Document:

EX-10.15

 Exhibit 10.15 

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

Dated as of March 21, 2011 

by and among 
 SMALL BUSINESS
ASSET FUND 2009 LLC, 
 as the Borrower, 

EACH SUBSEQUENT LENDER PARTY 

HERETO FROM TIME TO TIME, 

as the Lenders, 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Collateral Agent 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
				
		 	SECTION 1.01.	  	Certain Defined Terms	  	 	1	  
		 	SECTION 1.02.	  	Computation of Time Periods	  	 	13	  
		
	ARTICLE II THE FACILITY	  	 	13	  
				
		 	SECTION 2.01.	  	Commitments	  	 	13	  
		 	SECTION 2.02.	  	Procedure for All Draws	  	 	14	  
		 	SECTION 2.03.	  	Security; Notes	  	 	15	  
		 	SECTION 2.04.	  	Interest	  	 	15	  
		 	SECTION 2.05.	  	Principal Repayments	  	 	15	  
		 	SECTION 2.06.	  	Payment Priorities So Long as No Event of Default Exists	  	 	16	  
		 	SECTION 2.07.	  	Payment Priorities During the Existence of an Event of Default	  	 	17	  
		 	SECTION 2.08.	  	Pro Rata; Borrowing Base Condition Satisfaction Determinations	  	 	18	  
		 	SECTION 2.09.	  	Sale of Qualifying Loan Assets; Affiliate Transactions	  	 	18	  
		 	SECTION 2.10.	  	Payments and Computations, Etc	  	 	19	  
		 	SECTION 2.11.	  	Use of Proceeds	  	 	19	  
		
	ARTICLE III SECURITY INTEREST	  	 	19	  
				
		 	SECTION 3.01.	  	Grant of a Security Interest	  	 	19	  
		 	SECTION 3.02.	  	Security for Obligations	  	 	20	  
		 	SECTION 3.03.	  	Delivery and Other Perfection	  	 	20	  
		 	SECTION 3.04.	  	Collateral Assignment of Agreements	  	 	20	  
		 	SECTION 3.05.	  	Investments in Eligible Investments; Purchase of Qualifying Loan Assets	  	 	20	  
		 	SECTION 3.06.	  	Account Control Provisions	  	 	21	  
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	 	24	  
				
		 	SECTION 4.01.	  	Representations and Warranties of the Borrower	  	 	24	  
		 	SECTION 4.02.	  	Representations and Warranties of each Lender	  	 	25	  
		 	SECTION 4.03.	  	Acknowledgement	  	 	25	  
		
	ARTICLE V COVENANTS OF THE BORROWER	  	 	25	  
				
		 	SECTION 5.01.	  	Affirmative Covenants	  	 	25	  
		 	SECTION 5.02.	  	Negative Covenants	  	 	27	  
		
	ARTICLE VI REPORTING REQUIREMENTS	  	 	28	  
				
		 	SECTION 6.01.	  	Reporting Requirements	  	 	28	  
		
	ARTICLE VII EVENTS OF DEFAULT	  	 	28	  
				
		 	SECTION 7.01.	  	Events of Default	  	 	28	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	SECTION 7.02.	  	Waiver	  	 	30	  
		
	ARTICLE VIII APPOINTMENT OF COLLATERAL AGENT	  	 	30	  
				
		 	SECTION 8.01.	  	Appointment and Authority	  	 	30	  
		 	SECTION 8.02.	  	Powers and Duties of the Collateral Agent	  	 	31	  
		 	SECTION 8.03.	  	Exculpatory Provisions	  	 	32	  
		 	SECTION 8.04.	  	Representations and Warranties of the Collateral Agent	  	 	35	  
		 	SECTION 8.05.	  	Reliance by Collateral Agent	  	 	35	  
		 	SECTION 8.06.	  	Delegation of Duties	  	 	35	  
		 	SECTION 8.07.	  	Resignation or Replacement of Collateral Agent	  	 	36	  
		 	SECTION 8.08.	  	Non-Reliance on Collateral Agent and Other Lenders	  	 	36	  
		 	SECTION 8.09.	  	Collateral Agent May File Proofs of Claim	  	 	37	  
		 	SECTION 8.10.	  	Collateral and Guaranty Matters	  	 	37	  
		 	SECTION 8.11.	  	Extension of Rights	  	 	38	  
		
	ARTICLE IX MISCELLANEOUS	  	 	38	  
				
		 	SECTION 9.01.	  	Amendments, Etc	  	 	38	  
		 	SECTION 9.02.	  	Notices, Etc	  	 	39	  
		 	SECTION 9.03.	  	No Waiver; Remedies	  	 	39	  
		 	SECTION 9.04.	  	Fees, Costs, Expenses & Indemnities	  	 	39	  
		 	SECTION 9.05.	  	Binding Effect	  	 	41	  
		 	SECTION 9.06.	  	Assignment; Register	  	 	41	  
		 	SECTION 9.07.	  	Bankruptcy Non-Petition and Limited Recourse	  	 	42	  
		 	SECTION 9.08.	  	Confidentiality	  	 	43	  
		 	SECTION 9.09.	  	Governing Law	  	 	43	  
		 	SECTION 9.10.	  	Execution in Counterparts	  	 	43	  
		 	SECTION 9.11.	  	Jurisdiction, Etc	  	 	43	  
		 	SECTION 9.12.	  	Waiver of Jury Trial	  	 	44	  
		 	SECTION 9.13.	  	Conflict	  	 	44	  
		 	SECTION 9.14.	  	Severability	  	 	44	  
		 	SECTION 9.15.	  	Headings	  	 	44	  
		 	SECTION 9.16.	  	Electronic Communications	  	 	45	  
		 	SECTION 9.17.	  	Further Assurances	  	 	45	  
		 	SECTION 9.18.	  	Merger and Integration	  	 	45	  
		 	SECTION 9.19.	  	Compliance with Applicable Anti-Terrorism and Money Laundering Regulations	  	 	45	  

  
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 SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

This SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) dated March 21, 2011, which
amends and restates the Amended and Restated Loan and Security Agreement dated July 13, 2009, and is effective for all purposes as of April 24, 2009, is by and among Small Business Asset Fund 2009 LLC, a Delaware limited liability company
(the “Borrower”), each Lender (as defined herein) a party hereto from time to time, and Deutsche Bank Trust Company Americas, a New York banking corporation, as collateral agent (the “Collateral
Agent”). 
 RECITALS 

Each Lender, upon its execution and delivery (and the Borrower’s acceptance) of its respective Commitment Form, hereby agrees, on the
terms and conditions set forth herein, to provide a secured revolving loan to the Borrower which shall provide for Draws from time to time in an aggregate principal amount not to exceed such Lender’s Commitment. The proceeds of the Draws, in
conjunction with equity contributions from the Equityholder to the Borrower and borrowings under the Subordinated Note, will be used to finance the Borrower’s purchase from the Seller of Qualifying Loan Assets pursuant to the Master Purchase
Agreement. 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01.
Certain Defined Terms. 
 As used in this Agreement, the following terms shall have the following meanings: (i) the words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) section, subsection,
and exhibit or schedule references contained in this Agreement are references to sections, subsections, exhibits and schedules in or to this Agreement unless otherwise specified; (iii) with respect to all terms in this Agreement, the singular
includes the plural and the plural the singular; words importing any gender include the other gender; (iv) references to “writing” include printing, typing, lithography, facsimile, electronic transmission and other means of
reproducing words in a visible form; (v) references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their
respective terms and not prohibited by this Agreement; (vi) references to Persons include their permitted successors and assigns; and (vii) references to laws include their amendments and supplements, the rules and regulations thereunder
and any successors thereto; and the term “including” means “including without limitation.” 

“Accounts” has the meaning set forth in Section 3.06(a)(i). 

  
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 “Accrued Interest” means, with respect to the Outstanding Principal
Balance owed to any Lender hereunder as of any date, any accrued but unpaid interest on such Outstanding Principal Balance as of such date. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is
under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling,” “controlled by” and “under common control
with”) of a Person means the possession, direct or indirect, of the power to vote 5% or more of the voting stock of such Person or to direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting stock, by contract or otherwise. 
 “Aggregate Outstanding Principal Balance” means, as of any date of
determination, the aggregate Outstanding Principal Balances of all Lenders as of such date. 
 “Agreement” has the
meaning set forth in the introductory statement hereto. 
 “Amortization Start Date Notice “ means a notice in
substantially the form set forth hereto as Exhibit G. 
 “Asset” has the meaning set forth in the Master
Purchase Agreement. 
 “Assigned Documents” has the meaning set forth in Section 3.04. 

“Borrower” has the meaning set forth in the introductory statement hereto. 

“Borrowing Base Condition” means that, as of any date of determination, the sum of (a) the aggregate Market Value
of all Eligible Investments owned by the Borrower and pledged to the Collateral Agent on behalf of the Lenders, and (b) the aggregate Market Value of all other Assets owned by the Borrower and pledged to the Collateral Agent on behalf of the
Lenders, shall exceed the product of (i) the Aggregate Outstanding Principal Balance, and (ii) 110%. 
 “Borrowing Base
Condition Report” means a report, substantially in the form set forth hereto as Exhibit A, to be delivered by the Servicer to the Borrower and the Collateral Agent from time to time pursuant to Section 6.01(b).

 “Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions are
required or authorized by law or executive order to be closed in New York City, New York. 
 “Calculation Date”
means, with respect to any Calculation Period, the last day of such Calculation Period. 
 “Calculation Period”
means, with respect to any Payment Date, the calendar month (or portion thereof, if applicable) immediately preceding such Payment Date. 

  
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 “Closing Date” means either the Initial Closing Date (for any Draw made
pursuant to a Commitment made by an Initial Lender on the date hereof) or a Subsequent Closing Date (for any Draw made pursuant to a Commitment made by a Subsequent Lender after the date hereof). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” has the meaning set forth in Section 3.01. 

“Collateral Account” has the meaning set forth in Section 3.06(a)(i)(C). 

“Collateral Agent” means the Person described as the Collateral Agent in the introductory statement hereto, or any of
its permitted successors and assigns hereunder. 
 “Collateral Agent Expenses” means any costs, expenses,
disbursements, and to the extent permitted hereunder, indemnity amounts (including reasonable fees and expenses of its counsel) incurred by the Collateral Agent in connection with this Agreement and the other Transaction Documents. 

“Collateral Agent Fees” has the meaning set forth in Section 9.04(a) hereof. 

“Collection Account” has the meaning set forth in Section 3.06(a)(i)(A). 

“Commitment” means the firm commitment of each Lender to fund Draws hereunder in accordance with
Article II. The Commitment of each Initial Lender is set forth opposite such Initial Lender’s name on the signature page to the Initial Lender Commitment Form executed and delivered by such Initial Lender to the Borrower. The
Commitment of each Subsequent Lender is set forth opposite such Subsequent Lender’s name on the signature page to the Subsequent Lender Commitment Form executed and delivered by such Subsequent Lender to the Borrower. 

“Commitment Form” means each Initial Lender Commitment Form or Subsequent Lender Commitment Form, as applicable. 

“Confidential Information” means information that the Borrower furnishes to the Collateral Agent or any Lender, but
does not include any such information that is or becomes generally available to the public or that is or becomes available to the Collateral Agent or such Lender from a source other than the Borrower. 

“Covenant Termination Date” means the first date upon which all Obligations (other than contingent, unmatured
indemnification Obligations) hereunder have been paid in full in cash and no other Commitments may again be accepted hereunder. 

“Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables not overdue by more than 120 days incurred in the ordinary course of such Person’s business), (c) all obligations of
such Person evidenced by notes, bonds, 

  
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debentures or other similar instruments, (d) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired
by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under leases that have
been or should be, in accordance with GAAP, recorded as capital leases, (f) all obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit or similar extensions of credit, (g) all obligations of such
Person in respect of Hedge Agreements, (h) all Debt of others referred to in clauses (a) through (g) above or clause (i) below and other payment obligations (collectively, “Guaranteed Debt”) guaranteed
directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (1) to pay or purchase such Guaranteed Debt or to loan or supply funds for the payment or purchase of such
Guaranteed Debt, (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Guaranteed Debt or to assure the holder of such Guaranteed
Debt against loss, (3) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered) or
(4) otherwise to assure a creditor against loss, and (i) all Debt referred to in clauses (a) through (h) above (including Guaranteed Debt) secured by (or for which the holder of such Debt has an existing right, contingent or
otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Debt. 

“Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement
that notice be given or time elapse or both. 
 “Deliver” or “Delivered” or
“Delivery” means the taking of the following steps: 
 (a) in the case of each Certificated Security (other than a
Clearing Corporation Security) or Instrument, 
 (i) causing the delivery of such Certificated Security or Instrument to the
Collateral Agent registered in the name of the Collateral Agent or its affiliated nominee or endorsed to the Collateral Agent or in blank; 

(ii) causing the Collateral Agent to continuously indicate on its books and records that such Certificated Security or
Instrument is credited to the Collateral Account; and 
 (iii) causing the Collateral Agent to maintain continuous possession
of such Certificated Security or Instrument; 
 (b) in the case of each Uncertificated Security (other than a Clearing Corporation
Security), 
 (i) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof to
the Collateral Agent; and 

  
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 (ii) causing the Collateral Agent to continuously indicate on its books and
records that such Uncertificated Security is credited to the Collateral Account; 
 (c) in the case of each Clearing Corporation Security,

 (i) causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities account of
the Collateral Agent; and 
 (ii) causing the Collateral Agent to continuously indicate on its books and records that such
Clearing Corporation Security is credited to the Collateral Account; 
 (d) in the case of each security issued or guaranteed by the United
States of America or agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security, a “Government Security”), 

(i) causing the creation of a Security Entitlement to such Government Security by the credit of such Government Security to the
securities account of the Collateral Agent at such FRB; and 
 (ii) causing the Collateral Agent to continuously indicate on
its books and records that such Government Security is credited to the Collateral Account; 
 (e) in the case of each Security Entitlement
not governed by clauses (a) through (d) above, 
 (i) causing a Securities Intermediary (A) to indicate on its
books and records that the underlying Financial Asset has been credited to the Collateral Agent’s securities account, (B) to receive a Financial Asset from a Securities Intermediary or acquiring the underlying Financial Asset for a
Securities Intermediary, and in either case, accepting it for credit to the Collateral Agent’s securities account or (C) to become obligated under other law, regulation or rule to credit the underlying Financial Asset to a Security
Intermediary’s securities account; 
 (ii) causing such Securities Intermediary to make entries on its books and records
continuously identifying such Security Entitlement as belonging to the Collateral Agent and continuously indicating on its books and records that such Security Entitlement is credited to the Collateral Agent’s securities account; and 

(iii) causing the Collateral Agent to continuously indicate on its books and records that such Security Entitlement (or all
rights and property of the Collateral Agent representing such Security Entitlement) is credited to the Collateral Account; 
 (f) in the
case of cash or money, 
 (a) causing the delivery of such cash or money to the Collateral Agent; 

  
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 (b) causing the Collateral Agent to treat such cash or money as a Financial Asset maintained by
such Collateral Agent for credit to the applicable Account in accordance with the provisions of Article 8 of the UCC; and 
 (c)
causing the Collateral Agent to continuously indicate on its books and records that such cash or money is credited to the applicable Account; and 

(e) in the case of each general intangible, causing the filing of a Financing Statement in the office of the Secretary of State of the State
of Delaware and obtaining any and all consents required by the underlying instruments relating to any such general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is
rendered ineffective under Section 9-406 of the UCC). 
 Unless otherwise defined herein or the context otherwise requires, capitalized terms used in
this definition that are defined in the UCC are used in this definition as defined therein. 
 “Designated Rate”
means, with respect to (a) the Outstanding Principal Balance of any Initial Lender (in its capacity as such), 15.0% per annum, and (b) the Outstanding Principal Balance of any Subsequent Lender (in its capacity as such), the lesser of
(i) the amount set forth in such Subsequent Lender’s Commitment Form, and (ii) 15.0% per annum. 

“Draw” means any loan of funds by a Lender to the Borrower pursuant to Article II. 

“Draw Condition Precedent” means each of the following conditions precedent: (a) all representations and
warranties of the Borrower under the Transaction Documents shall be true and correct; (b) with respect only to any Draws occurring after the first Borrowing Base Condition Report is delivered hereunder, the Borrowing Base Condition shall be
satisfied; and (c) no Default shall have occurred and be continuing. 
 “Draw Date” means any date specified in
a Draw Notice as a Draw Date. 
 “Draw-Down Period” means, (a) with respect to any Commitment made on the
Initial Closing Date, the Initial Draw-Down Period, and (b) with respect to any Commitment made on a Subsequent Closing Date, the applicable Subsequent Draw-Down Period. 

“Draw Notice” means a notice, substantially in the form set forth hereto as Exhibit B, pursuant to which
the Borrower requests Draws from the Lenders. 
 “Eligible Investments” means any United States dollar investment
that, at the time it is Delivered to the Collateral Agent (directly or through an intermediary or bailee), is one or more of the following obligations or securities: 

(a) direct obligations of, and obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the
United States of America or any agency or instrumentality of the United States of America the obligations of which are expressly backed by the full faith and credit of the United States of America; 

  
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 (b) demand and time deposits in, certificates of deposit of, trust accounts with, bankers’
acceptances issued by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States of America (including the Collateral Agent) or any state thereof and subject to supervision and examination
by federal and/or state banking authorities, in each case payable within 183 days of issuance, so long as the commercial paper and/or the debt obligations of such depository institution or trust company (or, in the case of the principal depository
institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings; 

(c) unleveraged repurchase obligations with respect to (i) any security described in clause (a) above or (ii) any other
security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (b) above or entered into with
an entity (acting as principal) with, or whose parent company has, the Eligible Investment Required Ratings; 
 (d) securities bearing
interest or sold at a discount issued by any entity formed under the laws of the United States of America or any State thereof that have a credit rating of “Aaa” from Moody’s and “AAA” from S&P at the time of such
investment or contractual commitment providing for such investment; 
 (e) commercial paper or other short-term obligations with the
Eligible Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 183 days from their date of issuance; provided that this clause (e) shall not
include extendible commercial paper or asset backed commercial paper; 
 (g) money market funds domiciled outside of the United States which
funds have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and “AAAm” or “AAAm-G” by S&P, respectively; 

provided, however, that Eligible Investments shall be held until maturity except as otherwise specifically provided herein and shall include
only such obligations or securities, other than those referred to in clause (g) above, as mature (or are putable at par to the issuer thereof) no later than the Business Day prior to the next Payment Date, unless such Eligible Investments are
issued by the Collateral Agent in its capacity as a banking institution, in which event such Eligible Investments may mature on such Payment Date; provided, further, that none of the foregoing obligations or securities shall constitute
Eligible Investments if (i) such obligation or security has an “f”, “r”, “p”, “pi”, “q” or “t” subscript assigned by S&P, (ii) all, or substantially all, of the remaining
amounts payable thereunder consist of interest and not principal payments, (ii) such obligation or security is subject to U.S. withholding tax, (iii) such obligation or security is subject to foreign withholding tax unless the issuer of
the security is required to make “gross-up” payments for the full amount of such foreign withholding tax, (iv) such obligation or security is secured by real property or (v) such obligation or security is purchased at a price
greater than 100% of the principal or face amount thereof. Eligible Investments may include, without limitation, those investments for which the Collateral Agent or an Affiliate of the Collateral Agent provides services and receives compensation.

  
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 “Eligible Investment Required Ratings” means short-term credit ratings of
“P-1” from Moody’s and “A-1+” from S&P or, in the case of any Eligible Investment with a maturity of longer than 91 days, long-term credit ratings of at least “Aa2” from Moody’s and “AAA” from
S&P. 
 “Eligible Person” means any Person that: (a) has been approved by the Borrower to be a Lender (or
an assignee of a Lender, as the case may be) hereunder in its sole discretion; and (b) is an “accredited investor” (as defined in Regulation D promulgated under the Securities Act). 

“Equityholder” means On Deck, in its capacity as the sole equity owner of the Borrower. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and as implemented and interpreted.

 “ERISA Group” means the Borrower and all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414(b), (c), (m) or (n) of the Code. Any former member of the ERISA Group shall continue
to be considered a member of the ERISA Group within the meaning of this definition with respect to the period such entity was a member of the ERISA Group and with respect to liabilities arising after such period for which the Borrower could be
liable under the Code or ERISA. 
 “Event of Default” has the meaning set forth in Section 7.01. 

“Excess Proceeds” means any amounts permitted to be distributed (and that are distributed) to the Equityholder from
time to time pursuant to either of Sections 2.06(d) or 2.07(b)(v) as either a distribution on the Borrower’s equity or as a payment of principal or interest on the Subordinated Note (in each case, as directed by the
Borrower). 
 “GAAP” means generally accepted accounting principles as in effect in the United States from time to
time. 
 “Hedge Agreements” means interest rate swap, cap or collar agreements, interest rate future or option
contracts, currency swap agreements, currency future or option contracts and other similar agreements. 
 “Initial Closing
Date” means the date hereof. 
 “Initial Lender” means each Eligible Person that becomes a Lender on
the date hereof by executing and delivering to the Borrower an Initial Lender Commitment Form. 
 “Initial Lender Commitment
Form” means the form set forth hereto as Exhibit C, pursuant to which each Initial Lender has made its Commitment hereunder on the Initial Closing Date. 

“Initial Draw-Down Period” means the period from the Initial Closing Date until the 90th day to occur thereafter. 

  
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 “Internal Revenue Code” means the Internal Revenue Code of 1986, as
amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “Lender” means each
Initial Lender or Subsequent Lender, as applicable. 
 “Lien” means any lien, security interest or other charge or
encumbrance of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 

“Manager” means On Deck, in it capacity as the “Manager” of the Borrower. 

“Market Value” means, as of any date of determination: 

(a) with respect to any Eligible Investment, par plus any accrued but unpaid interest thereon; 

(b) with respect to any Performing Asset, par plus any accrued but unpaid interest; and 

(c) with respect to any Non-Performing Asset: (i) if the applicable payment default has continued for a period of 60 or less calendar
days, the amount reasonably believed by the Borrower to be the recoverable value of such Asset over the next 12 months; (ii) if the applicable payment default has continued for a period of more than 60 calendar days but less than 90 calendar
days, and the applicable obligor continues to make payments on such Non-Performing Asset, the amount reasonably believed by the Borrower to be the recoverable value of such Asset over the next 12 months; (iii) if the applicable payment default
has continued for a period of more than 60 calendar days but less than 90 calendar days, and the applicable obligor has made no payments on such Non-Performing Asset during such period, $0; and (iv) if the applicable payment default has
continued for a period of 90 or more calendar days, $0; provided, that with respect to any Asset described in clause (c)(iii) or (c)(iv) above that has been determined to have a Market Value of $0, if after the date of
any such determination the Obligor of such Asset resumes making payment on such Asset pursuant to a payment plan approved by the Borrower, then from and after the date such payments resume (and for so long as such payments continue) such Asset shall
be deemed to be a Performing Asset for all purposes hereunder. 
 “Master Purchase Agreement” means that certain
Master Purchase Agreement, dated as of the date hereof, between On Deck, as the seller thereunder, and the Borrower, as the purchaser thereunder. 

“Monthly Report” has the meaning set forth in Section 8.02(a). 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Non-Performing Asset” shall mean, as of any date of determination, any Asset owned by the Borrower regarding which a
payment event of default has occurred under the applicable Qualifying Asset Loan Agreement and has continued for a period of 15 or more calendar days. 

  
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 “Note” means a promissory note of the Borrower payable to the order of a
Lender in substantially the form of Exhibit D hereto, evidencing the indebtedness owed by the Borrower to such Lender hereunder. 

“Notice of Exclusive Control” has the meaning set forth in Section 3.06(c)(iii). 

“Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Lenders arising under this Agreement and/or any other Transaction Document. 

“Obligor” means a borrower under a Qualifying Asset Loan Agreement. 

“On Deck” means On Deck Capital, Inc., a Delaware corporation with operations in Arlington, Virginia. 

“Outstanding Principal Balance” means, with respect to any Lender as of any date of determination, the excess of
(a) the sum of (i) the aggregate amount of all Draws funded by such Lender to the Borrower hereunder on or prior to such date, and (ii) the aggregate amount of all Reinvested Interest (if any) added thereto pursuant to
Section 2.01(c) on or prior to such date, over (b) the aggregate amount of all principal repayments thereon received by such Lender from the Borrower on or prior to such date. 

“Organizational Documents” means, with respect to the Borrower, the Borrower’s certificate of formation and
limited liability company agreement as in effect on the date hereof. 
 “Payment Date” means the 15th day of each month, commencing in April 2009. 
 “Performing
Asset” shall mean, as of any date of determination, any Asset owned by the Borrower that is not a Non-Performing Asset. 

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

“Plan” means an employee benefit plan within the meaning of Section 3(3) of ERISA (including any multiemployer
plan within the meaning of Section 4001(a)(3) of ERISA), whether or not any such Plan is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code. 

“Prepayment Premium” means, with respect to any optional prepayment made to any Lender pursuant to
Section 2.05(b) prior to the 1 year anniversary of the Initial Closing Date, an amount equal to 2% of the amount of any such optional prepayment. 

“Prohibited Transaction” means a transaction described in Section 406 of ERISA and to which Section 406 of
ERISA applies, that is not exempted by a statutory or administrative or individual exemption pursuant to Section 408 of ERISA 

  
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 “Purchase and Sale Agreement” has the meaning set forth in the Master
Purchase Agreement. 
 “Qualifying Asset Loan Agreement” means an On Deck Capital Business Loan and Security
Agreement, or any successor form thereto, as in effect from time to time, pursuant to which On Deck makes a loan to an Obligor. 

“Qualifying Expenses” means fees and expenses of the Borrower incurred from time to time in the ordinary course of its
business. 
 “Qualifying Loan Assets” has the meaning set forth in the Master Purchase Agreement. 

“Register” has the meaning set forth in Section 9.06(b). 

“Reinvestment Election” has the meaning set forth in Section 2.01(c). 

“Reinvestment End Date” means, with respect to any Lender that made a Reinvestment Election in its Commitment Form,
the earlier of (a) the 12-month anniversary of the Closing Date for such Lender’s Commitment or such later date mutually agreed to in writing (with a copy to the Collateral Agent) by the Borrower and such Lender, (b) the 90th day after (but not including) the date upon which such Lender provides a Reinvestment End Date Notice to the Borrower (with a copy to the Collateral Agent), (c) any day on which the Borrower
provides a Reinvestment End Date Notice to such Lender (with a copy to the Collateral Agent), or (d) the Scheduled Reinvestment End Date. 

“Reinvestment End Date Notice” means a notice in substantially the form set forth hereto as Exhibit E,
pursuant to which (a) a Lender may notify the Borrower that it no longer wants to have its Accrued Interest retained by the Borrower and added to the principal balance of such Lender’s Draws and instead desires to commence receiving
payments of Accrued Interest on each Payment Date, or (b) the Borrower may notify a Lender that such Lender’s Accrued Interest will no longer be retained by the Borrower and added to the principal balance of such Lender’s Draws and
instead the Borrower will commence distributing payments of Accrued Interest to such Lender on each Payment Date. 
 “Reinvested
Interest” means, with respect to any Lender, any Accrued Interest that is not distributed on such Payment Date but is instead added to the principal balance of such Lender’s Draws pursuant to Section 2.01(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors,
officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Required Lenders”
means (a) for all purposes of this Agreement other than Section 7.02, at any time Lenders owed at least 66-2/3% of the then Aggregate Outstanding Principal Balance, or, if no such principal amount is then outstanding, Lenders having
at least 66-2/3% of the Commitments, and (b) for purposes of Section 7.02, (i) if at any time there are fewer than four (4) Lenders hereunder, all Lenders, and (ii) if at any time there are four (4) or more Lenders
hereunder, Lenders owed at least 75% of the then Aggregate Outstanding Principal Balance, or, if no such principal amount is then outstanding, Lenders having at least 75% of the Commitments. 

  
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 “Reserve Account” has the meaning set forth in
Section 3.06(a)(i)(B). 
 “S&P” means Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. and any successor thereto. 
 “Scheduled Amortization Start Date” means, with
respect to any Lender who did not make a Reinvestment Election in its Commitment Form, the earlier of (a) the date designated in such Commitment Form as the “Scheduled Amortization Start Date” or such later date mutually agreed
to thereafter in writing (with a copy to the Collateral Agent) by the Borrower and such Lender, (b) the 90th day after (but not including) the date upon which such Lender provides an
Amortization Start Date Notice to the Borrower (with a copy to the Collateral Agent), (c) any day on which the Borrower provides an Amortization Start Date Notice to such Lender (with a copy to the Collateral Agent), or (d) the Scheduled
Reinvestment End Date. 
 “Scheduled Reinvestment End Date” means the date that is the 4th year anniversary of the Initial Closing Date. 
 “Secured Party”
has the meaning set forth in Section 3.01. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder from time to time. 
 “Seller” has the meaning set
forth in the Master Purchase Agreement. 
 “Servicer” has the meaning set forth in the Servicing Agreement. 

“Servicing Agreement” means that certain Commercial Loan Servicing Agreement, dated as of the date hereof, by and
among On Deck and the Borrower. 
 “Servicing Fee” has the meaning set forth in the Servicing Agreement. 

“Subordinated Note” means that certain Subordinated Note, dated as of the date hereof, between On Deck and the
Borrower. 
 “Subsequent Closing Date” means any date after the Initial Closing Date designated as such by the
Borrower in accordance with Section 2.01(b) upon which a Subsequent Lender makes a Commitment hereunder by executing and delivering to the Borrower a Subsequent Lender Commitment Form. 

“Subsequent Draw-Down Period” means, with respect to any Commitment made by a Subsequent Lender, the period from the
Subsequent Closing Date for such Commitment until the Subsequent Draw-Down Period End Date for such Commitment. 

  
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 “Subsequent Draw-Down Period End Date” means, with respect to any
Commitment made by a Subsequent Lender, the earlier of (a) the Scheduled Reinvestment End Date, and (b) the date designated in such Subsequent Lender’s Subsequent Lender Commitment Form as the “Subsequent Draw-Down Period End
Date” (which date shall in each case be at least 90 days after the Subsequent Closing Date for such Commitment) or such later date mutually agreed to thereafter in writing (with a copy to the Collateral Agent) by the Borrower and such
Subsequent Lender. 
 “Subsequent Lender” means each Eligible Person that becomes a Lender after the Initial Closing
Date by executing and delivering to the Borrower a Subsequent Lender Commitment Form. 
 “Subsequent Lender Commitment
Form” means the form set forth hereto as Exhibit F, pursuant to which each Subsequent Lender makes its Commitment hereunder on the respective Subsequent Closing Date. 

“Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or
estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital stock of any
other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) the
beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 

“Transaction Documents” means this Agreement, each Note, the Master Purchase Agreement, the Servicing Agreement, and
the Subordinated Note. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New
York. 
 SECTION 1.02. Computation of Time Periods. 

In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each mean “to but excluding”. 

ARTICLE II 
 THE
FACILITY 
 SECTION 2.01. Commitments. 

(a) Initial Closing Date. On the date hereof, each Initial Lender has executed and delivered to the Borrower an Initial Lender
Commitment Form. Pursuant thereto, and on the terms 

  
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and conditions hereinafter set forth, each Initial Lender agrees to fund Draws to the Borrower from time to time during the Initial Draw-Down Period in an aggregate amount not to exceed such
Initial Lender’s Commitment, provided, however, that under no circumstances shall any Initial Lender be required to fund any Draw unless, both prior to and after giving effect to such Draw, each Draw Condition Precedent shall be
satisfied. 
 (b) Subsequent Closing Dates. Until the Scheduled Reinvestment End Date, the Borrower may designate no more than two
Business Days during each calendar month as a Subsequent Closing Date. On each Subsequent Closing Date, the Borrower may accept Commitments from one or more Subsequent Lenders. On the terms and conditions hereinafter set forth, each Subsequent
Lender agrees, effective upon its execution and delivery to the Borrower of its Subsequent Lender Commitment Form (a copy of which shall be provided to the Collateral Agent prior to such Subsequent Draw Date), to fund Draws to the Borrower from time
to time during the applicable Subsequent Draw-Down Period in an aggregate amount not to exceed such Subsequent Lender’s Commitment, provided, however, that under no circumstances shall any Subsequent Lender be required to fund any
Draw unless, both prior to and after giving effect to such Draw, each Draw Condition Precedent shall be satisfied. 
 (c) Reinvestment of
Interest. In its Commitment Form, each Lender may elect (any such election, a “Reinvestment Election”), in lieu of receiving payments of Accrued Interest on each Payment Date, to instead have such Accrued Interest
retained by the Borrower and added to the outstanding principal balance of such Lender’s Draws on the first day of each calendar month. Each Reinvestment Election shall remain in effect until the earlier of (i) the applicable Reinvestment
End Date, and (ii) the existence of an Event of Default, after which Accrued Interest will be distributed to such Lender on each Payment Date in accordance with Section 2.06 or 2.07, as applicable. 

(d) Each Commitment hereunder shall be in an aggregate amount of not less than $1,000,000 (or such lesser amount as shall be agreed to by the
Borrower from time to time). 
 SECTION 2.02. Procedure for All Draws. 

(a) With respect to any Commitment, on any Business Day during the Draw-Down Period for such Commitment the Borrower may request, whereupon
the Lender shall fund, a Draw, provided, that, the Borrower may only request one (1) Draw per week. 
 (b) Each Draw (other than any
Draws made on the Initial Closing Date or on any Subsequent Closing Date, in each case from a Lender making a Commitment on such Closing Date) shall be made on no less than seven (7) calendar days irrevocable written notice from the Borrower to
the applicable Lender, with a copy to the Collateral Agent, in the form of a Draw Notice. 
 (c) If, with respect to any requested Draw on
any date, more than one Lender has a Commitment subject to being drawn on such date, the Draw amount will be allocated by the Borrower among such Commitments as follows until the entire amount being drawn on such date

  
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has been satisfied: first, pro rata to Lenders with the earliest Closing Date; second, pro rata to Lenders with the next earliest Closing Date; and so on. As used in
this Section 2.02(c), the term pro rata shall be determined as of any date with respect to Lenders with the same Closing Date for their Commitments based on the remaining undrawn Commitment of each such Lender on such date as a
percentage of the aggregate remaining undrawn Commitments of all such Lenders on such date. 
 (d) The Lender shall, assuming each Draw
Condition Precedent is satisfied as of such date, fund to the Reserve Account on the applicable Draw Date, no later than 3:00 P.M. (New York City time), in immediately available funds, the amount of such Draw. 

SECTION 2.03. Security; Notes. 

All Draws shall be secured by the Collateral as described in Article III and shall be evidenced by a Note issued by the Borrower to the
applicable Lender on the Closing Date of the Commitment pursuant to which such Draw was made. 
 SECTION 2.04. Interest. 

Each Lender’s Outstanding Principal Balance shall bear interest at the Designated Rate. Interest (other than Reinvested Interest) shall
be payable on each Payment Date for the immediately preceding Calculation Period. Reinvested Interest will be added to the principal balance of the applicable Lender’s Draws on the first day of each calendar month as described in
Section 2.01(c). 
 SECTION 2.05. Principal Repayments. 

(a) Scheduled Principal Repayments. Principal repayments will be due and payable to the Lenders as follows: 

(i) with respect to the Outstanding Principal Balance of any Lender who did not make a Reinvestment Election in its
Commitment Form, such Outstanding Principal Balance shall be payable in 12 equal monthly installments beginning on the first Payment Date to occur after the later of (a) the last day of the applicable Draw-Down Period, and (b) the
Scheduled Amortization Start Date, and continuing for the next 11 Payment Dates, with the balance due and payable in full on the 12th Payment Date to occur thereafter; and 

(ii) with respect to the Outstanding Principal Balance of any Lender who did make a Reinvestment Election in its
Commitment Form, such Outstanding Principal Balance shall be payable in 12 equal monthly installments beginning on the first Payment Date to occur after the later of (a) the last day of the applicable Draw-Down Period, and (b) the
applicable Reinvestment End Date, and continuing for the next 11 Payment Dates, with the balance due and payable in full on the 12th Payment Date to occur thereafter. 

  
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 (b) Optional Principal Prepayments. The Borrower may, at any time or from time to time on
any Business Day after the 6-month anniversary of the Initial Closing Date direct the Collateral Agent in writing to prepay all or a portion of the Outstanding Principal Balance of all Lenders on a pro rata basis from amounts in the Accounts;
provided, that, any such direction must be received by the Collateral Agent not later than 10:00 a.m. one Business Day prior to the date of any such prepayment, and provided, further, that any such optional prepayment
shall include any applicable Prepayment Premium owed to any Lender. Each such direction shall specify the date and amount of any such prepayment and the Accounts from which the amounts to be used for such prepayments shall be taken. If any such
optional prepayment occurs on a date other than a Payment Date, each Lender’s Outstanding Principal Balance shall be automatically lowered as of the date of such prepayment by the amount so prepaid for all purposes of this Agreement (including,
without limitation, for purposes of calculating Accrued Interest thereafter pursuant to Section 2.04). As used in this Section 2.05, the term pro rata shall be determined as of any date for any Lender based on the
Outstanding Principal Balance of such Lender on such date as a percentage of the Aggregate Outstanding Principal Balance on such date. Notwithstanding the foregoing, the Borrower may, at any time or from time to time, direct the Collateral Agent in
writing to prepay all or a portion of the Outstanding Principal Balance of any individual Lender if such individual Lender makes a written request for prepayment and the Borrower determines, in its sole discretion, to accommodate such written
request. 
 SECTION 2.06. Payment Priorities So Long as No Event of Default Exists. 

(a) So long as no Event of Default of which the Collateral Agent has actual knowledge exists, and so long as there are sufficient funds on
deposit in the Accounts, the Collateral Agent shall apply funds on deposit in the Accounts as described in this Section 2.06. 

(b) By no later than 10:00 a.m. one (1) Business Day prior to each Payment Date, the Borrower will provide the Collateral Agent with a
written notification specifying the amount and accounts to be debited, to be distributed on such Payment Date in accordance with this Section 2.06. Thereafter, the Collateral Agent shall on such Payment Date if no Event of Default of
which the Collateral Agent has actual knowledge exists, and so long as there are sufficient funds on deposit in the Accounts, transfer the specified funds held in the Collection Account in the following amounts and priority: 

(i) first, (A) to the Servicer, the amount of any accrued but unpaid Servicing Fee, (B) to the Collateral
Agent, the amount of any accrued but unpaid Collateral Agent Fees and Collateral Agent Expenses and (C) to the Borrower, the amount of any Qualifying Expenses incurred by the Borrower during the previous Calculation Period; 

  
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 (ii) second, pro rata to each Lender, the amount of any unpaid
Accrued Interest owing to such Lender on such date with respect to the immediately preceding Calculation Period; 
 (iii)
third, pro rata to each Lender, any principal amount due such Lender on such date; and 
 (iv) fourth,
all remaining amounts to the Reserve Account. 
 (c) To the extent the amount of funds in the Collection Account are insufficient to
fund the allocations described in priorities first, second and third above, the Collateral Agent shall be directed in writing to utilize amounts in the Reserve Account (if any) in order to fund such allocations. 

(d) If with respect to any Payment Date the Borrowing Base Condition was satisfied as of the immediately preceding Calculation Date, then
after application of the payments described above on such Payment Date, the Collateral Agent shall, upon the written direction of the Borrower, distribute to the Equityholder any remaining funds in the Reserve Account in an amount not to exceed the
lesser of (i) the amount set forth in such written direction, and (ii) the maximum amount (if any) that could be distributed to the Equityholder on such Payment Date so that after such distribution the Borrowing Base Condition remains
satisfied. Further, if with respect to any other Business Day the Borrowing Base Condition was satisfied as of the immediately preceding Calculation Date, then the Collateral Agent shall, upon the written direction of the Borrower (but in any case
not more frequently than once per calendar week), distribute to the Equityholder any remaining funds in the Reserve Account in an amount not to exceed the lesser of (i) the amount set forth in such written direction, and (ii) the maximum
amount (if any) that could be distributed to the Equityholder on such Business Day so that after such distribution the Borrowing Base Condition remains satisfied. 

SECTION 2.07. Payment Priorities During the Existence of an Event of Default. 

(a) So long as an Event of Default of which the Collateral Agent has actual knowledge exists, and so long as there are sufficient funds on
deposit in the Account, the Collateral Agent shall apply funds on deposit in the Accounts as described in this Section 2.07. 

  
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 (b) By no later than 10:00 a.m. one (1) Business Day prior to each Payment Date on which an
Event of Default exists, the Borrower will provide the Collateral Agent with a written notification specifying the amount and accounts to be debited, to be distributed on such Payment Date in accordance with this Section 2.07.
Thereafter, the Collateral Agent shall on such Payment Date if an Event of Default of which the Collateral Agent has actual knowledge exists, and so long as there are sufficient funds on deposit in the Accounts, transfer the specified funds held in
the Accounts in the following amounts and priority: 
 (i) first, (A) to the Servicer, the amount of any accrued
but unpaid Servicing Fee, and (B) to the Collateral Agent, the amount of any accrued but unpaid Collateral Agent Fees and Collateral Agent Expenses and (C) to the Borrower, the amount of any Qualifying Expenses of the Borrower then due and
payable; 
 (ii) second, pro rata to each Lender, the amount of any unpaid Accrued Interest owing to such
Lender on such date with respect to the immediately preceding Calculation Period; 
 (iii) third, pro rata to
each Lender, any principal amount due such Lender on such date; and 
 (iv) fourth, pro rata to each Lender,
all other funds contained in the Accounts until each Lender’s Outstanding Principal Balance is paid in full; and 
 (v)
fifth, any remaining amounts to the Borrower (or, upon the written direction of the Borrower, to the Equityholder). 
 SECTION 2.08.
Pro Rata; Borrowing Base Condition Satisfaction Determinations. 
 (a) As used in Section 2.06 and 2.07, the term
pro rata shall be determined as of any date based on the Outstanding Principal Balance owed each Lender on such date as a percentage of the Aggregate Outstanding Principal Balance on such date. 

