Document:

Exhibit 10.13

 

July 9, 2014

 

Re:  Sientra, Inc. Board Service

 

Dear Jeff,

 

We are very pleased to offer you a position as a member of the Board of Directors (the “Board”) of Sientra, Inc. (the “Company”). This offer, which is subject to the approval of each of the current members of our Board, is based on the following terms and conditions:

 

	
Start Date:    
    	
The date your appointment is approved by the Board,   which is expected to be July 22, 2014 (the “Effective Date”). You will serve   as a member of the Board until the annual meeting for the year in which your   term expires or until your successor has been elected and qualified, subject   however, to your prior death, resignation, retirement, disqualification or   removal from office.
    
	
 
    	
 
    
	
Term:
    	
Your initial term on the Board shall be one (1) year,   subject to change upon adoption of a classified board structure by the   Company.
    
	
 
    	
 
    
	
Committees:
    	
You acknowledge and agree that, in order to   meet SEC and NYSE rules, you will be required to serve on one or more of the   Board’s Audit Committee, Compensation Committee, and Nominating and   Governance Committee, and that such committee assignments will be as agreed   between you and the Company, and that you will be compensated for service on   any committee as provided herein.
    
	
 
    	
 
    
	
Compensation:
    	
In consideration of your services as a member   of the Board, you will receive a $35,000 annual cash retainer, to be paid in   equal quarterly installments in arrears for so long as you remain a member of   the Board. Your initial quarterly installment will be pro-rated for service   from the Effective Date through September 30, 2014.

 

Following the effective date of the Company’s   initial public offering (the “IPO”), you will be entitled to receive   additional compensation in consideration of your services on one or more   Board committees. Attached as Exhibit A is the proposed   Non-Employee Director Compensation Policy (the “Policy”) that is expected to   be approved at
    

 

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the next Board meeting and will become   effective upon the IPO, which details the anticipated cash retainers for   service on each of the Board committees. Please note that the actual cash   retainers for committee service will be determined based on the final terms   of the Policy adopted by the Board.
    
	
 
    	
 
    
	
Equity Awards:
    	
In connection with your commencement of   service as a member of the Board, you will be granted a one-time nonstatutory   stock option (the “Initial Grant”) under the Sientra, Inc. 2007 Equity   Incentive Plan (the “2007 Plan”) for 25,000 shares of the Company’s common   stock, which represents an expected Option Value (as defined in the Policy)   of $120,000 as of the IPO. The exercise price of the Initial Grant will be   equal to the greater of (a) $4.24 and   (b) the fair market value of the Company’s common stock as of   June 30, 2014 as determined by the Company’s third party valuation firm   and ratified by the Board. The Initial Grant will vest in a series of 36   successive equal monthly installments over the 3-year period measured from   the date of grant.

 

You will also be eligible to receive annual   equity grants, as detailed in and subject to the final terms of the Policy to   be adopted by the Board.
    
	
 
    	
 
    
	
Responsibilities:
    	
As a director of the Company, your duties and   responsibilities will be those reasonably and customarily associated with   such position, including, without limitation, attendance at all regular and   special meetings of the Board and all regular and special meetings of each   committee of which you are a member.
    
	
 
    	
 
    
	
Expenses:
    	
The Company will reimburse you for ordinary,   necessary and reasonable out-of-pocket travel expenses to cover in-person   attendance at and participation in Board and committee meetings.
    
	
 
    	
 
    
	
Confidentiality:
    	
As a condition of this offer, you will be   required to preserve the Company’s proprietary and confidential information   and you must comply with the Company’s policies and procedures. Accordingly,   as a pre-condition to your appointment to the Board, you are required to   execute the Nondisclosure Agreement enclosed herewith. This agreement will be   effective as of the Effective Date.
    
	
 
    	
 
    
	
Indemnification:
    	
In the interest of retaining and attracting   qualified individuals to provide services to the Company, the Company has or   will enter into an Indemnification Agreement with each of its directors and   executive officers. An Indemnification Agreement will be provided to you to   sign upon your acceptance.
    

 

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Your engagement as a member of the Board is contingent on all of the following: (a) formal acceptance of this offer, (b) completion of a background, credit and reference check satisfactory to the Board. This offer to serve as a member of the Board shall be at the will of the Board, which means that this relationship can be terminated at any time by either party. Upon accepting our offer to join the Board, you agree we will have the right to mention your name and other customary information in documents we file with the Securities and Exchange Commission, press releases and other business documentation as appropriate.

 

To accept this offer, please sign the acknowledgment at the end of this letter acknowledging and agreeing to the terms and conditions of your service as a member of the Board of the Company.

 

[Signature page follows]

 

 

 

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We sincerely hope that you decide to join the Board of Directors of the Company. Please contact me with any questions regarding the foregoing.

 

	
 
    	
 
    	
Sincerely,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIENTRA, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
  /s/ Nick Simon
    
	
 
    	
 
    	
 
    	
Nick Simon
    
	
 
    	
 
    	
 
    	
Chairman of the Board of Directors
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
  /s/ Hani Zeini
    
	
 
    	
 
    	
 
    	
Hani Zeini
    
	
 
    	
 
    	
 
    	
President and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
ACKNOWLEDGED AND AGREED TO BY:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Jeff Nugent
    	
 
    	
 
    
	
Jeff Nugent
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date: August 25, 2014
    	
 
    	
 
    

 

 

 

 

Attachment:

Exhibit A – Proposed Non-Employee Director Compensation Policy

 

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EXHIBIT A

 

 

PROPOSED NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

 

 

SIENTRA, INC.
 NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
 ADOPTED: JULY 17, 2014

 

 

Each member of the Board of Directors (the “Board”) of Sientra, Inc. (the “Company”) who is a non-employee director of the Company (each such member, a “Non-Employee Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (the “Director Compensation Policy”) for his or her Board service following the closing of the initial public offering of the Company’s common stock (the “IPO”).

 

The Director Compensation Policy will be effective upon the execution of the underwriting agreement in connection with the IPO (the date of such execution being referred to as the “IPO Date”). The Director Compensation Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

 

A Non-Employee Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be.

 

Annual Cash Compensation

 

Commencing at the beginning of the first calendar quarter following the IPO Date, each Non-Employee Director will receive the cash compensation set forth below for service on the Board. The annual cash compensation amounts will be payable in equal quarterly installments, in arrears following the end of each quarter in which the service occurred, pro-rated for any partial months of service. All annual cash fees are vested upon payment.

 

1.                                    Annual Board Service Retainer:

a.                                     All Eligible Directors: $35,000

b.                                    Chairman/Lead Independent Director (as applicable): $55,000 (in lieu of above)

 

2.                                    Annual Committee Member Service Retainer:

a.                                     Member of the Audit Committee: $10,000

b.                                    Member of the Compensation Committee: $7,500

c.                                     Member of the Nominating and Corporate Governance Committee: $5,000

 

3.                                    Annual Committee Chair Service Retainer (in lieu of Committee Member Service Retainer):

a.                                     Chairman of the Audit Committee: $20,000

b.                                    Chairman of the Compensation Committee: $15,000

c.                                     Chairman of the Nominating and Corporate Governance Committee: $10,000

 

 

Equity Compensation

 

Equity awards will be granted under the Company’s 2014 Equity Incentive Plan or any successor equity incentive plan (the “Plan”). All stock options granted under this policy will be Nonqualified Stock Options (as defined in the Plan), with a term of ten years from the date of grant and an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying common stock of the Company on the date of grant.

 

(a)                              Automatic Equity Grants.

 

(i)                                  Initial Grant for New Directors. Without any further action of the Board, each person who, after the IPO Date, is elected or appointed for the first time to be a Non-Employee Director will automatically, upon the date of his or her initial election or appointment to be a Non-Employee Director, be granted a Nonstatutory Stock Option to purchase a number of shares of common stock having an Option Value of $120,000 (the “Initial Grant”). In the discretion of the Board, the form of the Initial Grant in any given year may be a combination of the grant of a Nonstatutory Stock Option and a Restricted Stock Unit Award, which combination will have an aggregate value of $120,000. Each Initial Grant will vest in a series of 36 successive equal monthly installments over the 3-year period measured from the date of grant.

 

(ii)                              Annual Grant. Without any further action of the Board, at the close of business on the date of each Annual Meeting following the IPO, each person who is then a Non-Employee Director will automatically be granted a Nonstatutory Stock Option to purchase a number of shares of common stock having an Option Value of $75,000 (the “Annual Grant”). In the discretion of the Board, the form of the Annual Grant in any given year may be a combination of the grant of a Nonstatutory Stock Option and a Restricted Stock Unit Award, which combination will have an aggregate value of $75,000. Each Annual Grant will vest in a series of 12 successive equal monthly installments over the one-year period measured from the date of grant.

 

(b)                             Vesting; Change of Control. All vesting is subject to the Non-Employee Director’s “Continuous Service” (as defined in the Plan) on each applicable vesting date. Notwithstanding the foregoing vesting schedules, for each Non-Employee Director who remains in Continuous Service with the Company until immediately prior to the closing of a “Change of Control” (as defined in the Plan), the shares subject to his or her then-outstanding equity awards that were granted pursuant to this policy will become fully vested immediately prior to the closing of such Change of Control.

 

(c)                               Calculation of Option Value and Value of a Restricted Stock Unit Award. The “Option Value” of a stock option to be granted under this policy will be determined using the same method the Company uses to calculate the grant-date fair value of stock options in its financial statements, except that no provision shall be made for estimated forfeitures related to service-based vesting. The value of a restricted stock unit award to be granted under this policy will be determined based on the Fair Market Value per share on the grant date (as defined in the Plan).

 

 

(d)                             Remaining Terms. The remaining terms and conditions of each stock option, including transferability, will be as set forth in the Company’s standard Option Agreement, in the form adopted from time to time by the Board.

 

Expenses

 

The Company will reimburse Non-Employee Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and committee meetings; provided, that the Non-Employee Director timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time.EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 3 TO 

THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 

THIS AMENDMENT NO. 3 TO THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Agreement”) is dated and is
effective as of September 18, 2014, and is entered into by and among UNITED RENTALS (NORTH AMERICA), INC., a Delaware corporation (the “Originator”), UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the
“Seller”), UNITED RENTALS, INC., a Delaware corporation (the “Collection Agent”), LIBERTY STREET FUNDING LLC, a Delaware limited liability company (“Liberty”) and GOTHAM FUNDING CORPORATION, a
Delaware corporation (“Gotham”, and together with Liberty, the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank (as defined in the Purchase Agreement referred to below), as
administrative agent (the “Administrative Agent”) for the Investors and the Banks (as such terms are defined in the Purchase Agreement referred to below) and as purchaser agent for Liberty (the “Liberty Purchaser
Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Bank and as purchaser agent for itself (the “PNC Purchaser Agent”), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”),
as a Bank and as purchaser agent for Gotham (the “Gotham Purchaser Agent”) and SUNTRUST BANK (“ST”), as a Bank and as purchaser agent for itself (the “ST Purchaser Agent”, and together with the
Liberty Purchaser Agent, the PNC Purchaser Agent and the Gotham Purchaser Agent, the “Purchaser Agents”). Capitalized terms used and not otherwise defined herein are used as defined in the Purchase Agreement (as defined below). 

RECITALS 
 WHEREAS, the Seller,
the Collection Agent, the Purchasers, the Purchaser Agents, the Banks party thereto and the Administrative Agent entered into that certain Third Amended and Restated Receivables Purchase Agreement dated as of September 24, 2012 (as amended,
supplemented or otherwise modified, the “Purchase Agreement”); 
 WHEREAS, the Originator, the Collection Agent and the
Seller entered into that certain Third Amended and Restated Purchase and Contribution Agreement dated as of September 24, 2012 (as amended, supplemented or otherwise modified, the “Contribution Agreement”); 

WHEREAS, effective as of the Effective Date and subject to the consents contained in Section 2 hereof, and immediately prior to the
effectiveness of the amendments set forth in Section 1 hereof, Bank of America, N.A. (“BOA”) shall assign all of its rights and obligations as a Bank and a purchaser agent for itself under the Purchase Agreement to ST in
accordance with an Assignment and Acceptance Agreement (the “BOA-ST Assignment Agreement”); and 
 WHEREAS, pursuant to
Section 7.01 of the Purchase Agreement, the parties wish to make certain amendments to the Purchase Agreement as hereinafter set forth. 

  
 1 

 NOW, THEREFORE, the parties agree as follows: 

Section 1. Amendments to the Purchase Agreement. Effective as of the Effective Date (as defined below), the Purchase Agreement is
hereby amended as follows: 
 (a) The Purchase Agreement is hereby amended to incorporate the changes shown on the marked pages attached
hereto as Annex A. 
 (b) In connection with the extension of the Facility Termination Date of the Purchase Agreement, the
Originator acknowledges that the Facility Termination Date under the Contribution Agreement shall accordingly be extended pursuant to clause (a) of the definition of “Facility Termination Date” contained therein. 

Section 2. Consent to Assignment. Effective as of the Effective Date, 

(a) Seller hereby consents to (x) the assignment by BOA to ST of all of BOA’s rights and obligations as a Bank under the Purchase
Agreement, including, without limitation, BOA’s ownership of each Receivable Interest in the Pool Receivables, pursuant to Section 7.03(b) of the Purchase Agreement, and (y) the assignment by BOA to the ST Purchaser Agent of all of
BOA’s rights and obligations as a purchaser agent corresponding to such assigned rights and obligations of BOA as a Bank, pursuant to Section 7.03(c) of the Purchase Agreement, in each case in accordance with the terms of the BOA-ST
Assignment Agreement. 
 (b) In accordance with Section 1.13(b) of the Purchase Agreement, each of the Purchaser Agents and the
Administrative Agent hereby consents to the addition of ST as a Bank and the ST Purchaser Agent as a Purchaser Agent, in each case under the Purchase Agreement. 

