Document:

Trust Agreement

 Exhibit 4.3 
  
 EXECUTION COPY 
  

  
 TRUST AGREEMENT 
  
 between 
  
 WORLD OMNI AUTO RECEIVABLES LLC, 
 as Depositor, 
  
 and 

 
 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION 
 as Owner Trustee 
  
 Dated July 8, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I Definitions
	  	1
			
	 SECTION 1.01
	 	Capitalized Terms	  	1
		
	 ARTICLE II Organization
	  	1
			
	 SECTION 2.01
	 	Name	  	1
	 SECTION 2.02
	 	Office	  	1
	 SECTION 2.03
	 	Purposes and Powers	  	1
	 SECTION 2.04
	 	Appointment of Owner Trustee	  	3
	 SECTION 2.05
	 	Initial Capital Contribution of Owner Trust Estate	  	3
	 SECTION 2.06
	 	Declaration of Trust	  	3
	 SECTION 2.07
	 	Liability of the Depositor and the Certificateholders	  	3
	 SECTION 2.08
	 	Title to Trust Property	  	4
	 SECTION 2.09
	 	Situs of Trust	  	4
	 SECTION 2.10
	 	Representations and Warranties of the Depositor	  	4
	 SECTION 2.11
	 	Financing Statements	  	6
	 SECTION 2.12
	 	Amended and Restated Trust Agreement	  	6
		
	 ARTICLE III Trust Certificates and Transfer of Interests
	  	6
			
	 SECTION 3.01
	 	[Reserved]	  	6
	 SECTION 3.02
	 	The Trust Certificates	  	6
	 SECTION 3.03
	 	Authentication of Trust Certificates	  	6
	 SECTION 3.04
	 	Registration of Transfer and Exchange of Trust Certificates	  	7
	 SECTION 3.05
	 	Mutilated, Destroyed, Lost or Stolen Trust Certificates	  	9
	 SECTION 3.06
	 	Persons Deemed Owners	  	9
	 SECTION 3.07
	 	Access to List of Certificateholders’ Names and Addresses	  	9
	 SECTION 3.08
	 	Maintenance of Office or Agency	  	10
	 SECTION 3.09
	 	Appointment of Paying Agent	  	10
		
	 ARTICLE IV Actions by Owner Trustee
	  	10
			
	 SECTION 4.01
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	10
	 SECTION 4.02
	 	Action by Certificateholders with Respect to Certain Matters	  	11
	 SECTION 4.03
	 	Action by Certificateholders with Respect to Bankruptcy	  	11
	 SECTION 4.04
	 	Restrictions on Certificateholders’ Power	  	12
	 SECTION 4.05
	 	Majority Control	  	12

  

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	 ARTICLE V Application of Trust Funds; Certain Duties
	  	12
			
	 SECTION 5.01
	 	[Reserved]	  	12
	 SECTION 5.02
	 	Application of Trust Funds	  	12
	 SECTION 5.03
	 	Method of Payment	  	13
	 SECTION 5.04
	 	No Segregation of Monies; No Interest	  	13
	 SECTION 5.05
	 	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	13
	 SECTION 5.06
	 	Signature on Returns	  	14
		
	 ARTICLE VI Authority and Duties of Owner Trustee
	  	14
			
	 SECTION 6.01
	 	General Authority	  	14
	 SECTION 6.02
	 	General Duties	  	14
	 SECTION 6.03
	 	Action upon Instruction	  	15
	 SECTION 6.04
	 	No Duties Except as Specified in this Agreement or in Instructions	  	16
	 SECTION 6.05
	 	No Action Except Under Specified Documents or Instructions	  	16
	 SECTION 6.06
	 	Restrictions	  	16
	 SECTION 6.07
	 	Issuance of Notes	  	16
		
	 ARTICLE VII Concerning the Owner Trustee
	  	17
			
	 SECTION 7.01
	 	Acceptance of Trusts and Duties	  	17
	 SECTION 7.02
	 	Furnishing of Documents	  	19
	 SECTION 7.03
	 	Representations and Warranties of the Owner Trustee	  	19
	 SECTION 7.04
	 	[Reserved]	  	20
	 SECTION 7.05
	 	Reliance; Advice of Counsel	  	20
	 SECTION 7.06
	 	Not Acting in Individual Capacity	  	20
	 SECTION 7.07
	 	Owner Trustee Not Liable for Trust Certificates or Receivables	  	20
	 SECTION 7.08
	 	Owner Trustee May Own Trust Certificates and Notes	  	21
		
	 ARTICLE VIII Compensation of Owner Trustee
	  	21
			
	 SECTION 8.01
	 	Owner Trustee’s Fees and Expenses	  	21
	 SECTION 8.02
	 	Indemnification	  	21
	 SECTION 8.03
	 	Payments to the Owner Trustee	  	22
		
	 ARTICLE IX Termination of Trust Agreement
	  	22
			
	 SECTION 9.01
	 	Termination of Trust Agreement	  	22
		
	 ARTICLE X Successor Owner Trustees and Additional Owner Trustees
	  	23
			
	 SECTION 10.01
	 	Eligibility Requirements for Owner Trustee	  	23
	 SECTION 10.02
	 	Resignation or Removal of Owner Trustee	  	23
	 SECTION 10.03
	 	Successor Owner Trustee	  	24
	 SECTION 10.04
	 	Merger or Consolidation of the Owner Trustee	  	25
	 SECTION 10.05
	 	Appointment of Co-Trustee or Separate Trustee	  	25
		
	 ARTICLE XI Miscellaneous
	  	26
			
	 SECTION 11.01
	 	Supplements and Amendments	  	26

  

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	 SECTION 11.02
	 	No Legal Title to Owner Trust Estate in Certificateholders	  	28
	 SECTION 11.03
	 	Limitations on Rights of Others	  	28
	 SECTION 11.04
	 	Notices	  	28
	 SECTION 11.05
	 	Severability	  	28
	 SECTION 11.06
	 	Separate Counterparts	  	29
	 SECTION 11.07
	 	Successors and Assigns	  	29
	 SECTION 11.08
	 	Covenants of the Depositor	  	29
	 SECTION 11.09
	 	No Petition	  	29
	 SECTION 11.10
	 	No Recourse	  	30
	 SECTION 11.11
	 	Headings	  	30
	 SECTION 11.12
	 	GOVERNING LAW	  	30

  

			
	EXHIBIT A	 	 Form of Trust Certificate

	EXHIBIT B	 	 Form of Certificate of Trust

	EXHIBIT C	 	 Form of Transferor Certificate

	EXHIBIT D	 	 Form of Investment Letter

	EXHIBIT E	 	 [Reserved]

	EXHIBIT F	 	 Forms of Receivables

  

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 TRUST AGREEMENT 
  

This TRUST AGREEMENT is dated July 8, 2004, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and CHASE
MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national banking association, as owner trustee. 
  
 ARTICLE I 
  
 DEFINITIONS

  
 SECTION 1.01 Capitalized Terms. Certain capitalized
terms used in this Agreement shall have the respective meanings assigned to them in Part I of Appendix A to the Sale and Servicing Agreement of even date herewith. All references herein to “the Agreement” or “this
Agreement” are to this Trust Agreement as it may be amended and supplemented from time to time, the Exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all references herein to Articles,
Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
  
 ARTICLE II 
  
 ORGANIZATION 
  
 SECTION 2.01 Name. The Trust shall be known as “World Omni
Auto Receivables Trust 2004-A” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 SECTION 2.02 Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
  
 SECTION 2.03 Purposes and Powers. (a) The purpose of the Trust is to engage in the following activities and the Trust
shall have the power and authority: 
  
 (i) to
issue and cause to be authenticated the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to transfer the Notes and the Trust Certificates to the Depositor; 
  

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 (ii) with the proceeds of the sale of the Notes, to purchase the Receivables, to make
deposits into and withdrawals from the Reserve Account, the Pre-Funding Account and the Negative Carry Account, and to pay the organizational, start-up and transactional expenses of the Trust; 
  
 (iii) to assign, grant, transfer, pledge, mortgage and
convey the Owner Trust Estate pursuant to the Indenture (including the filing of financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing Agreement any
portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
  
 (iv) to enter into and perform its obligations under the Basic Documents to which it is to be a party; 
  
 (v) to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; 
  
 (vi) to give the Issuer Order (as defined in the Indenture) to the Indenture Trustee to authenticate and deliver the Notes; and

  
 (vii) subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 
  
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not
engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
  

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 SECTION 2.04 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as
trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein and under the Statutory Trust Act. 
  
 SECTION 2.05 Initial Capital Contribution of Owner Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, the sum of $1 previously delivered. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of the foregoing contribution, which shall constitute the initial Owner Trust Estate. The Depositor shall
pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
  
 SECTION 2.06 Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of
Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one
Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables and
other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be
deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless
otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of
the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken
on behalf of the Trust prior to the date hereof with respect to the filing of financing statements or the Certificate of Trust is hereby ratified. 
  
 SECTION 2.07 Liability of the Depositor and the Certificateholders. (a) The Depositor shall be liable directly to and will indemnify any injured
party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Owner Trust Estate) to the extent that the Depositor would be liable if the Trust were a partnership under the
Delaware Revised Uniform Limited Partnership Act in which the 

  

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Depositor were a general partner; provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the
capacity of an investor in the Trust Certificates, or by a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the preceding sentence
for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this Section 2.07. 
  
 (b) No Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability or obligation of the
Trust. 
  
 SECTION 2.08 Title to Trust Property. Legal
title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in
which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  
 SECTION 2.09 Situs of Trust. The Trust will be located in the State of Delaware and administered in the State of Delaware. All bank accounts
maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall
restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in Delaware or New York, and payments will be made by the Trust only from Delaware or New York. The
only office of the Trust shall be the principal corporate trust office of the Owner Trustee located at 500 Stanton Christiana Road, Floor 3 OPS4, Newark, Delaware 19713. 
  
 SECTION 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the
Owner Trustee that: 
  
 (a) The Depositor is duly organized and
validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted. 
  
 (b) The Depositor is duly qualified to do
business as a foreign limited liability company in good standing, and has obtained all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, except where the failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 
  
 (c) The Depositor has the power and authority to execute and deliver this
Agreement and to carry out its terms; the Depositor has full power and authority to sell and 

  

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assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such sale and assignment and deposit to the
Trust by all necessary action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary action. 
  

(d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material
terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of
any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); or (iv) violate any law or, to the best of the Depositor’s knowledge, any order, rule
or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties, except, in the case of clauses
(ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 
  
 (e) To the Depositor’s best knowledge, there are no proceedings or
investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any of
the other Basic Documents, (ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents, (iii) seeking any determination or ruling
that could reasonably be expected to materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any of the other Basic Documents or (iv) involving the Depositor
and which might materially and adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificates. 
  

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 SECTION 2.11 Financing Statements. The Trust hereby authorizes the filing of financing statements
in connection with the grant of a security interest to the Indenture Trustee pursuant to the granting clause of the Indenture. In addition, the Trust hereby ratifies any such financing statements filed prior to the date hereof. 
  
 SECTION 2.12 Amended and Restated Trust Agreement. This Trust
Agreement is the amended and restated trust agreement contemplated by the Trust Agreement dated as of June 18, 2004 between the Seller and the Owner Trustee (the “Initial Trust Agreement”). This Trust Agreement amends and restates
in its entirety the Initial Trust Agreement. 
  
 ARTICLE III

  
 TRUST CERTIFICATES AND TRANSFER OF INTERESTS

  
 SECTION 3.01 [Reserved] 
  
 SECTION 3.02 The Trust Certificates. The Trust Certificates shall
represent a 100% Percentage Interest in the Trust. On the date hereof, the Depositor or its designee shall be the sole Certificateholder of each of the Trust Certificates and each of the Trust Certificates shall be registered, upon initial issuance,
in the name of the Depositor or its designee. The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. 
  
 A transferee of a Trust Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section 3.04. 

 
 SECTION 3.03 Authentication of Trust Certificates. On the Closing
Date, the Owner Trustee shall cause the Trust Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor signed by the Depositor’s president, any vice president, secretary,
treasurer or any assistant treasurer, without further company action by the Depositor. No Trust Certificate shall entitle a Certificateholder to any benefit under this Agreement or be valid for any purpose unless there shall appear on such Trust
Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee, by manual signature; such authentication shall constitute 

  

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conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of
their authentication. 
  
 SECTION 3.04 Registration of Transfer
and Exchange of Trust Certificates. The certificate registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a certificate register (the
“Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Trust Certificates and of transfers and exchanges of Trust Certificates as herein
provided. The Owner Trustee shall be the initial Certificate Registrar. 
  
 The Trust Certificates have not been and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a Trust Certificate shall be made unless such transfer is made pursuant to an effective
registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer is to be made in reliance
upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Holder’s prospective transferee shall each
certify to the Owner Trustee and the Depositor in writing the facts surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”) and Exhibit D (the “Investment
Letter”). Except in the case of a transfer as to which the proposed transferee has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Owner Trustee an opinion of counsel that such
transfer may be made pursuant to an exemption from the Securities Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom such
opinion is to be obtained) or of the Depositor or World Omni; provided that such opinion of counsel in respect of the applicable state securities laws may be a memorandum of law rather than an opinion if such counsel is not licensed in the
applicable jurisdiction. The Depositor shall provide to any Certificateholder and any prospective transferee designated by any such Certificateholder information regarding the Certificates and the Receivables and such other information as shall be
necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each
Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuer, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any liability that may result if the
transfer is not so exempt or is not made in accordance with federal and state securities laws. 
  
 No transfer of a Trust Certificate shall be made to any Person unless the Owner Trustee has received (A) a certificate in the form of paragraph 3 to the Investment Letter attached hereto as Exhibit D from such
Person to the effect that such Person is not (i) an employee benefit 

  

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plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of
Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (each, a “Benefit Plan”) or (B) an opinion
of counsel satisfactory to the Owner Trustee and the Depositor to the effect that the purchase and holding of such Trust Certificate will not constitute or result in the assets of the Issuer being deemed to be “plan assets” subject to the
prohibited transactions provisions of ERISA or Section 4975 of the Code and will not subject the Owner Trustee, the Indenture Trustee or the Depositor to any obligation in addition to those undertaken in the Basic Documents; provided,
however, that the Owner Trustee will not require such certificate or opinion in the event that, as a result of a change of law or otherwise, counsel satisfactory to the Owner Trustee has rendered an opinion to the effect that the purchase and
holding of a Trust Certificate by a Benefit Plan or a Person that is purchasing or holding such a Trust Certificate with the assets of a Benefit Plan will not constitute or result in a prohibited transaction under ERISA or Section 4975 of the Code.
The preparation and delivery of the certificate and opinions referred to above shall not be an expense of the Issuer, the Owner Trustee, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported transfer in
violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee. 
  
 The Owner Trustee shall cause each Certificate to contain a legend stating that transfer of the Certificates is subject to certain restrictions and
referring prospective purchasers of the Certificates to the terms of this Agreement with respect to such restrictions. 
  
 Upon surrender for registration of transfer of any Trust Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any
authenticating agent. At the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust Certificates to be exchanged at the
office or agency maintained pursuant to Section 3.08. 
  
 Every Trust Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the
Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Trust Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Owner Trustee in accordance
with its customary practice. 
  
 No service charge shall be made
for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a 

  

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sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Certificates. 
  
 The preceding provisions of this Section notwithstanding, the Owner Trustee
shall not make, and the Certificate Registrar shall not register transfers or exchanges of, Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust Certificates. 
  
 SECTION 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and (b) there shall be
delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been acquired by a bona fide purchaser,
the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and
denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate
shall be found at any time. 
  
 SECTION 3.06 Persons Deemed
Owners. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying Agent may treat the Person in whose name any Trust Certificate is registered in the Certificate
Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be
bound by any notice to the contrary. 
  
 SECTION 3.07 Access to
List of Certificateholders’ Names and Addresses. The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Depositor, within 15 days after receipt by the Owner Trustee of a written request therefor from the Servicer
or the Depositor, a list, in such form as the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more
Certificateholders of Trust Certificates evidencing not less than a 25% Percentage Interest of the Certificates apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants propose to 

  

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transmit, then the Owner Trustee shall, within five Business Days after the receipt of such application, afford such applicants access during normal business
hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
  
 SECTION 3.08 Maintenance of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where Trust Certificates
may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Trust Certificates and the Basic Documents may be served. The Owner Trustee initially designates the Corporate
Trust Office, as its office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
  
 SECTION 3.09 Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the
purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect. The Indenture Trustee will be the initial Paying Agent. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor
Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the
benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Owner Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 ARTICLE IV 
  
 ACTIONS BY OWNER TRUSTEE 
  
 SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not
take action unless, at 

  

 10 

 
least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the
Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
  
 (a) the initiation of any claim or lawsuit by the Trust (except claims or
lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the
Receivables); 
  
 (b) the election by the Trust to file an
amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act); 
  
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
  
 (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such amendment would materially adversely affect the interests of the Certificateholders; 
  

(e) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a
manner or add any provision that would not materially adversely affect the interests of the Certificateholders; or 
  
 (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a
successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
  
 SECTION 4.02 Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 1.08 thereof, (b) appoint a successor
Administrator under the Administration Agreement pursuant to Section 1.08 thereof, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof or (d) except as expressly provided in the Basic
Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders. 
  
 SECTION 4.03 Action by Certificateholders with Respect to Bankruptcy.
To the fullest extent permitted by applicable law, the Owner Trustee shall not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated a bankrupt or 

  

 11 

 
insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition or consent to a petition seeking
reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a
substantial portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or
cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”). So long as the Indenture remains in effect, no Certificateholder shall have the power to take, and shall not take,
any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust. 
  
 SECTION 4.04 Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.03 or contrary to applicable law, nor
shall the Owner Trustee be obligated to follow any such direction, if given. 
  
 SECTION 4.05 Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders of Trust Certificates
evidencing in the aggregate not less than a 50% Percentage Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders of Trust
Certificates evidencing in the aggregate not less than a 50% Percentage Interest at the time of the delivery of such notice. 
  
 ARTICLE V 
  
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 SECTION 5.01 [Reserved] 
  
 SECTION 5.02 Application of Trust Funds. (a) On each Payment Date, subject to Section 5.02(b) hereof, the Paying Agent shall distribute to
Certificateholders, on a pro rata basis, amounts pursuant to Section 5.06(ii)(G), (iii)(E) or (iv)(E) or Section 5.07(d) of the Sale and Servicing Agreement with respect to such Payment Date. 
  
 (b) The Certificateholders of 100% Percentage Interest of the Certificates
will have the right, but not the obligation, in their sole discretion, to instruct the Indenture Trustee in writing to retain in the Collection Account all or a portion of distributions otherwise payable to them pursuant to Section
5.06(ii)(G), (iii)(E) or (iv)(E) or Section 5.07(d) of the Sale and Servicing Agreement. If the Certificateholders make this election, these amounts will be treated 

  

 12 

 
as collections during the then-current Collection Period and the Certificateholders will have no claim to such amounts (unless distributed on a subsequent
Payment Date pursuant to Section 5.06(ii)(G) of the Sale and Servicing Agreement). 
  
 (c) On each Payment Date, the Paying Agent shall send to each Certificateholder copies of the statement or statements provided to the Owner Trustee by the Servicer pursuant to Section 5.08 of the Sale and
Servicing Agreement with respect to such Payment Date. 
  
 SECTION
5.03 Method of Payment. Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either (x) by wire transfer,
in immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions no
later than the Record Date prior to such Payment Date, or (y) if such Certificateholder does not qualify under clause (x), by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register. 
  
 SECTION 5.04 No Segregation of Monies; No Interest. Subject to
Section 5.02, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed
by law, and the Owner Trustee shall not be liable for any interest thereon. 
  
 SECTION 5.05 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each Certificateholder, as may be required by the Code and applicable
Treasury Regulations, or as may be requested by such Certificateholder, such information, reports or statements as may be necessary to enable each Certificateholder to prepare its federal and state income tax returns. Consistent with the
Trust’s characterization for tax purposes as a disregarded entity so long as the Depositor or any other Person is the sole Certificateholder, no federal income tax return shall be filed on behalf of the Trust unless either (i) the Owner Trustee
shall be provided with an Opinion of Counsel that, based on a change in applicable law occurring after the date hereof, or as a result of a transfer permitted by Section 3.04, the Code requires such a filing or (ii) the Internal Revenue
Service shall determine that the Trust is required to file such a return. In the event that there shall be two or more beneficial owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the
Administrator shall prepare or shall cause to be prepared federal and, if applicable, state or local partnership tax returns, with all such necessary information provided to it, required to be filed by the Trust and shall remit such returns to the
Depositor (or if the Depositor no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing) at least (5) days before such returns are due to be filed, and (y) capital accounts
shall be maintained by the Administrator for each 

  

 13 

 
Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s share of the
income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the Trust and contributions to, and distributions from, the Trust. The Depositor (or such designee Certificateholder, as applicable) shall promptly sign such
returns and deliver such returns after signature to the Administrator and such returns shall be filed by the Administrator with the appropriate tax authorities. In the event that a “tax matters partner” (within the meaning of Code Section
6231(a)(7)) is required to be appointed with respect to the Trust, the Depositor or its designee is hereby designated as tax matters partner or, if the Depositor is not a Certificateholder, the Certificateholder selected by a majority of the
Certificateholders (by Percentage Interest) shall be designated as tax matters partner. In no event shall the Certificateholder or the Depositor (or such designee Certificateholder, as applicable) be liable for any liabilities, costs or expenses of
the Trust or the Noteholders arising out of the application of any tax law, including federal, state, foreign or local income or excise taxes or any other tax imposed on or measured by income (or any interest, penalty or addition with respect
thereto or arising from a failure to comply therewith) except for any such liability, cost or expense attributable to any negligent act or omission by the Owner Trustee or the Depositor (or such designee Certificateholder, as applicable), as the
case may be, in breach of its obligations under this Agreement. 
  
 SECTION 5.06 Signature on Returns. 
  
 The
Depositor (or, if the Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to Section 5.05) shall sign the tax returns of the Trust on behalf of the Trust, unless applicable law requires
the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee, as required by applicable law. 
  
 ARTICLE VI 
  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  
 SECTION 6.01 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the
Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized
from time to time to take such action as the Administrator recommends with respect to the Basic Documents. 
  
 SECTION 6.02 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this 

  

 14 

 
Agreement and to administer the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge
any duty of the Owner Trustee or the Trust hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

  
 SECTION 6.03 Action upon Instruction. 
  
 (a) Subject to Article IV and in accordance with the terms of the
Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV.

  
 (b) The Owner Trustee shall not be required to take any action
hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof
or of any Basic Document or is otherwise contrary to law. 
  
 (c)
Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received,
the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified
in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no
liability to any Person for such action or inaction. 
  
 (d) In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner
Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such
instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any 

  

 15 

 
Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem
necessary, and shall have no liability to any Person for such action or inaction. 
  
 SECTION 6.04 No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell,
dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder
or to prepare or file any filing, including any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document. The Owner Trustee nevertheless agrees that it will promptly take all action as may be
necessary to discharge any liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Owner Trust Estate. 
  
 SECTION 6.05 No Action Except Under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (ii) in accordance with the Basic Documents or (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. 
  
 SECTION 6.06 Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes.
The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.06. 
  
 SECTION 6.07 Issuance of Notes. The Owner Trustee is hereby authorized and directed on behalf of the Trust to issue the Notes pursuant to the
Indenture. 
  

 16 

 ARTICLE VII 
  
 CONCERNING THE OWNER TRUSTEE 
  
 SECTION 7.01 Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct or negligence (including where such willful misconduct or negligence results
in non-compliance with any covenant or agreement of the Owner Trustee herein), (ii) for liabilities arising from the failure by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 6.04 hereof,
(iii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee or (iv) for federal or state taxes, fees or other charges, based on or measured by any fees, commissions or
compensation received by the Owner Trustee in connection with any of the transactions contemplated by this Agreement or any of the Basic Documents. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding
sentence): 
  
 (a) The Owner Trustee shall not be liable for any
error of judgment made by a Trust Officer of the Owner Trustee; 
  
 (b) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by them in accordance with the instructions of the Administrator or any Certificateholder (provided that the instructions have been given by
the requisite Percentage Interest of the Certificates pursuant to this Agreement or one of the Basic Documents, as applicable); 
  
 (c) No provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of their rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to them; 
  
 (d) Under no
circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 
  
 (e) The Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the
due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of
authentication on the Trust Certificates, and the Owner Trustee shall not in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein; 
  

 17 

 (f) The Owner Trustee shall not be liable for the default or misconduct of the Administrator, the
Depositor, the Indenture Trustee or the Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall not have any obligation or liability to perform the obligations of the Trust under this Agreement or the Basic Documents that
are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Depositor under the Sale and Servicing Agreement; 
  
 (g) The Owner Trustee shall not be under any obligation to exercise any of
the rights or powers vested in them by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to them reasonable security or indemnity satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred by them therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than their negligence or willful misconduct in the
performance of any such act; 
  
 (h) The Owner Trustee shall not
be liable for any losses due to forces beyond the control of the Owner Trustee, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and
interruptions, loss or malfunctions of utilities or communications services; 
  
 (i) In no event shall the Owner Trustee be personally liable (i) for special, consequential or punitive damages, (ii) for the acts or omissions of its nominees, correspondents, clearing agencies or securities
depositories and (iii) for the acts or omissions of brokers or dealers. The Owner Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been obtained from, or
provided to the Owner Trustee; and 
  
 (j) Notwithstanding
anything to the contrary herein or any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person, any filings, certificates, affidavits or other instruments required under the
Sarbanes-Oxley Act of 2002. 
  