(b) Each determination by the Collateral Agent required by this Agreement of the satisfaction or non-satisfaction of the Borrowing Base
Condition shall be made by the Collateral Agent based solely on the Borrowing Base Condition Report delivered to the Collateral Agent by the Servicer with respect to the immediately preceding Calculation Date, and the Collateral Agent shall be
entitled to conclusively rely upon and shall be fully protected in relying on each such report in making any determination hereunder. 

SECTION 2.09. Sale of Qualifying Loan Assets; Affiliate Transactions. 

(a) The Borrower shall be permitted to sell Qualifying Loan Assets from time to time, provided that (i) the proceeds of such sale shall
be immediately deposited into the Collection Account to be disbursed in accordance with Section 2.06 or 2.07 (as the case may be), (ii) no Default has occurred or is continuing or would result from such sale, and
(iii) after giving effect to such sale and the application of the proceeds of such sale pursuant to the terms hereof, the Borrowing Base Condition shall be satisfied (determined, in each case, by reference to the last Borrowing Base Condition
Report delivered by the Borrower pursuant to Section 6.01(b)). Upon the deposit of the proceeds of any such permitted sale into the Collection Account in accordance with 

  
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this Section 2.09(a), the Lien of the Collateral Agent on behalf of the Lenders on such Qualifying Loan Assets shall be automatically released without any further need for action on
the part of any Person. With respect to any Qualifying Loan Asset sold by the Borrower, the Lien of the Collateral Agent on behalf of the Lenders on such Qualifying Loan Asset shall be automatically released without any further need for action on
the part of any Person. 
 (b) [Intentionally left blank] 

SECTION 2.10. Payments and Computations, Etc. 

(a) All computations of interest shall be made on the basis of a year consisting of three hundred sixty (360) days for the actual number
of days elapsed. 
 (b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be
made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest hereunder. 

SECTION 2.11. Use of Proceeds. 

The proceeds of the Draws shall be used (and the Borrower agrees that it shall use such proceeds) solely for the purposes of (a) paying
Servicer Fees, Collateral Agent Fees, Collateral Agent Expenses and Qualifying Expenses, and (b) purchasing Qualifying Assets from the Seller pursuant to the Master Purchase Agreement and Eligible Investments otherwise permitted to be purchased
under the Transaction Documents. 
 ARTICLE III 

SECURITY INTEREST 
 SECTION
3.01. Grant of a Security Interest. 
 To secure the prompt and complete payment when due of the Obligations and the performance by
the Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement and the other Transaction Documents, the Borrower hereby (a) collaterally assigns and pledges to the Collateral Agent, on behalf of the
Lenders (the Collateral Agent in such capacity, the “Secured Party”), and (b) grants a continuing first priority security interest to the Secured Party, in all of the Qualifying Loan Assets and all other assets and
property of the Borrower from time to time, including, without limitation, the Accounts and all Eligible Investments contained therein, and all other related rights, benefits, income and proceeds thereof, as well as the Assigned Documents and all
related rights, benefits, income and proceeds thereof (all such assets, collectively, the “Collateral”). For the avoidance of doubt, the Collateral shall not include Excess Proceeds, and the Borrower does not hereby assign,
pledge or grant a security interest in any such amounts. 

  
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 SECTION 3.02. Security for Obligations. 

The security interest in the Collateral granted by the Borrower hereunder secures the payment in full of all the Obligations. 

SECTION 3.03. Delivery and Other Perfection. 

In furtherance of the collateral arrangements contemplated herein, the Borrower shall: 

(a)(i) on or prior to the date hereof, establish the Accounts in respect of the Collateral and the proceeds thereof in its name at the
Collateral Agent, and (ii) Deliver each item of Collateral to the Secured Party as Collateral hereunder on the date of its acquisition of such Collateral; and 

(b) if any of the Collateral pledged by the Borrower hereunder is from time to time received by or otherwise in the possession of the
Borrower, forthwith take such action as may be required to ensure the Secured Party’s continuing perfected first priority security interest in such Collateral. 

SECTION 3.04. Collateral Assignment of Agreements. 

The Borrower hereby collaterally assigns to the Secured Party, all of the Borrower’s right and title to and interest in, to and under
(but not any obligations under) the Master Purchase Agreement, each Qualifying Asset Loan Agreement related to each Qualifying Loan Asset, all other agreements, documents and instruments evidencing, securing or guarantying any Collateral and all
other agreements, documents and instruments related to any of the foregoing (the “Assigned Documents”). The parties hereto agree that such assignment to the Secured Party shall terminate on the Covenant Termination Date. 

SECTION 3.05. Investments in Eligible Investments; Purchase of Qualifying Loan Assets. 

(a) Cash on deposit in any Account may be invested at any time in Eligible Investments pursuant to the specific written investment direction
from the Borrower to the Secured Party (which direction may be a standing direction). 
 (b) In addition, so long as no Event of Default
exists, cash on deposit in any Account may be used to purchase Qualifying Loan Assets from the Seller in accordance with the Master 

  
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Purchase Agreement. Prior to any transfer of proceeds from the Accounts to the Seller to effect such a sale, the Borrower shall deliver to the Secured Party the executed Purchase and Sale
Agreement relating to such sale. 
 SECTION 3.06. Account Control Provisions. 

(a) Establishment of Accounts. 

(i) The Borrower hereby directs the Collateral Agent to establish, and the Collateral Agent hereby does establish, the
following non-interest bearing trust accounts (such accounts and sub-accounts and any successor accounts, the “Accounts”), each to be maintained by the Collateral Agent as a securities intermediary and to be held in trust in the name of
the Borrower for the benefit of the Secured Party: 
 (A) a securities account (account number OD0901.2) at the Collateral
Agent (the “Collection Account”), into which all amounts received with respect to the Collateral shall be deposited and from which certain amounts shall be distributed from time to time, each in accordance with this
Agreement; 
 (B) a securities account (account number OD0901.3) at the Collateral Agent (the “Reserve
Account”), into which the Draws and certain other amounts are funded from time to time and from which certain amounts shall be distributed from time to time, each in accordance this Agreement; and 

(C) a securities account (account number OD0901.4) at the Collateral Agent (the “Collateral Account”),
to which certain Collateral shall be credited from time to time (for purposes of UCC perfection). 
 (ii) The Collateral
Agent hereby confirms and agrees that: 
 (A) the Accounts shall be deemed to be “securities accounts” as defined
in Section 8-501(a) of the UCC; 
 (B) the Collateral Agent shall not change the name or account number of any Account
without prior written notice to each of the parties hereto; 
 (C) all securities or other property underlying any financial
assets credited to the Accounts in accordance with this Agreement shall be registered in the name of the Collateral Agent, indorsed to the Collateral Agent in blank or credited to another securities account maintained in the name of the Collateral
Agent and in no case will any financial asset credited to any Account be registered in the name of the Borrower, payable to the order of the Borrower or specially indorsed to the Borrower except to the extent the foregoing have been specially
indorsed to the Collateral Agent or in blank; 

  
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 (D) all property and payment delivered to the Collateral Agent pursuant to this
Agreement will be promptly credited to the appropriate Account; 
 (E) each Account is an account to which financial assets
are or may be credited, and the Collateral Agent shall, subject to the terms of this Agreement, treat the Borrower as entitled to exercise the rights that comprise any financial asset credited to the account; and 

(F) the Collateral Agent shall promptly deliver copies of all statements, confirmations and other correspondence concerning the
Accounts and/or any financial assets credited thereto simultaneously to each of the Borrower and the Secured Party (unless the Collateral Agent shall also be the Secured Party) at the address for each set forth in Section 9.02 of this
Agreement. 
 (b) “Financial Assets” Election. The Collateral Agent hereby agrees that each item of property (whether
investment property, financial asset, security, instrument or cash) credited to any Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC. 

(c) Entitlement Orders; Instructions. 

(i) Except as otherwise provided in this Section 3.06(d), the Collateral Agent will comply with entitlement orders
(as defined in Section 8-102(a)(8) of the UCC) originated by the Borrower without further consent by the Lenders. 

(ii) If at any time the Collateral Agent shall receive any order from the Required Lenders directing transfer or redemption of
any financial asset in any Account, the Collateral Agent shall comply (and the Borrower hereby authorizes the Collateral Agent to comply) with, and is fully entitled to rely upon, such entitlement order without further consent by the Borrower or any
other person. 
 (iii) If the Required Lenders notifies the Collateral Agent that the Secured Party will exercise exclusive
control over the Accounts (a “Notice of Exclusive Control”), the Collateral Agent, upon reasonable opportunity to act upon such notice, will (A) cease complying with entitlement orders or other directions concerning the
Accounts originated by the Borrower, and (B) cease distributing to the Borrower interest and other distributions on property in the Accounts, and (C) so long as there are sufficient funds on deposit in the Accounts, on the next Payment
Date begin to apply funds in the Accounts in accordance with Section 2.07 (rather than Section 2.06). 

(iv) With respect to cash credited to the Accounts, the Collateral Agent hereby agrees to comply (and the Borrower hereby
authorizes the Collateral Agent to comply) with 

  
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instructions (within the meaning of Section 8-102(a)(12) of the UCC) originated only by the Required Lenders directing disposition of the funds in such account without further consent by the
Borrower or any other person. The parties hereby agree that such instructions are set forth in Section 2.06 or 2.07, as applicable. 

(d) Subordination of Lien; Waiver of Set Off. 

(i) In the event that the Collateral Agent has or subsequently obtains by agreement, by operation of law or otherwise, a
security interest in any Account or any security entitlement credited thereto, the Collateral Agent hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party except for the amounts described in the
immediately succeeding paragraph. 
 (ii) The financial assets and other items deposited in or credited to any Account will
not be subject to deduction, set off, banker’s lien, or any other right in favor of any Person (except that the Collateral Agent may set off (A) all amounts due to the Collateral Agent in respect of its customary fees and expenses for the
routine maintenance and operation of each Account including overdraft fees, (B) the face amount of any checks which have been credited to any Account but are subsequently returned unpaid because of uncollected or insufficient funds,
(C) the amount of any overdraft in any of the Accounts, (D) the amount of any credit to any of the Accounts made in error, and (E) obligations and liabilities arising out of any cash management or deposit services provided by
Collateral Agent in connection with any of the Accounts). 
 (e) Choice of Law. Regardless of any other provision in this Agreement
or any other agreement, for purposes of the UCC, New York shall be deemed to be the Collateral Agent’s jurisdiction (within the meaning of Section 8-110 of the UCC), and the Accounts (as well as the security entitlements related thereto)
shall be governed by the laws of the State of New York. To the extent that any Account (into which cash is credited as set forth herein) is characterized as a “deposit account” (within the meaning of Section 9-102(a)(29) of the UCC),
New York shall be deemed to be the “bank’s jurisdiction” (within the meaning of Section 9-304(b) of the UCC). 
 (f)
Adverse Claims. As of the date hereof, except for the claims and interest of the Secured Party and of the Borrower in the Accounts, the Collateral Agent has not received notice of any claim to, or interest in, any Account or in any
“financial asset” (as defined in Section 8-102(a)(9) of the UCC) credited thereto. If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar
process) against any Account or in any financial asset carried therein, the Collateral Agent will promptly notify the Secured Party and the Borrower thereof of any such lien, encumbrance or adverse claim it receives actual notice of. 

  
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 (g) Representations, Warranties and Covenants. The Collateral Agent hereby makes the
following representations, warranties and covenants: 
 (i) The Collateral Agent is a “securities intermediary”
within the meaning of Section 8-102(a)(14) of the UCC; 
 (ii) The Accounts have been established as set forth in
Section 3.06(a) and will be maintained in the manner set forth herein until the Covenant Termination Date; and 

(iii) This Agreement is the legal, valid and binding obligation of the Collateral Agent. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01. Representations and Warranties of the Borrower. 

The Borrower hereby represents and warrants as follows: 

(a) The Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.

 (b) The execution, delivery and performance by the Borrower of each Transaction Document, and the consummation of the transactions
contemplated hereby and thereby, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Borrower’s Organizational Documents, or (ii) any law or
contractual restriction binding on or affecting the Borrower. 
 (c) No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery and performance by the Borrower of any Transaction Document, except for those authorizations, approvals, actions, notices
and filings which have been duly obtained, taken, given or made and are in full force and effect. 
 (d) Each Transaction Document (other
than the Notes) has been, and each of the Notes when delivered hereunder will have been, duly executed and delivered by the Borrower. This Agreement is, and each of the Notes when delivered hereunder will be, the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with their respective terms. 
 (e) The Borrower is not engaged in the
business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Draw will be used to purchase or
carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. 

  
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 (f) The Borrower is not required to register as an investment company under the Investment
Company Act of 1940, as amended. 
 SECTION 4.02. Representations and Warranties of each Lender. 

Each Lender represents and warrants to the Borrower on the Closing Date of its Commitment hereunder and upon its funding of each Draw under
such Commitment: 
 (a) The Lender is aware that its interest hereunder is subject to the transfer restrictions set forth in
Section 9.06. 
 (b) Neither the Lender, nor any of his, her or its Affiliates, nor any person acting on its or their behalf has
engaged, or will engage, in any form of general solicitation or general advertising in connection with its Commitment hereunder. 
 (c) The
Lender represents and warrants that it is investing hereunder for its own account, for investment and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or other applicable
securities laws. 
 (d) The Lender is an “accredited investor” as defined in Rule 501(a) of Regulation D under the
Securities Act, with full power and authority to perform its obligations under this Agreement. 
 SECTION 4.03. Acknowledgement. 

The Borrower and each of the Lenders agree that (a) the investment program offered hereby is intended to be a loan program rather than a
securities offering, (b) no securities are offered hereby, and (c) all provisions set forth in this Agreement contemplating compliance with securities laws are included only as a cautionary matter in case this investment program were to be
deemed to be a securities offering as a result of future changes in, or interpretation of, law. 
 ARTICLE V 

COVENANTS OF THE BORROWER 

SECTION 5.01. Affirmative Covenants. 

Until the Covenant Termination Date, the Borrower will: 

(a) Compliance with Laws, Etc. Comply in all material respects, with all applicable laws, rules, regulations and orders. 

  
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 (b) Payment of Taxes, Etc. Pay and discharge before the same shall become delinquent,
(i) all taxes, assessments and governmental charges or levies imposed upon it or upon its property and all lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that the Borrower shall not
be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom
attaches to its property and becomes enforceable against its other creditors. 
 (c) Preservation of Corporate Existence, Etc.
Preserve and maintain its corporate existence, rights and franchises. 
 (d) Visitation Rights. At any reasonable time and upon
reasonable notice, and from time to time, permit the Collateral Agent or any of the Lenders or any agents or representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of,
the Borrower, and to discuss the affairs, finances and accounts of the Borrower with any of their officers or directors and with their independent certified public accountants. 

(e) Keeping of Books. Keep proper books of record and account, in which full and correct entries shall be made of all financial
transactions and the assets and business of the Borrower in accordance with GAAP. 
 (f) Maintenance of Properties, Etc. Maintain and
preserve all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

(g) Compliance with Organizational Documents. The Borrower will observe all organizational procedures required by its Organizational
Documents and the laws of its jurisdiction of formation. Without limiting the foregoing, the Borrower will limit the scope of its business to: (i) the acquisition of Qualifying Loan Assets and Eligible Investments and the ownership and
management of Qualifying Loan Assets, Eligible Investments and the other assets constituting Collateral; (ii) the sale of Assets as and when permitted under the Transaction Documents; (iii) entering into and performing under the
Transaction Documents; (iv) exercising any rights or remedies in connection with the Assets and participating in the committees (official or otherwise) or other groups formed by creditors of an obligor to the extent that to provide or withhold
such consent would not conflict with the terms of this Agreement or any other Transaction Document; and (v) engaging in any activity and to exercise any powers permitted to limited liability companies under the laws of the State of Delaware
that are related to the foregoing and necessary, convenient or advisable to accomplish the foregoing. The Borrower will maintain its limited liability company existence in good standing under the laws of Delaware and will promptly obtain and
thereafter maintain qualifications to do business as a foreign limited liability company in any other state in which it does business and in which it is required to so qualify under applicable law. 

(h) Remittances. If the Borrower receives any payment relating to any Asset owned by it, the Borrower will remit such payment to the
Collection Account within two (2) Business Days of the Borrower’s receipt thereof. The Borrower shall cause the Seller, if the Seller receives any payment relating to any Asset owned by the Borrower, to remit such payment to the Collection
Account within two (2) Business Days of the Seller’s receipt thereof. 

  
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 SECTION 5.02. Negative Covenants. 

Until the Covenant Termination Date, the Borrower will not: 

(a) No Debt. Create, incur, assume or suffer to exist any Debt, except Debt incurred under the Transaction Documents. 

(b) No Liens. Create or suffer to exist, any Lien on or with respect to any of its properties, whether now owned or hereafter acquired
(other than any Lien created by the Transaction Documents), or assign any right to receive income other than pursuant to the Transaction Documents. 

(c) ERISA. 

(i) Permit any of the members of its ERISA Group to incur any liability or obligation with respect to a Plan; or 

(ii) take or omit to take any action which would result in (A) any of the Collateral being treated as “plan
assets” under Section 3(42) of ERISA, or (B) the occurrence of any Prohibited Transaction. 
 (d) Restrictions on Certain
Activities. Except as otherwise permitted by the Transaction Documents, the Borrower shall not: (i) guarantee any obligation of any Person, including any Affiliate; (ii) engage, directly or indirectly, in any business, other than the
actions required or permitted to be performed under the Transaction Documents; (iii) own or acquire any investment other than Assets, Eligible Investments, and Draws and the proceeds thereof; (iv) to the fullest extent permitted by law,
engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interests, other than such activities as are expressly permitted by the Transaction Documents; or (v) create, form or otherwise acquire any
Subsidiaries. 
 (e) Restrictions on Use of Collateral. The Borrower shall not transfer, assign, convey, grant, bargain, sell, set
over, deliver or otherwise dispose of, or pledge or hypothecate, directly or indirectly, any interest in the Collateral to any person other than the Collateral Agent for the benefit of the Lenders, or engage in financing transactions or similar
transactions with respect to any of the Collateral with any person other than the Lenders (other than in connection with the Subordinated Note), in each case so long as such Collateral is subject to this Agreement. 

(f) No Modification of Organizational Documents. The Borrower shall not modify in any material respect or terminate any of its
Organizational Documents. 

  
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 (g) No Amendment of Other Transaction Documents. The Borrower shall not amend any of the
other Transaction Documents without the consent of the Required Lenders. 
 (h) No Other Accounts. The Borrower shall not open or
maintain any deposit, security or any similar account other than the Accounts. 
 (i) Further Assurances. At any time from time to
time upon prior written request of the Collateral Agent, at the sole expense of the Borrower, the Borrower will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Collateral Agent may
reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement including the first priority security interest granted hereunder and of the rights and powers herein granted (including, among other things,
authorizing the filing of such Financing Statements under the UCC as the Collateral Agent may request). 
 ARTICLE VI 

REPORTING REQUIREMENTS 

SECTION 6.01. Reporting Requirements. 

Until the Covenant Termination Date, the Borrower will furnish to the Collateral Agent and the Lenders: 

(a) as soon as possible and in any event within five (5) days after the occurrence of any Default, a statement of an officer of the
Manager setting forth details of such Default and the action that the Manager, on behalf of the Borrower, has taken and proposes to take with respect thereto; 

(b) by no later than the fifth (5th) Business Day of each calendar month, a duly
completed and executed Borrowing Base Condition Report setting forth a calculation of the Borrowing Base Condition as of the immediately preceding Calculation Date; and 

(c) such other information respecting the Borrower as any Lender may from time to time reasonably request. 

ARTICLE VII 
 EVENTS
OF DEFAULT 
 SECTION 7.01. Events of Default. 

If any of the following events (each, an “Event of Default”) shall occur and be continuing: 

(a) the Borrower shall fail to pay any principal amount of any Draw when the same becomes due and payable, or the Borrower shall fail to pay
any interest on any Draw when the same becomes due and payable, in each case within five (5) Business Days after the same becomes due and payable; or 

  
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 (b) the Borrower shall generally not pay its debts as such debts become due, or shall admit in
writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall
remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee or other similar official
for, it or for any substantial part of its property) shall occur; or the Borrower shall take any corporate action to authorize any of the actions set forth above in this subsection (b); or 

(c) any representation or warranty made by the Borrower in connection with any Transaction Document shall prove to have been incorrect in any
material respect when made and such failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrower by the Collateral Agent or any Lender; or 

(d) the Borrower shall fail to perform or observe any other term, covenant or agreement contained in any Transaction Document on its part to
be performed or observed if such failure shall remain unremedied for thirty (30) days after written notice thereof shall have been given to the Borrower by the Collateral Agent or any Lender; or 

(e) the Borrower shall become an “investment company” required to be registered under the Investment Company Act of 1940, as
amended; or 
 (f) as of any Calculation Date, the sum of (i) the aggregate Market Value of all Eligible Investments owned by the
Borrower and pledged to the Collateral Agent on behalf of the Lenders, and (ii) the aggregate Market Value of all other Assets owned by the Borrower and pledged to the Collateral Agent on behalf of the Lenders, falls below an amount equal to
the product of (1) the Aggregate Outstanding Principal Balance, and (2) 105%, and such shortfall shall continue for sixty (60) consecutive days; 

then, and in any such event, (i) the obligation of each Lender to make Draws hereunder shall be automatically terminated, and (ii) the
Collateral Agent shall at the written direction of the Required Lenders, by notice to the Borrower, declare the Aggregate Outstanding Principal Balance, all interest thereon and all other amounts payable under this Agreement to be forthwith due and
payable, whereupon the Aggregate Outstanding Principal Balance, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby
expressly waived by the Borrower; provided, however, that in the event of the occurrence of an Event of Default described in clause (b) above, the Aggregate 

  
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Outstanding Principal Balance, all such interest and all such other amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all
of which are hereby expressly waived by the Borrower. Further, upon the occurrence of any such declaration, the parties hereto acknowledge that the Collateral Agent shall be deemed for all purposes of this Agreement to have received from the
Requested Lenders a Notice of Exclusive Control. 
 SECTION 7.02. Waiver. 

Any Event of Default may be waived only with the written consent of the Required Lenders. Upon the occurrence of an Event of Default, any
Lender may direct the Collateral Agent in writing to distribute (and the Collateral Agent hereby agrees to distribute upon receipt of such written direction) to all other Lenders a communication regarding such Event of Default, provided that,
with respect to each such Event of Default, each Lender shall be entitled to issue only one (1) such direction. 
 ARTICLE VIII

 APPOINTMENT OF COLLATERAL AGENT 

SECTION 8.01. Appointment and Authority. 

(a) Each of the Lenders hereby irrevocably appoints Deutsche Bank Trust Company Americas to act on its behalf as the Collateral Agent
hereunder and under the other Transaction Documents to which it is a party and hereby authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are expressly delegated to the Collateral Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article VIII are solely for the benefit of the Collateral Agent and the Lenders, and the Borrower shall have no rights as a
third party beneficiary of any of such provisions. 
 (b) Each of the Lenders hereby irrevocably appoints and authorizes the Collateral
Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by the Borrower to secure the Obligations, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 8.06 for purposes of holding or enforcing any Lien on the Collateral (or any
portion thereof) granted under the Transaction Documents, or for exercising any rights and remedies thereunder at the written direction of the Lenders), shall be entitled to the benefits of all provisions of this Article VIII as if set forth
in full herein with respect thereto. 

  
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 SECTION 8.02. Powers and Duties of the Collateral Agent. 

(a) No later than the eighth (8th) Business Day of each month, the Collateral Agent shall prepare and provide to each
Lender (with a copy to the Borrower) a report (a “Monthly Report”) (in each case for the immediately preceding Calculation Period) containing the following: 

(i) for such Lender, such Lender’s Outstanding Principal Balance as of the immediately preceding Payment Date; 

(ii) for such Lender, the amount of Accrued Interest due such Lender with respect to the immediately preceding Calculation
Period; 
 (iii) for such Lender, the amount of Reinvested Interest (if any) that was added to such Lender’s Outstanding
Principal Balance on the first day of such calendar month with respect to the immediately preceding Calculation Period; 

(iv) the Aggregate Outstanding Principal Balance as of the immediately preceding Calculation Date; 

(v) the aggregate amount of principal and interest collections received with respect to the Qualifying Loan Assets in the
immediately preceding Calculation Period; 
 (vi) the aggregate interest and principal amounts payable on the upcoming
Payment Date to all Lenders; 
 (vii) the balance in each Account as of the immediately preceding Calculation Date; 

(viii) the cumulative amount of each Draw funded during the immediately preceding month and the remaining current Commitments
as of such date; and 
 (ix) whether the Collateral Agent has knowledge or has been given notice of any Default or an Event
of Default then existing. 
 (b) Each Monthly Report will also attach as an exhibit a copy of the latest Borrowing Base Condition Report
distributed by the Borrower. 
 If, in performing its duties under this Agreement, the Collateral Agent is required to decide between
alternative courses of action, the Collateral Agent may request written instructions, upon which it can conclusively rely and be fully protected in so doing, from the Borrower as to the course of action desired by it. If the Collateral Agent does
not receive such instructions within two (2) Business Days after it has requested them, it may, but shall be under no duty to, act; and the Collateral Agent shall be fully protected for such action or inaction, take or refrain from taking such
action. The Collateral Agent shall act in accordance with instructions received after such two-Business Day period except to the extent it has already taken, or committed itself to take, action 

  
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inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent accountants in performing its duties hereunder and shall be
deemed to have acted in good faith if it acts in accordance with such advice. 
 Nothing herein shall prevent the Collateral Agent or any of
its Affiliates from engaging in other businesses or from rendering services of any kind to any Person. 
 SECTION 8.03. Exculpatory
Provisions. 
 Notwithstanding any provision to the contrary elsewhere in this Agreement or any other Transaction Document: 

(a) The Collateral Agent shall not have any duties, obligations or responsibilities, except those expressly set forth in this Agreement or
such other Transaction Documents to which it is a party, and no implied covenants, functions or responsibilities shall be read into this Agreement or other Transaction Documents or otherwise exist against the Collateral Agent. Without limiting the
generality of the foregoing, the Collateral Agent: 
 (i) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing; 
 (ii) shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Transaction Documents to which it is a party that the Collateral Agent is required to exercise as directed in writing
by the Required Lenders, provided that the Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Collateral Agent to liability or that is contrary to any Transaction Document or
applicable law; and 
 (iii) shall not, except as expressly set forth herein and in the other Transaction Documents to which
it is a party, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Collateral Agent or any
of its Affiliates in any capacity. 
 (b) The Collateral Agent shall not be liable for any action taken or not taken by it (i) with the
consent or at the direction or request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Collateral Agent shall believe in good faith shall be necessary, under the circumstances as provided
in Sections 9.01) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction, no longer subject to appeal or review. 

  
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 (c) The Collateral Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Transaction Document, (ii) the contents of any notice, request, certificate, opinion, direction, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any other
agreement, instrument or document, or the perfection or priority of any Lien or security interest created or purported to be created by the Transaction Documents, or (v) the satisfaction of any Draw Condition Precedent, other than to confirm
receipt of items expressly required to be delivered to the Collateral Agent. 
 (d) The Collateral Agent shall not be deemed to have actual,
constructive, direct or indirect knowledge or notice of the occurrence of any Default unless and until the Collateral Agent has received a written notice or a certificate from the Borrower or a Lender stating that a Default has occurred. The
Collateral Agent shall have no obligation whatsoever either prior to or after receiving such notice or certificate to inquire whether a Default has in fact occurred and shall be entitled to rely conclusively, and shall be fully protected in so
relying, on any notice or certificate so furnished to it. 
 (e) The Collateral Agent shall have no obligation to invest and reinvest any
cash held in the Accounts or any other moneys held by the Collateral Agent pursuant to this Agreement in the absence of timely and specific written investment direction from the Borrower. In no event shall the Collateral Agent be liable for the
selection of investments or for investment losses incurred thereon. The Collateral Agent shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the
Borrower to provide timely written investment direction. 
 (f) The Collateral Agent shall have no duty or obligation to obtain, preserve or
monitor the perfection, continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral or to prepare or file any UCC financing statement or continuation statement or to determine the adequacy of
any such statement prepared by the Borrower. 
 (g) None of the provisions of this Agreement shall require the Collateral Agent to expend or
risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of
such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (h) In no event shall the
Collateral Agent be liable for such special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or
damage and regardless of the form of action. 

  
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 (i) If the Collateral Agent shall be uncertain as to its duties or rights hereunder or shall
receive instructions from any of the parties hereto pursuant to this Agreement which, in the reasonable opinion of the Collateral Agent, are in conflict with any of the provisions of this Agreement, the Collateral Agent shall be entitled (without
incurring any liability therefor to the Borrower or any other Person) to (i) consult with outside counsel of its choosing and act or refrain from acting based on the advice of such counsel and (ii) refrain from taking any action until it
shall be directed otherwise in writing by all of the parties hereto or by final order of a court of competent jurisdiction. 
 (j) The
Collateral Agent shall be under no duty to institute or defend any proceeding unless the Collateral Agent has been furnished with an indemnity satisfactory to it and the subject of such proceeding is part of its duties under this Agreement. 

(k) The Collateral Agent shall incur no liability nor be responsible to the Borrower or any other Person for delays or failures in performance
resulting from acts beyond its control that significantly and adversely affect the Collateral Agent’s ability to perform with respect to this Agreement. Such acts shall include, but not be limited to, acts of God, strikes, work stoppages, acts
of terrorism, civil or military disturbances, nuclear or natural catastrophes, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility. 

(l) Any corporation into which the Collateral Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion, or consolidation to which the Collateral Agent shall be a party, or any corporation succeeding to the business of the Collateral Agent shall be the successor of the Collateral Agent hereunder without the
execution or filing of any paper with the Collateral Agent hereto or any further act on the part of any of the Collateral Agent hereto except where an instrument of transfer or assignment is required by law to effect such succession. 

(m) The Collateral Agent shall have no liability or responsibility for the acts or omissions of any other party to any of Transaction
Documents. 
 (n) The Collateral Agent shall have no duty or obligation to obtain or solicit any of the Collateral or any of the funds to be
deposited in any of the Accounts and shall have a duty only to accept such Collateral or funds delivered to it in accordance with this Agreement. 

(o) The Collateral Agent shall not be liable for any error of judgment made in good faith by an officer or officers of the Collateral Agent,
unless it shall be conclusively determined by a court of competent jurisdiction, no longer subject to appeal or review, that the Collateral Agent was grossly negligent in ascertaining the pertinent facts. 

(p) The Secured Party shall be afforded all of the rights, protections, privileges, indemnities, immunities and standard of care afforded to
the Collateral Agent hereunder. 

  
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 SECTION 8.04. Representations and Warranties of the Collateral Agent. 

The Collateral Agent represents and warrants to the Borrower and the Lenders as follows: 

(a) The Collateral Agent is a New York banking corporation duly organized and validly existing under the laws of the State of New York and has
full corporate power and authority to execute, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof, the execution,
delivery and performance of this Agreement and all obligations required hereunder. This Agreement constitutes the legally valid and binding obligations of the Collateral Agent enforceable against the Collateral Agent in accordance with its terms
subject, as to enforcement, (i) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar
event applicable to the Collateral Agent and (ii) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity). 

(b) The execution, delivery and performance of this Agreement and the documents and instruments required hereunder will not violate any
provision of the Articles of Association or by-laws of the Collateral Agent. 
 SECTION 8.05. Reliance by Collateral Agent. 

The Collateral Agent shall be entitled to conclusively rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, opinion, direction, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. The Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Draw that by its terms must be fulfilled to the satisfaction of a Lender, the Collateral Agent may presume that such condition is satisfactory to such Lender unless the
Collateral Agent shall have received written notice to the contrary from such Lender prior to the making of such Loan. The Collateral Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 8.06. Delegation of Duties. 

The Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction
Document by or through any one or more sub-agents (which shall include but shall not be limited to agents, attorneys, custodians, nominees or attorneys-

  
 -35- 

 
in-fact) appointed by the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. Any such sub-agent and the Related Parties of the Collateral Agent shall be afforded the same rights, obligations and protections applicable to the Collateral Agent. The Collateral Agent shall not be responsible for the actions or
non-actions of any such sub-agent or Related Party selected by it with due care and in good faith. The Borrower shall be an express third-party beneficiary of, and shall be entitled to enforce as if a party thereto, any agreement entered into
between the Collateral Agent and any such sub-agent or Related Party pursuant to this Section 8.06 (and the Collateral Agent shall cause each such agreement to expressly so provide). 

SECTION 8.07. Resignation or Replacement of Collateral Agent. 

The Collateral Agent may at any time give notice of its resignation to the Lenders and the Borrower. Further, the Borrower and the Required
Lenders may at any time by notice to the Collateral Agent, remove the Collateral Agent. Upon receipt of any such notice of resignation or removal, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Collateral Agent gives notice of its resignation or receives notice of its removal, as the case may be, then the retiring or removed Collateral Agent may petition any court of competent jurisdiction to appoint a
successor. Upon the appointment of a successor, Collateral Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Collateral Agent,
and the retiring or removed Collateral Agent shall be discharged from all of its duties, responsibilities and obligations hereunder and under the other Transaction Documents (if not already discharged therefrom as provided above in this Section) and
(ii) and following payment in full of all amounts due and owing to the retiring or removed Collateral Agent hereunder the retiring or removed Collateral Agent shall transfer to the successor, at the expense of the Borrower, all Collateral held
by it hereunder. The fees payable by the Borrower to a successor Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Collateral
Agent’s resignation or removal hereunder and under the other Transaction Documents, the provisions of this Article VIII and Section 9.04 shall continue in effect for the benefit of such retiring or removed Collateral Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Collateral Agent was acting as Collateral Agent. 

SECTION 8.08. Non-Reliance on Collateral Agent and Other Lenders. 

Each Lender acknowledges that it has, independently and without reliance upon the Collateral Agent or any other Lender or any of their Related
Parties and based on such documents 

  
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and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Collateral Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Transaction Document or any related agreement or any document furnished hereunder or thereunder. 

SECTION 8.09. Collateral Agent May File Proofs of Claim. 

(a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Borrower, the Collateral Agent (irrespective of whether the principal of any Draw shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Collateral
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the aggregate Unpaid Principal Balance owing and unpaid and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders allowed in such judicial proceeding; and 

(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender to make such payments to the Collateral Agent and, in the event that the Collateral Agent shall consent to the making of such payments directly to the Lenders, to pay to the Collateral Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Collateral Agent and its agents and counsel. 
 (b) Nothing contained herein shall
be deemed to authorize the Collateral Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize the Collateral Agent to vote in respect of the claim of any Lender in any such proceeding. 
 SECTION 8.10. Collateral and
Guaranty Matters. 
 (a) The Lenders irrevocably authorize and hereby direct the Collateral Agent to automatically release any Lien on
any property granted to or held by the Collateral Agent under any Transaction Document (i) upon the occurrence of the Covenant Termination Date, (ii) that is sold or 

  
 -37- 

 
to be sold as part of or in connection with any sale permitted hereunder or under any other Transaction Document, or (iii) if approved, authorized or ratified in writing in accordance with
Section 9.01 hereof. 
 (b) Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the
Collateral Agent’s authority to release its interest in particular types or items of property pursuant to this Section 8.10. In each case as specified in this Section 8.10, the Collateral Agent will, at the
Borrower’s expense, execute and deliver to the Borrower such documents as the Borrower may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under this Agreement in
accordance with the terms of this Agreement and this Section 8.10. 
 SECTION 8.11. Extension of Rights. 

The Collateral Agent shall have under all other Transaction Documents to which it is party the same rights, privileges, protections,
indemnities, immunities and standard of care that are afforded to it under this Agreement. 
 ARTICLE IX 

MISCELLANEOUS 
 SECTION
9.01. Amendments, Etc. 
 No amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by the
Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: (a) waive any Draw Condition Precedent; (b) increase the Commitments of the Lenders
(provided, that the Commitment of any one Lender may be increased with the consent of such Lender); (c) reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder; (d) postpone any date fixed
for any payment of principal of, or interest on, the Draws or any fees or other amounts payable hereunder; (e) as described in Section 7.02, waive any Event of Default; (f) change the percentage of the Commitments or of the Aggregate
Outstanding Principal Balance, or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder; (g) release any material portion of any Collateral held to secure the obligations of the Borrower under
the Transaction Documents (except as expressly provided for herein or in the other Transaction Documents); or (h) amend this Section 9.01; and provided further that no amendment, waiver or consent shall, unless in writing and signed by the
Collateral Agent in addition to the Lenders required above to take such action, affect the rights, protections, privileges, indemnities, immunities, standard of care or duties of the Collateral Agent under any Transaction Document. Notwithstanding
the foregoing, any Subsequent Draw-Down Period with respect to any on Subsequent Lender may be amended with the consent of such Subsequent Lender. 

  
 -38- 

 SECTION 9.02. Notices, Etc. 

All notices, directions, requests and other communications provided for hereunder shall be in writing (including telecopier, telegraphic,
telex or e-mail communication) and mailed, telecopied, telegraphed, telexed, delivered or e-mailed, if to the Borrower, at its address at c/o On Deck Capital, Inc., 155 East 56th Street, 4th Floor, New York, NY 10022, Attention: Noah Breslow (e-mail: nbreslow@ondeckcapital.com); if to any Lender, at the address set forth in its Commitment Form; and if to the Collateral Agent, at its
address at Louis Bodi, Alternative and Structured Finance Services, Trust & Securities Services, Deutsche Bank Trust Company Americas, 60 Wall Street, 26th Floor – MS NYC 602606, New
York, New York 10005; or, as to the Borrower or the Collateral Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address as shall be designated by
such party in a written notice to the Borrower and the Collateral Agent. All such notices and communications shall, when mailed, telecopied, telegraphed, telexed or e-mailed, be effective when deposited in the mails, telecopied, delivered to the
telegraph company, confirmed by telex answerback or sent by e-mail (provided no notice is received by the e-mail sender within one (1) hour thereafter indicating that such e-mail was undeliverable or otherwise not delivered), as applicable.
Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of a manually executed counterpart
thereof. 
 SECTION 9.03. No Waiver; Remedies. 

No failure on the part of any Lender or the Collateral Agent to exercise, and no delay in exercising, any right hereunder or under any other
Transaction Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 9.04. Fees, Costs, Expenses & Indemnities. 

(a) The Borrower covenants and agrees to pay in accordance with Section 2.06 or 2.07 hereof, as applicable, and the Collateral Agent
shall be entitled to receive, as compensation for the Collateral Agent’s services, the amounts set forth in a separate agreement between the Borrower and the Collateral Agent (such amounts, the “Collateral Agent Fee”).
The Borrower further covenants and agrees to pay on demand all costs and expenses of the Collateral Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Agreement and the other Transaction
Documents to be delivered hereunder, including, without limitation, the reasonable fees and expenses of counsel, agents, accountants and experts for the Collateral Agent 

  
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with respect thereto and with respect to advising the Collateral Agent as to its rights and responsibilities under the Transaction Documents. The Borrower further agrees to pay on demand all
costs and expenses of the Collateral Agent, if any (including, without limitation, reasonable fees, expenses, disbursements and advances of its agents, counsel, accountants and experts and any costs of collection), in connection with the enforcement
(whether through negotiations, legal proceedings or otherwise) of this Agreement and the other Transaction Documents to be delivered hereunder, including, without limitation, reasonable fees and expenses of counsel for the Collateral Agent and the
Lenders, respectively, in connection with the enforcement of rights under this Section 9.04(a). 
 (b) The
Borrower agrees to indemnify, defend and hold harmless the Collateral Agent and each of its Affiliates and their respective officers, directors, employees, shareholders, representatives, agents and advisors (each, an “Indemnified
Party”) from and against any and all claims, damages, losses, liabilities , obligations, penalties, causes of action, demands, judgments, suits, costs, disbursements and expenses of any kind or nature whatsoever (including, without
limitation, reasonable fees and expenses of counsel) that may be imposed on, incurred by or asserted or awarded against any Indemnified Party, in any way relating to or arising directly or indirectly out of or in connection with or by reason of
(including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) the Transaction Documents, (ii) any action taken or not taken by any Indemnified Party
pursuant to the Transaction Documents or otherwise incurred in connection with the transactions contemplated therein, or (iii) the actual or proposed use of the proceeds of the Draws, except, in each case, to the extent such claim, damage,
loss, liability, obligations, penalties, causes of action, demands, judgments, suits, costs, disbursements or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by the Borrower, its directors, equityholders or creditors or an Indemnified Party or any other Person, whether or not any Indemnified Party is otherwise a party thereto and whether or not the
transactions contemplated hereby are consummated. 
 (c) Without prejudice to the survival of any other agreement of the
Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 9.04 and in Article VIII and of the Lenders contained in this Section 9.04, shall survive the payment in full of the
Obligations, the Collateral Agent Expenses and the Collateral Agent Fees, the Covenant Termination Date, the termination and discharge of this Agreement or the earlier resignation or removal of the Collateral Agent. 

(d) Each Lender agrees to indemnify the Collateral Agent and each of its Affiliates, and each of their respective directors, officers,
employees, agents and advisors (to the extent not reimbursed by the Borrower), from and against such Lender’s ratable share of the Aggregate Outstanding Principal Balance of any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements (including reasonable fees, expenses, and disbursements of financial and legal advisors) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against, the
Collateral Agent or any of its Affiliates, directors, 

  
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officers, employees agents and advisors in any way relating to or arising out of this Agreement or the other Transaction Documents or any action taken or omitted by the Collateral Agent under
this Agreement or the other Transaction Documents; provided, however, that no Lender shall be liable to the Collateral Agent and any of its Affiliates, and any of their respective directors, officers, employees, agents and advisors for
any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Collateral Agent’s, Affiliates’, directors’, officers’, employees’,
agents’ or advisors’ gross negligence or willful misconduct. Without limiting the foregoing, each Lender agrees to reimburse the Collateral Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including
reasonable fees, expenses and disbursements of financial and legal advisors) incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of its rights or responsibilities under, this Agreement or other Transaction Documents, to the extent that the Collateral Agent is not reimbursed for such expenses by the
Borrower. 
 SECTION 9.05. Binding Effect. 