(c) Each of the Seller, the Administrative Agent, the Banks and the Purchaser Agents hereby consents to the addition of ST as a Bank and the
ST Purchaser Agent as a Purchaser Agent and agrees and acknowledges that, notwithstanding anything to the contrary contained in the Purchase Agreement (including, without limitation, the definition of “Eligible Assignee”), each of ST and
the ST Purchaser Agent shall be an Eligible Assignee for all purposes under the Purchase Agreement. 
 (d) BOA shall no longer be a party to
the Purchase Agreement and it shall have no further rights or obligations under, or interests with respect to, the Purchase Agreement; provided, that BOA shall continue to have the benefit of all indemnities and other agreements under the Purchase
Agreement which survive the termination of the Purchase Agreement. 
 Section 3. Effectiveness of this Agreement. This Agreement
shall become effective as of September 18, 2014 (the “Effective Date”) at such time as: 
 (a) executed counterparts of
this Agreement have been delivered by each party hereto to the other parties hereto; 
 (b) each Purchaser Agent shall have received an
executed amendment and restatement of such Purchaser Agent’s Fee Agreement (or, in the case of the ST Purchaser Agent, an initial Fee Agreement) (each, a “New Fee Agreement”); 

  
 2 

 (c) each Purchaser Agent shall have received payment of the “Upfront Fee” in accordance
with the terms of, and as such term is defined in, such Purchaser Agent’s New Fee Agreement; 
 (d) the Administrative Agent shall have
received an opinion, in form and substance reasonably satisfactory to the Administrative Agent, from Sullivan & Cromwell LLP, with respect to true sale and non-consolidation matters after giving effect to this Agreement and the transactions
contemplated hereby; and 
 (e) the Administrative Agent and the Purchaser Agents shall have received, in form and substance satisfactory to
the Administrative Agent and each Purchaser Agent, a certificate of the Secretary or Assistant Secretary of the Seller certifying copies of the resolutions of the Board of Directors of the Seller approving this Agreement and the transactions
contemplated hereby. 
 Section 4. Representations and Warranties. The Originator, the Seller and the Collection Agent represent
and warrant as follows: 
 (a) The execution, delivery and performance by the Originator, the Collection Agent and the Seller of this
Agreement (i) are within its corporate or limited liability company powers, as applicable, (ii) have been duly authorized by all necessary corporate or limited liability company action, as applicable, and (iii) do not contravene
(1) its charter, by-laws or limited liability company agreement, as applicable, (2) any law, rule or regulation applicable to it or (3) any contractual restriction binding on or affecting it or its property, the violation of which
could reasonably be expected to have a Material Adverse Effect on the collectibility of any Pool Receivable, on the Originator, on the Seller or on the performance of the Collection Agent under the Contribution Agreement or the Purchase Agreement.
This agreement has been duly executed and delivered by the Originator, the Seller and the Collection Agent. 
 (b) 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, delivery and performance by the Originator, the Seller or the Collection Agent of this Agreement or any
other document to be delivered by the Originator, the Seller or the Collection Agent hereunder other than those already obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce
such Receivable directly against such obligor may be restricted by the Federal Assignment of Claims Act or any similar applicable Law to the extent the Originator or the Seller shall not have complied with the applicable provisions of any such Law
in connection with the assignment or subsequent reassignment of any such Receivable. 
 (c) This Agreement constitutes the legal, valid and
binding obligation of the Originator, the Seller and the Collection Agent, enforceable against the Originator, the Seller and the Collection Agent in accordance with its terms subject to bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(d) The representations and warranties contained in (i) Section 4.01 of the Contribution Agreement (with respect to the Originator),
(ii) Exhibit III to the Purchase 

  
 3 

 
Agreement (with respect to the Seller) and (iii) Section 4.08 of the Purchase Agreement (with respect to the Collection Agent) are correct on and as of the date hereof as though made on
and as of the date hereof. 
 (e) No event has occurred and is continuing, or would result from the transactions contemplated hereby, that
constitutes an Event of Termination or an Incipient Event of Termination. 
 Section 5. Purchase Agreement and Contribution
Agreement in Full Force and Effect as Amended. 
 (a) All of the provisions of the Purchase Agreement and the Contribution Agreement,
each as amended hereby, and all of the provisions of all other documentation required to be delivered with respect thereto shall remain in full force and effect and are ratified and confirmed in all respects. 

(b) The respective parties hereto agree to be bound by the terms and conditions of the Purchase Agreement and the Contribution Agreement, as
applicable, each as amended hereby, as though such terms and conditions were set forth herein. 
 (c) This Agreement may not be amended or
otherwise modified except as provided in the Purchase Agreement. 
 (d) This Agreement shall constitute a Transaction Document. 

Section 6. Reference in Other Documents; Affirmation of Performance Undertaking Agreement. 

(a) On and from the date hereof, references to the Purchase Agreement in any agreement or document (including without limitation the Purchase
Agreement) shall be deemed to include a reference to the Purchase Agreement, as amended hereby, whether or not reference is made to this Agreement. 

(b) United Rentals, Inc. hereby consents to this Agreement and hereby affirms and agrees that the Performance Undertaking Agreement is, and
shall continue to be, in full force and effect and is hereby ratified and affirmed in all respects. Upon the effectiveness of, and on and after the date of, this Agreement, each reference in the Performance Undertaking Agreement to (i) the
“Receivables Purchase Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Purchase Agreement as amended by this Agreement, and as hereafter amended or restated and
(ii) the “Purchase Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Contribution Agreement as extended, and as hereafter amended or restated. 

Section 7. Costs and Expenses. 

The Seller agrees to pay on demand all reasonable and documented costs and expenses in connection with the preparation, execution and delivery
of this Agreement and the other documents and agreements to be delivered hereunder and thereunder, including, without 

  
 4 

 
limitation, the reasonable and documented fees and out-of-pocket expenses of one firm of primary counsel for the Administrative Agent and the Purchaser Agents, the Purchasers and the Banks. 

Section 8. Counterparts. 

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. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in portable
document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 9.
Headings. 
 The descriptive headings of the various sections of this Agreement are inserted for convenience of reference only and
shall not be deemed to affect the meaning or construction of any of the provisions hereof. 
 Section 10. Governing Laws. 

This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed in accordance with, the
laws of the state of New York (without giving effect to the conflict of laws principles thereof, other than Section 5-1401 of the New York General Obligations Law, which shall apply hereto). 

The remainder of this page is intentionally left blank. 

  
 5 

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

							
	ORIGINATOR:	 		 	UNITED RENTALS (NORTH AMERICA), INC.
				
		 		 	By:	 	/s/ Irene Moshouris
		 		 	Name:	 	Irene Moshouris
		 		 	Title:	 	Senior Vice President and Treasurer
			
	SELLER:	 		 	UNITED RENTALS RECEIVABLES LLC II
				
		 		 	By:	 	/s/ Irene Moshouris
		 		 	Name:	 	Irene Moshouris
		 		 	Title:	 	Vice President and Treasurer
			
	COLLECTION AGENT:	 		 	UNITED RENTALS, INC.
				
		 		 	By:	 	/s/ Irene Moshouris
		 		 	Name:	 	Irene Moshouris
		 		 	Title:	 	Senior Vice President and Treasurer

  

			
	SOLELY FOR PURPOSES OF SECTION 6(b):
	
	UNITED RENTALS, INC.
		
	By:	 	/s/ Irene Moshouris
	Name:	 	Irene Moshouris
	Title:	 	Senior Vice President and Treasurer

 Signature Page – 

Amendment No. 3 to RPA 

							
	ADMINISTRATIVE AGENT:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Norman Last
		 		 	Name:	 	Norman Last
		 		 	Title:	 	Managing Director
			
	PURCHASER:	 		 	LIBERTY STREET FUNDING LLC
				
		 		 	By:	 	/s/ John L. Fridlington
		 		 	Name:	 	John L. Fridlington
		 		 	Title:	 	Vice President
			
	PURCHASER AGENT:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Norman Last
		 		 	Name:	 	Norman Last
		 		 	Title:	 	Managing Director
			
	BANK:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Norman Last
		 		 	Name:	 	Norman Last
		 		 	Title:	 	Managing Director

 Signature Page – 

Amendment No. 3 to RPA 

							
	PURCHASER AGENT:	 		 	PNC BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Mark Falcione
		 		 	Name:	 	Mark Falcione
		 		 	Title:	 	Executive Vice President
			
	BANK:	 		 	PNC BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Mark Falcione
		 		 	Name:	 	Mark Falcione
		 		 	Title:	 	Executive Vice President

 Signature Page – 

Amendment No. 3 to RPA 

							
	PURCHASER:	 		 	GOTHAM FUNDING CORPORATION
				
		 		 	By:	 	/s/ David V. DeAngelis
		 		 	Name:	 	David V. DeAngelis
		 		 	Title:	 	Vice President
			
	PURCHASER AGENT:	 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
				
		 		 	By:	 	/s/ Van Dusenbury
		 		 	Name:	 	Van Dusenbury
		 		 	Title:	 	Managing Director
			
	BANK:	 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
				
		 		 	By:	 	/s/ Belinda Tucker
		 		 	Name:	 	Belinda Tucker
		 		 	Title:	 	Managing Director

 Signature Page – 

Amendment No. 3 to RPA 

							
	PURCHASER AGENT:	 		 	SUNTRUST BANK
				
		 		 	By:	 	/s/ Jason Meyer
		 		 	Name:	 	Jason Meyer
		 		 	Title:	 	First Vice President
			
	BANK:	 		 	SUNTRUST BANK
				
		 		 	By:	 	/s/ Jason Meyer
		 		 	Name:	 	Jason Meyer
		 		 	Title:	 	First Vice President

 Signature Page – 

Amendment No. 3 to RPA 

 ANNEX A 

CHANGED PAGES TO PURCHASE AGREEMENT 

 CONFORMED COPY INCORPORATING 

AMENDMENT NO. 23 EFFECTIVE AS OF SEPTEMBER 19, 201318, 2014 

 
  

 
 THIRD AMENDED AND RESTATED RECEIVABLES
PURCHASE AGREEMENT 
 Dated as of September 24, 2012 

Among 
 UNITED RENTALS RECEIVABLES
LLC II, 
 as Seller, 
 UNITED
RENTALS, INC., 
 as Collection Agent, 

LIBERTY STREET FUNDING LLC, 
 as a
Purchaser, 
 GOTHAM FUNDING CORPORATION, 

as a Purchaser 
 THE BANK OF NOVA
SCOTIA, 
 as Purchaser Agent for Liberty, as Administrative Agent and as a Bank, 

PNC BANK, NATIONAL ASSOCIATION, 

as Purchaser Agent for itself and as a Bank, 

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

as Purchaser Agent for Gotham and as a Bank, 

SUNTRUST BANK OF AMERICA, N.A., 

as a Purchaser Agent for itself and as a Bank 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
		 	ARTICLE I	  			
			
		 	AMOUNTS AND TERMS OF THE PURCHASES	  			
			
	 SECTION 1.01.
	 	Purchase Facility.	  	 	2	  
	 SECTION 1.02.
	 	Making Purchases.	  	 	2	  
	 SECTION 1.03.
	 	Receivable Interest Computation.	  	 	7	  
	 SECTION 1.04.
	 	Settlement Procedures.	  	 	7	  
	 SECTION 1.05.
	 	Fees.	  	 	11	  
	 SECTION 1.06.
	 	Payments and Computations, Etc.	  	 	12	  
	 SECTION 1.07.
	 	Dividing or Combining Receivable Interests.	  	 	12	  
	 SECTION 1.08.
	 	Increased Costs and Requirements of Law.	  	 	13	  
	 SECTION 1.09.
	 	Intended Characterization; Security Interest.	  	 	15	  
	 SECTION 1.10.
	 	[Reserved]	  	 	16	  
	 SECTION 1.11.
	 	Sharing of Payments.	  	 	16	  
	 SECTION 1.12.
	 	Repurchase Option.	  	 	16	  
	 SECTION 1.13.
	 	Extension; Additional Purchasers; Increased Commitments.	  	 	17	  
	 SECTION 1.14.
	 	Defaulting Banks; Delaying Banks	  	 	17	  
			
		 	ARTICLE II	  			
			
		 	REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION	  			
			
	 SECTION 2.01.
	 	Representations and Warranties; Covenants.	  	 	18	  
	 SECTION 2.02.
	 	Events of Termination.	  	 	19	  
			
		 	ARTICLE III	  			
			
		 	INDEMNIFICATION	  			
			
	 SECTION 3.01.
	 	Indemnities by the Seller.	  	 	19	  
			
		 	ARTICLE IV	  			
			
		 	ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES	  			
			
	 SECTION 4.01.
	 	Designation of Collection Agent.	  	 	21	  
	 SECTION 4.02.
	 	Duties of Collection Agent.	  	 	22	  
	 SECTION 4.03.
	 	Certain Rights of the Administrative Agent.	  	 	23	  
	 SECTION 4.04.
	 	Rights and Remedies.	  	 	24	  
	 SECTION 4.05.
	 	Further Actions Evidencing Purchases.	  	 	24	  
	 SECTION 4.06.
	 	Covenants of the Collection Agent and the Seller.	  	 	25	  
	 SECTION 4.07.
	 	Indemnities by the Collection Agent.	  	 	2627	  

  
 i 

							
	 SECTION 4.08.
	 	Representations and Warranties of the Collection Agent.	  	 	2728	  
			
		 	ARTICLE V	  			
			
		 	THE ADMINISTRATIVE AGENT	  			
			
	 SECTION 5.01.
	 	Authorization and Action.	  	 	2829	  
	 SECTION 5.02.
	 	Administrative Agent’s Reliance, Etc.	  	 	29	  
	 SECTION 5.03.
	 	Indemnification of Administrative Agent.	  	 	2930	  
	 SECTION 5.04.
	 	Scotia Capital and Affiliates.	  	 	30	  
	 SECTION 5.05.
	 	Bank’s Purchase Decision.	  	 	30	  
	 SECTION 5.06.
	 	[Reserved]	  	 	30	  
	 SECTION 5.07.
	 	Notice of Event of Termination.	  	 	3031	  
			
