “Improvements”). Tenant shall provide to Landlord for its approval, at its
sole cost and expense, plans and specifications for the Improvements (the “Plans and Specifications”). Landlord shall have ten (10) days to review and approve the Plans and Specifications after receipt thereof from Tenant. In the
event Landlord shall not inform Tenant of its approval of the Plans and Specification within said ten (10) day period, the Plans and Specifications shall be deemed approved as submitted. Any subsequent changes to the approved Plans and
Specifications must be approved by Landlord in advance and in writing. 
 Section 2.2 The Improvements shall be constructed in a
good and workmanlike manner in accordance with the approved Plans and Specifications and shall be completed in accordance with applicable building and zoning regulations as the same are presently enforced by the governmental bodies having
jurisdiction thereof. Landlord agrees to furnish, at Landlord’s sole cost and expense, all of the material and labor and to do all things necessary for the construction of the Improvements in accordance with the approved Plans and
Specifications, which Improvements are estimated to cost $1,356,983.00 (the “Improvement Costs”) and shall be paid for by Tenant as Base Rent under Article III. 

  
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 Section 2.3 Landlord shall diligently proceed with the construction of the Improvements and
complete the Improvements no later than March 31, 2011 (the “Construction Completion Date”); provided, however, that if delay is caused or contributed to by any act or neglect of Tenant or those acting for or under Tenant, or labor
disputes, casualties, acts of God or the public enemy, governmental embargo restrictions, action or nonaction of public utilities or of local, state of federal governments affecting the work, or other causes beyond Landlord’s control, then the
time of completion of said construction shall be extended for the additional time caused by such delay. Delay in completing the Improvements shall not serve to extend the term of this Lease Agreement or to make Landlord liable for consequential
damages arising therefrom. 
 Section 2.4 Tenant shall be allowed to install its fixtures, equipment and other personal property, if
any, during the final stages of completion of the Improvements so long as Tenant does not unreasonably interfere with the completion of construction or occasion any labor dispute as a result of its work. 

Section 2.5 Within a period of thirty (30) days after the Construction Completion Date, Tenant shall notify Landlord of all items not
completed in accordance with the Plans and Specifications, and Landlord shall forthwith cause such items to be completed. 
 Section 2.6
Save and except for the incomplete items referred to in Section 2.5 above, the existence of any latent defect in the Improvements in the building on the Commencement Date, and save and except as otherwise expressly provided herein, Tenant,
upon occupying the Building shall have and hold the Building as the same shall then be without any liability or any obligation on the part of Landlord for making any alterations, improvements or repairs of any kind in or about said Building for the
term of this Lease or any renewal or extension thereof, and Tenant agrees to maintain the Building and the Demised Premises, and all parts thereof, in a good and sufficient state of repair in accordance with the provisions of this Lease Agreement.

 Section 2.7 Landlord and Tenant agree that Shamrock Development, Inc. or its designee shall be the general contractor for the
Improvements. 
 Section 2.8 In addition to the Improvements, Landlord agrees to complete the Deferred Maintenance Items no later
than the Completion Date. Landlord and Tenant agree to share equally all costs incurred by Landlord or otherwise associated with completing the Deferred Maintenance Items (the “Deferred Maintenance Costs”). Landlord shall invoice Tenant
for one-half of the Deferred Maintenance Costs on the Completion Date and Tenant agrees to pay such invoice no later than thirty (30) days following receipt thereof.  

ARTICLE III 
 BASE RENT 
 Section 3.1 In consideration of the leasing of the Demised
Premises, and in consideration of the Improvements to be constructed pursuant to Article II hereof, Tenant agrees to pay Landlord, at Landlord’s office or at such other place as Landlord may from time to time designate in writing, an annual
Base Rent, payable in advance in equal monthly installments, during the Initial Term, calculated as follows: 

3.1.1 Rent. No later than the first day of each month during the Term, Tenant shall pay Landlord rent in the amount of
Eighteen Thousand Fifty-Nine and  38/100 Dollars
($18,059.38) per month (the “Base Rent”), subject to the adjustment in the next sentence. Commencing on the sixth (6th) anniversary of the Commencement Date and continuing thereafter until the end of the Initial Term, the Rent under
this Section 3.1.1 of this Lease shall increase to Twenty-Three Thousand Eight Hundred Ninety-One and
 12/100 Dollars ($23,891.12) per month.

  
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 3.1.2 Bank Loan Payments. Beginning on December 15, 2010 and
continuing on the 15th day of each month thereafter until
the Bank Loan is paid in full, Tenant shall pay to Landlord the monthly Bank Loan Payments, as additional rent, in the amount of the next Bank Loan Payment due to the Bank as set forth on the Bank Loan Amortization Schedule. Tenant’s obligation
to pay the Bank Loan Payments, as additional rent, shall cease when the Bank Loan is paid in full. No later than five (5) business days following the closing of the Bank Loan, the Landlord will deliver to Tenant an amortization schedule (the
“Bank Loan Amortization Schedule”), which shall set forth the Bank Loan Payments. The Bank Loan Amortization Schedule is incorporated into this Lease as Exhibit “E” hereto and may be updated by Landlord, in its discretion, to
reflect changes in the Bank Loan Payments. 
 3.1.3 Taxes and Assessments. Tenant shall pay to Landlord Five
Thousand Three Hundred Three and  24/100 Dollars
($5,303.24) per month for Taxes and Assessments, as more particularly described in and subject to adjustment in accordance with Article IV of this Lease. 
 3.1.4 Loan Origination and Other Fees. Tenant shall also pay, as additional rent, any fees or costs incurred by Landlord in connection with the granting of the Loans, which shall be paid by Tenant as
additional rent on a monthly basis as such costs are incurred by Landlord. 
 For the avoidance of doubt, the term Base Rent, as the same may be
adjusted from time to time pursuant to the terms and conditions of this Lease, shall mean and include the following: (a) Rent as set forth in Section 3.1.1 hereof; (b) the Bank Loan Payments as set forth in Section 3.1.2 hereof;
(c) Taxes and Assessments as set forth in Section 3.1.3 hereof; and (d) the Loan Origination and Other Fees as set forth in Section 3.1.4 hereof. Any installment of Base Rent accruing under the provisions of this Lease Agreement
that is not be paid within five (5) days after the date when due shall bear interest at the Lease Interest Rate from the date when the same is due hereunder until the same shall be paid. The Base Rent due from the Tenant during any Extended
Term shall be calculated in the manner set forth in Article XXI, Section 21.3 hereof. 
 Section 3.2 As a
condition to the entry of this Lease, the Tenant will enter into the City of Coon Rapids Loans under terms and conditions reasonably acceptable to Landlord and the Bank and shall cause the City to subordinate its respective interests under the City
of Coon Rapids Loans to the Bank Loan. During the term of this Lease and until the City of Coon Rapids Loans are paid in full, Tenant shall pay all of the City of Coon Rapids Loan Payments when due and shall transmit a copy or confirmation of each
such payment to Landlord within three (3) days of each such payment. In addition, Tenant shall provide to Landlord no later than December 31st of each calendar year during the Term a compliance certificate, certified by the president of the Tenant, that
(i) it has timely paid the City of Coon Rapids Loan Payments and complied with its other obligations under the City of Coon Rapids Loans; (ii) that it is in compliance with any covenants of the City of Coon Rapids Loans; and
(iii) that it is not in default under the City of Coon Rapids Loans (the “Compliance Certificate”). Any failure on the part of Tenant to timely pay the City of Coon Rapids Loan Payments or provide the Compliance Certificate
shall constitute an Event of Default under this Lease. Upon such Event of Default, Landlord may, at its option, pay such portion of the City of Coon Rapids Loan Payments that are past due and such amounts, when paid, shall immediately be due and
payable by Tenant to Landlord as additional rent. Furthermore, if Tenant is in default under either of the City of Coon Rapids Loans or if an event occurs under which the City exercises its rights under its mortgages against the Demised Premises
(each an “Indemnifiable Event”), the Tenant shall save, defend, indemnify and hold harmless the Landlord and the Bank and their respective employees, officers, governors, directors, equityholders, representatives, agents,

  
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successors and assigns (each an “Indemnified Party”), from and against any and all losses, liabilities, damages, penalties, fines, expenses, costs and attorneys’ fees
(collectively, “Damages”), which any Indemnified Party may sustain or become subject to as a result of an Indemnifiable Event. The indemnification obligations of Tenant set forth in this Section 3.2 are in addition to those
indemnification obligations of Tenant set forth in Section 18.3. 
 ARTICLE IV 

TAXES AND ASSESSMENTS 
 Section 4.1 Tenant covenants and agrees to pay monthly, as part of Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, one-twelfth
( 1/12th) of all annual installments of real estate taxes and special
assessments payable during the term of this Lease Agreement, including water rates and charges, sewer rates and charges including any sums payable for present or future sewer or water capacity, excises, levies, license and permit fees, charges for
public utilities, other governmental charges, and all other charges or burdens of whatsoever kind and nature, without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special,
ordinary or extraordinary, foreseen or unforeseen, of any kind and nature whatsoever including, but not limited to, assessments for public improvements or benefits that shall, during the term hereby demised, be assessed, levied or imposed upon, or
become payable and a lien upon the Demised Premises or any part thereof (all of which taxes, assessments, water rates and charges, sewer rates and charges, excises, levies, licenses and permits and other governmental charges are hereinafter referred
to as “Taxes and Assessments”); provided, however, that if, by law, any special assessment is payable or may at the option of the taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance of such
assessment), Tenant shall only be required to pay the same, together with any accrued interest on the unpaid balance of such assessment, in installments as the same respectively become payable and before any fine, penalty, interest or cost may be
added thereto for the nonpayment of any such installment. Provided further that Tenant shall be responsible for any and all of said Taxes and Assessment payable in the year 2010 and in subsequent years, to and including the last year of the Term of
this Lease. Notwithstanding the foregoing sentence, it is the intent of Landlord and Tenant that after delivery of the Demised Premises to Tenant, this is a Net Lease and Tenant shall be responsible for payment of Taxes and Assessments as defined
herein. 
 Section 4.2 Tenant shall have the right to contest the amount or validity, in whole or in part, of any Taxes or
Assessments by appropriate proceedings diligently conducted in good faith, but only after making its monthly payments of such Taxes and Assessments, unless such payment, or a payment thereof under protest, would operate as a bar to such contest or
interfere materially with the prosecution thereof; in which event, notwithstanding the provisions of Section 4.1 thereof; Tenant may postpone or defer payment of such Taxes or Assessments if (i) neither the Demised Premises nor any part
thereof would, by reason of such postponement or deferment, be in danger of being forfeited or lost, and (ii) Tenant shall have deposited cash or a Certificate of Deposit equal to one and one-half times the amount of the Real Estate Taxes or
Assessments so contested, including interest, penalties and actual attorneys’ fees, and all charges that are assessed against or become a charge on the Demised Premises, or any part thereof, during the pendency of any such proceeding. Said cash
or Certificate of Deposit in said amounts shall be payable to Landlord and shall be issued by a national bank, federal savings and loan association or federal savings bank approved by Landlord. 