This Agreement shall become effective when it shall have been executed by the Borrower and the Collateral Agent and when the Collateral Agent
shall have received executed Initial Commitment Forms from each Initial Lender, and thereafter shall be binding upon and inure to the benefit of the Borrower, the Collateral Agent and each Initial Lender and their respective successors and assigns.
This Agreement shall also be binding upon and inure to the benefit of each Subsequent Lender and its respective successors and assigns when the Collateral Agent shall have received an executed Subsequent Commitment Form from such Subsequent Lender.

 SECTION 9.06. Assignment; Register. 

(a) The Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written unanimous consent of
the Lenders. No Lender shall have the right to assign its rights hereunder or under the Notes or any interest herein or under the Notes except to an Eligible Person and pursuant to a form of assignment and assumption agreement reasonably acceptable
to the Borrower and the Collateral Agent. 
 (b) The Collateral Agent shall maintain at its address referred to in Section 9.02
a register for the recordation of the names and addresses of the Lenders and the Commitment of, and the Outstanding Principal Balance owing to, each Lender from time to time (the “Register”). The entries in the Register shall
be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Collateral Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. 

  
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 (c) Upon two (2) Business Days’ prior written notice to the Collateral Agent, the
Borrower and each Lender shall be permitted during normal business hours, and at their own expense, to examine and make copies of the Register in the possession of or under the control of the Collateral Agent relating to this Agreement;
provided, however, that (i) such examination shall not interfere with the Collateral Agent’s performance of its normal business and operations, and (ii) the Borrower and each Lender shall comply with all bank rules and
regulations while on the premises of the Collateral Agent, and if requested by the Collateral Agent, shall provide all reasonably requested documentation pertaining to the individuals who will be on such premises. 

(d) Notwithstanding any other provision set forth in this Agreement, no Lender may pledge, grant a security interest in or otherwise encumber
all or any portion of its rights under this Agreement in favor of any Person without the prior written consent of the Borrower. 
 SECTION
9.07. Bankruptcy Non-Petition and Limited Recourse. 
 Notwithstanding any other provision of this Agreement, neither the Collateral
Agent nor any Lender may, prior to the date which is two years and one day (or, if longer, any applicable preference period plus one day) after the payment in full of all the Draws, institute against, or join any other Person in instituting against,
the Borrower either any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws; provided, however, that nothing in
this Agreement by the Collateral Agent, the Lenders or the Borrower (a) shall preclude, or be deemed to estop, the Collateral Agent or the Lenders (i) from taking any action prior to the expiration of the applicable preference period in
(A) any case or proceeding voluntarily filed or commenced by the Borrower or (B) any involuntary insolvency proceeding filed or commenced against the Borrower by a Person other than the Collateral Agent or any Lender, (ii) from
commencing against the Borrower or any properties of the Borrower any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding, or (iii) from otherwise participating in such
proceeding commenced by any other Person. The Borrower’s obligations hereunder will be solely the corporate obligations of the Borrower, and neither the Collateral Agent nor any Lender will have any recourse to any of the directors, officers,
employees, shareholders, members, governors or Affiliates of the Borrower with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions contemplated hereby. The Obligations shall be
limited to the net proceeds of the Collateral (if any), and following realization of the Collateral and its application in accordance with this Agreement, any outstanding Obligations, and any claims in respect thereof, shall be extinguished and
shall not thereafter revive. The provisions of this Section 9.07 shall survive the termination of this Agreement. 

  
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 SECTION 9.08. Confidentiality.

Neither the Collateral Agent nor any Lender shall disclose any Confidential Information to any other Person without the prior written consent
of the Borrower, other than (a) to the Collateral Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors, and then only on a confidential basis, (b) as required by any statute, law, rule
or regulation or judicial process, or (c) with respect to the Collateral Agent only, (i) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Collateral Agent’s business
or that of its affiliates, (ii) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Collateral Agent or an affiliate or an officer,
director, employer or shareholder thereof is a party, (iii) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by this Agreement approved in advance by
the Borrower or (iv) independent or internal auditor, agent, employee or attorney of the Collateral Agent having a need to know the same, provided that the Collateral Agent advises such recipient of the confidential nature of the information
being disclosed. 
 SECTION 9.09. Governing Law.

This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 9.10. Execution in 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 taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 SECTION 9.11. Jurisdiction, Etc. 

(a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the Notes, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to
the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction. 

  
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 (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any New York State or federal court. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

SECTION 9.12. Waiver of Jury Trial. 

Each of the Borrower, the Collateral Agent and the Lenders hereby irrevocably waives all right to trial by jury in any action, proceeding or
counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Notes or the actions of the Collateral Agent or any Lender in the negotiation, administration, performance or enforcement thereof. 

SECTION 9.13. Conflict. 

In the event that any of the terms and provisions of any other agreement between any of the parties hereto conflict or are inconsistent with
any of the terms and provisions of this Agreement, the terms and provisions of this Agreement shall govern and control in all respects. 

SECTION 9.14. Severability. 

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this
Agreement. 
 SECTION 9.15. Headings. 

Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part
of this Agreement for any other purpose or be given any substantive effect. 

  
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 SECTION 9.16. Electronic Communications.

Excluding all documents for which a signature is expressly requested and unless otherwise provided herein, communications may be via e-mail,
provided that if communication by e-mail is required under this Agreement, but is not available for any reason, any other suitable means of written communication providing for same or next day delivery shall be used in lieu thereof, including, but
not limited to, by facsimile transmission or personal delivery. 
 SECTION 9.17. Further Assurances. 

Each of the parties hereby agree to do and perform, from time to time, any and all acts and to execute any and all further instruments
required or reasonably requested by the other party hereto in order to more fully effect the purposes of this Agreement. 
 SECTION 9.18.
Merger and Integration. 
 This Agreement and the other Transaction Documents set forth the entire understanding of the parties
relating to the subject matter hereof and thereof, and all prior understandings, written or oral, are superseded by this Agreement and the other Transaction Documents. 

SECTION 9.19. Compliance with Applicable Anti-Terrorism and Money Laundering Regulations. 

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Collateral Agent is required to obtain, verify and record certain information relating to individuals and entities
which maintain a business relationship with the Collateral Agent. Accordingly, each of the parties agree to provide to the Collateral Agent, upon its request from time to time such identifying information and documentation as may be available for
such party in order to enable the Collateral Agent to comply with Applicable Law. 

  
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 SUBSEQUENT LENDER COMMITMENT FORM 

 

	To:	SMALL BUSINESS ASSET FUND 2009 LLC 

	 	c/o On Deck Capital, Inc. 

	 	1400 Broadway, 25th Floor 

	 	New York, NY 10018 

 [DATE] 

Reference is hereby made to the Second Amended and Restated Loan and Security Agreement (as amended, supplemented, restated or otherwise modified from time to
time, the “Agreement”), dated March 21, 2011 and effective for all purposes as of April 24, 2009, by and among Small Business Asset Fund 2009 LLC, a Delaware limited liability company (the “Borrower”),
each Lender (as defined therein) that is a party thereto from time to time, and Deutsche Bank Trust Company Americas, as the “Collateral Agent” therein. Capitalized terms used but not defined herein shall have the respective
meanings assigned to them in the Agreement. 
 Pursuant to Section 2.02 of the Agreement, the undersigned (the “Lender”)
hereby agrees, subject to the terms and conditions set forth in the Agreement, to fund Draws to the Borrower from time to time during the period from the date hereof until the Subsequent Draw-Down Period End Date (as described below) to occur
hereafter in an aggregate amount not to exceed the Commitment amount set forth below alongside the signature of the Lender. 
 For purposes of the
Agreement, the Lender acknowledges and agrees that the Subsequent Draw-Down Period End Date shall be [DATE]. 
 The Lender hereby elects to receive payments
of Accrued Interest on each Payment Date. For purposes of the Agreement, the Lender acknowledges and agrees that the Scheduled Amortization Start Date shall be [DATE] and the Subsequent Closing date shall be [DATE]. 

For purposes of the Agreement, and notwithstanding anything to the contrary, the Lender acknowledges and agrees that the Designated Rate applicable to any
Draws advanced pursuant to the Agreement shall be      percent (    %) per annum. 
 By its signature
hereto, the Lender hereby (a) agrees to the terms and conditions set forth in the Agreement and agrees to all of the rights and obligations set forth therein, and (b) makes to the Borrower, as of the date hereof, each representation and warranty set
forth in Section 4.02 of the Agreement. 
 This Subsequent Commitment Form is intended to be read and construed in conjunction with the Agreement.
Accordingly, pursuant to the terms and conditions of this Subsequent Commitment Form and the Agreement, it is hereby agreed that the execution by the Lender of this Subsequent Commitment Form shall constitute an agreement to be bound by the terms
and conditions hereof and the terms and conditions of the Agreement, with the same effect as if each of such separate but related agreements were separately signed. Lender agrees that pursuant to Section 9.18 of the Agreement, this Subsequent
Commitment Form shall be deemed to be a Transaction Document and shall form a part of the Agreement. By its signature hereto, the Lender acknowledges and agrees that (a) the Collateral Agent may conclusively rely on (and shall be entitled to) the
benefits of the Lender’s representations, warranties and agreements made 

 
herein and in the Agreement and (b) notwithstanding anything to the contrary, On Deck shall have the exclusive right to determine, in its sole discretion, what assets shall be sold to Borrower
pursuant to the Master Purchase Agreement, with no obligation, fiduciary or otherwise, to Lender, regardless of the impact of such selection process on Lender or Borrower. 

IN WITNESS WHEREOF, the undersigned has executed this Subsequent Lender Commitment Form on the date indicated above with the intent of being bound to the
terms hereof. 
  

							
		 	[LENDER]
			
	Commitment: $[AMOUNT]	 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
		
		 	Address for notices pursuant to Section 9.02:
		
		 	[ADDRESS]
		
		 	Agreed and Accepted:
		
		 	SMALL BUSINESS ASSET FUND 2009 LLC
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 January 10, 2014 

Deutsche Bank Trust Company Americas 
 60 Wall Street 

26th Floor – MS NYC 60-2606 
 New York, New York 10005 

Each Lender a signatory hereto 
 The Seller under the Master
Purchase Agreement described below 
  

	 	Re:	Omnibus Amendment 

 Ladies and Gentlemen: 

Reference is made to that certain: 
  

	 	a.	Second Amended and Restated Loan and Security Agreement, dated as of March 21, 2011 (as amended, modified or supplemented from time to time, the “Loan Agreement”), by and among Small
Business Asset Fund 2009 LLC, a Delaware limited liability company (the “Borrower”), each Lender party thereto from time to time, and Deutsche Bank Trust Company Americas, a New York banking corporation, as collateral agent
(the “Collateral Agent); 

  

	 	b.	Master Purchase Agreement, dated as of April 24, 2009 (as amended, modified or supplemented from time to time, the “Master Purchase Agreement”), by and among the Borrower, as the
“Purchaser” thereunder, and On Deck Capital, Inc. (“On Deck”), as the “Seller” thereunder (the “Seller”); and 

 

	 	c.	Commercial Loan Servicing Agreement, dated as of April 24, 2009 (as amended, modified or supplemented from time to time, the “Servicing Agreement,” and together with the Loan Agreement and
the Master Purchase Agreement, the “Agreements”), by and among the Borrower, as the “Owner” thereunder, and On Deck, as the “Servicer” thereunder (the “Servicer”).

 The Borrower has requested that certain provisions of the Loan Agreement be amended and the undersigned Lenders (with such Lenders
constituting the “Required Lenders” for purposes of the Loan Agreement) and the Collateral Agent have agreed to such amendment, on the terms and subject to the conditions contained herein. The Borrower and the Seller have agreed that
certain provisions of the Master Purchase Agreement shall be amended on the terms and subject to the conditions contained herein. The Borrower and the Servicer have agreed that certain provisions of the Servicing Agreement shall be amended on the
terms and subject to the conditions contained herein. 
 All capitalized terms used herein but not defined shall have the respective
meanings assigned to such terms in the Loan Agreement. 

 The following amendments are hereby approved: 

 

							
		 	Section	 	1.	 	Amendment to the Loan Agreement. From and after the date first set forth above, the Loan Agreement is hereby amended as follows:
				
		 		 	a.	 	The definition of “Master Purchase Agreement” set forth in Section 1.01 of the Loan Agreement is hereby deleted and replaced with the following definition:
				
		 		 		 	“Master Purchase Agreement” means that certain Master Purchase Agreement, dated as of April 24, 2009, between On Deck, as the seller thereunder, and the Borrower, as the purchaser thereunder, as such
agreement may be amended, modified, or supplemented from time to time.
				
		 		 	b.	 	The definition of “Qualifying Asset Loan Agreement” set forth in Section 1.01 of the Loan Agreement is hereby deleted and replaced with the following definition:
				
		 		 		 	“Qualifying Asset Loan Agreement” means a Qualifying Loan Asset Agreement as defined in the Master Purchase Agreement.
				
		 		 	c.	 	The definition of “Servicing Agreement” set forth in Section 1.01 of the Loan Agreement is hereby deleted and replaced with the following definition:
				
		 		 		 	“Servicing Agreement” means that certain Commercial Loan Servicing Agreement, dated as of April 24, 2009, between On Deck, as the servicer thereunder, and the Borrower, as the owner thereunder, as
such agreement may be amended, modified, or supplemented from time to time.
				
		 	Section	 	2.	 	Amendment to the Master Purchase Agreement. From and after the date first set forth above, the Master Purchase Agreement is hereby amended as follows:
				
		 		 	a.	 	The definition of “Asset” set forth in Section 1.2 of the Master Purchase Agreement is hereby deleted and replaced with the following definition:
				
		 		 		 	“Asset” means a (a) small business term loan, or (b) fully funded participation in a line of credit or revolving loan, in each case that is originated from time to time by the Seller pursuant to
a Qualifying Asset Loan Agreement.
				
		 		 	b.	 	The definition of “Qualifying Loan Asset File” set forth in Section 1.2 of the Master Purchase Agreement is hereby deleted and replaced with the following definition:
				
		 		 		 	“Qualifying Loan Asset File” means, with respect to each Qualifying Loan Asset, a file containing the Qualifying Loan Asset Agreement for such Qualifying Loan Asset, any Financing Statement filed on the
Obligor thereunder, and with respect to any Asset described in clause (b) of the definition thereof, a copy of any participation agreement (or schedules to any master participation agreement, as applicable) evidencing and describing the
participation sold to the Purchaser.

							
				
		 		 	c.	 	The definition of “Qualifying Loan Asset Agreement” set forth in Section 1.2 of the Master Purchase Agreement is hereby deleted and replaced with the following definition:
				
		 		 		 	“Qualifying Loan Asset Agreement” means (a) with respect to any Asset described in clause (a) of the definition thereof, an On Deck Capital Business Loan and Security Agreement, and (b) with
respect to any Asset described in clause (b) of the definition thereof, an On Deck Capital Business Revolving Loan and Security Agreement, or in each case any successor form thereto as in effect from time to time.
				
		 	Section	 	3.	 	Amendment to the Servicing Agreement. From and after the date first set forth above, the Servicing Agreement is hereby amended as follows:
				
		 		 	a.	 	Section 2(d) of the Servicing Agreement is hereby deleted and replaced with the following:
				
		 		 		 	“(d) Upon payment in full of any Asset (other than a funded participation where obligations of the underlying Obligor under the applicable Qualifying Asset Loan Agreement remain), or otherwise in accordance with the
Servicer’s customary policies, the Servicer shall take all necessary action to release the applicable lien.”
				
		 		 	b.	 	The last sentence of Section 2 of the Servicing Agreement is hereby deleted and replaced with the following:
				
		 		 		 	“Notwithstanding the foregoing, (i) the Servicer acknowledges and agrees that the Servicer shall have no ownership rights in and to the Assets or any Servicing Collateral, and (ii) as to any Asset that is a
participation in a line of credit or revolving loan and other than as may be expressly provided in any participation agreement related thereto, the Servicer’s obligations in respect of such Asset shall be limited to those activities consistent
with the Owner’s participation in such Asset (and Owner acknowledges and agrees that the Servicer shall not be required to preform any duties specified in this Section 2 to the extent the performance of such duties would be inconsistent
with the Owner’s participation in (rather than outright ownership of) such Asset).
				
		 		 	c.	 	Exhibit C of the Servicing Agreement is hereby amended by deleting item “1.” therein and replacing it with the following:
				
		 		 		 	“1. The applicable Qualifying Asset Loan Agreement, together with any assignment executed by the Seller in favor of the Owner, and if applicable, a copy of any participation agreement (or schedules to any master
participation agreement, as applicable) evidencing and describing the participation sold to the Owner.”
				
		 	Section	 	4.	 	Continuation of Agreements. From and after the date first set forth above, (a) the Agreements, as amended hereby, are and shall remain in full force and effect and are hereby in all respects ratified and confirmed,
and (b) each reference to a respective Agreement in any Transaction Document shall mean and be a reference to such Agreement as amended hereby. No provision of this letter shall be deemed to waive or modify any rights of any party under an
Agreement except to the extent specifically set forth herein. The parties hereto acknowledge and agree that, except to the extent specifically set forth herein, the provisions of each Agreement shall remain in full force and effect and that the
execution of this agreement by each party hereto does not operate as a waiver of any of their respective rights, powers, or privileges under the respective Agreement.

							
				
		 	Section	 	5.	 	General Provisions.
				
		 		 	a.	 	This letter 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 taken together shall constitute
one and the same agreement.
				
		 		 	b.	 	This letter shall inure to the benefit of each party thereto and their respective successors and assigns.
				
		 		 	c.	 	This letter, together with the Agreements and the other Transaction Documents, contains the entire and exclusive agreement of the parties hereto with reference to matters discussed herein and therein. This letter supersedes all
prior drafts and communications with respect thereto.
				
		 		 	d.	 	THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 Please indicate your acceptance of and agreement with the terms and conditions set forth herein
by signing in the space below. 
  

			
	Very truly yours,
	
	SMALL BUSINESS ASSET FUND 2009 LLC
		
	By:	 	 /s/ Cory Kampfer

		 	Name: Cory Kampfer
		 	Title: Officer

  

					
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 [illegible]

	Silicon Valley Community Foundation
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Scott Carmack

	Leader Capital Corp. / Scott Carmack
	
	AGREED AND ACCEPTED (for purposes of Sections 2 and 3 only):
	
	ON DECK CAPITAL, INC.,
	as Seller under the Master Purchase Agreement

  

					
	By:	 	 /s/ Cory R. Kampfer

		 	Name: Cory R. Kampfer
		 	Title: General Counsel
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 SF Capital Investments, LP
 as
Lender

		
	By:	 	 /s/ Leonard Saltz

		 	Name: Leonard Saltz	 	
		 	Title: General Partner	 	
	
	 Gary Saltz Foundation, Inc.
 as
Lender

		
	By:	 	 /s/ Leonard Saltz

		 	Name: Leonard Saltz
		 	Title: Treasurer

			
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Charlie Kireker

	Managing Member Spruce Ventures, LLC
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Denise Tanzman

	Denise Tanzman
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Wesley T. Chan

	Wesley T. Chan, as Trustee of Wesley Chan TTEE Revocable Living
	Trust of Wesley T. Chan U/A DTD 01/06/2009
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Roger C. Lipitz

	Roger C. Lipitz
	Admin Member
	Ocean Assets LLC
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	SPINDRIFT EQUITIES, LLC
	
	 /s/ James Bishop, Jr.

	Name:	 	James Bishop, Jr.
	Title:	 	Manager, Spindrift Management, LLC
		 	Its Manager
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 [illegible]

	Trustee, 2011 Joshua M. Kopelman Investment Trust

	
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 [illegible]

	2011 Rena M. Kopelman Investment Trust
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Rena Kopelman

	Rena Kopelman, Trustee under Item THIRD-B
	U/A/T of Joshua M. Kopelman dated 3/26/04
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Joshua M. Kopelman

	Joshua M. Kopelman
	
	AGREED AND ACCEPTED (for purposes of Section 1 only):
	
	 /s/ Scott Carmack

	Leader Capital Corp. / Scott CarmackEX-10.16

 Exhibit 10.16 

AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of October 17, 2014 

among 
 ON DECK ASSET
COMPANY, LLC, 
 as Borrower 

VARIOUS LENDERS, 
 and

 ODBL IV, LLC, 

as Administrative Agent 

and 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Paying Agent and Collateral Agent 

 
  

$50,000,000 Securitization Facility 
  

 

 TABLE OF CONTENTS 

 

									
	 	  	 	 	 	  	Page	 
	 SECTION 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	1	  
		  	1.1	 	Definitions	  	 	1	  
		  	1.2	 	Accounting Terms	  	 	35	  
		  	1.3	 	Interpretation, etc.	  	 	35	  
		  	1.4	 	Amendment and Restatement	  	 	35	  
			
	 SECTION 2.
	 	LOANS	  	 	36	  
		  	2.1	 	Revolving Loans	  	 	36	  
		  	2.2	 	Pro Rata Shares	  	 	38	  
		  	2.3	 	Use of Proceeds	  	 	38	  
		  	2.4	 	Evidence of Debt; Register; Lenders’ Books and Records; Notes	  	 	38	  
		  	2.5	 	Interest on Loans	  	 	39	  
		  	2.6	 	Default Interest	  	 	39	  
		  	2.7	 	[Reserved]	  	 	40	  
		  	2.8	 	Revolving Commitment Termination Date	  	 	40	  
		  	2.9	 	Voluntary Commitment Reductions	  	 	40	  
		  	2.10	 	Borrowing Base Deficiency	  	 	40	  
		  	2.11	 	Controlled Accounts	  	 	40	  
		  	2.12	 	Application of Proceeds	  	 	44	  
		  	2.13	 	General Provisions Regarding Payments	  	 	46	  
		  	2.14	 	Ratable Sharing	  	 	47	  
		  	2.17	 	Obligation to Mitigate	  	 	52	  
		  	2.18	 	Defaulting Lenders	  	 	52	  
		  	2.19	 	Removal or Replacement of a Lender	  	 	53	  
		  	2.20	 	The Paying Agent	  	 	54	  
		  	2.21	 	Duties of Paying Agent	  	 	58	  
			
	 SECTION 3.
	 	CONDITIONS PRECEDENT	  	 	62	  
		  	3.3	 	Conditions to Each Credit Extension	  	 	64	  
			
	 SECTION 4.
	 	REPRESENTATIONS AND WARRANTIES	  	 	66	  
		  	4.1	 	Organization; Requisite Power and Authority; Qualification; Other Names	  	 	66	  
		  	4.2	 	Capital Stock and Ownership	  	 	66	  
		  	4.3	 	Due Authorization	  	 	66	  
		  	4.4	 	No Conflict	  	 	67	  
		  	4.5	 	Governmental Consents	  	 	67	  
		  	4.6	 	Binding Obligation	  	 	67	  
		  	4.7	 	Eligible Receivables	  	 	67	  
		  	4.8	 	Historical Financial Statements	  	 	67	  
		  	4.9	 	Financial Plan	  	 	67	  
		  	4.10	 	No Material Adverse Effect	  	 	68	  
		  	4.11	 	Adverse Proceedings, etc.	  	 	68	  

  
 i 

									
		  	4.12	 	Payment of Taxes	  	 	68	  
		  	4.13	 	Title to Assets	  	 	68	  
		  	4.14	 	No Indebtedness	  	 	68	  
		  	4.15	 	No Defaults	  	 	68	  
		  	4.16	 	Material Contracts	  	 	68	  
		  	4.17	 	Government Contracts	  	 	69	  
		  	4.18	 	Governmental Regulation	  	 	69	  
		  	4.19	 	Margin Stock	  	 	69	  
		  	4.20	 	Employee Benefit Plans	  	 	69	  
		  	4.21	 	Certain Fees	  	 	69	  
		  	4.22	 	Solvency; Fraudulent Conveyance	  	 	69	  
		  	4.23	 	Compliance with Statutes, etc.	  	 	69	  
		  	4.24	 	Matters Pertaining to Related Agreements	  	 	69	  
		  	4.25	 	Disclosure	  	 	70	  
		  	4.26	 	Patriot Act	  	 	70	  
		  	4.27	 	Remittance of Collections	  	 	70	  
			
	 SECTION 5.
	 	AFFIRMATIVE COVENANTS	  	 	71	  
		  	5.1	 	Financial Statements and Other Reports	  	 	71	  
		  	5.2	 	Existence	  	 	75	  
		  	5.3	 	Payment of Taxes and Claims	  	 	75	  
		  	5.4	 	Insurance	  	 	75	  
		  	5.5	 	Inspections; Compliance Audits; Regulatory Review	  	 	76	  
		  	5.6	 	Lenders Meetings	  	 	77	  
		  	5.7	 	Compliance with Laws	  	 	77	  
		  	5.8	 	Separateness	  	 	77	  
		  	5.9	 	Further Assurances	  	 	77	  
		  	5.10	 	Communication with Accountants	  	 	77	  
		  	5.11	 	Acquisition of Receivables from Holdings	  	 	78	  
			
	 SECTION 6.
	 	NEGATIVE COVENANTS	  	 	78	  
		  	6.1	 	Indebtedness	  	 	78	  
		  	6.2	 	Liens	  	 	78	  
		  	6.3	 	Equitable Lien	  	 	78	  
		  	6.4	 	No Further Negative Pledges	  	 	78	  
		  	6.5	 	Restricted Junior Payments	  	 	78	  
		  	6.6	 	Subsidiaries	  	 	79	  
		  	6.7	 	Investments	  	 	79	  
		  	6.8	 	Fundamental Changes; Disposition of Assets; Acquisitions	  	 	79	  
		  	6.9	 	Sales and Lease-Backs	  	 	79	  
		  	6.10	 	Transactions with Shareholders and Affiliates	  	 	79	  
		  	6.11	 	Conduct of Business	  	 	79	  
		  	6.12	 	Fiscal Year	  	 	79	  
		  	6.13	 	Servicer; Backup Servicer; Custodian	  	 	79	  
		  	6.14	 	Acquisitions of Receivables	  	 	80	  
		  	6.15	 	Independent Manager	  	 	80	  
		  	6.16	 	Organizational Agreements and Credit Documents	  	 	82	  

  
 ii 

									
		  	6.17	 	Changes in Underwriting or Other Policies	  	 	82	  
		  	6.18	 	Receivable Forms	  	 	82	  
			
	SECTION 7.	 	EVENTS OF DEFAULT	  	 	83	  
		  	7.1	 	Events of Default	  	 	83	  
			
	SECTION 8.	 	AGENTS	  	 	87	  
		  	8.1	 	Appointment of Agents	  	 	87	  
		  	8.2	 	Powers and Duties	  	 	87	  
		  	8.3	 	General Immunity	  	 	88	  
		  	8.4	 	Agents Entitled to Act as Lender	  	 	89	  
		  	8.5	 	Lenders’ Representations, Warranties and Acknowledgment	  	 	89	  
		  	8.6	 	Right to Indemnity	  	 	89	  
		  	8.7	 	Successor Administrative Agent and Collateral Agent	  	 	90	  
		  	8.8	 	Collateral Documents	  	 	91	  
			
	SECTION 9.	 	MISCELLANEOUS	  	 	92	  
		  	9.1	 	Notices	  	 	92	  
		  	9.2	 	Expenses	  	 	92	  
		  	9.3	 	Indemnity	  	 	93	  
		  	9.4	 	Reserved	  	 	94	  
		  	9.5	 	Amendments and Waivers	  	 	94	  
		  	9.6	 	Successors and Assigns; Participations	  	 	96	  
		  	9.7	 	Independence of Covenants	  	 	99	  
		  	9.8	 	Survival of Representations, Warranties and Agreements	  	 	99	  
		  	9.9	 	No Waiver; Remedies Cumulative	  	 	99	  
		  	9.10	 	Marshalling; Payments Set Aside	  	 	100	  
		  	9.11	 	Severability	  	 	100	  
		  	9.12	 	Obligations Several; Actions in Concert	  	 	100	  
		  	9.13	 	Headings	  	 	100	  
		  	9.14	 	APPLICABLE LAW	  	 	101	  
		  	9.15	 	CONSENT TO JURISDICTION	  	 	101	  
		  	9.16	 	WAIVER OF JURY TRIAL	  	 	102	  
		  	9.17	 	Confidentiality	  	 	102	  
		  	9.18	 	Usury Savings Clause	  	 	103	  
		  	9.19	 	Counterparts	  	 	104	  
		  	9.20	 	Effectiveness	  	 	104	  
		  	9.21	 	Patriot Act	  	 	104	  

  
 iii 

					
	APPENDICES:	  	A	  	Revolving Commitments
		  	B	  	Notice Addresses
		  	C	  	Eligibility Criteria
		  	D	  	Excess Concentration Amounts
		  	E	  	Portfolio Performance Covenants
		  	F	  	Calculation of Receivable Yield and Outstanding Principal Balance
			
	SCHEDULES:	  	1.1-A	  	Equity Owners of Holdings
		  	1.1-B	  	Financial Covenants
		  	4.1	  	Jurisdictions of Organization and Qualification; Trade Names
		  	4.2	  	Capital Stock and Ownership
			
	EXHIBITS:	  	A	  	Form of Funding Notice
		  	B	  	Form of Revolving Loan Note
		  	C-1	  	Form of Compliance Certificate
		  	C-2	  	Form of Borrowing Base Report and Certificate
		  	D	  	Form of Assignment Agreement
		  	E	  	Form of Certificate Regarding Non-Bank Status
		  	F	  	Form of Amendment Effective Date Certificate
		  	G	  	Form of Controlled Account Voluntary Payment Notice
		  	H	  	Form of Financing Statement

  
 iv 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 17, 2014, is entered into by and among ON DECK ASSET COMPANY,
LLC, a Delaware limited liability company (“Company”), the Lenders party hereto from time to time and ODBL IV, LLC, as Administrative Agent for the Lenders (in such capacity, “Administrative Agent”) and
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent (in such capacity, “Paying Agent”) and as Collateral Agent for the Secured Parties (in such capacity, “Collateral Agent”). 

RECITALS: 

WHEREAS, capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in
Section 1.1 hereof; 
 WHEREAS, the Company, the Lenders party hereto, the Administrative Agent, the Collateral Agent and
the Paying Agent are parties to that certain Credit Agreement dated as of October 23, 2013 (as amended by that certain Amendment No. 1 thereto dated as of November 21, 2013, that certain Amendment No. 2 thereto dated as of
January 2, 2014, that certain Waiver, Consent and Amendment thereto dated as of April 30, 2014, that certain Amendment No. 4 thereto dated as of July 11, 2014 and as otherwise amended, supplemented or modified from time to time,
the “Existing Credit Agreement”); and 
 WHEREAS, in order to continue the existing indebtedness of the Company the
Company has requested that the Existing Credit Agreement be amended and restated in its entirety (the “Amendment and Restatement”), and the Lenders party thereto are willing to do so on the terms and conditions set forth herein;

 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto
agree as follows: 
 SECTION 1. DEFINITIONS AND INTERPRETATION 

1.1 Definitions. The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the
following meanings: 
 “15 Day Delinquency Percentage” means, as of one Business Day prior to any Permitted Asset Sale
described in clause (c) of the definition thereof, the percentage equivalent of a fraction (a) the numerator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Charged-Off Receivables) that had
a Missed Payment Factor of (x) with respect to Daily Pay Receivables, fifteen (15) or higher, or (y) with respect to Weekly Pay Receivables, three (3) or higher, in each case, as of such Business Day, and (b) the denominator
of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Charged-Off Receivables) as of such Business Day. 

“10-20 Day Delinquent Receivable” means, as of any date of determination, any Receivable with a Missed Payment Factor of
(x) with respect to Daily Pay Receivables, more 

 
than ten (10) but less than twenty-one (21) and a Payment has been received on such Receivable on at least one of the last three (3) Payment Dates, and (y) with respect to
Weekly Pay Receivables, more than two (2) but less than or equal to four (4), and a Payment has been received on such Receivable on the last Payment Date. 

“91% Eligible Receivable” means a Receivable with respect to which the Eligibility Criteria (other than the FICO score
requirements set forth in clauses (vv) through (yy) thereof) are satisfied as of the applicable date of determination. 

“Accrued Interest Amount” means, as of any day, the aggregate amount of all accrued and unpaid interest on the Revolving
Loans payable hereunder. 
 “ACH Agreement” has the meaning set forth in the Servicing Agreement. 

“ACH Receivable” means each Receivable with respect to which the underlying Receivables Obligor has entered into an ACH
Agreement. 
 “Act” as defined in Section 4.26. 

“Adjusted EPOB” means, as of any date of determination, the excess of (a) the Eligible Portfolio Outstanding Principal
Balance as of such date over (b) the sum of, without duplication, (i) the aggregate Excess Concentration Amounts as of such date and (ii) the product of 70% and the aggregate Eligible Portfolio Outstanding Principal Balance of all
10-20 Day Delinquent Receivables as of such date. 
 “Adjusted Interest Collections” means, with respect to any Monthly
Period, an amount equal to (a) the product of (i) the sum of (x) all Collections received during such Monthly Period that were not applied by the Servicer to reduce the Outstanding Principal Balance of the Pledged Receivables in
accordance with Section 2(a)(i)(4) of the Servicing Agreement and (y) all Collections received during such Monthly Period that were recoveries with respect to Charged-Off Receivables (net of amounts, if any, retained by any third party
collection agent) and (ii) the quotient of 21 divided by the number of Business Days in such Monthly Period minus (b) the aggregate amount paid by Company on the related Interest Payment Date pursuant to clauses (a)(i),
(a)(ii), (a)(iii) and (a)(v) of Section 2.12. 
 “Administrative Agent” as defined in the
preamble hereto. 
 “Adverse Proceeding” means any action, suit, proceeding (whether administrative, judicial or
otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Company, Holdings or any Subsidiary thereof) at law or in equity, or before or by any Governmental Authority, domestic or foreign, whether pending or, to
the knowledge of Company or Holdings, threatened in writing against or affecting Company, Holdings or any Subsidiary thereof, or any of their respective property. 

“Affected Party” means any Lender, ODBL IV, LLC, in its individual capacity and in its capacity as Administrative Agent,
Paying Agent and, with respect to each of the foregoing, the parent company or holding company that controls such Person. 

  
 2 

 “Affiliate” means, with respect to any specified Person, another Person that
directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, “control” means the power to direct the management and
policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and “controlled” and “controlling” have meanings correlative to the foregoing. 

“Agency Agreement” means that certain Secured Party Representative Services Agreement, dated as of June 20, 2012,
between Holdings and the UCC Agent, or any successor or other agreement with a UCC Agent serving substantially the same purpose. 

“Agent” means each of the Administrative Agent, the Paying Agent and the Collateral Agent. 

“Aggregate Amounts Due” as defined in Section 2.14. 

“Agreement” means this Amended and Restated Credit Agreement, dated as of October 17, 2014, as it may be amended,
supplemented or otherwise modified from time to time. 
 “Amendment and Restatement” as defined in the Recitals hereto.

 “Amendment Effective Date” means the date of this Agreement. 

“Amendment Effective Date Certificate” means an Amendment Effective Date Certificate substantially in the form of Exhibit
F. 
 “Applicable Advance Rate” means (a) for Eligible Receivables other than 91% Eligible Receivables, 95%, and
(b) for Eligible Receivables constituting 91% Eligible Receivables, 91%. 
 “Applicable Margin” means the
“Applicable Margin” described in the Undertakings Agreement. 
 “Approved State” means each of the 50 United
States of America and the District of Columbia; provided, however, that, in the event that the Administrative Agent determines in its Permitted Discretion to revoke the designation or restore a previously revoked designation of any jurisdiction as
an “Approved State” due to a change in, or change in the interpretation of, the regulations or law (including case law) relating to (i) the origination, administration, servicing or terms, including interest rates, of any loan made to
a Receivables Obligor; (ii) the choice of law, or the enforceability of the choice of law, that governs a loan made to a Receivables Obligor; or (iii) the choice of venue or the choice of jurisdiction, or the enforceability of the choice
of venue or the choice of jurisdiction, that governs a loan made to a Receivables Obligor, then upon receipt by Company of notice thereof from the Administrative Agent, each such jurisdiction shall or shall no longer constitute an “Approved
State”, as applicable. 
 “Asset Purchase Agreement” means that certain Amended and Restated Asset Purchase
Agreement dated as of the Amendment Effective Date, by and between Company, as 

  
 3 

 
Purchaser, and the Seller, as amended, modified or supplemented from time to time, whereby the Seller has agreed to sell and Company has agreed to purchase Eligible Receivables from time to time.

 “Asset Sale” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance,
transfer, license or other disposition to, or any exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of Holdings’ businesses, assets or properties of any kind, whether real, personal, or
mixed and whether tangible or intangible, whether now owned or hereafter acquired. 
 “Assignment Agreement” means an
Assignment and Assumption Agreement substantially in the form of Exhibit D, with such amendments or modifications as may be approved by Administrative Agent. 

“Authorized Officer” means, as applied to any Person, any individual holding the position of chairman of the board (if an
officer), chief executive officer, president, chief financial officer, general counsel, treasurer, corporate secretary, controller or senior vice president of capital markets (or, in each case, the equivalent thereof). 

“Average Excess Spread” means, with respect to any Monthly Period, the average of the Excess Spread determined for such
Monthly Period and the Monthly Period immediately preceding such Monthly Period. 
 “Backup Servicer” means Portfolio
Financial Servicing Company or any replacement thereof appointed by the Requisite Lenders in accordance with Section 6.13, who will perform backup servicing and backup verification functions with respect to the Eligible Receivables. 

“Backup Servicing Agreement” means that certain Backup Servicing Agreement dated as of the Original Closing Date among
Company, the Servicer, the Administrative Agent and Backup Servicer, as it may be amended, modified or supplemented from time to time in accordance with Section 6.16, and any other agreement entered into from time to time among Company,
the Servicer, the Administrative Agent and Backup Servicer with respect to the backup servicing and verification of the Eligible Receivables. 

“Backup Servicing Fee” shall have the meaning attributed to such term in the Backup Servicing Agreement. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter
in effect, or any successor statute. 
 “Blocked Account Control Agreement” shall have the meaning attributed to such term
in the Security Agreement. 
 “Borrowing Base” means, as of any day, an amount equal to the lesser of: 

(a) (i) the Applicable Advance Rate multiplied by the Adjusted EPOB at such time, plus (ii) the aggregate amount of
Collections in the Lockbox Account and the Collection 

  
 4 

 
Account to the extent such Collections and other funds have already been applied to reduce the Eligible Portfolio Outstanding Principal Balance, minus (iii) 105% of the sum of the
Accrued Interest Amount as of such day and the aggregate amount of all accrued and unpaid fees and expenses due hereunder and under the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement and the Successor Servicing
Agreement; and 
 (b) the Revolving Commitments on such day. 

With respect to any calculation of the Borrowing Base with respect to any Credit Date solely for the purpose of determining Revolving
Availability for a requested Revolving Loan, the Borrowing Base will be calculated on a pro forma basis giving effect to the Eligible Receivables to be purchased with the proceeds of such Revolving Loan. With respect to any calculation of the
Borrowing Base for any other purpose, the Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Paying Agent, the Collateral Agent, the Administrative Agent and each Lender, with
such adjustments as the Paying Agent identifies pursuant to Section 2.21. 
 “Borrowing Base Certificate” means
a certificate substantially in the form of Exhibit C-2, executed by an Authorized Officer of Company and delivered to Administrative Agent, Paying Agent, Collateral Agent and each Lender, which sets forth the calculation of the Borrowing
Base, including a calculation of each component thereof. 
 “Borrowing Base Deficiency” means, as of any day, the amount,
if any, by which the Total Utilization of Revolving Commitments exceeds the Borrowing Base. 
 “Borrowing Base Report”
means a report substantially in the form of Exhibit C-2, executed by an Authorized Officer of Company and delivered to Administrative Agent, Paying Agent, Collateral Agent and each Lender, which attaches a Borrowing Base Certificate. 

“Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in New York are authorized or required by law or other governmental action to close. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
(i) as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person or (ii) as lessee which is a transaction of a type commonly known as a “synthetic lease” (i.e., a
transaction that is treated as an operating lease for accounting purposes but with respect to which payments of rent are intended to be treated as payments of principal and interest on a loan for Federal income tax purposes). 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or
other arrangements or rights to acquire any of the foregoing. 

  
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 “Cash” means money, currency or a credit balance in any demand, securities
account or deposit account; provided, however, that notwithstanding anything to the contrary contained herein, “Cash” shall exclude any amounts that would not be considered “cash” under GAAP or “cash” as recorded
on the books of Holdings and its Subsidiaries. 
 “Cash Equivalents” means, as of any day, (a) marketable securities
(i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (ii) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the
United States, in each case maturing within one year after such day; (b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case
maturing within one year after such day and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial paper maturing no more than one year from the date of creation
thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (d) certificates of deposit or bankers’ acceptances maturing within one year after such day and issued or
accepted by any Lender or by any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia that (i) is at least “adequately capitalized” (as defined in the regulations of its
primary Federal banking regulator) and (ii) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (e) shares of any money market mutual fund that (i) has substantially all of its assets invested
continuously in the types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than $500,000,000 and (iii) has the highest rating obtainable from either S&P or Moody’s. 