		 	ARTICLE VI	  			
			
		 	THE PURCHASER AGENTS	  			
			
	 SECTION 6.01.
	 	Authorization.	  	 	31	  
	 SECTION 6.02.
	 	Reliance by Purchaser Agent.	  	 	3132	  
	 SECTION 6.03.
	 	Agent and Affiliates.	  	 	3233	  
	 SECTION 6.04.
	 	Notices.	  	 	3233	  
	 SECTION 6.05.
	 	Bank’s Purchase Decision.	  	 	33	  
			
		 	ARTICLE VII	  			
			
		 	MISCELLANEOUS	  			
			
	 SECTION 7.01.
	 	Amendments, Etc.	  	 	33	  
	 SECTION 7.02.
	 	Notices, Etc.	  	 	3334	  
	 SECTION 7.03.
	 	Assignability.	  	 	3637	  
	 SECTION 7.04.
	 	Costs, Expenses and Taxes.	  	 	38	  
	 SECTION 7.05.
	 	No Proceedings.	  	 	3841	  
	 SECTION 7.06.
	 	Confidentiality.	  	 	3841	  
	 SECTION 7.07.
	 	Governing Law.	  	 	3941	  
	 SECTION 7.08.
	 	SUBMISSION TO JURISDICTION.	  	 	3941	  
	 SECTION 7.09.
	 	WAIVER OF JURY TRIAL.	  	 	3942	  
	 SECTION 7.10.
	 	Execution in Counterparts.	  	 	4042	  
	 SECTION 7.11.
	 	Survival of Termination.	  	 	4042	  
	 SECTION 7.12.
	 	Severability.	  	 	4042	  
	 SECTION 7.13.
	 	Excess Funds.	  	 	4042	  
	 SECTION 7.14.
	 	No Recourse.	  	 	4042	  
	 SECTION 7.15.
	 	Amendment and Restatement; Acknowledgement.	  	 	4143	  

  
 ii 

 THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 

Dated as of September 24, 2012 

UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Seller”), UNITED RENTALS, INC., a Delaware
corporation (the “Collection Agent”), LIBERTY STREET FUNDING LLC (“Liberty”), a Delaware limited liability company, and GOTHAM FUNDING CORPORATION (“Gotham”), a Delaware corporation (each of Liberty
and Gotham, a “Purchaser”, and together the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank, as administrative agent (the “Administrative Agent”) for the
Investors and the Banks (as defined herein) and as purchaser agent for Liberty (the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Bank and as purchaser agent for itself (the “PNC
Purchaser Agent”), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”), as a Bank and as purchaser agent for Gotham (the “Gotham Purchaser Agent”), and SUNTRUST BANK OF AMERICA,
N.A. (“BOA(“ST”), as a Bank and as purchaser agent for itself (the “BOAST Purchaser Agent”, and together with the Liberty Purchaser Agent, the PNC Purchaser Agent and the Gotham
Purchaser Agent, the “Purchaser Agents”), agree as follows: 
 PRELIMINARY STATEMENTS 

Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit I to this Agreement. Capitalized terms not
defined herein are used as defined in the Purchase Agreement or, if not defined in the Purchase Agreement, the Credit Agreement. References in the Exhibits to the “Agreement” refer to this Agreement, as amended, modified or
supplemented from time to time. All interest rate and yield determinations referenced herein shall be expressed as a decimal and rounded, if necessary, to the nearest one hundredth of a percentage point. 

The Seller has acquired, and may continue to acquire, Receivables and Related Security from the Originator, either by purchase or by
contribution to the capital of the Seller, in accordance with the terms of the Purchase Agreement. The Seller is prepared to sell undivided fractional ownership interests (referred to herein as “Receivable Interests”) in the Pool
Receivables. The Purchasers may, in their sole discretion, purchase such Receivable Interests in the Pool Receivables, and the Banks are prepared to purchase such Receivable Interests in the Pool Receivables, in each case on the terms set forth
herein. 
 Certain parties hereto previously entered into that certain Second Amended and Restated Receivables Purchase Agreement, dated as
of September 28, 2011, as amended by that certain Assignment and Acceptance and Amendment Agreement, dated as of December 23, 2011 and as further amended and supplemented as of February 2, 2012, May 18, 2012 and September
24, 2012 (the “Existing Agreement”). 
 The parties hereto now desire to amend and restate the Existing Agreement in its
entirety as set forth herein and with effect from the date first set forth above. Accordingly, the parties agree as follows: 

 ARTICLE I 

AMOUNTS AND TERMS OF THE PURCHASES 

SECTION 1.01. Purchase Facility. 

(a) On the terms and conditions hereinafter set forth, the Purchasers may, in their sole discretion, and the Banks shall, ratably in accordance
with their respective Bank Commitments, purchase Receivable Interests in the Pool Receivables from the Seller from time to time during the period from the date hereof through the date immediately preceding the Facility Termination Date, in the case
of the Purchasers, and through the date immediately preceding the Commitment Termination Date, in the case of the Banks. Under no circumstances shall the Purchasers make any such purchase, or the Banks be obligated to make any such purchase, if
after giving effect to such purchase (x) the aggregate outstanding Capital of Receivable Interests in the Pool Receivables would exceed the Purchase Limit or (y) the aggregate outstanding Capital of Receivable Interests in the Pool
Receivables held by any Bank plus, in the event such Bank has any related Purchasers, such Bank’s ratable share of the outstanding Capital of Receivable Interests in the Pool Receivables held by such related Purchasers would exceed its Bank
Commitment. 
 (b) The Seller may, upon at least five Business Days’ notice to the Administrative Agent and each Purchaser Agent,
terminate this purchase facility in whole or, from time to time, reduce in part the unused portion of the Purchase Limit, which shall reduce the Bank Commitments ratably in accordance with each Bank’s Percentage; provided that each
partial reduction shall be in the amount of at least $1,000,000; and provided further that the Seller shall pay any related Broken Funding Cost; and provided further that no partial reduction shall reduce the Purchase
Limit below $50,000,000. 
 (c) Subject to the conditions described in Section 2(b) of Exhibit II to this Agreement, Collections
attributable to Receivable Interests in the Pool Receivables shall be automatically reinvested pursuant to Section 1.04(b)(ii) in additional undivided percentage interests in the Pool Receivables by making an appropriate readjustment of
the applicable Receivable Interest percentages. 
 SECTION 1.02. Making Purchases. 

(a) Each notice of purchase of a Receivable Interest in the Pool Receivables shall be delivered by the Seller to the Administrative Agent and
each Purchaser Agent no later than 10:30 a.m. (New York City time), on the proposed date the purchase is to be made. Each such notice of a purchase shall be in the form of an irrevocable (except as set forth in Section 1.02(e)(v)) Purchase Request
and shall specify (i) the amount requested to be paid to the Seller by each Purchaser and each Bank which does not have a related Purchaser (such amount, which shall not be less than $250,000 in the aggregate (inclusive of any amount being
rolled over from a previous purchase), being referred to herein as the initial “Capital” of each Receivable Interest in the Pool Receivables then being purchased), (ii) the date of such purchase (which shall be a Business Day)
and (iii) unless the purchase will be funded with Pooled Commercial Paper and except with respect to any purchase being made by BOAST or PNC, the desired duration of the 

  
 2 

 
initial Fixed Period for each such Receivable Interest in the Pool Receivables. Each Purchaser Agent which has a related Purchaser shall promptly thereafter (but in no event later than 11:00 a.m.
(New York City time) on the proposed date of purchase) notify the Seller and the Administrative Agent whether such respective Purchaser has determined to make a purchase and, if so, whether all of the terms specified by the Seller are acceptable to
such Purchaser and the yield with respect to such purchase and the amount of interest that will be due for the related Settlement Period. If (a) a Purchaser has determined not to make a proposed purchase, or (b) a Purchaser Agent does not
have a related Purchaser, the respective Purchaser Agent shall promptly send notice of the proposed purchase to all of the related Banks of such Purchaser Agent concurrently specifying the date of such purchase, each such Bank’s Percentage
multiplied by the aggregate amount of Capital of the Receivable Interests in the Pool Receivables being purchased, and, except with respect to any purchase being made by BOAST or PNC, the Assignee Rate for the Fixed Period
for such Receivable Interest in the Pool Receivables and the duration of the Fixed Period for such Receivable Interest in the Pool Receivables. The Seller shall indemnify the Purchasers and the Banks against any loss or expense incurred by the
Purchasers and/or the Banks, either directly or indirectly, as a result of any failure by the Seller to complete such transfer, including, without limitation, any loss or expense incurred by the Purchasers and/or the Banks by reason of the
liquidation or reemployment of funds acquired by the Purchasers or the Banks (including, without limitation, funds obtained by issuing notes, obtaining deposits as loans from third parties and reemployment of funds) to fund such transfer. 

(b) On the date of each such purchase of a Receivable Interest in the Pool Receivables, each Purchaser or the Banks, as the case may be, in
each case other than any Delaying Bank with respect to such purchase and such Delaying Bank’s related Purchasers, shall, upon satisfaction of the applicable conditions set forth in Exhibit II hereto, make available to the Seller by wire
transfer in U.S. dollars in same day funds, to the account designated by the Seller, no later than 3:00 p.m. (New York City time) an amount equal to each such Purchaser’s or Bank’s ratable share (based on the applicable Bank’s
Percentage) of the initial Capital of such Receivable Interest in the Pool Receivables. A Delaying Bank may not object to its funding obligation of Delayed Funds under Section 1.02(e)(vi) on the basis of the failure of the Seller to
satisfy the conditions precedent set forth in Exhibit II hereto unless such Delaying Bank has delivered a written notice to the Administrative Agent and the Seller expressing its objections to the proposed purchase on or prior to the Original
Date of such purchase applicable to Non-Delaying Banks. 
 (c) Effective on the date of each purchase pursuant to this
Section 1.02 and each reinvestment pursuant to Section 1.04, the Seller hereby sells and assigns to the Administrative Agent, for the benefit of the parties making such purchase, an undivided percentage ownership interest, to
the extent of the Receivable Interests then being purchased, in each Pool Receivable then existing and in the Related Security and Collections with respect to, and other proceeds of, such Pool Receivable and Related Security. 

(d) Notwithstanding the foregoing, a Bank shall not be obligated to make purchases under this Section 1.02 at any time in an
amount that would exceed the Bank Commitment with respect to such Bank less, in the event such Bank has any related Purchasers, such Bank’s ratable share of the outstanding and unpaid Capital of such related Purchasers. Each Bank’s
obligation shall be several, such that the failure of any Bank to make available to the 

  
 3 

 SECTION 2.02. Events of Termination. 

If any of the Events of Termination set forth in Exhibit V hereto shall occur and be continuing, the Required Purchaser Agents (or, in
the case of Events of Termination described in paragraphs (b), (f) and (i) of Exhibit V, the Administrative Agent or the Required Purchaser Agents) may, by notice to the Seller, take either or both of the following actions:
(x) declare the Facility Termination Date and the Commitment Termination Date to have occurred (in which case the Facility Termination Date and the Commitment Termination Date shall be deemed to have occurred) and (y) without limiting any
right under this Agreement to replace the Collection Agent, designate another Person to succeed the then current Collection Agent as the Collection Agent; provided that, automatically upon the occurrence of any event (without any requirement
for the passage of time or the giving of notice) described in paragraph (g) of Exhibit V, the Facility Termination Date and the Commitment Termination Date shall occur. Upon any such declaration or designation or upon any such automatic
termination, the Investors, the Banks, the Administrative Agent and each Purchaser Agent shall have (a) the rights of the Seller as “Buyer” under the Purchase Agreement and (b) in addition to the rights and remedies that
they may have under this Agreement, all other rights and remedies provided after default under the UCC of the appropriate jurisdiction or jurisdictions and under other applicable law, which rights and remedies shall be cumulative. Any Event of
Termination may be waived in writing by the Required Purchaser Agents other than (i) the Events of Termination described in paragraphs (b), (f) and (i) of Exhibit V, which shall require the waiver in writing of the Required
Purchaser Agents and the Administrative Agent and (ii) the Event of Termination described in paragraph (g) of Exhibit V, which cannot be waived. 

ARTICLE III 
 INDEMNIFICATION 

SECTION 3.01. Indemnities by the Seller. 