 18 

 SECTION 7.02 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders
promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. The Owner
Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner Trustee. 
  
 SECTION 7.03 Representations and Warranties of the Owner Trustee. The
Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
  
 (a) It is a national banking association duly formed and validly existing under the federal laws of the United States of America. It has all requisite
corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and
delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by
it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, (ii) constitute any
default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound or (iv) result in the creation or
imposition of any lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee which are unrelated to this Agreement or the other Basic Documents. 
  
 (d) It has the power and authority to execute and deliver this Agreement and,
on behalf of the Trust, the other Basic Documents to which the Trust is a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement by it and the other Basic Documents to which the Trust is a party
have been duly authorized by all necessary corporate action. 
  
 (e) This Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar
laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 
  

 19 

 SECTION 7.04 [Reserved] 
  
 SECTION 7.05 Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper (whether in its original or facsimile form) believed by it to be genuine and believed by it to be signed by the proper
party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same
is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by its president or any vice president or
by the treasurer or other authorized officers, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with it, and the Owner Trustee shall not be liable
for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith which it believes to be authorized or within its rights or powers, in accordance with the opinion or advice of any such
counsel, accountants or other such Persons and not to its knowledge contrary to this Agreement or any Basic Document. 
  
 SECTION 7.06 Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Chase
Manhattan Bank USA, National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
  
 SECTION 7.07 Owner Trustee Not Liable for Trust Certificates or Receivables. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Trust
Certificates (other than the signature and countersignature of the Owner Trustee on the Trust Certificates) or the Notes, or of any Receivable or related documents. The Owner Trustee shall not at any time have any responsibility or liability for or
with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or
with 

  

 20 

 
respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or
the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor
or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Owner Trustee. 
  
 SECTION
7.08 Owner Trustee May Own Trust Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the
Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
  
 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  
 SECTION 8.01 Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder during the term of
this Agreement such fees as have been separately agreed upon in writing before the date hereof between the Administrator and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Administrator pursuant to the
Administration Agreement for its other reasonable and documented expenses hereunder, including the reasonable and documented compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may
employ in connection with the exercise and performance of its rights and its duties hereunder. 
  
 SECTION 8.02 Indemnification. Pursuant to the Administration Agreement, the Administrator shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, employees,
successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable and documented
costs, expenses and disbursements (including reasonable and documented legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against any
Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of any Indemnified Party hereunder, except 

  

 21 

 
only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of
the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence of Section 7.01. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement.
In any event of any claim, action or proceeding for which indemnity is sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Administrator, which approval shall not be unreasonably
withheld. 
  
 SECTION 8.03 Payments to the Owner Trustee.
Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate simultaneously with such payment. 
  
 ARTICLE IX 
  
 TERMINATION OF TRUST AGREEMENT 
  
 SECTION 9.01 Termination of Trust Agreement. (a) This Agreement (other than Article VIII) and the Trust shall terminate and be of no further
force or effect upon the final distribution by the Owner Trustee or Paying Agent of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article
V. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust or (y) entitle such Certificateholder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in Section 9.01(a), neither the Depositor nor
any Certificateholder shall be entitled to revoke or terminate the Trust. 
  
 (c) Notice of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Paying Agent by letter to Certificateholders mailed within five Business Days of receipt of actual notice of such termination from the Servicer given pursuant to Section 9.01(b) of the Sale and Servicing
Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, and, as a result, payments will be made only upon presentation and surrender of the Trust Certificates by Certificateholders
at the office of the Paying Agent therein specified. The Paying Agent shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Owner Trustee at the time such notice is given to Certificateholders. Upon
presentation and surrender of 

  

 22 

 
the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.02. 
  
 In the event that all of the
Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining
Certificateholders to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Trust Certificates shall not have been surrendered for
cancellation, the Owner Trustee or Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall
be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Owner Trust Estate after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor. 
  
 (d) Upon the winding up of the Trust and its termination, the Owner Trustee
shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation (as provided to it) with the Secretary of State of the State of Delaware in accordance with the provisions of Section 3810 of the Statutory Trust Act.

  
 ARTICLE X 
  
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

  
 SECTION 10.01 Eligibility Requirements for Owner
Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and
surplus of at least $50,000,000, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating of at least “A” (or the equivalent) by each Rating Agency. If such
corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner
Trustee shall resign promptly in the manner and with the effect specified in Section 10.02. 
  
 SECTION 10.02 Resignation or Removal of Owner Trustee. (a) Subject to paragraph (c) of this Section, the Owner Trustee may at any time resign and
be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner 

  

 23 

 
Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner
Trustee, as applicable, may petition (at the expense of the Depositor) any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 (b) Subject to paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section
10.01 and shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee.
If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. 
  
 (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation
or removal of the Owner Trustee to each Rating Agency. 
  
 SECTION
10.03 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment
under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.01. 
  

 24 

 Upon written acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Administrator shall mail notice thereof to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business Days after acceptance of such appointment by
the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 
  
 Any successor Owner Trustee appointed hereunder shall promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of
Delaware as required by the Statutory Trust Act. 
  
 SECTION 10.04
Merger or Consolidation of the Owner Trustee. Any corporation or other entity into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor to and assume all
obligations of the Owner Trustee, without the execution or filing of any assignment or other instrument or any further act on the part of such other entity or any of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such corporation shall be eligible pursuant to Section 10.01 and, provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to each Rating Agency. 
  
 SECTION 10.05 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the
Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or as separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to
do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no
notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

  
 (a) All rights, powers, duties and obligations conferred or
imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and 

  

 25 

 
such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the
Owner Trustee joining in such act), except to the extent that, under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which
event such rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely
at the direction of the Owner Trustee; 
  
 (b) No trustee under
this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (c) The Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee without
notice to any Rating Agency or any other Person. 
  
 Any notice,
request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.01 Supplements and Amendments. This Agreement may be
amended by the Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this Agreement or for the purpose of adding any provision to or
changing in any manner or 

  

 26 

 
eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. Such amendments
require: (i) satisfaction of the Rating Agency Condition and (ii) an Officer’s Certificate of the Depositor stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder. 
  
 This Agreement may also be amended from time to time by the Depositor and the
Owner Trustee, with the consent of holders of at least 50% of the Outstanding Amount of the Controlling Securities (as defined in the Indenture) and the consent of the Certificateholders evidencing not less than a 50% Percentage Interest of the
Trust Certificates, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest in the Trust Certificates required to consent to any such amendment, without the consent
of the holders of all the Outstanding Notes and Certificates affected thereby. 
  
 Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Administrator and the Administrator shall
furnish such notice to each Certificateholder, the Indenture Trustee and each Rating Agency. 
  
 It shall not be necessary for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of
the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary
of State of the State of Delaware. 
  
 Prior to the execution of
any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
  

 27 

 In connection with the execution of any amendment to this Agreement or any amendment of any other
agreement to which the Issuer is a party, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel or certificate of the Administrator to the effect that such amendment is authorized or permitted by the Basic
Documents and that all conditions precedent in the Basic Documents for the execution and delivery thereof by the Issuer or the Owner Trustee, as the case may be, have been satisfied. 
  
 SECTION 11.02 No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not have legal
title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
  
 SECTION 11.03 Limitations on Rights of Others. Except for Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the
Administrator, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 SECTION 11.04 Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall
be in writing and shall be deemed given upon receipt by the intended recipient or on the next Business Day after delivery if delivered by a recognized overnight courier or upon receipt of written confirmation of receipt of facsimile, if delivered by
facsimile (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, facsimile: (302) 552-6280; if to the Depositor, addressed to
World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: (954) 429-2200, facsimile: (954) 429-2685, Attention: Patrick C. Ossenbeck; or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party. 
  
 (b) Any
notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
  
 SECTION 11.05 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the 

  

 28 

 
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 11.06 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 11.07 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the
Depositor and its permitted assignees, the Owner Trustee and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action
by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
  
 SECTION 11.08 Covenants of the Depositor. In the event that any Certificateholder commences any litigation with claims in excess of $1,000,000 to which the Depositor is a party which in the judgment of counsel
to the Depositor who may be an employee of the Depositor, shall be reasonably likely to result in a material judgment against the Depositor that the Depositor will not be able to satisfy, during the period beginning nine months following the
commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against the Depositor, such judgment has been satisfied), the Depositor shall not pay
any dividend to World Omni, or make any distribution to World Omni, or repay the principal amount of any indebtedness of the Depositor held by World Omni, unless (i) after giving effect to such dividend, distribution or repayment, the
Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation that are reasonably likely to equal the amount of the judgment, if any, against the Depositor or (ii) the Rating Agency Condition shall
have been satisfied with respect to any such dividend, distribution or repayment. The Depositor will not at any time institute against the Trust any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in
connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents. 
  
 SECTION 11.09 No Petition. To the fullest extent permitted by applicable law, the Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust,
or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in
connection 

  

 29 

 
with any obligations relating to the Trust Certificates, the Notes, this Agreement or any of the Basic Documents. 
  
 SECTION 11.10 No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents to which such
parties are a party. 
  
 SECTION 11.11 Headings. The
headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  

SECTION 11.12 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 *   *   *   *   *   * 
  

 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	 WORLD OMNI AUTO RECEIVABLES LLC,
as Depositor

		
	By:	 	/s/    ALAN KIRSCHENBAUM        
	 Name:
	 	Alan Kirschenbaum
	 Title:
	 	Assistant Treasurer
	
	 CHASE MANHATTAN BANK USA,
 NATIONAL
ASSOCIATION
 not in its individual capacity but solely as Owner Trustee,

		
	By:	 	/s/    JOHN J. CASHIN        
	 Name:
	 	John J. Cashin
	 Title:
	 	Vice President

  
 THE BANK OF NEW YORK
acknowledges and accepts, as of the date first above written, its appointment as Paying Agent in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the Paying Agent. 
  

			
		
	By:	 	/s/    JOHN BOBKO        
	 Name:
	 	John Bobko
	 Title:
	 	Assistant Vice President

  
 Trust Agreement

  

 EXHIBIT A 
  
 FORM OF TRUST CERTIFICATE 
  
 THIS CERTIFICATE IS SUBORDINATED TO THE NOTES, AS AND TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT. 
  
 THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE
OWNER TRUSTEE (i) THAT IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE 1933 ACT (AN “ACCREDITED INVESTOR”) AND THAT IT IS ACQUIRING THIS CERTIFICATE FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE
IN CONNECTION WITH, THE PUBLIC DISTRIBUTION HEREOF, (ii) THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (A “QUALIFIED INSTITUTIONAL BUYER”) AND IS ACQUIRING SUCH CERTIFICATE FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (iii) THAT IT IS AN INVESTOR THAT IS OTHERWISE PERMITTED TO ACQUIRE THIS CERTIFICATE UNDER THE TRUST
AGREEMENT. 
  
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE
BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE TRUST
AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS
FIDUCIARY CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A
QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM 

  

 A-1 

 
NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE
FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR (iii) ABOVE, THE OWNER TRUSTEE SHALL REQUIRE A
WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

  
 EACH SECURITYHOLDER, BY ITS ACCEPTANCE OF THIS SECURITY, COVENANTS AND AGREES
THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR
GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE,
CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR. 
  
 THIS CERTIFICATE WILL NOT BE REGISTERED FOR TRANSFER UNLESS THE OWNER TRUSTEE RECEIVES EITHER
(1) A REPRESENTATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE NEITHER IS NOR IS ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A “PLAN”) AND IS NOT USING THE ASSETS OF A PLAN SUBJECT TO ERISA, THE CODE OR SIMILAR LAW TO INVEST IN THE
CERTIFICATES OR (2) IF THE TRANSFEREE IS A PLAN, OR IS ACTING ON BEHALF OF A PLAN TO INVEST IN THIS CERTIFICATE, OR IS USING THE ASSETS OF A PLAN TO INVEST IN THIS CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE TO THE EFFECT
THAT SUCH TRANSFER WILL NOT RESULT IN THE ASSETS OF THE TRUST BEING DEEMED TO BE “PLAN ASSETS” OR SUBJECT THE DEPOSITOR, THE SERVICER, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE
TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE ADMINISTRATION AGREEMENT, INCLUDING ANY LIABILITIES ASSESSED FOR “PROHIBITED TRANSACTIONS” UNDER ERISA, THE CODE OR SIMILAR LAW. ANY PURPORTED TRANSFER OF A CERTIFICATE TO OR ON
BEHALF OF A PLAN WITHOUT THE DELIVERY OF AN OPINION OF COUNSEL REFERRED TO IN CLAUSE (2) ABOVE SHALL BE VOID AND OF NO EFFECT. 
  

 A-2 

 NO.: 
  
 WORLD OMNI AUTO RECEIVABLES TRUST 2004-A 
 TRUST
CERTIFICATE 
  
 evidencing a fractional undivided interest in the Trust, as
defined below, the property which consists of retail installment sale contracts for new and used automobiles and light-duty trucks (transferred to the Trust on the Closing Date (the “Initial Receivables”) and those retail
installment contracts transferred to the Trust on Subsequent Transfer Dates during the Funding Period (the “Subsequent Receivables” and, together with the Initial Receivables, the “Receivables”), all monies received
on or after the applicable Cutoff Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to
Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement,
including the right of the Depositor to cause World Omni to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing
(but excluding the Notes and Trust Certificates). 
  
 THIS TRUST CERTIFICATE DOES
NOT REPRESENT AN INTEREST IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES. 
  
 THIS CERTIFIES THAT                      is the
registered owner of                     % nonassessable, fully-paid, fractional undivided interest in World Omni Auto Receivables Trust 2004-A
(the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”). 
  

 A-3 

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement.

  

			
	 CHASE MANHATTAN BANK USA,

	 NATIONAL ASSOCIATION not in its

	 individual capacity but solely as Owner
 Trustee

		
	By:	 	 
	 	 	 Authorized Signatory

  

 A-4 

 The Trust was created pursuant to a Trust Agreement dated June 18, 2004, (as amended and restated as of
July 8, 2004 and as may be further amended, restated or supplemented from time to time, the “Trust Agreement”), between the Depositor and Chase Manhattan Bank USA, National Association, as owner trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement, dated as of July 8, 2004 (as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust, the Depositor and World Omni Financial Corp., as servicer (the
“Servicer”), as applicable. 
  
 This Certificate
is one of the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”). Also issued under an Indenture, dated as of July 8, 2004 (the “Indenture”), between
the Trust and The Bank of New York, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound. The property of the Trust consists of retail installment sale
contracts for new and used automobiles and light-duty trucks transferred to the Trust on the Closing Date (the “Initial Receivables”) and those retail installment contracts transferred to the Trust on Subsequent Transfer Dates
during the Funding Period (the “Subsequent Receivables” and, together with the Initial Receivables, the “Receivables”), all monies received after the applicable Cutoff Date; any proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have
secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni to
purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights
of the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing Agreement. 
  
 Under the Trust Agreement, there will be distributed on the 12th of each month of each year or, if such day is not a Business Day, the immediately following Business Day (each, a “Payment Date”), commencing on August 12, 2004, to the Person in
whose name this Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the “Record Date”), such Certificateholder’s fractional undivided interest in the amount to
be distributed to Certificateholders on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full amount of interest and principal payable on the Notes on such Payment Date has been paid in full and the
Reserve Account has been replenished to its required amount, if necessary. 
  

 A-5 

 The Certificateholder of this Trust Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture. 
  
 It is the intention of the Depositor, the Servicer and the Certificateholders that, solely for Federal, state and local
income and franchise tax purposes, (a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a
partnership. Neither the Servicer nor the Depositor or any Certificateholder will take any action to the contrary. 
  
 Each Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in any institution against the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in
connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents. 
  
 Distributions on this Trust Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust
Certificate will be made after due notice by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust Certificate at the office or agency maintained for that purpose by the Owner
Trustee. 
  
 Reference is hereby made to the further provisions of
this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature, this Trust
Certificate shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  
 THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 A-6 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has
caused this Trust Certificate to be duly executed. 
  

											
	 	 	 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2004-A
					
	 	 	 	 	 	 	By:	 	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
						
	 Dated:
	 	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 	 	 Authorized Signatory

  

 A-7 

 [REVERSE OF TRUST CERTIFICATE] 
  
 The Trust Certificates do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee,
or any affiliates of any of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the Basic Documents. In addition, this Trust Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale
and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other
places, if any, designated by the Depositor. 
  
 The Trust
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor
and the Owner Trustee with the consent of the Certificateholders of not less than a 50% Percentage Interest in the Trust Certificates and holders of not less than 50% of the Outstanding Amount of the Controlling Securities (as defined in the
Indenture). Any such consent by the Certificateholder of this Trust Certificate shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of any Trust Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of
the Certificateholders of any of the Trust Certificates. 
  
 As
provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the
offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder hereof
or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The
initial Certificate Registrar appointed under the Trust Agreement is Chase Manhattan Bank USA, National Association. 
  
 Except as provided in the Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and
subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same. No
service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may 

  

 A-8 

 
require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Registrar and any agent of the Owner
Trustee or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice
to the contrary. 
  
 The obligations and responsibilities created
by the Trust Agreement and the Trust created thereby shall terminate upon the payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Owner Trust Estate. The Servicer may at its option purchase the Owner Trust Estate at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will
effect early retirement of the Notes and the Trust Certificates; however, such right of purchase is exercisable only as of the last day of any Collection Period as of which the Pool Balance is less than or equal to 10% of the Aggregate
Starting Principal Balance of all Receivables transferred to the Trust. 
  

 A-9 

 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY OR 
  
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Please print or type
name and address, including postal zip code, of assignee) 
  
 the within Trust
Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints                     , attorney, to transfer said Trust
Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  

							
	 Dated:
	 	 	 	 	 	 
				
	  	 	 	 	  	 	 */

	 	 	 	 	 Signature Guaranteed:
	 	 
				
	  	 	 	 	  	 	*/

	*/	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  

 A-11 

 EXHIBIT B 
  
 CERTIFICATE OF TRUST OF 
 WORLD OMNI AUTO
RECEIVABLES TRUST 2004-A 
  
 THIS Certificate of Trust of
WORLD OMNI AUTO RECEIVABLES TRUST 2004-A (the “Trust”), is being duly executed and filed by the undersigned, as trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et
seq.) (the “Act”). 
  
 1. Name. The name of
the statutory trust formed hereby is World Omni Auto Receivables Trust 2004-A. 
  
 2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware are Chase Manhattan Bank USA, National Association, 500 Stanton Christiana Road, Floor 3 OPS4, Newark,
Delaware 19713. 
  
 3. Effective Date. This Certificate of
Trust shall be effective upon filing. 
  

 B-1 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance with Section
3811(a) of the Act. 
  

			
	 CHASE MANHATTAN BANK USA,
 NATIONAL
ASSOCIATION
 as Owner Trustee,

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 B-2 

 EXHIBIT C 
  
 FORM OF TRANSFEROR CERTIFICATE 
  
 [DATE] 
  
 World Omni Auto Receivables LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
  
 Chase Manhattan Bank
USA, National Association, 
 as Owner Trustee 
 World Omni Auto
Receivables Trust 2004-A 
  

	 	Re:	World Omni Auto Receivables Trust 2004-A  

	 	    	Trust Certificates 

  
 Ladies and Gentlemen: 
  
 In
connection with our disposition of the above-referenced Trust Certificates (the “Certificates”) we certify that (a) we understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the
“Act”), and are being transferred by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or
otherwise approached or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act. 
  

			
	 Very truly yours,

	
	 [NAME OF TRANSFEROR]

		
	By:	 	 
	 	 	 Authorized Officer

  

 C-1 

 EXHIBIT D 
  
 FORM OF INVESTMENT LETTER 
  
 World Omni Auto Receivables LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
  
 Chase Manhattan Bank USA, National Association, as Owner Trustee 
 World Omni Auto Receivables Trust 2004-A 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of Trust Certificates (the “Certificates”) of World Omni Auto
Receivables Trust 2004-A (the “Issuer”), we confirm that: 
  
 1. We understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), and may not be sold except as permitted in the following sentence. We understand
and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and (y)
that such Certificates may be resold, pledged or transferred only (i) to the Depositor, (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an “Accredited Investor”)
acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially
in the form hereof, (iii) so long as such Certificate is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe after due inquiry is a “qualified institutional buyer” as
defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”) to whom notice is given that the resale, pledge or transfer
is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which case the Owner Trustee shall require that both the prospective
transferor and the prospective transferee certify to the Owner Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor. Except
in the case of a transfer described in clauses (i) or (iii) above, the Owner Trustee shall require that a written opinion of counsel (which will not be at the expense of the Depositor, any affiliate of the Depositor or the 

  

 D-1 

 
Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the Depositor and the Owner Trustee to the effect that such transfer will
not violate the 1933 Act, and will be effected in accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the Certificates from us of the above resale restrictions, if then applicable. We
further understand that in connection with any transfer of the Certificates by us that the Depositor and the Owner Trustee may request, and if so requested we will furnish, such certificates and other information as they may reasonably require to
confirm that any such transfer complies with the foregoing restrictions. 
  
 2. [CHECK ONE] 
  
 (a) We are an
Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Certificates, and we and any accounts for which we are acting are each able to bear the economic risk of our or their
investment for an indefinite period of time. We are acquiring the Certificates for investment and not with a view to, or for offer and sale in connection with, a public distribution. 
  
 (b) We are a “qualified institutional buyer” as defined under Rule 144A under the 1933 Act and are acquiring the
Certificates for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the
seller of the Certificates and other parties intend to rely on the statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A. 
  
 3. We are not (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) a governmental plan (as defined in Section 3(32) of ERISA) subject to
any federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code or (iv) any entity whose underlying assets include plan assets by reason of a plan’s
investment in the entity (each, a “Benefit Plan”). We hereby acknowledge that no transfer of any Certificate shall be permitted to be made to any person unless the Trustee has received (i) a certificate from such transferee to the
effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the Trustee to 

  

 D-2 

 
the effect that the purchase and holding of any such Certificate will not constitute or result in the assets of the Issuer being deemed to be “plan
assets” and subject to the prohibited transaction provisions of ERISA or Section 4975 of the Code and will not subject the Owner Trustee, the Indenture Trustee, the Seller, the Servicer or the Depositor to any obligation in addition to those
undertaken in the Basic Documents with respect to the Certificates (provided, however, that the Owner Trustee will not require such certificate or opinion in the event that, as a result of change of law or otherwise, counsel satisfactory to the
Owner Trustee has rendered an opinion to the effect that the purchase and holding of any such Certificate by a Benefit Plan or a Person that is purchasing or holding any such Certificate with the assets of a Benefit Plan will not constitute or
result in a prohibited transaction under ERISA or Section 4975 of the Code). 
  
 4. We understand that the Depositor, the Trust and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements, and we agree that if any of the acknowledgments,
representations and warranties deemed to have been made by us by our purchase of the Certificates, for our own account or for one or more accounts as to each of which we exercise sole investment discretion, are no longer accurate, we shall promptly
notify the Depositor. 
  