“Certificate Regarding Non-Bank Status” means a certificate substantially in the form
of Exhibit E. 
 “Change of Control” means, at any time, (a) prior to the Initial Public Equity Offering,
the equity owners of Holdings as of the Amendment Effective Date set forth on Schedule 1.1-A (the “Existing Holders”) shall cease to beneficially own and control at least a majority on a fully diluted basis of the economic
and voting interests (including the right to elect directors or similar representatives) in the Capital Stock of Holdings; (b) on the date of or any time after the Initial Public Equity Offering, (i) any “person” or
“group” of related persons (as such terms are given meaning in the Exchange Act and the rules of the SEC thereunder) is or becomes the owner, beneficially or of record, directly or indirectly, of more than 35% on a fully diluted basis of
the economic and voting interests (including the right to elect directors or similar representatives) in the Capital Stock of the IPO Entity and (ii) and the percentage on a fully diluted basis of the economic and voting interests (including
the right to elect directors or similar representatives) in the Capital Stock of the IPO Entity so held is greater than the percentage on a fully diluted basis of the economic and voting interests (including the right to elect directors or similar
representatives) in the Capital Stock of the IPO Entity held by the Existing Holders, unless the Existing Holders, directly or indirectly, otherwise have the right (pursuant to contract, proxy or otherwise) to designate, nominate or appoint (and do
so designate, nominate or appoint) a majority of the board of directors of the IPO Entity; (c) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of
Holdings and its Subsidiaries taken as a whole to any “person” (as such term is given meaning in the Exchange Act and the rules of the SEC thereunder); (d) at any time during any consecutive

  
 6 

 
two-year period after an Initial Public Equity Offering, individuals who at the beginning of such period constituted the board of directors of the IPO Entity (together with any new directors
whose election or appointment by the board of directors of the IPO Entity or whose nomination for election by the shareholders of the IPO Entity was approved by a vote of a majority of the directors of the IPO Entity then still in office who were
either directors at the beginning of such period or whose election, appointment or nomination for election was previously so approved) cease for any reason to constitute a majority of the board of directors of the IPO Entity then in office; or
(e) Holdings shall cease to beneficially own and control 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of Company. 

“Charged-Off Receivable” means a Receivable which, in each case, consistent with the Underwriting Policies, has or
should have been written off Company’s books as uncollectable. 
 “Chattel Paper” means any “chattel paper”,
as such term is defined in the UCC, including electronic chattel paper, now owned or hereafter acquired by the Company. 

“Collateral” means, collectively, all of the real, personal and mixed property (including Capital Stock) in which Liens are
purported to be granted pursuant to the Collateral Documents as security for the Obligations. 
 “Collateral Agent” as
defined in the preamble hereto. 
 “Collateral Assignment” means that certain Collateral Assignment dated as of the
Original Closing Date by Company for the benefit of the Collateral Agent on behalf of the Secured Parties. 
 “Collateral
Documents” means the Security Agreement, the Control Agreements, the Collateral Assignment and all other instruments, documents and agreements delivered by, or on behalf or at the request of, Company or Holdings pursuant to this Agreement
or any of the other Credit Documents, as the case may be, in order to grant to, or perfect in favor of, Collateral Agent, for the benefit of Secured Parties, a Lien on any real, personal or mixed property of Company as security for the Obligations
or to protect or preserve the interests of Collateral Agent or the Secured Parties therein. 
 “Collateral Receipt and Exception
Report” shall mean the “Trust Receipt” as defined in the Custodial Agreement. 
 “Collection Account”
means a Securities Account with account number OD1302.1 at Deutsche Bank Trust Company Americas in the name of Company. 

“Collections” means, with respect to each Pledged Receivable, any and all cash collections and other cash proceeds of such
Pledged Receivable (whether in the form of cash, checks, wire transfers, electronic transfers or any other form of cash payment), including, without limitation, all prepayments, all overdue payments, all prepayment penalties and early termination
penalties, all finance charges, if any, all amounts collected as interest, fees (including, without limitation, any servicing fees, any origination fees, any loan guaranty fees and, any platform fees), or charges for late payments with respect to
such Pledged Receivable, all 

  
 7 

 
recoveries with respect to each Charged-Off Receivable (net of amounts, if any, retained by any third party collection agent), all investment proceeds and other investment earnings (net of losses
and investment expenses) on Collections as a result of the investment thereof pursuant to Section 6.7, all proceeds of any sale, transfer or other disposition of any Pledged Receivable by Company and all deposits, payments or recoveries
made in respect of any Pledged Receivable to any Controlled Account, or received by Company in respect of a Pledged Receivable, and all payments representing a disposition of any Pledged Receivable. 

“Company” as defined in the preamble hereto. 

“Compliance Certificate” means a Compliance Certificate substantially in the form of Exhibit C-1. 

“Compliance Review” as defined in Section 5.5(b). 

“Consolidated Liquidity” means, as of any date of determination, an amount determined for Holdings and its
Subsidiaries, on a consolidated basis, equal to the sum of (i) unrestricted Cash and Cash Equivalents of Holdings and its Subsidiaries, as of such date, plus, (ii) amounts (if any) in the Reserve Account as of such date, plus
(iii) the Revolving Availability as of such date of determination, plus (iv) the aggregate amount of all unused and available credit commitments under any credit facilities of Holdings and its Subsidiaries, as of such date;
provided, as of such date, all of the conditions to funding such amounts under clause (iii) and (iv), as the case may be, have been fully satisfied (other than delivery of prior notice of funding and pre-funding notices, opinions and
certificates that are reasonably capable of delivery as of such date) and no lender under such credit facilities shall have refused to make a loan or other advance thereunder at any time after a request for a loan was made thereunder. 

“Consolidated Total Debt” means, as at any date of determination, the aggregate stated balance
sheet amount of all Indebtedness of Holdings and its Subsidiaries determined on a consolidated basis in accordance with GAAP, including all accrued and unpaid interest on the foregoing, provided, that accounts payable, accrued expenses,
liabilities for leasehold improvements and deferred revenue of Holdings and its Subsidiaries shall not be included in any determination of Consolidated Total Debt. 

“Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. 

“Control Agreements” means collectively, the Lockbox Account Control Agreement, the Securities Account Control Agreement and
the Blocked Account Control Agreement. 
 “Controlled Account” means each of the Reserve Account, the Collection Account
and the Lockbox Account, and the “Controlled Accounts” means all of such accounts. 

“Controlled Account Bank” means Deutsche Bank Trust Company Americas. 

  
 8 

 “Convertible Indebtedness” means any Indebtedness of Holdings that (a) is
convertible to equity, including convertible preferred stock, (b) requires no payment of principal thereof or interest thereon and (c) is fully subordinated to all indebtedness for borrowed money of Holdings, as to right and time of
payment and as to any other rights and remedies thereunder, including, an agreement on the part of the holders of such Indebtedness that the maturity of such Indebtedness cannot be accelerated prior to the maturity date of such indebtedness for
borrowed money. 
 “Credit Card Issuer” means a member of Visa, MasterCard, American Express, Discover and PayPal. 

“Credit Card Payment” means an amount owing by Credit Card Issuer to a Receivables Obligor (i) in respect of a purchase
made by a customer of such Receivables Obligor, (ii) paid for using a credit card issued by such Credit Card Issuer, and (iii) that is required by the applicable Transfer Account Loan Documentation to be deposited into a Transfer Account.

 “Credit Date” means the date of a Credit Extension. 

“Credit Document” means any of this Agreement, the Revolving Loan Notes, if any, the Collateral Documents, the Asset Purchase
Agreement, the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement and the Undertakings Agreement and all other documents, instruments or agreements executed and delivered by Company or Holdings for the benefit of any Agent
or any Lender in connection herewith. 
 “Credit Document Amendments” as defined in Section 3.2(a). 

“Credit Extension” means the making of a Revolving Loan. 

“Cumulative Defaults” means, with respect to any Vintage Pool as of the end of any Monthly Period, the sum for all
Receivables in such Vintage Pool that became Defaulted Receivables of the Outstanding Principal Balances thereof determined as of the date on which they became Defaulted Receivables less any Collections received on such Defaulted Receivables
from and after the date on which they became Defaulted Receivables (measured for the period commencing from the origination of each such Receivable to the end of such Monthly Period). 

“Cumulative Static Pool Default Ratio” means, the percentage equivalent of a fraction (a) the numerator of which is the
aggregate Cumulative Defaults in respect of any Vintage Pool as of the last day of the most recently ended Monthly Period and (b) the denominator of which is (i) for any Vintage Pool other than the Q3 Vintage Pool, the aggregate original
Outstanding Principal Balance of all Receivables comprising such Vintage Pool, and (ii) for the Q3 Vintage Pool, the aggregate original Outstanding Principal Balance of all Receivables comprising the Q3 Vintage Pool as of the date such
Receivables were sold to the Company. 
 “Custodial Agreement” mean the Custodial Services Agreement, dated as of the
Original Closing Date, by and between Company, Servicer, Custodian and Collateral Agent, as it may be amended, supplemented or otherwise modified from time to time. 

  
 9 

 “Custodian” means Deutsche Bank Trust Company Americas, in its capacity as the
provider of services under the Custodial Agreement, or any successor thereto in such capacity appointed in accordance with the Custodial Agreement, and approved by the Requisite Lenders. 

“Daily Pay Receivable” means any Receivable for which a Payment is generally due on every Business Day. 

“DB Credit Facility” means that certain Amended and Restated Credit Agreement, dated as of September 15,
2014, among On Deck Account Receivables Trust 2013-1 LLC, as the borrower, the lenders signatory thereto from time to time, Deutsche Bank AG, New York Branch, as Administrative Agent and Collateral Agent, Deutsche Bank Trust Company Americas, as
Paying Agent, and Deutsche Bank Securities Inc., as Syndication Agent, Documentation Agent and Lead Arranger , as the same may be or has been amended, supplemented, restated, or otherwise modified from time to time. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally. 
 “Default” means a condition or event that, after notice or lapse
of time or both, would constitute an Event of Default. 
 “Default Excess” means, with respect to any Defaulting Lender,
the excess, if any, of such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Revolving Loans of all Lenders (calculated as if all Defaulting Lenders (other than such Defaulting Lender) had funded all of their
respective Defaulted Loans) over the aggregate outstanding principal amount of all Revolving Loans of such Defaulting Lender. 

“Default Interest Rate” as defined in Section 2.6. 

“Default Period” means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding
Default, and ending on the earliest of the following dates: (i) the date on which all Revolving Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (ii) the date on which
(a) the Default Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the
non-pro rata application of any payments of the Revolving Loans in accordance with the terms of this Agreement), and (b) such Defaulting Lender shall have delivered to Company and Administrative Agent a
written reaffirmation of its intention to honor its obligations hereunder with respect to its Revolving Commitments, and (iii) the date on which Company, Administrative Agent and Requisite Lenders waive all Funding Defaults of such Defaulting
Lender in writing. 
 “Defaulted Loan” as defined in Section 2.18. 

  
 10 

 “Defaulted Receivable” means, with respect to any date of determination, a
Receivable which (i) is a Charged-Off Receivable or (ii) has a Missed Payment Factor of (x) with respect to Daily Pay Receivables, sixty (60) or higher or (y) with respect to Weekly Pay Receivables, twelve (12) or
higher. 
 “Defaulting Lender” as defined in Section 2.18. 

“Delinquency Percentage” means, as of one Business Day prior to any Permitted Asset Sale described in clause (c) of the
definition thereof, the percentage equivalent of a fraction (a) the numerator of which is the aggregate Outstanding Principal Balance of all Delinquent Receivables (that are not Charged-Off Receivables) that are Pledged Receivables as of such
Business Day, and (b) the denominator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Charged-Off Receivables) as of such Business Day. 

“Delinquent Receivable” means, as of any date of determination, any Receivable with a Missed Payment Factor of one
(1) or higher as of such date. 
 “Deposit Account” means a “deposit account” (as defined in the UCC),
including a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 

“Designated Officer” means, with respect to Company, any Person with the title of Chief Executive Officer, Chief Financial
Officer or General Counsel. 
 “Determination Date” means the last day of each Monthly Period. 

“Direct Competitor” means (a) each Person that is listed on the “List of Direct Competitors” provided to the
Paying Agent by the Company on or prior to the Amendment Effective Date, as such list may be updated by the Company from time to time by written notice from the Company to the Paying Agent after the Amendment Effective Date identifying one or more
Persons engaged in the same or similar line of business as Holdings (each Person described in this clause (a), a “Listed Competitor”), and (b) (i) any clearly identifiable Affiliate of any Listed Competitor on the basis of
such Affiliate’s name or (ii) any Affiliate of any Listed Competitor which the Company, either before or after its receipt of notification of a proposed assignment to such Affiliate, has identified in writing to the Paying Agent as an
Affiliate of a Listed Competitor. 
 “Document Checklist” shall have the meaning attributed to such term in the Custodial
Agreement. 
 “Dollars” and the sign “$” mean the lawful money of the United States. 

“E-Sign Receivable” means any Receivable for which the signature or record of agreement of the Receivables Obligor is
obtained through the use and capture of electronic signatures, click-through consents or other electronically recorded assents. 

  
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 “Eligible Assignee” means (i) any Lender or any Lender Affiliate (other
than a natural person), and (ii) any other Person (other than a natural Person) approved by Company, so long as no Default or Event of Default has occurred and is continuing, and Administrative Agent (each such approval not to be unreasonably
withheld, it being understood that any failure to approve any assignment to a Direct Competitor shall be deemed reasonable); provided, that (y) neither Holdings nor any Affiliate of Holdings shall, in any event, be an Eligible Assignee,
and (z) no Direct Competitor shall be an Eligible Assignee so long as no Specified Event of Default has occurred and is continuing. 

“Eligible Portfolio Outstanding Principal Balance” means, as of any date of determination, the sum of the Outstanding
Principal Balance for all Eligible Receivables as of such date. 
 “Eligible Receivable” means (a) a Receivable with
respect to which the Eligibility Criteria are satisfied as of the applicable date of determination, and (b) a 91% Eligible Receivable. 

“Eligible Receivables Obligor” means a Receivables Obligor that satisfies the criteria specified in Appendix C hereto
under the definition of “Eligible Receivables Obligor”, subject to any changes agreed to by each of the Requisite Lenders and Company from time to time after the Amendment Effective Date. 

“Eligibility Criteria” means the criteria specified in Appendix C hereto under the definition of
“Eligibility Criteria”, subject to any changes agreed to by each of the Requisite Lenders and Company from time to time after the Amendment Effective Date. 

“Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or was
sponsored, maintained or contributed to by, or required to be contributed by, Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended to the date hereof and from time to time
hereafter, and any successor statute. 
 “ERISA Affiliate” means, as applied to any Person, (i) any corporation which
is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) which is a member of a group of
trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m) or
(o) of the Internal Revenue Code of which that Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above is a member. Any former ERISA Affiliate of a Person shall continue to be
considered an ERISA Affiliate of such Person within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of such Person and with respect to liabilities arising after such period, but only to the extent that
such Person could be liable under the Internal Revenue Code or ERISA as a result of its relationship with such former ERISA Affiliate. 

  
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 “ERISA Event” means (i) a “reportable event” within the meaning
of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for thirty (30) day notice to the PBGC has been waived by regulation); (ii) the failure to meet
the minimum funding standard of Section 412 of the Internal Revenue Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code) or the failure to make by its due date a
required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan
pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by Holdings, any of its Subsidiaries or any of their respective
ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to Holdings, any of its Subsidiaries or any of their respective Affiliates pursuant to Section 4063
or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan; (vi) the imposition of liability on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of
Section 4212(c) of ERISA; (vii) the withdrawal of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any
Multiemployer Plan if there is any potential liability therefor, or the receipt by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency
pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (viii) the occurrence of an act or omission which could give rise to the imposition on Holdings, any of
its Subsidiaries or, with respect to any Pension Plan or Multiemployer Plan, any of their respective ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Internal Revenue Code or under Section 409,
Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee Benefit Plan; (ix) the assertion of a material claim (other than routine claims for benefits) against any Employee Benefit Plan of Holdings, any of
its Subsidiaries, or, with respect to any Pension Plan or Multiemployer Plan, any of their respective ERISA Affiliates, or the assets thereof, or against Holdings, any of its Subsidiaries or, with respect to any Pension Plan or Multiemployer Plan,
any of their respective ERISA Affiliates in connection with any Employee Benefit Plan; (x) receipt from the Internal Revenue Service of notice of the failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under
Section 401(a) of the Internal Revenue Code) to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the
Internal Revenue Code; or (xi) the imposition of a Lien pursuant to Section 430(k) of the Internal Revenue Code or pursuant to Section 303(k) of ERISA with respect to any Pension Plan. 

“Event of Default” means each of the events set forth in Section 7.1. 

“Excess Concentration Amounts” means the amounts set forth on Appendix D hereto. 

  
 13 

 “Excess Spread” means, with respect to any Monthly Period, the product of
(a) 12 times (b) the percentage equivalent of a fraction (i) the numerator of which is the excess, if any, of (x) the Adjusted Interest Collections for such Monthly Period over (y) the aggregate Outstanding Principal
Balance of all Pledged Receivables that became Defaulted Receivables during such Monthly Period and (ii) the denominator of which is the average daily Outstanding Principal Balance of Pledged Receivables for such Monthly Period. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute. 

“Excluded Taxes” means, with respect to any Affected Party, (a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Affected Party being organized under the laws of, or having its principal office or its applicable lending office located in, the
jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes with respect to such Affected Party, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such
Affected Party with respect to an applicable interest in a Revolving Loan or Revolving Commitment pursuant to a law in effect on the date on which (i) such Affected Party became an Affected Party or (ii) such Affected Party changes its
lending office, except in each case to the extent that, pursuant to Section 2.16(b), amounts with respect to such Taxes were payable either to such Affected Party’s assignor immediately before such Affected Party became an Affected Party
or to such Affected Party immediately before it changed its lending office, and (c) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Credit Agreement” as defined in the Recitals hereto. 

“Existing Credit Documents” as defined in Section 1.4. 

“Existing Obligations” as defined in Section 1.4. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, as of the date of this agreement
(or any amended or successor version that is substantially comparable and not materially more onerous to comply with), and any current or future regulations promulgated thereunder or official interpretations thereof. 

“Financial Covenants” means the financial covenants set forth on Schedule 1.1-B hereto. 

“Financial Officer Certification” means, with respect to the financial statements for which such certification is required,
the certification of the chief financial officer (or the equivalent thereof) of Holdings that such financial statements fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and
the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. 

“Financial Plan” as defined in Section 5.1(k). 

  
 14 

 “First Priority” means, with respect to any Lien purported to be created in any
Collateral pursuant to any Collateral Document, that such Lien is perfected and is the only Lien to which such Collateral is subject. 

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year. 

“Fiscal Year” means the fiscal year of Holdings and its Subsidiaries ending on December 31 of each calendar year. 

“Funded Indebtedness” means any secured Indebtedness incurred by a Subsidiary of Holdings from time to time to finance (in
whole or in part) a portfolio of Receivables. 
 “Funding Default” as defined in Section 2.18. 

“Funding Account” has the meaning set forth in Section 2.11(a). 

“Funding Notice” means a notice substantially in the form of Exhibit A. 

“GAAP” means, subject to the limitations on the application thereof set forth in Section 1.2, United States
generally accepted accounting principles in effect as of the date of determination thereof. 
 “Governmental Authority”
means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

“Governmental Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or
from any Governmental Authority. 
 “Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time
or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a
higher maximum nonusurious interest rate than applicable laws now allow. 
 “Historical Financial Statements” means as of
the Amendment Effective Date, (i) the audited financial statements of Holdings and its Subsidiaries, for the Fiscal Year ended 2013, consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and
cash flows for such Fiscal Year, and (ii) for the interim period from January 1, 2014 to the Amendment Effective Date, internally prepared, unaudited financial statements of Holdings and its Subsidiaries, consisting of a balance sheet and
the related consolidated statements of income, stockholders’ equity and cash flows for each quarterly period completed prior to forty-six (46) days before the Amendment Effective Date and for each Monthly Period completed prior to
thirty-one (31) days prior to the Amendment Effective Date, 

  
 15 

 
in the case of clauses (i) and (ii), certified by the chief financial officer (or the equivalent thereof) of Holdings that they fairly present, in all material respects, the financial
condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject, if applicable, to changes resulting from audit and normal year-end adjustments. 

“Holdings” means On Deck Capital, Inc., a Delaware corporation. 

“Holdings Working Capital Debt” means any Indebtedness of Holdings of the type described in clause (i) or clause
(v) of the definition of “Indebtedness” that is secured in whole or in part by a security interest in Receivables, including any Convertible Debt that is so secured. 

“Hot Backup Servicer Event” means, as of any date of determination with respect to the Monthly Period most recently ended,
that any one of the following events shall have occurred with respect to such Monthly Period: (a) the Excess Spread was less than 19.0%; (b) the Maximum Delinquency Rate was greater than 16.0%; or (c) the Maximum 15 Day Delinquency
Rate was greater than 9.0%. Notwithstanding the foregoing, a Hot Backup Servicer Event shall be deemed to no longer exist from and after the date upon which the Hot Backup Servicer Event Cure has occurred (provided that only one Hot Backup Servicer
Event Cure shall be permitted hereunder). 
 “Hot Backup Servicer Event Cure” shall mean, as of any date of determination
with respect to the three Monthly Periods most recently ended, that each of the following conditions has been satisfied with respect to each such Monthly Period after the occurrence of a Hot Backup Servicer Event: (a) the Average Excess Spread
was greater than 25.0%; (b) the Maximum Delinquency Rate was less than 14.0%; (c) the Maximum 15 Day Delinquency Rate was less than 7.75%; and (d) no Hot Backup Servicer Event Cure shall have previously occurred. 

“Increased-Cost Lenders” as defined in Section 2.19. 

“Indebtedness” as applied to any Person, means, without duplication, (i) all indebtedness for borrowed money;
(ii) that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP; (iii) notes payable and drafts accepted representing extensions of credit whether or not
representing obligations for borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding trade payables incurred in the ordinary course of business that are unsecured and not
overdue by more than six (6) months unless being contested in good faith and any such obligations incurred under ERISA); (v) all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether
the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person; (vi) the face amount of any letter of credit issued for the account of that Person or as to which that Person is otherwise
liable for reimbursement of drawings; (vii) the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse
or sale with recourse by such Person of the obligation of another; (viii) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid

  
 16 

 
or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof; (ix) any liability of
such Person for an obligation of another through any Contractual Obligation (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of
such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any
agreement described under subclauses (a) or (b) of this clause (ix), the primary purpose or intent thereof is as described in clause (viii) above; and (x) all obligations of such Person in respect of any exchange traded or over
the counter derivative transaction, whether entered into for hedging or speculative purposes. 
 “Indemnified Liabilities”
means, collectively, any and all liabilities, obligations, losses, damages, penalties, claims, costs, expenses and disbursements of any kind or nature whatsoever (excluding any amounts not otherwise payable by Company under
Section 2.16(b)(iii) but including the reasonable and documented fees and disbursements of one (1) counsel for the Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened by
any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any reasonable and documented fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect or
consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations), on common law or equitable cause or on contract or otherwise, that may
be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of this Agreement or the other Credit Documents, any Related Agreement, or the transactions contemplated hereby or thereby (including the
Lenders’ agreement to make Credit Extensions or the use or intended use of the proceeds thereof, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral)). 

“Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrower under any Credit Document. 
 “Indemnitee” as defined in Section 9.3. 

“Indemnitee Agent Party” as defined in Section 8.6. 

“Independent Manager” as defined in Section 6.15. 

“Initial Public Equity Offering” means an initial underwritten public offering of common Capital Stock of the IPO Entity
pursuant to a registration statement filed with the SEC in accordance with the Securities Act, which yields not less than $50,000,000 in Net Cash Proceeds. 

“Intangible Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill,
computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. 

  
 17 

 “Interest Payment Date” means the fifteenth calendar day after the end of each
Monthly Period, and if such date is not a Business Day, the next succeeding Business Day. 
 “Interest Period” means an
interest period (i) initially, commencing on and including the Original Closing Date and ending on but excluding the initial Interest Payment Date; and (ii) thereafter, commencing on and including each Interest Payment Date and ending on
and excluding the immediately succeeding Interest Payment Date; provided, that no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Commitment Termination Date. 

“Interest Rate Determination Date” means, with respect to any Interest Period, the date that is four (4) Business Days
prior to each Interest Payment Date. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended to the
date hereof and from time to time hereafter, and any successor statute. 
 “Investment” means (i) any direct or
indirect purchase or other acquisition by Company of, or of a beneficial interest in, any of the Securities of any other Person; (ii) any direct or indirect redemption, retirement, purchase or other acquisition for value, from any Person, of
any Capital Stock of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or
capital contributions by Company to any other Person, including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business. The
amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. 

“IPO Entity” means, at any time at and after the Initial Public Equity Offering, Holdings or a parent entity of Holdings, as
the case may be, the common Capital Stock of which were issued or otherwise sold pursuant to the Initial Public Equity Offering; provided that, immediately following the Initial Public Equity Offering, (i) if the IPO Entity is not Holdings,
Holdings is a wholly-owned Subsidiary of the IPO Entity and (ii) the IPO Entity owns, directly or through its subsidiaries, substantially all the businesses and assets owned or conducted, directly or indirectly, by Holdings immediately prior to
the Initial Pubic Equity Offering. 
 “Joint Venture” means a joint venture, partnership or other similar arrangement,
whether in corporate, partnership or other legal form; provided, in no event shall any corporate Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party. 

“Key Person Event” means the occurrence, after the Amendment Effective Date, of each of the following events: (i) the
termination or resignation of each of the officers holding the positions of Chief Executive Officer and Chief Operating Officer as of the Amendment Effective Date, (ii) the failure by Holdings to replace each such officer with a replacement
officer acceptable to the Requisite Lenders in their Permitted Discretion within ninety (90) days after the second such termination or resignation, and (iii) the delivery by the Administrative Agent of written notice to Company after such
ninety (90) day period notifying Company that a “Key Person Event” has occurred. 

  
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 “Lender” means each provider of financing listed on the signature pages hereto
as a Lender, and any other Person that becomes a party hereto pursuant to an Assignment Agreement. 
 “Lender Affiliate”
means, as applied to any Lender or Agent, any Related Fund and any Person directly or indirectly controlling (including any member of senior management of such Person), controlled by, or under common control with, such Lender or Agent. For the
purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power (i) to vote 10% or more of the Securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the management and policies of that Person, whether
through the ownership of voting securities or by contract or otherwise. 
 “Leverage Ratio” means the ratio as of any day
of (a) Consolidated Total Debt, excluding Subordinated Debt and Convertible Indebtedness, as of such day, to (b) the sum of (i) Holdings’ total stockholders’ equity as of such day, (ii) Warranty Liability as of such day
and (iii) the sum of Subordinated Debt and Convertible Indebtedness as of such day. 
 “LIBO Rate” means, for any
Revolving Loan (or portion thereof) for any Interest Period, the rate per annum determined by the Paying Agent at approximately 11:00 a.m., London time, on the second Business Day before the first day of such Interest Period by reference to the
British Bankers’ Association Interest Settlement Rate (or any successor thereto) for deposits in dollars for a period of one month (as set forth by the Bloomberg Information Service or any successor thereto or any other service selected by the
Paying Agent in its sole discretion); provided, that if such rate is not available at such time for any reason, then the “LIBO Rate” shall be the rate per annum (rounded upward to the nearest 1/16th of 1%) listed in The Wall Street
Journal, “Money Rates” table at or about 10:00 a.m., New York City time, two Business Days prior to the beginning of the related Interest Period (or, if no such rate is listed two Business Days prior to the beginning of the related
Interest Period, the rate listed on the Business Day on which such rate was last listed). 
 “Lien” means (i) any
lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any
option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (ii) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities. 

“Limited Liability Company Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company,
dated as of the Original Closing Date, as it may be amended, restated or otherwise modified from time to time in accordance with Section 6.16. 

  
 19 

 “Lockbox Account” means a Deposit Account with account number 180012408 at MB
Financial Bank, N.A. in the name of Company. 
 “Lockbox Account Control Agreement” shall have the meaning attributed to
such term in the Security Agreement. 
 “Lockbox System” as defined in Section 2.11(c). 

“Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time
to time. 
 “Master Record” as defined in the Custodial Agreement. 

“Material Adverse Effect” means a material adverse effect on: (i) the business, operations, properties, assets,
financial condition or results of operations of Company or Holdings; (ii) the ability of Company to pay any Obligations or Company or Holdings to fully and timely perform, in any material respect, its obligations under any Credit Document;
(iii) the legality, validity, binding effect, or enforceability against Company or Holdings of any Credit Document to which it is a party; (iv) the existence, perfection, priority or enforceability of any security interest in the Pledged
Receivables; (v) the validity, collectability, or enforceability of the Pledged Receivables taken as a whole or in any material part, or (vi) the rights, remedies and benefits available to, or conferred upon, any Agent and any Lender or
any Secured Party under any Credit Document. 
 “Material Change Notice” has the meaning set forth in
Section 6.17. 
 “Material Contract” means any contract or other arrangement to which Company is a party (other
than the Credit Documents or the Related Agreements) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect. 

“Material Modification” means, with respect to any Receivable, a reduction in the interest rate, an extension of the term, a
reduction in, or change in frequency of, any required Payment or extension of a Payment Date or a reduction in the Outstanding Principal Balance. 

“Material Underwriting Policy Change” means any change or modification to the Underwriting Policies, if such change or
modification could reasonably be expected to be adverse to Lenders or the Collateral, provided that any change or modification to the Underwriting Policies relating solely to the addition or modification of a Receivable product type
introduced after the Original Closing Date (each, a “New Product”) shall not be deemed to be a Material Underwriting Policy Change unless and until, during any Monthly Period, the aggregate origination by Holdings of New Products
exceeds (on a funded basis) the aggregate origination by Holdings of all Receivable products (at which point any such change or modification shall be deemed to be a Material Underwriting Policy Change). Notwithstanding the foregoing, any New Product
shall no longer be considered a New Product for purposes of this definition subsequent to the time such New Product is generally (subject to the terms and conditions set forth herein) able to be financed hereunder or under another credit facility
provided by the Administrative Agent or its affiliates. 

  
 20 

 “Materials” as defined in Section 5.5(b). 

“Maximum 15 Day Delinquency Rate” means, with respect to any Monthly Period, the percentage equivalent of a fraction
(a) the numerator of which is the aggregate Outstanding Principal Balance of all Delinquent Receivables (other than Charged-Off Receivables) that are Pledged Receivables that had a Missed Payment Factor of (x) with respect to Daily Pay
Receivables, fifteen (15) or higher, or (y) with respect to Weekly Pay Receivables, three (3) or higher, in each case, as of the last day of such Monthly Period, and (b) the denominator of which is the aggregate Outstanding
Principal Balance of all Receivables (other than Charged-Off Receivables) that are Pledged Receivables as of the last day of such Monthly Period. 

“Maximum Delinquency Rate” means, with respect to any Monthly Period, the percentage equivalent of a fraction (a) the
numerator of which is the aggregate Outstanding Principal Balance of all Delinquent Receivables (other than Charged-Off Receivables) that are Pledged Receivables as of the last day of such Monthly Period and (b) the denominator of which is the
aggregate Outstanding Principal Balance of all Receivables (other than Charged-Off Receivables) that are Pledged Receivables as of the last day of such Monthly Period. 

“Maximum Upfront Fee” means, with respect to each Receivable, the greater of (a) $695 and (b) 3.5% of the original
aggregate unpaid principal balance of such Receivable. 
 “Missed Payment Factor” means, in respect of any Receivable, an
amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related
Receivable Agreement and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received. 

“Monthly Period” means the period from and including the first day of a calendar month to and including the last day of such
calendar month. 
 “Monthly Reporting Date” means the third Business Day prior to each Interest Payment Date.  

“Monthly Servicing Report” shall have the meaning attributed to such term in the Servicing Agreement. 

“Moody’s” means Moody’s Investor Services, Inc. 

“Multiemployer Plan” means any Employee Benefit Plan which is a “multiemployer plan” as defined in
Section 3(37) of ERISA. 
 “NAIC” means The National Association of Insurance Commissioners, and any successor
thereto. 
 “Net Asset Sale Proceeds” means, with respect to any Permitted Asset Sale, an amount equal to: (i) Cash
payments received by, or on behalf of, Company from such Permitted Asset Sale, minus (ii) any bona fide direct costs incurred in connection with such Permitted 

  
 21 

 
Asset Sale to the extent paid or payable to non-Affiliates, including (a) income or gains taxes payable by the seller as a result of any gain recognized in connection with such Permitted
Asset Sale during the tax period the sale occurs and (b) a reasonable reserve for any recourse for a breach of the representations and warranties made by Company to the purchaser in connection with such Permitted Asset Sale; provided that upon
release of any such reserve, the amount released shall be considered Net Asset Sale Proceeds. 
 “Net Cash Proceeds” shall
mean with respect to any equity issuance, the cash proceeds thereof, net of all taxes and reasonable investment banker’s fees, underwriting discounts or commissions, reasonable legal fees and other reasonable costs and other expenses incurred
in connection therewith. 
 “New Product” has the meaning set forth in the definition of “Material Underwriting Policy
Change.” 
 “Non-Consenting Lender” as defined in Section 2.19. 

“Non-Creditworthy Lender” as defined in Section 2.19. 

“Non-US Lender” as defined in Section 2.16(d)(i). 

“Notice of Amendment” as defined in Section 6.18. 

“Obligations” means all obligations of every nature of Company from time to time owed to the Agents (including former
Agents), the Lenders or any of them, in each case under any Credit Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to Company, would have accrued on any Obligation,
whether or not a claim is allowed against Company for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise. 

“On Deck Score” means that numerical value ranging from 250 to 700 that represents Holdings’ evaluation of the
creditworthiness of a business and its likelihood of default on a commercial loan or other similar credit arrangement generated by “version 4” of the proprietary methodology developed and maintained by Holdings, as such methodology is
applied in accordance with the other aspects of the Underwriting Policies, and as such methodology and other aspects of the Underwriting Policies may be revised and updated from time to time in accordance with Section 6.17. 

“Online Product” or “On Deck Online” means any Receivable underwritten by Holdings regarding which Holdings
did not review data from either the operating checking account or merchant processing data of the applicable Receivables Obligor prior to the funding of such Receivable. 

“Organizational Documents” means (i) with respect to any corporation, its certificate or articles of incorporation or
organization, as amended, and its by-laws, as amended, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended,
(iii) with respect to any general partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its 

  
 22 

 
articles of organization or certificate of formation, as amended, and its operating agreement, as amended, including, in the case of Company, the Limited Liability Agreement. In the event any
term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only
be to a document of a type customarily certified by such governmental official. 
 “Original Borrowing Base Certificate”
has the meaning set forth in Section 2.1(c)(ii). 
 “Original Closing Date” means October 23, 2013. 

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

“Outstanding Principal Balance” means, as of any date with respect to any Receivable, the unpaid principal balance of such
Receivable as set forth on the Servicer’s books and records as of the close of business on the immediately preceding Business Day; provided, however, that the Outstanding Principal Balance of any Pledged Receivable that has become a
Charged-Off Receivable will be zero. 
 “Participant Register” as defined in Section 9.6(h). 

“Paying Agent” as defined in the preamble hereto. 

“Payment” means, with respect to any Receivable, the required scheduled loan payment in respect of such Receivable, as set
forth in the applicable Receivable Agreement. 
 “Payment Dates” means, with respect to any Receivable, the date a payment
is due in accordance with the Receivable Agreement with respect to such Receivable as in effect as of the date of determination. 

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

“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the
Internal Revenue Code or Section 302 of ERISA. 
 “Permitted Asset Sale” means so long as all Net Asset Sale Proceeds
are contemporaneously remitted to the Collection Account, (a) the sale by Company of Receivables to Holdings pursuant to any repurchase obligations of Holdings under the Asset Purchase Agreement, (b) the sale by the Servicer on behalf of
Company of Charged-Off Receivables to any third party in accordance with the Servicing Standard, provided, that such sales are made 

  
 23 

 
without representation, warranty or recourse of any kind by Company (other than customary representations regarding title and absence of liens on the Charged-Off Receivables, and the status of
Company, due authorization, enforceability, no conflict and no required consents in respect of such sale), (c) the sale by Company of Receivables (x) to Holdings who immediately thereafter sells such Receivables to a special-purpose
Subsidiary of Holdings or (y) directly to a special-purpose Subsidiary of Holdings, in either case in connection with a term securitization transaction involving the issuance of securities rated at least investment grade by one or more
nationally recognized statistical rating organizations and such Receivables and special-purpose Subsidiary so long as, in either case, (i) the amount received by Company therefore and deposited into the Collection Account is no less than the
aggregate Outstanding Principal Balances of such Receivables, (ii) such sale is made without representation, warranty or recourse of any kind by Company (other than customary representations regarding title, absence of liens on the Receivables,
status of Company, due authorization, enforceability, no conflict and no required consents in respect of such sale), (iii) the manner in which such Receivables were selected by Company does not adversely affect the Lenders, (iv) the
agreement pursuant to which such Receivables were sold to Holdings or such special-purpose Subsidiary, as the case may be, contains an obligation on the part of Holdings or such special-purpose Subsidiary to not file or join in filing any
involuntary bankruptcy petition against Company prior to the end of the period that is one year and one day after the payment in full of all Obligations of Company under this Agreement and not to cooperate with or encourage others to file
involuntary bankruptcy petitions against Company during the same period, and (v) unless otherwise waived by the Requisite Lenders in accordance with this Agreement, on the Business Day prior to such sale, (A) the Pro Forma 15 Day
Delinquency Percentage shall not be greater than the 15 Day Delinquency Percentage, before giving effect to such sale, and (B) the Pro Forma Delinquency Percentage shall not be greater than the Delinquency Percentage, before giving effect to
such sale, and (d) the sale by the Company of Receivables with the prior written consent of the Requisite Lenders. 

“Permitted Discretion” means, with respect to any Person, a determination or judgment made by such Person in good faith in
the exercise of reasonable (from the perspective of a secured lender) credit or business judgment. 
 “Permitted
Investments” means the following, subject to qualifications hereinafter set forth: (i) obligations of, or obligations guaranteed as to principal and interest by, the U.S. government or any agency or instrumentality thereof, when such
obligations are backed by the full faith and credit of the United States of America; (ii) federal funds, unsecured certificates of deposit, time deposits, banker’s acceptances, and repurchase agreements having maturities of not more than
365 days of any bank, the short-term debt obligations of which are rated A-1+ (or the equivalent) by each of the rating agencies and, if it has a term in excess of three months, the long-term debt obligations of which are rated AAA (or the
equivalent) by each of the Moody’s and S&P; (iii) deposits that are fully insured by the Federal Deposit Insurance Corp. (FDIC); (iv) investments in money market funds which invest substantially all their assets in securities of
the types described in clauses (i) through (iii) above; and (v) such other investments as to which the Administrative Agent consent in its sole discretion. 

Notwithstanding the foregoing, “Permitted Investments” (i) shall exclude any security with the S&P’s
“r” symbol (or any other rating agency’s corresponding symbol) 

  
 24 

 
attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because of market risk), as well as any mortgage-backed securities and any security of the
type commonly known as “strips”; (ii) shall not have maturities in excess of one year; (iii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change;
and (iv) shall exclude any investment where the right to receive principal and interest derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment.
Interest may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately with that index. No investment shall be made which requires a payment
above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three
months from the date of their purchase or (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder. 

“Permitted Liens” means Liens in favor of Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit
Document. 
 “Person” means and includes natural persons, corporations, limited partnerships, general partnerships,
partnerships, limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal
entities, and Governmental Authorities. 
 “Pledged Receivables” shall have the meaning attributed to such term in the
Servicing Agreement. 
 “Portfolio” means the Receivables purchased by Company from Holdings pursuant to the Asset Purchase
Agreement. 
 “Portfolio Performance Covenant” means the portfolio performance covenants specified in Appendix E.

 “Portfolio Weighted Average Receivable Yield” means as of any date of determination, the quotient, expressed as a
percentage, obtained by dividing (a) the sum, for all Eligible Receivables, of the product of (i) the Receivable Yield for each such Receivable multiplied by (ii) the Outstanding Principal Balance of such Receivable as of such date,
by (b) the Eligible Portfolio Outstanding Principal Balance as of such date. 
 “Prime Rate” means, as of any day, the
rate of interest per annum equal to the prime rate publicly announced by the majority of the eleven largest commercial banks chartered under United States Federal or State banking law as its prime rate (or similar base rate) in effect at its
principal office. The determination of such eleven largest commercial banks shall be based upon deposits as of the prior year-end, as reported in the American Banker or such other source as may be reasonably selected by the Paying Agent. 

“Principal Office” means, for Administrative Agent, Administrative Agent’s “Principal Office” as set forth on
Appendix B, or such other office as Administrative Agent may 

  
 25 

 
from time to time designate in writing to Company and each Lender; provided, however, that for the purpose of making any payment on the Obligations or any other amount due hereunder
or any other Credit Document, the Principal Office of Administrative Agent shall be as set forth on Appendix B (or such other location within the City and State of New York as Administrative Agent may from time to time designate in writing to
Company and each Lender). 
 “Processor” means, with respect to any Receivable, a Person engaged in the business of
processing credit card payments that has been engaged by the related Receivables Obligor to provide processing services with respect to designated future Credit Card Payments to be paid to such Receivables Obligor. 

“Processor Agreement” means an agreement between a Receivables Obligor and a Processor with respect to the processing of
certain Credit Card Payments due to such Receivables Obligor. 
 “Processing Bank” means, with respect to any Receivable, a
bank that has been engaged by the Servicer to collect Credit Card Payments from the related Processor and to remit such funds to the applicable Receivables Obligor’s Transfer Accounts. 

“Pro Forma 15 Day Delinquency Percentage” means, as of one Business Day prior to any Permitted Asset Sale described in clause
(c) of the definition thereof, after giving pro forma effect to such Permitted Asset Sale, the percentage equivalent of a fraction (a) the numerator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that
are not Charged-Off Receivables) that had a Missed Payment Factor of (x) with respect to Daily Pay Receivables, fifteen (15) or higher, or (y) with respect to Weekly Pay Receivables, three (3) or higher, in each case, as of such
Business Day, and (b) the denominator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Charged-Off Receivables) as of such Business Day. 