Without limiting any other rights that the Administrative Agent, the Purchaser Agents, the Investors, the Banks or any entity that provides
liquidity or credit enhancement or any of their respective Affiliates or any of their respective employees, officers, directors, agents or counsel (each, an “Indemnified Party”) may have hereunder or under applicable law, the Seller
hereby agrees to indemnify each Indemnified Party from and against any and all claims, damages, costs, expenses, losses and liabilities (including reasonable and documented attorneys’ fees of one firm of primary counsel for the Indemnified
Parties; provided, that in the event a Purchaser Agent and the related Bank notifies the Seller that it reasonably believes a conflict may arise between the positions of the Indemnified Parties in connection with any such claims, damages,
costs, expenses, losses or liabilities, reasonable and documented attorneys’ fees for separate counsel for such Purchaser Agent shall be included) (all of the foregoing being collectively referred to as “Indemnified Amounts”)
arising out of or resulting from this Agreement or the ownership of Receivable Interests or in respect of any Receivable or any Contract, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful
misconduct on the part of such Indemnified Party, (b) recourse for uncollectible Receivables or (c) any income taxes or any other tax or fee measured by income incurred by or receipts of such Indemnified Party, arising out of or as
a result of this Agreement or the ownership of Receivable 

  
 19 

 
Interests or in respect of any Receivable or any ContractExcluded Taxes. Without limiting or being limited by the foregoing (but subject to the
aforementioned exclusions), the Seller shall pay on demand to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnified Amounts relating to or resulting from any of the
following: 
 (i) the creation of an undivided percentage ownership or security interest in any Receivable that purports to
be part of the Net Receivables Pool Balance but that is not at the date of the creation of such interest an Eligible Receivable; 

(ii) any representation or warranty or statement made or deemed made by the Seller (or any of its officers) pursuant to this
Agreement and the other Transaction Documents that shall have been incorrect when made or deemed made; 
 (iii) the failure
by the Seller or the Originator to comply with any applicable law, rule or regulation with respect to any Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such applicable law,
rule or regulation; 
 (iv) the failure to vest and maintain vested in the Administrative Agent on behalf of the Investors
and the Banks (a) a first priority perfected undivided percentage ownership or security interest, to the extent of each Receivable Interest, in the Receivables in, or purporting to be in, the Receivables Pool and the Related Security and
Collections in respect thereof or (b) a first priority perfected security interest as provided in Section 1.09, in each case free and clear of any Adverse Claim; 

(v) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the
UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables in, or purporting to be in, the Receivables Pool and the Related Security and Collections in respect thereof, whether at the time of any purchase or
reinvestment or at any subsequent time, in each case to the extent required hereunder; 
 (vi) without double counting for
any Dilution for which a deemed Collection has been received under Section 1.04(e)(i) of this Agreement, any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor or any other credit related loss) of the
Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), or any other claim resulting from the sale of the goods or services related to such Receivable or the furnishing or failure to furnish such goods or services or relating to collection activities
with respect to such Receivable (to the extent such collection activities were performed by the Seller or any of its Affiliates acting as Collection Agent); 

(vii) any failure of the Seller to perform its duties or obligations in accordance with the provisions hereof (including any
failure to comply with the 

  
 20 

 
Incipient Event of Termination have occurred and be continuing, neither the Seller nor the Collection Agent shall be required to permit the Administrative Agent to conduct any of the actions
contained in this Section 4.06(a) more often than once every twelve months. 
 Upon the Administrative Agent’s or any Purchaser
Agent’s request (which, at any time prior to the occurrence of an Event of Termination or any Incipient Event of Termination shall be no more frequent than once every twelve months), the Seller will, at its expense, appoint independent public
accountants (which may, with the consent of the Administrative Agent and the Purchaser Agents, be United Rentals’ regular independent public accountants), or utilize the Administrative Agent’s representatives or auditors, to prepare and
deliver to the Administrative Agent a written report with respect to the Receivables and the Credit and Collection Policy (including, in each case, the systems, procedures and records relating thereto) on a scope and in a form reasonably requested
by the Administrative Agent. 
 (b) Change in Credit and Collection Policy. The Collection Agent will not make any change in the
character of its business or Credit and Collection Policy or any Contract that would impair the collectibility of any Pool Receivable or the enforceability of any related Contract or the ability of United Rentals (if it is acting as Collection
Agent) to perform its obligations under this Agreement. 
 (c) Payment of Sales Taxes. The Collection Agent will, and will require in
its agreement with the Originator that the Originator will, pay all sales, excise or other taxes with respect to the Receivables to the applicable taxing authority when due, and will, upon the request of the Administrative Agent or any Purchaser
Agent, provide the Administrative Agent or such Purchaser Agent with evidence of such payment. 
 (d) Termination of Credit
Agreement. The Collection Agent shall notify the Administrative Agent and each Purchaser Agent of the termination of the Credit Agreement by the lenders thereunder as soon as reasonably practicable, but in any event within one (1) Business
Day of the earlier of receipt by the Collection Agent or the Originator of notice of such termination and the effectiveness of such termination. 

(e) Compliance with Laws, Etc. 

(i) The Collection Agent shall comply, and shall cause each of its Subsidiaries to comply, in all material
respects with all applicable laws, rules, regulations and orders except to the extent that the failure so to comply with such laws, rules and regulations would not materially adversely affect the collectibility of the Receivables Pool, taken as a
whole, or the ability of the Collection Agent to perform its obligations under the Transaction Documents. 
 (ii)
The Collection Agent will not, directly or indirectly, use any Collections, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, in any manner that would result in a
violation of Sanctions Laws by any Person (including any Investor). 

  
 26 

 (g) The Collection Agent and each Subsidiary of the Collection Agent is not,
nor, to the best of the Collection Agent’s knowledge, are any of them owned or controlled by Persons that are: (i) the target of any sanctions under any Sanctions Laws, or (ii) located, organized or resident in a country or
territory that is, or whose government is, the subject of sanctions administered or enforced by the government of the United States or Canada under any Sanctions Law. 

ARTICLE V 
 THE ADMINISTRATIVE
AGENT 
 SECTION 5.01. Authorization and Action. 

Each Investor and each Bank hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto. Upon receipt of any report, notice, information or other document, certificate or
instrument delivered by the Collection Agent or any Affiliate pursuant to the terms of the Transaction Documents, the Administrative Agent shall promptly forward a copy to each Purchaser Agent (unless the terms of the applicable Transaction Document
require the Collection Agent or such Affiliate to forward a copy to each Purchaser Agent). 
 SECTION 5.02. Administrative Agent’s
Reliance, Etc. 
 Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action
taken or omitted to be taken by them as Administrative Agent under or in connection with this Agreement (including, without limitation, the Administrative Agent’s servicing, administering or collecting Pool Receivables as Collection Agent),
except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) may consult with legal counsel (including counsel for the Seller, the Originator or the Collection Agent), independent certified public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 

(b) makes no warranty or representation to any Investor or Bank (whether written or oral) and shall not be responsible to any Investor or Bank
for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; 
 (c) shall not
have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Seller, the Originator or the Collection Agent or to inspect the property (including the
books and records) of the Seller or the Collection Agent; 

  
 29 

 SECTION 5.07. Notice of Event of Termination. 

Neither any Purchaser Agent nor the Administrative Agent shall be deemed to have knowledge or notice of the occurrence of an Event of
Termination unless such Person has received notice from another Purchaser Agent, a Purchaser, the Seller or the Collection Agent referring to this Agreement, stating that an Event of Termination has occurred hereunder and describing such Event of
Termination. If the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Purchaser Agent whereupon each such Purchaser Agent shall promptly give notice thereof to its related Purchasers, if any, and its related
Banks. In the event that any Purchaser Agent receives such a notice, it shall promptly give notice thereof to the Administrative Agent and the other Purchaser Agents whereupon each such Purchaser Agent shall promptly give notice thereof to its
related Purchasers, if any, and its related Banks. Subject to the waiver provisions set forth in Section 2.02, the Administrative Agent shall take such action concerning an Event of Termination as may be directed by the Purchaser Agents
(unless such action otherwise requires the consent of all Purchasers or Banks), but until the Administrative Agent receives such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, as the Administrative Agent deems advisable and in the best interests of the Purchasers, Banks and Purchaser Agents. 
 ARTICLE VI

 THE PURCHASER AGENTS 

SECTION 6.01. Authorization. 

(a) Liberty, Scotia Capital, and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment
and Acceptance that Scotia Capital shall act as its Purchaser Agent, has appointed Scotia Capital as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser
Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 
 (b) PNC, and each Bank or other Person that
has entered into an Assignment and Acceptance and has agreed in such Assignment and Acceptance that PNC shall act as its Purchaser Agent, has appointed PNC as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers
under this Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 

(c) Gotham, BTMU, and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment and
Acceptance that BTMU shall act as its Purchaser Agent, has appointed BTMU as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms
hereof, together with such powers as are reasonably incidental thereto. 
 (d) BOAST and each Bank or other Person
that has entered into an Assignment and Acceptance and has agreed in such Assignment and Acceptance that BOAST 

  
 31 

 
shall act as its Purchaser Agent, has appointed BOAST as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as
are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 
 As to any
matters not expressly provided for by this Agreement (including, without limitation, enforcement of this Agreement), a Purchaser Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain
from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the majority of its related Banks, and such instructions shall be binding upon all of its related Investors and Banks; provided,
however, that such Purchaser Agent shall not be required to take any action which exposes such Purchaser Agent to personal liability or which is contrary to this Agreement or applicable law. 

SECTION 6.02. Reliance by Purchaser Agent. 

No Purchaser Agent or any of its respective directors, officers, agents, representatives, employees, attorneys-in-fact or Affiliates shall be
liable for any action taken or omitted to be taken by it or them (in their capacity as or on behalf of such Purchaser Agent) under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without
limitation of the generality of the foregoing, a Purchaser Agent: 
 (a) may consult with legal counsel, independent certified public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 

(b) makes no warranty or representation to the Administrative Agent, any other Purchaser Agent, any Investor or Bank (whether written or oral)
and shall not be responsible to the Administrative Agent, any other Purchaser Agent, any Investor or Bank for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; 

(c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of
this Agreement or any other Transaction Document on the part of the Seller, the Originator, the Banks or the Collection Agent or to inspect the property (including the books and records) of the Seller, the Originator, the Banks or the Collection
Agent; 
 (d) shall not be responsible to the Administrative Agent, any other Purchaser Agent, any Investor or Bank for the due execution,
legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and 

(e) shall incur no liability under or in respect of this Agreement by acting upon any notice (including notice by telephone), consent,
certificate or other instrument or writing (which may be by telecopier or telex) believed by it to be genuine and signed or sent by the proper party or parties. 

  
 32 

 
not result in a reduction or withdrawal of the rating of any Commercial Paper. No failure on the part of the Investors, the Banks, the Administrative Agent or the Purchaser Agents to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 

SECTION 7.02. Notices, Etc. 

All notices, demands, consents, requests, reports and other communications provided for hereunder shall, unless otherwise stated herein, be in
writing (which shall include electronic transmission), shall be personally delivered, express couriered, electronically transmitted (in which case receipt shall be confirmed by telephone or return electronic transmission) or mailed by registered or
certified mail and shall, unless otherwise expressly provided herein, be effective when received at the address specified below for the listed parties or at such other address as shall be specified in a written notice furnished to the other parties
hereunder. 
 If to the Seller: 

UNITED RENTALS RECEIVABLES LLC II 

100 First Stamford Place 
 Suite
700 
 Stamford, CT 06902 

Attention: Treasurer or Assistant Treasurer 

Tel. No.: (203) 618-7202 

Facsimile No.: (203) 622-8794 

If to the Collection Agent: 

UNITED RENTALS, INC. 
 100 First
Stamford Place 
 Suite 700 

Stamford, CT 06902 
 Attention:
Treasurer or Assistant Treasurer 
 Tel. No.: (203) 618-7202 

Facsimile No.: (203) 622-8794 

If to the Liberty Purchaser Agent or the Administrative Agent: 

THE BANK OF NOVA SCOTIA 
 1
Liberty Plaza, 26th Floor 
 New York, NY 10006 

Attention: Luke Evans/Jenny Chen Peter Gartland 

Tel. No.: (778) 327-6977/(212) 225-50265115 

Facsimile No.: (212) 225-5274 

  
 34 

 If to the PNC Purchaser Agent: 

PNC BANK, NATIONAL ASSOCIATION 

Three PNC Plaza 
 225 Fifth
Avenue 
 Pittsburgh, Pennsylvania 15222 

Attention: PNC Conduit Group 

Facsimile No.: (412) 762-9184 

If to the Gotham Purchaser Agent: 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

34 Exchange Place, Plaza III 5th Floor 

Jersey City, NJ 07311 

Attention: John Donoghue 

Facsimile No.: (201) 369-2149 

Email: securitization_reporting@us.mufg.jp 

With a copy to: 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. 
 1251 Avenue of the Americas 

New York, NY 10020 
 Attention:
The Securitization Group 
 Facsimile No.: (212) 782-6448 

Emails: securitization_reporting@us.mufg.jp 

             vdusenbury@us.mufg.jp 

  
 35 

 If to the BOAST Purchaser Agent: 

SUNTRUST BANK OF AMERICA, N.A. 

3333 Peachtree Road, NE  

214 North Tryon Street, 21st Floor10th Floor East  

NC1-027-2101 

Charlotte, North Carolina 28255 

Atlanta, Georgia 30326 

Attention: Securitization Finance Group Jason Meyer 

Tel. No.: (404) 926-5505 

Facsimile No.: (704) 388-9169404) 926-5100  

Email:  
 If to
a Purchaser: 
 LIBERTY STREET FUNDING LLC 

Global Securitization 
 445
Broad Hollow Rd. 
 Melville, NY 11747 

Tel. No.: (631) 587-4700 

Facsimile No.: (212) 302-8767 

GOTHAM FUNDING CORPORATION 
 c/o
Global Securitization Services, LLC 
 114 West 47th Street, Suite 2310 

New York, NY 10036 
 Tel. No.:
(212) 295-2777 
 Facsimile No.: (212) 302-8767 

Attention: Frank B. Bilotta 
 If
to the Banks: 
 THE BANK OF NOVA SCOTIA 

1 Liberty Plaza, 26th Floor 

New York, NY 10006 
 Attention:
Luke Evans/Jenny Chen Peter Gartland 
 Tel. No.: (778) 327-6977/(212) 225-50265115

 Facsimile No.: (212) 225-5274 

PNC BANK, NATIONAL ASSOCIATION 

Three PNC Plaza 
 225 Fifth
Avenue 
 Pittsburgh, Pennsylvania 15222 

Attention: William Falcon and Tony Stahley 

Tel. No.: (412) 762-5442 and (412) 768-2266 

Facsimile No.: (412) 762-9184 

Emails: ralph.stahley@pnc.com 

             pncconduitgroup@pnc.com 

  
 36 

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

1251 Avenue of the Americas 

New York, NY 10020 
 Attention:
Nicolas Mounier / Van Dusenbury / Ayaka Ishikawa 
 Tel. No.: (212) 782-5980 / (212) 782-6964 / (212) 782-6986 

Facsimile No.: (212) 782-6448 

Emails: securitization_reporting@us.mufg.jp 

             vdusenbury@us.mufg.jp 

SUNTRUST BANK OF AMERICA, N.A. 