 5. You are entitled to
rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	 Very truly yours,

	
	 [NAME OF PURCHASER]

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 Date: 
	 	 

  

 D-3 

 EXHIBIT E 
  
 RESERVED 
  

 EXHIBIT F 
  
 FORM OF RECEIVABLES 
  
 Documents on file at: 
  
 Kirkland & Ellis 
 200 East Randolph Drive 
 Chicago, IL 60601Receivables Purchase Agreement

 EXHIBIT 10.1 
  

  
 RECEIVABLES PURCHASE AGREEMENT 
  
 Dated as of April 24,
2003 
  
 among 
  
 SPX RECEIVABLES, LLC 
  
 as Seller, 
  
 SPX CORPORATION 
  
 as Collection Agent, 
  
 ATLANTIC ASSET SECURITIZATION CORP., 
  
 as Issuer, 
  
 and 
  
 CREDIT LYONNAIS, NEW YORK BRANCH 
  
 as a Bank and as Agent 
  

 [CL-SPX Receivables Agreement] 
  

 Table of Contents 
  

					
	 	 	 	  	Page

	PRELIMINARY STATEMENTS	  	1
		
	ARTICLE I AMOUNTS AND TERMS OF THE PURCHASES	  	1
			
	 SECTION 1.01.
	 	 Purchase Facility.
	  	1
	 SECTION 1.02.
	 	 Making Purchases.
	  	2
	 SECTION 1.03.
	 	 Receivable Interest Computation.
	  	3
	 SECTION 1.04.
	 	 Settlement Procedures.
	  	3
	 SECTION 1.05.
	 	 Fees.
	  	6
	 SECTION 1.06.
	 	 Payments and Computations, Etc.
	  	6
	 SECTION 1.07.
	 	 Dividing or Combining Receivable Interests.
	  	6
	 SECTION 1.08.
	 	 Increased Costs and Requirements of Law.
	  	7
	 SECTION 1.09.
	 	 Security Interest.
	  	8
	 SECTION 1.10.
	 	 Taxes.
	  	9
	 SECTION 1.11.
	 	 Repurchase Option.
	  	11
		
	ARTICLE II REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION	  	12
			
	 SECTION 2.01.
	 	 Representations and Warranties; Covenants.
	  	12
	 SECTION 2.02.
	 	 Events of Termination.
	  	12
		
	ARTICLE III INDEMNIFICATION	  	13
			
	 SECTION 3.01.
	 	 Indemnities by the Seller.
	  	13
		
	ARTICLE IV ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES	  	15
			
	 SECTION 4.01.
	 	 Designation of Collection Agent.
	  	15
	 SECTION 4.02.
	 	 Duties of Collection Agent.
	  	15
	 SECTION 4.03.
	 	 Certain Rights of the Agent.
	  	16
	 SECTION 4.04.
	 	 Rights and Remedies.
	  	17
	 SECTION 4.05.
	 	 Further Actions Evidencing Purchases.
	  	17
	 SECTION 4.06.
	 	 Covenants of the Collection Agent and the Seller.
	  	18
	 SECTION 4.07.
	 	 Indemnities by the Collection Agent.
	  	19
	 SECTION 4.08.
	 	 Representations and Warranties of the Collection Agent.
	  	20
		
	ARTICLE V THE AGENT	  	21
			
	 SECTION 5.01.
	 	 Authorization and Action.
	  	21
	 SECTION 5.02.
	 	 Agent’s Reliance, Etc.
	  	21
	 SECTION 5.03.
	 	 Credit Lyonnais and Affiliates.
	  	22
	 SECTION 5.04.
	 	 Bank’s Purchase Decision.
	  	22
		
	ARTICLE VI MISCELLANEOUS	  	23
			
	 SECTION 6.01.
	 	 Amendments, Etc.
	  	23
	 SECTION 6.02.
	 	 Notices, Etc.
	  	23
	 SECTION 6.03.
	 	 Assignability.
	  	24
	 SECTION 6.04.
	 	 Costs, Expenses and Taxes.
	  	25
	 SECTION 6.05.
	 	 No Proceedings.
	  	26
	 SECTION 6.06.
	 	 Confidentiality.
	  	26
	 SECTION 6.07.
	 	 GOVERNING LAW.
	  	27
	 SECTION 6.08.
	 	 SUBMISSION TO JURISDICTION.
	  	27
	 SECTION 6.09.
	 	 WAIVER OF JURY TRIAL.
	  	28
	 SECTION 6.10.
	 	 Execution in Counterparts.
	  	28

  

 i 

 [CL-SPX Receivables Agreement] 
  

 Table of Contents 
 (continued) 
  

					
	 	 	 	  	Page

	 SECTION 6.11.
	 	 Construction of the Agreement.
	  	28
	 SECTION 6.12.
	 	 Survival of Termination.
	  	28
	 SECTION 6.13.
	 	 Severability.
	  	28
	 SECTION 6.14.
	 	 Excess Funds.
	  	28
	 SECTION 6.15.
	 	 No Recourse.
	  	29
	 SECTION 6.16.
	 	 United States Federal Income Tax Treatment.
	  	29

  

					
	EXHIBITS
			
	EXHIBIT I	 	—	 	DEFINITIONS
	EXHIBIT II	 	—	 	CONDITIONS OF PURCHASES
	EXHIBIT III	 	—	 	REPRESENTATIONS AND WARRANTIES
	EXHIBIT IV	 	—	 	COVENANTS
	EXHIBIT V	 	—	 	EVENTS OF TERMINATION
	
	ANNEXES
			
	ANNEX A	 	—	 	FORM OF PURCHASE REQUEST
	ANNEX B	 	—	 	CONCENTRATION PERCENTAGE
	ANNEX C	 	—	 	CREDIT AND COLLECTION POLICY
	ANNEX D	 	—	 	FORM OF INVOICES
	ANNEX E	 	—	 	FORM OF LOCK-BOX AGREEMENT
	ANNEX F	 	—	 	MONTHLY REPORT
	ANNEX G	 	—	 	LOCK-BOX ACCOUNTS
	ANNEX H	 	—	 	FISCAL MONTH CALENDAR
	ANNEX I	 	 	 	SCHEDULE OF CLOSING DOCUMENTS

  

 ii 

 EXECUTION COPY 
  
 RECEIVABLES PURCHASE AGREEMENT 
  
 Dated as of April 24, 2003 
  
 SPX RECEIVABLES, LLC, a Delaware limited liability company (the “Seller”), SPX CORPORATION, a Delaware corporation (the
“Collection Agent,” and “SPX”), ATLANTIC ASSET SECURITIZATION CORP., a Delaware corporation (the “Issuer”) and CREDIT LYONNAIS NEW YORK BRANCH (“Credit Lyonnais”), a branch of a
French banking corporation, individually and as administrative agent (the “Agent”) for the Investors and the Banks (as defined herein), agree as follows: 
  
 PRELIMINARY STATEMENTS 
  
 Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit I to this Agreement. References in the Exhibits to
“the Agreement” refer to this Agreement, as amended, modified or supplemented from time to time. 
  
 The Seller has acquired, and may continue to acquire, Receivables from SPX (which either originated the Receivables or acquired the Receivables pursuant
to the Purchase and Contribution Agreement (as defined herein)), either by purchase or by contribution to the capital of the Seller, as determined from time to time by the Seller and SPX. The Seller is prepared to sell undivided fractional ownership
interests (referred to herein as “Receivable Interests”) in the Receivables. The Issuer may, in its sole discretion, purchase such Receivable Interests, and the Banks shall (if the Issuer does not) purchase such Receivable
Interests, in each case on the terms set forth herein. Accordingly, the parties agree as follows: 
  
 ARTICLE I 
  
 AMOUNTS AND TERMS OF THE PURCHASES 
  
 SECTION 1.01.
Purchase Facility. 
  
 (a) On the terms and conditions
hereinafter set forth, the Issuer may, in its sole discretion, and the Banks shall, ratably in accordance with their respective Bank Commitments, purchase Receivable Interests from the Seller from time to time during the period from the date hereof
to the Facility Termination Date, in the case of the Issuer, and to the Commitment Termination Date, in the case of the Banks. Under no circumstances shall the Issuer make any such purchase, or the Banks be obligated to make any such purchase, if
after giving effect to such purchase the aggregate outstanding Capital of Receivable Interests would exceed the Purchase Limit. 
  
 (b) The Seller may, upon at least five Business Days’ notice to the Agent, terminate this purchase facility in whole or, from time to time, reduce in
part the unused portion of the Purchase Limit; provided that each partial reduction shall be in the amount of at least $1,000,000 or an integral multiple thereof. 

 [CL-SPX Receivables Agreement] 
  

 (c) Subject to the conditions described in Section 2(b) of Exhibit II to this
Agreement, Collections attributable to Receivable Interests shall be automatically reinvested pursuant to Section 1.04(b)(ii) in additional undivided percentage interests in the Pool Receivables by making an appropriate readjustment of the
applicable Receivable Interest percentages. 
  
 (d) The Seller may
request an extension of the Commitment Termination Date to a date occurring up to 364 days after the then Commitment Termination Date, in writing not more than 90 nor less than 45 days prior to the then Commitment Termination Date. If one or more
Banks having Bank Commitments equal to 100% of the Purchase Limit shall in their sole discretion consent to such extension not less than 30 days prior to the then Commitment Termination Date, then the date set forth in clause (d) of the first
sentence of the definition of Commitment Termination Date shall be extended to the requested date (occurring up to 364 days after the then Commitment Termination Date). If one or more Banks having Bank Commitments less than 100% of the Purchase
Limit desire to consent to the extension (the “Consenting Banks”), but the other Banks decline to consent to the extension (the “Non-Consenting Banks”), then the extension shall be granted, and, at the option of the Agent of the
Consenting Banks, either (x) the Purchase Limit shall be reduced by the Bank Commitment of the Non-Consenting Banks, as of the date that would have been the Commitment Termination Date but for the extension, or (b) the Agent of the Consenting Banks
shall find a replacement for the Non-Consenting Banks, which replacement shall be an Eligible Assignee. Any failure of any Bank to respond to the Seller’s request for an extension shall be deemed a denial of such request by such Bank.

  
 SECTION 1.02. Making Purchases. 
  
 (a) Each incremental purchase of a Receivable Interest (including any
purchase made upon the expiration of a Fixed Period) shall be made on at least three Business Days’ notice from the Seller to the Agent. Each such Purchase Request shall be in the form of Annex A and shall specify (i) the amount
requested to be paid to the Seller (such amount, which shall not be less than $1,000,000, being referred to herein as the initial “Capital” of each Receivable Interest then being purchased), (ii) the date of such purchase (which
shall be a Business Day) and (iii) the desired duration of the initial Fixed Period for each such Receivable Interest. The Agent shall promptly thereafter notify the Seller whether the Issuer has determined to make a purchase and, if so, whether all
of the terms specified by the Seller are acceptable to the Issuer. If the Issuer has determined not to make a proposed purchase, the Agent shall promptly send notice of the proposed purchase to all of the Banks concurrently specifying the date of
such purchase, each Bank’s Percentage multiplied by the aggregate amount of Capital of the Receivable Interests being purchased, the Assignee Rate for the Fixed Period for such Receivable Interest, and the duration of the Fixed Period for such
Receivable Interest (which shall be one day if the Seller has not selected another period). 
  
 (b) On the date of each such purchase of a Receivable Interest, the Issuer or the Banks, as the case may be, shall, upon satisfaction of the applicable conditions set forth in Exhibit II hereto, make available
to the Seller in same day funds, to the account designated by 
  

 2 

 [CL-SPX Receivables Agreement] 
  

 the Seller to the Agent in writing, an amount equal to the initial Capital of such Receivable Interest. 

 
 (c) Effective on the date of each purchase pursuant to this Section
1.02 and each reinvestment pursuant to Section 1.04, the Seller hereby sells and assigns to the Agent, for the benefit of the parties making such purchase, an undivided percentage ownership interest, to the extent of the Receivable
Interests then being purchased, in each Pool Receivable then existing and in the Related Security and Collections with respect to, and other proceeds of, such Pool Receivable and Related Security. 
  
 (d) Notwithstanding the foregoing, a Bank shall not be obligated to make
purchases under this Section at any time in an amount which would exceed such Bank’s Bank Commitment less an amount equal to such Bank’s Percentage of the outstanding and unpaid Capital of the Issuer. Each Bank’s obligation shall be
several, such that the failure of any Bank to make available to the Seller any funds in connection with any purchase shall not relieve any other Bank of its obligation, if any, hereunder to make funds available on the date of such purchase, and if
any Bank shall fail to make funds available, each remaining Bank shall (subject to the limitation in the preceding sentence) make available its pro rata portion of the funds required for such purchase. 
  
 SECTION 1.03. Receivable Interest Computation. 
  
 Each Receivable Interest shall be initially computed on its date of
purchase. Thereafter until the Termination Date for such Receivable Interest, such Receivable Interest shall be automatically recomputed (or deemed to be recomputed) on each day other than a Liquidation Day with respect to such Receivable Interest.
Any Receivable Interest, as computed (or deemed recomputed) as of the day immediately preceding the Termination Date for such Receivable Interest, shall thereafter remain constant. Such Receivable Interest shall become zero when Capital thereof and
Yield thereon shall have been paid in full, all other amounts owed by the Seller hereunder to the Investors, the Banks or the Agent are paid in full and the Collection Agent shall have received the accrued Collection Agent Fee thereon. 

 
 SECTION 1.04. Settlement Procedures. 
  
 (a) Collection of the Pool Receivables shall be administered by a Collection
Agent, in accordance with the terms of Article IV of this Agreement. The Seller shall provide to the Collection Agent (if other than the Seller) on a timely basis all information needed for such administration, including notice of the
occurrence of any Liquidation Day and current computations of each Receivable Interest. 
  
 (b) The Collection Agent shall, on each day on which Collections of Pool Receivables are received by it with respect to any Receivable Interest: 
  
 (i) set aside on its books and hold in trust (and, at the request of the Agent on or after the occurrence of
an Incipient Event of Termination segregate) for the Investors or the Banks that hold such Receivable Interest, out of the percentage of such Collections represented by such Receivable Interest, an amount equal to the Yield and 
  

 3 

 [CL-SPX Receivables Agreement] 
  

 Collection Agent Fee accrued through such day for such Receivable Interest and not previously set
aside; 
  
 (ii) if such day is not a Liquidation
Day, reinvest with the Seller, on behalf of the Investors or the Banks that hold such Receivable Interest, the remainder of such percentage of Collections represented by such Receivable Interest, to the extent representing a return of Capital, by
recomputation of such Receivable Interest pursuant to Section 1.03; 
  
 (iii) if such day is a Liquidation Day, set aside on its books and hold in trust (and, at the request of the Agent on or after the occurrence of an Incipient Event of Termination, segregate into a separate account
into which no other funds are deposited) for the Investors or the Banks that hold such Receivable Interest the entire remainder of such percentage of Collections; provided that if amounts are set aside and held in trust on any Liquidation Day
and thereafter during such Settlement Period, the conditions set forth in paragraph 2 of Exhibit II are satisfied or are waived by the Agent, such previously set aside amounts shall, to the extent representing a return of Capital, be
reinvested in accordance with the preceding clause (ii) on the day of such subsequent satisfaction or waiver of conditions; and 
  
 (iv) during such times as amounts are required to be reinvested in accordance with the foregoing clause (ii) or the proviso to
clause (iii), release to the Seller for its own account any Collections in excess of such amounts and the amounts that are required to be set aside pursuant to clause (i) above. 
  
 (c) The Collection Agent shall deposit into the Agent’s Account, on the
last day of each Settlement Period for a Receivable Interest, Collections held for the Investors or the Banks that relate to such Receivable Interest pursuant to Section 1.04(b). 
  
 (d) On the last day of each Settlement Period and upon receipt of funds deposited into the Agent’s Account, the Agent
shall distribute them as follows: 
  
 (i) if such
distribution occurs on a day that is not a Liquidation Day, first to the Investors or the Banks that hold the relevant Receivable Interest in payment in full of all accrued Yield and second to the Collection Agent in payment in full of
all accrued Collection Agent Fees; and 
  
 (ii)
if such distribution occurs on a Liquidation Day, first to the Investors or the Banks that hold the relevant Receivable Interest in payment in full of all accrued Yield, second to such Investors or Banks in reduction to zero of all
Capital, third to such Investors or Banks or the Agent in payment of any other amounts payable by the Seller hereunder, and fourth to the Collection Agent in payment in full of all accrued and unpaid Collection Agent Fees. 

 
 After the Capital and Yield and Collection Agent Fees with respect to a
Receivable Interest, and any other amounts payable by the Seller to the Investors, the Banks or 
  

 4 

 [CL-SPX Receivables Agreement] 
  

 the Agent hereunder, have been paid in full, all additional Collections with respect to such Receivable Interest
shall be paid to the Seller for its own account. 
  
 (e) For the
purposes of this Section 1.04: 
  
 (i) if
on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any Dilution (except for any such reduction or adjustment resulting from or relating to the bankruptcy or other financial inability to pay of the Obligor
of such Receivable), the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment, which reduction or adjustment shall be required to be paid pursuant to Section
1.04(g) below and (except on any Liquidation Day) shall be reflected on the next succeeding Monthly Report; 
  
 (ii) if on any day any of the representations or warranties in paragraph (h) of Exhibit III is not true with respect to any
Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full, which deemed receipt shall be required to be paid pursuant to Section 1.04(g) below and (except on any Liquidation Day)
shall be reflected on the next succeeding Monthly Report; 
  
 (iii) if and to the extent the Agent, the Investors or the Banks shall be required for any reason to pay over to an Obligor (or to any trustee, receiver, custodian or similar official in any proceeding of the type
contemplated by paragraph (h) of Exhibit V) any amount received by it hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Seller and, accordingly, the Agent, the Investors or the
Banks, as the case may be, shall have a claim against the Seller for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof. 
  
 (f) Except as provided in Section 1.04(e) (i) or (ii), or as
otherwise required by applicable law or the relevant Contract, all Collections received from an Obligor of any Receivables shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such
Receivable, unless such Obligor designates its payment for application to specific Receivables. 
  
 (g) Except for any Liquidation Day, the Seller shall deliver to the Collection Agent no later than the date the relevant Monthly Report is required to be
delivered to the Agent an amount equal to all Collections deemed received by the Seller pursuant to Section 1.04(e)(i) or (ii) above and the Collection Agent shall hold or distribute such Collections in accordance with Section
1.04(b). In the case of any Liquidation Day, the Seller shall forthwith deliver to the Collection Agent the amounts specified in the preceding sentence. If Collections are then being paid to the Agent, or Lock-Box Accounts directly or indirectly
owned or controlled by the Agent, the Collection Agent shall forthwith cause such deemed Collections to be paid to the Agent or such Lock-Box Accounts. So long as the Seller shall hold any Collections or deemed Collections 
  

 5 

 [CL-SPX Receivables Agreement] 
  

 required to be paid to the Collection Agent or the Agent, it shall set aside on its books and hold such Collections
in trust and shall clearly mark its records to reflect such trust. 
  
 SECTION 1.05. Fees. 
  
 (a) The Collection Agent
shall be entitled to receive a fee (the “Collection Agent Fee”) of 1% per annum on the average daily balance of the Receivables Pool payable on the last day of each Settlement Period for such Receivable Interest. Upon three Business
Days’ notice to the Agent, the Collection Agent (if not the Originator, the Seller or its designee or an Affiliate of the Seller) may elect to be paid, as such fee, a different percentage per annum on the average daily balance of the
Receivables Pool, but in no event in excess of 110% of the reasonable costs and expenses of the Collection Agent in administering and collecting the Receivables in such Receivables Pool. The Collection Agent Fee shall be payable by the Seller only
from Collections pursuant to, and subject to the priority of payment set forth in, Section 1.04. 
  
 (b) The Seller agrees to pay to the Agent certain fees in the amounts and on the dates set forth in the Fee Agreement. 
  
 SECTION 1.06. Payments and Computations, Etc. 
  
 (a) All amounts to be paid or deposited by the Seller or the Collection
Agent hereunder to or for the account of the Agent, the Issuer or any other Investor or the Banks shall be paid or deposited no later than 11:00 a.m. (New York City time) on the day when due in same day funds to the Agent’s Account. 

 
 (b) The Seller shall, to the extent permitted by law, pay interest on any
amount not paid or deposited by the Seller (whether as Collection Agent or otherwise) when due hereunder, at an interest rate per annum equal to 2% per annum above the Alternate Base Rate, payable on demand. 
  
 (c) All computations of interest under clause (b) above and all
computations of Yield, fees, and other amounts hereunder shall be made on the basis of a year of 360 days (365 days if computed with reference to the Alternate Base Rate) for the actual number of days elapsed. Whenever any payment or deposit to be
made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit. 
  
 SECTION 1.07. Dividing or Combining Receivable Interests. 

 
 The Agent, on notice to or upon request of the Seller on or prior to the
last day of any Fixed Period, may either (i) divide any Receivable Interest into two or more Receivable Interests having aggregate Capital equal to the Capital of such divided Receivable Interest, or (ii) combine any two or more Receivable Interests
originating on such last day or having Fixed Periods ending on such last day into a single Receivable Interest having Capital equal to the aggregate of the Capital of such Receivable Interests. 
  

 6 

 [CL-SPX Receivables Agreement] 
  

 SECTION 1.08. Increased Costs and Requirements of Law. 
  
 (a) If Credit Lyonnais, the Agent, any Investor, any Bank, any entity which
enters into a commitment to purchase Receivable Interests or interests therein or any entity which provides liquidity or credit enhancement (each an “Affected Person”) determines in its reasonable discretion that compliance with any
law or regulation or any guideline or request, or any change in such law, regulation, guideline or request, or any change in the interpretation, administration or application thereof, from any central bank, any governmental authority or any
accounting board or authority (whether or not having the force of law), which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic (whether or not having
the force of law). 
  
 (i) affects or would
affect the amount of capital required or expected to be maintained by such Affected Person and such Affected Person determines that the amount of such capital is increased by or based upon the existence of any commitment to make purchases of or to
lend against or otherwise to maintain the investment in the Issuer, Pool Receivables or interests therein, hereunder or under any commitments to an Investor related to this Agreement or to the funding thereof or any related liquidity facility or
credit enhancement facility (or any participation therein) and other commitments of the same type or 
  
 (ii) increases the cost to an Affected Person of agreeing to purchase or purchasing, or maintaining the ownership of, Receivable Interests
in respect of which the Yield is computed by reference to the Eurodollar Rate (Reserve Adjusted), 
  
 then, upon demand by such Affected Person (with a copy to the Agent) delivered no later than 270 days after such circumstances first arise, the Seller shall pay to the Agent within 30 days of the delivery of such
demand, for the account of such Affected Person (as a third-party beneficiary), from time to time as specified by such Affected Person, additional amounts sufficient to compensate such Affected Person in the light of such circumstances, to the
extent that such Affected Person reasonably determines such increase in capital or increased costs to be allocable to the existence of any of such commitments. A certificate as to such amounts submitted to the Seller and the Agent by such Affected
Person setting forth, in reasonable detail, the basis for and the calculation thereof shall be conclusive and binding for all purposes, absent manifest error. 
  

(b) In the event that any change in any requirement of law or in the interpretation by any governmental authority or application to an Affected Person
of a requirement of law or change thereto by the relevant governmental authority after the date hereof or compliance by an Affected Person with any request or directive (whether or not having the force of law) from any central bank or other
governmental authority after the date of this Agreement does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the
account of, purchases, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Affected Person which are not otherwise included in the determination of the Alternate Base Rate or Eurodollar Rate
(Reserve Adjusted) hereunder 
  

 7 

 [CL-SPX Receivables Agreement] 
  

 and the result of any of the foregoing is to increase the cost to such Affected Person of owning the Receivable
Interests or to reduce any amount receivable hereunder or under the Fee Agreement then, upon demand by the Agent delivered no later than 270 days after such circumstances first arise, the Seller shall pay to the Agent within 30 days of the delivery
of such demand, any additional amounts (without duplication of amounts referred to in Section 1.08(a) necessary to compensate such Affected Person for such additional cost or reduced amount receivable. A certificate as to such additional cost
or reduced amount receivable submitted to the Seller by the Agent setting forth, in reasonable detail, the basis for and the calculation thereof shall be conclusive and binding for all purposes, absent manifest error. 
  
 (c) For the avoidance of doubt, any interpretation of Accounting Research
Bulletin No. 51 by the Financial Accounting Standards Board or any other change in national or international generally accepted principles of accounting (whether foreign or domestic) that would require the consolidation of some or all of the assets
and liabilities of any Investor, including the assets and liabilities which are the subject of this Agreement and/or other Transaction Documents, with those of any Affected Person (other than such Investor), shall constitute a change in the
interpretation, administration or application of a law, regulation, guideline or request subject to Section 1.08(a) and (b). 
  
 (d) Upon the election by any Affected Person to request reimbursement from the Seller for increased costs under Section 1.08(a), (b),
(c) or for Taxes or Other Taxes under Section 1.10 hereof, the Seller may, upon prior notice to the Agent and such Affected Person, seek a replacement Bank to whom such additional costs, Taxes or Other Taxes shall not apply and which
shall be satisfactory to the Agent (a “Replacement Bank”); provided, however, that the Seller may not seek a replacement for a Bank which is also the Agent unless the Issuer is also terminated as a party to this
Agreement and all its respective Receivable Interests are repaid in full. Each Affected Person agrees that, should it be identified for replacement pursuant to this Section 1.08(d), upon payment in full of all amounts due and owing to such
Affected Person hereunder and under the other Transaction Documents, it will promptly execute and deliver all documents and instruments reasonably required by the Seller to assign such Affected Person’s portion of the Capital to the applicable
Replacement Bank. Any such replacement shall not relieve the Seller of its obligation to reimburse the Affected Person for any such increased costs, Taxes or Other Taxes incurred through the date of such replacement. 
  
 SECTION 1.09. Security Interest. 
  