If, during the continuance of such proceedings, Landlord shall, from time to time, reasonably deem the amount deposited as aforesaid to be insufficient,
Tenant shall, upon demand of Landlord, make deposits of such additional sums of money or Certificates of Deposit as Landlord may reasonably request. Upon failure of Tenant to make such additional deposits, the amount theretofore deposited may be
applied by Landlord to the payment, removal and discharge of such Taxes and Assessments, and the interest and penalties in connection therewith, and any costs, fees (including attorneys’ fees) and other liability accruing in any such
proceedings. 

  
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Upon the termination of any such proceedings, Tenant shall pay the amount of such Taxes or Assessments or part hereof, if any, as finally determined in such proceedings, the payment of which may
have been deferred during the prosecution of such proceedings, together with any costs, fees (including attorneys’ fees), interest, penalties and other liability in connection therewith, and upon such payment Landlord shall return all amounts
or Certificates deposited with it with respect to the contest of such Taxes or Assessments, as aforesaid, or, at the written direction of Tenant, Landlord shall make such payment out of the funds on deposit with Landlord and the balance, if any,
shall be returned to Tenant. Tenant shall be entitled to any refund of any Taxes or Assessments and penalties and interest thereon received by Landlord which have been paid by Tenant, or which have been paid by Landlord but for which Landlord has
been previously reimbursed in full by Tenant. Landlord shall not be required to join in any proceedings referred to in Section 4.2 unless the provision of any law, rule or regulation at the time in effect shall require that such proceedings be
brought by or in the name of Landlord, in which event Landlord shall join in such proceedings or permit the same to be brought in Landlord’s name upon compliance with such conditions as Landlord may reasonably require. Landlord shall not
ultimately be subject to any liability for the payment of any fees (including reasonable attorneys’ fees), costs or expenses in connection with such proceedings. Tenant agrees to pay all such fees (including reasonable attorneys’ fees),
costs and expenses or, on demand, to make reimbursement to Landlord for such payment. During the time when any such Certificate of Deposit is on deposit with Landlord, and prior to the time when the same is returned to Tenant or applied against the
payment, removal or discharge of any Taxes or Assessments, as above provided, Tenant shall be entitled to receive all interest paid thereon. Cash deposits shall not bear interest. 
 Section 4.3 If, at any time during the term of this Lease Agreement, under the laws of the United States or of the State of Minnesota, or any political subdivision thereof in which the Demised
Premises are situated, a tax or excise on rents or other tax, however described (including but not limited to any gross receipts tax), is levied or assessed by the United States or by said State or political subdivision against Landlord or the
annual or monthly rent expressly reserved under this Lease Agreement, Tenant covenants to pay and discharge such tax or excise on rents, or other tax, but only to the extent of the amount thereof which is lawfully assessed or imposed upon Landlord
and which was so imposed or assessed as a direct result of Landlord’s ownership of the Demised Premises, or of this Lease Agreement or of the rentals accruing under this Lease Agreement, it being the intention of the parties hereto that the
rent to be paid hereunder shall be paid to Landlord with absolutely no deduction of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind or description except as in this Lease Agreement is otherwise
expressly provided. Nothing in this Lease Agreement contained shall require Tenant to pay any municipal, state or federal income or excess profits taxes assessed against Landlord, or any municipal, state or federal capital levy, estate, succession,
inheritance or transfer taxes of Landlord. 
 Section 4.4 Taxes and Assessments due and payable in 2010 for the
Demised Premises are Sixty-Three Thousand Six Hundred Thirty-eight and  84/100 Dollars ($63,638.84) and shall be paid by Tenant in twelve (12) equal monthly installments of Five Thousand Three Hundred Three and  24/100 Dollars ($5,303,24). Monthly payments of taxes and Assessments
shall be adjusted each year so that the full amount of Taxes and Assessments due for such year are paid for by Tenant. As soon as reasonably possible after receipt of the annual tax bill for the Demised Premises, Landlord shall provide a copy
thereof to Tenant and Tenant’s monthly obligation for Taxes and Assessments shall be adjusted in accordance therewith. If the total monthly payments made by Tenant pursuant to this Section exceed the amount of payments necessary for said Taxes
and Assessments in any given year, such excess shall be credited on subsequent monthly payments of the same nature, except that any excess payment made at the end of the Term shall be refunded to Tenant. If the total of such monthly payments so made
under this Section shall be insufficient to pay such Taxes and Assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. Payment by Tenant of Taxes and Assessments under this Section shall be
considered as performance of such obligation under the provisions of Section 4.1 hereof. 

  
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 ARTICLE V 

INSURANCE 

Section 5.1 Tenant, at its sole cost and expense, but for the mutual benefit of Landlord and Tenant shall maintain or cause to be maintained:

 5.1.1 Comprehensive bodily injury and property damage liability insurance against claims for bodily injury, death or property
damage occurring in, on, or about the Demised Premises, and against claims for bodily injury, death or property damages arising out of the negligence of Tenant or Tenant’s guest, contractors, subcontractors or invitees in, on or about any
adjoining street, avenue, property and passageway, naming Landlord as the insured, such insurance to afford minimum protection during the term of this Lease Agreement or any extension thereof of not less than Five Million and No/100 ($5,000,000.00)
Dollars single limit coverage in respect to bodily injury or death to any persons and property damage on an occurrence basis; 

5.1.2 Boiler and pressure vessel insurance (including, but not limited to, pressure pipes, steam pipes and condensation return pipes)
provided the Building contains a boiler or other pressure vessel or pressure pipes, in an amount reasonably required by Landlord; and 
 5.1.3 Such other insurance, and in such amounts as may from time to time be reasonably required by Landlord, which include “special peril” coverage, including, but not limited to full
replacement cost coverage for fire, windstorm and extended coverages, sprinkler leakage coverage, theft, vandalism and malicious mischief endorsements, and also against other insurable hazards that at the time are commonly insured against in the
case of Demised Premises and buildings similar in construction, general location, use and occupancy to the Demised Premises and the Building. 
 The insurance set forth in this Section 5.1 shall be maintained by Tenant at not less than the limits set forth herein until reasonably required to be changed from time to time by Landlord, in
writing, or as a result of any opinion requiring an increase in coverage by any insurer providing the coverage whereupon Tenant covenants to secure and maintain, forthwith, such protection in the amount or amounts so required by Landlord or such
insurer. 
 Section 5.2 All policies of insurance relating to fire, windstorm and extended coverage shall provide that the proceeds
thereof shall be payable to Landlord and if Landlord so requires shall also be payable to the holder of any mortgage now or hereafter becoming a lien on the fee of the Demised Premises, or any part thereof, as the interest of such holder appears,
pursuant to a standard mortgagee clause. All such policies of insurance shall provide that any loss shall be payable to Landlord notwithstanding any act or omission of Tenant which might otherwise result in a forfeiture or reduction of such
insurance and each policy required under this Article V shall have attached thereto (i) an endorsement that such policy shall not be cancelled or materially changed without at least thirty (30) days’ prior written notice to Landlord,
and (ii) an endorsement to the effect that the insurance as to the interest of Landlord shall not be invalidated by any act or neglect of any person. All policies of insurance shall be written in companies reasonably satisfactory to Landlord
and licensed in the State of Minnesota, and shall be written in such form and shall be distributed in such companies as shall be reasonably acceptable to Landlord. Such policies shall be delivered to Landlord endorsed “Premium Paid” by the
company or agent issuing the same, or accompanied by other evidence satisfactory to Landlord that the premiums thereon have been paid. Such policies and evidence of payment shall be delivered to Landlord prior to occupancy of the Demised Premises or
any portion thereof by Tenant, and upon expiration of such policy, a new policy, plus evidence of premium payment, shall be delivered to Landlord not less than thirty (30) days prior to the expiration of the then current policy term.

  
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 Section 5.3 Landlord agrees that the policies of insurance set forth in Section 5.1 hereof
may contain a waiver of subrogation clause as to Tenant. Provided that the aforesaid fire and extended coverage insurance is in full force and effect and remains so, Landlord waives, releases and discharges Tenant from all claims or demands
whatsoever which Landlord may have or acquire in the future arising out of damage to or destruction of the Demised Premises, or any portion thereof, occasioned by fire or extended coverage risk, whether such claim or demand may arise because of the
negligence of Tenant, its agents or employees or otherwise, and Landlord agrees to look only to the insurance coverage in the event of such loss. 
 Section 5.4 Tenant shall maintain insurance coverage upon all personal property of Tenant and the personal property of others kept, stored or maintained on the Demised Premises against loss or
damage by fire, windstorm or other casualties for such amount as Tenant may desire, and Tenant agrees that such policies shall contain a waiver of subrogation clause as to Landlord. 
 Tenant hereby waives, releases and discharges Landlord from all claims or demands whatsoever that Tenant may have or acquire in the future, arising out of damage to or destruction of such contents
occasioned by fire or by extended coverage risk, whether such claim or demand may arise because of the negligence of Landlord, its agents or employees or otherwise, and Tenant agrees to look only to the insurance coverage in the event of such loss.

 Section 5.5. In addition to the insurance requirements set forth in this Article V, Tenant shall comply with the insurance
obligations of Landlord under the Bank Loan as well as those insurance obligations set forth in the mortgages entered by Landlord in connection with the City of Coon Rapids Loans. The Tenant shall ensure that its policies of insurance for the
Demised Premises identify the Bank and the City as additional insureds and loss payees. 
 ARTICLE VI 

UTILITIES 

Section 6.1 It is further agreed that Tenant will pay all charges for water, electricity, light, heat, gas, power, sewer, steam or other
utilities furnished to the Demised Premises, and for any deposits required by any such company furnishing such utilities. 
 Section 6.2
In the event any charge is made for present or future water or sewer capacity to serve the Demised Premises, or any portion thereof, such charge shall be deemed to be a utility charge payable by Tenant. 

ARTICLE VII 
 REPAIRS 
 Section 7.1 Save and except for the completion of incomplete items
provided for in Article II, Section 2.5 hereof, and the completion of the Deferred Maintenance Items, Tenant, at its sole cost and expense, from and after the Commencement Date and throughout the term of this Lease Agreement, shall take good
care of the Demised Premises and all improvements erected thereon and shall keep the same in good order and condition, and make and perform all necessary routine maintenance and repairs thereof, interior and exterior, structural and nonstructural,
ordinary and extraordinary, foreseen and unforeseen, of every nature, kind and description. When used in this Article VII, the term “repairs” shall include all necessary replacements, renewals, alterations, additions and betterments. All
repairs made by Tenant shall be at least equal in quality and cost to the original work. The necessity for or adequacy of repairs shall be measured by the standards which are appropriate for buildings of similar construction and class, provided that
Tenant shall in any event make all repairs necessary to avoid any structural damage or other damage or injury to the Building or 

  
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other improvements erected on the Demised Premises. Landlord’s prior written consent shall be required for any Tenant repair, the cost of which exceeds $15,000. Landlord shall not
unreasonably withhold or delay its consent to any such repair. 
 Section 7.2 Tenant shall put, keep and maintain all portions of
the Demised Premises and the parking areas, sidewalks, curbs, entrances, passageways and all areas adjoining the same, in a clean and orderly condition, free of dirt, rubbish, snow, ice and unlawful obstructions. 