“Pro Forma Delinquency Percentage” means, as of one Business Day prior to any Permitted Asset Sale described in clause
(c) of the definition thereof, after giving pro forma effect to such Permitted Asset Sale, the percentage equivalent of a fraction (a) the numerator of which is the aggregate Outstanding Principal Balance of all Delinquent Receivables
(that are not Charged-Off Receivables) that are Pledged Receivables as of such Business Day, and (b) the denominator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Charged-Off Receivables) as of
such Business Day. 
 “Pro Rata Share” means with respect to any Lender, the percentage obtained by dividing (i) the
Revolving Exposure of that Lender by (ii) the aggregate Revolving Exposure of all Lenders. 
 “Q3 Vintage Pool” means
the pool of Receivables originated by Holdings or the Receivables Account Bank during the first, second and third Fiscal Quarters of 2013 and acquired by Company. 

“Re-Aged” means returning a delinquent, open-end account to current status without collecting the total amount of principal,
interest, and fees that are contractually due. 

  
 26 

 “Receivable Agreements” means, collectively, with respect to any Receivable, a
Business Loan and Security Agreement, a Business Loan and Security Agreement Supplement or Loan Summary, the Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debit), in each case, in substantially the forms attached
to the Undertakings Agreement and as may be amended, supplemented or modified from time to time in accordance with the terms of this Agreement, and, if applicable, the Transfer Account Loan Documentation related to such Receivable, and the other
documents related thereto to which the Receivables Obligor is a party. 
 “Receivable File” means, with respect to any
Receivable, (i) copies of each applicable document listed in the definition of “Receivable Agreements,” (ii) the UCC financing statement, if any, filed against the Receivables Obligor in connection with the origination of such
Receivable and (iii) copies of each of the documents required by, and listed in, the Document Checklist attached to the Custodial Agreement, each of which may be in electronic form. 

“Receivable Yield” means, with respect to any Receivable, the imputed interest rate that is calculated on the basis of the
expected aggregate annualized rate of return (calculated inclusive of all interest and fees (other than any Upfront Fees)) of such Receivable over the life of such Receivable.

Such calculation shall assume: 

i) 52 Payment Dates per annum, for Weekly Pay Receivables; 

ii) 252 Payment Dates per annum, for Daily Pay Receivables that were originated on or after July 1, 2013; and 

iii) 257 Payment Dates per annum, for Daily Pay Receivables that were originated prior to July 1, 2013 (or such other number of Payment
Dates set forth in the Underwriting Policies for a 12-month term Receivable). An example of the foregoing calculation is set forth on Appendix F hereto. 

“Receivables” means any loan or similar contract with a Receivables Obligor pursuant to which Holdings or the Receivables
Account Bank extends credit to such Receivables Obligor pursuant to the applicable Receivable Agreements, including all rights under any and all security documents or supporting obligations related thereto, including the applicable Receivable
Agreements. 
 “Receivables Account Bank” means, with respect to any Receivables, (i) BofI Federal Bank, a federal
savings institution, and (ii) any other institution that (a) is organized under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities and that
originates and owns Receivables for Holdings pursuant to a Receivables Program Agreement, and (b) has been approved by the Requisite Lenders in their Permitted Discretion as an originator for purposes of this Agreement. 

“Receivables Guarantor” means with respect to any Receivables Obligor, (a) each holder of the Capital Stock (or
equivalent ownership or beneficial interest) of such 

  
 27 

 
Receivables Obligor in the case of a Receivables Obligor which is a corporation, partnership, limited liability company, trust or equivalent entity, who has agreed to unconditionally guarantee
all of the obligations of the related Receivables Obligor under the related Receivable Agreements or (b) the natural person operating as the Receivables Obligor, if the Receivables Obligor is a sole proprietor. 

“Receivables Obligor” means with respect to any Receivable, the Person or Persons obligated to make payments with respect to
such Receivable, excluding any Receivables Guarantor referred to in clause (a) of the definition of “Receivables Guarantor.” 

“Receivables Program Agreement” means the (i) Master Business Loan Marketing Agreement, dated as of July 19, 2012,
between Holdings and BofI Federal Bank, a federal savings institution (as amended, modified or supplemented from time to time with the consent of the Requisite Lenders to the extent required pursuant to Section 6.16) and (ii) any
other agreement between Holdings and a Receivables Account Bank pursuant to which Holdings may refer applicants for small business loans conforming to the Underwriting Policies to such Receivables Account Bank and such Receivables Account Bank has
the discretion to fund or not fund a loan to such applicant based on its own evaluation of such applicant and containing those provisions as are reasonably necessary to ensure that the transfer of small business loans by such Receivables Account
Bank to Holdings thereunder are treated as absolute sales (as amended, modified or supplemented from time to time with the consent of the Requisite Lenders to the extent required pursuant to Section 6.16). 

“Register” as defined in Section 2.4(b). 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time
to time. 
 “Related Agreements” means, collectively the Organizational Documents of Company, each Receivables Program
Agreement and the Transfer Account Loan Documentation. 
 “Related Fund” means, with respect to any Lender that is an
investment fund, any other investment fund that invests in commercial loans and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

“Related Security” shall have the meaning attributed to such term in the Asset Purchase Agreement. 

“Replacement Borrowing Base Certificate” has the meaning set forth in Section 2.1(c)(ii). 

“Replacement Lender” as defined in Section 2.19. 

“Requirements of Law” means as to any Person, any law (statutory or common), treaty, rule, ordinance, order, judgment,
Governmental Authorization, or regulation or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its property or to which the Person or any of its property is subject. 

  
 28 

 “Requisite Lenders” means one or more Lenders having or holding Revolving
Exposure and representing more than 50% of the sum of the aggregate Revolving Exposure of all Lenders. 
 “Reserve Account”
means a Deposit Account with account number OD1302.2 at Deutsche Bank Trust Company Americas in the name of Company. 
 “Reserve
Account Funding Amount” means, on any day during a Reserve Account Funding Period, the excess, if any, of $170,000 over the amount then on deposit in the Reserve Account. 

“Reserve Account Funding Event” means, as of any date of determination with respect to the Monthly Period most recently
ended, that any one of the following events shall have occurred with respect to such Monthly Period: (a) the Average Excess Spread was less than 25.0%; (b) the Maximum Delinquency Rate was greater than 14.0%; or (c) the Maximum 15 Day
Delinquency Rate was greater than 7.75%. Notwithstanding the foregoing, the Reserve Account Funding Event shall be deemed to no longer exist from and after any date upon which the Reserve Account Funding Event Cure has occurred (provided that only
one Reserve Account Funding Event Cure shall be permitted hereunder). 
 “Reserve Account Funding Event Cure” means, as of
any date of determination with respect to the three Monthly Periods most recently ended, that each of the following conditions has been satisfied with respect to each such Monthly Period after the occurrence of a Reserve Account Funding Event:
(a) the Average Excess Spread was greater than 25.0%; (b) the Maximum Delinquency Rate was less than 14.0%; (c) the Maximum 15 Day Delinquency Rate was less than 7.75% and (d) no Reserve Account Funding Event Cure shall have
previously occurred. 
 “Reserve Account Funding Period” means the period commencing on the first day after the Original
Closing Date on which a Reserve Account Funding Event shall occur and ending on the first day thereafter on which the Reserve Account Funding Event Cure shall occur, and the period commencing on the first day thereafter on which another Reserve
Account Funding Event shall occur and ending on the Termination Date. 
 “Restricted Junior Payment” means (i) any
dividend or other distribution, direct or indirect, on account of any shares of any class of Capital Stock of Company now or hereafter outstanding, except a dividend payable solely in shares of Capital Stock to the holders of that class;
(ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of Company now or hereafter outstanding; and (iii) any payment made
to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of Company now or hereafter outstanding. 

“Revolving Availability” means, as of any date of determination, the amount, if any, by which the Borrowing Base exceeds the
Total Utilization of Revolving Commitments. 

  
 29 

 “Revolving Commitment” means the commitment of a Lender to make or otherwise
fund any Revolving Loan and “Revolving Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A or in the applicable Assignment
Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Revolving Commitments as of the Amendment Effective Date is $50,000,000. The Revolving Commitment of each Lender will be equal
to zero on the Revolving Commitment Termination Date. 
 “Revolving Commitment Period” means the period from the Original
Closing Date to but excluding the Revolving Commitment Termination Date. 
 “Revolving Commitment Termination Date” means
the earliest to occur of (i) the date that is the second anniversary of the Original Closing Date; (ii) the date the Revolving Commitments are permanently reduced to zero pursuant to Section 2.9(b); and (iii) the date of
the termination of the Revolving Commitments pursuant to Section 7.1. 
 “Revolving Exposure” means, with
respect to any Lender as of any date of determination, (i) prior to the termination of the Revolving Commitments, that Lender’s Revolving Commitment; and (ii) after the termination of the Revolving Commitments, the aggregate
outstanding principal amount of the Revolving Loans of that Lender. 
 “Revolving Loan” means a Revolving Loan made by a
Lender to Company pursuant to Section 2.1. 
 “Revolving Loan Note” means a promissory note in the form of
Exhibit B hereto, as it may be amended, supplemented or otherwise modified from time to time. 
 “Rolling 3-Month Average
Maximum 15 Day Delinquency Rate” means, for any Monthly Period, the arithmetic average Maximum 15 Day Delinquency Rate for such Monthly Period and the two (2) Monthly Periods immediately preceding such Monthly Period. 

“Rolling 3-Month Average Maximum Delinquency Rate” means, for any Monthly Period, the arithmetic average Maximum Delinquency
Rate for such Monthly Period and the two (2) Monthly Periods immediately preceding such Monthly Period. 
 “S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its permitted successors and assigns. 

“SBAF” means Small Business Asset Fund 2009 LLC, a Delaware limited liability company. 

“SBAF Receivables” means certain Receivables (i) previously owned by SBAF, and (ii) sold by SBAF to Holdings prior
to the Amendment Effective Date in accordance with the Existing Credit Agreement. 
 “SEC” means the Securities and
Exchange Commission. 

  
 30 

 “Secured Parties” shall have the meaning attributed to such term in the Security
Agreement. 
 “Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of
interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or
otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to,
purchase or acquire, any of the foregoing. 
 “Securities Account” means a “securities account” (as defined in
the UCC). 
 “Securities Account Control Agreement” shall have the meaning attributed to such term in the Security
Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.

 “Security Agreement” means that certain Security Agreement dated as of the Original Closing Date between Company and the
Collateral Agent, as it may be amended, restated or otherwise modified from time to time. 
 “Seller” has the meaning set
forth in the Asset Purchase Agreement. 
 “Servicer” means Holdings, in its capacity as the “Servicer” under the
Servicing Agreement, and, after any removal or resignation of Holdings as the “Servicer” in accordance with the Servicing Agreement, any Successor Servicer. 

“Servicer Default” shall have the meaning attributed to such term in the Servicing Agreement. 

“Servicing Agreement” means that certain Amended and Restated Servicing Agreement dated as of the Amendment Effective Date
between Company, Holdings and the Administrative Agent, as it may be amended, restated or otherwise modified from time to time, and, after the appointment of any Successor Servicer, the Successor Servicing Agreement to which such Successor Servicer
is a party, as it may be amended, restated or otherwise modified from time to time. 
 “Servicing Fees” shall have the
meaning attributed to such term in the Servicing Agreement; provided, however that, after the appointment of any Successor Servicer, the Servicing Fees shall mean the Successor Servicer Fees payable to such Successor Servicer. 

“Servicing Reports” means the Servicing Reports delivered pursuant to the Servicing Agreement, including the Monthly
Servicing Report. 
 “Servicing Standard” shall have the meaning attributed to such term in the Servicing Agreement. 

  
 31 

 “Servicing Transition Expenses” means all reasonable, out-of-pocket costs and
expenses incurred in connection with the assumption of servicing of the Pledged Receivables by a Successor Servicer after the delivery of a Termination Notice to the Servicer. 

“Servicing Transition Period” means the period commencing on the giving of a Termination Notice and ending such number of
days thereafter as shall be determined by the Administrative Agent in its Permitted Discretion. 
 “Solvent” means, with
respect to Company or Holdings, that as of the date of determination, both (i) (a) the sum of such entity’s debt (including contingent liabilities) does not exceed the present fair saleable value of such entity’s present assets;
(b) such entity’s capital is not unreasonably small in relation to its business as contemplated on the Original Closing Date; and (c) such entity has not incurred and does not intend to incur, or believe (nor should it reasonably
believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii) such entity is “solvent” within the meaning given that term and similar terms under laws
applicable to it relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at
such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard
No. 5). 
 “Specified Event of Default” means any Event of Default occurring under Sections 7.1(a), (f),
(g), (h), (j), (l), (m), (o) or (p); provided, however, that an Event of Default occurring under Section 7.1(m) shall not constitute a Specified Event of Default if the
Servicer Default triggering such Event of Default resulted only (x) from the occurrence of an Event of Default or (y) the breach of a Financial Covenant unless such breach was the result of Tangible Net Worth being less than $15,000,000 as
of the last day of any Fiscal Quarter. 
 “SPV Indebtedness” means any secured Indebtedness incurred by a special-purpose
Subsidiary of Holdings from time to time solely to finance a portfolio of Receivables. 
 “Subordinated Indebtedness” means
any Indebtedness of Holdings that is fully subordinated to all senior indebtedness for borrowed money of Holdings, as to right and time of payment and as to any other rights and remedies thereunder, including, an agreement on the part of the holders
of such Indebtedness that the maturity of such Indebtedness cannot be accelerated prior to the maturity date of such senior indebtedness for borrowed money. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, or
other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether
directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying
share” of the former Person shall be deemed to be outstanding. 

  
 32 

 “Successor Servicer” shall have the meaning attributed to such term in the
Servicing Agreement. 
 “Successor Servicing Agreement” shall have the meaning attributed to such term in the Servicing
Agreement. 
 “Successor Servicer Fees” means the servicing fees payable to a Successor Servicer pursuant to a Successor
Servicing Agreement. 
 “Tangible Net Worth” means, as of any day, the total of (a) Holdings’ total
stockholders’ equity, minus (b) all Intangible Assets of Holdings, minus (c) all amounts due to Holdings from its Affiliates, plus (d) any Convertible Indebtedness, plus (e) any Warranty
Liability. 
 “Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding
of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed, including any interest, additions to tax or penalties applicable thereto. 

“Terminated Lender” as defined in Section 2.19. 

“Termination Date” means the date on, and as of, which (a) all Revolving Loans have been repaid in full in cash,
(b) all other Obligations (other than contingent indemnification obligations for which demand has not been made) under this Agreement and the other Credit Documents have been paid in full in cash or otherwise completely discharged, and
(c) the Revolving Commitment Termination Date shall have occurred. 
 “Termination Notice” shall have the meaning
attributed to such term in the Servicing Agreement. 
 “Total Utilization of Revolving Commitments” means, as at any date
of determination, the aggregate principal amount of all outstanding Revolving Loans. 
 “Transaction Costs” means the fees,
costs and expenses payable by Holdings or Company on or within ninety (90) days after the Amendment Effective Date in connection with the transactions contemplated by the Credit Document Amendments. 

“Transfer Account” means an account in the name of a Receivables Obligor maintained at Rocky Mountain Bank & Trust
or Kenney Bank & Trust (or any successor financial institution or financial institutions approved by the Administrative Agent in its Permitted Discretion, serving substantially the same purpose) where all Credit Card Payments attributable
to such Receivables Obligor are paid. 

  
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 “Transfer Account Loan Documentation” means, with respect to any Transfer
Account Receivable, collectively, the documentation related to such Receivable and the other documents related thereto. 
 “Transfer
Account Receivable” means any Receivable with respect to which (i) the related Receivables Obligor has instructed the related Processor, pursuant to the related Processor Agreement, to remit certain Credit Card Payments to the
designated Transfer Account for such Receivables Obligor, (ii) the related Processor has agreed, pursuant to the related Processor Agreement, to remit such Credit Card Payments to the designated Transfer Account for such Receivables Obligor,
and (iii) the related Receivables Obligor has authorized Servicer, pursuant to the related Receivable Agreement, to debit from such Receivables Obligor’s Transfer Account on each Business Day the amounts owing under the related Receivable
Agreement. 
 “Transfer Date” has the meaning assigned to such term in the Asset Purchase Agreement. 

“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable
jurisdiction. 
 “UCC Agent” means Corporation Service Company, a Delaware corporation, in its capacity as agent for
Holdings or other entity or entities providing secured party representation services for Holdings from time to time. 

“Undertakings Agreement” means that certain agreement, dated as of the date hereof, by and among Holdings, the Company, the
lenders party thereto, the Paying Agent and the Administrative Agent. 
 “Underwriting Policies” means the credit policies
and procedures of Holdings, including the underwriting guidelines and OnDeck Score methodology, and the collection policies and procedures of Holdings, in each case in effect as of the Amendment Effective Date and in the form attached to the
Undertakings Agreement, as such policies, procedures, guidelines and methodologies may be amended from time to time in accordance with Section 6.17. 

“Upfront Fees” means, with respect to any Receivable, the sum of any fees charged by Holdings or the Receivables Account
Bank, as the case may be, to a Receivables Obligor in connection with the disbursement of a loan, as set forth in the Receivable Agreement related to such Receivable, which are deducted from the initial amount disbursed to such Receivables Obligor,
including the “Origination Fee” set forth on the applicable Receivable Agreement. 
 “Vintage Pool” means, as of
any date of determination, the pool of Receivables originated by Holdings or the Receivables Account Bank and acquired by Company during any completed Fiscal Quarter. The Q3 Vintage Pool shall also be deemed a Vintage Pool for all purposes
hereunder. Except with respect to the Q3 Vintage Pool, the first Fiscal Quarter to be measured will be the quarter ending December 31, 2013. 

  
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 “Warranty Liability” means, as of any day, the aggregate stated balance sheet
fair value of all outstanding warrants exercisable for redeemable convertible preferred shares of Holdings determined in accordance with GAAP. 

“Weekly Pay Receivable” means any Receivable for which a Payment is generally due once per week. 

1.2 Accounting Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the
meanings assigned to them in conformity with GAAP. Financial statements and other information required to be delivered by Company to Lenders pursuant to Section 5.1(a) and Section 5.1(b) shall be prepared in accordance with
GAAP as in effect at the time of such preparation (and delivered together with the reconciliation statements provided for in Section 5.1(d), if applicable). If at any time any change in GAAP would affect the computation of any financial
ratio or requirement set forth in any Credit Document, and either Company, the Requisite Lenders or the Administrative Agent shall so request, the Administrative Agent, the Lenders and Company shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP and accounting principles and
policies in conformity with those used to prepare the Historical Financial Statements and (b) Company shall provide to the Administrative Agent and each Lender financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. If Administrative Agent, Company and the Administrative Agent cannot agree
upon the required amendments within thirty (30) days following the date of implementation of any applicable change in GAAP, then all financial statements delivered and all calculations of financial covenants and other standards and terms in
accordance with this Agreement and the other Credit Documents shall be prepared, delivered and made without regard to the underlying change in GAAP.

1.3 Interpretation, etc. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the
plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided. The use herein of
the word “include” or “including,” when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or
to similar items or matters, whether or not no limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other
items or matters that fall within the broadest possible scope of such general statement, term or matter. 
 1.4 Amendment and
Restatement. In order to facilitate the Amendment and Restatement: 
 (a) Each of the parties hereto hereby agree that upon the
effectiveness of this Agreement, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended and restated to the extent provided by this Agreement. 

  
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 (b) All of the “Obligations” (as defined in the Existing Credit Agreement, the
“Existing Obligations”) outstanding under the Existing Credit Agreement and other “Credit Documents” (as defined in the Existing Credit Agreement, the “Existing Credit Documents”) shall continue as
Obligations hereunder to the extent not repaid on the Amendment Effective Date, and this Agreement is given as a substitution of and modification of, to the extent provided herein, and not as a payment of or novation of, the indebtedness,
liabilities and Existing Obligations of the Company under the Existing Credit Agreement, and neither the execution and delivery of this Agreement nor the consummation of any other transaction contemplated hereunder is intended to constitute a
novation or rescission of the Existing Credit Agreement or any obligations hereunder. 
 SECTION 2. LOANS 

2.1 Revolving Loans. 

(a) Revolving Commitments. During the Revolving Commitment Period, subject to the terms and conditions hereof, including, without
limitation delivery of an updated Borrowing Base Certificate and Borrowing Base Report pursuant to Section 3.3(a)(i), each Lender severally agrees to make Revolving Loans to Company in an aggregate amount up to but not exceeding such
Lender’s Revolving Commitment; provided that no Lender shall make any such Revolving Loan or portion thereof to the extent that, after giving effect to such Revolving Loan: 

(i) the Total Utilization of Revolving Commitments exceeds the Borrowing Base; or 

(ii) the aggregate outstanding principal amount of the Revolving Loans funded by such Lender hereunder shall exceed its
Revolving Commitment. 
 (b) Amounts borrowed pursuant to Section 2.1(a) may be repaid and reborrowed during the Revolving
Commitment Period, and any repayment of the Revolving Loans (other than (i) pursuant to Section 2.10 (which circumstance shall be governed by Section 2.10), (ii) on any Interest Payment Date upon which no Event of
Default has occurred and is continuing (which circumstances shall be governed by Section 2.12(a)) or (iii) on a date upon which an Event of Default has occurred and is continuing (which circumstance shall be governed by
Section 2.12(b))) shall be applied as directed by Company. Each Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the
Revolving Loans and the Revolving Commitments shall be paid in full no later than such date. 
 (c) Borrowing Mechanics for Revolving
Loans. 
 (i) Revolving Loans shall be made in an aggregate minimum amount of $100,000. 

(ii) Whenever Company desires that Lenders make Revolving Loans, Company shall deliver to Administrative Agent, the Paying
Agent and the Custodian a fully executed and delivered Funding Notice no later than 11:00 a.m. (New York City 

  
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time) at least two (2) Business Days in advance of the proposed Credit Date; provided, that x) the Company shall review such Funding Notice on the Business Day immediately preceding
the proposed Credit Date and (y) if following such review it has determined that a Receivable would not qualify as an Eligible Receivable by virtue of clause (h) of the Eligibility Criteria not being satisfied then (1) such Receivable
shall be deemed to be excluded from the Borrowing Base Certificate included in such Funding Notice (each, an “Original Borrowing Base Certificate”) (and any certification related thereto contained therein or in the Credit Documents)
and (2) the Company shall deliver to Administrative Agent, the Custodian and the Paying Agent a revised Funding Notice no later than 1:00 p.m. (New York City time) at least one (1) Business Day in advance of the proposed Credit Date and
such revised Funding Notice (and the corresponding Borrowing Base Certificate (each, a “Replacement Borrowing Base Certificate”)) shall be modified solely to make adjustments necessary to exclude any such Receivable that would not
qualify as an Eligible Receivable by virtue of clause (h) of the Eligibility Criteria including any reductions due to any resulting Excess Concentration Amounts, if any. Each such Funding Notice shall be delivered with a Borrowing Base
Certificate reflecting sufficient Revolving Availability for the requested Revolving Loans and a Borrowing Base Report. 

(iii) Each Lender shall make the amount of its Revolving Loan available to the Paying Agent not later than 1:00 p.m. (New York
City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, and the Paying Agent shall remit such funds to the Company not later than 3:00 p.m. (New York City time) by wire transfer of same day funds in Dollars to the
account of Company designated in the related Funding Notice. 
 (iv) Company may borrow Revolving Loans pursuant to this
Section 2.1, purchase Eligible Receivables pursuant to Section 2.11(c)(vii)(C) and/or repay Revolving Loans pursuant to Section 2.11(c)(vii)(B) no more than one (1) time per week in the aggregate, provided,
that the Company may borrow Revolving Loans pursuant to this Section 2.1, purchase Eligible Receivables pursuant to Section 2.11(c)(vii)(C) and/or repay Revolving Loans pursuant to Section 2.11(c)(vii)(B) one
(1) additional time per week with the consent of the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned). 

(d) Deemed Requests for Revolving Loans to Pay Required Payments. All payments of principal, interest, fees and other amounts payable
to Lenders under this Agreement or any Credit Document may be paid from the proceeds of Revolving Loans, made pursuant to a Funding Notice from Company pursuant to Section 2.1(c). 

  
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 2.2 Pro Rata Shares. All Revolving Loans shall be made by Lenders simultaneously and
proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Revolving Loan requested hereunder nor shall any
Revolving Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s obligation to make a Revolving Loan requested hereunder. 

2.3 Use of Proceeds. The proceeds of the Revolving Loans made after the Original Closing Date shall be applied by Company to
(a) finance the acquisition of Eligible Receivables from Holdings pursuant to the Asset Purchase Agreement, (b) pay Transaction Costs and ongoing fees and expenses of Company hereunder and (c) in the case of Revolving Loans made
pursuant to Section 2.1(d), to make payments of principal, interest, fees and other amounts owing to the Lenders under the Credit Documents. No portion of the proceeds of any Credit Extension shall be used in any manner that causes or
might cause such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation thereof or to violate the
Exchange Act. 
 2.4 Evidence of Debt; Register; Lenders’ Books and Records; Notes. 

(a) Lenders’ Evidence of Debt. Each Lender shall maintain on its internal records an account or accounts evidencing the Obligations
of Company to such Lender, including the amounts of the Revolving Loans made by it and each repayment and prepayment in respect thereof. Any such recordation shall be conclusive and binding on Company, absent manifest error; provided, that
the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or Company’s Obligations in respect of any applicable Revolving Loans; and provided further, in
the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error. 

(b) Register. The Paying Agent shall maintain at its Principal Office a register for the recordation of the names and addresses of the
Lenders and the Revolving Commitments and Revolving Loans of each Lender from time to time (the “Register”). The Register shall be available for inspection by Company or any Lender at any reasonable time and from time to time upon
reasonable prior notice. The Paying Agent shall record in the Register the Revolving Commitments and the Revolving Loans, and each repayment or prepayment in respect of the principal amount of the Revolving Loans, and any such recordation shall be
conclusive and binding on Company and each Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or Company’s Obligations
in respect of any Revolving Loan. Company hereby designates the entity serving as the Paying Agent to serve as Company’s agent solely for purposes of maintaining the Register as provided in this Section 2.4, and Company hereby
agrees that, to the extent such entity serves in such capacity, the entity serving as the Paying Agent and its officers, directors, employees, agents and affiliates shall constitute “Indemnitees.” 

  
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 (c) Revolving Loan Notes. If so requested by any Lender by written notice to Company (with
a copy to Administrative Agent) at any time after the Original Closing Date, Company shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to
Section 9.6), promptly after Company’s receipt of such notice) a Revolving Loan Note to evidence such Lender’s Revolving Loans. 

2.5 Interest on Loans. 

(a) Except as otherwise set forth herein, the Revolving Loans shall accrue interest daily in an amount equal to the product of (A) the
unpaid principal amount thereof as of such day and (B) the LIBO Rate for such period plus the Applicable Margin. 
 (b) Interest
payable pursuant to Section 2.5(a) shall be computed on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest
on any Revolving Loan, the date of the making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan shall be included, and the date of payment of such Revolving Loan or the expiration date of an Interest
Period applicable to such Revolving Loan shall be excluded; provided, if a Revolving Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Revolving Loan. 

(c) Except as otherwise set forth herein, interest on each Revolving Loan shall be payable in arrears (i) on and to each Interest Payment
Date; (ii) upon any prepayment of that Revolving Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) at maturity. 

2.6 Default Interest. Subject to Section 9.18, upon the occurrence and during the continuance of an Event of Default, the
principal amount of all Revolving Loans outstanding and, to the extent permitted by applicable law, any interest payments on the Revolving Loans not paid on the Interest Payment Date for the Interest Period in which such interest accrued or any fees
or other amounts owed hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) payable in accordance with
Section 2.12(b) at a rate that is 3.0% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Revolving Loans (or, in the case of any such fees and other amounts, at a rate which is
3.0% per annum in excess of the interest rate otherwise payable hereunder) (the “Default Interest Rate”). Payment or acceptance of the increased rates of interest provided for in this Section 2.6 is not a permitted
alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Administrative Agent or any Lender. 

  
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 2.7 [Reserved]. 

2.8 Revolving Commitment Termination Date. Company shall repay the Revolving Loans in full on or before the Revolving Commitment
Termination Date. 
 2.9 Voluntary Commitment Reductions. 

(a) [Reserved]. 
 (b) Subject to
the payment of any amounts set forth in Section 2.9(d), Company may, upon not less than three (3) Business Days’ prior written notice to Administrative Agent, at any time and from time to time terminate in whole or permanently
reduce in part the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; provided, any such partial
reduction of the Revolving Commitments shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount. 

(c) Company’s notice shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any
partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in Company’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its applicable Pro Rata
Share thereof. 
 (d) Call Protection. If Company voluntarily reduces or terminates any Revolving Commitments as provided in
Section 2.9(b), Company shall pay to Paying Agent, on behalf of the Lenders whose Revolving Commitments were terminated or reduced, on the date of such reduction or termination, the amounts (if any) described in the Undertakings
Agreement. 
 2.10 Borrowing Base Deficiency. Company shall prepay the Revolving Loans within two (2) Business Day of the
earlier of (i) an Authorized Officer, the Chief Financial Officer (or in each case, the equivalent thereof) of Company becoming aware that a Borrowing Base Deficiency exists and (ii) receipt by Company of notice from any Agent or any
Lender that a Borrowing Base Deficiency exists, in each case in an amount equal to such Borrowing Base Deficiency, which shall be applied to prepay the Revolving Loans as necessary to cure any Borrowing Base Deficiency. 

2.11 Controlled Accounts. 

(a) Company shall establish and maintain cash management systems reasonably acceptable to the Administrative Agent, including, without
limitation, with respect to blocked account arrangements. Other than a cash management deposit account (the “Funding Account”) maintained at the Paying Agent into which proceeds of Revolving Loans may be funded at the direction of
Company, Company shall not establish or maintain a Deposit Account or Securities Account other than a Controlled Account and Company shall not, and shall cause Servicer not to deposit Collections or proceeds thereof in a Securities Account or
Deposit Account which is not a Controlled Account (provided, that, inadvertent and non-reoccurring 

  
 40 

 
errors by Servicer in applying such Collections or proceeds that are promptly, and in any event within two (2) Business Days after Servicer or Company has (or should have had in the exercise
of reasonable diligence) knowledge thereof, cured shall not be considered a breach of this covenant). All Collections and proceeds of Collateral shall be subject to an express trust for the benefit of Collateral Agent on behalf of the Secured
Parties and shall be delivered to Lenders for application to the Obligations or any other amount due under any other Credit Document as set forth in this Agreement. 

(b) On or prior to the Original Closing Date, Company caused to be established and shall thereafter cause to be maintained, (i) a trust
account (or sub-accounts) in the name of Company and under the sole dominion and control of, the Collateral Agent designated as the “Collection Account” in each case bearing a designation clearly indicating that the funds and other
property credited thereto are held for Collateral Agent for the benefit of the Lenders and subject to the applicable Securities Account Control Agreement and (ii) a Deposit Account into which the proceeds of all Pledged Receivables, including
by automatic debit from Receivables Obligors’ operating accounts, shall be deposited in the name of Company designated as the “Lockbox Account” as to which the Collateral Agent has sole dominion and control over such account
for the benefit of the Secured Parties within the meaning of Section 9-104(a)(2) of the UCC pursuant to the Lockbox Account Control Agreement. The Lockbox Account Control Agreement will provide that all funds in the Lockbox Account will be
swept daily into the Collection Account. 
 (c) Lockbox System. 

(i) Company has established pursuant to the Lockbox Account Control Agreement and the other Control Agreements for the benefit
of the Collateral Agent, on behalf of the Secured Parties, a system of lockboxes and related accounts or deposit accounts as described in Sections 2.11(a) and (b) (the “Lockbox System”) into which (subject to the
proviso in Section 2.11(a)) all Collections shall be deposited. 
 (ii) Company shall, using a method reasonably
satisfactory to Administrative Agent, grant Backup Servicer (and its delegates) read-only access to the Lockbox Account. 

(iii) Company shall not establish any lockbox or lockbox arrangement without the consent of the Administrative Agent in its
sole discretion, and prior to establishing any such lockbox or lockbox arrangement, Company shall cause each bank or financial institution with which it seeks to establish such a lockbox or lockbox arrangement, to enter into a control agreement with
respect thereto in form and substance satisfactory to the Administrative Agent in its sole discretion. 
 (iv) Without the
prior written consent of the Administrative Agent, Company shall not (A) change the general instructions given to the Servicer in respect of payments on account of Pledged Receivables to be deposited in the Lockbox System or (B) change any
instructions given to any bank or financial institution which in any manner redirects any Collections or proceeds thereof in the Lockbox System to any account which is not a Controlled Account. 

  
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 (v) Company acknowledges and agrees that (A) the funds on deposit in the
Lockbox System shall continue to be collateral security for the Obligations secured thereby, and (B) upon the occurrence and during the continuance of an Event of Default, at the election of the Requisite Lenders, the funds on deposit in the
Lockbox System may be applied as provided in Section 2.12(b). 
 (vi) Company has directed, and will at all times
hereafter direct, the Servicer to direct payment from each of the Receivables Obligors on account of Pledged Receivables directly to the Lockbox System. Company agrees (A) to instruct the Servicer to instruct each Receivables Obligor to make
all payments with respect to Pledged Receivables directly to the Lockbox System and (B) promptly (and, except as set forth in the proviso to this Section 2.11(c)(vi), in no event later than two (2) Business Days following
receipt) to deposit all payments received by it on account of Pledged Receivables, whether in the form of cash, checks, notes, drafts, bills of exchange, money orders or otherwise, in the Lockbox System in precisely the form in which they are
received (but with any endorsements of Company necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Collateral Agent; provided, however, that with respect
to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second
Business Day following the date on which such account number is identified or such payment can be processed, as applicable. 

(vii) So long as no Event of Default has occurred and shall be continuing, Company or its designee shall be permitted to direct
the investment of the funds from time to time held in the Controlled Accounts (A) in Permitted Investments and to sell or liquidate such Permitted Investments and reinvest proceeds from such sale or liquidation in other Permitted Investments
(but none of the Collateral Agent, the Administrative Agent or the Lenders shall have liability whatsoever in respect of any failure by the Controlled Account Bank to do so), with all such proceeds and reinvestments to be held in the applicable
Controlled Account; provided, however, that the maturity of the Permitted Investments on deposit in the Controlled Accounts shall be no later than the Business Day immediately preceding the date on which such funds are required to be
withdrawn therefrom pursuant to this Agreement, (B) to repay the Revolving Loans in accordance with Section 2.1(b), provided, however, that (w) in order to effect any such repayment from a Controlled Account,
Company shall deliver to the Administrative Agent and Paying Agent, a Controlled Account Voluntary Payment Notice in substantially the form of Exhibit G hereto no later than 12:00 p.m. (New York City time) on the Business Day prior to the
date of any such repayment specifying the date of prepayment, the amount to be repaid and the Controlled Account from which such repayment shall be made, (x) unless otherwise approved by the Administrative Agent pursuant to
Section 2.1(c)(iv), no more than one (1) borrowing of Revolving Loans pursuant to Section 2.1, purchase of Eligible Receivables pursuant to Section 2.11(c)(vii)(C) and/or repayment of Revolving Loans pursuant
to this Section 2.11(c)(vii)(B) may be made in any calendar week and no such repayment may occur on any Interest Payment Date, (y) the minimum amount of any such repayment on the Revolving Loans shall be $100,000, and (z) after
giving effect to each such repayment, 

  
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an amount equal to not less than the sum of (i) during any Reserve Account Funding Period, any Reserve Account Funding Amount and (ii) the aggregate of 105% of the aggregate pro forma
amount of interest, fees and expenses projected to be due hereunder and under the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement and the Successor Servicing Agreement, if any, for the remainder of the applicable
Interest Period, based on the Accrued Interest Amount on such date and a projection of the interest to accrue on the Revolving Loans during the remainder of the applicable Interest Period using the same assumptions as are contained in the
calculation of the Accrued Interest Amount, and the Total Utilization of Revolving Commitments on such date (after giving effect to such repayments), shall remain in the Controlled Accounts, or (C) to purchase additional Eligible Receivables
pursuant to the terms and conditions of the Asset Purchase Agreement, provided, that (w) a Borrowing Base Certificate (evidencing sufficient Revolving Availability after giving effect to the release of Collections and the making of any
Revolving Loan being made on such date and that after giving effect to the release of Collections, no event has occurred and is continuing that constitutes, or would result from such release that would constitute, a Borrowing Base Deficiency,
Default or Event of Default) and a Borrowing Base Report shall be delivered to the Administrative Agent, the Paying Agent and the Custodian no later than 11:00 a.m. (New York City time) at least two (2) Business Days in advance of any such
proposed purchase or release, (x) if such purchase of Eligible Receivables were being funded with Revolving Loans, the conditions for making such Revolving Loans on such date contained in Section 3.3(a)(iii),
Section 3.3(a)(vi) and Section 3.3(a)(vii) would be satisfied as of such date, (y) Company may purchase Eligible Receivables pursuant to this Section 2.12(c)(vii)(C), repay Revolving Loans pursuant to
Section 2.11(c)(vii)(B) and/or borrow Revolving Loans pursuant to Section 2.1 no more than one (1) time a week in the aggregate (unless otherwise approved by the Administrative Agent pursuant to
Section 2.1(c)(iv) and provided, further, that if such withdrawal from the Collection Account does not occur simultaneously with the making of a Revolving Loan by the Lenders hereunder pursuant to the delivery of a Funding Notice, such
withdrawal shall be considered a “Revolving Loan” solely for purposes of Section 2.1(c)(iv) and (z) after giving effect to such release, an amount equal to not less than the sum of (i) during any Reserve Account
Funding Period, any Reserve Account Funding Amount and (ii) the aggregate of 105% of the aggregate pro forma amount of interest, fees and expenses projected to be due hereunder and under the Servicing Agreement, the Backup Servicing Agreement,
the Custodial Agreement and the Successor Servicing Agreement, if any, for the remainder of the applicable Interest Period, based on the Accrued Interest Amount on such date and a projection of the interest to accrue on the Revolving Loans during
the remainder of the applicable Interest Period using the same assumptions as are contained in the calculation of the Accrued Interest Amount, and the Total Utilization of Revolving Commitments on such date shall remain in the Controlled Accounts.

 (viii) All income and gains from the investment of funds in the Controlled Accounts shall be retained in the respective
Controlled Account from which they were derived, until each Interest Payment Date, at which time such income and gains shall be applied in accordance with Section 2.12(a) or (b) (or, if sooner, until utilized for a repayment
pursuant to Section 2.11(c)(vii)(B) or a purchase of additional Eligible Receivables pursuant to Section 2.11(c)(vii)(C)), as the case may be. As between 

  
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Company and Collateral Agent, Company shall treat all income, gains and losses from the investment of amounts in the Controlled Accounts as its income or loss for federal, state and local income
tax purposes. 
 (d) Transfer Accounts. Company agrees to instruct the Servicer to (i) deduct from the related Transfer Account
any amounts owed to Company, and (ii) remit such amounts directly to a Controlled Account by no later than the second Business Day immediately following the deposit of such amounts in the related Transfer Account. Company shall use commercially
reasonable efforts to cause each applicable Receivables Obligor to cause all amounts owing in respect of a Transfer Account Receivable to be remitted directly to the applicable Transfer Account by the applicable Processor in accordance with the
applicable Processor Agreement. 
 (e) Reserve Account. On or prior to the Original Closing Date Company caused to be established and
shall thereafter cause to be maintained a Deposit Account in the name of Company designated as the “Reserve Account” as to which the Collateral Agent has control over such account for the benefit of the Lenders within the meaning of
Section 9-104(a)(2) of the UCC pursuant to the Blocked Account Control Agreement. The Reserve Account will be funded during a Reserve Account Funding Period with funds available therefor pursuant to Section 2.12(a). At any time
after the giving of a Termination Notice by the Administrative Agent, the Paying Agent shall at the written direction of the Administrative Agent withdraw from time to time up to an aggregate amount of $100,000 from the Reserve Account to pay
Servicing Transition Expenses during the Servicing Transition Period. On the first Interest Payment Date after the occurrence and during the continuance of an Event of Default, the Paying Agent shall at the written direction of the Administrative
Agent transfer into the Collection Account for application on such Interest Payment Date in accordance with Section 2.12(b) the amount by which the amount in the Reserve Account exceeds the excess, if any, of $100,000 over the aggregate
amount previously withdrawn from the Reserve Account to pay Servicing Transition Expenses. If the first Interest Payment Date after the end of a Servicing Transition Period is during the continuance of an Event of Default, the Paying Agent shall at
the written direction of the Administrative Agent transfer into the Collection Account for application on such Interest Payment Date in accordance with Section 2.12(b) all amounts in the Reserve Account. If, after the first Reserve
Account Funding Event to occur hereunder, a Reserve Account Funding Event Cure occurs, on the next Interest Payment Date after the occurrence of such Reserve Account Funding Event Cure the Paying Agent shall, at the direction of Company, transfer
all amounts in the Reserve Account into the Collection Account for application on such Interest Payment Date in accordance with Section 2.12(a). For the avoidance of doubt, only one Reserve Account Funding Event Cure shall be permitted
hereunder. 
 2.12 Application of Proceeds. 