 As collateral security for the performance by the Seller of all the terms,
covenants and agreements on the part of the Seller (whether as Seller or otherwise) to be performed under this Agreement or any Transaction Document delivered to the Agent in connection with this Agreement in accordance with the terms thereof,
including the punctual payment when due of all obligations of the Seller hereunder or thereunder, whether for indemnification payments, fees, expenses or otherwise, the Seller hereby assigns to the Agent for its benefit and the ratable benefit of
the Investors and the Banks, and hereby grants to the Agent for its benefit and the ratable benefit of the Investors and the Banks, a security interest in, all of the Seller’s right, title and interest in, to and under (but none of the
Seller’s obligations under) all of the following, whether now or hereafter existing or arising: 
  

 8 

 [CL-SPX Receivables Agreement] 
  

 (a) the Purchase and Contribution Agreement, including, without limitation, (i) all rights of the
Seller to receive monies due or to become due under or pursuant to the Purchase and Contribution Agreement, (ii) all security interests and property subject thereto from time to time purporting to secure payment of monies due or to become due under
or pursuant to the Purchase and Contribution Agreement, (iii) all rights of the Seller to receive proceeds of any insurance, indemnity or warranty with respect to the Purchase and Contribution Agreement, (iv) all claims of the Seller for damages
arising out of or for breach of or default under the Purchase and Contribution Agreement, and (v) all rights of the Seller to compel performance and otherwise exercise all remedies thereunder, 
  
 (b) all Receivables, the Related Security with respect thereto and the
Collections and all other assets of the Seller, including, without limitation, all accounts, chattel paper, instruments and general intangibles owned by the Seller and not otherwise purchased or scheduled to be purchased under this Agreement,

  
 (c) the Lock-Box Accounts and all amounts on deposit therein
and all certificates and instruments, if any, from time to time evidencing any of the foregoing and 
  
 (d) to the extent not included in the foregoing, all proceeds of any and all of the foregoing. 
  
 SECTION 1.10. Taxes. 
  
 (a) Any and all payments and deposits required to be made hereunder or under
any other Transaction Document by the Collection Agent or the Seller shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with
respect thereto, excluding (x) net income taxes, franchise taxes, branch profits taxes and any other taxes imposed on an Affected Person as a result of a present or former connection between such Affected Person and the jurisdiction of the
governmental authority imposing such tax or any political subdivision or taxing authority thereof or therein other than a connection arising solely from the transactions contemplated hereby, (y) all taxes that are attributable to such Affected
Person’s failure to comply with the requirements of paragraph (d) of this Section 1.10, and (z) all taxes that are imposed, other than as a result of a change in treaty, law or regulation (or the application or interpretation thereof),
after the date such Affected Person becomes a party to this Agreement (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If the Seller or the
Collection Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Affected Person, (i) the Seller shall make an additional payment to such Affected Person, in an amount sufficient so that, after
making all required deductions (including deductions applicable to additional sums payable under this Section 1.10), such Affected Person receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Seller or
the Collection Agent, as the case may be, shall make such deductions and (iii) the Seller or the Collection Agent, as the case may be, shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with
applicable law. 
  

 9 

 [CL-SPX Receivables Agreement] 
  

 (b) In addition, the Seller agrees to pay any present or future stamp or other documentary taxes or
any other excise or property taxes, charges or similar levies which arise from or under any Transaction Document or from the execution, delivery or registration of this Agreement or any other Transaction Document (hereinafter referred to as
“Other Taxes”). 
  
 (c) The Seller will indemnify
each Affected Person for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 1.10) paid by such Affected Person and any liability
(including penalties, interest and expenses) arising therefrom or with respect thereto whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty days from the date the Affected
Person makes written demand therefor (and a copy of such demand shall be delivered to the Agent). A certificate as to the amount of such indemnification submitted to the Seller and the Agent by such Affected Person, setting forth, in reasonable
detail, the basis for and the calculation thereof, shall be conclusive and binding for all purposes absent manifest error. 
  
 (d) (1) Each Investor and Bank and any Transferee that is not a “U.S. person” as that term is defined in Section 7701(a)(30) of the United
States Internal Revenue Code (a “Non-U.S. Person”) shall deliver to the Seller and the Collection Agent, and if applicable, the assigning Investor or Bank (or, in the case of a Transferee that holds a participation, to the Investor
or Bank from which the related participation shall have been transferred) on or before the date on which it becomes a party to this Agreement or becomes a Transferee (or, in the case of a Transferee that holds a participation, on or before the date
on which such Transferee receives the related participation) two duly completed and signed copies of either Internal Revenue Service Form W-8BEN (relating to such Non-U.S. Person and entitling it to a complete exemption from withholding of U.S taxes
on all amounts to be received by such Non-U.S. Person pursuant to this Agreement and the other Transaction Documents) or Form W-8ECI (relating to all amounts to be received by such Non-U.S. Person pursuant to this Agreement and the other Transaction
Documents), or successor and related applicable forms, as the case may be; 
  
 provided, however, that in the event that a Non-U.S. Person is not a corporation for U.S. federal income tax purposes, such Non-U.S. Person agrees to take any actions necessary, and to deliver all additional (or alternative)
Internal Revenue Service forms necessary to establish such Non-U.S. Person’s entitlement to a complete exemption from withholding of U.S. taxes on all amounts to be received by such Non-U.S. Person pursuant to this Agreement and the other
Transaction Documents (including causing its partners, members, beneficiaries or owners, and their beneficial owners, to take any actions and deliver any forms necessary to establish such exemption). 
  
 (2) Further, each Non-U.S. Person agrees (i) to deliver to the Seller and the
Collection Agent, and if applicable, the assigning Investor or Bank (or, in the case of a Transferee that holds a participation, to the Investor or Bank from which the related participation shall have been transferred) two further duly completed and
signed copies of such Form W-8BEN or W-8ECI or such other Internal Revenue Service forms required to be delivered pursuant to the proviso following clause (1) of this Section 1.10(d), as the case may be, or successor and related applicable forms, on
or before the date that any such form expires or 
  

 10 

 [CL-SPX Receivables Agreement] 
  

 becomes obsolete and promptly after the occurrence of any event requiring a change from the most recent form(s)
previously delivered by it to the Seller and Collection Agent, and, if applicable, the assigning Investor or Bank (or, in the case of a Transferee that holds a participation, to the Investor or Bank from which the related participation shall have
been transferred) in accordance with applicable U.S. laws and regulations and (ii) to notify promptly the Seller and the Collection Agent, and, if applicable, the assigning Investor or Bank (or, in the case of a Transferee that holds a
participation, the Investor or Bank from which the related participation shall have been transferred) if it is no longer able to deliver, or if it is required to withdraw or cancel, any form or statement previously delivered by it pursuant to
subsection 1.10(d)(1) and (d)(2) including reliance on any forms provided to it pursuant to the proviso following clause (1) of subsection 1.10(d). 
  
 (3) Each Investor and Bank and any Transferee that is not a Non-U.S. Person shall deliver to the Seller and the Collection Agent and, if applicable, the
assigning Investor or Bank (or, in the case of a Transferee that holds a participation, to the Investor or Bank from which the related participation shall have been transferred) two duly completed copies of United States Internal Revenue Service
Form W-9 (or applicable successor form) unless it establishes to the satisfaction of the Seller that it is otherwise eligible for an exemption from backup withholding tax or other applicable withholding tax. Each such Investor, Bank or Transferee
shall deliver to the Seller and the Collection Agent and, if applicable, the assigning Investor or Bank (or, in the case of a Transferee that holds a participation, to the Investor or Bank from which the related participation shall have been
transferred) two further properly completed and duly executed forms and statements (or applicable successor forms) at or before the time any such form or statement becomes obsolete. 
  
 (4) The Agent represents, warrants and covenants that it is a “U.S. branch of a foreign bank” as defined in
Treasury regulations section 1.1441-1(b)(2)(iv)(A) that is not required to provide a withholding certificate pursuant to Treasury regulations section 1.1441-4(a)(2)(ii) and the Seller and Collection Agent agree that this representation will
supercede any requirement for the Agent to provide withholding certificates as provided for in this Section 1.10(d). 
  
 (e) As soon as practicable after the date of any payment of Taxes or Other Taxes by the Seller or Collection Agent to the relevant governmental authority,
the Seller or Collection Agent will deliver to the Issuer or Agent the original or a certified copy of the receipt issued by such governmental authority or other reasonably satisfactory evidence of payment thereof. 
  
 SECTION 1.11. Repurchase Option. 
  
 So long as no Event of Termination or Incipient Event of Termination would
occur or be continuing after giving effect thereto, the Seller shall have the right (the “Call Right”) to repurchase all, but not less than all, of the Receivable Interests held by the Investors and the Banks upon not less than
thirty (30) days prior written notice to the Agent, but only after 50% of Capital has been paid pursuant to the Agreement. Such notice shall specify the date that the Seller desires that such repurchase occur (such date, the “Repurchase
Date”). On the 
  

 11 

 [CL-SPX Receivables Agreement] 
  

 Repurchase Date, the Seller shall transfer to the Agent’s Account in immediately available funds an amount equal
to (i) the Capital of the Receivable Interests held by the Investors and the Banks, (ii) all accrued and unpaid Yield thereon to the Repurchase Date, (iii) all accrued and unpaid Fees owing to the Investors and the Banks, (iv) the Liquidation Fee
owing to the Investors and the Banks in respect of such repurchase and (v) all expenses and other amounts payable hereunder to any of the Agent, the Investors and the Banks (including, without limitation, reasonable attorneys’ fees and
disbursements). Any repurchase pursuant to this Section 1.11 shall be made without recourse to or warranty by the Agent, the Investors or the Banks (except for a warranty that all Receivable Interests repurchased are transferred free of any lien,
security interest or Adverse Claim created solely by the actions of the Agent, the Investors or the Banks). Further, on the Repurchase Date the Bank Commitments for all the Banks shall terminate, each of the Commitment Termination Date and Facility
Termination Date shall have occurred, the Termination Date for all Banks and the Investors shall have occurred and no further purchases or reinvestments of Collections shall be made hereunder. 
  
 ARTICLE II 
  
 REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION 
  
 SECTION 2.01. Representations and Warranties; Covenants. 

 
 The Seller hereby makes the representations and warranties, and hereby
agrees to perform and observe the covenants, set forth in Exhibits III and IV, respectively, hereto. 
  
 SECTION 2.02. Events of Termination. 
  
 If any of the Events of Termination set forth in Exhibit V hereto shall occur and be continuing, the Agent may, by notice to the Seller, take
either or both of the following actions: (x) declare the Facility Termination Date and the Commitment Termination Date to have occurred (in which case the Facility Termination Date and the Commitment Termination Date shall be deemed to have
occurred) and (y) without limiting any right under this Agreement to replace the Collection Agent, designate another Person to succeed SPX as the Collection Agent; provided that, automatically upon the occurrence of any event (without any
requirement for the passage of time or the giving of notice) described in paragraphs (g) and (h) of Exhibit V, the Facility Termination Date and the Commitment Termination Date shall occur. Upon any such declaration or designation or
upon any such automatic termination, the Investors, the Banks and the Agent shall have (a) the rights of the Seller as “Purchaser” under the Purchase and Contribution Agreement and (b) in addition to the rights and remedies which they may
have under this Agreement, all other rights and remedies provided after default under the UCC of the appropriate jurisdiction or jurisdictions and under other applicable law, which rights and remedies shall be cumulative. 
  

 12 

 [CL-SPX Receivables Agreement] 
  

 ARTICLE III 
  

INDEMNIFICATION 
  
 SECTION 3.01. Indemnities by the Seller. 
  
 Without limiting any other rights that the Agent, the Investors, the Banks or any entity which provides liquidity or credit enhancement or any of their
respective Affiliates or agents (each, an “Indemnified Party”) may have hereunder or under applicable law, the Seller hereby agrees to indemnify each Indemnified Party from and against any and all claims, damages, costs, expenses,
losses and liabilities (including reasonable attorneys’ fees) (all of the foregoing being collectively referred to as “Indemnified Amounts”) arising out of or resulting from this Agreement or the ownership of Receivable
Interests or in respect of any Receivable or any Contract, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, (b) recourse (except as otherwise
specifically provided in this Agreement) for uncollectible Receivables or (c) any taxes (other than Taxes or Other Taxes) incurred by such Indemnified Party, arising out of or as a result of this Agreement or the ownership of Receivable Interests or
in respect of any Receivable or any Contract. Without limiting or being limited by the foregoing, the Seller shall pay on demand to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all
Indemnified Amounts relating to or resulting from any of the following (subject, however, to the exclusions in clauses (a), (b) and (c) of the previous sentence): 
  
 (i) the creation of an undivided percentage ownership or security interest in any Receivable which purports
to be part of the Net Receivables Pool Balance but which is not at the date of the creation of such interest an Eligible Receivable; 
  
 (ii) any representation or warranty or statement made or deemed made by the Seller (or any of its officers) under or in connection with
this Agreement and the other Transaction Documents which shall have been incorrect in any material respect when made; 
  
 (iii) the failure by the Seller or any of the Originators to comply with any applicable law, rule or regulation with respect to any Pool
Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such applicable law, rule or regulation; 
  
 (iv) the failure to vest and maintain vested in the Agent on behalf of the Investors and the Banks (a) a first priority perfected
undivided percentage ownership or security interest, to the extent of each Receivable Interest, in the Receivables in, or purporting to be in, the Receivables Pool and the Related Security and Collections in respect thereof or (b) a first priority
perfected security interest as provided in Section 1.09, in each case free and clear of any Adverse Claim; 
  
 (v) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any
applicable jurisdiction 
  

 13 

 [CL-SPX Receivables Agreement] 
  

 or other applicable laws with respect to any Receivables in, or purporting to be in, the Receivables
Pool and the Related Security and Collections in respect thereof, whether at the time of any purchase or reinvestment or at any subsequent time; 
  
 (vi) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor or other financial inability of the Obligor
to pay) of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of
such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the goods or services related to such Receivable or the furnishing or failure to furnish such goods or services or relating to
collection activities with respect to such Receivable (if such collection activities were performed by the Seller or any of its Affiliates acting as Collection Agent); 
  
 (vii) any failure of the Seller to perform its duties or obligations in accordance with the provisions
hereof (including any failure to comply with the covenants contained in Exhibit IV) or of the Purchase and Contribution Agreement; 
  
 (viii) any products liability or other claim (including any claim for unpaid sales, excise or other taxes) arising out of or in connection
with goods or services which are the subject of any Contract; 
  
 (ix) the commingling by the Seller or any of its Affiliates of Collections of Pool Receivables at any time with other funds or the failure of Collections to be deposited into Lock-Box Accounts; 
  
 (x) any investigation, litigation or proceeding related to
this Agreement or the ownership of Receivable Interests or in respect of any Receivable or Related Security; 
  
 (xi) any Collection Agent Fees or other costs and expenses payable to any replacement Collection Agent, to the extent in excess of the
Collection Agent Fees payable to the Collection Agent hereunder; or 
  
 (xii) any claim brought by any Person other than an Indemnified Party arising from any activity by the Seller or any Affiliate of the Seller in servicing, administering or collecting any Receivable. 
  
 It is expressly agreed and understood by the parties hereto (i) that the
foregoing indemnification is not intended to, and shall not, constitute a guarantee of or other recourse for the collectibility or payment of the Receivables and (ii) that nothing in this Section 4.01 shall require the Seller to indemnify any
Person for Receivables that are not collected, not paid or uncollectible solely on account of the insolvency, bankruptcy, or financial inability to pay of the applicable Obligor. 
  

 14 

 [CL-SPX Receivables Agreement] 
  

 ARTICLE IV 
  

ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES 
  
 SECTION 4.01. Designation of Collection Agent. 
  
 The servicing, administration and collection of the Pool Receivables shall be conducted by the Collection Agent so designated hereunder from time to time.
Until the Agent gives notice to the Seller of the designation of a new Collection Agent (which may only be given after the occurrence of an Incipient Event of Termination or an Event of Termination), SPX is hereby designated as, and hereby agrees to
perform the duties and obligations of, the Collection Agent pursuant to the terms hereof. After the occurrence of an Incipient Event of Termination or an Event of Termination, the Agent at any time may designate as Collection Agent any Person
(including itself) to succeed SPX or any successor Collection Agent, if such Person shall consent and agree to the terms hereof. The Collection Agent may, with the prior consent of the Agent, subcontract with any other Person for the servicing,
administration or collection of the Pool Receivables (which consent is hereby granted in the case of any Person that is an Affiliate of the Seller). Any such subcontract shall not affect the Collection Agent’s liability for performance of its
duties and obligations pursuant to the terms hereof. 
  
 SECTION
4.02. Duties of Collection Agent. 
  
 (a) The Collection
Agent shall take or cause to be taken all such actions as may be necessary or advisable to collect each Pool Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in
accordance with the Credit and Collection Policy. The Seller and the Agent hereby appoint the Collection Agent, from time to time designated pursuant to Section 4.01, as agent for themselves and for the Investors and the Banks to enforce
their respective rights and interests in the Pool Receivables and the Related Security. In performing its duties as Collection Agent, the Collection Agent shall exercise the same care and apply the same policies as it would exercise and apply if it
owned such Receivables and shall act in the best interests of the Seller, the Investors and the Banks. 
  
 (b) The Collection Agent shall administer the Collections in accordance with the procedures described in Section 1.04 and shall perform all other
obligations of the “Collection Agent” set forth in this Agreement. 
  
 (c) If no Event of Termination or Incipient Event of Termination shall have occurred and be continuing, SPX, while it is the Collection Agent, may, to the extent consistent with the Credit and Collection Policy,
extend the maturity or adjust the Outstanding Balance or otherwise modify the payment terms of any Receivable to the extent not materiality adverse to the collectibility of such Receivable. 
  
 (d) The Collection Agent shall hold in trust for the Seller and each Investor
and Bank, in accordance with their respective interests, all documents, instruments and records (including, without limitation, computer tapes or disks) which evidence or relate to Pool Receivables. 
  

 15 

 [CL-SPX Receivables Agreement] 
  

 (e) As soon as practicable following receipt of amounts not constituting Pool Receivables the
Collection Agent or the Seller, as applicable, shall turn over such amounts to the rightful owner, if such rightful owner can be determined. 
  
 (f) The Collection Agent shall, from time to time at the request of the Agent, furnish to the Agent (promptly after any such request) a calculation of the
amounts set aside for the Investors and the Banks pursuant to Section 1.04. 
  
 (g) On or before the fifteenth (15th) Business Day of each Fiscal Month, the Collection Agent shall prepare and forward to the Agent a Monthly Report relating to the Receivable Interests outstanding on the last day of
the immediately preceding month. 
  
 SECTION 4.03. Certain
Rights of the Agent. 
  
 (a) The Agent is authorized at any
time after the occurrence and during the continuation of an Event of Termination or Incipient Event of Termination to deliver to the Lock-Box Banks the Notice of Effectiveness provided for in the Lock Box Agreements. The Seller hereby transfers to
the Agent, effective when the Agent delivers such Notice of Effectiveness, the exclusive ownership and control of the Lock-Box Accounts to which the Obligors of Pool Receivables shall make payments. The Seller shall take any actions reasonably
requested by the Agent to effect such transfer. After the occurrence of an Event of Termination, all amounts in the Lock-Box Accounts which represent Collections of Receivables may, in accordance with this Agreement, be deposited into the
Agent’s Account. 
  
 (b) At any time following and during the
continuation of an Event of Termination or Incipient Event of Termination: 
  
 (i) The Agent may direct the Obligors of Pool Receivables that all payments thereunder be made directly to the Agent or its designee. 
  
 (ii) At the Seller’s expense the Agent may, and at the request of the Agent the Seller shall, notify
each Obligor of Pool Receivables of the ownership of Receivable Interests under this Agreement and direct that payments be made directly to the Agent or its designee. 
  
 (iii) At the Agent’s request and at the Seller’s expense, the Seller and the Collection Agent
shall (x) assemble all of the documents, instruments and other records (including, without limitation, computer tapes and disks) that evidence or relate to the Pool Receivables and the related Contracts and Related Security, or that are otherwise
necessary or desirable to collect the Pool Receivables, and shall make the same available to the Agent at a place selected by the Agent or its designee, (y) segregate all cash, checks and other instruments received by it from time to time
constituting Collections of Pool Receivables in a manner acceptable to the Agent and, (z) promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Agent or its designee.

  

 16 

 [CL-SPX Receivables Agreement] 
  

 SECTION 4.04. Rights and Remedies. 
  
 (a) If the Collection Agent fails to perform any of its obligations under
this Agreement, the Agent may (but shall not be required to) itself perform, or cause performance of, such obligation; and the Agent’s reasonable costs and expenses incurred in connection therewith shall be payable by the Seller (if the
Collection Agent that fails to so perform is SPX or its designee). Notwithstanding the foregoing, the Agent agrees to undertake the actions set forth in Section 4.03 only after the occurrence and during the continuation of an Event of
Termination or Incipient Event of Termination. 
  
 (b) The
Originators shall perform their respective obligations under the Contracts related to the Pool Receivables to the same extent as if Receivable Interests had not been sold and the exercise by the Agent on behalf of the Investors and the Banks of
their rights under this Agreement shall not release the Collection Agent, the Originators or the Seller from any of their duties or obligations with respect to any Pool Receivables or related Contracts. Neither the Agent, the Investors nor the Banks
shall have any obligation or liability with respect to any Pool Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of the Seller or the Originators thereunder. 
  
 (c) In the event of any conflict between the provisions of this Article and
Article VI of the Purchase and Contribution Agreement, the provisions of this Agreement shall control. 
  
 SECTION 4.05. Further Actions Evidencing Purchases. 
  
 (a) Each of the Seller and the Originators agree from time to time, at its own expense, promptly to execute and deliver all further instruments and
documents, and to take all further actions, that may be reasonably necessary or desirable, or that the Agent may reasonably request, to perfect, protect or more fully evidence the Receivable Interests purchased hereunder, or to enable the Investors,
the Banks or the Agent to exercise and enforce their respective rights and remedies hereunder. Without limiting the foregoing, the Seller or the Originators will, upon the request of the Agent 
  
 (i) execute and file such financing or continuation
statements, or amendments thereto, and such other instruments and documents, that may be reasonably necessary or desirable, or that the Agent may reasonably request, to perfect, protect or evidence such Receivable Interests; 
  
 (ii) following the occurrence of an Incipient Event of
Termination or an Event of Termination, deliver to the Agent and its assignee copies of all Contracts relating to the Receivables and all records relating to such Contracts and the Receivables, whether in hard copy or in magnetic tape or diskette
format (which if in magnetic tape or diskette format shall be compatible with the Agent’s or its assignee’s computer equipment); and 
  
 (iii) after an Incipient Event of Termination or an Event of Termination, mark conspicuously each invoice evidencing each Pool Receivable
with a 
  

 17 

 [CL-SPX Receivables Agreement] 
  

 legend, acceptable to the Agent, evidencing that Receivable Interests therein have been sold.

  
 (b) The Seller and the Originators authorize the Agent to file
financing or continuation statements, and amendments thereto and assignments thereof, relating to the Pool Receivables, the Related Security and the Collections with respect thereto without the signature of the Seller where permitted by law.

  
 (c) The Seller authorizes the Agent, after the occurrence and
during the continuation of an Event of Termination or Incipient Event of Termination, to take any and all steps in the Seller’s name and on behalf of the Seller that are necessary or desirable, in the determination of the Agent, to collect
amounts due under the Pool Receivables, including, without limitation, endorsing the Seller’s name on checks and other instruments representing Collections of Pool Receivables and enforcing the Pool Receivables and the Related Security.

  
 SECTION 4.06. Covenants of the Collection Agent and the
Seller. 
  
 (a) Audits. The Collection Agent, the
Seller and the Originators will, from time to time during regular business hours as requested by the Agent, permit the Agent, or its agents or representatives (including independent public accountants, which may be SPX’s independent public
accountants), 
  
 (i) to conduct periodic audits
of the Receivables, the Related Security and the related books and records and collections systems of the Collection Agent, the Seller or any of the Originators, 
  
 (ii) to examine and make copies of and abstracts from all books, records and documents (including, without
limitation, computer tapes and disks) in the possession or under the control of the Collection Agent, the Seller or any of the Originators relating to Pool Receivables and the Related Security, including, without limitation, the Contracts, and

  
 (iii) to visit the offices and properties of
the Collection Agent, the Seller or the Originators for the purpose of examining such materials described in clause (ii) above, and to discuss matters relating to Pool Receivables and the Related Security or the Collection Agent’s
performance hereunder with any of the officers or employees of the Collection Agent, the Seller or any of the Originators having knowledge of such matters. 
  
 In addition, upon the Agent’s request at least once per year, the Seller will, at its expense, appoint independent public accountants (which may, with the consent of
the Agent, be SPX’s regular independent public accountants), or utilize the Agent’s representatives or auditors, to prepare and deliver to the Agent a written report (not constituting an opinion) with respect to the Receivables and the
Credit and Collection Policy (including, in each case, the systems, procedures and records relating thereto) on a scope and in a form reasonably requested by the Agent. Any such review shall be scheduled at a time and conducted in a manner that is
not disruptive to the business of the Originators or the Collection Agent. In any event, any expenses associated with 
  

 18 

 [CL-SPX Receivables Agreement] 
  

 an audit conducted at the Agent’s request pursuant to this Section 4.06(a) shall be subject to a cap per
annum of $40,000. 
  