3333 Peachtree Road, NE  

214 North Tryon Street, 21st Floor10th Floor East  

NC1-027-2101 

Charlotte, North Carolina 28255 

Atlanta, Georgia 30326 

Attention: Securitization Finance Group Jason Meyer 

Tel. No.: (404) 926-5505 

Facsimile No.: (704) 388-9169404) 926-5100  

Email:  

SECTION 7.03. Assignability. 

(a) This Agreement and the Investors’ rights and obligations herein (including ownership of each Receivable Interest in the Pool
Receivables) shall be assignable by participation or otherwise in whole or in part by the Investors and their successors and assigns with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed;
provided, however, that the Seller’s consent shall not be required for any assignment or participation from an Investor pursuant to the terms of its applicable liquidity agreement. Each assignor of a Receivable Interest in the
Pool Receivables or any interest therein shall notify the applicable Purchaser Agent, the Administrative Agent and the Seller of any such assignment. Each assignor of a Receivable Interest in the Pool Receivables may, in connection with the
assignment or participation, disclose to the assignee or participant any information relating to the Seller or the Receivables that was furnished to such assignor by or on behalf of the Seller or by the Administrative Agent and the related Purchaser
Agent; provided that prior to any such disclosure, the assignee or participant agrees to preserve the confidentiality of any confidential information relating to the Seller received by it from any of the foregoing entities on terms
substantially similar to those set forth in Section 7.06. 
 (b) Each Bank may assign, with the prior written consent of the
Seller, which consent shall not be unreasonably withheld or delayed, to any Eligible Assignee or to any other Bank all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Bank
Commitment and any Receivable Interests in the Pool Receivables or interests therein owned by it). The parties to each such assignment shall execute and deliver to the Administrative Agent and the related Purchaser Agent for each such party an

  
 37 

 
Assignment and Acceptance. In addition, each Bank or any of its respective Affiliates may assign any of its rights (including, without limitation, rights to payment of Capital and Yield) under
this Agreement to any Federal Reserve Bank without notice to or consent of the Seller, the Administrative Agent or the Purchaser Agent. 

(c) Subject to the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, this Agreement and the
rights and obligations of each Purchaser Agent and the Administrative Agent herein shall be assignable by each Purchaser Agent and the Administrative Agent and its successors and assigns. 

(d) Neither the Seller nor the Collection Agent may assign its rights or obligations hereunder or any interest herein without the prior
written consent of the Administrative Agent and each Purchaser Agent, which consent shall not be unreasonably withheld or delayed. 
 (e)
Without limiting any other rights that may be available under applicable law, the rights of the Investors may be enforced through them or by their agents. 

SECTION 7.04. Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted under Section 3.01 hereof, the Seller agrees to pay on demand all reasonable
and documented costs and expenses in connection with the preparation, execution, delivery and administration (including periodic auditing of Pool Receivables) of this Agreement, any asset purchase agreement or similar agreement relating to the sale
or transfer of interests in Receivable Interests in the Pool Receivables and the other documents and agreements to be delivered hereunder and thereunder, including, without limitation, the reasonable and documented fees and out-of-pocket expenses of
one firm of primary counsel for the Administrative Agent and the Purchaser Agents, the Purchasers, Scotia Capital, PNC, BTMU and BOAST and their respective Affiliates and agents with respect thereto and with respect to
advising the Administrative Agent and the Purchaser Agents, the Purchasers, Scotia Capital, PNC, BTMU and BOAST and their respective Affiliates and agents as to their rights and remedies under this Agreement, the fees of the
Rating Agencies associated with reviewing the Transaction Documents and providing the rating confirmations of each Purchaser’s Commercial Paper required in connection with the execution of this Agreement, and all costs and expenses, if any
(including reasonable and documented attorneys’ fees and expenses of one firm of primary counsel), of the Administrative Agent and the Purchaser Agents, the Investors, the Banks and their respective Affiliates and agents, in connection with the
enforcement of this Agreement and the other documents and agreements to be delivered hereunder. 
 (b) To the extent not otherwise included
in the Investor Rate, the Seller shall pay, promptly upon the receipt of an invoice, (i) any and all commissions of placement agents and commercial paper dealers in respect of commercial paper notes issued to fund the purchase or maintenance of
any Receivable Interest in the Pool Receivables, (ii) all reasonable costs and expenses of any issuing and paying agent or other Person responsible for the administration of the Purchasers’ commercial paper program in connection with the
preparation, completion, issuance, delivery or payment of commercial paper notes issued to fund the purchase or 

  
 38 

 
maintenance of any Receivable Interest in the Pool Receivables and (iii) any and all stamp and other taxes and fees payable in connection with the execution, delivery, filing and recording
of this Agreement or the other documents or agreements to be delivered hereunder. The Seller agrees to save each Indemnified Party harmless from and against any liabilities with respect to or resulting from any delay by the Seller in paying or
omission to pay such taxes and fees. 
 (c) The Seller also shall pay on demand all other reasonable and documented costs, expenses and
taxes (excluding income taxes) incurred by a Purchaser or any stockholder or agent of a Purchaser (“Other Costs”), including the reasonable cost of administering the operations of such Purchaser, the reasonable cost of auditing such
Purchaser’s books by certified public accountants, the cost of rating such Purchaser’s commercial paper by independent financial Rating Agencies, the taxes (excluding income taxes) resulting from such Purchaser’s operations, and the
reasonable and documented fees and out-of-pocket expenses of counsel for any stockholder or agent of such Purchaser with respect to advising as to rights and remedies under this Agreement, the enforcement of this Agreement or advising as to matters
relating to such Purchaser’s operations; provided that the Seller and any other Persons who from time to time sell receivables or interests therein to a Purchaser (“Other Sellers”) each shall be liable for such Other
Costs ratably in accordance with such Person’s usage under its respective facility; and provided further that if such Other Costs are attributable to the Seller and not attributable to any Other Seller, the Seller shall be solely liable
for such Other Costs. 
 (d) Any and all payments and deposits required to be made hereunder or under any other Transaction
Document by the Collection Agent or the Seller shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding
(i) net income taxes and branch profit taxes that are imposed by the United States and franchise taxes and net income taxes that are imposed on an Affected Person by the state or foreign jurisdiction under the laws of which such Affected Person
is organized or any political subdivision thereof and (ii) any tax imposed under FATCA (all taxes described in clauses (i) and (ii) above or in Section 7.04(f) below are referred to as “Excluded Taxes” and all other
taxes, levies, imposts, deductions, charges, withholdings and liabilities are hereinafter referred to as “Taxes”). If the Seller or the Collection Agent shall be required by law to deduct any Taxes from or in respect of any sum payable
hereunder to any Affected Person, (i) the Seller shall make an additional payment to such Affected Person, in an amount sufficient so that, after making all required deductions (including deductions applicable to additional sums payable under
this Section 7.04(d)), such Affected Person receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Seller or the Collection Agent, as the case may be, shall make such deductions and
(iii) the Seller or the Collection Agent, as the case may be, shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. Within 30 days after the date of any such payment of
Taxes, the Seller or the Collection Agent, as the case may be, will furnish to such Affected Person the original or a certified copy of a receipt evidencing payment thereof. 

(e) Any Affected Person that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any
amounts payable hereunder or under any other Transaction Document shall deliver to the Seller and the 

  
 39 

 
Administrative Agent, at the time or times reasonably requested by the Seller or the Administrative Agent, such properly completed and duly executed documentation reasonably requested by the
Seller or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Affected Person, if reasonably requested by the Seller or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Seller or the Administrative Agent as will enable the Seller or the Administrative Agent to determine whether or not such Affected Person is subject to backup
withholding or information reporting requirements. Without limiting the generality of the foregoing, each Affected Person which is a “United States person” as defined in Section 7701(a)(30) of the Code shall, on or prior to the date
hereof (or, in the case of any Person who becomes an Affected Person after the date hereof, on or prior to the date on which it so becomes an Affected Person), deliver to the Seller and the Administrative Agent such certificates, documents or other
evidence, as required by the Code or Treasury Regulations issued pursuant thereto, including Internal Revenue Service Form W-9 and any subsequent version thereof, properly completed and duly executed by such Affected Person, certifying that such
Affected Person is exempt from U.S. federal backup withholding tax. Each Affected Person which is not a “United States person” as defined in the Code, to the extent it is legally entitled to do so, shall, on or prior to the date hereof
(or, in the case of any Person who becomes an Affected Person after the date hereof, on or prior to the date on which it so becomes an Affected Person), deliver to the Seller such certificates, documents or other evidence, as required by the Code or
Treasury Regulations issued pursuant thereto, including Internal Revenue Service Form W-8BEN, W-8BEN-E or Form W-8ECI and any other certificate or statement of exemption required by Treasury Regulation Section 1.1441-1 or
Section 1.1441-6(c) or any subsequent version thereof, properly completed and duly executed by such Affected Person as will permit such payments to be made without backup withholding and (if applicable) without withholding or at a reduced rate.
Each such Affected Person shall from time to time thereafter, upon written request from the Seller, deliver to the Seller and the Administrative Agent any new certificates, documents or other evidence as described in this Section 7.04(e) as will
permit payments under this Agreement to be made without withholding or at a reduced rate (but only so long as such Affected Person is legally able to do so). 

(f) The Seller shall not be required to pay any amounts to any Affected Person in respect of Taxes pursuant to paragraph
(d) above if the obligation to pay such amounts is attributable to the failure by such Affected Person to comply with the provisions of paragraph (e) above; provided, however, that should an Affected Person become subject to Taxes because
of its failure to deliver a form required hereunder, the Seller shall take such steps as such Affected Person shall reasonably request to assist such Affected Person to recover such Taxes. 

(g) If any Affected Person or Indemnified Party (each, a “Refund Recipient”) determines, in its sole discretion exercised
in good faith, that it has received a refund of any Taxes as to which it has been indemnified by Seller or with respect to which Seller has paid additional amounts pursuant to Section 7.04(d), it shall pay to the Seller an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by Seller under Section 7.04(d) or Section 3.01 hereunder with 

  
 40 

 
respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Refund Recipient and without interest (other than any interest paid by
the relevant governmental authority with respect to such refund). Seller, upon the request of such Refund Recipient, shall repay to such Refund Recipient the amount paid over to the Seller by such Refund Recipient pursuant to this paragraph
(g) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such Refund Recipient is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary
in this paragraph (g), in no event will any Refund Recipient be required to pay any amount to the Seller pursuant to this paragraph (g) the payment of which would place such Refund Recipient in a less favorable net after-Tax position than such
Refund Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This paragraph shall not be construed to require any Refund Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Seller or any other Person. 

SECTION 7.05. No Proceedings. 

Each of the Seller, the Administrative Agent, the Purchaser Agents, the Collection Agent, each Investor, each Bank, each assignee of a
Receivable Interest or any interest therein and each entity that enters into a commitment to purchase Receivable Interests or interests therein hereby agrees that it will not institute against, or join any other Person in instituting against, a
Purchaser any proceeding of the type referred to in paragraph (g) of Exhibit V for one year and one day after the latest maturing commercial paper note issued by such Purchaser is paid in full. 

SECTION 7.06. Confidentiality. 

Each of the parties agrees to maintain the confidentiality of this Agreement and other Transaction Documents (and all drafts thereof);
provided that this Agreement may be disclosed to (a) each of the party’s officers, directors, employees, outside auditors, legal counsel and Affiliates who agree to hold such information confidential and then only in connection with
the proposed transaction, (b) third parties who agree in writing to hold such information confidential, (c) any other commercial paper conduit administered by Scotia Capital, PNC or BTMU, (d) any current or
prospective participant in the commercial paper issuance program of the Purchasers or any other commercial paper conduit administered by Scotia Capital, PNC or BTMU, including but not limited to representatives of Rating Agencies,
liquidity providers, commercial paper placement agents and commercial paper dealers; and provided further that this Agreement may be disclosed if required by applicable law, regulations or legal process, including a filing with the Securities
and Exchange Commission through the EDGAR electronic filing system in accordance with United Rentals’ continuous disclosure obligations under the Securities Exchange Act of 1934, or the listing or quotation requirements of any exchange or
quotation system on which securities of it or its parent or other Affiliates may be listed or quoted. Officers, directors, employees and agents of Scotia Capital, PNC, BTMU and BOAST shall at all times have the right to share
information received from United Rentals and its affiliates to appropriate parties in connection with the proposed transaction on a confidential basis. 

  
 41 

 “Agreement” means this Third Amended and Restated Receivables Purchase
Agreement, dated as of September 24, 2012, as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Alternate Base Rate” means: 

(a) For Scotia Capital, Liberty and each other Bank for Liberty, on any date, a fluctuating interest rate per annum as shall be in effect from
time to time, which rate shall be at all times equal to the higher of: 
 (i) the rate of interest determined by Scotia
Capital in New York, New York, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that Scotia Capital charges any corporate customer) (the “Scotia Prime Rate”); and

 (ii) the Federal Funds Rate plus 0.50% per annum; 

(b) For PNC and each other Bank for which PNC acts as Purchaser Agent, on any date, a fluctuating interest rate per annum as shall be in
effect from time to time, which rate shall be at all times equal to the higher of: 
 (i) the rate of interest determined by
PNC in Pittsburgh, Pennsylvania, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that PNC charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum; and 

(c) For BTMU, Gotham and each other Bank for Gotham, on any date, a fluctuating interest rate per annum as shall be in effect from time to
time, which rate shall be at all times equal to the higher of: 
 (i) the rate of interest determined by BTMU in New York,
New York, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that BTMU charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum. 

(d) For BOAST and each other Bank for which BOAST acts as Purchaser Agent, on any date, a
fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 

(i) the rate of interest determined by BOAST in New York, New
YorkAtlanta, Georgia, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that BOAST charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum. 