(a) Application of Amounts in the Collection Account. So long as no Event of Default has occurred and is continuing (after giving effect
to the application of funds in accordance herewith on the relevant date), on each Interest Payment Date, all amounts in the Controlled Accounts (other than the Reserve Account) shall be applied by the Paying Agent based on the Monthly Servicing
Report as follows: 
 (i) first, to Company, on a pari passu basis, (A) amounts sufficient for Company to
maintain its limited liability company existence and to pay similar expenses up to an amount not to exceed $1,000 in any Fiscal Year, and only to the extent not previously distributed to Company during such Fiscal Year pursuant to clause
(ix) below, and (B) to pay any accrued and unpaid Servicing Fees; 

  
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 (ii) second, on a pari passu basis, (A) to Company to pay any
accrued and unpaid Backup Servicing Fees and any accrued and unpaid fees and expenses of the Custodian and the Controlled Account Bank (in respect of the Controlled Accounts), (B) to Administrative Agent to pay any costs, fees or indemnities
then due and owing to Administrative Agent under the Credit Documents; (C) to Collateral Agent to pay any costs, fees or indemnities then due and owing to Collateral Agent under the Credit Documents; and (D) to Paying Agent to pay any
costs, fees or indemnities then due and owing to Paying Agent under the Credit Documents; provided, however, that the aggregate amount of costs, fees or indemnities payable to Administrative Agent or the Collateral Agent pursuant to
this clause (ii) shall not exceed $450,000 in any Fiscal Year; 
 (iii) third, on a pro rata basis, to the
Lenders to pay costs, fees, and accrued interest calculated in accordance with Section 2.5(a) on the Revolving Loans and expenses payable pursuant to the Credit Documents; 

(iv) fourth, on a pro rata basis, to the Lenders in an amount necessary to reduce any Borrowing Base Deficiency
to zero; 
 (v) fifth, to pay to Administrative Agent, Paying Agent and Collateral Agent any costs, fees or
indemnities not paid in accordance with clause (ii) above; 
 (vi) sixth, during a Reserve Account Funding
Period, to the Reserve Account an amount equal to any Reserve Account Funding Amount; 
 (vii) seventh, to pay all
other Obligations or any other amount then due and payable hereunder; 
 (viii) eighth, at the election of Company, on
a pro rata basis, to the Lenders, as applicable, to repay the principal of the Revolving Loans; and 
 (ix)
ninth, prior to the Revolving Commitment Termination Date, and provided that no Borrowing Base Deficiency would occur after giving effect to such distribution, any remainder to Company or as Company shall direct consistent with
Section 6.5. 
 (b) Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event
of Default, on each Interest Payment Date, all amounts in the Controlled Accounts shall be applied by the Paying Agent based on the Monthly Servicing Report as follows: 

(i) first, to Company, on a pari passu basis, (A) amounts sufficient for Company to maintain its limited
liability company existence and to pay similar expenses 

  
 45 

 
up to an amount not to exceed $1,000 in any Fiscal Year, and only to the extent not previously distributed to Company during such Fiscal Year pursuant to Section 2.12(a)(i) or
2.12(a)(ix) above, and (B) to pay any accrued and unpaid Servicing Fees; 
 (ii) second, on a pari
passu basis, (A) to Company to pay any accrued and unpaid Backup Servicing Fees and any accrued and unpaid fees and expenses of the Custodian and the Controlled Account Bank (in respect of the Controlled Accounts), (B) to
Administrative Agent to pay any costs, fees or indemnities then due and owing to Administrative Agent under the Credit Documents (C) to Collateral Agent to pay any costs, fees or indemnities then due and owing to Collateral Agent under the
Credit Documents and (D) to Paying Agent to pay any costs, fees or indemnities then due and owing to Paying Agent under the Credit Documents; 

(iii) third, on a pro rata basis, to the Lenders to pay costs, fees, and accrued interest calculated in
accordance with Section 2.5(a) (and including any additional interest accruing under Section 2.6) on the Revolving Loans and expenses payable pursuant to the Credit Documents; 

(iv) fourth, on a pro rata basis, to the Lenders until the Revolving Loans are paid in full; 

(v) fifth, to pay all other Obligations or any other amount then due and payable hereunder; and 

(vi) sixth, any remainder to Company. 

2.13 General Provisions Regarding Payments. 

(a) All payments by Company of principal, interest, fees and other Obligations shall be made in Dollars in immediately available funds, without
defense, recoupment, setoff or counterclaim, free of any restriction or condition, and paid not later than 12:00 p.m. (New York City time) on the date due via wire transfer of immediately available funds. Funds received after that time on such due
date shall be deemed to have been paid by Company on the next Business Day (provided, that any repayment made pursuant to Section 2.11(c)(vii)(B) or any application of funds by Paying Agent pursuant to Section 2.12 on any
Interest Payment Date shall be deemed for all purposes to have been made in accordance with the deadlines and payment requirements described in this Section 2.13). 

(b) All payments in respect of the principal amount of any Revolving Loan (other than voluntary prepayments of Revolving Loans or payments
pursuant to Section 2.10) shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid. 

(c) Paying Agent shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, the applicable Pro Rata
Share of each Lender of all payments and prepayments of principal and interest due hereunder, together with all other amounts due with respect thereto, including, without limitation, all fees payable with respect thereto, to the extent received by
Paying Agent. 

  
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 (d) Whenever any payment to be made hereunder shall be stated to be due on a day that is not a
Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the commitment fees hereunder. 

(e) Except as set forth in the proviso to Section 2.13(a), Paying Agent shall deem any payment by or on behalf of Company
hereunder to them that is not made in same day funds prior to 12:00 p.m. (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by Paying Agent until
the later of (i) the time such funds become available funds, and (ii) the applicable next Business Day. Paying Agent shall give prompt notice via electronic mail to Company and Administrative Agent if any payment is non-conforming. Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section 7.1(a). Interest shall
continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next
succeeding applicable Business Day) at the Default Interest Rate determined pursuant to Section 2.6 from the date such amount was due and payable until the date such amount is paid in full. 

2.14 Ratable Sharing. Lenders hereby agree among themselves that, except as otherwise provided in the Collateral Documents with respect
to amounts realized from the exercise of rights with respect to Liens on the Collateral, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Revolving Loans made and applied in accordance with the terms hereof),
through the exercise of any right of set-off or banker’s lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents, or otherwise, or as adequate protection of a
deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Lender hereunder or under the other Credit
Documents (collectively, the “Aggregate Amounts Due” to such Lender) which is greater than such Lender would be entitled pursuant to this Agreement, then the Lender receiving such proportionately greater payment shall
(a) notify Administrative Agent, Paying Agent and each Lender of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation
simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that the recovery of such Aggregate Amounts Due shall be shared by the applicable Lenders in proportion to the
Aggregate Amounts Due to them pursuant to this Agreement; provided, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of
Company or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest. Company expressly consents to the
foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all monies owing by Company to that holder with respect thereto as
fully as if that holder were owed the amount of the participation held by that holder. 

  
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 2.15 Increased Costs; Capital Adequacy. 

(a) Compensation for Increased Costs and Taxes. Subject to the provisions of Section 2.16 (which shall be controlling with
respect to the matters covered thereby), in the event that any Affected Party shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any law, treaty or governmental rule,
regulation or order, or any change therein or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or governmental rule, regulation or order), or any determination of a court or Governmental
Authority, in each case that becomes effective after the date hereof, or compliance by such Affected Party with any guideline, request or directive issued or made after the date hereof (or with respect to any Lender which becomes a Lender after the
date hereof, effective after such date) by any central bank or other Governmental Authority or quasi-Governmental Authority (whether or not having the force of law): (i) subjects such Affected Party (or
its applicable lending office) to any additional Tax (other than an Excluded Tax) with respect to this Agreement or any of the other Credit Documents or any of its obligations hereunder or thereunder or any payments to such Affected Party (or its
applicable lending office) of principal, interest, fees or any other amount payable hereunder; (ii) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit,
compulsory loan, FDIC or other insurance or charge or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by,
any office of such Affected Party; or (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Affected Party (or its applicable lending office) or its obligations hereunder; and the result of any of the
foregoing is to increase the cost to such Affected Party of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable by such Affected Party (or its applicable lending office) with respect thereto; then,
in any such case, if such Affected Party deems such change to be material, Company shall promptly pay to such Affected Party, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an
increased rate of, or a different method of calculating, interest or otherwise as such Affected Party in its sole discretion shall determine) as may be necessary to compensate such Affected Party for any such increased cost or reduction in amounts
received or receivable hereunder and any reasonable expenses related thereto. Such Affected Party shall deliver to Company (with a copy to Administrative Agent and Paying Agent) a written statement, setting forth in reasonable detail the basis for
calculating the additional amounts owed to such Affected Party under this Section 2.15(a), which statement shall be conclusive and binding upon all parties hereto absent manifest error. 

(b) Capital Adequacy Adjustment. In the event that any Affected Party shall have determined in its sole discretion (which determination
shall, absent manifest effort, be final and conclusive and binding upon all parties hereto) that (i) the adoption, effectiveness, phase-in or applicability of any law, rule or regulation (or any provision
thereof) regarding capital adequacy, or any change therein or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or
(ii) compliance by any Affected Party (or its applicable lending office) or any company controlling such Affected Party with any guideline, request or directive regarding capital adequacy (whether or not having the force of law) of any such
Governmental Authority, central bank or comparable agency, in each case after the Amendment Effective Date, has or would have the effect of reducing the rate of return on the capital of such Affected

  
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Party or any company controlling such Affected Party as a consequence of, or with reference to, such Affected Party’s Loans or Revolving Commitments, or participations therein or other
obligations hereunder with respect to the Loans to a level below that which such Affected Party or such controlling company could have achieved but for such adoption, effectiveness, phase-in, applicability,
change or compliance (taking into consideration the policies of such Affected Party or such controlling company with regard to capital adequacy), then from time to time, within five (5) Business Days after receipt by Company from such Affected
Party of the statement referred to in the next sentence, Company shall pay to such Affected Party such additional amount or amounts as will compensate such Affected Party or such controlling company on an
after-tax basis for such reduction. Such Affected Party shall deliver to Company (with a copy to Administrative Agent and Paying Agent) a written statement, setting forth in reasonable detail the basis for
calculating the additional amounts owed to such Affected Party under this Section 2.15(b), which statement shall be conclusive and binding upon all parties hereto absent manifest error. For the avoidance of doubt, subsections
(i) and (ii) of this Section 2.15 shall apply, without limitation, to all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any Governmental Authority (x) under or in connection
with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended to the date hereof and from time to time hereafter, and any successor statute and (y) in connection with the implementation of the
recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority), regardless of the date adopted, issued, promulgated or implemented. 

(c) Delay in Requests. Failure or delay on the part of any Affected Party to demand compensation pursuant to the foregoing provisions
of this Section 2.15 shall not constitute a waiver of such Affected Party’s right to demand such compensation, provided that Company shall not be required to compensate an Affected Party pursuant to the foregoing provisions of this
Section 2.15 for any increased costs incurred or reductions suffered more than thirty (30) days prior to the date that such Affected Party notifies Company of the matters giving rise to such increased costs or reductions and of such
Affected Party’s intention to claim compensation therefor. 
 Notwithstanding anything to the contrary in this
Section 2.15, with respect to any Affected Party that is not a bank or a broker-dealer, the Company shall not be required to pay any increased costs under this Section 2.15 if the payment of such increased cost would cause
the Company’s all-in cost of borrowing hereunder, for the applicable period to be in excess of the LIBO Rate plus 10%. 
 2.16
Taxes; Withholding, etc. 
 (a) Payments to Be Free and Clear. Subject to Section 2.16(b), all sums payable by
Company hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax imposed, levied, collected, withheld or assessed by or
within the United States or any political subdivision in or of the United States or any other jurisdiction from or to which a payment is made by or on behalf of Company or by any federation or organization of which the United States or any such
jurisdiction is a member at the time of payment. 

  
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 (b) Withholding of Taxes. If Company or any other Person is required by law to make any
deduction or withholding on account of any such Tax from any sum paid or payable by Company to an Affected Party under any of the Credit Documents: (i) Company shall notify Paying Agent of any such requirement or any change in any such
requirement as soon as Company becomes aware of it; (ii) Company or the Paying Agent shall make such deduction or withholding and pay any such Tax to the relevant Governmental Authority before the date on which penalties attach thereto, such
payment to be made (if the liability to pay is imposed on Company) for its own account or (if that liability is imposed on Paying Agent or such Affected Party, as the case may be) on behalf of and in the name of Paying Agent or such Affected Party;
(iii) if such Tax is an Indemnified Tax, the sum payable by Company in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction,
withholding or payment (and any withholdings imposed on additional amounts payable under this paragraph), such Affected Party receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been
required or made; and (iv) within thirty (30) days after paying any sum from which it is required by law to make any deduction or withholding, and within thirty (30) days after the due date of payment of any Tax which it is required
by clause (ii) above to pay, Company shall deliver to Paying Agent evidence satisfactory to the other Affected Parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other authority. 

(c) Indemnification by Company. Company shall indemnify each Affected Party, within ten (10) days after demand therefor, for the
full amount of any additional amounts required to be paid by Company pursuant to Section 2.16(b), payable or paid by such Affected Party or required to be withheld or deducted from a payment to such Affected Party and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Company by
an Affected Party (with a copy to the Paying Agent), or by the Paying Agent on its own behalf or on behalf of an Affected Party, shall be conclusive absent manifest error. 

(d) Evidence of Exemption From U.S. Withholding Tax. 

(i) Each Lender that is not a United States Person (as such term is defined in Section 7701(a)(30) of the Internal Revenue
Code) for U.S. federal income tax purposes (a “Non-US Lender”) shall, to the extent it is legally entitled to do so, deliver to Paying Agent for transmission to Company, on or prior to the
Original Closing Date (in the case of each Lender listed on the signature pages of the Existing Credit Agreement on the Original Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case
of each other Lender), and at such other times as may be necessary in the determination of Company or Paying Agent (each in the reasonable exercise of its discretion), (A) two original copies of Internal Revenue Service Form W-8BEN, W-8BEN-E or W-8ECI or W-8IMY (with appropriate attachments) (or any successor forms), properly completed and duly executed by such Lender, and such other documentation
required under the Internal Revenue Code and reasonably requested by Company to establish that such Lender is not subject to, or is eligible for a reduction in the rate of, deduction or withholding of United States federal

  
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income tax with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Credit Documents, or (B) if such Lender is not a
“bank” or other Person described in Section 881(c)(3) of the Internal Revenue Code and cannot deliver Internal Revenue Service Form W-8IMY or W-8ECI pursuant to clause (A) above and is
relying on the so called “portfolio interest exception”, a Certificate Regarding Non-Bank Status together with two original copies of Internal Revenue Service Form
W-8BEN or W-8BEN-E (or any successor form), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company to
establish that such Lender is not subject, or is eligible for a reduction in the rate of, to deduction or withholding of United States federal income tax with respect to any payments to such Lender of interest payable under any of the Credit
Documents. Each Lender required to deliver any forms, certificates or other evidence with respect to United States federal income tax withholding matters pursuant to this Section 2.16(d)(i) or Section 2.16(d)(ii) hereby
agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any
material respect, that such Lender shall promptly deliver to Paying Agent for transmission to Company two new original copies of Internal Revenue Service Form W-8BEN, W-8BEN-E,
W-8IMY, or W-8ECI, or, if relying on the “portfolio interest exception”, a Certificate Regarding Non-Bank Status and
two original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form), as the case may be, properly completed and duly executed by such Lender, and such other documentation required
under the Internal Revenue Code and reasonably requested by Company to confirm or establish that such Lender is not subject to, or is eligible for a reduction in the rate of, deduction or withholding of United States federal income tax with respect
to payments to such Lender under the Credit Documents, or notify Paying Agent and Company of its inability to deliver any such forms, certificates or other evidence. Company shall not be required to pay any additional amount in respect of U.S.
Federal withholding taxes to any Non-US Lender under Section 2.16(b)(iii) if such Lender shall have failed (1) to deliver any forms, certificates or other evidence referred to in this
Section 2.16(d)(i) or Section 2.16(d)(ii), or (2) to notify Paying Agent and Company of its inability to deliver any such forms, certificates or other evidence, as the case may be; provided, if such Lender shall
have satisfied the requirements of the first sentence of this Section 2.16(d)(i) and Section 2.16(d)(ii) on the Original Closing Date or on the date of the Assignment Agreement pursuant to which it became a Lender, as
applicable, nothing in this last sentence of Section 2.16(d)(i) shall relieve Company of its obligation to pay any additional amounts pursuant to this Section 2.16 in the event that, as a result of any change in any
applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent
date establishing the fact that such Lender is not subject to withholding as described herein. 
 (ii) Any Lender that is a
U.S. Person shall deliver to Company and the Paying Agent on or prior to the Original Closing Date or the date on which such Lender becomes a Lender under this Agreement pursuant to an Assignment Agreement (and

  
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from time to time thereafter upon the reasonable request of Company or the Paying Agent), executed originals of IRS Form W-9 certifying that such Lender is a U.S. Person and exempt from U.S.
federal backup withholding tax. 
 (iii) If a payment made to a Lender under any Credit Document would be subject to U.S.
federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver
to Company and the Paying Agent at the time or times reasonably requested by Company or the Paying Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by Company or the Paying Agent as may be necessary for Company and the Paying Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(d)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

2.17 Obligation to Mitigate. Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for
administering its Revolving Loans becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under
Section 2.16, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or maintain its Credit Extensions
through another office of such Lender, or (b) take such other measures as such Lender may deem reasonable, if as a result thereof the additional amounts which would otherwise be required to be paid to such Lender pursuant to 2.16 would
be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Revolving Commitments or Revolving Loans through such other office or in accordance with such other measures, as
the case may be, would not otherwise adversely affect such Revolving Commitments or Revolving Loans or the interests of such Lender; provided, such Lender will not be obligated to utilize such other office pursuant to this
Section 2.17 unless Company agrees to pay all reasonable and incremental expenses incurred by such Lender as a result of utilizing such other office as described above. A certificate as to the amount of any such expenses payable by
Company pursuant to this Section 2.17 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Company (with a copy to Administrative Agent) shall be conclusive absent manifest error. 

2.18 Defaulting Lenders. Anything contained herein to the contrary notwithstanding, in the event that other than at the direction or
request of any regulatory agency or authority, any Lender defaults (in each case, a “Defaulting Lender”) in its obligation to fund (a “Funding Default”) any Revolving Loan (in each case, a “Defaulted
Loan”), then (a) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender” for purposes of voting on any matters (including the granting of any consents or
waivers) with respect to any of the Credit Documents; (b) to the extent permitted by applicable law, until such time as the Default Excess, if any, with respect to such Defaulting Lender shall have been reduced to zero, (i) any voluntary
prepayment of the Revolving Loans shall be applied 

  
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to the Revolving Loans of other Lenders as if such Defaulting Lender had no Revolving Loans outstanding and the Revolving Exposure of such Defaulting Lender were zero, and (ii) any mandatory
prepayment of the Revolving Loans shall be applied to the Revolving Loans of other Lenders (but not to the Revolving Loans of such Defaulting Lender) as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender, it being
understood and agreed that Company shall be entitled to retain any portion of any mandatory prepayment of the Revolving Loans that is not paid to such Defaulting Lender solely as a result of the operation of the provisions of this clause (b);
(c) such Defaulting Lender’s Revolving Commitment and outstanding Revolving Loans shall be excluded for purposes of calculating any Revolving Commitment fee payable to Lenders in respect of any day during any Default Period with respect to
such Defaulting Lender, and such Defaulting Lender shall not be entitled to receive any Revolving Commitment fee pursuant to Section 2.7 with respect to such Defaulting Lender’s Revolving Commitment in respect of any Default Period
with respect to such Defaulting Lender; and (d) the Total Utilization of Revolving Commitments, as at any date of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. No
Revolving Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.18, performance by Company of its obligations hereunder and the other Credit Documents shall not
be excused or otherwise modified as a result of any Funding Default or the operation of this Section 2.18. The rights and remedies against a Defaulting Lender under this Section 2.18 are in addition to other rights and
remedies which Company may have against such Defaulting Lender with respect to any Funding Default and which Administrative Agent or any Lender may have against such Defaulting Lender with respect to any Funding Default or violation of
Section 8.5(c). 
 2.19 Removal or Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in
the event that: (a) (i) any Lender (an “Increased-Cost Lender”) shall give notice to Company that such Lender is entitled to receive payments under Section 2.16,
(ii) the circumstances which entitle such Lender to receive such payments shall remain in effect, and (iii) such Lender shall fail to withdraw such notice within five (5) Business Days after Company’s request for such withdrawal;
or (b) (i) any Lender shall become a Defaulting Lender, (ii) the Default Period for such Defaulting Lender shall remain in effect, and (iii) such Defaulting Lender shall fail to cure the default as a result of which it has become
a Defaulting Lender within five (5) Business Days after Company’s request that it cure such default; or (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions
hereof as contemplated by Section 9.5(b), the consent of Administrative Agent and Requisite Lenders shall have been obtained but the consent of one or more of such other Lenders (each a
“Non-Consenting Lender”) whose consent is required shall not have been obtained; or (d) (i) any Lender fails to be a creditworthy entity (in terms of its remaining funding
obligations under this Agreement and taking into account any guaranty or other credit support of such Lender’s funding obligations under this Agreement) by March 1, 2014 (a “Non-Creditworthy
Lender”) and (ii) no Default or Event of Default shall then exist; then, with respect to each such Increased-Cost Lender, Defaulting Lender, Non-Consenting
Lender or Non-Creditworthy Lender (the “Terminated Lender”), Company may, by giving written notice to any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender and, if
applicable, each other such Lender hereby irrevocably agrees) to assign its outstanding Revolving Loans and its Revolving Commitments, if any, in full to one or more Eligible Assignees identified by Company (each a “Replacement
Lender”) in accordance 

  
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with the provisions of Section 9.6; provided, (1) on the date of such assignment, the Replacement Lender shall pay to the Terminated Lender and, if applicable, such other
Lenders, an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Revolving Loans of the Terminated Lender and, if applicable, such other Lenders, and (B) an amount equal to all
accrued, but theretofore unpaid fees owing to such Terminated Lender and, if applicable, such other Lenders, pursuant to Section 2.7; (2) on the date of such assignment, Company shall pay any amounts payable to such Terminated
Lender and, if applicable, such other Lenders pursuant to Section 2.16 and any other amounts due to such Terminated Lender and, if applicable, such other Lenders; and (3) in the event such Terminated Lender is an Increased-Cost
Lender, such assignment will result in a reduction in any claims for payments under Section 2.16, as applicable, and (4) in the event such Terminated Lender is a Non-Consenting Lender, each
Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender. Upon the prepayment of all amounts owing to any
Terminated Lender and, if applicable, such other Lenders and the termination of such Terminated Lender’s Revolving Commitments and, if applicable, the Revolving Commitments of such other Lenders, such Terminated Lender and, if applicable, such
other Lenders shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such Terminated Lender and, if applicable, such other Lenders to indemnification hereunder shall survive as to such Terminated Lender
and such other Lenders. 
 2.20 The Paying Agent. 

(a) The Lenders hereby appoint Deutsche Bank Trust Company Americas as the initial Paying Agent. All payments of amounts due and payable in
respect of the Obligations that are to be made from amounts withdrawn from the Collection Account pursuant to Section 2.12 shall be made by the Paying Agent based on the Monthly Servicing Report. 

(b) The Paying Agent hereby agrees that, subject to the provisions of this Section, it shall: 

(i) hold any sums held by it for the payment of amounts due with respect to the Obligations in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Administrative Agent and each Lender notice of any default by the Company in the making of any payment required
to be made with respect to the Obligations of which it has actual knowledge; 
 (iii) comply with all requirements of the
Internal Revenue Code and any applicable State law with respect to the withholding from any payments made by it in respect of any Obligations of any applicable withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith; and 
 (iv) provide to the Agents such information as is required to be delivered under
the Internal Revenue Code or any State law applicable to the particular Paying Agent, relating to payments made by the Paying Agent under this Agreement. 

  
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 (d) Each Paying Agent (other than the initial Paying Agent) shall be appointed by the Lenders
with the prior written consent of the Company. 
 (e) The Company shall indemnify the Paying Agent and its officers, directors, employees
and agents for, and hold them harmless against any loss, liability or expense incurred, other than in connection with the willful misconduct, fraud, gross negligence or bad faith on the part of the Paying Agent, arising out of or in connection with
the performance of its obligations under and in accordance with this Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties under
this Agreement. All such amounts shall be payable in accordance with Section 2.12 and such indemnity shall survive the termination of this Agreement and the resignation or removal of the Paying Agent. 

(f) The Paying Agent undertakes to perform such duties, and only such duties, as are expressly set forth in this Agreement. No implied
covenants or obligations shall be read into this Agreement against the Paying Agent. The Paying Agent may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the
Paying Agent pursuant to and conforming to the requirements of this Agreement. 
 (g) The Paying Agent shall not be liable for any action
taken or not taken by it (i) with the consent or at the direction or request of Requisite Lenders or the Administrative Agent, or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent
jurisdiction, no longer subject to appeal or review. 
 (h) The Paying Agent shall not be charged with knowledge of any Default or Event of
Default unless an authorized officer of the Paying Agent obtains actual knowledge of such event or the Paying Agent receives written notice of such event from the Company, the Servicer, any Secured Party or any Agent, as the case may be. The receipt
and/or delivery of reports and other information under this Agreement by the Paying Agent shall not constitute notice or actual or constructive knowledge of any Default or Event of Default contained therein. 

(i) The Paying Agent shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it,
and none of the provisions contained in this Agreement shall in any event require the Paying Agent to perform, or be responsible for the manner of performance of, any of the obligations of the Company under this Agreement. 

(j) The Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate of an Authorized
Officer, any Monthly Servicing Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and
to have been signed or presented by the proper party or parties. 

  
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 (k) The Paying Agent may consult with counsel of its choice with regard to legal questions
arising out of or in connection with this Agreement and the advice or opinion of such counsel, selected with due care, shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Paying Agent in
good faith and in accordance therewith. 
 (l) The Paying Agent shall be under no obligation to exercise any of the rights, powers or
remedies vested in it by this Agreement or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent, any Lender or any Agent pursuant to the
provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, such Lender or such Agent shall have offered to the Paying Agent security or indemnity satisfactory to it against the costs, expenses and liabilities
that may be incurred therein or thereby. 
 (m) Except as otherwise expressly set forth in Section 2.21, the Paying Agent shall
not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing
so to do by a Lender or the Administrative Agent; provided, that if the payment within a reasonable time to the Paying Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the
opinion of the Paying Agent, not reasonably assured by the Company, the Paying Agent may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be
paid by the Company or, if paid by the Paying Agent, shall be reimbursed by the Company to the extent of funds available therefor pursuant to Section 2.12. 

(n) The Paying Agent shall not be responsible for the acts or omissions of the Administrative Agent, the Company, the Servicer, any Agent, any
Lender or any other Person. 
 (o) Any Person into which the Paying Agent may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which to Paying Agent shall be a party, or any Person succeeding to the business of the Paying Agent, shall be the successor of the Paying Agent under this Agreement, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

(p) The Paying Agent does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of any
Collateral. 
 (q) If the Paying Agent shall at any time receive conflicting instructions from the Administrative Agent and the Company or
the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Paying Agent shall be entitled to rely on the instructions of the Administrative Agent.
The Paying Agent may rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement will hold the Paying Agent harmless from any claims that may arise or
be asserted against the Paying Agent because of the invalidity of any such documents or their failure to fulfill their intended purpose. 

  
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 (r) The Paying Agent is authorized, in its sole discretion, to disregard any and all notices or
instructions given by any other party hereto or by any other person, firm or corporation, except only such notices or instructions as are herein provided for and orders or process of any court entered or issued with or without jurisdiction. If any
property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any
order, judgment or decree shall be made or entered by any court affecting such property or any part hereof, then and in any of such events the Paying Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ,
judgment or decree, and if it complies with any such order, writ, judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even though such order, writ, judgment or
decree maybe subsequently reversed, modified, annulled, set aside or vacated. 
 (s) The Paying Agent may: (i) terminate its
obligations as Paying Agent under this Agreement (subject to the terms set forth herein) upon at least 30 days’ prior written notice to the Company, the Servicer and the Administrative Agent; provided, however, that, without the consent of the
Administrative Agent, such resignation shall not be effective until a successor Paying Agent reasonably acceptable to the Administrative Agent and Company shall have accepted appointment by the Lenders as Paying Agent, pursuant hereto and shall have
agreed to be bound by the terms of this Agreement; or (ii) be removed at any time by written demand, of the Requisite Lenders, delivered to the Paying Agent, the Company and the Servicer. In the event of such termination or removal, the Lenders
with the consent of the Company shall appoint a successor paying. If, however, a successor paying agent is not appointed by the Lenders within ninety (90) days after the giving of notice of resignation, the Paying Agent may petition a court of
competent jurisdiction for the appointment of a successor Paying Agent. 
 (t) Any successor Paying Agent appointed pursuant hereto shall
(i) execute, acknowledge, and deliver to the Company, the Servicer, the Administrative Agent, and to the predecessor Paying Agent an instrument accepting such appointment under this Agreement. Thereupon, the resignation or removal of the
predecessor Paying Agent shall become effective and such successor Paying Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor as Paying Agent under
this Agreement, with like effect as if originally named as Paying Agent. The predecessor Paying Agent shall upon payment of its fees and expenses deliver to the successor Paying Agent all documents and statements and monies held by it under this
Agreement; and the Company and the predecessor Paying Agent shall execute and deliver such instruments and do such other things as may reasonably be requested for fully and certainly vesting and confirming in the successor Paying Agent all such
rights, powers, duties, and obligations. 
 (u) The Company shall reimburse the Paying Agent for the reasonable out-of-pocket expenses of
the Paying Agent incurred in connection with the succession of any successor Paying Agent including in transferring any funds in its possession to the successor Paying Agent. 

  
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 (v) The Paying Agent shall have no obligation to invest and reinvest any cash held in the
Controlled Accounts or any other moneys held by the Paying Agent pursuant to this Agreement in the absence of timely and specific written investment direction from Company. In no event shall the Paying Agent be liable for the selection of
investments or for investment losses incurred thereon. The Paying Agent shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Company to provide
timely written investment direction. 
 (w) If the Paying Agent shall be uncertain as to its duties or rights hereunder or shall receive
instructions from any of the parties hereto pursuant to this Agreement which, in the reasonable opinion of the Paying Agent, are in conflict with any of the provisions of this Agreement, the Paying Agent shall be entitled (without incurring any
liability therefor to the Company or any other Person) to (i) consult with outside counsel of its choosing and act or refrain from acting based on the advice of such counsel and (ii) refrain from taking any action until it shall be
directed otherwise in writing by all of the parties hereto or by final order of a court of competent jurisdiction. 
 (x) The Paying Agent
shall incur no liability nor be responsible to Company or any other Person for delays or failures in performance resulting from acts beyond its control that significantly and adversely affect the Paying Agent’s ability to perform with respect
to this Agreement. Such acts shall include, but not be limited to, acts of God, strikes, work stoppages, acts of terrorism, civil or military disturbances, nuclear or natural catastrophes, or the unavailability of the Federal Reserve Bank wire or
telex or other wire or communication facility. 
 (y) The Paying Agent may execute any of its powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Paying Agent shall not be responsible for any misconduct or negligence on the part of or for the supervision of any agent or attorney appointed with due care by it hereunder.

 (z) The Lenders hereby authorize and direct the Paying Agent, Collateral Agent and the Custodian, as applicable, to execute and deliver
the Credit Document Amendments. 
 2.21 Duties of Paying Agent. 

(a) Borrowing Base Reports. Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to
Section 2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all
information necessary to perform the duties set forth herein: 
 (i) compare the beginning Eligible Portfolio Outstanding
Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy; 

  
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 (ii) compare the number of Pledged Receivables listed in the Master Record with
the number of Pledged Receivables provided to the Paying Agent by the Servicer pursuant to Section 4.3 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial
Agreement and identify any discrepancy; 
 (iii) confirm that each Pledged Receivable listed in the Master Record has a
unique loan identification number; 
 (iv) compare the amount set forth in such Borrowing Base Report as the amount on
deposit in the Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy; 

(v) in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or
Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of
Eligible Receivables set forth therein and identify any discrepancy; 
 (vi) confirm that the Accrued Interest Amount and an
estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any
discrepancy; 
 (vii) recalculate the Revolving Availability based on the Borrowing Base set forth in such Borrowing Base
Report and the Total Utilization of Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies; 

(viii) in the case of a Borrowing Base Report delivered pursuant to Section 3.3(a)(i), (A) confirm that the
Revolving Loans requested in the related Funding Request are not greater than the Revolving Availability and (B) confirm that, after giving effect to such Revolving Loans, the Total Utilization of Revolving Loans will not exceed the Revolving
Commitment; and 
 (ix) notify the Lenders of the results of such review. 

(b) Monthly Servicing Reports. Upon receipt of any Monthly Servicing Report delivered pursuant to Section 5.1(e), Paying
Agent shall, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein: 

(i) compare the Eligible Portfolio Outstanding Principal Balance set forth therein with the aggregate Outstanding Principal
Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy; 
 (ii) confirm the aggregate
repayments of Revolving Loans during the period covered by the Monthly Servicing Report set forth therein with the Borrowing Base Reports delivered to Paying Agent pursuant to Section 2.11(c)(vii)(B) during such period and identify any
discrepancies; 

  
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 (iii) compare the amount set forth therein as the amount on deposit in the
Collection Account with the amount shown on deposit in the Collection Account and identify any discrepancy; 
 (iv) compare
the amount of accrued and unpaid interest and unused fees payable to the Revolving Lenders set forth therein to the amounts set forth in the related invoices received by Paying Agent and identify any discrepancies; 

(v) compare the amount of Servicing Fees payable to the Servicer set forth therein to the amount set forth in the related
invoice received by Paying Agent and identify any discrepancy; 
 (vi) compare the amount of Backup Servicing Fees and
expenses payable to the Backup Servicer set forth therein to the amounts set forth in the related invoice received by Paying Agent and identify any discrepancy; 

(vii) compare the amount of fees and expenses payable to the Custodian set forth therein to the amounts set forth in the
related invoice received by Paying Agent and identify any discrepancy; 
 (viii) compare the amount of fees and expenses
payable to the Collateral Agent set forth therein to the amounts set forth in the related invoice received by Paying Agent and identify any discrepancy; 

(ix) compare the amount of fees and expenses payable to the Paying Agent set forth therein to the amounts set forth in the
related invoice submitted by Paying Agent and identify any discrepancy; 
 (x) recalculate the Revolving Availability based
on the Borrowing Base set forth therein and the Total Utilization of Revolving Commitments set forth in the Paying Agent’s records and identify any discrepancies; and 

(xi) notify the Lenders of the results of such review. 

(c) The Paying Agent shall maintain the List of Direct Competitors described in clause (a) of the definition of “Direct
Competitor”, and upon receipt of any update to such list as described in such definition, the Paying Agent shall promptly notify the Administrative Agent and each Lender of such update (and thereafter the Paying Agent shall maintain the List of
Direct Competitors as so updated). 
 (d) For the avoidance of doubt, Paying Agent’s sole responsibility with respect to the
obligations set forth in Sections 2.21(a) and (b) is to compare or confirm information in the Borrowing Base Report or Monthly Servicing Report, as applicable, in accordance with Section 2.21 based on the information
indicated therein received by Paying Agent from Company, the Servicer or the Custodian, as the case may be. Paying Agent’s sole responsibility with respect to the obligations set forth in Section 2.21(c) is to maintain and provide
notice of updates to the list described therein as required by the terms of such Section. 

  
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 2.22 Collateral Agent. 

(a) The Collateral Agent shall be entitled to the same rights, protections, indemnities and immunities as the Paying Agent hereunder. 

(b) In addition to Section 2.22(a), the Collateral Agent shall be entitled to the following additional protections: 

(i) The Collateral Agent shall have no duty (A) to see to any recording, filing, or depositing of this Agreement or any
agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, re-filing or re-depositing of any
thereof, (B) to see to any insurance, or (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the
Collateral; 
 (ii) The Collateral Agent shall be authorized to, but shall not be responsible for, filing any financing or
continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting any security interest in the Collateral. It is expressly agreed, to the maximum extent permitted by applicable law,
that the Collateral Agent shall have no responsibility for (A) monitoring the perfection, continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral, (B) taking any necessary steps to
preserve rights against any Person with respect to any Collateral, or (C) taking any action to protect against any diminution in value of the Collateral; 

(iii) The Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement and any
other Credit Document or Credit Document Amendment (A) if such action would, in the reasonable opinion of the Collateral Agent, in good faith (which may be based on the advice or opinion of counsel), be contrary to applicable law, this
Agreement or any other Credit Document or Credit Document Amendment, (B) if such action is not provided for in this Agreement or any other Credit Document or Credit Document Amendment, (C) if, in connection with the taking of any such
action hereunder, under any other Credit Document or Credit Document Amendment that would constitute an exercise of remedies, it shall not first be indemnified to its satisfaction by the Administrative Agent and/or the Lenders against any and all
risk of nonpayment, liability and expense that may be incurred by it, its agents or its counsel by reason of taking or continuing to take any such action, or (D) if the Collateral Agent would be required to make payments on behalf of the
Lenders pursuant to its obligations as Collateral Agent hereunder, it does not first receive from the Lenders sufficient funds for such payment; 

(iv) The Collateral Agent shall not be required to take any action under this or any other Credit Document or Credit Document
Amendment if taking such action (A) would subject the Collateral Agent to a tax in any jurisdiction where it is not then subject to a tax, or (B) would require the Collateral Agent to qualify to do business in any jurisdiction where it is
not then so qualified; 

  
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 (v) Neither the Collateral Agent nor its respective officers, directors,
employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the
Administrative Agent or the Lenders, or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent’s and the
Lenders’ interests in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such
powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the Administrative Agent or the Lenders for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. 

2.23 Intention of Parties. 

It is the intention of the parties that the Revolving Loans be characterized as indebtedness for federal income tax purposes. The terms of the
Revolving Loans shall be interpreted to further this intention and neither the Lenders nor Company will take an inconsistent position on any federal, state or local tax return. 

SECTION 3. CONDITIONS PRECEDENT 
 3.1
Conditions Precedent to Effectiveness of the Existing Credit Agreement. The Existing Credit Agreement became effective on the Original Closing Date subject to the satisfaction of the conditions precedent set forth in Section 3.1 of the
Existing Credit Agreement. 
 3.2 Conditions Precedent to Effectiveness of the Amended and Restated Credit Agreement. The amendment
and restatement of the Existing Credit Agreement provided for hereby shall become effective on the Amendment Effective Date subject to the satisfaction, or waiver in accordance with Section 9.5, of the following conditions on or before
the Amendment Effective Date: 
 (a) Credit Documents and Related Agreements. The Administrative Agent, the Paying Agent and
the Collateral Agent shall have each received copies of this Agreement, the Asset Purchase Agreement, the Servicing Agreement, the Undertakings Agreement, Amendment No. 1 to the Security Agreement and Amendment No. 2 to the Custodial
Agreement (collectively, the “Credit Document Amendments”), originally executed and delivered by each applicable Person. 

(b) Organizational Documents; Incumbency. The Administrative Agent shall have received (i) copies of each Organizational Document
executed and delivered by Company and Holdings, as applicable, and, to the extent applicable, (x) certified as of the Amendment Effective Date or a recent date prior thereto by the appropriate governmental official and
(y)

  
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certified by its secretary or an assistant secretary as of the Amendment Effective Date, in each case as being in full force and effect without modification or amendment; (ii) signature and
incumbency certificates of the officers of such Person executing the Credit Document Amendments to which it is a party; (iii) resolutions of the Board of Directors or similar governing body of each of Company and Holdings approving and
authorizing the execution, delivery and performance of this Agreement and the other Credit Document Amendments to which it is a party or by which it or its assets may be bound as of the Amendment Effective Date, certified as of the Amendment
Effective Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (iv) a good standing certificate from the applicable Governmental Authority of each of Company and Holdings’
jurisdiction of incorporation, organization or formation and, with respect to Company, in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Amendment Effective
Date; and (v) such other documents as the Administrative Agent may reasonably request. 
 (c) Organizational and Capital
Structure. The organizational structure and capital structure of Holdings and the Company, shall be as set forth on Schedule 4.2. 

(d) Transaction Costs. On or prior to the Amendment Effective Date, Company shall have delivered to Administrative Agent,
Company’s reasonable best estimate of the Transaction Costs (other than fees payable to any Agent). 
 (e) Governmental
Authorizations and Consents. Company and Holdings shall have obtained all Governmental Authorizations and all consents of other Persons, in each case that are necessary or advisable to be obtained by them, in connection with the
transactions contemplated by the Credit Documents and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to the Administrative Agent. All applicable waiting periods shall have expired without
any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Credit Documents or the financing thereof and no action, request for stay,
petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its own motion shall have expired. 

(f) Financial Plan. The Administrative Agent shall have received from Company the Financial Plan for Fiscal Year 2014 and each Fiscal
Year through the final maturity date for the Revolving Loans. 
 (g) Opinions of Counsel to Company and Holdings. The Administrative
Agent and counsel to Administrative Agent shall have received originally executed copies of the favorable written opinions of DLA Piper (US) LLP, counsel for Company and Holdings, as to such other matters as the Administrative Agent may reasonably
request, dated as of the Amendment Effective Date and otherwise in form and substance reasonably satisfactory to the Administrative Agent (and Company hereby instructs, and Holdings shall instruct, such counsel to deliver such opinions to Agents and
Lenders). 

  
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 (h) Amendment Effective Date Certificate. Holdings and Company shall have delivered to the
Administrative Agent an originally executed Amendment Effective Date Certificate, together with all attachments thereto. 
 (i) No
Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable
discretion of the Administrative Agent, singly or in the aggregate, materially impairs any of the transactions contemplated by the Credit Documents or that would reasonably be expected to result in a Material Adverse Effect. 

(j) No Material Adverse Change. Since December 31, 2013, no event, circumstance or change shall have occurred that has caused or
evidences, either in any case or in the aggregate, a Material Adverse Effect. 
 (k) No Default or Event of Default. No Default,
Event of Default or Servicer Default shall have occurred and be continuing. 
 (l) Completion of Proceedings. All partnership,
corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto shall be satisfactory in form and substance to the Administrative Agent and counsel to Administrative
Agent, and the Administrative Agent, and counsel to Administrative Agent shall have received all such counterpart originals or certified copies of such documents as they may reasonably request. 