 (b) Change in Credit and Collection
Policy. The Originators will not make any change in the Credit and Collection Policy that would materially impair the collectibility of any Pool Receivable or the ability of SPX (if it is acting as Collection Agent) to perform its obligations
under this Agreement. 
  
 (c) In accordance with the foregoing,
the Collection Agent and the Seller, at their expense, shall permit the Agent, or its agents or representatives to conduct an audit as set forth in Section 4.06(a) with respect to both Waukesha and Marley on or prior to October 31, 2003. Any
expenses associated with the audit described in this Section 4.06(c) shall be subject to a cap of $40,000. 
  
 SECTION 4.07. Indemnities by the Collection Agent. 
  
 Without limiting any other rights that the Agent, any Investor, any Bank or any of their respective Affiliates or agents (each, a “Special
Indemnified Party”) may have hereunder or under applicable law, and in consideration of its appointment as Collection Agent, the Collection Agent hereby agrees to indemnify each Special Indemnified Party from and against any and all claims,
damages, costs, expenses, losses and liabilities (including reasonable attorneys’ fees) (all of the foregoing being collectively referred to as “Special Indemnified Amounts”) arising out of or resulting from any of the
following (excluding, however, (a) Special Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Special Indemnified Party, (b) recourse for uncollectible Receivables or (c) any taxes (other than
Taxes or Other Taxes) incurred by such Special Indemnified Party arising out of or as a result of this Agreement or the ownership of Receivable Interests or in respect of any Receivable or any Contract): 
  
 (i) any representation or warranty or statement made by the
Collection Agent under or in connection with this Agreement which shall have been incorrect in any material respect when made; 
  
 (ii) the failure by the Collection Agent to comply with any applicable law, rule or regulation with respect to any Pool Receivable or
Contract; 
  
 (iii) any failure of the Collection
Agent to perform its duties or obligations in accordance with the provisions of this Agreement; 
  
 (iv) the commingling of Collections of Pool Receivables at any time by the Collection Agent with other funds; 
  
 (v) any action or omission by the Collection Agent reducing
or impairing the rights of the Investors or the Banks with respect to any Pool Receivable or the value of any Pool Receivable; 
  

 19 

 [CL-SPX Receivables Agreement] 
  

 (vi) any claim brought by any Person other than a Special Indemnified Party arising
from any activity by the Collection Agent or its Affiliates in servicing, administering or collecting any Receivable; 
  
 (vii) any dispute, claim, offset or defense of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables
Pool as a result of the collection activities with respect to such Receivable by the Collection Agent other than as a result of bankruptcy or other financial inability of the Obligor; or 
  
 (viii) any investigation, litigation or proceeding related to the conduct of due diligence in connection
with this Agreement or the Transaction Documents or the transactions contemplated hereby and thereby. 
  
 SECTION 4.08. Representations and Warranties of the Collection Agent. 
  
 The Collection Agent represents and warrants as follows: 
  
 (a) The Collection Agent is a corporation duly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation, and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so qualified is not reasonably
expected to result in a Material Adverse Effect. 
  
 (b) The
execution, delivery and performance by the Collection Agent of this Agreement and any other Transaction Document to be delivered by it (i) are within the Collection Agent’s corporate powers, (ii) have been duly authorized by all necessary
corporate action and (iii) do not contravene (1) the Collection Agent’s charter or by-laws, (2) any law, rule or regulation applicable to the Collection Agent, (except where such contravention would not cause a Material Adverse Effect) (3) any
contractual restriction binding on or affecting the Collection Agent or its property, the contravention of which would have a Material Adverse Effect on the Collection Agent or (4) any order, writ, judgment, award, injunction or decree binding on or
affecting the Collection Agent or its property. This Agreement has been duly executed and delivered by the Collection Agent. 
  
 (c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the
due execution, delivery and performance by the Collection Agent of this Agreement or any other document to be delivered by it hereunder. 
  
 (d) This Agreement constitutes the legal, valid and binding obligation of the Collection Agent enforceable against the Collection Agent in accordance with
its terms subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law). 
  
 (e) If the Collection Agent is SPX or one
of its Affiliates, each Monthly Report, information, exhibit, financial statement, document, book, record or report furnished or 
  

 20 

 [CL-SPX Receivables Agreement] 
  

 to be furnished at any time by or on behalf of SPX to the Agent, the Investors or the Banks in connection with this
Agreement is correct in all material respects as of its date or (except as otherwise disclosed to the Agent, the Investors or the Banks, as the case may be, at such time) as of the date so furnished, and no such document contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. 
  
 (f) If the Collection Agent is SPX or one of its Affiliates, the consolidated
balance sheet of SPX and its Subsidiaries as of December 31, 2002, and the related consolidated statements of income and retained earnings of SPX and its Subsidiaries for the fiscal year ended December 31, 2002, copies of which have been furnished
to the Agent, fairly present, in all material respects, the financial condition of SPX and its Subsidiaries as of such date and the results of the operations of SPX and its Subsidiaries for the period ended on such date, all in accordance with
generally accepted accounting principles consistently applied, and since the end of its most recent fiscal year ended December 31, 2002 there has been no material adverse change in the business, operations, property or financial condition of SPX
that could reasonably be expected to affect the value or collectability of the Receivables Interest. 
  
 (g) There is no pending or, to the Collection Agent’s best knowledge, threatened action or proceeding affecting the Collection Agent and its
Subsidiaries before any court, governmental agency or arbitrator that could reasonably be expected to affect the value or collectibility of the Receivables Interest, or the ability of the Collection Agent to perform its obligations under the
Transaction Documents, or which purports to affect the legality, validity or enforceability of the Transaction Documents; neither the Collection Agent nor any of its Subsidiaries is in default with respect to any order of any court, arbitration or
governmental body except for defaults with respect to orders which defaults are not material to the financial condition or operations of the Collection Agent and its Subsidiaries, taken as a whole. 
  
 ARTICLE V 
  
 THE AGENT 
  
 SECTION 5.01. Authorization and Action. 
  
 Each Investor and each Bank hereby appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 
  
 SECTION 5.02. Agent’s Reliance, Etc. 
  
 Neither the Agent nor any of its directors, officers, agents or employees shall be liable to any Investor or Bank for any action taken or omitted to be
taken by it or them as Agent under or in connection with this Agreement (including, without limitation, the Agent’s servicing, administering or collecting Pool Receivables as Collection Agent), except for its or their own gross negligence or
willful misconduct. Without limiting the generality of the foregoing, the Agent: 
  

 21 

 [CL-SPX Receivables Agreement] 
  

 (a) may consult with legal counsel (including counsel for the Seller, the Originators or the
Collection Agent), independent certified public accountants and other experts selected by it and shall not be liable to any Investor or Bank for any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; 
  
 (b) makes no warranty or
representation to any Investor or Bank (whether written or oral) and shall not be responsible to any Investor or Bank for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement;

  
 (c) shall not have any duty to ascertain or to inquire as to
the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Seller, the Originators or the Collection Agent or to inspect the property (including the books and records) of the Seller or the
Collection Agent; 
  
 (d) shall not be responsible to any Investor
or Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and 
  
 (e) shall incur no liability under or in respect of this Agreement by acting upon any notice (including notice by
telephone), consent, certificate or other instrument or writing (which may be by telecopier or telex) believed by it to be genuine and signed or sent by the proper party or parties. 
  
 SECTION 5.03. Credit Lyonnais and Affiliates. 
  
 With respect to any Receivable Interest or interest therein owned by it, Credit Lyonnais shall have the same rights and
powers under this Agreement as any Bank and may exercise the same as though it were not the Agent. Credit Lyonnais and any of its Affiliates may generally engage in any kind of business with the Seller, the Collection Agent, any of the Originators
or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of the Seller, the Collection Agent, any of the Originators or any Obligor or any of their respective Affiliates, all as if Credit Lyonnais
were not the Agent and without any duty to account therefor to the Investors or the Banks. 
  
 SECTION 5.04. Bank’s Purchase Decision. 
  
 Each Bank acknowledges that it has, independently and without reliance upon the Agent, any of its Affiliates or any other Bank and based on such documents and information as it has deemed appropriate, made its own
evaluation and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the Agent, any of its Affiliates or any other Bank and based on such documents and information as it shall deem
appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. 
  

 22 

 [CL-SPX Receivables Agreement] 
  

 ARTICLE VI 
  

MISCELLANEOUS 
  
 SECTION 6.01. Amendments, Etc. 
  
 No amendment or waiver of any provision of this Agreement and no consent to any departure by the Seller or the Collection Agent therefrom shall be
effective unless in a writing signed by the Agent, as agent for the Investors and the Banks, and, in the case of any amendment, also signed by the Seller; provided, however, that no amendment shall, unless signed by the Collection
Agent in addition to the Agent, affect the rights or duties of the Collection Agent under this Agreement; and provided, further, that any such amendment, waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. No failure on the part of the Investors, the Banks, the Agent, the Collection Agent or the Seller to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 
  
 SECTION 6.02. Notices, Etc. 
  
 All notices, demands, consents, requests and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (which shall
include electronic transmission), shall be personally delivered, express couriered, electronically transmitted (in which case receipt shall be confirmed by telephone and a hard copy shall also be sent by regular mail) or mailed by registered or
certified mail and shall, unless otherwise expressly provided herein, be effective when received at the address specified below for the listed parties or at such other address as shall be specified in a written notice furnished to the other parties
hereunder. 
  
 If to the Seller: 
  
 SPX RECEIVABLES, LLC 
 c/o SPX CORPORATION 
 13515 Ballantyne Corporate Place 
 Charlotte, NC 28277 

			
	Attention:	 	Steve Klueg, Assistant Treasurer
	Tel. No.:	 	(704) 752-7445
	Facsimile No.:	 	(704) 752-7480

  
 If to the Collection
Agent: 
  
 SPX CORPORATION 
 13515 Ballantyne Corporate Place 
 Charlotte, NC 28277 

			
	Attention:	 	Steve Klueg, Assistant Treasurer
	Tel. No.:	 	(704) 752-7445
	Facsimile No.:	 	(704) 752-7480

  

 23 

 [CL-SPX Receivables Agreement] 
  

 If to the Agent: 
  
 CREDIT LYONNAIS NEW YORK BRANCH 
 1301 Avenue of the Americas 
 New York, NY 10019 

			
	Attention:	  	Matthew Croghan
	Tel. No.:	  	(212) 261-7819
	Facsimile No.:	  	(212) 459-3258

  
 If to the Issuer:

  
 ATLANTIC ASSET SECURITIZATION CORP.

 c/o CREDIT LYONNAIS NEW YORK BRANCH 
 1301 Avenue of the Americas 
 New York, NY 10019 

			
	Attention:	  	Matthew Croghan
	Tel. No.:	  	(212) 261-7819
	Facsimile No.:	  	(212) 459-3258

  
 If to the Bank:

  
 CREDIT LYONNAIS NEW YORK BRANCH 

1301 Avenue of the Americas 
 New York, NY 10019 

			
	Attention:	  	Matthew Croghan
	Tel. No.:	  	(212) 261-7819
	Facsimile No.:	  	(212) 459-3258

  
 SECTION 6.03.
Assignability. 
  
 (a) Subject to clause (f) of this
Section 6.03, this Agreement and the Investors’ rights and obligations herein (including ownership of each Receivable Interest) shall be assignable by the Investors and their successors and assigns. Each assignor of a Receivable Interest
or any interest therein shall notify the Agent and the Seller of any such assignment. Each assignor of a Receivable Interest may, in connection with the assignment or participation, disclose to the assignee or participant any information, relating
to the Seller or the Receivables, which was furnished to such assignor by or on behalf of the Seller or by the Agent; provided that, prior to any such disclosure, the assignee or participant agrees in writing (for which the Seller is an intended
third party beneficiary) to preserve the confidentiality of any confidential information relating to the Seller received by it from any of the foregoing entities. 
  
 (b) Subject to clause (f) of this Section 6.03, each Bank may assign to any Eligible Assignee or to any other Bank
all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Bank Commitment and any Receivable Interests or interests therein owned by it). The parties to each such assignment shall
execute and deliver to the Agent an Assignment and Acceptance. In addition and not 
  

 24 

 [CL-SPX Receivables Agreement] 
  

 withstanding clause (f) of this Section 6.03, Credit Lyonnais or any of its Affiliates may assign any of its
rights (including, without limitation, rights to payment of Capital and Yield) under this Agreement to any Federal Reserve Bank without notice to or consent of the Seller or the Agent. 
  
 (c) This Agreement and the rights and obligations of the Agent herein shall be assignable by the Agent and its successors
and assigns. 
  
 (d) Neither the Seller nor the Collection Agent
may assign its rights or obligations hereunder or any interest herein without the prior written consent of the Agent. 
  
 (e) Without limiting any other rights that may be available under applicable law, the rights of the Investors may be enforced through them or by their
agents. 
  
 (f) Any assignment pursuant to clause (a), (b) or (c)
of this Section 6.03, other than to an affiliate of the assignor, shall be subject to the prior approval of the Seller; provided, however, that such approval will be deemed to have been given unless: 
  
 (i) reasonable objection to such proposed assignment is
delivered in writing to the Agent, within ten (10) days of receiving notice of such proposed assignment, 
  
 (ii) an alternative assignee, that is an Eligible Assignee is proposed by the Seller, 
  
 (iii) such alternative Eligible Assignee is reasonably
acceptable to the Agent, and 
  
 (iv) such
alternative Eligible Assignee agrees to accept the proposed assignment on the terms and conditions set forth in this agreement and the other related agreement. 
  

(g) No Transferee that holds a participation shall receive any greater amount with respect to such participation pursuant to Section 1.08 or
Section 1.10 of this Agreement than the Investor or Bank from whom such participation was transferred would have been entitled to receive in respect of the amount of the participation transferred by such Investor or Bank to such participant
had no such transfer occurred. 
  
 SECTION 6.04. Costs,
Expenses and Taxes. 
  
 (a) In addition to the rights of
indemnification granted under Section 3.01 hereof, the Seller agrees to pay on demand all reasonable costs and expenses in connection with the preparation, execution, delivery and administration (including, subject to the limitations provided
elsewhere in this Agreement, periodic auditing of Receivables) of this Agreement, any asset purchase agreement or similar agreement relating to the sale or transfer of interests in Receivable Interests and the other documents and agreements to be
delivered hereunder and thereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agent, the Issuer, Credit Lyonnais and their respective Affiliates and agents with 
  

 25 

 [CL-SPX Receivables Agreement] 
  

 respect thereto and with respect to advising the Agent, the Issuer, Credit Lyonnais and their respective Affiliates
and agents as to their rights and remedies under this Agreement, and all costs and expenses, if any (including reasonable counsel fees and expenses), of the Agent, the Investors, the Banks and their respective Affiliates and agents, in connection
with the enforcement of this Agreement and the other documents and agreements to be delivered hereunder excluding, however, any costs of enforcement on collection of Receivables. 
  
 (b) In addition, the Seller shall pay, to the extent not included in the
calculation of Yield, (i) any and all commissions of placement agents and commercial paper dealers in respect of commercial paper notes issued to fund the purchase or maintenance of any Receivable Interest and (ii) any and all costs and expenses of
any issuing and paying agent or other Person responsible for the administration of the Issuer’s commercial paper program in connection with the preparation, completion, issuance, delivery or payment of commercial paper notes issued to fund the
purchase or maintenance of any Receivable Interest up to maximum amount of $2,000 for any calendar year. 
  
 SECTION 6.05. No Proceedings. 
  
 Each of the Seller, the Originators, the Agent, the Collection Agent, each Investor, each Bank, each assignee of a Receivable Interest or any interest
therein and each entity which enters into a commitment to purchase Receivable Interests or interests therein hereby agrees that it will not institute against, or join any other Person in instituting against, the Issuer any proceeding of the type
referred to in paragraph (g) of Exhibit V for one year and one day after the latest maturing commercial paper note issued by the Issuer is paid in full. 
  
 SECTION 6.06. Confidentiality. 
  
 (a) Unless otherwise required (in SPX’s judgment) by applicable law, rule, regulation or judicial order or decree the
Seller agrees to maintain the confidentiality of this Agreement (and all drafts thereof) in communications with third parties; provided that this Agreement (and all drafts thereof) may be disclosed to (a) third parties to the extent such disclosure
is made pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Agent, or (b) such of SPX’s Affiliates, employees, officers and directors and legal, accounting and other advisors and existing
lenders who have a need to know such information (or a need to review any such documents or forms of documents in connection with SPX’s or their evaluation of the subject transaction), are informed by SPX of the confidential nature of the
information and are subject to appropriate confidentiality restrictions. The Agent acknowledges that after closing of the initial transactions contemplated hereby, SPX will file material agreements (including this Agreement) with the Securities and
Exchange Commission. Notwithstanding anything herein to the contrary, information required to be kept confidential shall not include and any party hereto (and each employee, representative or other agent of such party) may disclose to any and all
Persons, without limitation of any kind, information relating to the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that relate to such tax treatment and tax structure.

  

 26 

 [CL-SPX Receivables Agreement] 
  

 (b) The Agent, Issuer, each Bank and any assignee, participant or successor in interest thereto
agrees to maintain the confidentiality of any information obtained from or about SPX and its affiliates, except as may be required by applicable law or regulation or by any court, regulatory body or governmental agency having jurisdiction over the
Agent.; provided that information obtained from or about SPX and its affiliates may be disclosed to: (a) its officers, directors, employees, outside auditors and Affiliates who have a need to know or review such information and agree to hold
such information confidential, (b) third parties who agree in writing to hold such information confidential, (c) any other commercial paper conduit administered by Credit Lyonnais, (d) any current or prospective participant in the commercial paper
program of the Issuer including but not limited to representatives of rating agencies, liquidity providers, commercial paper placement agents and commercial paper dealers, in each case, who have agreed to hold such information confidential.

  
 SECTION 6.07. GOVERNING LAW. 
  
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF, OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO) EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE INTERESTS
OF THE INVESTORS AND THE BANKS IN THE RECEIVABLES, AND IN THE OTHER ITEMS DESCRIBED IN SECTION 1.09 OR REMEDIES HEREUNDER, IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
  
 SECTION 6.08. SUBMISSION TO JURISDICTION. 
  
 ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
TRANSACTION DOCUMENT MAY BE BROUGHT IN THE COURTS SITED IN NEW YORK COUNTY OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION WITH RESPECT TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT. EACH OF THE
PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. 
  

 27 

 [CL-SPX Receivables Agreement] 
  

 SECTION 6.09. WAIVER OF JURY TRIAL. 
  
 EACH OF THE PARTIES HERETO 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 ANY OTHER TRANSACTION DOCUMENT, THE PURCHASES OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 
  
 SECTION 6.10. Execution in Counterparts. 
  
 This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 6.11. Construction of the Agreement. 
  
 The parties hereto intend that the purchase and sale of Receivable Interests from the Seller be treated as a sale of such Receivable Interests and the
proceeds thereof. However, if a determination is made that such transfer shall not be so treated, this Agreement shall be deemed to constitute a security agreement and the transactions effected hereby shall be deemed to constitute a secured
financing in each case under applicable law and to that end, the Seller, pursuant to Section 1.09 hereof, grants to the Agent, for the benefit of the Investors and the Banks, a security interest in and to any and all Receivables, all Related
Security with respect to such Receivables and all Collections with respect thereto to secure its obligations hereunder. 
  
 SECTION 6.12. Survival of Termination. 
  
 The provisions of Sections 1.08, 1.10, 3.01, 4.07 and 6.04 through 6.16, inclusive, shall survive any
termination of this Agreement. 
  
 SECTION 6.13.
Severability. 
  
 Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction. 
  
 SECTION 6.14. Excess Funds. 
  
 No Issuer shall
be obligated to pay any amount pursuant to this Agreement unless the Issuer has excess cash flow from operations or has received funds with respect to such obligation which may be used to make such payment and which funds or excess cash flow are not
required to repay when due its Commercial Paper Notes or other short-term funding backing its Commercial Paper Notes. Any amount which an Issuer does not pay pursuant to the operation 
  

 28 

 [CL-SPX Receivables Agreement] 
  

 of the preceding sentence shall not constitute a claim, as defined in Section 101(5) of the United States Bankruptcy
Code, against such Issuer for any such insufficiency unless and until such Issuer does have excess cash flow or excess funds. 
  
 SECTION 6.15. No Recourse. 
  
 The obligations of the Issuer under this Agreement are solely the corporate obligations of the Issuer. No recourse shall be had for the payment of any
amount owing by the Issuer under this Agreement, or for the payment by the Issuer of any other obligation or claim of or against the Issuer arising out of or based on this Agreement, against Lord Securities Corporation, a Delaware corporation
(“Lord”) or against any stockholder, employee, officer, director or incorporator of the Issuer. For purposes of this Section, the term “Lord” shall mean and include Lord and all affiliates thereof and any employee,
officer, director, incorporator, stockholder or beneficial owner of any of them; provided, however, that the Issuer shall not be considered to be an affiliate of Lord for purposes of this Section. 
  
 SECTION 6.16. United States Federal Income Tax Treatment. 

 
 Each of the Seller, the Agent, the Collection Agent, each Investor, each
Bank, and each Transferee, if any, agrees to treat (i) each transfer of a Receivable Interest by Seller in exchange for Capital with respect to such Receivable Interest pursuant to Article 1 of this Agreement as a loan of such Capital to Seller
secured by such Receivable Interest and (ii) Seller’s payment of Yield to each Investor, each Bank, or each Transferee, if any, as a payment of interest, in the case of (i) and (ii), for all United States federal income tax purposes and neither
the Seller, the Agent, the Collection Agent, any Investor, and Bank, nor any Transferee shall take any action inconsistent with such treatment for United States federal income tax purposes. 
  

 29 

 [CL-SPX Receivables Agreement] 
  

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

							
	SELLER:	 	SPX RECEIVABLES, LLC
			
	 	 	By:	 	 /s/    Christopher J. Kearney

	 	 	Name:	 	Christopher J. Kearney
	 	 	Title:	 	Vice President and Secretary
		
	COLLECTION	 	SPX CORPORATION
	AGENT:	 	 	 	 	 	 
			
	 	 	By:	 	 /s/    Christopher J. Kearney

	 	 	Name:	 	Christopher J. Kearney
	 	 	Title:	 	Vice President, Secretary and General Counsel
		
	ISSUER:	 	ATLANTIC ASSET SECURITIZATION CORP.
			
	 	 	By:	 	 CREDIT LYONNAIS NEW YORK BRANCH,
 as
Attorney-in-Fact

			
	 	 	By:	 	 /s/    Michael Guarda

	 	 	Name:	 	Michael Guarda
	 	 	Title:	 	Vice President
			
	 	 	By:	 	 /s/    Kostantina Kourmpetis

	 	 	Name:	 	Kostantina Kourmpetis
	 	 	Title:	 	Director

  

 30 

 [CL-SPX Receivables Agreement] 
  

							
	AGENT:	 	CREDIT LYONNAIS NEW YORK BRANCH
			
	 	 	By:	 	 /s/    Michael Guarda

	 	 	Name:	 	Michael Guarda
	 	 	Title:	 	Vice President
			
	 	 	By:	 	 /s/    Kostantina Kourmpetis

	 	 	Name:	 	Kostantina Kourmpetis
	 	 	Title:	 	Director
		
	BANK:	 	CREDIT LYONNAIS NEW YORK BRANCH
			
	 	 	By:	 	 /s/    Michael Guarda

	`	 	Name:	 	Michael Guarda
	 	 	Title:	 	Vice President
			
	 	 	By:	 	 /s/    Kostantina Kourmpetis

	 	 	Name:	 	Kostantina Kourmpetis
	 	 	Title:	 	Director
		
	 	 	Percentage: 100%

  

 31 

 [CL-SPX Receivables Agreement] 
  

 EXHIBIT I 
  
 DEFINITIONS 
  
 As used in the Agreement (including its Exhibits), the following terms shall have the following meanings (such meanings to be equally applicable to both
the singular and plural forms of the terms defined): 
  
 “Adverse Claim” means a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement. 
  
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common
control with such Person or, as used in Sections 3.01, 4.07, 5.03, 5.04 and 6.04, is a director or officer of such Person. 
  
 “Affiliated Obligor” means any Obligor that is an Affiliate of another Obligor. 
  
 “Aged Receivables Ratio” means the percentage equivalent of
a fraction, computed as of the last day of each Fiscal Month, obtained by dividing (a) the sum of the Outstanding Balance of Pool Receivables which were 61 to 90 days past due as of the last day of such Fiscal Month and (without duplication) the
Outstanding Balance of Pool Receivables which, consistent with the Credit and Collection Policy, either were written off as uncollectible during such month or the obligor of which has filed for bankruptcy, by (b) the average of the aggregate dollar
amount of Pool Receivables created during the fourth, fifth and sixth Fiscal Months prior to the most recent month-end. 
  
 “Agent” has the meaning specified in the preamble of this Agreement. 
  
 “Agent’s Account” means the special account (account number 01-25680-0001-00-001) of the Agent
maintained at the office of Credit Lyonnais, New York Branch, ABA 026008073. 
  