Section 7.3 Other than warranty work required by law, and once the Improvements and Deferred Maintenance Items have been completed, Landlord
shall not be required to furnish any services or facilities or to make any repairs or alterations in, about, or to the Demised Premises or any improvements erected thereon. After completion of the Improvements and the Deferred Maintenance Items,
Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Demised Premises and improvements thereon. 
 Section 7.4 Tenant shall not do or suffer to be done any waste or damage, disfigurement or injury to the Demised Premises, or any improvements erected thereon, or to the fixtures or equipment
therein, or permit or suffer to occur any overloading of the floors or other use of the improvements that would place an undue stress on any improvement or portion thereof beyond that for which such facility was designed. 

ARTICLE VIII 
 COMPLIANCE WITH LAWS 
 Section 8.1 Subject to the provisions of Article II,
Section 2.1, throughout the term of this Lease Agreement, Tenant, at Tenant’s sole cost and expense, shall promptly remove any violation and shall promptly comply with any and all present and future laws and ordinances and the orders,
rules, regulations and requirements of all federal, state and municipal governments and appropriate departments, commissions, boards and officers thereof, and the orders, rules and regulations of the Board of Fire Underwriters where the Demised
Premises are situated, or any other body hereafter constituted exercising similar functions, which may affect or be applicable to the Demised Premises, or any part thereof, or the sidewalks, curbs, passageways, alleys or entrances, or to the use or
manner of use of the Demised Premises or any part thereof, and whether the correction or removal so necessitated shall have been foreseen or unforeseen, or whether or not the same shall involve extraordinary construction or other disposition.

 Section 8.2 Tenant shall likewise observe and comply with, or shall cause to be observed and complied with, all requirements of
all policies of public liability, fire and extended coverage and other insurance at any time in force with respect to the Demised Premises, or any improvements thereon, during the period that Tenant is required to maintain such insurance.

 Section 8.3 Notwithstanding that it may be usual and customary for Landlord to assume responsibility and performance of any or
all of the obligations set forth in this Article VIII, and notwithstanding any order, rule or regulation directed to Landlord to perform, Tenant hereby assumes such obligations because, by the nature of this Lease Agreement, the rents and income
derived from this Lease Agreement by Landlord are net rentals not to be diminished by any expense incident to the ownership of the Demised Premises or any portion thereof. 

  
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 ARTICLE IX 

MECHANIC’S LIENS AND OTHER LIENS 
 Section 9.1 Tenant shall not suffer or permit any mechanic’s liens to be filed against the Demised Premises or any part or portion thereof, by reason of work, labor, services or materials
supplied or claimed to have been supplied to Tenant, or to anyone holding the Demised Premises or any part thereof, through or under Tenant. If any such mechanic’s liens shall at any time be filed against the Demised Premises or any part or
portion thereof, Tenant shall cause the same to be discharged of record within sixty (60) days after the date of filing the same. If Tenant shall fail to discharge such mechanic’s lien or liens within such period then, in addition to any
other right or remedy of Landlord, Landlord may, but shall not be obligated to, discharge the same either by paying the amount claimed to be due or by procuring the discharge of such lien by deposit in a court of law or by giving security, or in
such manner as is, or may be, prescribed by present or future law. Any amount paid by Landlord for any of the aforesaid purposes, and all reasonable legal and other expenses of Landlord including reasonable attorneys’ fees, incurred in
procuring the discharge of such lien or liens, with all necessary disbursements in connection therewith, with interest thereon at the Lease Interest Rate from the date of payment, shall be repaid by Tenant to Landlord on demand by Landlord, and if
unpaid may be treated as additional rent. Nothing herein contained shall imply any consent or agreement on the part of Landlord to subject Landlord’s estate to liability under any mechanic’s lien law. 

Section 9.2 The provisions of Section 9.1 shall not apply to Landlord’s obligations under Article II of this Lease Agreement and
Landlord agrees to indemnify, defend and hold harmless Tenant with respect to mechanic’s liens accruing by reason of Landlord’s obligations under Article II hereof. Landlord agrees to discharge said liens in the manner set forth in
Section 9.1 hereof. 
 Section 9.3 Nothing in this Lease Agreement contained shall be deemed or construed in any way as
constituting the consent or request of Landlord, express or implied, by inference or otherwise, to any contractor, subcontractor, laborer or materialman for the performance of any labor or the furnishing of any materials for any specific
improvement, alteration to, repair of the Demised Premises or any part or portion thereof, or for the demolition or replacement of any improvement now on the Demised Premises or hereafter erected thereon. 

Section 9.4 Tenant shall not create or permit to be created or to remain, and shall promptly discharge, any other lien, encumbrance or charge
or security interest, or other interest which might be or become a lien, encumbrance or charge upon the Demised Premises or any part or portion thereof, or the income therefrom, having any priority or preference over or ranking on a parity with the
estate, rights and interest of Landlord in the Demised Premises or any part or portion thereof, or the income therefrom (except any mortgage liens created on the fee by Landlord), and Tenant shall not suffer any other matter or thing whereby the
estate, right and interest of Landlord in the Demised Premises or any part or portion thereof, or the income therefrom, might be impaired. This Section 9.4 shall not apply to any lien, encumbrance, charge or security interest that may be or may
become a lien, encumbrance or charge upon the Demised Premises or any part thereof, or the income therefrom if the same is created by Landlord. 

Section 9.5 Tenant shall have the right to contest the validity or amount of any mechanic’s lien or any lien referred to in the
foregoing provision of this Article IX, provided that Tenant deposit with Landlord cash or a Certificate of Deposit payable to Landlord in an amount equal to 150% of the amount of such lien. Such Certificate of Deposit shall be issued by a national
banking association or a federal savings and loan association. Such deposit shall be held, administered and distributed in accordance with the provision of Section 4.2 hereof relating to the contest of the amount or validity of any Taxes and
Assessments. 

  
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 ARTICLE X 

INTENT OF PARTIES 

Section 10.1 It being the intent and purpose of the respective parties hereto that this Lease Agreement shall be a “Net Lease” and
that all rentals shall be paid to Landlord without diminution, except as otherwise expressly provided herein, the parties agree that all cost or expense of whatever character or kind, general or special, ordinary or extraordinary, foreseen or
unforeseen, and of every kind and nature whatsoever that may be necessary in the operation of the Demised Premises, and all improvements erected thereon, and Tenant’s authorized use thereof during the entire term of this Lease Agreement, or any
extension thereof, shall be paid by Tenant, and all provisions of this Lease Agreement relating to Taxes and Assessments, charges or other expenses are to be construed in light of such intent and purpose that the Lease Agreement be a “Net
Lease,” and that all rentals shall be paid to Landlord without diminution, reduction or offset, except as otherwise expressly provided herein. 
 Section 10.2 If Tenant shall at any time fail to pay any Taxes and Assessments in accordance with the provisions of Article IV, or to obtain, pay for, maintain and deliver any of the insurance
policies or certificates of insurance provided for in Article V, or shall fail to make any other placement or perform any other act on its part to be made or performed, Landlord, after fifteen (15) days prior written notice to Tenant (or
without notice in case of emergency), and without waiving or releasing Tenant from any obligation of Tenant contained in this Lease Agreement, may, but shall be under no obligation to pay any Taxes and Assessments payable by Tenant pursuant to the
provisions of Article IV; (ii) obtain, pay for and maintain any of the insurance policies provided for in this Lease Agreement; or (iii) make any other payment or perform any other act on Tenant’s part to be paid or performed as in
this Lease Agreement provided, and Landlord may enter upon the Demised Premises for any such purpose and take all such action therein or thereon as may be necessary therefor. Nothing herein contained shall be deemed as a waiver or release of Tenant
from any obligation of Tenant in this Lease Agreement contained. 
 Section 10.3 All sums so paid to Landlord and costs and
expenses, including reasonable attorneys’ fees, incurred by Landlord in connection with the performance of any such act, together with interest thereon at the Lease Interest Rate from the respective dates of Landlord’s making of each
payment of each such cost and expense, including reasonable attorneys’ fees, shall be paid by Tenant to Landlord on demand Landlord shall not be limited in the proof of any damages which Landlord may claim against Tenant arising out of or by
reason of Tenant’s failure to provide and keep in force insurance as aforesaid, to the amount of the insurance premium or premiums not paid or not incurred by Tenant, and which would have been payable upon such insurance, but Landlord shall
also be entitled to recover, as damages for such breach, the uninsured amount of any loss (to the extent of any deficiency in the insurance required by the provisions of this Lease Agreement, damages, costs and expenses of suit, including reasonable
attorneys’ fees) suffered or incurred by reason of damage to or destruction of the Demised Premises or any part or portion thereof, occurring at any period when Tenant shall have failed or neglected to provide insurance as aforesaid. If Tenant
shall fail to perform any act required of it, Landlord may perform the same, but shall not be required to do so, in such manner and to such extent as Landlord may deem necessary or desirable and, in exercising any such right, may employ counsel and
pay necessary and incidental costs and expenses, including reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by Landlord, together
with interest thereon at the Lease Interest Rate from the date of making such expenditure by Landlord, shall be deemed additional rent herein and, except as is otherwise expressly provided herein, shall be payable to Landlord on demand or, at the
option of Landlord, may be added to any monthly rental then due or thereafter becoming due under this Lease Agreement, and Tenant covenants to pay any such sum or sums, with interest as aforesaid, and Landlord shall have, in addition to any other
right or remedy of Landlord, the same rights and remedies in the event of nonpayment thereof by Tenant as in the case of default by Tenant in the payment of monthly Rent. 

  
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 ARTICLE XI 

DEFAULTS OF TENANT 

Section 11.1 If any one or more of the following events (in this Article sometimes called “Events of Default”) shall occur:

  

	 	11.1.1	if default shall be made by Tenant, by operation of law or otherwise, under the provisions of Article XV hereof relating to assignment, sublease, mortgage or other
transfer of Tenant’s interest in this Lease Agreement or in the Demised Premises or in the income arising therefrom; 

  

	 	11.1.2	if default shall be made in the due and punctual payment of (i) any Base Rent, or (ii) ) in the payment of any obligation to be paid by Tenant (including
additional rent), when and as the same shall become due and payable, and such default shall continue for a period of five (5) days after such payment is due and payable; 

 

	 	11.1.3	if default shall be made by Tenant in keeping, observing or performing any of the terms contained in this Lease Agreement, other than those referred to in the foregoing
subsections 11.1.1 and 11.1.2 of this Section 11.1 or Section 3.2, which does not expose Landlord to criminal liability, and such default shall continue for a period of thirty (30) days after written notice thereof given by Landlord
to Tenant, and Tenant fails to proceed timely and promptly with all due diligence and in good faith to cure the same and thereafter to prosecute the curing of such default with all due diligence, or in the case of such a default or a contingency
which cannot with due diligence and in good faith be cured within said time, Tenant shall proceed promptly to cure the same and thereafter to prosecute the curing of such default with due diligence and in good faith (it being intended that in
connection with a default which does not expose Landlord to criminal liability and is not being susceptible of being cured with due diligence and in good faith within thirty (30) days, the time of Tenant within which to cure the same shall be
extended for such period as may be necessary for the curing thereof promptly with due diligence and in good faith); 

  

	 	11.1.4	if at any time during the term of this Lease, any part or all of the corporate shares of Tenant or Guarantor or any part or all of the assets of Tenant or Guarantor
shall be transferred by merger, sale, assignment, bequest, inheritance, operation of law or other disposition; 

  