  
 I-  2 

 “Assignee Rate” for any Fixed Period for any Receivable Interest in the Pool
Receivables means an interest rate per annum equal to the applicable percentage per annum (set forth in the Fee Agreements) above the Eurodollar Rate (Reserve Adjusted) for such Fixed Period; provided, however, that in the case of:

 (a) any Fixed Period with respect to which an Investor or Bank shall have notified its Purchaser Agent that: 

(i) the introduction of or any change in or in the interpretation of any applicable law or regulation makes it unlawful, or any
central bank or other governmental authority asserts that it is unlawful, for such Investor or Bank to fund such Receivable Interest in the Pool Receivables at the rate set forth above (and such Investor or Bank shall not have subsequently notified
its Purchaser Agent that such circumstances no longer exist), 
 (ii) dollar deposits in the relevant amounts and for the
relevant Fixed Period are not available, 
 (iii) adequate and reasonable means do not exist for ascertaining the Eurodollar
Rate (Reserve Adjusted) for the relevant Fixed Period, or 
 (iv) the Eurodollar Rate (Reserve Adjusted) determined pursuant
hereto does not accurately reflect the cost to the Investors or the Banks (as conclusively determined by the related Purchaser Agent) of maintaining Receivable Interests during such Fixed Period, 

(b) other than with respect to a Fixed Period for BOAST or PNC, any Fixed Period of one to and including 29 days
(other than a Fixed Period that corresponds to the month of February or that begins on a day in the month of February and runs to the numerically corresponding day of the following month), 

(c) other than with respect to a Fixed Period for BOAST or PNC, any Fixed Period as to which the related Purchaser
Agent does not receive notice, by no later than 12:00 noon (New York City time) on the third Business Day preceding the first day of such Fixed Period, that the related Receivable Interest will not be funded by issuance of commercial paper, or 

(d) any Fixed Period for a Receivable Interest the Capital of which allocated to the Investors or Banks is less than $500,000, 

the “Assignee Rate” for each such Fixed Period shall be an interest rate per annum equal to the Alternate Base Rate in effect
on the first day of such Fixed Period; provided further that after the occurrence and during the continuation of an Event of Termination, the “Assignee Rate” for each Fixed Period shall be an interest rate per annum equal to
2% plus the Alternate Base Rate in effect on the first day of such Fixed Period. 
 “Assignment and Acceptance” means an
assignment and acceptance agreement entered into by a Bank and an Eligible Assignee and approved by the related Purchaser Agent(s) for such Bank and for such Eligible Assignee, pursuant to which such Eligible Assignee may become a party to the
Agreement as a Bank. 

  
 I-  3 

 “Bank Commitment” of any Bank means, (a) with respect to Scotia Capital,
$250,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks; (b) with respect to PNC, $150,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into
with other Banks, (c) with respect to BTMU, $75,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks, (d) with respect to BOAST, $75,000,000, or such amount
as increased or reduced by any Assignment and Acceptance entered into with other Banks; or (e) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth therein as such Bank’s Bank Commitment, in each
case as such amount may be increased or reduced by an Assignment and Acceptance entered into between such Bank and an Eligible Assignee, and as may be further reduced (or terminated) pursuant to the next sentence. Any reduction (or termination) of
the Purchase Limit pursuant to the terms of the Agreement shall reduce ratably (or terminate) each Bank’s Bank Commitment. 

“Banks” means each of Scotia Capital, PNC, BTMU and BOAST and each respective Eligible Assignee that
shall become a party to the Agreement pursuant to Section 7.03. 
 “BOA” has the meaning as set forth in the
preamble to this Agreement and its successors and assigns. 
 “BOA Fee Agreement” means the separate fee
agreement, dated as of February 1, 2013, pertaining to fees among the Seller and BOA as BOA Purchaser Agent, as the same may be amended or restated from time to time. 

“BOA Purchaser Agent” means BOA and its successors and assigns. 

“Broken Funding Costs” means for any Receivable Interest that is assigned or terminated prior to the date on which it was
originally scheduled to end, an amount equal to the excess, if any, of (A) the Yield that would have accrued during the remainder of the tranche periods for Commercial Paper determined by the applicable Purchaser Agent to relate to such
Receivable Interest (as applicable) subsequent to the date of such reduction, assignment or termination of the Outstanding Balance of such Receivable Interest if such reduction, assignment or termination had not occurred, over (B) the sum of
(x) to the extent all or a portion of such Outstanding Balance is allocated to another Receivable Interest, the amount of Yield actually accrued during the remainder of such period on such Outstanding Balance for the new Receivable Interest,
and (y) to the extent such Outstanding Balance is not allocated to another Receivable Interest, the income, if any, actually received during the remainder of such period by the holder of such Receivable Interest from investing the portion of
such Outstanding Balance 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 the Seller the amount of such excess. 

“BTMU” has the meaning as set forth in the preamble to this Agreement and its successors and assigns. 

  
 I-  4 

 “BTMU Fee Agreement” means the separate fee agreement, dated on or about the
date hereof, pertaining to fees among the Seller and BTMU as Gotham Purchaser Agent, as the same may be amended or restated from time to time. 

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

“Capital” of each Receivable Interest in the Pool Receivables means the original amount paid to the Seller for such
Receivable Interest in the Pool Receivables at the time of its purchase by a Purchaser or a Bank pursuant to the Agreement, or such amount divided or combined in accordance with Section 1.07, in each case reduced from time to time by
Collections distributed on account of such Capital pursuant to Section 1.04(d) or Section 1.04(h) of the Agreement; provided that if such Capital shall have been reduced by any distribution and thereafter all or a
portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution, as though it had not been made. 

“Change of Control” means (a) any Person or group of Persons (within the meaning of Section 13(d) or 14(d) of the
Securities Exchange Act of 1934, but in the case of the Company, excluding United Rentals) shall acquire beneficial ownership (within the meaning of Rules 13d-3 and 13d-5 promulgated under the Securities Exchange Act of 1934) of 50% or more of the
total voting stock of United Rentals; (b) during any two-year period, individuals who at the beginning of such period constituted United Rentals Board of Directors (together with any new directors whose election by United Rentals Board of
Directors or whose nomination for election by United Rentals shareholders was approved by a vote of the majority of directors then still in office who either were directors at beginning of such period or whose election or nomination was previously
so approved) cease for any reason to constitute a majority of the Board of Directors of United Rentals; (c) any “Change of Control” or similar event, however denominated, shall occur under, and as defined in, the Credit
Agreement; or (d) the Seller shall cease to be a direct or indirect, wholly owned Subsidiary of United Rentals; provided, however, that any Originator or any Subsidiary of an Originator, in each case excluding the Seller, may be
merged or amalgamated with or into any other Originator or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of (each, an “Affiliate Transfer”), in one transaction
or a series of transactions, to any other such Originator (and, subsequent to such Affiliate Transfer, to liquidate, wind-up or dissolve the transferring Originator if such Originator holds no remaining assets and any outstanding obligations
hereunder have been assumed by the transferee). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means each Receivable and the Related Security and Collections with respect to, and other proceeds of, such
Receivable and Related Security and the collateral security referred to in Section 1.09 of the Agreement. 

  
 I-  5 

 “Collection Account” means any joint deposit accounts, lock-box account or any
account into which credit card collections are deposited, which the Seller maintains with the Qualified Intermediary for the purpose of receiving Collections. 

“Collection Agent” means at any time the Person then authorized pursuant to Article IV to service, administer and
collect Pool Receivables. 
 “Collection Agent Default” has the meaning specified in Exhibit VI hereto. 

“Collection Agent Fee” has the meaning specified in Section 1.05(a). 

“Collection Agent Fee Reserve” for any Receivable Interest in the Pool Receivables at any time means the sum of (a) the
unpaid Collection Agent Fee relating to such Receivable Interest in the Pool Receivables accrued to such time, plus (b) an amount equal to the product of (i) the Capital of such Receivable Interest in the Pool Receivables on such date,
(ii) the percentage per annum at which the Collection Agent Fee is accruing on such date, (iii) a stress factor of 2.25 and (iv) a fraction having the Days Sales Outstanding as its numerator and 360 as its denominator. 

“Collections” means, with respect to any Receivable, (a) all funds that are received by the Seller or the Collection
Agent in payment of any amounts owed in respect of such Receivable (including, without limitation, purchase price, finance charges, interest and all other charges), or applied to amounts owed in respect of such Receivable (including, without
limitation, insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other party directly or indirectly liable for the payment of such Receivable and
available to be applied thereon), (b) all Collections deemed to have been received pursuant to Section 1.04 and (c) all other proceeds of such Receivable. 

“Commercial Paper” means promissory notes of a Purchaser issued by such Purchaser in the commercial paper market. 

“Commitment Termination Date” means the earliest of (a) September 18, 201417, 2015
(or the date so extended, or otherwise modified in a written agreement pursuant to Section 1.13) (b) the Facility Termination Date, (c) the date determined pursuant to Section 2.02, and (d) the date the Purchase
Limit reduces to zero. 
 “Concentration Percentage” for any Obligor means at any time 2%; provided that in the case
of an Obligor with any Affiliated Obligor, the Concentration Percentage shall be calculated, to the extent practicable, as if such Obligor and such Affiliated Obligor are one Obligor. 

“Contract” means with respect to any Receivable, an agreement between the Originator and any Obligor, pursuant to or under
which such Obligor shall be obligated to pay for goods or services from time to time. 
 “Contractual Dilution Amount”
means, on any date of determination, an amount equal to the sum of (a) the aggregate amount of all contractual early pay discounts then available 

  
 I-  6 

 “Dilution Reserve Percentage” means for any Receivable Interest at any time an
amount equal to: 
 [(Stress Factor x Expected Dilution Ratio) + (Dilution Volatility)] 

multiplied by the Dilution Horizon Ratio 
 Where:

 Stress Factor = 2.25 

Expected Dilution Ratio = the twelve month rolling average of the Reserve Dilution Ratio 

Dilution Volatility = (Dilution Spike - Expected Dilution Ratio) x (Dilution Spike divided by Expected Dilution Ratio) 

Dilution Spike = the highest Reserve Dilution Ratio as of the last day of each of the twelve months immediately preceding such day 

Dilution Horizon Ratio = the aggregate amount of newly generated Receivables during the most recent two months divided by the Net Receivables
Pool Balance as of the last day of the most recent month. 
 “Eligible Assignee” means (a) with respect to Scotia
Capital, (i) Scotia Capital or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise
acceptable to the Purchaser Agents, (b) with respect to PNC, (i) PNC or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s
Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents, (c) with respect to BTMU, (i) BTMU or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by
Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents and (d) with respect to BOAST, (i) BOAST or any of its
Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents. 

“Eligible Extended Term Receivable” means any Eligible Receivable that is an Extended Term Receivable that is less than 181
days past its Invoice Date. 
 “Eligible Receivable” means, at the relevant time of determination, a Receivable or an ENB
Receivable, as applicable: 
 (a) the Obligor of which (i) 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; and (ii) is not an Affiliate of the Originator or
the Seller; and (iii) to the knowledge of Seller, is not the subject of sanctions administered or enforced by the U.S. government under any Sanctions Laws. 

  
 I-  10 

 (b) the Obligor of which has not taken any action, or suffered any event to occur, of the type
described in paragraph (g) of Exhibit V; 
 (c) the Obligor of which, at the time of the initial creation of an interest therein
under the Agreement, is a Designated Obligor; 
 (d) that is not a Defaulted Receivable or a Delinquent Receivable or from a “6661
account” or a “7771 account”; 
 (e) that, according to the Contract related thereto, is required to be paid in
full within 30 days of the original billing date therefor (or with respect to an ENB Receivable or Extended Term Receivable, in accordance with the payment terms of the related Contract); 

(f) that is an “account” within the meaning of the UCC (or, with respect to an ENB Receivable, an account or payment
intangible) of the applicable jurisdictions governing the perfection of the interest created by a Receivable Interest; 
 (g) that is
denominated and payable in United States dollars in the United States; 
 (h) that arises under a Contract that: 

(i) does not require the Obligor thereunder to consent to the transfer, sale or assignment of the rights and duties of the
Seller or the Originator thereunder; 
 (ii) is substantially in the form of contract or the form of invoice (in the case of
any open account agreement) previously approved by the Purchaser Agents; 
 (iii) together with such Receivable, is in full
force and effect, constitutes the legal, valid and binding obligation of the Obligor of such Receivable to pay a determinable amount and is not subject to any dispute, offset, counterclaim or defense whatsoever (except the potential discharge in
bankruptcy of such Obligor) and for which neither the Originator thereof, the Seller nor the Collection Agent has established any offset arrangements with the related Obligor, except for any offset that may arise as a result of any amount included
in the Contractual Dilution Amount for the applicable period; and 
 (iv) does not contain a confidentiality provision that
purports to restrict the ability of the Investors, the Banks or their assignees to exercise their rights under the Agreement, including, without limitation, their right to review the Contract; 

(i) that, together with the Contract related thereto, does not contravene in any material respect any laws, rules or regulations applicable
thereto (including, without limitation, laws, rules and regulations relating to usury, consumer protection, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices
and, privacy and Sanctions Laws) and with respect to which none of the Seller, the Originator or the Obligor is in violation of any such law, rule or regulation in any material respect; 

  
 I-  11 

 “ENB Receivable” means the U.S. dollar denominated indebtedness of any Obligor
resulting from the provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which
all actions required to be performed by the Originator have been performed (except for the presentment by the Originator of an invoice to the Obligor), and includes the right to payment of any sales tax, interest or finance charges and other
obligations of such Obligor with respect thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement. 

“ENB Receivable Conditions” means with respect to an ENB Receivable being treated as an Eligible Receivable, the satisfaction
of the following conditions: (a) the Senior Secured Leverage Ratio shall not exceed 1.25 to 1.0; or (b) the Collection Agent maintains at least $50,000,000 in availability under the Credit Agreement. 