The Administrative Agent and each Lender, by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of,
and consented to and approved, each Credit Document and Credit Document Amendment and each other document required to be approved by the Administrative Agent, Requisite Lenders or Lenders, as applicable on the Amendment Effective Date. 

3.3 Conditions to Each Credit Extension. 

(a) Conditions Precedent. The obligation of each Lender to make any Revolving Loan on any Credit Date is subject to the satisfaction, or
waiver in accordance with Section 9.5, of the following conditions precedent: 
 (i) Administrative Agent, Paying
Agent and Custodian shall have received a fully executed and delivered Funding Notice together with a Borrowing Base Certificate, evidencing sufficient Revolving Availability with respect to the requested Revolving Loans, and a Borrowing Base
Report; 
 (ii) both before and after making any Revolving Loans requested on such Credit Date, the Total Utilization of
Revolving Commitments shall not exceed the Borrowing Base; 

  
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 (iii) as of such Credit Date, the representations and warranties contained herein
and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, other than those representations and warranties which are qualified by
materiality, in which case, such representation and warranty shall be true and correct in all respects on and as of that Credit Date, except, in each case, to the extent such representations and warranties specifically relate to an earlier date, in
which case such representations and warranties shall have been true and correct in all material respects, or true and correct in all respects, as the case may be on and as of such earlier date, provided, that the representations and
warranties in any Original Borrowing Base Certificate shall be excluded from the certification in this Section 3.3(a)(iii) to the extent a Replacement Borrowing Base Certificate has been delivered in substitute thereof in accordance with
Section 2.1(c)(ii); 
 (iv) as of such Credit Date, no event shall have occurred and be continuing or would
result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default; 

(v) the Administrative Agent and Paying Agent shall have received the Borrowing Base Report for the Business Day prior to the
Credit Date which shall be delivered on a pro forma basis for the first Credit Date hereunder; 
 (vi) as of such Credit
Date, no Key Person Event shall have occurred; and 
 (vii) in accordance with the terms of the Custodial Agreement, Company
has delivered, or caused to be delivered to the Custodian, all original or authoritative copies of all agreements related to each Receivable, including all applicable Receivable Agreements (including any counterparts) that are, on such Credit Date,
being transferred and delivered to Company pursuant to the Asset Purchase Agreement, and the Collateral Agent has received a Collateral Receipt and Exception Report from the Custodian, which Collateral Receipt and Exception Report is acceptable to
the Collateral Agent in its Permitted Discretion. 
 Any Agent or Requisite Lenders shall be entitled, but not obligated to, request and receive, prior to
the making of any Credit Extension, additional information reasonably satisfactory to the requesting party confirming the satisfaction of any of the foregoing if, in the Permitted Discretion of such Agent or Requisite Lenders such request is
warranted under the circumstances. 
 Notwithstanding anything contained herein to the contrary, neither the Paying Agent nor the Collateral Agent shall be
responsible or liable for determining whether any conditions precedent to making a Loan have been satisfied. 
 (b) Notices. Any
Funding Notice shall be executed by an Authorized Officer in a writing delivered to Administrative Agent and Paying Agent. In lieu of delivering a Notice, Company may give Administrative Agent and Paying Agent telephonic notice by the required time
of any proposed borrowing or conversion/continuation, as the case may be; provided each such notice shall be promptly confirmed in writing by delivery of the applicable Notice to 

  
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Administrative Agent and Paying Agent before the applicable date of borrowing. None of the Administrative Agent, Paying Agent or any Lender shall incur any liability to Company in acting upon any
telephonic notice referred to above that Administrative Agent or Paying Agent, as applicable, believes in good faith to have been given by a duly Authorized Officer or other person authorized on behalf of Company or for otherwise acting in good
faith. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

In order to induce Agents and Lenders to enter into this Agreement and to make each Credit Extension to be made thereby, Company represents and
warrants to each Agent and Lender that each and every of its representations and warranties contained in the Existing Credit Agreement was true and correct as of the Original Closing Date and each Credit Date prior to the Amendment Effective Date
(excluding any representation and warranty contained in Section 4.7 breached by Company as a result of the breach by Holdings of a representation and warranty contained in Part 1 of Schedule A to the Asset Purchase Agreement if Holdings
shall have (or will, if requested in accordance with Section 3.01(b) of the Asset Purchase Agreement) satisfied its obligations in respect of such breach under Section 3.01(b) of the Asset Purchase Agreement), and on the Amendment
Effective Date, each Credit Date after the Amendment Effective Date and on each Transfer Date, that the following statements are true and correct: 

4.1 Organization; Requisite Power and Authority; Qualification; Other Names. Company (a) is duly organized or formed, validly
existing and in good standing under the laws of its jurisdiction of organization or formation as identified in Schedule 4.1, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now
conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where
its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and would not reasonably be expected to result in a Material
Adverse Effect. Company does not operate or do business under any assumed, trade or fictitious name. Company has no Subsidiaries. 
 4.2
Capital Stock and Ownership. The Capital Stock of Company has been duly authorized and validly issued and is fully paid and non-assessable. As of the date hereof, there is no existing option, warrant,
call, right, commitment or other agreement to which Company is a party requiring, and there is no membership interest or other Capital Stock of Company outstanding which upon conversion or exchange would require, the issuance by Company of any
additional membership interests or other Capital Stock of Company or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Capital Stock of Company. Schedule
4.2 correctly sets forth the ownership interest of Company as of the Amendment Effective Date. 
 4.3 Due Authorization. The
execution, delivery and performance of the Credit Documents to which Company is a party have been duly authorized by all necessary action of Company. 

  
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 4.4 No Conflict. The execution, delivery and performance by Company of the Credit
Documents to which it is party and the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate in any material respect any provision of any law or any governmental rule or regulation applicable to
Company, any of the Organizational Documents of Company, or any order, judgment or decree of any court or other Governmental Authority binding on Company; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time
or both) a default under any Contractual Obligation of Company; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of Company (other than any Permitted Liens); or (d) require any approval
of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of Company, except for such approvals or consents which have been obtained. 

4.5 Governmental Consents. The execution, delivery and performance by Company of the Credit Documents to which Company is a party and
the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except for filings and
recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Agent for filing and/or recordation, as of the Original Closing Date other than (a) those that have already been obtained and are in full force and
effect, or (b) any consents or approvals the failure of which to obtain will not have a Material Adverse Effect. 
 4.6 Binding
Obligation. Each Credit Document to which Company is a party has been duly executed and delivered by Company and is the legally valid and binding obligation of Company, enforceable against Company in accordance with its respective terms, except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 

4.7 Eligible Receivables. Each Receivable that is identified by Company as an Eligible Receivable in a Borrowing Base Certificate
satisfies all of the criteria set forth in the definition of Eligibility Criteria (other than any Receivable identified as an Eligible Receivable in any Original Borrowing Base Certificate to the extent a Replacement Borrowing Base Certificate has
been delivered in substitute thereof in accordance with Section 2.1(c)(ii)). 
 4.8 Historical Financial Statements. The
Historical Financial Statements and any financial statements delivered to the Agents and the Lenders pursuant Section 5.1(b) or (c) after the Amendment Effective Date were prepared in conformity with GAAP and fairly present,
in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the
entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments. 

4.9 Financial Plan. On and as of the Amendment Effective Date, the projections set forth in the Financial Plan delivered prior to the
Amendment Effective Date are based on good faith estimates and assumptions made by the management of Holdings; provided, the projections are not to be viewed as facts and that actual results during the period or periods covered by the projections
may differ from such projections and that the differences may be material; provided further, as of the Amendment Effective Date, the management of Holdings believed that the projections were reasonable and attainable. 

  
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 4.10 No Material Adverse Effect. Since December 31, 2013, no event, circumstance or
change has occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect. 
 4.11 Adverse
Proceedings, etc. There are no Adverse Proceedings (other than counter claims relating to ordinary course collection actions by or on behalf of Company) pending against Company that challenges Company’s right or power to enter into or
perform any of its obligations under the Credit Documents to which it is a party or that individually or in the aggregate are material to Company. Company is not (a) in violation of any applicable laws in any material respect, or
(b) subject to or in default with respect to any judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other Governmental Authority. 

4.12 Payment of Taxes. Except as otherwise permitted under Section 5.3, all material tax returns and reports of Company
required to be filed by it have been timely filed, and all material taxes shown on such tax returns to be due and payable and all assessments, fees and other governmental charges upon Company and upon its properties, assets, income, businesses and
franchises which are due and payable have been paid when due and payable except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.
Company knows of no proposed tax assessment against Company which is not being actively contested by Company in good faith and by appropriate proceedings; provided, such reserves or other appropriate provisions, if any, as shall be required
in conformity with GAAP shall have been made or provided therefor. 
 4.13 Title to Assets. Company has no fee, leasehold or other
property interests in any real property assets. Company has good and valid title to all of its assets reflected in the most recent financial statements delivered pursuant to Section 5.1. Except as permitted by this Agreement, all such
properties and assets are free and clear of Liens, other than Permitted Liens. All Liens purported to be created in any Collateral pursuant to any Collateral Document in favor of Collateral Agent are First Priority Liens. 

4.14 No Indebtedness. Company has no Indebtedness, other than Indebtedness incurred under (or contemplated by) the terms of this
Agreement or otherwise permitted hereunder. 
 4.15 No Defaults. Company is not in default in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where the
consequences, direct or indirect, of such default or defaults, if any, would not reasonably be expected to result in a Material Adverse Effect. 

4.16 Material Contracts. Company is not a party to any Material Contracts. 

  
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 4.17 Government Contracts. Company is not a party to any contract or agreement with any
Governmental Authority, and the Pledged Receivables are not subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any similar state or local law. 

4.18 Governmental Regulation. Company is not subject to regulation under the Public Utility Holding Company Act of 2005, the Federal
Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. Company is
not a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the
Investment Company Act of 1940. 
 4.19 Margin Stock. Company is not engaged principally, or as one of its important activities, in
the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Revolving Loans made to Company will be used to purchase or carry any such Margin Stock or to extend credit to others for the
purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

4.20 Employee Benefit Plans. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other
such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. Company does not maintain or contribute to any Employee Benefit Plan. 

4.21 Certain Fees. No broker’s or finder’s fee or commission will be payable with respect hereto or any of the transactions
contemplated hereby. 
 4.22 Solvency; Fraudulent Conveyance. Company is and, upon the incurrence of any Credit Extension by Company
on any date on which this representation and warranty is made, will be, Solvent. Company is not transferring any Collateral with any intent to hinder, delay or defraud any of its creditors. Company shall not use the proceeds from the transactions
contemplated by this Agreement to give preference to any class of creditors. Company has given fair consideration and reasonably equivalent value in exchange for the sale of the Receivables by Holdings under the Asset Purchase Agreement. 

4.23 Compliance with Statutes, etc. Company is in compliance in all material respects with all applicable statutes, regulations
and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property. 

4.24 Matters Pertaining to Related Agreements. 

(a) Delivery. Company has delivered, or caused to be delivered, to each Agent and each Lender complete and correct copies of
(i) each Related Agreement and of all exhibits and schedules thereto as of the Original Closing Date, and (ii) copies of any material amendment, restatement, supplement or other modification to or waiver of each Related Agreement entered
into after the Original Closing Date. 

  
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 (b) The Asset Purchase Agreement creates a valid transfer and assignment to Company of all right,
title and interest of Holdings in and to all Pledged Receivables and all Related Security conveyed to Company thereunder and Company has a First Priority perfected security interest therein. Company has given reasonably equivalent value to Holdings
in consideration for the transfer to Company by Holdings of the Pledged Receivables and Related Security pursuant to the Asset Purchase Agreement. 

(c) Each Receivables Program Agreement creates a valid transfer and assignment to Holdings of all right, title and interest of the Receivables
Account Bank in and to all Receivables and Related Security conveyed or purported to be conveyed to Holdings thereunder. Holdings has given reasonably equivalent value to the Receivables Account Bank in consideration for the transfer to Holdings by
the Receivables Account Bank of the Receivables and Related Security pursuant to the applicable Receivables Program Agreement. 
 4.25
Disclosure. No documents, certificates, written statements or other written information furnished to Lenders by or on behalf of Holdings or Company for use in connection with the transactions contemplated hereby, taken as a whole, contains any
untrue statement of a material fact, or taken as a whole, omits to state a material fact (known to Holdings or Company, in the case of any document not furnished by either of them) necessary in order to make the statements contained therein not
misleading in light of the circumstances in which the same were made, provided, that, projections and pro forma financial information contained in such materials were prepared based upon good faith estimates and assumptions believed by
the preparer thereof to be reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may
differ from the projected results and such differences may be material. 
 4.26 Patriot Act. To the extent applicable, Company and
Holdings are in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V,
as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the
“Act”). No part of the proceeds of the Revolving Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended to the date hereof and from time to
time hereafter, and any successor statute. 
 4.27 Remittance of Collections. Company represents and warrants that each remittance of
Collections by it hereunder to any Agent or any Lender hereunder will have been (a) in payment of a debt incurred by Company in the ordinary course of business or financial affairs of Company and (b) made in the ordinary course of business
or financial affairs. 

  
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 SECTION 5. AFFIRMATIVE COVENANTS 

Company covenants and agrees that until the Termination Date, Company shall perform (or cause to be performed, as applicable) all covenants in
this Section 5. 
 5.1 Financial Statements and Other Reports. Unless otherwise provided below, Company or its designee
will deliver to each Agent and each Lender: 
 (a) Monthly Reports. Prior to the consummation of the Initial Public Equity Offering,
as soon as available, and in any event within thirty (30) days after the end of each month (including any month in which the Original Closing Date occurred), the consolidated balance sheet of (i) Holdings and (ii) Company as at the
end of such month and the related consolidated statements of income, consolidated statements of stockholders’ equity and consolidated statements of cash flows of Holdings and Company, in each case for such month and for the period from the
beginning of the then current Fiscal Year to the end of such month, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a
schedule of reconciliations for any reclassifications with respect to prior months or periods (and, in connection therewith, copies of any restated financial statements for any impacted month or period) a Financial Officer Certification with respect
thereto and any other operating reports prepared by the management of Holdings for such period as may be reasonably requested by any Agent or Lender; 

(b) Quarterly Financial Statements. Promptly after becoming available, and in any event within forty-five (45) days (or, with
respect to the fourth Fiscal Quarter of each Fiscal Year, sixty (60) days) after the end of each Fiscal Quarter of each Fiscal Year, the consolidated balance sheet of (i) Holdings and (ii) Company, in each case, as at the end of such
Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and Company, in each case, for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the
end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a Financial Officer Certification with respect
thereto and, prior to the consummation of the Initial Public Equity Offering, any other operating reports prepared by the management of Holdings for such period as may be reasonably requested by any Agent or Lender; provided that after the
consummation of the Initial Public Equity Offering, none of the foregoing shall be required with respect to the fourth Fiscal Quarter of each Fiscal Year; 

(c) Annual Financial Statements. As soon as available, and in any event within one hundred twenty (120) days after the end of each
Fiscal Year, (i) the consolidated balance sheets of (A) Holdings and (B) Company, in each case, as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings
and Company, in each case, for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year, in reasonable detail, together with a Financial Officer Certification with respect thereto; and
(ii) with respect to such consolidated financial statements a report thereon of Ernst & Young LLP or other independent certified public accountants of recognized national standing selected by Holdings, and reasonably satisfactory to
the Administrative Agent (which report shall be unqualified (other than any qualification related solely to the potential inability of Company to refinance the 

  
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Obligations prior to the Revolving Commitment Termination Date) as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material
respects, the consolidated financial position of Holdings as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as
otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) (such report shall also
include (x) a detailed summary of any audit adjustments; (y) a reconciliation of any audit adjustments or reclassifications to the previously provided monthly or quarterly financials; and (z) restated monthly or quarterly financials
for any impacted periods); 
 (d) Compliance Certificates. Together with each delivery of financial statements of each of Holdings
and Company pursuant to Sections 5.1(b) and 5.1(c), a duly executed and completed Compliance Certificate; 
 (e) Statements
of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of
(i) Holdings and (ii) Company delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had
no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and
substance reasonably satisfactory to Administrative Agent; 
 (f) Collateral Reporting. 

(i) On each Monthly Reporting Date, with each Funding Notice, and at such other times as any Agent or Lender shall request in
its Permitted Discretion, a Borrowing Base Certificate (calculated as of the close of business of the previous Monthly Period or as of a date no later than three (3) Business Days prior to such request), together with a reconciliation to the
most recently delivered Borrowing Base Certificate and Borrowing Base Report, in form and substance reasonably satisfactory to Administrative Agent and Paying Agent. Each Borrowing Base Certificate delivered to Administrative Agent and Paying Agent
shall bear a signed statement by an Authorized Officer certifying the accuracy and completeness in all material respects of all information included therein. The execution and delivery of a Borrowing Base Certificate (other than any Original
Borrowing Base Certificate to the extent a Replacement Borrowing Base Certificate has been delivered in substitute thereof in accordance with Section 2.1(c)(ii)) shall in each instance constitute a representation and warranty by Company
to Administrative Agent and Paying Agent that each Receivable included therein as an “Eligible Receivable” is, in fact, an Eligible Receivable. In the event any request for a Revolving Loan, or a Borrowing Base Certificate or other
information required by this Section 5.1(f) is delivered to Administrative Agent and Paying Agent by Company electronically or otherwise without signature, such request, or such Borrowing Base Certificate or other information shall, upon
such delivery, be 

  
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deemed to be signed and certified on behalf of Company by an Authorized Officer and constitute a representation to Administrative Agent and Paying Agent as to the authenticity thereof. The
Administrative Agent shall have the right to review and adjust any such calculation of the Borrowing Base to reflect exclusions from Eligible Receivables or such other matters as are necessary to determine the Borrowing Base, but in each case only
to the extent the Administrative Agent is expressly provided such discretion by this Agreement. 
 (ii) On each Monthly
Reporting Date, (A) the Monthly Servicing Report to Administrative Agent and Paying Agent on the terms and conditions set forth in the Servicing Agreement, and (B) the Master Record to the Paying Agent. Notwithstanding any other provision
of the Credit Documents, no Lender or Agent (other than the Paying Agent) shall have a right to receive the Master Record. 
 (g) Legal
Update. Together with each delivery of a Compliance Certificate pursuant to Section 5.1(d) and otherwise promptly upon any Authorized Officer’s knowledge thereof, written notice of the occurrence of any material legal
developments reasonably expected to have a significant adverse impact on Holdings’ commercial loan program (or, if there are no such material legal developments since the last update provided by Company pursuant to this
Section 5.1(g), a written confirmation that there are no such legal developments since such last update); 
 (h) Notice of
Default. Promptly upon an Authorized Officer of Company obtaining knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to Holdings or Company with respect thereto;
(ii) that any Person has given any notice to Holdings or Company or taken any other action with respect to any event or condition set forth in Section 7.1(b); or (iii) of the occurrence of any event or change that has caused or
evidences, either in any case or in the aggregate, a Material Adverse Effect, a certificate of its Authorized Officers specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken
by any such Person and the nature of such claimed Event of Default, Default, default, event or condition, and what action Holdings or Company, as applicable, has taken, is taking and proposes to take with respect thereto; 

(i) Notice of Litigation. Promptly upon an Authorized Officer of Company obtaining knowledge of an Adverse Proceeding not previously
disclosed in writing by Company to Lenders or any material development in any such Adverse Proceeding (including any adverse ruling or significant adverse development in any Adverse Proceeding) that would be reasonably expected to have a significant
adverse impact on Company or Holdings or any Subsidiary thereof, written notice thereof together with such other information as may be reasonably available to Company or Holdings to enable Lenders and their counsel to evaluate such matters; 

(j) ERISA. (i) Promptly upon an Authorized Officer of Company becoming aware of the occurrence of or forthcoming occurrence of any
ERISA Event, a written notice specifying the nature thereof, what action Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or
threatened by the Internal Revenue Service, the Department of 

  
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Labor or the PBGC with respect thereto; and (ii) with reasonable promptness, copies of (1) each Schedule SB (Actuarial Information) to the annual report (Form 5500 Series)
filed by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates with the Internal Revenue Service with respect to each affected Pension Plan; (2) all notices received by Holdings, any of its Subsidiaries or any of their
respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (3) copies of such other documents or governmental reports or filings relating to any affected Employee Benefit Plan of Holdings or any of its
Subsidiaries thereof, or, with respect to any affected Pension Plan or affected Multiemployer Plan, any of their respective ERISA Affiliates (with respect to an affected Multiemployer Plan, to the extent that Holdings or the Subsidiary or ERISA
Affiliate, as applicable, has rights to access such documents, reports or filings), as any Agent or Lender shall reasonably request; 
 (k)
Financial Plan. Prior to the consummation of the Initial Public Equity Offering, as soon as practicable and in any event no later than thirty (30) days after the beginning of each Fiscal Year, a consolidated plan and financial forecast
for such Fiscal Year and each Fiscal Year (or portion thereof) through the final maturity date of the Revolving Loans (a “Financial Plan”), including (i) a forecasted consolidated balance sheet and forecasted consolidated
statements of income and cash flows of Holdings and its Subsidiaries for each such Fiscal Year, together with pro forma Compliance Certificates for each such Fiscal Year and an explanation of the assumptions on which such forecasts are based,
(ii) forecasted consolidated statements of income and cash flows of Holdings and its Subsidiaries for each month of each such Fiscal Year, (iii) forecasts demonstrating projected compliance with the Financial Covenants through the final
maturity date of the Revolving Loans, and (iv) forecasts demonstrating adequate liquidity through the final maturity date of the Revolving Loans, in each case in form and substance reasonably satisfactory to Agents and forecasted in accordance
with GAAP, other than cash flows, which may be forecasted in accordance with the usual and customary accounting practices of Holdings); 

(l) Notice of Change in Board of Directors. Subject to Section 6.20, with reasonable promptness, and in any event within
five (5) Business Days, written notice to each Agent and Lender of any change in the board of directors (or similar governing body) of Company; 

(m) Information Regarding Collateral. Prior written notice to Collateral Agent of any change (i) in Company’s corporate name,
(ii) in Company’s identity, corporate structure or jurisdiction of organization, or (iii) in Company’s Federal Taxpayer Identification Number. Company agrees not to effect or permit any change referred to in the preceding
sentence unless all filings have been made under the UCC or otherwise that are required in order for Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral and for
the Collateral at all times following such change to have a valid, legal and perfected security interest as contemplated in the Collateral Documents; 

(n) Public Reporting. After the consummation of the Initial Public Equity Offering, the obligations in Sections 5.1(b) and
(c) in respect of Holdings’ financial statements may be satisfied by furnishing, at the option of Holdings, the applicable financial statements as described above or Holdings’ Annual Report on Form 10-K or Holdings’
Quarterly Report on Form 10-Q, as filed with the SEC, as applicable; 

  
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 (o) Other Information. 

(i) Prior to the consummation of the Initial Public Equity Offering, promptly upon their becoming available, and in each case
to the extent not otherwise provided hereunder, copies of all material reports, including all year-end summaries, annual reports, budgets, business plans, a quarterly delivery of Holdings’ capitalization table, written consents or matters
pertaining to a vote of security holders sent generally by Holdings to its security holders acting in such capacity or by any Subsidiary of Holdings to its security holders other than Holdings or another Subsidiary of Holdings; 

(ii) not later than Friday of each week (or if such day is not a Business Day, the immediately preceding Business Day) in which
a Borrowing Base Report has not otherwise been delivered hereunder, a Borrowing Base Report; and 
 (iii) such material
information and data with respect to Holdings or any of its Subsidiaries as from time to time may be reasonably requested by any Agent or Lender, in each case, which relate to Company’s or Holdings’ financial or business condition or the
Collateral. 
 5.2 Existence. Except as otherwise permitted under Section 6.8, Company will at all times preserve and
keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business. 
 5.3 Payment
of Taxes and Claims. Company will pay all material Taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims
for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto;
provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a) adequate reserve or other appropriate provision, as shall be
required in conformity with GAAP shall have been made therefor, and (b) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of
the Collateral to satisfy such Tax or claim. Company will not file or consent to the filing of any consolidated income tax return with any Person (other than Holdings or any of its Subsidiaries). In addition, Company agrees to pay to the relevant
Governmental Authority in accordance with applicable law any current or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including, without limitation, mortgage recording taxes, transfer taxes and
similar fees) imposed by any Governmental Authority that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any Credit Document. 

5.4 Insurance. Company shall cause Holdings to maintain or cause to be maintained, with financially sound and reputable insurers,
(a) all insurance required to be maintained under the Servicing Agreement, (b) business interruption insurance reasonably satisfactory to Administrative Agent, and (c) casualty insurance, such public liability insurance, third party

  
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property damage insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of Holdings and its Subsidiaries as may customarily be carried or
maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such
risks and otherwise on such terms and conditions as shall be customary for such Persons. Each Agent and Lender hereby agrees and acknowledges that the insurance maintained by Holdings on the Original Closing Date satisfies the requirements set forth
in this Section 5.4. 
 5.5 Inspections; Compliance Audits; Regulatory Review. 

(a) Company will permit or cause to be permitted, as applicable, any authorized representatives designated by any Agent or any Lender to visit
and inspect any of the properties of Company or Holdings, at any time, and from time to time upon reasonable advance notice and during normal working hours, to (i) inspect, copy and take extracts from its financial and accounting records, and
to discuss its affairs, finances and accounts with any Person, including, without limitation, employees of Company or Holdings and independent public accountants and (ii) verify the compliance by Company or Holdings with the Credit Agreement,
the other Credit Documents and/or the Underwriting Policies, as applicable. Company agrees to pay Agents’ then customary charge for field examinations and audits and the preparation of reports thereof performed or prepared (A) at any time
during the existence of a Default or an Event of Default and (B) otherwise up to one (1) time in any calendar year, provided Company shall not be obligated to pay more than $25,000 in the aggregate during any twelve-month period in
connection with any examination or audit described in this Section 5.5(a)(ii)(B). If any Agent engages any independent certified public accountants or other third-party provider to prepare any such report, such Agent shall make such
report available to any Lender, upon request, provided, that delivery of any such report may be conditioned on prior receipt by such independent certified public accountants or other third party provider of the acknowledgements and agreements that
such independent certified public accountants or third party provider customarily requires of recipients of reports of that kind. 
 (b) At
any time during the existence of an Event of Default and otherwise one (1) time in any calendar quarter, the Administrative Agent or its designee, may, at Company’s expense, perform a compliance review (a “Compliance
Review”) with five (5) Business Days’ prior written notice to verify the compliance by Company and Holdings with Requirements of Law related to the Pledged Receivables and to review the materials prepared in accordance with
Section 5.5(d). Company shall, and shall cause Holdings to, cooperate with all reasonable requests and provide the Administrative Agent with all necessary assistance and information in connection with each such Compliance Review. In
connection with any such Compliance Review, Company will permit any authorized representatives designated by the Administrative Agent to review Company’s form of Receivable Agreements, Underwriting Policies, information processes and controls,
compliance practices and procedures and marketing materials (“Materials”). Such authorized representatives may make written recommendations regarding Company’s compliance with applicable Requirements of Law, and Company shall
consult in good faith with the Administrative Agent regarding such recommendations. In connection with any Compliance Review pursuant to this Section 5.5(b), the Administrative Agent agrees to use a single regulatory counsel. 

  
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 (c) In connection with any inspection pursuant to Section 5.5(a) or a Compliance
Review, the Administrative Agent or its designee may contact a Receivables Obligor as reasonably necessary to perform such inspection or Compliance Review, as the case may be, provided, however, that such contact shall be made in the
name of, and in cooperation with, Holdings and Company, unless Holdings (i) has failed to so cooperate for at least ten (10) Business Days after receiving a written request from the Administrative Agent requesting such cooperation, or
(ii) is no longer the “Servicer” under the Servicing Agreement. 
 5.6 Lenders Meetings. Company shall, and shall
cause Holdings to, upon the request of Administrative Agent or Requisite Lenders, participate in a meeting of Administrative Agent and Lenders once during each Fiscal Year to be held at Company’s corporate offices (or at such other location as
may be agreed to by Company and Administrative Agent) at such time as may be agreed to by Company and Administrative Agent. 
 5.7
Compliance with Laws. Company shall, and shall cause Holdings to, comply with the Requirements of Law, noncompliance with which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

5.8 Separateness. Company shall at all times comply with Section 5(d), Section 7, Sections 9(e) and (f), Section 10,
Section 28, Section 30 and Section 31 (or any successor sections) of the Limited Liability Company Agreement, and shall not violate or cause to be violated the assumptions made with respect to Company in any opinion letter pertaining
to substantive consolidation delivered to Lenders in connection with the Credit Documents. 
 5.9 Further Assurances. At any time or
from time to time upon the request of any Agent or Lender, Company will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as such Agent or Lender may reasonably request in order to
effect fully the purposes of the Credit Documents, including providing Lenders with any information reasonably requested pursuant to Section 9.21. In furtherance and not in limitation of the foregoing, Company shall take such actions as
the Administrative Agent may reasonably request from time to time to ensure that the Obligations are secured by substantially all of the assets of Company. 

5.10 Communication with Accountants. Company authorizes Administrative Agent to communicate directly with Company’s independent
certified public accountants and authorizes and shall instruct such accountants to communicate directly with Administrative Agent and authorizes such accountants to (and, upon Administrative Agent’s request therefor (at the request of any
Agent), shall request that such accountants) communicate to Administrative Agent information relating to Company with respect to the business, results of operations and financial condition of Company (including the delivery of audit drafts and
letters to management), provided that advance notice of such communication is given to Company, and Company is given a reasonable opportunity to cause an officer to be present during any such communication. Company agrees that the
Administrative Agent may communicate with Company’s independent certified public accountants pursuant to this Section 5.10 (a) at any time (i) during the existence of a Default or an Event of Default, (ii) upon any
event or circumstance which has a Material Adverse Effect or (iii) upon any material change (as determined by the Administrative Agent in its Permitted Discretion) in Holdings’ or Company’s accounting 

  
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principles and policies and (b) otherwise, up to two (2) times in any calendar year. The failure of Company to be present during such communication after given such reasonable
opportunity shall in no way impair the rights of the Administrative Agent under this Section 5.10. 
 5.11 Acquisition of
Receivables from Holdings. With respect to each Pledged Receivable, Company shall (a) acquire such Receivable pursuant to and in accordance with the terms of the Asset Purchase Agreement, (b) take all actions necessary to perfect,
protect and more fully evidence Company’s ownership of such Receivable, including, without limitation, executing or causing to be executed (or filing or causing to be filed) such other instruments or notices as may be necessary or appropriate,
and (c) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of Company, the Agents, and the Lenders. 

SECTION 6. NEGATIVE COVENANTS 
 Company
covenants and agrees that, until the Termination Date, Company shall perform (or cause to be performed, as applicable) all covenants in this Section 6. 

6.1 Indebtedness. Company shall not directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly
or indirectly liable with respect to any Indebtedness, except the Obligations. 
 6.2 Liens. Company shall not directly or
indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Company, whether now owned or hereafter
acquired, or any income or profits therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC of
any State or under any similar recording or notice statute, except Permitted Liens. 
 6.3 Equitable Lien. If Company shall create or
assume any Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than Permitted Liens, it shall make or cause to be made effective provisions whereby the Obligations will be secured by such Lien equally and
ratably with any and all other Indebtedness secured thereby as long as any such Indebtedness shall be so secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Requisite Lenders to the creation
or assumption of any such Lien not otherwise permitted hereby. 
 6.4 No Further Negative Pledges. Except pursuant to the Credit
Documents Company shall not enter into any Contractual Obligation prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired. 

6.5 Restricted Junior Payments. Company shall not through any manner or means or through any other Person to, directly or indirectly,
declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment except that, Restricted Junior Payments may be made by Company from time to time with respect to any amounts
distributed to Company in accordance with Section 2.12(a)(ix). 

  
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 6.6 Subsidiaries. Company shall not form, create, organize, incorporate or otherwise have
any Subsidiaries. 
 6.7 Investments. Company shall not, directly or indirectly, make or own any Investment in any Person, including
without limitation any Joint Venture, except Investments in Cash, Permitted Investments and Receivables (and property received from time to time in connection with the workout or insolvency of any Receivables Obligor), and Permitted Investments in
the Controlled Accounts. 
 6.8 Fundamental Changes; Disposition of Assets; Acquisitions. Company shall not enter into any
transaction of merger or consolidation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sub lease (as lessor or sublessor), exchange, transfer or
otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter
acquired (other than, provided no Event of Default pursuant to Section 7.1(a), 7.1(g), 7.1(h) or 7.1(p) has occurred and is continuing, Permitted Asset Sales; provided that Permitted Asset Sales under clause
(d) of the definition thereof shall be permitted at all times subject to receipt of the consent required therein), or acquire by purchase or otherwise (other than acquisitions of Eligible Receivables, or Permitted Investments in a Controlled
Account (and property received from time to time in connection with the workout or insolvency of any Receivables Obligor)) the business, property or fixed assets of, or stock or other evidence of beneficial ownership of, any Person or any division
or line of business or other business unit of any Person. 
 6.9 Sales and Lease-Backs.
Company shall not, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which Company
(a) has sold or transferred or is to sell or to transfer to any other Person, or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by Company to any Person in
connection with such lease. 
 6.10 Transactions with Shareholders and Affiliates. Company shall not, directly or indirectly, enter
into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any holder of ten percent (10%) or more of any class of Capital Stock of Holdings or any of its
Subsidiaries or with any Affiliate of Holdings or of any such holder other than the transactions contemplated or permitted by the Credit Documents and the Related Agreements. 

6.11 Conduct of Business. From and after the Original Closing Date, Company shall not engage in any business other than the businesses
engaged in by Company on the Original Closing Date. 
 6.12 Fiscal Year. Company shall not change its Fiscal Year-end from December 31st. 
 6.13
Servicer; Backup Servicer; Custodian 
 (a) Company shall use its commercially reasonable efforts to cause Servicer, the Backup Servicer
and the Custodian to comply at all times with the applicable terms of the 

  
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Servicing Agreement, the Backup Servicing Agreement and the Custodial Agreement. The Company may not (i) terminate, remove, replace Servicer, Backup Servicer or the Custodian or
(ii) subcontract out any portion of the servicing or permit third party servicing other than the Backup Servicer, except, in each case, with the consent of the Requisite Lenders in their Permitted Discretion. The Administrative Agent may not
terminate, remove, or replace the Servicer except in accordance with the Servicing Agreement. The Administrative Agent may not terminate, remove, or replace the Backup Servicer or the Custodian except with the prior consent of Company (such consent
not to be unreasonably withheld); provided, however, that the Administrative Agent may terminate and replace the Backup Servicer at any time without the consent of Company after the occurrence and during the continuance of an Event of
Default or Servicer Default. 
 (b) Upon the occurrence of (1) for so long as the DB Credit Facility is in effect, a “Hot Backup
Servicer Event” thereunder and the election by the Administrative Agent under the DB Credit Facility to transition to “hot” backup servicing, or (2) after the termination of the DB Credit Facility, a Hot Backup Servicer Event,
the Administrative Agent may instruct the Backup Servicer to provide “hot” backup servicing under the Backup Servicing Agreement (provided that, with respect to clause (2) above, if after a Hot Backup Servicer Event to occur
hereunder, a Hot Backup Servicer Event Cure occurs, the Administrative Agent shall, at the direction of Company, instruct the Backup Servicer to (i) stop providing hot” backup servicing under the Backup Servicing Agreement and
(ii) again begin providing only “warm” backup servicing under the Backup Servicing Agreement). Company shall pay all reasonable and customary fees, costs and expenses of the Backup Servicer. 

6.14 Acquisitions of Receivables. Company may not acquire Receivables from any Person other than Holdings pursuant to the Asset
Purchase Agreement. 
 6.15 Independent Manager. Company shall not fail at any time to have at least one independent manager (an
“Independent Manager”) who: 
 (a) is provided by a nationally recognized provider of independent directors; 

(b) is not and has not been employed by Company or Holdings or any of their respective Subsidiaries or Affiliates as an officer, director,
partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Company or Holdings or any of their respective Affiliates within the five years
immediately prior to such individual’s appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of
Company or Holdings; 
 (c) is not, and has not been within the five years immediately prior to such individual’s appointment as an
Independent Manager, a customer or creditor of, or supplier to, Company or Holdings or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Company or Holdings or any of their respective Affiliates
thereof (other than a de minimis amount); 

  
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 (d) is not, and has not been within the five years immediately prior to such individual’s
appointment as an Independent Manager, a person who controls or is under common control with any Person described by clause (b) or (c) above; 

(e) does not have, and has not had within the five years immediately prior to such individual’s appointment as an Independent Manager, a
personal services contract with Company or Holdings or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross
revenues during the preceding calendar year; 
 (f) is not affiliated with a tax-exempt entity that receives, or has received within the
five years prior to such appointment as an Independent Manager, contributions from Company or Holdings or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Holdings and
its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year; 

(g) is not and has not been a shareholder (or other equity owner) of any of Company or Holdings or any of their respective Affiliates within
the five years immediately prior to such individual’s appointment as an Independent Manager; 
 (h) is not a member of the immediate
family of any Person described by clause (b) through (g) above; 
 (i) is not, and was not within the five years prior to such
appointment as an Independent Manager, a financial institution to which Company or Holdings or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Holdings’
total consolidated assets; 
 (j) has prior experience as an independent director or manager for a corporation or limited liability company
whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a
petition seeking relief under any applicable federal or state law relating to bankruptcy; and 
 (k) has at least three (3) years of
employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.

 Upon Company learning of the death or incapacity of an Independent Manager, Company shall have ten (10) Business Days following such
death or incapacity to appoint a replacement Independent Manager. Any replacement of an Independent Manager will be permitted only upon (a) two (2) Business Days’ prior written notice to each Agent and Lender, (b) Company’s
certification that any replacement manager will satisfy the criteria set forth in clauses (a)-(i) of this Section 6.15 and (c) the Administrative Agent’ written consent to the appointment of such replacement manager. For
the avoidance of doubt, other than in the event of the death or incapacity of an Independent Manager, Company shall at all times have an Independent Manager and may not terminate any Independent Manager without the prior written consent of the
Administrative Agent, which consent the Administrative Agent may withhold in its sole discretion. 

  
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 6.16 Organizational Agreements and Credit Documents. Except as otherwise expressly
permitted by other provisions of this Agreement or any other Credit Document, Company shall not (a) enter into any contract with any Person other than the Credit Documents, any Related Agreement to which it is a party, and an agreement related
to the appointment of the Independent Manager and process agent, in each case, as of the Original Closing Date or any agreement entered into in connection with a Permitted Asset Sale; (b) amend, restate, supplement or modify, or permit any
amendment, restatement, supplement or modification to, its Organizational Documents, without obtaining the prior written consent of the Requisite Lenders to such amendment, restatement, supplement or modification, as the case may be; (c) agree
to any termination, amendment, restatement, supplement or other modification to, or waiver of, or permit any termination, amendment, restatement, supplement or other modification to, or waivers of, any of the provisions of any Credit Document
without the prior written consent of the Requisite Lenders. Company shall not agree to, and shall cause Holdings not to, amend, restate, supplement or modify in any material respect any Receivables Program Agreement without providing prior written
notice thereof to the Administrative Agent, each Lender and obtaining the consent thereto of the Requisite Lenders; provided, however that the Requisite Lenders shall be deemed to have consented to any such amendment, restatement,
supplement or modification if the Requisite Lenders do not object to such proposed amendment, restatement, supplement or modification in writing to Company within seven (7) Business Days of the Administrative Agent’s receipt of written
notice of such proposed amendment, restatement, supplement or modification. 
 6.17 Changes in Underwriting or Other Policies.
Company shall not agree to, and shall cause Holdings not to, make any change or modification to the Underwriting Policies without providing prior written notice thereof to the Administrative Agent and each Lender, (collectively, the “Notice
Parties”). Company shall not agree to, and shall cause Holdings not to, make any Material Underwriting Policy Change, including any change or modification to the Underwriting Policies of which the Notice Parties receive written notice that
either the Administrative Agent or the Requisite Lenders, in the exercise of their respective Permitted Discretion, determines to be a Material Underwriting Policy Change and notifies Company of such determination within seven (7) Business Days
of their receipt of such notice, without the prior written consent of the Requisite Lenders (such consent not to be unreasonably withheld, conditioned or delayed). Company shall not agree to, and shall cause the Servicer not to, make any change to
the Servicer’s methodology for calculating the unpaid principal balance of Pledged Receivables without the prior written consent of the Requisite Lenders (such consent not to be unreasonably withheld, conditioned or delayed). 

6.18 Receivable Forms. Company shall not acquire Receivables which are not on the form of applicable Receivable Agreement attached to
the Undertakings Agreement (or any successor form approved after the Amendment Effective Date in accordance with this Section 6.18). Company shall provide, or cause Holdings to provide, prior written notice to Administrative Agent of any
proposed change or variation to the form of any Receivable Agreement, including a reasonably detailed description of the proposed change or variation (a “Notice of Amendment”). The Administrative Agent shall, within five
(5) Business Days of 

  
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Administrative Agent’s receipt of a Notice of Amendment, notify Company if the Administrative Agent, in its Permitted Discretion, has determined that such proposed change or variation is
material (a “Material Change Notice”), and upon receipt of such Material Change Notice, Company shall not, and shall cause Holdings not to, make any change or variation set forth in the Notice of Amendment without the prior written
consent of the Requisite Lenders, unless such change or variation is required by any Requirement of Law. The Requisite Lenders may reasonably withhold such consent until they have received a satisfactory opinion of Company’s counsel regarding
compliance of such revised form with any Requirement of Law reasonably expected to be applicable thereto. If, within five (5) Business Days of Administrative Agent’s receipt of a Notice of Amendment, the Administrative Agent has not
provided a Material Change Notice to Company or Holdings, Company or Holdings may make the change or variation to the applicable form of Receivable Agreement proposed in such Notice of Amendment. 