	 	11.1.5	if Tenant shall voluntarily file, or cause to be filed against Tenant, a petition under the United States Bankruptcy Code or laws or a petition is filed by another
person under such laws against Tenant and the same is not dismissed by court order within ninety (90) days, or an order for relief is entered or sought under the United States Bankruptcy Code or laws relating to Tenant is not stayed within
ninety (90) days; or Tenant makes an assignment for the benefit of creditors; or Tenant shall apply for or consent to the appointment of any receiver, custodian or trustee, or a similar officer shall be appointed without the application or
consent of Tenant, and such appointment shall continue undischarged for a period of ninety (90) calendar days; or Tenant shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization,
readjustment of debt, dissolution, liquidation, or similar proceeding relating to it under the laws of any jurisdiction; or any such proceeding shall be instituted (by petition application or otherwise) against Tenant and shall remain undismissed
for a period of ninety (90) calendar days; 

  
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	 	11.1.6	if default shall be made by Tenant in keeping, observing or performing any of the terms contained in this Lease Agreement, other than those referred to in the foregoing
subsections of this Section 11.1 or in Section 3.2, and which exposes Landlord to criminal liability, and such default shall continue after written notice thereof given by Landlord to Tenant, and Tenant fails to proceed timely and promptly
with all due diligence and in good faith to cure the same and thereafter to prosecute the curing of such default with all due diligence (it being intended that in connection with default which exposes Landlord to criminal liability Tenant shall
proceed immediately to cure or correct such condition with continuity and with all due diligence and in good faith); or 

  

	 	11.1.7	if an Event of Default occurs under Section 3.2 of this Lease; 

 then, and in any such event, Landlord, at any time thereafter during the continuance of any such Event of Default, may give written notice to Tenant specifying such Event of Default or Events of Default
and stating that this Lease Agreement and the terms hereby demised shall terminate on the date specified in such notice, which shall be at least ten (10) days after the giving of such notice, and upon the date specified in such notice this
Lease Agreement and the terms hereby demised and all rights of Tenant under this Lease Agreement, including all rights of renewal whether exercised or not, shall terminate. Notwithstanding the foregoing, upon the occurrence of an Event of Default
under this Section 11.1.5, the Lease will automatically terminate as fully and completely as if the day of the happening of such contingency were the date herein specifically fixed for the expiration of the Term of this Lease. In addition,
notwithstanding the foregoing, upon the occurrence of an Event of Default under Section 3.2 of this Lease, Landlord shall also have the remedy set forth in Section 3.2 hereof, which may be exercised without the giving of notice to the
Tenant. 
 Section 11.2 Upon expiration or termination of this Lease Agreement, Tenant shall quit and peaceably surrender the
Demised Premises or any part or portion thereof, to Landlord, and Landlord, upon or at any time after any such expiration or termination may, without further notice, enter upon and re-enter the Demised Premises, and all portions thereof, and
repossess itself of the Demised Premises by force, summary proceeding, ejectment or otherwise, and may dispossess Tenant and remove Tenant and all other persons and property from the Demised Premises and all portions thereof, and may have, hold and
enjoy the Demised Premises and the right to receive all rental and other income of and from the same. 
 Section 11.3 At any time,
or from time to time after any such expiration or termination of this Lease, Landlord may relet the Demised Premises, or any part or portion thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the
period that would otherwise have constituted the balance of the term of this Lease Agreement) and on such conditions (which may include concessions or free rent) as Landlord, in its sole discretion, may determine and may collect and receive the
rents therefor. Landlord shall in no way be responsible or liable for any failure to relet the Demised Premises or any part or portion thereof, or for any failure to collect any rent due upon any such reletting. 

Section 11.4 No such expiration or termination of this Lease Agreement, including a termination of this Lease Agreement as a result of an
Event of Default under Section 11.1.5 hereof, shall relieve Tenant of its liabilities and obligations under this Lease Agreement, and such liabilities and obligations shall survive any such expiration or termination. 

11.4.1 In the event of termination of this Lease, other than a termination as a result of an Event of Default under this Article XI,
Section 11.1.5, whether or not the Demised Premises or any part or portion thereof shall have been relet, Tenant shall pay to Landlord, as and for liquidated and agreed current damages for Tenant’s default: 

 

	 	(a)	Landlord shall have the right to accelerate all Base Rent for the remainder of the Term up to a maximum of three (3) years Base Rent; provided however that, with
respect to the Bank Loan Payment portion of Base Rent, Landlord shall have the right to accelerate the remaining principal and accrued, but unpaid interest due on the Bank Loan, as well as require that Tenant pay to Landlord all remaining principal
and accrued, but unpaid interest due on the City of Coon Rapids Loans (the “Liquidated Rent”). Landlord may declare the Liquidated Rent all immediately due and payable with a present value discount one (1) percentage point below the
prime rate published as the Wall Street Journal prime rate in the Wall Street Journal on the date Landlord elects said remedy, plus 

  
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	 	(b)	The equivalent of the amount of insurance premiums, and other expenses and charges to be paid by Tenant hereunder which would be payable under this Lease Agreement by
Tenant for the remainder of the Term up to a maximum of three (3) years if this Lease Agreement were still in effect, less 

  

	 	(c)	the net proceeds of any reletting effected pursuant to the provisions of Section 11.3 hereof after deducting all of Landlord’s expenses in connection with
such reletting including, without limitation, all repossession costs, brokerage commissions, legal expenses, reasonable attorneys’ fees, alteration costs, and expenses of preparation of the Demised Premises, or any part or portion thereof, for
such reletting. 

 Tenant shall pay such current damages (hereinafter called “Deficiency”) to Landlord monthly on
the days on which the Base Rent would have been payable under this Lease Agreement if this Lease Agreement were still in effect, and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise. 

11.4.2 If this Lease Agreement terminates as a result of an Event of Default under Article XI, Section 11.1.5 of the Lease, then
Landlord shall be entitled to recover from Tenant or Tenant’s estate (in lieu of the equivalent of the amount of all Base Rent unpaid at the date of such termination) as damages for loss of the bargain and not as a penalty, an aggregate sum
which at the time of such termination represents the difference between i) the then-present worth of the aggregate of the Base Rent, insurance premiums and all other expenses and charges payable by Tenant hereunder that would have accrued for the
balance of the Term of this Lease Agreement; and ii) the then present worth of the aggregate rental value of the Demised Premises for the balance of such Term, unless any statute or rule of law covering the proceedings in which such damages are to
be proved shall limit the amount of such claim capable of being so proved, in which case Landlord shall be entitled to prove as and for liquidated damages by reason of such breach and termination of this Lease Agreement the maximum amount which may
be allowed by or under any such statute or rule of law which may govern the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amount of the excess of the Base Rent over the rental
value referred to above. 
 11.4.3 The remedies provided in this Article XI, Section 11.4 shall in no way limit or affect
any of Landlord’s other rights pursuant to this Lease, at law or in equity. Specified remedies to which Landlord may resort under the terms of this Article XI, Section 11.4 are cumulative and are not intended to be exclusive of any other
remedies or means of redress to which Landlord may be lawfully entitled. 
 Section 11.5 No failure by Landlord or by Tenant to
insist upon the performance of any of the terms of this Lease Agreement or to exercise any right or remedy consequent upon a breach thereof, and no acceptance by Landlord of full or partial rent during the continuance of any such breach, shall
constitute a waiver of any such breach or of any of the terms of this Lease Agreement. None of the terms of this Lease Agreement to be kept, observed or performed by Landlord or by Tenant, and no breach thereof, shall be waived, altered or modified
except by a written instrument executed by Landlord and/or by Tenant, as the case may be. No waiver of any breach shall affect or alter this Lease Agreement, but each of the terms of this Lease

  
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Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach of this Lease Agreement. No waiver of any default of either party herein shall be
implied from any omission by the other party to take any action on account of such default, if such default persists or is repeated, and no express waiver shall affect any default other than the default specified in the express waiver and that only
for the time and to the extent therein stated. One or more waivers by either party shall not be construed as a Waiver of a subsequent breach of the same covenant, term or condition. 
 Section 11.6 In the event of any breach or threatened breach by Tenant of any of the terms contained in this Lease Agreement, Landlord shall be entitled to enjoin such breach or threatened
breach and shall have the right to invoke any right or remedy allowed at law or in equity or by statute or otherwise as though entry, reentry, summary proceedings and other remedies were not provided for in this Lease Agreement. Each remedy or right
of Landlord provided for in this Lease Agreement shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease Agreement, or now or hereafter existing at law or in equity or by statute or otherwise, and the
exercise or the beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies. 

ARTICLE XII 
 DESTRUCTION AND RESTORATION 
 Section 12.1 Provided Tenant has in full force
and effect at the time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, Landlord covenants and agrees that in case of damage to or destruction of the Building, or the machinery,
fixtures and equipment thereon contained (exclusive of Tenant’s personal property and trade fixtures), by fire or otherwise, Landlord shall promptly, at its sole cost and expense, repair, restore and rebuild the Building or the portion that was
damaged to the condition that it was in immediately prior to such damage or destruction, or with such changes, alterations or modifications as may be made (including the substitution and addition of other property) in conformity with Article XIX
hereof, If the net amount of the insurance proceeds received by Landlord is insufficient to restore, repair and rebuild the Building, machinery, fixtures and equipment therein contained, Tenant will pay the amount of the deficiency required to
restore, repair and rebuild the Building, machinery, fixtures and equipment. Landlord may require, at its election, the Tenant to deposit with Landlord a cash deposit equal to the amount of the deficiency prior to commencing any repair or
restoration of the Building. Any restoration or repair shall be completed in accordance with the applicable building codes existing at the time of the restoration or repair. The provisions and conditions in Article XIX herein contained applicable to
changes or alterations shall similarly apply to work required to be done under this Article XII. In the event that Tenant fails to maintain in force and effect at the time of such damage or destruction the insurance policies of the kind and in the
amount required by Section 5.1 hereof, and if as a result thereof the net amount of insurance proceeds recovered by Landlord is insufficient to restore, repair and rebuild the Building, machinery, fixtures and equipment therein contained
(exclusive of Tenant’s personal property and trade fixtures). Tenant will deposit with Landlord a cash deposit equal to the reasonable estimate of the amount necessary to restore, repair and rebuild the same, less the amount of such insurance
proceeds available. Said deposit shall be made upon the written request of Landlord. Notwithstanding the foregoing, in the event such insufficiency in insurance proceeds is caused by reason of any act or omission of Landlord, Landlord shall make the
amount of such insufficiency available for restoration; provided, however, no act or omission by Landlord relating to the existence, limits of coverage, amounts recoverable, procuring new or additional coverage, or continuance of any existing
coverages on cancellation shall constitute an act or omission within the meaning of this sentence. 
 Section 12.2 All insurance
monies recovered by Landlord on account of such damage or destruction less the costs, if any, to Landlord of such recovery, together with any monies deposited with Landlord by Tenant or supplied by Landlord pursuant to Section 12.1 above, shall
be invested by Landlord in Landlord’s sole discretion, and all such insurance monies, monies deposited with Landlord by Tenant or supplied by Landlord, and interest 