“Equipment Sale Receivable” means any receivable or other indebtedness owing to the Originator, that but for the proviso to
the definition of “Receivable” would constitute a Receivable hereunder, in respect of the sale of tangible personal property which such Originator uses productively in its trade or business or holds for investment, unless such property is
ineligible to become Relinquished Property (as such term is defined in the Master Exchange Agreement). 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 

“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal
Reserve System, as in effect from time to time. 
 “Eurodollar Rate” means: 

(a) for any Fixed Period other than any Fixed Period for any Receivable Interest in the Pool Receivables held by BOAST
or PNC, an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the offered rate per annum for deposits in U.S. dollars in a principal amount of not less than
$1,000,000 for such Fixed Period as of 11:00 A.M., London time, two Business Days before the first day of such Fixed Period, which appears on display designated on page “LIBOR01” on Reuters Money 3000 Services (or such other page as may
replace the LIBOR01 page on that service) or such services displaying the London interbank offered rate for deposits in Dollars as may replace Reuters Money 3000 Service (the “Reuters Screen LIBOR01 Page”); provided that, if
more than one rate is specified on Reuters Screen LIBOR01 Page, the applicable rate shall be the arithmetic mean of all such rates; provided further that if on any Business Day that the Eurodollar Rate is to be determined any Purchaser Agent
shall have determined (which determination shall be conclusive and binding upon the parties hereto), by reason of circumstances affecting the interbank Eurodollar market, either that: (a) dollar deposits in the relevant amounts and for the
relevant Settlement Period are not available, or (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Period, the Administrative Agent will request the principal London office of Scotia Capital
(the 

  
 I-  13 

 
“Eurodollar Reference Bank”), to provide the Administrative Agent with its quotation at approximately 11:00 A.M., London time, on such date of the rate per annum it offers to
prime banks in the London interbank market for deposits in U.S. dollars for the requested Fixed Period in an amount substantially equal to the Capital associated with such Fixed Period; if the Eurodollar Reference Bank does not furnish timely
information to the Administrative Agent for determining the Eurodollar Rate, then the Eurodollar Rate shall be considered to be the Alternate Base Rate for such Fixed Period; and 

(b) for any Fixed Period for any Receivable Interest in the Pool Receivables held by BOAST or PNC, on any date of
determination during such Fixed Period, an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the one-month “Eurodollar Rate” for deposits in
dollars as reported on Reuters Screen LIBOR01 Page or on any successor or substitute page of such service, or any successor or substitute for such service, for the purpose of displaying offered rates of leading banks for London interbank deposits in
United States dollars, as of 11:00 a.m. (London time) on such date, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the BOAST Purchaser Agent
(with respect to any Receivable Interest in the Pool Receivables held by BOAST) or the PNC Purchaser Agent (with respect to any Receivable Interest in the Pool Receivables held by PNC) from another recognized source for
interbank quotation), in each case, changing when and as such rate changes. 
 “Eurodollar Rate (Reserve Adjusted)” for any
Investor or Bank for any Fixed Period means the rate (expressed as a decimal rounded upwards, if necessary, to the nearest one hundredth of a percentage point) determined pursuant to the following formula: 

 

			
	 Eurodollar Rate (Reserve Adjusted)    =
	  	Eurodollar Rate                            
		  	1 - Eurodollar Reserve Percentage

 “Eurodollar Reserve Percentage” means, relative to each Fixed Period, a percentage (expressed
as a decimal) applicable two Business Days before the first day of such Fixed Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) (or if more than one such percentage shall be
applicable, the daily average of such percentages for those days in such Fixed Period during which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation, any emergency,
supplemental or other marginal reserve requirement) for such Investor or Bank with respect to Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on
Eurocurrency Liabilities is determined) having a term comparable to such Fixed Period. 
 “Event of Termination” has the
meaning specified in Exhibit V. 
 “Excluded Taxes” has the meaning specified in Section 7.04(d). 

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

  
 I-  14 

 “Extended Term Receivable” means the U.S. dollar denominated indebtedness of any
Obligor resulting from the provision, lease or sale of goods or services to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business (except that the stated repayment term is greater than 30
days but not more than 90 days) for which all actions required to be performed by the Originator have been performed, and includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with respect
thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement; provided that “Extended Term Receivable” shall not include any
Equipment Sale Receivables. 
 “Facility Termination Date” means the earliest of (a) September 18,
2014, 17, 2015, (b) the date determined pursuant to Section 2.02, (c) the date the Purchase Limit is reduced to zero pursuant to Section 1.01(b) or (d) the date upon which the Credit Agreement
is terminated in connection with an Event of Default thereunder. 
 “FATCA” means Sections 1471 through 1474 of the Code as of
the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into
pursuant to Section 1471(b)(1) of the Code. 
 “Federal Assignment of Claims Act” means the Assignment of Claims
Act of 1940, 31 U.S.C. § 3727 and 41 U.S.C. § 15, as amended from time to time. 
 “Federal Bankruptcy Code”
means title 11 of the United States Code, 11 U.S.C. § § 101 et seq. 
 “Federal Funds Rate” means, with respect
to any day, the rate set forth in H.15(519) for that day opposite the caption “Federal Funds (Effective).” If on any date of determination, such rate is not published in H.15(519), such rate will be the rate set forth in Composite
3:30 P.M. Quotations for U.S. Government Securities for that day under the caption “Federal Funds/Effective Rate.” If on any date of determination, the appropriate rate is not published in either H.15(519) or Composite 3:30 P.M.
Quotations for U.S. Government Securities, such rate will be the arithmetic mean of the rates for the last transaction in overnight federal funds arranged by three leading brokers of federal funds transactions in New York City prior to 9:00 a.m.,
New York City time, on that day. 
 “Fee Agreement” means the Scotia Capital Fee Agreement, the PNC Fee Agreement, the BTMU
Fee Agreement or the BOAST Fee Agreement. 
 “Fitch” means Fitch, Inc. 

“Fixed Period” means with respect to any Receivable Interest in the Pool Receivables: 

(a) initially the period commencing on the date of purchase of such Receivable Interest and ending (i) on the last day of the same
calendar month as such date of purchase, or (ii) other than with respect to any Receivable Interest in the Pool Receivables held by BOAST or PNC, such other number of days as the Seller shall select and the related
Purchaser Agent shall approve pursuant to Section 1.02, up to 31 days from such date; and 

  
 I-  15 

 (b) thereafter (i) a period of one month commencing on the last day of the immediately
preceding Fixed Period for such Receivable Interest (which period shall correspond to a calendar month in the case of any Receivable Interest in the Pool Receivables held by BOAST or PNC) or (ii) other than with respect
to any Receivable Interest in the Pool Receivables held by BOAST or PNC, such other period commencing on the last day of the immediately preceding Fixed Period for such Receivable Interest and ending such number of days (not
to exceed 31 days) as the Seller shall select and the related Purchaser Agent shall approve on notice by the Seller received by the related Purchaser Agent (including notice by telephone, confirmed in writing) not later than 11:00 A.M. (New York
City time) on such last day; 
 provided that 

(i) the Fixed Period with respect to Pooled Commercial Paper shall be the immediately preceding calendar month; 

(ii) any Fixed Period in respect of which Yield is computed by reference to the Assignee Rate shall be (x) other than with
respect to any Receivable Interest in the Pool Receivables held by BOAST or PNC, a period from one to and including 29 days, or a period of one month, as the Seller may select as provided above, (y) with respect to any
Receivable Interest in the Pool Receivables held by BOAST or PNC, a period of one month which shall correspond to a calendar month; 

(iii) any Fixed Period (other than of one day) that would otherwise end on a day that is not a Business Day shall be extended
to the next succeeding Business Day (provided, however, that if Yield in respect of such Fixed Period is calculated by reference to the Eurodollar Rate (other than with respect to any Receivable Interest in the Pool Receivables held by
BOAST or PNC), and such Fixed Period would otherwise end on a day that is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Fixed Period shall end on the next preceding
Business Day); 
 (iv) in the case of any Fixed Period of one day, (x) if such Fixed Period is the initial Fixed Period
for a Receivable Interest in the Pool Receivables, such Fixed Period shall be the day of purchase of such Receivable Interest in the Pool Receivables; (y) any subsequently occurring Fixed Period that is one day shall, if the immediately
preceding Fixed Period is more than one day, be the last day of such immediately preceding Fixed Period, and, if the immediately preceding Fixed Period is one day, be the day next following such immediately preceding Fixed Period; and (z) if
such Fixed Period occurs on a day immediately preceding a day that is not a Business Day, such Fixed Period shall be extended to the next succeeding Business Day; and 

(v) in the case of any Fixed Period for any Receivable Interest in the Pool Receivables that commences before the Termination
Date for such Receivable 

  
 I-  16 

 (k) the aggregate Contractual Dilution Amount as of the end of the preceding calendar month. 

“Non-Delaying Bank” has the meaning specified in Section 1.02(e)(i) of the Agreement. 

“Non-Extending Bank” has the meaning set forth in Section 1.04(h). 

“Nonrenewing Bank” has the meaning set forth in Section 1.13(a). 

“Notice of Effectiveness” means a notice upon receipt of which the Seller effectively transfers to the Administrative Agent
the exclusive control of the Controlled Account. 
 “Obligor” means a Person obligated to make payments pursuant to a
Contract; provided that in the event that any payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. 

“Original Date” has the meaning specified in Section 1.02(e)(i) of the Agreement. 

“Originator” means United Rentals (North America), Inc. (f/k/a UR Merger Sub Corporation, as successor in interest to United
Rentals (North America), Inc. and United Rentals Northwest, Inc.) and its successors and permitted assigns. 
 “Other
Corporations” means United Rentals, Inc. and all of its Subsidiaries except the Seller. 
 “Other Costs” has the
meaning specified in Section 7.04(c). 
 “Other Investors” means any Person other than the Seller, the
Originator or the Collection Agent. 
 “Other Sellers” has the meaning specified in Section 7.04(c). 

“Outstanding Balance” of any Receivable at any time means the then outstanding principal balance thereof. 

“Parent” means United Rentals, Inc. and its successors and permitted assigns. 

“Performance Undertaking Agreement” means the Amended and Restated 

Performance Undertaking Agreement, dated as of the date hereof, made by United Rentals in favor of the Seller, as the same may, from time to
time, be amended, restated, modified or supplemented. 
 “Percentage” of any Bank means, (a) with respect to Scotia
Capital, 45  5⁄11%, (b) with respect to PNC, 27  3⁄11%,
(c) with respect to BTMU, 13  7⁄11%, (d) with respect to BOAST, 13  7⁄11%, and (e) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth therein as such Bank’s Percentage, in each case as such amount may be

  
 I-  21 

 
receivables and (ii) Gotham Funding Corporation and any successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues
commercial paper or other securities to fund its acquisition and maintenance of receivables. 
 “Purchaser Agent” means
(i) Scotia Capital and its permitted successors and assigns as Liberty Purchaser Agent, (ii) PNC and its permitted successors and assigns as PNC Purchaser Agent, (iii) BTMU and its permitted successors and assigns as Gotham Purchaser
Agent, and (iv) BOAST and its permitted successors and assigns as BOAST Purchaser Agent. 

“Purchaser Agent’s Account” means (i) with respect to Scotia Capital, the special account (account number 2158-13,
ABA No. 026-002532) of Scotia Capital maintained at the office of Scotia Capital; (ii) with respect to PNC, the special account (account number 1002422076, ABA No. 043-000-096) of PNC maintained at the office of PNC, (iii) with
respect to BTMU, the special account (account number 310-035-147, ABA No. 026-009-632) of BTMU maintained at the office of BTMU and (iv) with respect to BOAST, the special account (account number
4426457864,1000022220783, ABA No. 026 009 593,061000104, Ref: United Rentals) of BOAST maintained at the office of BOAST. 

“Qualified Intermediary” means United Rentals Exchange, LLC, a qualified intermediary as defined in Treasury Regulation
Section 1.1031(k)-1(g)(4). 
 “Rating Agency” means Standard & Poor’s, Moody’s or Fitch, or any
successor thereto. 
 “Receivable” means the U.S. dollar denominated indebtedness of any Obligor resulting from the
provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which all actions required
to be performed by the Originator have been performed (except in the case of ENB Receivables, for which the Originator will not have presented an invoice to the related Obligor), and includes the right to payment of any sales tax, interest or
finance charges and other obligations of such Obligor with respect thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement; provided that
“Receivable” shall not include any Equipment Sale Receivables. For the avoidance of doubt, Receivables shall include ENB Receivables. 

“Receivable Interest” means, at any date of determination, an undivided percentage ownership interest in (a) all then
outstanding Pool Receivables arising prior to the time of the most recent computation or recomputation of such undivided percentage interest pursuant to Section 1.03, (b) all Related Security with respect to such Pool Receivables
and (c) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Each undivided percentage interest shall be computed as 

C + YR + LR + CAFR +DR 

NRPB 

  
 I-  23 

 where: 
  

					
	 C
	 	=	 	the Capital of each such Receivable Interest at the time of computation.
			
	 YR
	 	=	 	 the Yield Reserve of each such Receivable

Interest at the time of computation.

			
	 LR
	 	=	 	 the Loss Reserve of each such Receivable

Interest at the time of computation.

			
	 CAFR
	 	=	 	the Collection Agent Fee Reserve of each such Receivable Interest at the time of computation.
			
	 DR
	 	=	 	the Dilution Reserve of each such Receivable Interest at the time of computation.
			
	 NRPB
	 	=	 	the Net Receivables Pool Balance at the time of computation.

 Each Receivable Interest shall be determined from time to time pursuant to the provisions of Section 1.03. 

“Receivables Pool” means at any time the aggregation of each then outstanding Receivable, payment of which is directed to one
of the Collection Accounts specified in Annex F hereto. 
 “Recipient” has the meaning specified in
Section 1.11. 
 “Refund Recipient” has the meaning specified in Section 7.04(g). 