SECTION 7. EVENTS OF DEFAULT 
 7.1
Events of Default. If any one or more of the following events shall occur. 
 (a) Failure to Make Payments When Due. Other than
with respect to a Borrowing Base Deficiency, failure by Company to pay (i) when due, the principal of and premium, if any, on any Revolving Loan whether at stated maturity (including on the Revolving Commitment Termination Date), by
acceleration or otherwise; (ii) within two (2) Business Days after its due date, any interest on any Revolving Loan or any fee due hereunder; or (iii) within thirty (30) days after its due date, any other amount due hereunder; or

 (b) Default in Other Agreements. 

(i) Failure of Holdings or any Subsidiary of Holdings to pay when due any principal of or interest on or any other amount
payable in respect of one or more items of Indebtedness (other than SPV Indebtedness) with a principal amount in excess of $1,000,000, in each case beyond the grace period, if any, provided therefor; or breach or default by Holdings or any
Subsidiary of Holdings with respect to any other material term of (1) one or more items of Indebtedness (other than SPV Indebtedness) with a principal amount in excess of $1,000,000, or (2) any loan agreement, mortgage, indenture or other
agreement relating to such item(s) of Indebtedness, in each case beyond the grace period, if any, provided therefore, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on
behalf of such holder or holders), to cause, such Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the
case may be, provided that any such failure, breach or default, as the case may be, shall constitute an Event of Default hereunder only after the Administrative Agent shall have provided written notice to Company that such failure, breach or
default constitutes an Event of Default hereunder; or 
 (ii) (A) Failure of any Subsidiary of Holdings (other than Company)
to pay when due any principal of or interest on or any other amount payable in respect of one or more items of SPV Indebtedness with a principal amount in excess of $1,000,000; 

  
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or (B) (1) breach or default by any such Subsidiary with respect to any material term of (x) one or more items of SPV Indebtedness with a principal amount in excess of $1,000,000,
or (y) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of SPV Indebtedness and (2) the continuation of such breach or default for more than seven (7) Business Days (or, if such breach or default is
subject to any grace period, for more than seven (7) Business Days beyond such grace period), if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on behalf of such holder or
holders), to cause, such Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be,
provided that any such failure, breach or default, as the case may be, shall constitute an Event of Default hereunder only after the Administrative Agent shall have provided written notice to Company that such failure, breach or default
constitutes an Event of Default hereunder; or 
 (c) Breach of Certain Covenants. Failure of Company to perform or comply with any term or
condition contained in Section 2.3, Section 2.11, Section 5.1(a), Section 5.1(f), Section 5.1(h), Section 5.2, Section 5.6, Section 5.7 or
Section 6, or failure to distribute Collections in accordance with Section 2.12; or 
 (d) Breach of
Representations, etc. Any representation or warranty, certification or other statement made or deemed made by Company or Holdings (or Holdings as Servicer) in any Credit Document or in any statement or certificate at any time given by Company or
Holdings (or Holdings as Servicer) in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect, other than any representation, warranty, certification or other statement which is qualified by
materiality or “Material Adverse Effect”, in which case, such representation, warranty, certification or other statement shall be true and correct in all respects, in each case, as of the date made or deemed made and such default shall not
have been remedied or waived within thirty (30) days after the earlier of (i) an Authorized Officer of Company or Holdings becoming aware of such default, or (ii) receipt by Company of notice from any Agent or Lender of such default;
or 
 (e) Other Defaults Under Credit Documents. Company or Holdings shall default in the performance of or compliance with any term
contained herein or any of the other Credit Documents other than any such term referred to in any other Section of this Section 7.1 and such default shall not have been remedied or waived within thirty (30) days after the earlier of
(i) an Authorized Officer of Company or Holdings becoming aware of such default, or (ii) receipt by Company or Holdings of notice from Administrative Agent or any Lender of such default; or 

(f) Breach of Portfolio Performance Covenants. A breach of any Portfolio Performance Covenant shall have occurred and the
Administrative Agent shall have provided written notice to the Company that a Default under this Section 7.1(f) has occurred and is continuing; or 

(g) Involuntary Bankruptcy; Appointment of Receiver, etc. (i) A court of competent jurisdiction shall enter a decree or order for
relief in respect of Company or Holdings 

  
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in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other
similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against Company or Holdings under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law
now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Company or Holdings, or over
all or a substantial part of its respective property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Company or Holdings for all or a substantial part of its
respective property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Company or Holdings, and any such event described in this clause (ii) shall continue for sixty
(60) days without having been dismissed, bonded or discharged; or 
 (h) Voluntary Bankruptcy; Appointment of Receiver, etc.
(i) Company or Holdings shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or
shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or
other custodian for all or a substantial part of its respective property; or Company or Holdings shall make any assignment for the benefit of creditors; or (ii) Company or Holdings shall be unable, or shall fail generally, or shall admit in
writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Company or Holdings (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of
the actions referred to herein or in Section 7.1(g); or 
 (i) Judgments and Attachments. 

(i) Any money judgment, writ or warrant of attachment or similar process (to the extent not adequately covered by insurance as
to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Company or any of its assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days; or

 (ii) Any money judgment, writ or warrant of attachment or similar process involving in any individual case or in the
aggregate at any time an amount in excess of $1,000,000 (in any case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Holdings (or
Holdings as Servicer) or any of its assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days; or 

(iii) Any tax lien or lien of the PBGC shall be entered or filed against Company or Holdings (involving, with respect to
Holdings only, an amount in excess of $1,000,000) or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of ten (10) days; 

  
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 (j) Dissolution. Any order, judgment or decree shall be entered against Company or
Holdings decreeing the dissolution or split up of Company or Holdings, as the case may be, and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or 

(k) Employee Benefit Plans. (i) There shall occur one or more ERISA Events which individually or in the aggregate results in or
might reasonably be expected to result in a Material Adverse Effect during the term hereof or result in a Lien being imposed on the Collateral; or (ii) Company shall establish or contribute to any Employee Benefit Plan; or 

(l) Change of Control. A Change of Control shall occur; or 

(m) Servicing Agreement. A Servicer Default shall have occurred and be continuing; or 

(n) Backup Servicer Default. The Backup Servicing Agreement shall terminate for any reason and, provided that the Administrative Agent
shall have used commercially reasonable efforts to timely engage a replacement Backup Servicer following such termination, within ninety (90) days of such termination no replacement agreement with an alternative backup servicer shall be
effective; or 
 (o) Borrowing Base Deficiency; Repurchase Failure. (i) Failure by Company to pay any Borrowing Base Deficiency
within two (2) Business Days after the due date thereof, or (ii) failure of Holdings to repurchase any Receivable as and when required under the Asset Purchase Agreement; or 

(p) Collateral Documents and other Credit Documents. At any time after the execution and delivery thereof, (i) this Agreement or
any Collateral Document ceases to be in full force and effect (other than in accordance with its terms) or shall be declared null and void by a court of competent jurisdiction or the enforceability thereof shall be impaired in any material respect,
or the Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document (in each case, other than
(A) by reason of a release of Collateral in accordance with the terms hereof or thereof or (B) the satisfaction in full of the Obligations and any other amount due hereunder or any other Credit Document in accordance with the terms
hereof); or (ii) any of the Credit Documents for any reason, other than the satisfaction in full of all Obligations and any other amount due hereunder or any other Credit Document (other than contingent indemnification obligations for which
demand has not been made), shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void by a court of competent jurisdiction or a party thereto or Holdings, as the case may be, shall
repudiate its obligations thereunder or shall contest the validity or enforceability of any Credit Document in writing; or 
 (q) Breach
of Financial Covenants. A breach of any Financial Covenant shall have occurred; or 
 (r) Investment Company Act. Holdings or
Company become subject to any federal or state statute or regulation which may render all or any portion of the Obligations 

  
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unenforceable, or Company becomes a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment
company” as such terms are defined in the Investment Company Act of 1940; 
 THEN, upon the occurrence of any Event of Default, the
Administrative Agent may, and shall, at the written request of the Requisite Lenders, take any of the following actions: (w) upon notice to the Company, terminate the Revolving Commitments, if any, of each Lender having such Revolving
Commitments, (x) upon notice to the Company, declare the unpaid principal amount of and accrued interest on the Revolving Loans and all other Obligations immediately due and payable, in each case without presentment, demand, protest or other
requirements of any kind, all of which are hereby expressly waived by Company; (y) direct the Collateral Agent to enforce any and all Liens and security interests created pursuant to the Collateral Documents and (z) take any and all other
actions and exercise any and all other rights and remedies of the Administrative Agent under the Credit Documents; provided that upon the occurrence of any Event of Default described in Section 7.1(g) or 7.1(h), the unpaid
principal amount of and accrued interest on the Revolving Loans and all other Obligations shall immediately become due and payable, and the Revolving Commitments shall automatically and immediately terminate, in each case without presentment,
demand, protest or other requirements of any kind, all of which are hereby expressly waived by Company. In addition, pursuant to the Servicing Agreement, the Administrative Agent may terminate the Servicing Agreement and appoint a Successor
Servicer upon the occurrence of a Servicer Default. 
 SECTION 8. AGENTS 

8.1 Appointment of Agents. Each Lender hereby authorizes ODBL IV, LLC to act as Administrative Agent to the Lenders hereunder and
under the other Credit Documents and each Lender hereby authorizes ODBL IV, LLC, in such capacity, to act as its agent in accordance with the terms hereof and the other Credit Documents. Each Lender hereby authorizes Deutsche Bank Trust Company
Americas, to act as the Collateral Agent on its behalf under the Credit Documents. Each Agent hereby agrees to act upon the express conditions contained herein and the other Credit Documents, as applicable. The provisions of this
Section 8 are solely for the benefit of Agents and Lenders and neither Company or Holdings shall have any rights as a third party beneficiary of any of the provisions thereof. In performing its functions and duties hereunder, each Agent
(other than Administrative Agent) shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for Holdings or any of its Subsidiaries. 

8.2 Powers and Duties. Each Lender irrevocably authorizes each Agent (other than Administrative Agent) to take such action on
such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and
remedies as are reasonably incidental thereto. Each Lender irrevocably authorizes Administrative Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents
as are specifically delegated or granted to Administrative Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. Each Agent shall have only those duties and responsibilities that
are expressly specified herein and the other Credit 

  
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Documents. Each such Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. No such Agent shall have, by reason hereof or any of the
other Credit Documents, a fiduciary relationship in respect of any Lender; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall be so construed as to impose upon any such Agent any obligations in
respect hereof or any of the other Credit Documents except as expressly set forth herein or therein. 
 8.3 General Immunity.

 (a) No Responsibility for Certain Matters. No Agent shall be responsible to any Lender for the execution, effectiveness,
genuineness, validity, enforceability, collectability or sufficiency hereof or any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any
financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to Lenders or by or on behalf of Company or Holdings to any Agent or any Lender in connection with the Credit Documents and the
transactions contemplated thereby or for the financial condition or business affairs of Company or Holdings or any other Person liable for the payment of any Obligations or any other amount due hereunder or any other Credit Document, nor shall any
Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds of the Revolving Loans or as
to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing. Anything contained herein to the contrary notwithstanding, neither the Paying Agent nor the Administrative Agent
shall not have any liability arising from confirmations of the amount of outstanding Revolving Loans or the component amounts thereof. 

(b) Exculpatory Provisions Relating to Agents. No Agent nor any of its officers, partners, directors, employees or agents shall be
liable to Lenders for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent’s gross negligence or willful misconduct, as determined by a court of competent
jurisdiction in a final, non-appealable order. Each such Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the
exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite Lenders (or such other Lenders as may be required to give such
instructions under Section 9.5) and, upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise
such power, discretion or authority, in accordance with such instructions. Without prejudice to the generality of the foregoing, (i) each such Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication,
instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be
attorneys for Holdings and Company), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any such Agent as a result of such Agent acting or (where so
instructed) refraining from acting hereunder or any of the other Credit Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 9.5). 

  
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 8.4 Agents Entitled to Act as Lender. Any agency hereby created shall in no way
impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. With respect to its participation in the Revolving Loans, each Agent shall have the same rights
and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each
Agent in its individual capacity. Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with Holdings or any of its
Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from Company for services in connection herewith and otherwise without having to account for the same to Lenders. 

8.5 Lenders’ Representations, Warranties and Acknowledgment. 

(a) Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of Holdings
and Company in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of Holdings and Company. No Agent shall have any duty or responsibility, either initially or on a
continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Revolving
Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders. 

(b) Each Lender, by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, and consented to and
approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Original Closing Date. 

8.6 Right to Indemnity. Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, their
Affiliates and their respective officers, partners, directors, trustees, employees and agents of each Agent (each, an “Indemnitee Agent Party”), to the extent that such Indemnitee Agent Party shall not have been reimbursed by
Company or Holdings, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may
be imposed on, incurred by or asserted against such Indemnitee Agent Party in exercising its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Indemnitee Agent
Party in any way relating to or arising out of this Agreement or the other Credit Documents, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE AGENT
PARTY; provided, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, 

  
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judgments, suits, costs, expenses or disbursements resulting from such Indemnitee Agent Party’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction in
a final non-appealable order. If any indemnity furnished to any Indemnitee Agent Party for any purpose shall, in the opinion of such Indemnitee Agent Party, be insufficient or become impaired, such Indemnitee Agent Party may call for additional
indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Indemnitee Agent Party against any liability,
obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; and provided further, this sentence shall not be deemed to require any Lender to indemnify
any Indemnitee Agent Party against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence. 

8.7 Successor Administrative Agent and Collateral Agent. 

(a) Administrative Agent. 

(i) Administrative Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to the
Lenders and Company. Upon any such notice of resignation, the Requisite Lenders shall have the right, upon five (5) Business Days’ notice to Company, to appoint a successor Administrative Agent provided, that the appointment of a
successor Administrative Agent shall require (so long as no Default or Event of Default has occurred and is continuing) Company’s approval, which approval shall not be unreasonably withheld, delayed or conditioned. Upon the acceptance of any
appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent and the retiring Administrative Agent shall promptly (i) transfer to such successor Administrative Agent all records and other documents necessary or appropriate in connection with the performance of the duties of the successor
Administrative Agent under the Credit Documents, and (ii) take such other actions, as may be necessary or appropriate in connection with the appointment of such successor Administrative Agent, whereupon such retiring Administrative Agent shall
be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent hereunder. 
 (ii) Notwithstanding anything herein to the
contrary, Administrative Agent may assign its rights and duties as Administrative Agent hereunder to one of its Affiliates without the prior written consent of, or prior written notice to, Company or the Revolving Lenders; provided that
Company and the Lenders may deem and treat such assigning Administrative Agent as Administrative Agent for all purposes hereof, unless and until such assigning Administrative Agent provides written notice to Company and the Lenders of such
assignment. Upon such assignment such Affiliate shall succeed to and become vested with all rights, powers, privileges and duties as Administrative Agent hereunder and under the other Credit Documents. 

  
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 (b) Collateral Agent. 

(i) Collateral Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to Lenders and
Company. Upon any such notice of resignation, the Requisite Lenders shall have the right, upon five (5) Business Days’ notice to Company, to appoint a successor Collateral Agent provided, that the appointment of a successor
Collateral Agent shall require (so long as no Default or Event of Default has occurred and is continuing) Company’s approval, which approval shall not be unreasonably withheld, delayed or conditioned. Upon the acceptance of any appointment as
Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent and the retiring Collateral
Agent shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection
with the performance of the duties of the successor Collateral Agent under the Credit Documents, and (ii) execute and deliver to such successor Collateral Agent such amendments to financing statements, and take such other actions, as may be
necessary or appropriate in connection with the appointment of such successor Collateral Agent and the assignment to such successor Collateral Agent of the security interests created under the Collateral Documents, whereupon such retiring Collateral
Agent shall be discharged from its duties and obligations hereunder. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 8 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Collateral Agent hereunder. 
 (ii) Notwithstanding anything herein to the
contrary, Collateral Agent may assign its rights and duties as Collateral Agent hereunder to one of its Affiliates without the prior written consent of, or prior written notice to, Company or the Lenders; provided that Company and the Lenders
may deem and treat such assigning Collateral Agent as Collateral Agent for all purposes hereof, unless and until such assigning Collateral Agent provides written notice to Company and the Lenders of such assignment. Upon such assignment such
Affiliate shall succeed to and become vested with all rights, powers, privileges and duties as Collateral Agent hereunder and under the other Credit Documents. 

8.8 Collateral Documents. Each Lender hereby further authorizes Collateral Agent, on behalf of and for the benefit of Lenders, to be
the agent for and representative of Lenders with respect to the Collateral and the Collateral Documents. Subject to Section 9.5, without further written consent or authorization from Lenders, Collateral Agent may execute any documents or
instruments necessary to release any Lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted hereby or to which Requisite Lenders (or such other Lenders as may be required to give such consent
under Section 9.5) have otherwise consented. Anything contained in any of the Credit Documents to the contrary notwithstanding, Company, the Agents and each Lender hereby agree that (a) no Lender shall have any right individually to
realize upon any of the Collateral, it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by Collateral Agent, on behalf of Lenders in accordance with the terms hereof and all powers, rights and
remedies under the Collateral 

  
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Documents may be exercised solely by Collateral Agent, and (b) in the event of a foreclosure by Collateral Agent on any of the Collateral pursuant to a public or private sale, Collateral
Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities
unless Requisite Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply
any of the Obligations or any other amount due hereunder as a credit on account of the purchase price for any collateral payable by Collateral Agent at such sale. 

SECTION 9. MISCELLANEOUS 
 9.1
Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to Company, Collateral Agent or Administrative Agent shall be sent to such Person’s address as set forth on
Appendix B or in the other relevant Credit Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated to Administrative Agent in writing. Each notice hereunder shall be in writing and
may be personally served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of
telefacsimile or telex, or three (3) Business Days after depositing it in the United States mail with postage prepaid and properly addressed; provided, no notice to any Agent shall be effective until received by such Agent,
provided, however, that Company may deliver, or cause to be delivered, the Borrowing Base Certificate, Borrowing Base Report and any financial statements or reports (including any collateral performance tests) by electronic mail
pursuant to procedures approved by the Administrative Agent until any Agent or Lender notifies Company that it can no longer receive such documents using electronic mail. Any Borrowing Base Certificate, Borrowing Base Report or financial statements
or reports sent to an electronic mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, if available, return electronic
mail or other written acknowledgement), provided, that if such document is sent after 5:00 p.m. Eastern Standard time, such document shall be deemed to have been sent at the opening of business on the next Business Day. 

9.2 Expenses. Company agrees to pay promptly (a) (i) all the Administrative Agent’s actual, reasonable and documented
out-of-pocket costs and expenses (including reasonable and customary fees and expenses of counsel to the Administrative Agent of negotiation, preparation, execution and administration of the Credit Documents, including the Credit Document Amendments
and any consents, waivers or other amendments or modifications to the Credit Documents and (ii) reasonable and customary fees and expenses of a single counsel to the Lenders in connection with any consents, amendments, waivers or other
modifications to the Credit Documents, including the Credit Document Amendments; (b) all the actual, documented out-of-pocket costs and reasonable out-of-pocket expenses of creating, perfecting and enforcing Liens in favor of Collateral Agent,
for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable and documented out-of-pocket fees, expenses and disbursements of a single
counsel for all Agents; (c) subject to the terms of this Agreement (including any 

  
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limitations set forth in Section 5.5), all the Administrative Agent’s actual, reasonable and documented out-of-pocket costs and reasonable fees, expenses for, and disbursements
of any of Administrative Agent’s, auditors, accountants, consultants or appraisers incurred by Administrative Agent; (d) subject to the terms of this Agreement, all the actual, reasonable and documented out-of-pocket costs and expenses
(including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral;
(e) subject in all cases to any express limitations set forth in any Credit Document, all other actual, reasonable and documented out-of-pocket costs and expenses incurred by each Agent in connection with the syndication of the Revolving Loans
and Commitments and the negotiation, preparation and execution of the Credit Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby; and (f) after the occurrence of a Default or
an Event of Default, all documented, out-of-pocket costs and expenses, including reasonable attorneys’ fees, and costs of settlement, incurred by any Agent or any Lender in enforcing any Obligations of or in collecting any payments due from
Company or Holdings hereunder or under the other Credit Documents by reason of such Default or Event of Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral) or in connection with any
refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work out” or pursuant to any insolvency or bankruptcy cases or proceedings. 

9.3 Indemnity. 

(a) In addition to the payment of expenses pursuant to Section 9.2, whether or not the transactions contemplated hereby shall be
consummated, Company agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each Affected Party and each Agent, their Affiliates and their respective officers, partners, directors, trustees, employees
and agents (each, an “Indemnitee”), from and against any and all Indemnified Liabilities, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH
INDEMNITEE excluding any amounts not otherwise payable by Company under Section 2.16(b)(iii); provided, Company shall not have any obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to the
extent such Indemnified Liabilities arise from the gross negligence, bad faith or willful misconduct, as determined by a court of competent jurisdiction in a final non-appealable order of that Indemnitee. To the extent that the undertakings to
defend, indemnify, pay and hold harmless set forth in this Section 9.3 may be unenforceable in whole or in part because they are violative of any law or public policy, Company shall contribute the maximum portion that it is permitted to
pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 

(b) To the extent permitted by applicable law, Company shall not assert, and Company hereby waives, any claim against any affected Party or
Agent and their respective Affiliates, directors, employees, attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is
based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this 

  
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Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Revolving
Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and Company hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not
known or suspected to exist in its favor. 
 9.4 Reserved. 

9.5 Amendments and Waivers. 

(a) Requisite Lenders’ Consent. Subject to Sections 9.5(b) and 9.5(c), no amendment, modification, termination or
waiver of any provision of the Credit Documents, or consent to any departure by Company or Holdings therefrom, shall in any event be effective without the written concurrence of Company, Administrative Agent and the Requisite Lenders. 

(b) Affected Lenders’ Consent. Without the written consent of each Lender (other than a Defaulting Lender) that would be affected
thereby, no amendment, modification, termination, or consent shall be effective if the effect thereof would: 
 (i) extend
the scheduled final maturity of any Revolving Loan or Revolving Loan Note; 
 (ii) waive, reduce or postpone any scheduled
repayment (but not prepayment); 
 (iii) reduce the rate of interest on any Revolving Loan (other than any waiver of any
increase in the interest rate applicable to any Revolving Loan pursuant to Section 2.8) or any fee payable hereunder; 

(iv) extend the time for payment of any such interest or fees; 

(v) reduce the principal amount of any Revolving Loan; 

(vi) (x) amend the definition of “Borrowing Base” or (y) amend, modify, terminate or waive
Section 2.12, Section 2.13 or Section 2.14 or any provision of this Section 9.5(b) or Section 9.5(c); 

(vii) amend the definition of “Requisite Lenders”, “Revolving Exposure,” “Pro Rata Share,”
“Applicable Advance Rate,” “Revolving Availability,” or any definition used therein; provided, with the consent of Administrative Agent, Company and the Requisite Lenders, additional extensions of credit
pursuant hereto may be included in the determination of “Requisite Lenders” or “Pro Rata Share” on substantially the same basis as the Revolving Commitments and the Revolving Loans are included on the Original
Closing Date; 
 (viii) release all or substantially all of the Collateral except as expressly provided in the Credit
Documents; or 

  
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 (ix) consent to the assignment or transfer by Company or Holdings of any of its
respective rights and obligations under any Credit Document. 
 (c) Other Consents. No amendment, modification, termination or waiver
of any provision of the Credit Documents, or consent to any departure by Company or Holdings therefrom, shall: 
 (i)
increase any Revolving Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall
constitute an increase in any Revolving Commitment of any Lender; 
 (ii) amend, modify, terminate or waive any provision of
Section 3.3(a) with regard to any Credit Extension without the consent of the Requisite Lenders; 
 (iii) amend
the definitions of “Eligibility Criteria” or “Eligible Receivables Obligor” or amend any portion of Appendix C without the consent of each of the Requisite Lenders; 

(iv) amend or modify any provision of Sections 2.11, other than Sections 2.11(c)(vii) and 2.11(e), without
the consent of each of the Requisite Lenders; provided, however, that, notwithstanding the foregoing, any such amendment or modification during the continuance of any Hot Backup Servicer Event, Event of Default or Servicer Default shall only require
the consent of the Requisite Lenders; 
 (v) amend or modify any provision of Section 7.1 without the consent of
each of the Requisite Lenders; provided, however, that, notwithstanding the foregoing, any waiver of the occurrence of a Default or an Event of Default shall only require the consent of the Requisite Lenders; or 

(vi) amend, modify, terminate or waive any provision of Section 8 as the same applies to any Agent, or any other
provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent. 
 (d)
Execution of Amendments, etc. Administrative Agent may, but shall have no obligation to, with the concurrence of the Requisite Lenders or any Lender, execute amendments, modifications, waivers or consents on behalf of the Requisite Lenders or
such Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on Company or Holdings in any case shall entitle Company or Holdings to any other or
further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 9.5 shall be binding upon each Lender at the time outstanding, each future
Lender and, if signed by Company, on Company. Notwithstanding anything to the contrary contained in this Section 9.5, if the Administrative Agent and Company shall have jointly identified an obvious error or any error or omission of a
technical nature, in each case that is immaterial (as determined by the Administrative Agent in its sole discretion), in any provision of the Credit Documents, then the Administrative Agent (as applicable, and in its

  
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respective capacity thereunder, the Administrative Agent or Collateral Agent) and Company shall be permitted to amend such provision and such amendment shall become effective without any further
action or consent by the Requisite Lenders if the same is not objected to in writing by the Requisite Lenders within five (5) Business Days following receipt of notice thereof. 

9.6 Successors and Assigns; Participations. 

(a) Generally. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to
the benefit of the parties hereto and the successors and assigns of Lenders. Neither Company’s rights or obligations hereunder nor any interest therein may be assigned or delegated by it without the prior written consent of all Lenders. Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, Indemnitee Agent Parties under Section 8.6, Indemnitees under Section 9.3, their respective successors and
assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of the Agents and Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Register. Company, the Paying Agent, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the
Register as the holders and owners of the corresponding Commitments and Revolving Loans listed therein for all purposes hereof, and no assignment or transfer of any such Revolving Commitment or Revolving Loan shall be effective, in each case, unless
and until an Assignment Agreement effecting the assignment or transfer thereof shall have been delivered to and accepted by Administrative Agent and recorded in the Register as provided in Section 9.6(e). Prior to such recordation, all
amounts owed with respect to the applicable Revolving Commitment or Revolving Loan shall be owed to the Lender listed in the Register as the owner thereof, and any request, authority or consent of any Person who, at the time of making such request
or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Revolving Commitments or Revolving Loans. 

(c) Right to Assign. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and
obligations under this Agreement, including, without limitation, all or a portion of its Revolving Commitment or Revolving Loans owing to it or other Obligations (provided, however, that each such assignment shall be of a uniform, and
not varying, percentage of all rights and obligations under and in respect of any Revolving Loan and any related Revolving Commitments) to any Person constituting an Eligible Assignee. Each such assignment pursuant to this Section 9.6(c)
(other than an assignment to any Person meeting the criteria of clause (i) of the definition of the term of “Eligible Assignee”) shall be in an aggregate amount of not less than $10,000,000 (or such lesser amount as may be agreed to
by Company and Administrative Agent or as shall constitute the aggregate amount of the Revolving Commitments and Revolving Loans of the assigning Lender) with respect to the assignment of the Revolving Commitments and Revolving Loans. 

(d) Mechanics. The assigning Lender and the assignee thereof shall execute and deliver to Administrative Agent an Assignment Agreement,
together with such forms, certificates or other evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Administrative Agent pursuant to
Section 2.16(d). 

  
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 (e) Notice of Assignment. Upon the Administrative Agent’s receipt and acceptance of a
duly executed and completed Assignment Agreement and any forms, certificates or other evidence required by this Agreement in connection therewith, Administrative Agent shall (i) provide Paying Agent with written notice of such assignment, and
shall record the information contained in such notice in the Register, (ii) give prompt notice thereof to Company, and (iii) maintain a copy of such Assignment Agreement. 

(f) Representations and Warranties of Assignee. Each Lender, upon execution and delivery of the Existing Credit Agreement or upon
executing and delivering an Assignment Agreement, as the case may be, represents and warrants as of the Original Closing Date or as of the applicable Effective Date (as defined in the applicable Assignment Agreement) that (i) it is an Eligible
Assignee; (ii) it has experience and expertise in the making of or investing in commitments or loans such as the applicable Revolving Commitments or Revolving Loans, as the case may be; and (iii) it will make or invest in, as the case may
be, its Revolving Commitments or Revolving Loans for its own account in the ordinary course of its business and without a view to distribution of such Revolving Commitments or Revolving Loans within the meaning of the Securities Act or the Exchange
Act or other federal securities laws (it being understood that, subject to the provisions of this Section 9.6, the disposition of such Revolving Commitments or Revolving Loans or any interests therein shall at all times remain within its
exclusive control). 
 (g) Effect of Assignment. Subject to the terms and conditions of this Section 9.6, as of the
“Effective Date” specified in the applicable Assignment Agreement: (i) the assignee thereunder shall have the rights and obligations of a “Lender” hereunder to the extent such rights and obligations hereunder have been
assigned to it pursuant to such Assignment Agreement and shall thereafter be a party hereto and a “Lender” for all purposes hereof; (ii) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have
been assigned thereby pursuant to such Assignment Agreement, relinquish its rights (other than any rights which survive the termination hereof under Section 9.8) and be released from its obligations hereunder (and, in the case of an
Assignment Agreement covering all or the remaining portion of an assigning Lender’s rights and obligations hereunder, such Lender shall cease to be a party hereto; provided, anything contained in any of the Credit Documents to the
contrary notwithstanding, such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising prior to the effective date of such assignment; (iii) the Revolving
Commitments shall be modified to reflect the Revolving Commitment of such assignee and any Revolving Commitment of such assigning Lender, if any; and (iv) if any such assignment occurs after the issuance of any Revolving Note hereunder, the
assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Revolving Loan Notes to Administrative Agent for cancellation, and thereupon Company shall issue and deliver new
Revolving Loan Notes, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new Revolving Commitments and/or outstanding Revolving Loans of the assignee
and/or the assigning Lender. 

  
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 (h) Participations. Each Lender shall have the right at any time to sell one or more
participations to any Person (other than Holdings, any of its Subsidiaries or any of its Affiliates or a Direct Competitor) in all or any part of its Revolving Commitments, Revolving Loans or in any other Obligation. The holder of any such
participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would
(i) extend the final scheduled maturity of any Revolving Loan or Revolving Loan Note in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of
applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it
being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Revolving Commitment shall not constitute a change in the terms of such participation, and that an increase in any Revolving Commitment or Revolving
Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by Company of any of its rights and obligations under this
Agreement, or (iii) release all or substantially all of the Collateral under the Collateral Documents (except as expressly provided in the Credit Documents) supporting the Revolving Loans hereunder in which such participant is participating.
Company agrees that each participant shall be entitled to the benefits of Sections 2.15 or 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (c) of this Section;
provided, (i) a participant shall not be entitled to receive any greater payment under Sections 2.15 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
participant, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable participation, unless the sale of the participation to such participant is made
with Company’s prior written consent, and (ii) a participant that would be a Non-US Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless Company
(through a Designated Officer) is notified of the participation at the time it is sold to such participant and such participant agrees, for the benefit of Company, to comply with Section 2.16 as though it were a Lender. To the extent
permitted by law, each participant also shall be entitled to the benefits of Section 9.4 as though it were a Lender, provided such Participant agrees to be subject to Section 2.14 as though it were a Lender. Any Lender
that sells such a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in such participation and other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person other than Company (through a Designated Officer), including the identity of any Participant or any information relating to a Participant’s interest or obligations under any Credit Document, except to the extent that such
disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt,
the Paying Agent (in its capacity as Paying Agent) shall have no responsibility for maintaining a 

  
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Participant Register. The Register shall be available for inspection by Company at any reasonable time and from time to time upon reasonable prior notice. For the avoidance of doubt, the Paying
Agent (in its capacity as Paying Agent) shall have no responsibility for maintaining a Participant Register. The Register shall be available for inspection by any Designated Officer of Company at any reasonable time and from time to time upon
reasonable prior notice. Company shall not disclose the identity of any Participant of any Lender or any information relating to such Participant’s interest or obligation to any Person, provided that Company may make
(1) disclosures of such information to Affiliates of such Lender and to their agents and advisors provided that such Persons are informed of the confidential nature of the information and will be instructed to keep such information
confidential, and (2) disclosures required or requested by any Governmental Authority or representative thereof or by the NAIC or pursuant to legal or judicial process or other legal proceeding; provided, that unless specifically
prohibited by applicable law or court order, Company shall make reasonable efforts to notify the applicable Lender of any request by any Governmental Authority or representative thereof (other than any such request in connection with any examination
of the financial condition or other routine examination of Company by such Governmental Authority) for disclosure of any such non-public information prior to disclosure of such information.  

(i) Certain Other Assignments. In addition to any other assignment permitted pursuant to this Section 9.6 any Lender may
assign, pledge and/or grant a security interest in, all or any portion of its Revolving Loans, the other Obligations owed by or to such Lender, and its Revolving Loan Notes, if any, to secure obligations of such Lender including, without limitation,
any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank; provided, no Lender, as between Company and
such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and provided further, in no event shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a
“Lender” or be entitled to require the assigning Lender to take or omit to take any action hereunder. 
 9.7 Independence of
Covenants. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the
limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 

9.8 Survival of Representations, Warranties and Agreements. All representations, warranties and agreements made herein shall survive
the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of Company set forth in Sections 2.15, 2.16, 9.2, 9.3 and
9.10, the agreements of Lenders set forth in Sections 2.14 and 8.6 shall survive the payment of the Revolving Loans and the termination hereof. 

9.9 No Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or
privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, 

  
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right or privilege preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to each Agent and each Lender hereby are cumulative
and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents. Any forbearance or failure to exercise, and any delay in exercising, any right,
power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy. 

9.10 Marshalling; Payments Set Aside. Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of
Company or any other Person or against or in payment of any or all of the Obligations or any other amount due hereunder. To the extent that Company makes a payment or payments to Administrative Agent or Lenders (or to Administrative Agent, on behalf
of Lenders), or Administrative Agent, Collateral Agent or Lenders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent
of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been
made or such enforcement or setoff had not occurred. 
 9.11 Severability. In case any provision in or obligation hereunder or any
Revolving Loan Note or other Credit Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. 
 9.12 Obligations Several; Actions in Concert. The
obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto
or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. Anything in this Agreement or any other Credit Document to the contrary notwithstanding, each Lender hereby agrees with
each other Lender that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or any Revolving Loan Note or otherwise with respect to the Obligations without first obtaining the prior written consent of the
applicable Agent (other than the Paying Agent) or Requisite Lenders (as applicable), it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and any Revolving Loan Note or otherwise with respect to the
Obligations shall be taken in concert and at the direction or with the consent of Agent or Requisite Lenders (as applicable). 
 9.13
Headings. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect. 

  
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 9.14 APPLICABLE LAW . THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 9.15 CONSENT TO
JURISDICTION. 
 (A) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST COMPANY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT
DOCUMENT, OR ANY OF THE OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, COMPANY, FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, IRREVOCABLY (a) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (b) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (c) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN
ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO COMPANY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.1 AND TO ANY PROCESS AGENT SELECTED IN ACCORDANCE WITH SECTION 3.1 ABOVE IS
SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER COMPANY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (d) AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST COMPANY IN THE COURTS OF ANY OTHER JURISDICTION. 
 (B) COMPANY
HEREBY AGREES THAT PROCESS MAY BE SERVED ON IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE ADDRESSES PERTAINING TO IT AS SPECIFIED IN SECTION 9.1 OR ON CORPORATION SERVICE COMPANY, 1180 AVENUE OF THE AMERICAS, SUITE 120, NEW YORK, NEW
YORK 10036 AND HEREBY APPOINTS CORPORATION SERVICE COMPANY, AS ITS AGENT TO RECEIVE SUCH SERVICE OF PROCESS. ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST COMPANY IF GIVEN BY
REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE. IN THE EVENT CORPORATION SERVICE COMPANY SHALL NOT BE ABLE TO ACCEPT SERVICE OF PROCESS
AS AFORESAID AND IF COMPANY SHALL NOT MAINTAIN AN OFFICE IN NEW YORK CITY, COMPANY SHALL PROMPTLY APPOINT AND MAINTAIN AN AGENT QUALIFIED TO ACT AS AN AGENT FOR SERVICE OF PROCESS WITH RESPECT TO THE COURTS SPECIFIED IN THIS SECTION 9.15
ABOVE, AND ACCEPTABLE TO THE ADMINISTRATIVE AGENT, AS COMPANY’S AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON COMPANY’S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION, SUIT OR PROCEEDING. 

  
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 9.16 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER
RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS
ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS SECTION 9.16 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE REVOLVING LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

9.17 Confidentiality. Each Agent and Lender shall hold all non-public information regarding
Holdings and its Subsidiaries and their businesses obtained by such Lender or Agent confidential and shall not disclose such information; provided, however, that, in any event, a Lender or Agent may make (a) disclosures of such
information to Affiliates of such Lender or Agent and to their agents, auditors, attorneys and advisors (and to other persons authorized by a Lender or Agent to organize, present or disseminate such information in connection with disclosures
otherwise made in accordance with this Section 9.17) provided that such Persons are informed of the confidential nature of the information and agree to keep, or with respect to the Collateral Agent and Paying Agent such Persons
will be instructed to keep, such information confidential, (b) disclosures of such information to any other Lender or Agent, (c) disclosures of such information reasonably required by any bona fide or potential assignee, transferee or
participant in connection with the contemplated assignment, transfer or participation by such Lender of any Revolving Loans or any participations therein, provided that no disclosure shall be made to any Direct Competitor except in connection
with an assignment or potential assignment 

  
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to a Direct Competitor that is an Eligible Assignee and such Persons are informed of the confidential nature of the information and agree to hold such confidential information substantially in
accordance with the terms of this Section 9.17, (d) disclosure to any rating agency when required by it, (e) disclosure to any Lender’s financing source or the directors, trustees, officers, employees, agents, attorneys,
independent or internal auditors, financial advisors or other professional advisors of such financing source who, in each case, agree to hold confidential such confidential information substantially in accordance with this Section 9.17,
(f) disclosures required by any applicable statute, law, rule or regulation or requested by any Governmental Authority or representative thereof or by any regulatory body or by the NAIC or pursuant to legal or judicial process or other legal
proceeding; provided, that unless specifically prohibited by applicable law or court order, each Lender or Agent shall make reasonable efforts to notify Company of any request by any Governmental Authority or representative thereof (other
than any such request in connection with any examination of the financial condition or other routine examination of such Lender or Agent by such Governmental Authority) for disclosure of any such non-public
information prior to disclosure of such information, and (e) any other disclosure authorized by the Company in writing in advance. Notwithstanding the foregoing, (i) the foregoing shall not be construed to prohibit the disclosure of any
information that is or becomes publicly known or information obtained by a Lender or Agent from sources other than the Company other than as a result of a disclosure by an Agent or Lender known (or that should have reasonably been known) to be in
violation of this Section 9.17, and (ii) on or after the Original Closing Date, the Administrative Agent may, at its own expense issue news releases and publish “tombstone” advertisements and other announcements generally
describing this transaction in newspapers, trade journals and other appropriate media (which may include use of logos of Company or Holdings) (collectively, “Trade Announcements”). Company shall not issue, and shall cause Holdings
not to issue, any Trade Announcement using the name of any Agent or Lender, or their respective Affiliates or referring to this Agreement or the other Credit Documents, or the transactions contemplated thereunder except (x) disclosures required
by applicable law, regulation, legal process or the rules of the Securities and Exchange Commission or (y) with the prior approval of Administrative Agent (such approval not to be unreasonably withheld). 

9.18 Usury Savings Clause. Notwithstanding any other provision herein, the aggregate interest rate charged or agreed to be paid with
respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the
preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Revolving Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals
the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Revolving Loans made hereunder are repaid in full the total interest due
hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the
extent permitted by law, Company shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in
effect. Notwithstanding the foregoing, it is the intention of Lenders and Company to conform strictly to any applicable usury 

  
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laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled
automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Revolving Loans made hereunder or be refunded to Company. In determining whether the interest contracted for, charged, or received
by Administrative Agent or a Lender exceeds the Highest Lawful Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest,
(b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest, throughout the contemplated term of the Obligations hereunder. 

9.19 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 
 9.20
Effectiveness. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by Company and Administrative Agent of written or telephonic notification of such execution and
authorization of delivery thereof. 
 9.21 Patriot Act. Each Lender and Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies Company that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies Company, which information includes the name and address of Company and other information that will
allow such Lender or Administrative Agent, as applicable, to identify Company in accordance with the Act. 
 [Remainder of page
intentionally left blank] 

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

			
	ON DECK CAPITAL, INC., for purposes of Section 5.10 only
		
	By:	 	 /s/ Howard Katzenberg

		 	Name: Howard Katzenberg
		 	Title: Chief Financial Officer
	
	ON DECK ASSET COMPANY, LLC, as Company
		
	By:	 	 /s/ Howard Katzenberg

		 	Name: Howard Katzenberg
		 	Title: Chief Financial Officer
	
	ODBL IV, LLC,
	as Administrative Agent
		
	By:	 	 /s/ Tom Capasse

		 	Name: Tom Capasse
		 	Title: Authorized Signer
	
	ODBL IV, LLC,
	as a Lender
		
	By:	 	 /s/ Tom Capasse

		 	Name: Tom Capasse
		 	Title: Authorized Signer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Paying Agent and Collateral Agent
		
	By:	 	 /s/ Lucy Hsieh

		 	Name: Lucy Hsieh
		 	Title: Assistant Vice President
		
	By:	 	 /s/ Rajesh Rampersaud

		 	Name: Rajesh Rampersaud
		 	Title: Assistant Vice President

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