  
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investment earnings thereon, shall be applied by Landlord to the payment of the costs of repairing, restoring and rebuilding (hereinafter in this Article referred to as the
“Work”), and shall be paid out from time to time as the Work progresses. upon the written request of Tenant, said request to be accompanied by a certificate of the architect or a qualified professional engineer in charge of the Work
stating that as of the date of such certificate the sum requested is justly due to the contractors, subcontractors, materialmen, laborers, engineers, architects, or persons, firms or corporations rendering labor, material or services for such Work,
or is justly required to reimburse Tenant for any expenditures made by Tenant in connection with such Work and, when added to all sums previously paid out by Landlord does not exceed the value of the Work performed to the date of such certificate by
all of said parties; (ii) except for the amount, if any, stated in such certificate to be due for labor, material or services, there is no outstanding indebtedness known to the person signing such certificate, after due inquiry, which is then
due for labor, wages, materials, supplies or services in connection with such work which, if unpaid, might become the basis of a mechanic’s lien or similar lien with respect to the Work or upon the Demised Premises or any part or portion
thereof; and (iii) the costs, as estimated by person signing such certificate, of the completion of the Work required to be done subsequent to the date of such certificate in order to complete the Work, does not exceed the insurance monies plus
any amount deposited by Tenant to defray such costs and remaining in the hands of Landlord after payment of the sum requested in such certificate. 
 Tenant shall furnish Landlord at the same time of any such payment with evidence reasonably satisfactory to Landlord that there are no unpaid bills in respect to any of the labor, services or materials
performed, furnished or supplied in connection with such Work. Landlord shall not be required to pay out any monies where Tenant fails to supply the evidence of payment of labor, services or materials performed, furnished or supplied, as aforesaid.
If the insurance monies in the hands of Landlord and such other sums, if any, deposited with or supplied by Landlord pursuant to Section 12.1 hereof, together with interest and investment earnings thereon, shall be insufficient to pay the
entire cost of the Work, Tenant agrees to pay the deficiency promptly upon demand. Upon completion of the Work and payment in full thereof by Tenant, Landlord shall turn over to Tenant, upon submission of proof reasonably satisfactory to Landlord
that the Work has been paid for in full and the damaged or destroyed buildings repaired, restored or rebuilt as nearly as possible to the condition they were in immediately prior to such damage or destruction, or with such Changes or Alterations as
may be made in conformity with Article XIX, any insurance and other monies then remaining and any interest and investment earnings thereon. 

Section 12.3 Tenant’s obligations to make payment of the Base Rent (including the Bank Loan Payment), the Other Loan Payments, insurance
premiums and other expenses and charges on the part of Tenant to be paid, and the obligation of Tenant to perform all other covenants and agreements on the part of Tenant to be performed, shall not be affected by any such damage to or destruction of
the Building or the Demised Premises by fire or otherwise, and Tenant waives any right now or hereafter conferred upon Tenant by statute or otherwise to quit or surrender this Lease Agreement or the Demised Premises, or any part or portion thereof,
or to any suspension, diminution, abatement or reduction of rent on account of any such damage or destruction. 
 Section 12.4 To
the extent that any insurance monies which would otherwise be payable to Landlord and used in the restoration of a damaged or destroyed building are paid to any mortgagee of Landlord and applied in payment of or reduction of the sum or sums secured
by any such mortgage or mortgages made by Landlord on the Demised Premises, Landlord shall make available for the use of Tenant in connection with the repairing, restoring and rebuilding of any damaged or destroyed building on the Demised Premises
an amount equal to the amount payable to the holder of an Encumbrance, and such sum shall be applied in the manner provided in Section 12.2 hereof, but failure of Landlord to make any such payments will not affect Tenant’s obligation under
Section 12.3. 

  
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 Section 12.5 The provisions of this Article XII shall apply only to damage or destruction of a
building erected on the Demised Premises and ready for beneficial occupancy by Tenant. Any such damage or destruction occurring to the Improvements being constructed pursuant to the provisions of Article II of this Lease Agreement which occurs prior
to the Construction Completion Date shall be repaired, replaced or rebuilt by Landlord and Landlord shall maintain builder’s risk insurance in an amount equal to one hundred percent (100%) of the replacement value of the work completed and
the materials stored at the site of the work during construction of such Improvements and all insurance monies received by Landlord under its builder’s risk insurance policies shall be applied by Landlord to restore, repair or rebuild the
damaged or destroyed Improvements. 
 Section 12.6 In the event the Demised Premises are damaged or destroyed to an extent greater
than sixty percent (60%) of their full replacement value by fire or other casualty during the last two years of the term of this Lease Agreement or the last year of any extension hereof, and provided Tenant has in full force and effect at the
time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, Tenant may elect to terminate this Lease Agreement, without obligation to restore or rebuild, as of the date of such damage
or destruction by giving Landlord an appropriate written notice to that effect within sixty (60) days after such damage or destruction. In the event Tenant elects to terminate this Lease Agreement, as set forth in this section, Landlord shall
be entitled to receive and retain as its sole property, free and clear of any claim of Tenant, the full amount of the proceeds of the insurance on the damaged or destroyed buildings. Except as set forth in the next sentence, all Base Rent or other
charges paid or payable shall be adjusted as of the date that Tenant quits the Demised Premises and surrenders the same to Landlord and an appropriate payment or refund shall be made as the case may be. No termination of this Lease by Tenant under
this Section 12.6 shall relieve Tenant of the obligation to pay to Landlord any remaining Bank Loan Payments or Other Loan Payments, all of which shall accelerate and become due and payable to Landlord on the effective date of the termination
of this Lease under this Section 12.6. 
 ARTICLE XIII 

CONDEMNATION 

Section 13.1 If, during the Term of this Lease Agreement, there is a “Total Taking,” as defined in any Encumbrance, this Lease
Agreement and all right, title, and interest of Tenant hereunder shall cease and come to an end on the date of possession by the condemning authority to such proceedings and Landlord shall be entitled to and shall receive the total award made in
such proceedings. Tenant hereby assigns any interest in such award to Landlord subject, however, to the provisions of Section 13.3 hereof. 

Section 13.2 If there is less than such a “Total Taking,” this Lease shall not be terminated. Landlord shall be entitled to and
shall receive the total award made in such proceedings, and Tenant hereby assigns any interest in such award to Landlord subject, however, to the provisions of Section 13.3 hereof. Tenant, in such case, covenants and agrees, at Tenant’s
sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Building on the Demised Premises not so taken to a complete architectural unit for the use and occupancy of Tenant as in
this Lease provided. In the event the net amount of the award (after deduction of all costs and expenses, including attorneys’ fees) that may be received by Landlord in any such proceedings for physical damage to the Building is insufficient to
pay all costs of such restoration, Tenant shall deposit with Landlord such additional sum as may be required upon the written request of Landlord. The provisions and conditions in Article XIX applicable to Changes and Alterations shall apply to
Tenant’s obligations to restore that portion of the Building to a complete architectural unit. Landlord agrees, in connection with such restoration, to invest the amount of such award as directed by Tenant with the approval of Landlord, and to
apply the net amount of any award (after deduction of all costs and expenses, including attorneys’ fees) and any interest and investment earnings thereon, that may be received by Landlord in any such proceedings for physical damage to the
Building, and any interest and 

  
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investment earnings thereon, to the costs of restoration thereof and the said net award for physical damage to the Building, and any interest and investment earnings thereon, shall be paid out
from time to time to Tenant, or on behalf of Tenant, as such restoration progresses upon the written request of Tenant, which request shall be accompanied by a certificate of the architect or the registered professional engineer in charge of the
restoration stating (i) that the sum requested is justly due to the contractors, subcontractors, materialmen, laborers, engineers, architects or other persons, firms or corporations rendering labor, material or services for such work of
restoration, or is justly required to reimburse Tenant for such work of restoration, or is justly required to reimburse Tenant for expenditures made by Tenant in connection with such work of restoration and, when added to all sums previously paid
out by Landlord, does not exceed the value of the restoration work performed to the date of such certificate; and (ii) that the net amount of any such award for physical damage to the Building remaining in the hands of Landlord together with
the sums, if any, deposited by Tenant with Landlord pursuant to the provisions hereof, will be sufficient upon the completion of such restoration to pay for the same in full. If payment of the award for physical damage to the Building, as aforesaid,
shall not be received by Landlord in time to permit payments as the work of restoration progresses, Tenant shall, nevertheless, perform and fully pay for such work without delay (except such delays as are referred to in Article XIX hereof), and
payment of the amount to which Tenant may be entitled shall thereafter be made by Landlord out of the net award for physical damage to the Building as and when payment of such award is received by Landlord. Tenant shall also furnish Landlord with
each certificate hereinabove referred to, together with evidence reasonably satisfactory to Landlord that there are no unpaid bills in respect to any work, labor, services, supplies or materials performed, furnished or supplied, or claimed to have
been performed, furnished or supplied, in connection with such restoration, and that no liens have been filed against the Demised Premises or any part or portion thereof Landlord shall not be required to pay out any funds when there are unpaid bills
for work, labor, services, supplies or materials performed, furnished or supplied in connection with such restoration, or where a lien for work, labor, services, supplies of materials performed, furnished or supplied has been placed against the
Demised Premises or any part or portion thereof. From and after the date of possession of the condemning authority in such proceedings, a just and proportionate part of the Base Rent, according to the extent and nature of such taking, shall abate
for the remainder of the Term. There shall be no Abatement of that portion of the Base Rent constituting the Bank Loan Payments. 

Section 13.3 In any taking of the Demised Premises, or any part or portion thereof, whether or not this Lease Agreement is terminated as in
this Article provided, Tenant shall not be entitled to any portion of the award for the taking of the Leased Land or damage to the Building (except as otherwise provided in Section 13.2 with respect to the restoration of the Demised Premises,
or for the estate of interest of Tenant therein, all such awards being hereby assigned to Landlord, except that Tenant shall have, nevertheless, the right to prove in the proceedings and to receive any award which may be made for damages to or
condemnation of Tenant’s moveable trade fixtures and equipment and the unamortized cost of any alterations or additions to the Demised Premises made and paid for by Tenant, or for such other damage as Tenant may be allowed under present or
future law for items other than the land or Building, or the estate or interest of Tenant therein, or the interest of Tenant in this Lease Agreement. 
 Section 13.4 In the event of the termination of this Lease, or any part thereof, as a result of any such proceedings, Tenant shall pay to Landlord all Base Rent and all other charges payable
by Tenant with respect to that portion of the Demised Premises so taken in such proceedings and with respect to which this Lease Agreement shall have terminated justly apportioned to the date of possession by the condemning authority. From and after
the date of possession of the condemning authority in such proceedings, Tenant shall continue to pay the Rent, insurance premiums and other expenses and charges as in this Lease Agreement provided to be paid by Tenant, subject to an abatement of a
just and proportionate part of the Base Rent according to the extent and nature of such taking as provided for in Section 13.2 hereof as to the Demised Premises remaining after such taking, and no abatement or suspension shall be made by reason
of damage or destruction or impairment of use of the area not taken. No termination of this Lease by Tenant under this Section 13.4 shall relieve Tenant of the obligation to pay to Landlord any remaining Bank Loan Payments or Other Loan
Payments, all of which shall accelerate and become due and payable to Landlord on the effective date of the termination of this Lease under this Section 13.4. 