 “Agreement” means this Receivables Purchase Agreement dated as of April 24, 2003 by and among the Seller, the Collection Agent, the Issuer and Credit Lyonnais. 
  
 “Alternate Base Rate” means a fluctuating interest rate per
annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 
  
 (a) the rate of interest determined by Credit Lyonnais in New York, New York, from time to time in its sole discretion, as its prime
commercial lending rate (which rate is not necessarily the lowest rate that Credit Lyonnais charges any corporate customer); and 
  
 (b) the Federal Funds Rate plus 2.00%. 
  
 “Assignee Rate” for any Receivables Interest that is not funded with issuance of Commercial Paper Notes, Fixed Period for any Receivable
Interest means an interest rate per 

  

 I-1 

 [CL-SPX Receivables Agreement] 
  

 
annum equal to 2.50% above the Eurodollar Rate (Reserve Adjusted) for such Fixed Period; provided, however, that in the case of 
  
 (a) any Fixed Period on or after the first day
on which an Investor or Bank shall have notified the Agent that: 
  
 (i) the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for such Investor or Bank
to fund such Receivable Interest at the rate set forth above (and such Investor or Bank shall not have subsequently notified the Agent that such circumstances no longer exist), 
  
 (ii) dollar deposits in the relevant amounts and for the relevant Fixed Period are not available,

  
 (iii) adequate and reasonable means do not
exist for ascertaining the Eurodollar Rate (Reserve Adjusted) for the relevant Fixed Period or 
  
 (iv) the Eurodollar Rate (Reserve Adjusted) determined pursuant hereto does not accurately reflect the cost to the Investors or the Banks
(as conclusively determined by the Agent) of maintaining Receivable Interests during such Fixed Period, 
  
 (b) any Fixed Period of one to and including 29 days (other than a Fixed Period which corresponds to the month of February or which begins
on a day in the month of February and runs to the numerically corresponding day of the following month), 
  
 (c) any Fixed Period as to which the Agent does not receive notice that the related Receivable Interest will not be funded by issuance of
commercial paper prior to 12:01 p.m. (New York City time) on the third Business Day preceding the first day of such Fixed Period, or 
  
 (d) any Fixed Period for a Receivable Interest the Capital of which allocated to the Investors or Banks is less than $500,000, 

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

 I-2 

 [CL-SPX Receivables Agreement] 
  

 “Bank Commitment” of any Bank means, (a) with respect to Credit Lyonnais,
$130,000,000 or such amount as reduced by any Assignment and Acceptance entered into with other Banks; or (b) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth therein as such Bank’s Bank
Commitment, in each case as such amount may be reduced by an Assignment and Acceptance entered into between such Bank and an Eligible Assignee, and as may be further reduced (or terminated) pursuant to the next sentence. Any reduction (or
termination) of the Purchase Limit pursuant to the terms of the Agreement shall reduce ratably (or terminate) each Bank’s Bank Commitment. 
  
 “Banks” means Credit Lyonnais and each Eligible Assignee that shall become a party to the Agreement pursuant to Section 6.03.

  
 “Business Day” means any day on which (i)
banks are not authorized or required to close in New York City and (ii) if this definition of “Business Day” is utilized in connection with the Eurodollar Rate, dealings are carried out in the London interbank market. 
  
 “Canadian Receivables” means at any time of determination an
Eligible Receivable the Obligor of which is an Eligible Canadian Obligor. 
  
 “Capital” of each Receivable Interest means the original amount paid to the Seller for such Receivable Interest at the time of its purchase by the Issuer or a Bank pursuant to the Agreement, or such
amount divided or combined in accordance with Section 1.07, in each case reduced from time to time by Collections distributed on account of such Capital pursuant to Section 1.04(d) of the Agreement; provided that if such
Capital shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned
distribution, as though it had not been made. 
  
 “Collection Agent” means at any time the Person then authorized pursuant to Article IV to service, administer and collect Pool Receivables. 
  
 “Collection Agent Fee” has the meaning specified in Section 1.05(a). 
  
 “Collection Agent Fee Reserve” for any Receivable Interest
at any time means the sum of (a) the unpaid Collection Agent Fee relating to such Receivable Interest accrued to such time, plus (b) an amount equal to the product of (i) the aggregate Pool Receivables relating to such Receivable Interest on such
date, (ii) the percentage per annum at which the Collection Agent Fee is accruing on such date, and (iii) a stress factor of two and a quarter (2.25) and (iv) a fraction having the Days Sales Outstanding as its numerator and 360 as its denominator.

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

  

 I-3 

 [CL-SPX Receivables Agreement] 
  

 
Collections deemed to have been received pursuant to Section 1.04 and (c) all other cash proceeds of such Receivable. 
  
 “Commercial Paper Notes” means short-term promissory notes
issued or to be issued by each Issuer to fund or maintain its purchases or its investments in other financial assets. 
  
 “Commitment Termination Date” means the earliest of (a) the Facility Termination Date, (b) the date determined pursuant to Section
2.02, (c) the date the Purchase Limit reduces to zero and (d) unless extended pursuant to Section 1.01(d), April 22, 2004. 
  
 “Concentration Percentage” for any Obligor means the percentage set forth in Annex B relating to the credit rating of such
Obligor; provided that in the case of an Obligor with any Affiliated Obligor, the Concentration Percentage shall be calculated as if such Obligor and such Affiliated Obligor are one Obligor. 
  
 “Contract” means an agreement between an Originator and any
Obligor, pursuant to or under which such Obligor shall be obligated to pay for goods or services from time to time. 
  
 “Credit and Collection Policy” means those receivables credit and collection policies and practices of the Seller or any of the
Originators, as the case may be, in effect on the date of the Agreement and described in Annex C hereto, as modified in compliance with the Agreement. 
  
 “Days Sales Outstanding” means the product of (a) the number of days in the month most recently ended and (b) the amount obtained by
dividing (i) the Outstanding Balance of Pool Receivables on the last day of such Fiscal Month by (ii) the aggregate dollar amount of Pool Receivables created during such Fiscal Month. 
  
 “Debt” means (a) indebtedness for borrowed money, (b) obligations evidenced by bonds, debentures, notes or
other similar instruments, (c) obligations to pay the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of business and payable in accordance with customary practice), (d) obligations
as lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, (e) obligations under direct or indirect guaranties in respect of, and obligations (contingent or
otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (a) through (d) above. 
  
 “Default Ratio” means the percentage equivalent of a
fraction, computed as of the last day of each Fiscal Month, obtained by dividing (a) the aggregate Outstanding Balance of all Receivables that were Defaulted Receivables on the last day of each such Fiscal Month by (b) the aggregate Outstanding
Balance of all Receivables on such day. 
  
 “Defaulted
Receivable” means a Receivable: 
  

 I-4 

 [CL-SPX Receivables Agreement] 
  

 (a) as to which any payment, or part thereof, remains unpaid for 91 or
more days from the original due date for such payment; 
  
 (b) as to which the Obligor thereof or any other Person obligated thereon or owning any Related Security in respect thereof has taken any action, or suffered any event to occur, of the type described in paragraph (h) of Exhibit V; or

  
 (c) which, consistent with the Credit and
Collection Policy, would be written off as uncollectible. 
  
 “Deferred Purchase Price” has the meaning specified in the Purchase and Contribution Agreement. 
  
 “Delinquency Ratio” means the percentage equivalent of a fraction, computed as of the last day of each Fiscal Month, obtained by dividing
(a) the aggregate Outstanding Balance of all Receivables that were Delinquent Receivables as of the last day of such month by (b) the aggregate Outstanding Balance of all Receivables on such day. 
  
 “Delinquent Receivable” means a Receivable that: 

 
 (a) is not a Defaulted Receivable, and 
  
 (b) as to which any payment, or part thereof, remains unpaid
for 61 to 90 days from the original due date for such payment. 
  
 “Dilution” means, with respect to any Receivable other than any Defaulted Receivable, the aggregate amount of any non-cash reductions or adjustments in the Outstanding Balance of such Receivable as a result of any
defective, rejected, returned, repossessed or foreclosed goods or services or any rebate, sales allowance, discount, disputed amount or other adjustment or setoff and also includes, but is not limited to any reductions or adjustments as a result of,
any charges or fees paid to any collecting bank or financial institution in connection with the collection of Receivables paid using a credit card. 
  
 “Dilution Ratio” means the percentage equivalent of a fraction, computed as of the last day of each Fiscal Month, obtained by dividing
(a) the aggregate dollar amount of Dilutions occurring during such Fiscal Month by (b) the aggregate amount of the Outstanding Balance of all Receivables as of the last day of such Fiscal Month. 
  
 “Dilution Reserve” for any Receivable Interest at any time
means an amount equal to the Capital of such Receivable Interest on such date multiplied by the Dilution Reserve Percentage at such time. 
  
 “Dilution Reserve Percentage” means for any Receivable Interest at any time an amount equal to 
  
 ((2.25 x Expected Dilution Ratio) + (Dilution Volatility)) x Dilution Horizon

  

 I-5 

 [CL-SPX Receivables Agreement] 
  

 where: 
  

			
	 Dilution Volatility =
	  	(Dilution Spike - Expected Dilution Ratio) x (Dilution Spike divided by Expected Dilution Ratio)
		
	 Dilution Spike =
	  	the highest Reserve Dilution Ratio as of the last day of each of the twelve Fiscal Months immediately preceding such day
		
	 Dilution Horizon =
	  	the aggregate amount of newly generated Receivables during the most recent Fiscal Month divided by the Net Receivable Pool Balance as of the last day of the most recent Fiscal
Month
		
	 Expected Dilution Ratio =
	  	the average of the Reserve Dilution Ratio for each of the twelve Fiscal Months immediately preceding such day
		
	 Reserve Dilution Ratio =
	  	the Dilutions of current Fiscal Month divided by the average aggregate dollar amount of sales for the current and preceding two (2) Fiscal Months

  
 “Eligible
Assignee” means Credit Lyonnais and any other Person the short term debt of which is rated A-1 or better by Standard & Poor’s and P-1 by Moody’s Investors Service, Inc. and which is otherwise reasonably acceptable to the Agent
and SPX. 
  
 “Eligible Canadian Obligor” means an
Obligor which is a resident of any Canadian province excluding Quebec, the Northwest Territories or Nunavut. 
  
 “Eligible Obligor” means, at the relevant time of determination, an Obligor that: 
  
 (i) is located within the United States or located within
Canada; provided, however, that any such Obligor located in Canada (a) must be obligated to make payments under a Contract in denominations of United States dollars and (b) must be an Eligible Canadian Obligor; 
  
 (ii) is not the subject of bankruptcy or insolvency
proceedings, whether voluntarily or involuntarily petitioned; and 
  
 (iii) is not an Affiliate or a direct or indirect Subsidiary of any of the Originators. 
  
 “Eligible Receivable” means, at the relevant time of determination, a Receivable: 
  
 (a) the Obligor of which is an Eligible Obligor; 

 
 (b) which is not a Defaulted Receivable or a Delinquent
Receivable; 
  
 (c) which is an
“account” within the meaning of the UCC of the applicable jurisdictions governing the perfection of the interest created by a Receivable Interest; 
  

 I-6 

 [CL-SPX Receivables Agreement] 
  

 (d) which is denominated and payable in United States dollars in the United States;

  
 (e) which arises under a Contract which:

  
 (i) together with such Receivable, is in full
force and effect, constitutes the legal, valid and binding obligation of the Obligor of such Receivable to pay a determinable amount and is not subject to any dispute, offset, set-off, counterclaim or defense whatsoever, subject to bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general principals of equity; and 
  
 (ii) does not contain a confidentiality provision that purports to restrict the ability of the Investors, the Banks or their assignees to
exercise their rights under the Agreement, including, without limitation, their right to review the Contract; 
  
 (f) which, together with the Contract related thereto, does not contravene in any material respect any laws, rules or regulations
applicable thereto (including, without limitation, laws, rules and regulations relating to usury, consumer protection, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and
privacy) and with respect to which none of the Seller, the applicable Originator or the Obligor is in violation of any such law, rule or regulation in any material respect; 
  
 (g) which was originated in the normal course of any Originator’s business and satisfies in all
material respects any applicable requirements of the applicable Credit and Collection Policy; 
  
 (h) as to which, at or prior to the time of the initial creation of an interest therein under the Agreement, the Agent has not notified
the Seller that such Receivable (or class of Receivables) in its reasonable determination is not acceptable for purchase based on credit-related factors by the Issuer or the Banks hereunder; 
  
 (i) which represents either (i) amounts earned by the
applicable Originator and payable by the Eligible Obligor and such amounts are not subject to the performance of additional services by the Seller or any Originator or (ii) with respect to Receivables relating to Progress Payment Equipment, amounts
earned and payable by the Obligor for progress payments in accordance with the terms of the related contract, notwithstanding the requirement of the performance of additional construction and/or services by the Seller or such Originator; provided,
however, that such amounts shall not include amounts representing deposit payments; 
  
 (j) which the sale of undivided ownership interest in such Receivable by the Seller results in a first priority perfected security
interest being granted to the Agent; 
  

 I-7 

 [CL-SPX Receivables Agreement] 
  

 (k) which the related Contract or invoice directs or otherwise requires the Obligor
to submit payments to permitted lockboxes or other collection accounts; 
  
 (l) the transfer, sale or assignment of which does not contravene any applicable law, rule or regulation or require the Obligor thereunder to consent to the transfer, sale or assignment of the rights of the Seller or
the Originator thereunder; and 
  
 (m) which has
a payment term of less than 120 days. 
  
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
  
 “EST” means Edwards Systems Technology, Inc., a Connecticut corporation. 
  
 “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors
of the Federal Reserve System, as in effect from time to time. 
  
 “Eurodollar Rate” means, for any Fixed Period, an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the offered rate per annum
for deposits in U.S. dollars in a principal amount of not less than $1,000,000 for such Fixed Period as of 11:00 A.M., London time, two Business Days before the first day of such Fixed Period, which appears on the display designated as “Page
3750” on the Telerate Service (or such other page as may replace “Page 3750” on that service for the purpose of displaying London interbank offered rates of major banks) (the “Telerate LIBO Page”); provided
that if on any Business Day on which the Eurodollar Rate is to be determined, no offered rate appears on the Telerate LIBO Page, the Agent will request the principal London office of Credit Lyonnais (the “Eurodollar Reference
Bank”), to provide the Agent with its quotation at approximately 11:00 A.M., London time, on such date of the rate per annum it offers to prime banks in the London interbank market for deposits in U.S. dollars for the requested Fixed Period
in an amount substantially equal to the Capital associated with such Fixed Period; if the Eurodollar Reference Bank does not furnish timely information to the Agent for determining the Eurodollar Rate, then the Eurodollar Rate shall be considered to
be the Alternate Base Rate for such Fixed Period. 
  
 “Eurodollar Rate (Reserve Adjusted)” for any Investor or Bank for any Fixed Period means the rate (rounded upwards, if necessary, to the nearest 1/16 of 1%) determined pursuant to the following formula: 
  

									
	 Eurodollar Rate (Reserve Adjusted)
	  	=	  	 Eurodollar Rate                

	  	 	  	 
	 	  	 	  	1 - Eurodollar Reserve Percentage                    	  	 	  	 

  
 “Eurodollar
Reserve Percentage” means, relative to each Fixed Period, a percentage (expressed as a decimal) applicable two Business Days before the first day of such Fixed Period under regulations issued from time to time by the Board of Governors of
the Federal Reserve System (or any successor) (or if more than one such percentage shall be applicable, the daily average of such percentages for those days in such Fixed Period during which any such percentage shall be so applicable) for
determining the maximum reserve 
  

 I-8 

 [CL-SPX Receivables Agreement] 
  

 requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for
such Investor or Bank with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency
Liabilities is determined) having a term comparable to such Fixed Period. 
  
 “Event of Termination” has the meaning specified in Exhibit V. 
  
 “Excess Concentration” means the sum of: 
  
 (i) the aggregate of the amounts, if any, by which the Outstanding Balances of the Eligible Receivables of each Obligor then in the Receivable Pool
exceeds an amount equal to (a) the Concentration Percentage for such Obligor, multiplied by (b) the Outstanding Balance of all Eligible Receivables then in the Receivables Pool; and 
  
 (ii) the amounts, if any, by which the aggregate Outstanding Balance of the Eligible Receivables of all Eligible Canadian
Obligors then in the Receivables Pool (other than amounts in excess of an Eligible Canadian Obligor’s applicable Concentration Percentage reflected in clause (i) above) exceeds 10% of the Outstanding Balance of all Eligible Receivables then in
the Receivables Pool; and 
  
 (iii) the amounts, if any, by which
the aggregate Outstanding Balance of the Eligible Receivables relating to Government Receivables then in the Receivables Pool exceeds 10% of the gross amount of all Pool Receivables; and 
  
 (iv) the amounts, if any, by which the aggregate Outstanding Balance of the Eligible Receivables then in the Receivables
Pool (other than amounts in reflected in clauses (i), (ii) or (iii) above) that are required to be paid in full within (A) greater than 30 days but less than 90 days exceeds 22.5% of the Outstanding Balance of all Eligible Receivables then in the
Receivables Pool, and (B) equal to or greater than 90 days but less than 120 days exceeds 2.5% of the Outstanding Balance of all Eligible Receivables then in the Receivables Pool; and 
  
 (v) the amounts, if any, by which the Progress Payment Equipment Balance exceeds (a) 20% of the Outstanding Balance of all
Eligible Receivables then in the Receivables Pool (other than the amounts reflected in clauses (i), (ii), (iii) or (iv) above), if the long term credit rating of SPX is at least BB by Standard & Poor’s and Ba2 by Moody’s, (b) 8% of the
Outstanding Balance of all Eligible Receivables then in the Receivables Pool (other than the amounts reflected in clauses (i), (ii), (iii) or (iv) above), if the long term credit rating of SPX is at least BB- by Standard & Poor’s or Ba3 by
Moody’s, or (c) 0% of the Outstanding Balance of all Eligible Receivables then in the Receivables Pool (other than the amounts reflected in clauses (i), (ii), (iii) or (iv) above), if the long term credit rating of SPX is below BB- by Standard
& Poor’s or Ba3 by Moody’s. 
  
 “Facility
Termination Date” means the earliest of (a) April 24, 2006 or (b) the date determined pursuant to Section 2.02 or (c) the date the Purchase Limit reduces to zero pursuant to Section 1.01(b). 
  

 I-9 

 [CL-SPX Receivables Agreement] 
  

 “Federal Funds Rate” means, with respect to any day, the rate set forth in H.15(519)
for that day opposite the caption “Federal Funds (Effective).” If on any date of determination, such rate is not published in H.15(519), such rate will be the rate set forth in Composite 3:30 P.M. Quotations for U.S. Government
Securities for that day under the caption “Federal Funds/Effective Rate.” If on any date of determination, the appropriate rate is not published in either H.15(519) or Composite 3:30 P.M. Quotations for U.S. Government Securities,
such rate will be the arithmetic mean of the rates for the last transaction in overnight federal funds arranged by three leading brokers of federal funds transactions in New York City prior to 9:00 a.m., New York City time, on that day. 

 
 “Fee Agreement” means the separate fee agreement, of even
date herewith, between the Seller and the Agent, as the same may be amended or restated from time to time. 
  
 “Fiscal Month” means the corresponding fiscal month as shown on the fiscal calendar attached here to as Annex H, as the same may be
updated from time to time by SPX by written notice from SPX to Agent. 
  
 “Fixed Period” means with respect to any Receivable Interest: 
  
 (a) initially the period commencing on the date of purchase of such Receivable Interest and ending such number of days as
the Seller shall select and the Agent shall approve pursuant to Section 1.02, up to 30 days from such date; and 
  
 (b) thereafter each period commencing on the last day of the immediately preceding Fixed Period for such Receivable Interest and ending
such number of days (not to exceed 30 days) as the Seller shall select and the Agent shall approve on notice by the Seller received by the Agent (including notice by telephone, confirmed in writing) not later than 11:00 A.M. (New York City time) on
such last day, except that if the Agent shall not have received such notice or approved such period on or before 11:00 A.M. (New York City time) on such last day, such period shall be one day; 
  
 provided that 
  
 (i) any Fixed Period in respect of which Yield is computed by reference to the Assignee Rate shall be a
period from one to and including 29 days, or a period of one, two or three months, as the Seller may select as provided above; 
  
 (ii) any Fixed Period (other than of one day) which would otherwise end on a day which is not a Business Day shall be extended to the next
succeeding Business Day (provided, however, that if Yield in respect of such Fixed Period is calculated by reference to the Eurodollar Rate, and such Fixed Period would otherwise end on a day which is not a Business Day, and there is
no subsequent Business Day in the same Fiscal Month as such day, such Fixed Period shall end on the next preceding Business Day); 
  

 I-10 

 [CL-SPX Receivables Agreement] 
  

 (iii) in the case of any Fixed Period of one day, (x) if such Fixed Period is the
initial Fixed Period for a Receivable Interest, such Fixed Period shall be the day of purchase of such Receivable Interest; (y) any subsequently occurring Fixed Period which is one day shall, if the immediately preceding Fixed Period is more than
one day, be the last day of such immediately preceding Fixed Period, and, if the immediately preceding Fixed Period is one day, be the day next following such immediately preceding Fixed Period; and (z) if such Fixed Period occurs on a day
immediately preceding a day which is not a Business Day, such Fixed Period shall be extended to the next succeeding Business Day; and 
  
 (iv) in the case of any Fixed Period for any Receivable Interest which commences before the Termination Date for such Receivable Interest
and would otherwise end on a date occurring after such Termination Date, such Fixed Period shall end on such Termination Date and the duration of each Fixed Period which commences on or after the Termination Date for such Receivable Interest shall
be of such duration as shall be selected by the Agent. 
  
 “Government Receivables” means at any time of determination an Eligible Receivable, the Obligor of which is the federal government of the United States, any state government or any agency, instrumentality or political or
government subdivision thereof. 
  
 “Incipient Event of
Termination” means an event that but for notice or lapse of time or both would constitute an Event of Termination. 
  
 “Indemnified Amounts” has the meaning specified in Section 3.01 of the Agreement. 
  
 “Indemnified Party” has the meaning specified in Section
3.01 of the Agreement. 
  
 “Investor” means
each of the Issuer and all other owners by assignment or otherwise of a Receivable Interest or any interest therein and any Person which has been approved or deemed approved pursuant to Section 6.03(f) and which has entered into an agreement
to purchase, undivided interests therein. 
  
 “Investor
Rate” for any Fixed Period for any Receivable Interest means, to the extent the Issuer funds such Receivable Interest for such Fixed Period by issuing Commercial Paper Notes, the rate (or if more than one rate, the weighted average of the
rates) (calculated on a basis consistent with Section 1.06(c)) at which commercial paper notes of the Issuer having a term equal to such Fixed Period and to be issued to fund such Receivable Interest is sold by any placement agent or
commercial paper dealer selected by the Agent on behalf of the Issuer, as agreed between each such agent or dealer and the Agent and notice of which has been given by the Agent to the Collection Agent; provided if the rate (or rates) as
agreed between any such agent or dealer and the Agent for any Fixed Period for any Receivable Interest is a discount rate (or rates), then such rate shall be the rate (or if more than one rate, the weighted average of the rates) (calculated on a
basis consistent with Section 1.06(c)) resulting from converting such discount rate (or rates) to an interest-bearing equivalent rate per annum. Such Investor rate may 

  

 I-11 

 [CL-SPX Receivables Agreement] 
  

 
also include amounts representing any and all commissions of placement agents and commercial paper dealers in respect of the related Commercial Paper Notes.

  
 “Issuer” means Atlantic Asset Securitization
Corp. and any permitted successor or assign of the Issuer that is a receivables investment company which in the ordinary course of its business issues commercial paper to fund its acquisition and maintenance of receivables. 
  
 “Liquidation Day” means, for any Receivable Interest, (a)
each day during a Settlement Period for such Receivable Interest on which the conditions set forth on Exhibit II are not satisfied, (b) each day which occurs on or after the Termination Date for such Receivable Interest, (c) each day after
the occurrence of a Facility Termination Date, and (d) each day during which an Event of Termination occurs after the receipt of any required notice of such Event of Termination from the Agent. 
  
 “Liquidation Fee” means, for any Fixed Period during which a
Liquidation Day occurs, the amount, if any, by which (a) the additional Yield (calculated without taking into account any Liquidation Fee or any shortened duration of such Fixed Period pursuant to clause (iv) of the definition thereof) which
would have accrued during such Fixed Period on the reductions of Capital of the Receivable Interest relating to such Fixed Period had such reductions remained as Capital, exceeds (b) the income, if any, received for receivable upon investment in
securities representing direct obligations of the United States having comparable maturities by the Investors’ or Banks’ investing the proceeds of such reductions of Capital. 
  
 “Lock-Box Account” means an account maintained at a bank or other financial institution for the purpose of
receiving Collections. 
  