“Related Bank” means (a) with respect to Liberty, Scotia Capital and each Eligible Assignee that shall become a party to
the Agreement as a Related Bank for Liberty pursuant to Section 7.03; (b) with respect to Gotham, BTMU and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for Gotham pursuant to
Section 7.03; and (c) with respect to any other Purchaser or any Purchaser Agent which has no related Purchaser, each Bank that is an Eligible Assignee identified in the Assignment and Acceptance pursuant to which such Purchaser
and/or Purchaser Agent became a party to this Agreement and each Eligible Assignee that shall become a party to the Agreement as a Related Bank with respect to any such Person pursuant to Section 7.03. 

  
 I-  24 

 “Related Security” means with respect to any Receivable all of the Seller’s
interest in: 
 (a) any goods (including returned goods) relating to any sale giving rise to such Receivable; 

(b) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable, whether
pursuant to the Contract related to such Receivable or otherwise, together with all financing statements authorized or signed by an Obligor describing any collateral securing such Receivable; 

(c) all guaranties, insurance 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; and 
 (d) the Contract and all other books,
records and other information (including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) relating to such Receivable and the related Obligor. 

“Repurchase Date” has the meaning set forth in Section 1.12. 

“Required Purchaser Agents” means at any time Purchaser Agents whose related Banks and Purchasers hold in the aggregate
Receivable Interests representing more than 66 2/3%, or, in the event no Receivable Interests are outstanding, whose Banks have aggregate Bank Commitments representing more than 66 2/3% of the Bank Commitments; provided, that, (i) solely for
purposes of this definition, the Receivable Interests and Bank Commitment for the related Bank and Purchasers of any Purchaser Agent whose related Bank is a Defaulting Bank shall be zero for so long as such Bank remains a Defaulting Bank
(ii) solely for purposes of determining the Required Purchaser Agents for the waiver of the occurrence of a Liquidation Day under Section 1.04(b), the Receivable Interests held by any Bank that is a Delaying Bank at such time shall
be zero until such time that Collections are applied in full under item “first” contained in the proviso at the end of Section 1.04(c)(x)(iii). 

“Reserve Dilution Ratio” means the percentage equivalent of a fraction, computed as of the last day of each calendar month,
obtained by dividing (a) the aggregate Dilutions as of the last day of such month by (b) the aggregate amount of newly generated Receivables during the two months prior to such month. 

“Response Deadline” has the meaning set forth in Section 1.13(a). 

“Responsible Officers” means the President, any Vice President, Chief Executive Officer, Chief Financial Officer, Secretary,
Treasurer, legal counsel, or any other executive or financial officer of the Seller, the Collection Agent or the Originator. 

“Sanctions Laws” means any law relating to trade or economic sanctions or anti-terrorism, including any law administered or
enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), U.S. Department of State or other relevant sanctions authority of the United States or Canada. 

“Scotia Capital” has the meaning as set forth in the preamble to this Agreement and its successors and assigns. 

  
 I-  25 

 “Scotia Capital Fee Agreement” means the separate fee agreement, dated on or
about the date hereof, pertaining to fees among the Seller and Scotia Capital as Liberty Purchaser Agent and as the Administrative Agent, as the same may be amended or restated from time to time. 

“Seller” has the meaning as set forth in the preamble to this Agreement and its permitted successors and assigns. 

“Senior Secured Leverage Ratio” has the meaning specified in the Credit Agreement. 

“Settlement Day” for any Receivable Interest means (i) in the case of Yield, all 

fees and payments due pursuant to each of the Fee Agreements, and the accrued Collection Agent Fee for such Receivable Interest, the fifth
Business Day of each calendar month, or, on and after the Termination Date for such Receivable Interest, the last day of the related Settlement Period, and (ii) in each other case, the last day of the related Settlement Period, or, for Pooled
Commercial Paper, means the thirtieth day from the last day of immediately preceding Settlement Period, provided that, if such day is not a Business Day, the next following day that is a Business Day. 

“Settlement Period” for any Receivable Interest means (i) each period commencing on the first day and ending on the last
day of each Fixed Period for such Receivable Interest and (ii) on and after the Termination Date for such Receivable Interest, such period (including, without limitation, a period of one day) as shall be selected from time to time by the
related Purchaser Agent or, in the absence of any such selection, each period of thirty days from the last day of the immediately preceding Settlement Period. 

“Special Indemnified Amounts” has the meaning specified in Section 4.07. 

“Special Indemnified Party” has the meaning specified in Section 4.07. 

“Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies,
Inc. ST” has the meaning as set forth in the preamble to this Agreement and its successors and assigns. 
 “ST
Fee Agreement” means the separate fee agreement, effective as of September 18, 2014, pertaining to fees among the Seller and ST as ST Purchaser Agent, as the same may be amended or restated from time to time. 

“ST Purchaser Agent” means ST and its successors and assigns. 

“Standard & Poor’s” means Standard & Poor’s Financial Services LLC, a division of McGraw Hill
Financial, Inc. 
 “Subsidiary” of a specified Person means any corporation of which securities having ordinary voting
power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such specified Person. 

  
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 EXHIBIT III 

REPRESENTATIONS AND WARRANTIES 

The Seller represents and warrants as follows: 

(a) The Seller is a limited liability company duly formed, validly existing and in good standing under the laws of Delaware, and is duly
qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so qualified or in good standing would not reasonably be expected to have a
Material Adverse Effect. 
 (b) The execution, delivery and performance by the Seller of each Transaction Document to which it is a party
(i) are within the Seller’s limited liability company powers, (ii) have been duly authorized by all necessary corporate action, (iii) do not contravene (1) the Seller’s certificate of formation and limited liability
company agreement, (2) any law, rule or regulation applicable to the Seller, (3) any contractual restriction binding on or affecting the Seller or its property, the violation of which could reasonably be expected to have a Material Adverse
Effect on the collectibility of any Pool Receivable or a Material Adverse Effect on Seller or (4) any order, writ, judgment, award, injunction or decree binding on or affecting the Seller or its property, and (iv) do not result in or
require the creation of any Adverse Claim upon or with respect to any of its properties (except for the interest created pursuant to the Agreement). Each of the Transaction Documents to which it is a party has been duly executed and delivered by a
duly authorized officer of the Seller. 
 (c) 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, delivery and performance by the Seller of the Transaction Documents to which it is a party, except for the filing of UCC financing statements that are referred to therein
other than those which have been obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by the Federal
Assignment of Claims Act or any similar applicable Lawlaw to the extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such Lawlaw in connection with
the assignment or subsequent reassignment of any such Receivable. 
 (d) Each of the Transaction Documents to which it is a party
constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights
generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(e) The consolidated balance sheets of United Rentals and its Subsidiaries as at the end of its most recent fiscal year, and the related
consolidated statements of income and retained earnings of United Rentals and its Subsidiaries for such fiscal year, copies of which have been furnished to the Administrative Agent and each Purchaser Agent, fairly present in all material respects
the consolidated financial condition of United Rentals and its Subsidiaries as at 

  
 III-  1 

 
such date and the consolidated results of the operations of United Rentals and its Subsidiaries for the period ended on such date, all in accordance with generally accepted accounting principles
consistently applied, and since the end of its most recent fiscal year there has been no material adverse change in the business, operations, property or financial condition of United Rentals or its Subsidiaries, except as may have previously been
disclosed to the Administrative Agent and each Purchaser Agent. Notwithstanding the foregoing, in the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans pursuant to the Credit Agreement and
at such time each of Scotia Capital, PNC, BTMU and BOAST are Revolving Credit Lenders thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement.
Since the formation of the Seller, there has been no material adverse change in the business, operations, property or financial or other condition of the Seller. 

(f) There is no pending or, to the Seller’s knowledge, threatened action or proceeding affecting United Rentals or any of its
Subsidiaries before any court, governmental agency or arbitrator that may materially adversely affect the financial condition or operations of United Rentals or any of its Subsidiaries or the ability of the Seller or United Rentals to perform their
respective obligations under the Transaction Documents, or which purports to affect the legality, validity or enforceability of the Transaction Documents. To the Seller’s knowledge, neither United Rentals nor any Subsidiary is in default with
respect to any order of any court, arbitration or governmental body except for defaults with respect to orders of governmental agencies that defaults are not material to the business or operations of United Rentals and its Subsidiaries, taken as a
whole. 
 (g) No proceeds of any purchase or reinvestment will be used to acquire any equity security of a class that is registered pursuant
to Section 12 of the Securities Exchange Act of 1934. 
 (h) The Seller is the legal and beneficial owner of the Pool Receivables and
Related Security free and clear of any Adverse Claim (other than any Adverse Claim arising under or permitted by any Transaction Document). Upon each purchase of or reinvestment in a Receivable Interest, the Investors or the Banks, as the case may
be, shall acquire a valid and perfected undivided percentage ownership interest or first priority security interest to the extent of the pertinent Receivable Interest in each Pool Receivable then existing or thereafter arising and in the Related
Security and Collections with respect thereto; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by the Federal
Assignment of Claims Act or any similar applicable Lawlaw to the extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such Lawlaw in connection with
the assignment or subsequent reassignment of any such Receivable. No effective financing statement or other instrument similar in effect covering any Contract or any Pool Receivable or the Related Security or Collections with respect thereto is on
file in any recording office, except those filed in favor of the Administrative Agent relating to the Agreement and those filed pursuant to the Purchase Agreement. 

(i) Each Monthly Report, Weekly Report and Daily Report (if prepared by the Seller, or to the extent that information contained therein is
supplied by the Seller), information, enforceability of ENB Receivables or the interests of the Seller or the Investors therein, such amendment shall require the written consent of the Purchaser Agents. 

  
 III-  2 

 (q) Seller is not, nor, to the best of Seller’s knowledge, is it owned or
controlled by Persons that are: (i) the target of any sanctions under any Sanctions Laws, or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of sanctions administered or
enforced by the government of the United States or Canada under any Sanctions Law. 

  
 III-  4 

 EXHIBIT IV 

COVENANTS OF THE SELLER 
 Until
the latest of the Facility Termination Date, the date on which no Capital of or Yield on any Receivable Interest shall be outstanding or the date all other amounts owed by the Seller hereunder to the Investors, the Banks, the Administrative Agent or
the Purchaser Agents are paid in full: 
 (a) Compliance with Laws, Etc. 

(i) (a) Compliance with Laws, Etc. The Seller will
comply in all material respects with all applicable laws, rules, regulations and orders and preserve and maintain its existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such laws,
rules and regulations or the failure so to preserve and maintain such existence, rights, franchises, qualifications and privileges would not materially adversely affect the collectibility of the Receivables Pool, taken as a whole, or the
ability of the Seller to perform its obligations under the Transaction Documents. 
 (ii) The Seller will not,
directly or indirectly, use the proceeds of the purchase of Receivable Interests in the Pool Receivables, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, in any manner that
would result in a violation of Sanctions Laws by any Person (including any Investor). 
 (b) Offices, Records and Books of
Account. The Seller will keep its principal place of business and chief executive office and the office where it keeps its records concerning the Pool Receivables (and all original documents relating thereto) at the address of the Seller set
forth in Section 7.02 of the Agreement or, upon 30 days’ prior written notice to the Administrative Agent, at any other locations in jurisdictions where all actions reasonably requested by the Administrative Agent to protect and
perfect the interest in the Collateral have been taken and completed. The Seller also will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Pool Receivables and
related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Pool Receivables (including, without
limitation, records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable). 

(c) Performance and Compliance with Contracts and Credit and Collection Policy. The Seller will require, at its expense, that
the Originator will timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Pool Receivables, and timely and fully comply in all material
respects with the Credit and Collection Policy in regard to each Pool Receivable and the related Contract. 

  
 IV-  1 

 
provisions of Section 1.04(a) hereof. The Seller will not deposit or otherwise credit, or cause or issue any instructions to be so deposited or credited, to the Collection Accounts or
any Controlled Account cash or cash proceeds other than Collections of Pool Receivables, and with respect to the Collection Accounts, the proceeds of Equipment Sale Receivables and to the limited extent permitted herein, Identifiable Combined
Assets. 
 (j) Marking of Records. At its expense, the Seller will mark its master data processing records evidencing Pool
Receivables and related Contracts with a legend evidencing that Receivable Interests related to such Pool Receivables and related Contracts have been sold in accordance with the Agreement. 

(k) Reporting Requirements. The Seller will provide to the Administrative Agent (in multiple copies, if requested by the Administrative
Agent) the following: 
 (i) as soon as available and in any event within 45 days after the end of the first three quarters
of each fiscal year of United Rentals, balance sheets of United Rentals, its Subsidiaries and the Seller as of the end of such quarter and statements of income and retained earnings of United Rentals, its Subsidiaries and the Seller for the period
commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of United Rentals; notwithstanding the foregoing, in the event the due date for delivery of such financials is waived
or extended with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC, BTMU and BOAST are Revolving Credit Lenders thereunder, such waiver or extension will be deemed to
have been made with respect to the delivery of such financials under this Agreement; 
 (ii) as soon as available and in any
event within 90 days after the end of each fiscal year of United Rentals, a copy of the annual report for such year for United Rentals and its Subsidiaries, containing financial statements for such year audited by Ernst & Young or other
independent public accountants of recognized national standing; notwithstanding the foregoing, in the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans pursuant to the Credit Agreement and
at such time each of Scotia Capital, PNC, BTMU and BOAST are Revolving Credit Lenders thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement;

 (iii) as soon as possible and in any event within five (5) days after the occurrence of each Event of Termination or
Incipient Event of Termination, a statement of the chief financial officer of the Seller setting forth details of such Event of Termination or Incipient Event of Termination and the action that the Seller has taken and proposes to take with respect
thereto; 
 (iv) promptly after the sending or filing thereof, copies of all reports that United Rentals sends to any of its
securityholders, and copies of all reports and registration statements that United Rentals or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange; 

  
 IV-  3

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