  
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 ARTICLE XIV 

HAZARDOUS MATERIALS 

Section 14.1 Tenant will not cause any Hazardous Material to be brought upon, kept or used on the Demised Premises in a manner or for a
purpose prohibited by or that could result in liability under any Hazardous Materials Law. Tenant, at its sole cost and expense, will comply with all Hazardous Materials Laws and prudent industry practice relating to the presence, treatment,
storage, transportation, disposal, release or management of Hazardous Materials in, on, under or about the Demised Premises required for Tenant’s use of the Premises and will notify Landlord of any and all Hazardous Materials Tenant brings
upon, keeps or uses on the Demised Premises (other than small quantities of cleaning or other supplies). On or before the expiration or earlier termination of this Lease, Tenant, at its sole cost and expense, will completely remove from the Demised
Premises (regardless whether any Hazardous Materials Law requires removal), in compliance with all Hazardous Materials Laws, all Hazardous Materials Tenant causes to be present in, on, under or about the Demised Premises. Tenant will not take any
remedial action in response to the presence of any Hazardous Materials in, on, under or about the Demised Premises, nor enter into any settlement agreement, consent decree or other compromise with respect to any Claims relating to or in any way
connected with Hazardous Materials in, on, under or about the Demised Premises, without first notifying Landlord of Tenant’s intention to do so and affording Landlord reasonable opportunity to investigate, appear, intervene and otherwise assert
and protect Landlord’s interest in the Demised Premises. 
 Section 14.2 Tenant will notify Landlord of any of the following
actions affecting Landlord, Tenant or the Demised Premises that result from or in any way relate to Tenant’s use of the Demised Premises immediately after receiving notice of the same: (a) any enforcement, clean-up, removal or other
governmental or regulatory action instituted, completed or threatened under any Hazardous Materials Law; (b) any Claim made or threatened by any person relating to damage, contribution, liability, cost recovery, compensation, loss or injury
resulting from or claimed to result from any Hazardous Material; and (c) any reports made by any person, including Tenant, to any environmental agency relating to any Hazardous Material, including any complaints, notices warnings or asserted
violations. Tenant will also deliver to Landlord, as promptly as possible and in any event within five (5) Business Days after Tenant first receives or sends the same, copies of all Claims, reports, complaints, notices warnings or asserted
violations relating in any way to the Premises or Tenant’s use of the Premises. Upon Landlord’s written request, Tenant will promptly deliver to Landlord documentation acceptable to Landlord reflecting the legal and proper disposal of all
Hazardous Materials removed or to be removed from the Premises. All such documentation will list Tenant or its agent as a responsible party and will not attribute responsibility for any such Hazardous Materials to Landlord or to the manager of the
Demised Premises. 
 Section 14.3 Tenant acknowledges and agrees that all reporting and warning obligations required under Hazardous
Materials Laws resulting from or in any way relating to Tenant’s use of the Premises or Demised Premises are Tenant’s sole responsibility, regardless whether the Hazardous Materials Laws permit or require Landlord to report or warn.

 Section 14.4 Tenant will release, indemnify, defend (with counsel reasonably acceptable to Landlord), protect and hold harmless
Landlord and any Mortgagee from and against any and all claims whatsoever arising or resulting, in whole or in part, directly or indirectly, from the presence, treatment, storage, transportation, disposal, release or management of Hazardous
Materials in, on, under, upon or from the Demised Premises (including water tables and atmosphere) resulting from or in any way related to tenant’s occupancy and use of the Premises or Demised Premises, or as a result of the acts, actions, or
omissions of any 

  
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third party. Tenant’s obligations under this section include, without limitation and whether foreseeable or unforeseeable, (a) the costs of any required or necessary repair, clean-up,
detoxification or decontamination of the Demised Premises; (b) the costs of implementing any closure, remediation or other required action in connection therewith as stated above; (c) the value of any loss of use and any diminution in
value of the Demised Premises; and (d) consultants’ fees, experts’ fees and response costs. 
 Section 14.5 Removal
or remediation of Hazardous Materials from the Demised Premises shall be completed to the reasonable satisfaction of a third party environmental expert reasonably satisfactory to Landlord and Tenant. In the event (i) Hazardous Materials are
discovered upon the Premises, and (ii) Landlord has been given written notice of the discovery of such Hazardous Materials, and (iii) neither Landlord nor Tenant is obligated under this Lease to pay the cost of compliance with Hazardous
Materials Laws with respect to such Hazardous Materials, then and in that event Landlord may voluntarily, but shall not be obligated to, agree with Tenant to take all action necessary to bring the Demised Premises into compliance with Hazardous
Materials Laws at Landlord’s sole cost and expense. In the event Landlord fails to notify Tenant in writing with thirty (30) days after the date Landlord receives written notice of the discovery of such Hazardous Materials that Landlord
intends to voluntarily take such action as is necessary to bring the Premises into compliance with Hazardous Materials Laws, Tenant may (i) bring the Demised Premises into compliance with Hazardous Materials Laws at Tenant’s sole cost and
expense or (ii) provided such Hazardous Materials endanger persons or property in, on or about the Premises or Demised Premises or significantly interfere with Tenant’s use of the Demised Premises, terminate this Lease on a date not less
than ninety (90) days following the date of Tenant’s written notice to Landlord of its intent to terminate this Lease. 

ARTICLE XV 
 ASSIGNMENT AND SUBLETTING 
 Section 15.1 Tenant shall not assign or in any
manner transfer this Lease or any interest therein, nor sublet the Demised Premises or any parts thereof, nor permit occupancy by anyone with, through or under Tenant, without the previous written consent of Landlord. No assignment or subletting
shall release Tenant from any of its obligations under this Lease. For the purposes hereof, if Tenant is a corporation or other entity, any change in the control of Tenant shall be deemed to be an assignment that shall require Landlord’s
consent. Any transfer of the Lease from Tenant by merger, consolidation, liquidation, by operation of law or otherwise to an entity that is owned and controlled by Tenant is expressly prohibited unless the surviving entity provides financial
statements that show a net worth that is at least equal to or greater than Tenant’s net worth immediately after Tenant is out of bankruptcy, Tenant is in voting control of the surviving entity and the surviving entity expressly assumes and
agrees to be bound by all terms and provisions of the Lease. 
 Section 15.2 Neither this Lease nor any interest therein, nor any
estate thereby created, shall pass to any trustees or receiver in bankruptcy, or any assignee for the benefit of creditors, or by operation of law. 
 ARTICLE XVI 
 SUBORDINATION 

Section 16.1 This Lease Agreement shall be subject and subordinate to the lien of any mortgage or mortgages which at any time may be placed
upon the Demised Premises or any part or portion thereof by Landlord, and to replacements, renewals and extensions thereof; provided, however, that the rights of Tenant hereunder and possession of the Demised Premises by Tenant pursuant hereto,
shall not be disturbed so long as Tenant is performing its obligations hereunder. Tenant agrees at any time hereafter, and from time to time, on demand, to execute and deliver any instruments, estoppel agreements, releases or other documents that
may be reasonably required for the purpose of subjecting and subordinating this Lease Agreement as above 

  
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provided to the lien of any such mortgage or mortgages, but the subordination hereby provided is effective without any such document. Provided, however, that in the event of transfer of
Landlord’s interest herein, voluntary or involuntary, and in the event any mortgagee or other party shall succeed to the interest of Landlord in the Demised Premises, through foreclosure or otherwise, Tenant shall, if requested by such party,
enter into an agreement attorning to the transferee or former mortgagee, their successors and assigns, upon all obligations of this Lease. 
 ARTICLE XVII 
 SIGNS 

Section 17.1 Tenant may erect such signs on the exterior or interior of the Building as Tenant may deem desirable so long as said sign or
signs (i) do not exceed in weight the safe carrying capacity of the structure, (ii) do not violate the laws, rules or regulations of the municipality in which the Demised Premises are situated, nor the laws, rules and regulations of the
state and federal governments, and (iii) are compatible with the architecture of the Building and landscaping of the Demised Premises, (iv) Tenant has received Landlord’s prior written approval of any proposed signs; and
(v) tenant pays all costs associated with any proposed signs. 
 ARTICLE XVIII 

MISCELLANEOUS 

Section 18.1 Tenant agrees to permit Landlord and the authorized representatives of Landlord to enter upon the Demised Premises at all
reasonable times during ordinary business hours for the purpose of inspecting the same and making any necessary repairs to comply with any laws, ordinances, rules, regulations or requirements of any public body, or the Board of Fire Underwriters, or
any similar body. Nothing herein contained shall imply any duty upon the part of Landlord to do any such work which, under any provision of this Lease Agreement, Tenant may be required to perform and the performance thereof by Landlord shall not
constitute a waiver of Tenant’s default in failing to perform the same. Landlord may, during the progress of any work, keep and store upon the Demised Premises all necessary materials, tools and equipment. Landlord shall not in any event be
liable for inconvenience, annoyance, disturbance, loss of business or other damage to Tenant by reason of making repairs or the performance of any work in or about the Demised Premises, or on account of bringing material, supplies and equipment
into, upon or through the Demised Premises during the course thereof, and the obligations of Tenant under this Lease Agreement shall not be thereby affected in any manner whatsoever. Landlord, however, agrees to use its best efforts not to unduly or
unreasonably interfere with the conduct of Tenant’s business. 
 Section 18.2 Landlord is hereby given the right during usual
business hours at any time during the Term of this Lease Agreement, to enter upon the Demised Premises in order to examine the Demised Premises, and to exhibit the same for the purpose of sale. During the final one (1) year of the Term, as
applicable, Landlord shall be entitled to display on the Demised Premises, in such manner as to not unreasonably interfere with Tenant’s business, signs indicating that the Demised Premises are for rent or sale and suitably identifying
Landlord. Tenant agrees that such signs may remain unmolested upon the Demised Premises and that Landlord may exhibit the Demised Premises to prospective tenants during said period. Any entry by Landlord pursuant to this Section 18.2 or
pursuant to Section 18.1 above shall be preceded by at least 24 hours prior notice to Tenant, or such other notice as is reasonable under the circumstances, and Tenant shall have the right to have its representative accompany Landlord or
Landlord’s representatives at all times during such entry. 
 Section 18.3 Tenant agrees to indemnify and save Landlord and its
owner, James M. Stanton, harmless against and from any and all claims by or on behalf of any person or persons, firm or firms, corporation or corporations, arising from the conduct or management or from any work or thing whatsoever done in or about

  
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the Demised Premises, and will further indemnify and save Landlord harmless against and from any and all claims arising during the Term of this Lease, from any condition of the Building or any
street, curb or sidewalk adjoining the Demised Premises, or of any passageways or space therein or appurtenant thereto, or arising from any breach or default on the part of Tenant in the performance of any covenant or agreement on the part of Tenant
to be performed, pursuant to the terms of this Lease Agreement, or arising from any act or negligence of Tenant, its agents, servants, employees or licensees, or arising from any accident, injury or damage whatsoever caused to any person, firm or
corporation occurring during the Term of this Lease in or about the Demised Premises, or upon the sidewalk and the land adjacent thereto, and from and against all costs, attorneys’ fees, expenses and liabilities incurred in or as a result of
any such claim or action or proceeding brought thereon; and in case any action or proceeding be brought against Landlord by reason of any such claim, Tenant, upon notice from Landlord, covenants to defend such action or proceeding by counsel
reasonably satisfactory to Landlord. Tenant’s obligations under this Section 18.3 shall be insured by contractual liability endorsement on Tenant’s policies of insurance required in Section 5.2 hereof. The provisions of this
Section 18.3 shall not apply with respect to any claims arising as a result of any act or negligence on the part of Landlord, its agents, employees, customers or invitees, or any breach by or default of Landlord hereunder. 