 “Lock-Box Agreement”
means an agreement, in substantially the form of Annex C (or as approved by the Agent), between the Seller, an Originator, the Collection Agent, the Agent and each Lock-Box Bank, as the same may be amended from time to time with the written
consent of the Agent. 
  
 “Lock-Box Bank” means
any of the banks or other financial institutions holding one or more Lock-Box Accounts. 
  
 “Loss Horizon Ratio” means for any Fiscal Month the ratio determined by dividing the aggregate amount of newly generated Pool Receivables for the most recent three Fiscal Months by the Net Receivable
Pool Balance as of the last day of each such Fiscal Month. 
  
 “Loss Reserve” means, for any Receivable Interest on any date, an amount equal to the Outstanding Balance of Net Receivables Pool Balance multiplied by the Loss Reserve Percentage. 
  
 “Loss Reserve Percentage” means, for any Receivable Interest
on any date, the greater of: 
  
 (a) Loss Ratio multiplied by Loss Horizon Ratio multiplied by 2.25; and 
  

 I-12 

 [CL-SPX Receivables Agreement] 
  

 (b) Minimum Loss Reserve 
  
 Loss Ratio =    the highest three Fiscal Month rolling
average Aged Receivable Ratio in the most recent 12 Fiscal Months ended prior to such date. 
  
 Minimum Loss Reserve = 12% 
  
 “Marley” means Marley Cooling Technologies, Inc., a Delaware corporation. 
  
 “Material Adverse Effect” means, with respect to any Person, any material adverse effect on (i) the validity or enforceability of this
Agreement, the Contracts or any other Transaction Document; (ii) the business, operations or other financial condition of such Person, or (iii) the ability of such Person to fulfill its obligation under the Agreement, the Contracts, taken as a
whole, or any other Transaction Document. 
  
 “Monthly
Report” means a report, in substantially the form of Annex F hereto, furnished by the Collection Agent to the Agent pursuant to Article IV of the Agreement as such form may be amended by the Agent from time to time subject to the
prior consent of the Collection Agent; provided, however, if the Collection Agent fails to object within 10 days following receipt of any material change to the form of Monthly Report, the Collection Agent will be deemed to have consented to such
amendment. 
  
 “Moody’s” means Moody’s
Investors Service, Inc. 
  
 “Net Receivables Pool
Balance” means at any time the Outstanding Balance of Eligible Receivables then in the Receivables Pool reduced by the amount of any Excess Concentrations. 
  
 “Obligor” means a Person obligated to make payments pursuant to a Contract; provided that in the
event that any payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. 
  
 “Originators” means each of Transportation & Industrial Solutions (formerly Service Solutions), a division of SPX, Waukesha, Marley,
EST and such parties that may be added as originators from time to time pursuant to the Purchase and Contribution Agreement. 
  
 “Other Corporations” means SPX and all of its Subsidiaries except the Seller. 
  
 “Other Taxes” has the meaning set forth in Section
1.10(b). 
  
 “Outstanding Balance” of any
Receivable at any time means the then outstanding principal balance thereof. 
  
 “Percentage” of any Bank means, (a) with respect to Credit Lyonnais, the percentage set forth on the signature page to the Agreement and (b) with respect to a Bank that has entered into an Assignment
and Acceptance, the amount set forth therein as such Bank’s 

  

 I-13 

 [CL-SPX Receivables Agreement] 
  

 
Percentage, in each case as such amount may be modified by an Assignment and Acceptance entered into between a Bank and an Eligible Assignee. 
  
 “Person” means an individual, partnership, corporation
(including a business trust), joint stock company, limited liability company, unincorporated association, trust, joint venture or other entity, or a government or any political subdivision or agency thereof. 
  
 “Pool Receivable” means a Receivable in the Receivables
Pool. 
  
 “Progress Payment Equipment” means
equipment that is subject to additional construction and/or services (other than any additional construction and/or services provided pursuant to warranty or similar obligations) to be performed by the related Originator. 
  
 “Progress Payment Equipment Balance” means 
  
 (i) for any Eligible Receivables that were originated by Waukesha relating to
Progress Payment Equipment, at any time, an amount equal to 
  

					
	[Aggregate Progress Payment Equipment Billings for each Full Month]	  	+	  	[Partial Month Percentage multiplied by the Progress Payment Equipment Billings for the Partial Month]

  
 Progress Payment
Equipment Billings = the billings for Receivables originated by Waukesha relating to the Progress Payment Equipment in the applicable period. 
  
 Full Month = a full Fiscal Month in the Look Back Period. 
  
 Partial Month = the Fiscal Month corresponding to the oldest partial month in the Look Back Period. 
  
 Partial Month Percentage = (i) the number of Days Sales Outstanding reported
for Waukesha in the Monthly Report, less the total number of days in each Full Month, divided by (ii) the total number of days in the Fiscal Month corresponding to the Partial Month. 
  
 Look Back Period = the total period of time comprised of each Full Month and the portion of the Partial Month that is
calculated by converting the actual number of Days Sales Outstanding reported for Waukesha in the Monthly Report into Fiscal Months beginning with the Fiscal Month immediately preceding the Fiscal Month in which the Monthly Report is delivered and
continuing backward in time; or 
  
 (ii) for any Eligible
Receivables that were originated by Marley relating to Progress Payment Equipment, the aggregate Outstanding Balance of such Eligible Receivables; provided, however, that if the Collection Agent is unable to calculate the amount of Eligible
Receivables relating to Progress Payment Equipment, the “Progress Payment Equipment Balance” shall be deemed to equal: 
  

 I-14 

 [CL-SPX Receivables Agreement] 
  

 (A) on any date of determination on or before October 31, 2003, 0% of the Outstanding Balance of all
Eligible Receivables originated by Marley; and 
  
 (B) on an date
after October 31 2003, 100% of the Outstanding Balance of all Eligible Receivables originated by Marley. 
  
 “Purchase and Contribution Agreement” means the Purchase and Contribution Agreement, dated the date of the Agreement, by and among SPX,
as seller, the Seller, as purchaser and the Originators, as the same may be amended, modified or restated from time to time. 
  
 “Purchase Limit” means $130,000,000, as such amount may be reduced pursuant to Section 1.01(b). References to the unused portion
of the Purchase Limit shall mean, at any time, the Purchase Limit, as then reduced pursuant to Section 1.01(b), minus the then outstanding Capital of Receivable Interests under the Agreement. 
  
 “Purchase Request” means a request for an incremental
purchase in the form of Annex A hereto. 
  
 “Receivable” means the indebtedness of any Obligor resulting from the provision or sale of goods or services by an Originator under a Contract, and includes the right to payment of any interest or finance charges and other
obligations of such Obligor with respect thereto which has been acquired by the Seller by purchase or by capital contribution pursuant to the Purchase and Contribution Agreement. 
  
 “Receivable Interest” means, at any time, an undivided percentage ownership interest in (a) each and every
outstanding Pool Receivable, (b) all Related Security with respect to such Pool Receivable and (c) all Collections with respect to, and other proceeds of, such Pool Receivable and Related Security. Each undivided percentage interest shall be
computed as 
  

	
	 C + YR + LR + CAFR +DR

	 NRPB

  
 where: 
  

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

  

 I-15 

 [CL-SPX Receivables Agreement] 
  

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

  
 Each Receivable Interest shall be
determined from time to time pursuant to the provisions of Section 1.03. 
  
 “Receivables Pool” means at any time the aggregation of each then outstanding Receivable. 
  
 “Related Security” means with respect to any Receivable: 
  
 (a) all of the Seller’s interest in any goods (including returned goods) relating to any
sale giving rise to such Receivable; 
  
 (b) all
security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements authorized
by an Obligor describing any collateral securing such Receivable; 
  
 (c) all guaranties, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable
or otherwise; and 
  
 (d) the Contract and all
other books, records and other information (including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) to the extent relating to such Receivable and the related Obligor.

  
 “Replacement Bank” has the meaning set forth
in Section 1.08(d) of the Agreement. 
  
 “Reserves” means the sum of (i) the Loss Reserve, (ii) the Dilution Reserve, (iii) the Yield Reserve, and (iv) the Collection Agent Fee Reserve. 
  
 “Schedule of Closing Documents” means the documents identified on Annex I hereto to be delivered on
the Closing Date. 
  
 “Settlement Period” for any
Receivable Interest means each period commencing on the first day and ending on the last day of each Fixed Period for such Receivable Interest and, on and after the Termination Date for such Receivable Interest, such period (including, without
limitation, a period of one day) as shall be selected from time to time by the Agent or, in the absence of any such selection, each period of thirty days from the last day of the immediately preceding Settlement Period. 
  

 I-16 

 [CL-SPX Receivables Agreement] 
  

 “SPX” means SPX Corporation, a Delaware corporation. 
  
 “SPX Credit Agreement” means the Fifth Amended and Restated
Credit Agreement, dated as of October 6, 1998, as amended and restated as of December 27, 2002 among SPX, the Bank of Nova Scotia as syndication agent, Bank of America, N.A., Bank One N.A. and Wachovia Bank N.A. as documentary agents, JPMorgan Chase
Bank, as Administrative Agent, and the other borrowers and lenders party thereto. 
  
 “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
  
 “Subsidiary” of a specified Person means any corporation or other entity of which securities having ordinary voting power to elect a
majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such specified Person. 
  
 “Tangible Net Worth” means at any time an amount equal to (a) the Outstanding Balance of all Receivables plus cash and cash equivalents
of the Seller, minus (b) the sum of (i) to the extent included in the Outstanding Balance of all Receivables, 100% of the Outstanding Balance of Defaulted Receivables, plus (ii) Capital, Yield Reserve, Loss Reserve and Collection Agent Fee Reserve,
plus (iii) the Deferred Purchase Price. 
  
 “Taxes” has the meaning set forth in Section 1.10(a). 
  
 “Termination Date” for any Receivable Interest in the Pool Receivables means (a) in the case of a Receivable Interest owned by an Investor, the earlier of (i) the Business Day which the Seller or the
Agent designates by notice to the other at least one Business Day in advance for such Receivable Interest in the Pool Receivables and (ii) the Facility Termination Date and (b) in the case of a Receivable Interest in the Pool Receivables owned by a
Bank, the earlier of (i) the Business Day which the Seller so designates by notice to the Agent at least one Business Day in advance for such Receivable Interest in the Pool Receivables and (ii) the Commitment Termination Date. 
  
 “Three Month Default Ratio” means for any month, the
three-month rolling average of the percentage equivalent of a fraction, computed as of the last day of each month, obtained by dividing (a) the aggregate Outstanding Balance of all Receivables that were Defaulted Receivables on the last day of each
such month by (b) the aggregate Outstanding Balance of all Receivables on such day. 
  
 “Three Month Delinquency Ratio” means for any month, the three-month rolling average of the percentage equivalent of a fraction, computed as of the last day of each month, obtained by dividing (a) the
aggregate Outstanding Balance of all Receivables that were Delinquent Receivables as of the last day of such month by (b) the aggregate Outstanding Balance of all Receivables on such day. 
  
 “Three Month Dilution Ratio” means for any month, the three-month rolling average of the percentage
equivalent of a fraction computed as of the last day of each month, 

  

 I-17 

 [CL-SPX Receivables Agreement] 
  

 
obtained by dividing (a) the aggregate dollar amount of Dilutions as of the last day of such month by (b) the aggregate Outstanding Balance of all
Receivables on such day. 
  
 “Transaction
Document” means any of the Agreement, the Fee Agreement, the Purchase and Contribution Agreement and all other agreements executed by SPX or its Subsidiaries and delivered to the Agent related hereto or thereto identified on the Schedule of
Closing Documents and such other documents that are designated by agreement of the parties as “Transaction Documents.”. 
  
 “Transferee” means any Person to whom any Investor or Bank has transferred all or any portion of its rights and obligations under this
Agreement by way of an assignment or participation as described in Section 10.03. 
  
 “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. 
  
 “Waukesha” means Waukesha Electric Systems, Inc., a Wisconsin corporation. 
  
 “Yield” means: 
  
 (a) for each Receivable Interest for any Fixed Period to the extent the Issuer will be funding such Receivable Interest during such Fixed
Period through the issuance of commercial paper, 
  
 IR x C x
ED + LF 
               360 
  
 (b) for each Receivable Interest for any Fixed Period, to
the extent the Investors will not be funding such Receivable Interest during such Fixed Period through the issuance of commercial paper or the Banks will be funding such Receivable Interest, 
  
 AR x C x ED + LF 
                 360 
  
 where: 
  

	 	AR	=  the Assignee Rate for such Receivable Interest for such Fixed Period 

  

	 	C	=  the Capital of such Receivable Interest during such Fixed Period 

  

	 	ED	=  the actual number of days elapsed during such Fixed Period 

  

	 	IR	=  the Investor Rate for such Receivable Interest for such Fixed Period 

  

 I-18 

 [CL-SPX Receivables Agreement] 
  

	 	LF	=  the Liquidation Fee, if any, for such Receivable Interest for such Fixed Period; 

  
 provided that no provision of the Agreement shall require the payment or permit the collection of Yield in excess of the maximum
permitted by applicable law; and provided further that Yield for any Receivable Interest shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must
otherwise be returned for any reason. 
  
 “Yield
Reserve” for any Receivable Interest at any time means the sum of (a) the then accrued and unpaid Yield for such Receivable Interest and (b) an amount equal to the product of (i) a stress factor of 2.25, (ii) the Capital of such Receivable
Interest on such date, (iii) the Alternate Base Rate for such Receivable Interest for a 30-day Fixed Period deemed to commence on such date and (iv) a fraction having Days Sales Outstanding as its numerator and 360 as its denominator. 
  
 Other Terms. All accounting terms not specifically defined herein
shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
  

 I-19 

 [CL-SPX Receivables Agreement] 
  

 EXHIBIT II 
  
 CONDITIONS OF PURCHASES 
  
 1. Conditions Precedent to Initial Purchase. The initial purchase of a Receivable Interest under the Agreement is subject to the
conditions precedent that the Agent shall have received on or before the date of such purchase the following, each (unless otherwise indicated) dated such date, in form and substance satisfactory to the Agent: 
  
 (a) A certificate of the Secretary or Assistant Secretary
(or equivalent) of the Seller and each Originator (other than TIS) certifying (i) copies of the resolutions of the Board of Managers or Board of Directors of the Seller and such Originator approving the applicable Transaction Documents, (ii) copies
of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Transaction Documents, (iii) the operating agreements or by-laws of the Seller and (iv) the names and true signatures of the
officers of the Seller and each Originator authorized to sign the Transaction Documents to be delivered by it hereunder and thereunder. 
  
 (b) A copy of the certificate of formation of the Seller, certified as of a recent date by the Secretary of State or other appropriate
official of the state of its organization, and a certificate as to the good standing of the Seller from such Secretary of State or other official, dated as of a recent date. 
  
 (c) Acknowledgment copies or time stamped receipt copies of proper financing statements, duly filed on or
before the date of such initial purchase under the UCC of all jurisdictions necessary to perfect the ownership and security interests contemplated by the Agreement and the Purchase and Contribution Agreement. 
  
 (d) Acknowledgment copies, or time stamped receipt copies of
proper financing statements, if any, necessary to release all security interests and other rights of any Person in (i) the Receivables or Related Security previously granted by the Seller or the Originators and (ii) the collateral security referred
to in Section 1.09. 
  
 (e) Completed
requests for information, dated on or before the date of such initial purchase, listing the financing statements referred to in clause (c) or clause (d) above and all other effective financing statements filed in the jurisdictions
referred to in clause (c) or clause (d) above that name the Seller or the Originators as debtor, together with copies of such other financing statements (none of which shall cover any Receivables, Related Security or the collateral
security referred to in Section 1.09). 
  
 (f) Copies of executed Lock-Box Agreements with the Lock-Box Banks. 
  
 (g) A favorable opinion of counsel for the Seller and the Originators, substantially in the form as the Agent may reasonably request, covering true sale, non-consolidation, UCC security interest creation, perfection
and priority, and corporate matters. 
  

 II-1 

 [CL-SPX Receivables Agreement] 
  

 (h) An executed copy of the Fee Agreement. 
  
 (i) An executed copy of the Purchase and Contribution
Agreement. 
  
 (j) A letter from the rating
agencies rating the Issuer’s Commercial Paper Notes to the effect that the ratings of such Commercial Paper Notes will not be downgraded as a result of such purchase. 
  
 (k) Such other approvals, opinions, documents or reports, including without limitation all historical
information relating to the Receivables sold by the Originators to the Seller, as the Agent may reasonably request. 
  
 2. Conditions Precedent to All Purchases and Reinvestments. Each purchase (including the initial purchase), and each reinvestment in, the Pool
Receivables shall be subject to the further conditions precedent that: 
  
 (a) in the case of each purchase, the Collection Agent shall have delivered to the Agent on or prior to such purchase, in form and substance satisfactory to the Agent, a completed Monthly Report containing information
covering the most recently ended Fiscal Month and demonstrating that after giving effect to such purchase no Event of Termination or Incipient Event of Termination under paragraph (j) of Exhibit V would occur; 
  
 (b) on the date of such purchase or reinvestment pursuant to
Section 1.04(b)(ii) of the Agreement, the following statements shall be true (and acceptance of the proceeds of such purchase or reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true),
except that the statement in clause (iii) below is required to be true only if such purchase or reinvestment is by an Investor: 
  
 (i) the representations and warranties contained in Exhibit III are correct on and as of the date of such purchase or reinvestment
as though made on and as of such date, 
  
 (ii)
no event has occurred and is continuing, or would result from such purchase or reinvestment, that constitutes an Event of Termination or an Incipient Event of Termination, 
  
 (iii) the Agent shall not have given the Seller at least one Business Day’s notice that the Investors
have terminated the reinvestment of Collections in all or some Receivable Interests, and 
  
 (iv) SPX shall have sold or contributed to the Seller, pursuant to the Purchase and Contribution Agreement, all Receivables arising on or
prior to such date, which SPX acquired from the Originators other than TIS in accordance with the terms of the Purchase and Contribution Agreement. 
  

 II-2 

 [CL-SPX Receivables Agreement] 
  

 (c) in the case of a purchase, the Seller shall have delivered to the Agent a
Purchase Request at least three Business Days in advance. 
  

 II-3 

 [CL-SPX Receivables Agreement] 
  

  
  
 EXHIBIT III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Seller represents
and warrants as follows: 
  
 (a) The Seller is an
entity duly organized, validly existing and in good standing under the laws of the state of Delaware, and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so
qualified, except in such jurisdictions where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. 
  
 (b) The execution, delivery and performance by the Seller of each Transaction Document to which it is a party (i) are within the
Seller’s limited liability company powers, (ii) have been duly authorized by all necessary limited liability company action, (iii) do not contravene (1) the Seller’s certificate of formation or operating agreement, (2) any law, rule or
regulation applicable to the Seller, (3) any contractual restriction binding on or affecting the Seller or its property or (4) any order, writ, judgment, award, injunction or decree binding on or affecting the Seller or its property, and (iv) do not
result in or require the creation of any Adverse Claim upon or with respect to any of its properties (except for the interest in favor of the Agent created pursuant to the Agreement); and no transaction contemplated by the Agreement requires
compliance with any bulk sales act or similar law. Each of the Transaction Documents to which it is a party has been duly executed and delivered by the Seller. 
  

(c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by the Seller of the Transaction Documents to which it is a party, except for the filing of UCC financing statements which are referred to therein. 
  
 (d) Each of the Transaction Documents to which it is a party
constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights
generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  
 (e) The balance sheet of SPX and its Subsidiaries as at the end of its most recent fiscal year, and the related statements of income and
retained earnings of SPX and its Subsidiaries for such fiscal year, copies of which have been furnished to the Agent, fairly present in all material respects the financial condition of SPX and its Subsidiaries as at such date and the results of the
operations of each of SPX and its Subsidiaries for the period ended on such date, all in accordance with generally accepted accounting principles consistently applied, and since the end of its most recent fiscal year there has been no material
adverse change in the business, operations, property or financial or other condition of SPX and its Subsidiaries that could reasonably be expected to affect the value or collectibility of the Receivable Interest. The opening pro forma balance sheet
of 
  

 III-1 

 [CL-SPX Receivables Agreement] 
  

 the Seller as at March 31, 2003, giving effect to the initial purchase to be made under the
Agreement, a copy of which has been furnished to the Agent, fairly presents in all material respects the financial condition of the Seller as at such date, in accordance with generally accepted accounting principles (except that no footnote
disclosures are required to be furnished), and since the formation of the Seller, there has been no material adverse change in the business, operations, property or financial or other condition of the Seller that could reasonably be expected to
affect the value or collectibility of the Receivable Interest. 
  
 (f) There is no pending or threatened action or proceeding affecting any of the Originators or any of their Subsidiaries before any court, governmental agency or arbitrator which is reasonably likely to materially
adversely affect the financial condition or operations of any of the Originators or any of their Subsidiaries that could reasonably be expected to affect the value or collectibility of the Receivable Interest or the ability of the Seller or any of
the Originators to perform their respective obligations under the Transaction Documents, or which purports to affect the legality, validity or enforceability of the Transaction Documents; none of the Originators nor any of their Subsidiaries are in
default with respect to any order of any court, arbitration or governmental body except for defaults with respect to orders which defaults are not material to the business or operations of the Originators and their Subsidiaries, taken as a whole.

  
 (g) No use of the proceeds of any purchase or
reinvestment hereunder will violate or result in a violation of the Securities Act of 1933, as amended, or the regulations issued pursuant thereto, or the Securities and Exchange Act of 1934, as amended, or the regulations issued pursuant thereto,
or Regulation T, U or X promulgated by the Board of Governors’ of the Federal Reserve System. 
  
 (h) The Seller is the legal and beneficial owner of the Pool Receivables and Related Security free and clear of any Adverse Claim. Upon
each purchase of or reinvestment in a Receivable Interest, the Investors or the Banks, as the case may be, shall acquire a valid and perfected undivided percentage ownership interest or shall have acquired a valid and perfected first priority
security interest to the extent of the pertinent Receivable Interest in each Pool Receivable then existing or thereafter arising and in the Related Security and Collections with respect thereto. No effective financing statement or other instrument
similar in effect covering any Contract or any Pool Receivable or the Related Security or Collections with respect thereto is on file in any recording office, except those filed in favor of the Agent relating to the Agreement, those filed by the
Seller pursuant to the Purchase and Contribution Agreement and those filed by any Originator in connection with the transfers to the Seller. 
  
 (i) Each Monthly Report (if prepared by the Seller or one of its Affiliates, or to the extent that information contained therein is
supplied by the Seller or an Affiliate), information, exhibit, financial statement, document, book, record or report furnished at any time by or on behalf of the Seller to the Agent, the Investors or the Banks in connection with the Agreement, taken
as a whole, is accurate in all material respects as of its date or (except as otherwise disclosed to the Agent, the Investors or the Banks, as the 

  

 III-2 

 [CL-SPX Receivables Agreement] 
  

 case may be, at such time) as of the date so furnished, and no such document contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. 
  
 (j) The jurisdiction of organization of the Seller and the
office where the Seller keeps its records concerning the Pool Receivables are located at the address or addresses referred to in paragraph (b) of Exhibit IV. 
  
 (k) The names and addresses of all the Lock-Box Banks, together with the account numbers of the Lock-Box
Accounts of the Seller at such Lock-Box Banks, are specified in Annex G hereto (or at such other Lock-Box Banks and/or with such other Lock-Box Accounts as have been notified to the Agent in accordance with the Agreement). 
  
 (l) The Seller is not known by and does not use any
tradename or doing-business-as name. 
  
 (m) The
Seller was formed on April 16, 2003, and the Seller did not engage in any business activities prior to the date of the Agreement. The Seller has no Subsidiaries. 
  
 (n) (i) The fair value of the property of the Seller is greater than the total amount of liabilities,
including contingent liabilities, of the Seller, (ii) the present fair salable value of the assets of the Seller is not less than the amount that will be required to pay all probable liabilities of the Seller on its debts as they become absolute and
matured, (iii) the Seller does not intend to, and does not believe that it will, incur Debt or liabilities beyond the Seller’s abilities to pay such Debt and liabilities as they mature and (iv) the Seller is not engaged in a business or a
transaction, and is not about to engage in a business or a transaction, for which the Seller’s property would constitute unreasonably small capital. 
  
 (o) With respect to each Pool Receivable, the Seller (i) shall have received such Pool Receivable as a contribution to the capital of the
Seller by SPX or (ii) shall have purchased such Pool Receivable from SPX in exchange for payment (made by the Seller to SPX in accordance with the provisions of the Purchase and Contribution Agreement) of cash, Deferred Purchase Price, or a
combination thereof in an amount which constitutes fair consideration and reasonably equivalent value. Each such sale referred to in clause (ii) of the preceding sentence shall not have been made for or on account of an antecedent debt owed
by SPX to the Seller and no such sale is voidable or subject to avoidance under any section of the Federal Bankruptcy Code. 
  