Section 18.4 All notices, demands and requests that may be or are required to be given by either party to the other shall be in writing. All
notices, demands and requests by Landlord to Tenant shall be sent by United States registered or certified mail, postage prepaid, addressed to Tenant at or at such other place as Tenant may from time to time designate by written notice to Landlord.
All notices, demands and requests by Tenant to Landlord shall be sent by United States registered or certified mail, postage prepaid, addressed to Landlord at Landlord’s office or at such other place as Landlord may from time to time designate
by written notice to Tenant. Notices, demands and requests which shall be served upon Landlord by Tenant or upon Tenant by Landlord, in the manner aforesaid, shall be deemed to be sufficiently served or given for all purposes hereunder at the time
such notice, demand or request shall be mailed. 
 Section 18.5 Tenant shall, upon termination of this Lease Agreement for any
reason whatsoever, surrender to Landlord the Demised Premises, together with the Building, structures, fixtures and building equipment or real estate fixtures upon the Demised Premises, together with all additions, alterations and replacement
thereof (except Tenant’s moveable trade fixtures and equipment, including signs affixed to the Building (“Removable Tenant Fixtures”)) in good order, condition and repair, except for reasonable wear and tear, and except as is
otherwise provided for in Articles XII and XIII hereof. Any personal property of Tenant remaining on the Demised Premises upon termination of this Lease Agreement shall become the property of Landlord. Tenant shall restore any portion of the
Building to its condition prior to installation of the Removable Tenant Fixtures. 
 Section 18.6 Landlord covenants and agrees that
Tenant, upon paying the Rent, insurance premiums, and other expenses and charges therein provided for, and observing and keeping the covenants, agreements and conditions of this Lease Agreement on its part to be kept, observed and performed, shall
lawfully and quietly hold, occupy and enjoy the Demised Premises during the term of this Lease Agreement without hindrance or molestation by Landlord or by any person or persons claiming under Landlord. 

Section 18.7 The term “Landlord,” as used in this Lease Agreement so far as covenants or obligations on the part of Landlord are
concerned, shall be limited to mean and include only the Owner or Owners at the time in question of the fee of the Demised Premises, and in the event of any transfer or transfers or conveyances, the then grantor shall be automatically freed and
relieved from and after the date of such transfer or conveyance of all personal liability as to the performance of any covenants or obligations on the part of Landlord contained in this Lease Agreement thereafter to be performed, provided that any
funds in the hands of such Landlord or the then grantor at the time of such transfer, in which Tenant has an interest shall 

  
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be turned over to the grantee, and any amount then due and payable to Tenant by Landlord or the then grantor under any provision of this Lease Agreement shall be paid to Tenant, it being intended
hereby that the covenants and obligations contained in this Lease Agreement on the part of Landlord shall, subject to the aforesaid, be binding on Landlord, its successors and assigns, only during and in respect to their respective successive
periods of ownership. Nothing herein contained shall be construed as relieving Landlord of its obligations under Article II of this Lease Agreement. 
 Section 18.8 The parties hereto agree at any time, and from time to time upon not less than ten (10) days prior written request by either party, to execute, acknowledge and deliver to the
other party a statement, in writing, certifying that this Lease Agreement is unmodified and in full force and effect (or if there have been modification, that this Lease Agreement is in full force and effect as modified, and stating the
modifications) and the dates to which the Rent, insurance premiums, and other charges have been paid in advance, if any, and such other statements or certifications as Landlord or any mortgagee may reasonably request. It is the intention of the
parties hereto that any statement delivered pursuant to this Section 18.8 may be relied upon by any prospective purchaser, mortgagee or other party dealing with the Demised Premises or with Landlord or Tenant. 

Section 18.9 Upon not less than ten (10) days prior written request by either party, the parties hereto agree to execute and deliver to
each other a Memorandum of Lease, in recordable form, setting forth the following: 
  

	 	(a)	The date of this Lease Agreement; 

  

	 	(b)	The parties to this Lease Agreement; 

  

	 	(c)	The term of this Lease Agreement; and 

  

	 	(d)	The option to purchase the Demised Premises, if any is granted in this Lease. 

 Section 18.10 If any term or provision of this Lease Agreement shall, to any extent, be held invalid or unenforceable, the remaining terms and provisions of this Lease Agreement shall not be
affected thereby, but each term and provision of this Lease Agreement shall be valid and in force to the fullest extent permitted by law. This Lease Agreement shall be construed and be enforceable in accordance with the laws of the State of
Minnesota. 
 Section 18.11 The covenants and agreements herein contained shall bind and inure to the benefit of Landlord, its
successors and assigns, and Tenant and its permitted successors and assigns. 
 Section 18.12 The captions of this Lease Agreement
are for convenience and reference only, and in no way define, limit or describe the scope or intent of this Lease Agreement, nor in any way affect this Lease Agreement. 
 Section 18.13 This Lease Agreement does not create the relationship of principal and agent or of partnership or of joint venture, or of any association between Landlord and Tenant, the sole
relationship between Landlord and Tenant being that of landlord and tenant. 
 Section 18.14 All preliminary and contemporaneous
negotiations are merged into and incorporated in this Lease Agreement. This Lease Agreement contains the entire agreement between the parties and shall not be modified or amended in any manner except by an instrument in writing executed by the
parties hereto. 
 Section 18.15 Tenant agrees to provide Landlord with a complete description and inventory of all chemicals,
substances, materials and the like specifically including, but not limited to, toxic materials used or stored for any reason by Tenant on or about the Demised Premises and surrounding grounds. Tenant shall describe in detail how such materials are
handled, stored, used and disposed of and shall update any disclosures required by this paragraph is any changes occur. This paragraph does not include normal office supplies and materials used by businesses generally. 

  
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 Section 18.16 If Tenant shall not immediately surrender the Demised Premises or any part thereof
on the Termination of this Lease or of Tenant’s right of possession, whether by lapse of time or otherwise, as provided in this Lease, Tenant shall be deemed a Tenant only on a month-to-month tenancy Any month-to-month period during which
Tenant remains in possession of all or part of the Demised Premises shall be the “Holdover Period.” The Base Rent payable to Tenant to Landlord for any Holdover Period shall be the Base Rent in effect during the last month of the term
multiplied by a factor of 2. In addition, Tenant shall also pay all damages, consequential and direct, if any, incurred by Landlord on account of such holding over. Nevertheless, neither the provisions of this paragraph, the acceptance of Base Rent,
nor any other additional rent payments by Tenant, nor any other act in apparent affirmation of tenancy (other than a written Landlord waiver of extension of this Lease) shall be held as a waiver by Landlord of any right of re-entry of any other
rights or remedies of Landlord provided in this Lease or available to Landlord at law or in equity. 
 Section 18.17 Landlord and
Tenant each represent that they had no dealings with any real estate broker, finder or other person with respect to this Lease in any manner. Tenant agrees to indemnify and hold Landlord harmless against and from any claim or demand for any
brokerage commission or other fees, and all costs, claims, expenses and liabilities in connection therewith (including without limitation, attorneys’ fees, disbursements and actual costs), arising out of any purported or actual dealings by
Tenant and any broker. 
 ARTICLE XIX 
 CHANGES AND ALTERATIONS 
 Section 19.1 Tenant may, at any time and from time to
time during the term of this Lease, and at its sole cost and expense, make additions to, alterations of, substitutions and replacements for, and removals from the improvements; provided, however, that (i) the total market value of the Demised
Premises shall not be lessened by reason of such alteration, addition, substitution, replacement or removal, (ii) any of the foregoing actions shall be done in good and workmanlike manner, all such additions, alterations, substitutions,
replacements and removals shall be expeditiously completed in compliance with all laws, ordinances, orders, rules, regulations and requirements applicable thereto, and (iv) if Tenant estimates that any such addition, alteration, substitution or
replacement will cost more than Fifteen Thousand and No/100 ($15,000.00) Dollars, Tenant shall give to Landlord notice of its intention to undertake the same, and obtain the specific written consent of Landlord thereto. All work done in connection
with such additions, alterations, substitutions, replacements or removals shall be done in accordance with the orders, rules, and regulations of the National Board of Fire Underwriters, or any other body hereafter constituted exercising similar
functions; general public liability insurance for the benefit of Landlord and of Tenant, as their interests may appear, with the coverage described in Article V of this Lease shall be maintained by Tenant at all times when any work is in process in
connection with any additions, alterations, substitutions, replacements or removals. Tenant shall promptly pay for all such additions, alterations, substitutions, replacements or removals to the Demised Premises, shall discharge any and all liens
filed against the Demised Premises, and any improvements thereon arising out of such additions, alterations, substitutions, replacements or removals, and upon the request of Landlord shall deposit with Lessor a surety bond or other security
reasonably satisfactory to Landlord to assure the completion of any such additions, alterations, substitutions, replacements or removals. Tenant shall procure and pay for all required permits, certificates and-licenses in connection with such
additions, alterations, substitutions, replacements or removals. 

  
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 Section 19.2 Upon receipt of Landlord’s prior written approval and subject to any
conditions to such approval, Tenant may, at any time and from time to time at its sole cost and expense, erect or locate upon the Demised Premises any other additional buildings, structures and improvements upon compliance with the same terms and
conditions as set forth in Section 19.1 hereof. All such buildings, structures and improvements erected or located upon the Demised Premises shall be and remain the property of Landlord. If, however, Tenant shall not be in default under this
Lease, it may remove the same from the Demised Premises within thirty (30) calendar days after the expiration or sooner termination of this Lease, provided that such removal shall not cause structural injury to the remaining buildings,
structures and improvements, nor prevent the use thereof as an economic unit, and provided further that Tenant shall pay the cost of such removal and shall repair at its sole cost and expense any damage caused by such removal. Property not so
removed shall become the property of Landlord. 
 ARTICLE XX 

REPORTS BY TENANTS 

Section 20 Unless waived in whole or in part in writing by Landlord, Tenant shall deliver to Landlord at Tenant’s earliest convenience
after the end of each fiscal year of Tenant, but in no event later than 120 days after the end of each such fiscal year, a complete copy of its audited financial statements prepared by an independent certified public accountant including, but not
limited to, balance sheet, statement of income, notes to its financial statement, and the certification of its auditor relating thereto. 
 ARTICLE XXI 
 OPTION TO EXTEND 

Section 21.1 Tenant shall have the right to be exercised as hereafter provided, to extend the term of this Lease for two (2) additional
consecutive periods of five (5) years each (each, an “Option to Extend”), on the following terms and conditions and subject to the limitations hereafter set forth. 
 Section 21.2 That at the time hereafter set forth for the exercise of the Option to Extend, and at the time the Extended Term commences, this Lease shall be in full force and effect and Tenant
shall not be in default in the performance of any of the terms, covenants and conditions herein contained in respect to a matter as to which notice of default has been given hereunder which has not been remedied within the time limited in this
Lease, but Landlord shall have the right at its sole discretion to waive the non-default conditions herein. 
 Section 21.3 That
such Extended Term shall be on the same terms, covenants and conditions as set forth in this Lease; provided, however, the Annual Base Rent for such Extended Term shall be the greater of (i) the Base Rent then in effect in this Lease; or
(ii) the Market Rent for such space on the date such Extended Term shall commence, as determined in accordance with Article XXI, Section 21.6 or 21.7, as applicable below. 
 Section 21.4 Tenant shall exercise an Option to Extend by notifying Landlord, in writing, of its election to exercise the right to extend the term of this Lease on or before the date which is
twelve (12) months prior to the expiration of the Initial Term, with respect to the first Option to Extend, and on or before the date which is twelve (12) months prior to the expiration of the Extended Term, with respect to the second
Option to Extend. Prior to commencement of the Extended Term, Landlord and Tenant agree to execute an amendment to this Lease incorporating the amended terms referred to in this Article XXI. 
 Section 21.5 Notwithstanding any provision contained herein, Tenant’s right to extend the term of this Lease pursuant to this Article XXI shall automatically terminate upon Tenant’s
subletting or assigning any portion of its interest under this Lease. 