 III-3 

 [CL-SPX Receivables Agreement] 
  

  
 EXHIBIT IV 
  
 COVENANTS 
  
 Until the latest of the Facility Termination Date, the date on which no Capital of or Yield on any Receivable Interest shall
be outstanding or the date all other amounts owed by the Seller hereunder to the Investors, the Banks or the Agent are paid in full: 
  
 (a) Compliance with Laws, Etc. The Seller will comply in all material respects with all applicable laws, rules, regulations
and orders and preserve and maintain its existence as a limited liability company, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to
preserve and maintain such existence, rights, franchises, qualifications and privileges would not materially adversely affect the collectibility of the Receivables Pool or the ability of the Seller to perform its obligations under the Transaction
Documents. 
  
 (b) Offices, Records and Books
of Account. The Seller will keep its principal place of business and chief executive office and the office where it keeps its records concerning the Pool Receivables (and all original documents relating thereto) at the address of the Seller set
forth in Section 6.02 of the Agreement or, upon 30 days’ prior written notice to the Agent, at any other locations in jurisdictions where all actions reasonably requested by the Agent to protect and perfect the interest in the Pool
Receivables and the other items contemplated by Section 1.09 have been taken and completed. The Seller also will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records
evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Pool
Receivables (including, without limitation, records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable). 
  
 (c) Performance and Compliance with Contracts and Credit
and Collection Policy. The Seller will take all action reasonably necessary to cause the Collection Agent and the Originators to timely and fully perform and comply with all material provisions, covenants and other promises required to be
observed by them under the Contracts related to the Pool Receivables, and to timely and fully comply in all material respects with the Credit and Collection Policy in regard to each Pool Receivable and (except as permitted in clauses (e) and (f)
below) the related Contract. 
  
 (d) Sales,
Liens, Etc. The Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, the Seller’s undivided interest in any Pool Receivable, Related
Security or Collections, or upon or with respect to any account to which any Collections of any Pool Receivables are sent, or assign any right to receive income in respect thereof, other than as specified in this Agreement and the other Transaction
Documents. 
  

 IV-1 

 [CL-SPX Receivables Agreement] 
  

 (e) Extension or Amendment of Receivables. Except as provided in Section
4.02(c), the Seller will not, and will not permit the Collection Agent to, extend the maturity or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable, or amend, modify or waive any term or condition of any
Contract to the extent related thereto. 
  
 (f)
Change in Business or Credit and Collection Policy. The Seller will not make or permit any change in the character of its business or in the Credit and Collection Policy that would, in either case, materially adversely affect the
collectibility of the Receivables Pool or the ability of the Seller to perform its obligations under the Agreement. 
  
 (g) Change in Payment Instructions to Obligors. The Seller will not make or permit any change in the instructions to Obligors
regarding payments to be made to the Seller or the Collection Agent or payments to be made to any Lock-Box Bank, unless the Agent shall have received notice of and agreed to such change, other than a change related solely to instructions to Obligors
to pay to a new Lock-Box Bank. 
  
 (h)
Addition or Termination of Lock-Box Banks or Lock-Box Agreements. The Seller will not add or terminate or cause or permit the addition or termination of any bank as a Lock-Box Bank from those listed in Annex E to the Agreement or
terminate any Lock-Box Agreement, unless the Agent shall have received notice of such addition or termination of a Lock-Box Bank, notice of the termination of the Lock-Box Account with any terminated Lock-Box Bank and executed copies of Lock-Box
Agreements with each newly added Lock-Box Bank. The Seller will not permit any provision of any Lock-Box Agreement to be changed, amended, modified or waived without the prior written consent of the Agent. 
  
 (i) Deposits to Lock-Box Accounts. The Seller will
deposit, or cause to be deposited, all Collections of Pool Receivables into Lock-Box Accounts. The Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other
than Collections of Pool Receivables. 
  
 (j)
Marking of Records. At its expense, the Seller will mark its master data processing records evidencing Pool Receivables and related Contracts with a legend evidencing that Receivable Interests related to such Pool Receivables and related
Contracts have been sold in accordance with the Agreement. 
  
 (k) Reporting Requirements. The Seller will provide to the Agent (in multiple copies, if requested by the Agent) the following: 
  
 (i) as soon as available and in any event within 45 days after the end of the first three quarters of each
fiscal year of SPX, a balance sheet of SPX and its Subsidiaries as of the end of such quarter and a statement of income and retained earnings of SPX and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending
with the end of such quarter, certified by the chief financial officer, treasurer or assistant treasurer of SPX; 
  

 IV-2 

 [CL-SPX Receivables Agreement] 
  

 (ii) as soon as available and in any event within 90 days after the end of each
fiscal year of SPX, a copy of the annual report for such year for SPX and its Subsidiaries, containing financial statements for such year audited by Deloitte & Touche, LLP or other independent public accountants reasonably acceptable to the
Agent; 
  
 (iii) as soon as possible and in any
event within five days after the occurrence of each Event of Termination or Incipient Event of Termination, a statement of the chief financial officer, treasurer or assistant treasurer of the Seller setting forth details of such Event of Termination
or Incipient Event of Termination and the action that the Seller has taken and proposes to take with respect thereto; 
  
 (iv) promptly after the sending or filing thereof, copies of all reports that any of the Originators send to any of their securityholders,
and copies of all reports and registration statements that any of the Originators or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange; 
  
 (v) promptly after the filing or receiving thereof, copies of all reports and notices that the Seller or any
Affiliate files under ERISA with the Internal Revenue Service or the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or that the Seller or any Affiliate receives from any of the foregoing or from any multiemployer plan (within
the meaning of Section 4001(a)(3) of ERISA) to which the Seller or any Affiliate is or was, within the preceding five years, a contributing employer, in each case in respect of the assessment of withdrawal liability or an event or condition which
could, in the aggregate, reasonably be expected to result in the imposition of liability on the Seller in excess of $1,000,000 or, with respect to any Affiliate, in excess of $50,000,000; 
  
 (vi) at least ten Business Days prior to any change in the
name, or change in or addition of a jurisdiction, of an Originator or the Seller, a notice setting forth the new name or jurisdiction and the effective date thereof and UCC3 amendments to all UCC1 financing statements filed in connection with the
Agreement; 
  
 (vii) promptly after the Seller
obtains knowledge thereof, notice of any “Event of Termination” or “Facility Termination Date” under the Purchase and Contribution Agreement; 
  
 (viii) so long as any Capital shall be outstanding, as soon as possible and in any event no later than the
day of occurrence thereof, notice that the Originators have stopped selling or contributing to the Seller, pursuant to the Purchase and Contribution Agreement, newly arising Receivables; 
  

 IV-3 

 [CL-SPX Receivables Agreement] 
  

 (ix) at the time of the delivery of the financial statements provided for in
clauses (i) and (ii) of this paragraph, a certificate of the chief financial officer or the treasurer or assistant treasurer of the Seller to the effect that, to the best of such officer’s knowledge, no Event of Termination has
occurred and is continuing or, if any Event of Termination has occurred and is continuing, specifying the nature and extent thereof; 
  
 (x) promptly after receipt thereof, copies of all consents requested from the Seller by, and all notices or other documents received by
the Seller from, the Originators under the Purchase and Contribution Agreement; 
  
 (xi) promptly, from time to time, such other information, documents, records or reports respecting the Receivables or the condition or
operations, financial or otherwise, of the Seller as the Agent may from time to time reasonably request; 
  
 (xii) promptly after the Seller obtains knowledge thereof, notice of any (a) litigation, investigation or proceeding which may exist at
any time between the Seller or an Originator and any governmental authority which, in either case, could reasonably be expected to have a material adverse effect on the business, operations, property or financial or other condition of the Seller or
any of the Originators; (b) litigation or proceeding adversely affecting the Seller’s or any Originator’s ability to perform its obligations under a Transaction Document or (c) litigation or proceeding adversely affecting (i) the Seller or
(ii) any of the Originators that could reasonably be expected to have a Material Adverse Effect on the collectibility of the Receivables; 
  
 (xiii) promptly after the occurrence thereof, notice of a change in the business, operations, property or financial or other condition of
the Seller that would be reasonably likely to result in a Material Adverse Effect; and 
  
 (xiv) promptly after the Seller obtains knowledge thereof, the addition of any entity as a prospective originator and any corporate
reorganization, mergers or acquisitions affecting any Originator including, but not limited to, any corporate spin-off or consolidation, the Seller will provide the Agent access to such information or documentation as may be requested to assess the
credit quality of any receivables relating to any such originator to be sold or contributed by SPX pursuant to the Purchase and Contribution Agreement. The Seller will be responsible for any due diligence expenses associated with any such audit and
review, provided that prior to the incurrence of any such costs, the Agent and the Seller will negotiate in good faith regarding the appropriateness of the scope of the due diligence review and a cap on such expenses. 
  
 (l) Corporate Separateness. 
  
 (i) The Seller shall at all times maintain at least one
independent manager who (x) is not currently and has not been during the five years preceding 
  

 IV-4 

 [CL-SPX Receivables Agreement] 
  

 the date of the Agreement an officer, director, manager or employee of, or a major vendor or supplier
of services to, an Affiliate of the Seller or any Other Corporation, (y) is not a current or former officer or employee of the Seller and (z) is (except through a mutual fund or similar pooled investment vehicle) not a stockholder or equity owner of
any Other Corporation or any of their respective Affiliates. 
  
 (ii) The Seller shall not direct or participate in the management of any other Person’s operations. 
  
 (iii) The Seller shall conduct its business from an office separate from that of any other Person (but which may be located in the same
facility as one or more of the Other Corporations). The Seller shall have stationery and other business forms and a mailing address and a telephone number separate from that of any other Person. 
  
 (iv) The Seller shall at all times be adequately capitalized
in light of its contemplated business. 
  
 (v)
The Seller shall at all times provide for its own operating expenses and liabilities from its own funds. 
  
 (vi) The Seller shall maintain its assets and transactions separately from those of any other Person and the Seller shall reflect such
assets and transactions in financial statements separate and distinct from those of any other Person and evidence such assets and transactions by appropriate entries in books and records separate and distinct from those of any other Person, it being
acknowledged that the Seller will be a Subsidiary reflected in the consolidated financial statements of SPX. The Seller shall hold itself out to the public under the Seller’s own name as a legal entity separate and distinct from any other
Person. The Seller shall not hold itself out as having agreed to pay, or as being liable, primarily or secondarily, for, any obligations of any other Person. 
  

(vii) The Seller shall not maintain any joint account with any Other Corporation or become liable as a guarantor or otherwise with
respect to any Debt or contractual obligation of any other Person. The membership interests of the Seller and any Debt (whether or not represented by promissory notes) of or issued by the Seller to SPX or any of its Subsidiaries may not be pledged
to secure Debt of SPX or any Other Corporation. 
  
 (viii) The Seller shall not make any payment or distribution of assets with respect to any obligation of any other Person or grant an Adverse Claim on any of its assets to secure any obligation of any other Person. 
  
 (ix) The Seller shall not make loans, advances or otherwise
extend credit to any other Person except as contemplated by the Agreement or the Purchase and Contribution Agreement. 
  

 IV-5 

 [CL-SPX Receivables Agreement] 
  

 (x) The Seller shall to the extent required by applicable law hold regular duly
noticed meetings (or authorize actions by unanimous written consent) of its Board of Managers and make and retain minutes of such meetings. 
  
 (xi) The Seller shall have bills of sale (or similar instruments of assignment) and, if appropriate, UCC1 financing statements, with
respect to all assets (other than Receivables or interests therein acquired under the Purchase and Contribution Agreement) purchased from any of the Other Corporations. 
  
 (xii) The Seller shall not engage in any transaction with any other Person, except as permitted by the
Agreement and as contemplated by the Purchase and Contribution Agreement. 
  
 (xiii) The Seller shall comply with (and cause to be true and correct) in all material respects each of the facts and assumptions contained in the “Assumptions of Fact” section of the opinion of bankruptcy
counsel delivered pursuant to paragraph (g) of Exhibit II to the Agreement. 
  
 (xiv) The Seller will not commingle its funds or assets with those of any other person or entity. The Seller will provide separately for
its expenses and liabilities from its own funds, and will fairly and reasonably allocate any expenses associated with services provided by common employees, office space, or other overhead and administrative expenses with any affiliate. 

 
 (xv) The Seller will not identify itself as a division of
any other person or entity, and will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity and will correct any known misunderstanding regarding its separate identity. 
  
 (xvi) The Seller will transact all business with affiliates
on an arms’ length basis and pursuant to commercially reasonable agreements. 
  
 (xvii) After entering into the transactions contemplated by this Agreement and the Purchase and Contribution Agreement, the Seller will
not transfer any of its assets to SPX other than (i) transfers for fair or reasonably equivalent consideration and without the intent to hinder, delay or defraud the Seller’s creditors, and (ii) distributions that are not fraudulent or in
violation of applicable entity law. If, after entering into the transactions contemplated by this Agreement and the Purchase and Contribution Agreement, SPX transfers any of its assets to the Seller, the Seller will properly account for such
transfers as capital contributions or sales made in accordance with the Purchase and Contribution Agreement and its Organizational Documents, as applicable. 
  
 (xviii) No loans will be made by the Seller to SPX except for the Deferred Purchase Price Note. 
  

 IV-6 

 [CL-SPX Receivables Agreement] 
  

 (xix) The Seller will not incur any indebtedness except in accordance with the
Transaction Documents. 
  
 (m) Purchase and
Contribution Agreement. The Seller will not amend, waive or modify any provision of the Purchase and Contribution Agreement or waive the occurrence of any “Event of Termination” under the Purchase and Contribution Agreement, without in
each case the prior written consent of the Agent. The Seller will perform all of its obligations under the Purchase and Contribution Agreement in all material respects and will enforce the Purchase and Contribution Agreement in accordance with its
terms in all material respects. 
  
 (n) Nature
of Business. The Seller will not engage in any business other than the purchase of Receivables, Related Security and Collections from the Originators and the transactions contemplated by the Agreement or the Purchase and Contribution Agreement.
The Seller will not create or form any Subsidiary. 
  
 (o) Mergers, Etc. The Seller will not merge with or into or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its
assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any Person, other than as
contemplated by the Agreement and the Purchase and Contribution Agreement. 
  
 (p) Distributions, Etc. The Seller will not declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of
equity security of the Seller, or return any capital to its members as such, or purchase, retire, defease, redeem or otherwise acquire for value or make any payment in respect of any membership interest of the Seller or any warrants, rights or
options to acquire any such membership interest, now or hereafter outstanding; provided, however, that the Seller may declare and pay cash dividends or distributions on its membership interest to its members so long as (i) no Event of
Termination shall then exist or would occur as a result thereof, (ii) the Seller would not be rendered insolvent as a result of such distribution, (iii) such dividends or distributions are in compliance with all applicable law including the limited
liability company law of the state of the Seller’s formation, and (iv) such dividends or distributions have been approved by all necessary and appropriate limited liability company action of the Seller. 
  
 (q) Debt. The Seller will not incur any Debt, other
than any Debt incurred pursuant to the Agreement and the Purchase and Contribution Agreement. 
  
 (r) Operating Agreement. The Seller will not amend or delete Articles I or IV of its certificate of formation or Articles 4, 9, or
10 of its operating agreement. 
  
 (s)
Tangible Net Worth. The Seller will maintain Tangible Net Worth at all times equal to at least 3% of the Outstanding Balance of the Receivables at such time. 
  

 IV-7 

 [CL-SPX Receivables Agreement] 
  

 EXHIBIT V 
  
 EVENTS OF TERMINATION 
  
 Each of the following, unless waived in writing by the Agent (other than as set forth in paragraphs (g) and (h) which cannot be waived),
shall be an “Event of Termination”: 
  
 (a) The Collection Agent (if SPX or any of its Affiliates) or the Seller (i) shall fail to perform or observe in any material respect any term, covenant or agreement under the Agreement (other than as referred to in clause
(ii) of this paragraph (a)) and such failure shall remain unremedied for five Business Days or (ii) shall fail to make when due any payment (other than as referred to in clause (ii) of paragraph (b), below) or deposit to be
made by it under the Agreement; or 
  
 (b) After
the occurrence of an Event of Termination or an Incipient Event of Termination, the Seller or any of the Originators shall fail (i) to transfer to the Agent when requested any rights, pursuant to the Agreement, which it then has as Collection Agent
or (ii) to make any payment required under Section 1.04; or 
  
 (c) Any representation or warranty made or deemed made by the Collection Agent or any Affiliate thereof in its capacity as the Collection Agent (or any of their respective officers) under or in connection with the
Agreement or any other Transaction Document or any information or report taken as a whole delivered by the Collection Agent or any Affiliate thereof in its capacity as the Collection Agent pursuant to the Agreement or any other Transaction Document
shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered; or 
  
 (d) Any representation or warranty made or deemed to be made by the Seller under or in connection with the Agreement or any other
Transaction Document or any information or report taken as a whole delivered by the Seller shall prove to have been incorrect or untrue when made or deemed made or delivered; or 
  
 (e) The Seller or any of the Originators shall fail to perform or observe in any material respect any term,
covenant or agreement contained in any other Transaction Document on its part to be performed or observed and any such failure shall remain unremedied for ten days after written notice thereof shall have been given to the Seller by the Agent (or,
with respect to a failure to deliver the Monthly Report pursuant to the Agreement, such failure shall remain unremedied for five days, without a requirement for notice); or 
  
 (f) The Seller, the Parent or any of the Originators shall fail to pay any principal of or premium or
interest on any of its Debt which is outstanding in a principal amount of at least $75,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such
failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such

  

 V-1 

 [CL-SPX Receivables Agreement] 
  

 Debt and shall continue after the applicable grace period, if any, specified in such agreement or
instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly
scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof excluding, however, any such prepayments,
redemptions, conversions, repurchases or defeasements (or offers to do any of the foregoing) that are of the type that would not be an event of default under clause (g) of Article VII of the SPX Credit Agreement; or 
  
 (g) Any purchase or any reinvestment pursuant to the
Agreement shall for any reason (other than pursuant to the terms hereof) cease to create a valid and perfected undivided percentage ownership or to constitute a future advance under a valid and perfected first priority security interest, or any
Receivable Interest shall for any reason cease to be, a valid and perfected undivided percentage ownership or first priority security interest to the extent of the pertinent Receivable Interest in each applicable Pool Receivable and the Related
Security and Collections with respect thereto free and clear of any Adverse Claim; or the security interest created pursuant to Section 1.09 shall for any reason cease to be a valid first priority perfected security interest in the collateral
security referred to in that section free and clear of any Adverse Claim; or 
  
 (h) The Seller, the Parent or any of the Originators 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 file a notice of intention to make a proposal to some or all of its creditors; or any proceeding shall be instituted by or against the Seller, SPX or any of the Originators seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or
unstayed for a period of 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, custodian or other similar official for, it or for
any substantial part of its property) shall occur; or the Seller, the Parent or any of the Originators shall take any corporate action to authorize any of the actions set forth above in this paragraph (g); or 
  
 (i) As of the last day of any Fiscal Month (i) the Default
Ratio shall exceed 10%, (ii) the Delinquency Ratio shall exceed 5%, (iii) the Dilution Ratio shall exceed 4.5%, (iv) the Three Month Default Ratio shall exceed 8%, (v) the Three Month Delinquency Ratio shall exceed 4%, or (vi) the Three Month
Dilution Ratio shall exceed 3.5%; or 
  

 V-2 

 [CL-SPX Receivables Agreement] 
  

 (j) The Net Receivables Pool Balance shall for a period of two consecutive Business
Days be less than 100% of the aggregate outstanding Capital of all Receivable Interests plus the Reserves; or 
  
 (k) There shall have occurred any change in the business, financial condition or operations of either the Seller or SPX and its
Subsidiaries taken as a whole, since December 31, 2002 that materially adversely affects the collectibility of the Receivables Pool or the ability of the Seller or the Collection Agent to collect Pool Receivables or otherwise perform its obligations
under the Agreement; or 
  
 (l) An “Event of
Termination” or “Facility Termination Date” shall occur under the Purchase and Contribution Agreement, or the Purchase and Contribution Agreement shall cease to be in full force and effect; or 
  
 (m) All of the outstanding membership interests of the
Seller shall cease to be owned, directly or indirectly, by SPX; or 
  
 (n) There shall have occurred any “change in control” (as defined in the SPX Credit Agreement) of SPX, the Seller, the Collection Agent or any of the Originators; or 
  
 (o) SPX shall fail to perform or observe any financial
covenant of the SPX Credit Agreement as in effect as of the date hereof (it being understood that the financial covenant in the SPX Credit Agreement, as of the date hereof, is Section 6.01 of the SPX Credit Agreement), after giving effect to any
subsequent amendments, supplements, modifications or waivers; provided, however, that if the Agent (or an Affiliate thereof) is no longer a party to the SPX Credit Agreement, any such amendment, supplement, modification or waiver must have been
approved by the Agent as of the date thereof (which approval shall not be unreasonably withheld). 
  

 V-3 

 [CL-SPX Receivables Agreement] 
  

  
 ANNEX A 

 
 [Date] 
  
 [FORM OF PURCHASE REQUEST] 
  
 Credit Lyonnais New York Branch, as Agent 
 1301 Avenue of the Americas 
 New York, NY 10019 
 Attention: Florence Reyes 
 Fax: (212) 261 3448 
 Tel: (212) 261-7897 
  

	Re:	[SELLER] 

  
 Ladies and Gentlemen: 
  
 Reference is made to the Receivables Purchase Agreement dated as of April 24, 2003 (as amended, supplemented or otherwise, modified from time to time, the “Receivables Purchase Agreement”) among SPX Receivables, LLC (the
“Seller”), SPX Corporation (the “Collection Agent”), Atlantic Asset Securitization Corp. and Credit Lyonnais New York Branch. Capitalized terms unless otherwise defined herein shall have the meanings set forth in the
Receivables Purchase Agreement. 
  
 1. The Seller hereby requests
a purchase of $             on                     ,
20     (the “Purchase Date”) and an initial Fixed Period ending on             . 
  
 2. The Seller hereby certifies, represents and warrants to the Agent, the
Investors and the Banks that on and as of the Purchase Date: 
  
 (a) all applicable conditions precedent set forth in Exhibit II to the Receivables Agreement have been satisfied; 
  
 (b) each of its representations and warranties contained in Exhibit III to the Receivables Agreement will be true and correct, in all
material respects, as if made on and as of the Purchase Date; 
  
 (c) no event has occurred and is continuing, or would result from the requested purchase, that constitutes an Event of Termination or Incipient Event of Termination; 
  
 (d) the Facility Termination Date has not occurred; and

  

 A-1 

 [CL-SPX Receivables Agreement] 
  

 (e) after giving effect to the purchase requested above, (i) the outstanding Capital
is less than or equal to the Purchase Limit, and (ii) the aggregate of the Receivable Interests does not exceed 100%. 
  
 IN WITNESS WHEREOF, the Seller has caused this Purchase Request to be executed and delivered as of this      day of
                    , 20    . 
  

			
	SPX RECEIVABLES, LLC
		
	 By:
  
	 	

	Name:	 	 
	Title:	 	 

  

 A-2 

 [CL-SPX Receivables Agreement] 
  

  
 ANNEX B 

 
 CONCENTRATION PERCENTAGES 
 FOR ELIGIBLE RECEIVABLES 
  

					
	 Short-term Rating of Obligor
 from Standard
& Poor’s*

	 	 Short-term
 Rating of Obligor
from
 Moody’s Investors Service*

	 	 Concentration Percentage

	A1	 	P1	 	12%
	A2	 	P2	 	6.0%
	A3	 	P3	 	4.0%
	not rated or non-investment grade	 	not rated or non-investment grade	 	2.0%

  
 CONCENTRATION
PERCENTAGES 
 FOR ELIGIBLE RECEIVABLES RELATING TO PROGRESS PAYMENT EQUIPMENT 
  

					
	 Long-term Local Issuer
 Rating of SPX
from
 Standard & Poor’s

	 	 Senior Implied Issuer Rating
 of SPX
from
 Moody’s Investors Service

	 	 Concentration Percentage

	BB	 	Ba2	 	20%
	BB-	 	Ba3	 	8%
	Below BB - or not rated	 	Below Ba3 or not rated	 	0%

	*	If an Obligor has a split rating, the Concentration Percentage shall be based on the lower rating. If an Obligor does not have a short-term rating but has a long-term rating, the
Concentration Percentage shall be based on the equivalent long-term ratings as indicated in the following charts: 

  

 B-1 

 [CL-SPX Receivables Agreement] 
  

 Moody’s Investors Service, Inc. Equivalent Long-Term Ratings 
  

			
	 Long-Term

	  	Short-Term

	Aaa through A1	  	P-1
	A2 through Baa1	  	P-2
	Baa2 through Baa3	  	P-3
	Below Baa3 or Not Rated by Moody’s	  	Not Rated

 Standard & Poor’s Equivalent Long-Term Ratings 
  

			
	 Long-Term

	  	Short-Term

	AAA through AA-	  	A-1+
	A+	  	A-1
	A through BBB+	  	A-2
	BBB through BBB-	  	A-3
	Below BBB - or Not	  	Not Rated

  
 Rated by S&P

  

 B-2

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