  
 27 

 Section 21.6 After timely receipt by Landlord of Tenant’s notice of its Option to Extend,
Landlord and Tenant shall have a period of thirty (30) days in which to agree on the Market Rent of the Demised Premises for the Extended Term. If Landlord and Tenant agree on the Market Rent for the Demised Premises, then they shall
immediately execute an amendment to this lease as provided in this Article XXI, which will incorporate the Market Rent as the Base Rent during the Extended Term. 
 Section 21.7 If Landlord and Tenant are unable to agree upon the Market Rent then, and in any such event, at the request of either party such Market Rent shall be determined by appraisal by
three (3) reputable real estate appraisers, each of whom shall be a Member of the American Institute of Real Estate Appraisers with the designation of “MAI” and shall have no “disqualifying interest” (as hereinafter
defined). One (1) appraiser shall be appointed by Tenant or its representative and the second (2nd) appraiser shall be appointed by Landlord or its representative. The third (3rd) appraiser shall be appointed by the first two (2) appraisers. If the first two (2) appraisers are
unable to agree on a third appraiser within ten (10) days after the appointment of the second (2nd) appraiser, or if either party refuses or neglects to appoint any appraiser as herein provided within ten (10) days after the appointment of the first (1st) appraiser, then such third (3rd) appraiser or such second (2nd) appraiser whose appointment was not made as aforesaid shall be
appointed by the then President of the Minnesota Chapter of the American Institute of Real Estate Appraisers (“Appraisal Institute”) or such successor body hereafter constituted exercising similar functions, unless such President shall
have a direct or indirect financial or other business interest in or in common with any of the parties hereto (herein referred to as a “disqualifying interest”), in which case the third (3rd) appraiser or such other appraiser whose appointment was not
made as aforesaid shall be appointed by the then next highest ranking officer of the Minnesota chapter of the Appraisal Institute or such successor body who shall not have a disqualifying interest. If the determinations of at least two (2) of
the appraisers shall be identical in amount and said amount shall be deemed to be the Market Rent. If the determinations of at least two (2) of the appraisers shall not be identical in amount, the Market Rent shall be determined as follows
(a) if neither the highest nor the lowest determination of Market Rent differs from the middle determination of Market Rent by more than ten percent (10%) of such middle determination of Market Rent, then the Market Rent shall be the
average of all three (3) determinations of Market Rent, and (b) if clause (a) does not apply, then the Market Rent shall be the average of the middle determination of Market Rent and the determination of Market Rent closest in amount
to said middle determination of Market Rent. The foregoing determination of Market Rent shall in all cases be final, finding and conclusive upon the parties. Each party shall pay the fees and expenses of the one of the two (2) original
appraisers appointed by such party, or in whose stead as above provided such appraiser was appointed, and the fees and expenses of the third appraiser shall be borne equally by both parties. Except as otherwise provided in this Lease, the said
appraisal shall be conducted in accordance with the Commercial Arbitration Rules then obtaining of the American Arbitration Association (including for appointment of appraisers if the foregoing procedures for any reason fail), and judgment upon any
appraisal decision rendered may be entered by any Court having jurisdiction thereof. 
 ARTICLE XXII 

GUARANTY 

Section 22.1 As additional security for the faithful performance by tenant of all convents, conditions and agreements of this Lease,
Guarantor has executed and delivered Landlord a guaranty of lease in the form of the attached Exhibit C (the “Guaranty of Lease”) unconditionally guaranteeing to Landlord the due and punctual payment and performance by tenant of all of
tenant’s obligations hereunder for the time period and as otherwise more particularly set forth in the Guaranty of Lease. No right or remedy available to Landlord under the Guaranty of Lease or this Lease shall extinguish any other right to
which Landlord may be entitled. In furtherance of the foregoing, it is understood that in the event Tenant fails to perform any of its obligations hereunder, neither the Security Deposit nor any amounts recovered by Landlord under the Guaranty of
Lease shall be deemed liquidated damages. Landlord may apply such sums to reduce Landlord’s damages and such application of funds shall not preclude Landlord from recovering from Tenant or Guarantor all additional damages incurred by Landlord
by reason of Tenant’s failure to perform hereunder. 

  
 28 

 Section 22.2 Tenant covenants and agrees that, at any time, within thirty (30) days after
notice and demand by landlord, Tenant shall cause Guarantor to furnish Landlord financial statements as of the end of such Guarantor’s last fiscal year certified by an independent certified public accountant, and Tenant and Guarantor consent to
the delivery of same by Landlord to lenders or prospective lenders or purchasers of all or part of the Building or the Leased Land. 
 ARTICLE XXIII 
 EXPANSION 

Section 23.1 Landlord and Tenant anticipate that the leased facility may be expanded through the construction of additional square footage to
support required future vaccine manufacturing capacity. Any such expansion is subject to applicable building and zoning requirements, Landlord accepting, in his sole discretion, the financial condition of Tenant as being sufficient to support the
additional lease obligations and the ability and willingness of Landlord, in his sole discretion, to obtain financing for such expansion. Such expansion shall be subject to the parties, in their sole discretion, mutually agreeing to the terms and
conditions of an amendment to Lease. This provision is only an expression of intent and this provision shall not be legally binding on either party without further written agreement pertaining hereto. 

[The remainder of this page intentionally left blank; signature page follows] 

  
 29 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Lease Agreement to be duly,
executed on the day and year first above written. 
  

							
	LANDLORD:	 		 		 	JMS HOLDINGS, LLC
				
		 		 		 	 /s/ James Stanton

		 		 		 	By: James Stanton, its chief manager
				
	TENANT:	 		 		 	BIOVEST INTERNATIONAL, INC.
				
		 		 		 	 /s/ David D. Moser

		 		 		 	By: David D. Moser, its secretary and director of legal affairs

  

			
	STATE OF MINNESOTA    	 	)
		 	) SS.
	COUNTY OF                     	 	)

 The foregoing instrument was acknowledged
before me this          day of             , 2010, by James Stanton, the chief manager of JMS Holdings, LLC, a Minnesota limited
liability company, on behalf of the limited liability company. 
  

	
	  

	Notary Public

  

			
	STATE OF FLORIDA	 	)
		 	) SS.
	COUNTY OF HILLSBOROUGH        	 	)

 The foregoing
instrument was acknowledged before me this 2nd day of
December, 2010, by David D. Moser, the secretary and director of legal affairs of Biovest International, Inc., a Delaware corporation on behalf of the corporation. 

 

	
	 /s/ Michelle Brown

	Notary Public

 Drafted by: 

Halleland Habicht PA 

33 South
6th Street, Suite 3900 

Minneapolis, MN 55402 
 Phone: 612-836-5500

  
 30 

 EXHIBIT “A” 

LEGAL DESCRIPTION 

Tract B, REGISTERED LAND SURVEY NO. 86, files of the Registrar of Titles of Anoka County, Minnesota. 

 EXHIBIT “B” 

PERMITTED ENCUMBRANCES 
  

	1.	Real estate taxes and any installments of special assessments payable therewith not yet due and payable. 

 

	2.	Assessment Agreement and Assessor’s Certification dated December 1, 1983, filed of record December 28, 1983 as Document No. 131055.

  

	3.	Variance dated March 26, 1992, filed of record April 10, 1992 as Document No. 217911. 

 

	4.	Reciprocal Easement Agreement dated May 11, 1992, filed of record April 20, 1993 as Document No. 233605. 

 

	5.	Easement for Road purposes in favor of the City of Anoka shown as a recital on certificate of title. 

 EXHIBIT “C” 

DEFERRED MAINTENANCE ITEMS 
 Deferred Maintenance Items Budget 
 4/22/10 

 

	A1)	HVAC System BASE BID 

  

					
	 Access panels & Clean Reheat coils
	  	$	8,250.00	  
	 Pneumatic Controls
	  	$	2,200.00	  
	 Totals
	  	$	10,450.00	  

  

	A2)	Included in $10,450 amount noted above 

  

	A3)	Drop Cords 

  

					
	 Drop Cords Qty = # 3
	  	$	1,556.50	  
	 Totals
	  	$	1,556.50	  

  

	A4)	Laboratory repairs walls, floors (Lower Level) 

  

							
		 	 Painting Patch Walls
	  	$	13,171.40	  
	**	 	 VCT 12” X 12” Tiles 25% replacement
	  	$	8,748.30	  
		 	 Sheet Vinyl welded seams 100% replacement
	  	$	16,043.50	  
		 	 Totals
	  	$	37,963.20	  

  

	**	Add $ 26,248 to replace 100% of 12” x !@’ VCT tiles 

 

	A5)	Loading Dock Area 

  

					
	 Earthwork
	  	$	21,780.00	  
	 Surveying
	  	$	1,760.00	  
	 B612 Curb
	  	$	2,860.00	  
	 Retaining Wall
	  	$	5,940.00	  
	 Bituminous Paving
	  	$	28,600.00	  
	 Totals
	  	$	60,940.00	  

  

	A6)	Electrical Load Balance 

  

					
	 Inspection Costs
	  	$	3,212.00	  
	 Balance load - Labor/Material
	  	$	8,580.00	  
	 Totals
	  	$	11,792.00	  

  

	A7)	Security System Code Compliance 

  

							
		 	 Dedicated Phone Line
	  	$	1,265.00	  
	**	 	 Stoop Patch Front Entry
	  	$	1,694.00	  
		 	 HC Sidewalk Front Entry
	  	$	1,311.20	  
		 	 Totals
	  	$	4,270.20	  

  

	**	Complete replacement of stoop add $2,156 

  

	B1)	Ceramic Tile 

  

					
	 Repair - Patch no match guarantee
	  	$	2,288.00	  
	 Totals
	  	$	2,288.00	  

  

	B2)	Replace Carpets 100% upper & lower 

  

					
	 Carpet remove and Replace
	  	$	34,996.50	  
	 Totals
	  	$	34,996.50	  

  

	B3)	Paint and repair walls throughout 

  

					
	 Paint
	  	$	9,485.30	  
	 Totals
	  	$	9,485.30	  
		
		  	$	173,741.70	  
		  	 	 	 

 Add Alternates For Consideration 

ALT 1 -HVAC System New Cooling Only Units 
  

					
	 Access panels & Clean Reheat coils
	  	$	80,080.00	  
	 Totals
	  	$	80,080.00	  
		  	 	 	 

 ALT 2 -HVAC System New Heat & Cool Unit 

 

					
	 Access panels & Clean Reheat coils
	  	$	96,470.00	  
	 Totals
	  	$	96,470.00	  
		  	 	 	 

 EXHIBIT “D” 

GUARANTY OF LEASE 

 EXHIBIT “E” 

AMORTIZATION SCHEDULE FOR BANK LOAN PAYMENTS

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