Document:

Exhibit 10.4

 

SERVICING AGREEMENT

 

among

 

CONN’S RECEIVABLES FUNDING 2021-A, LLC,

AS ISSUER,

 

CONN’S RECEIVABLES 2021-A TRUST,

AS RECEIVABLES TRUST,

 

CONN APPLIANCES, INC.,

AS SERVICER,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE

 

 

 

DATED AS OF NOVEMBER 23, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I	DEFINITIONS	 
	 	Section 1.01	 	Defined Terms	1
	 	Section 1.02	 	Definitions	4
	 	Section 1.03	 	Other Definitional Provisions	5
	ARTICLE II	ADMINISTRATION AND SERVICING OF RECEIVABLES AND RELATED SECURITY	 
	 	Section 2.01	 	Appointment of Servicer	5
	 	Section 2.02	 	Duties of Servicer	7
	 	Section 2.03	 	Purchase of Ineligible Receivables	13
	 	Section 2.04	 	Purchase of Returned and Refinanced Receivables	13
	 	Section 2.05	 	Rights After Designation of New Servicer	14
	 	Section 2.06	 	Servicer Default	17
	 	Section 2.07	 	Servicer Indemnification of Indemnified Parties	18
	 	Section 2.08	 	Grant of License	19
	 	Section 2.09	 	Servicing Compensation	19
	 	Section 2.10	 	Representations and Warranties of the Servicer	20
	 	Section 2.11	 	Reports and Records for the Trustee	22
	 	Section 2.12	 	Reports to the Commission	22
	 	Section 2.13	 	Affirmative Covenants of the Servicer	23
	 	Section 2.14	 	Negative Covenants of the Servicer	24
	 	Section 2.15	 	Sale of Defaulted Receivables	25
	 	Section 2.16	 	Deemed Collections	26
	ARTICLE III	RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	 
	 	Section 3.01	 	Establishment of Accounts	26
	 	Section 3.02	 	Collections and Allocations	27
	ARTICLE IV	OTHER SERVICER POWERS	 
	 	Section 4.01	 	Appointment of Paying Agent	27
	 	Section 4.02	 	[Reserved.]	27
	ARTICLE V	OTHER MATTERS RELATING TO THE SERVICER	 
	 	Section 5.01	 	Liability of the Servicer	27
	 	Section 5.02	 	Limitation on Liability of the Servicer and Others	27
	 	Section 5.03	 	Servicer Not to Resign	28

 

    		i	 

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	Section 5.04	 	Waiver of Defaults	28
	ARTICLE VI	ADDITIONAL OBLIGATION OF THE SERVICER WITH RESPECT TO THE TRUSTEE	 
	 	Section 6.01	 	Successor Trustee	28
	 	Section 6.02	 	Tax Returns	29
	 	Section 6.03	 	Final Payment with Respect to Any Series	29
	 	Section 6.04	 	Optional Purchase of Receivables Trust Estate	29
	ARTICLE VII	MISCELLANEOUS PROVISIONS	 
	 	Section 7.01	 	Amendment	30
	 	Section 7.02	 	Protection of Right, Title and Interest to Receivables and Related Security	31
	 	Section 7.03	 	Governing Law	32
	 	Section 7.04	 	Notices	32
	 	Section 7.05	 	Severability of Provisions	33
	 	Section 7.06	 	Delegation	33
	 	Section 7.07	 	Waiver of Trial by Jury	33
	 	Section 7.08	 	Further Assurances	33
	 	Section 7.09	 	No Waiver; Cumulative Remedies	33
	 	Section 7.10	 	Counterparts	33
	 	Section 7.11	 	Third-Party Beneficiaries	34
	 	Section 7.12	 	Actions by Noteholders	34
	 	Section 7.13	 	Rule 144A Information	34
	 	Section 7.14	 	Merger and Integration	34
	 	Section 7.15	 	Headings	34
	 	Section 7.16	 	Rights of the Trustee	34
	 	Section 7.17	 	Sales Tax Proceeds	35
	 	Section 7.18	 	Limitation of Liability	35

 

EXHIBITS

	 	Exhibit A	Form of Monthly Servicer Report

		Exhibit B	Form of Annual Servicer’s Certificate

 

SCHEDULES

		Schedule 2.10(i)	Litigation

 

    		ii	 

     

    

 

 

SERVICING AGREEMENT dated as
of November 23, 2021 (the “Agreement”) by and among CONN’S RECEIVABLES FUNDING 2021-A, LLC, a Delaware
limited liability company, as issuer (the “Issuer”), CONN’S RECEIVABLES 2021-A TRUST, a Delaware statutory
trust, as receivables trust (the “Receivables Trust”), CONN APPLIANCES, INC., a Texas corporation (“Conn
Appliances”), as initial Servicer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee
under the Indenture (defined below) (in such capacity, together with its successors and assigns in such capacity, the “Trustee”).

 

WHEREAS, the Receivables Trust
has purchased from Conn Appliances Receivables Funding, LLC (the “Depositor”), and the Depositor purchased from Conn
Credit I, LP Contracts, Receivables and other Related Security relating to such Receivables pursuant to the terms of and subject to the
conditions set forth in the Second Receivables Purchase Agreement, dated as of November 23, 2021 between the Depositor and the Receivables
Trust;

 

WHEREAS, the Issuer is entering
into a Base Indenture and a supplement thereto, each dated as of November 23, 2021 (the Base Indenture, as amended, supplemented
or otherwise modified from time to time, the “Indenture”), between the Issuer and the Trustee, and each of the other
Transaction Documents to which it is a party, pursuant to which the Issuer plans to issue Notes in order to finance its purchase of the
Receivables Trust Certificate, which represents the ownership of the Receivables Trust, which owns the Contracts, Receivables and other
Related Security relating to such Receivables;

 

WHEREAS, the Servicer is willing
to service all Receivables and other Related Security acquired by the Receivables Trust, pursuant to the terms and subject to the conditions
set forth in this Agreement;

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01         Defined
Terms. As used in this Agreement, the following terms have the following meanings:

 

“Back-Up
Servicer” means Systems & Services Technologies, Inc., together with its permitted successors and assigns, in
such capacity.

 

“Back-Up
Servicing Agreement” is defined in Section 2.01(b).

 

“Conn Appliances”
is defined in the preamble.

 

“Consolidated
Net Worth” means at any date, with respect to any Person, the consolidated stockholders’ equity of such Person and its
consolidated Subsidiaries, minus (to the extent reflected in determining such consolidated stockholders’ equity) all intangible
assets (in each case, as determined in accordance with GAAP, applied on a basis consistent with the most recent audited financial statements
of such Person before the Closing Date).

 

     

     

    

 

“Custodian”
is defined in Section 2.02(a)(ii).

 

“Depositor”
is defined in the first recital.

 

“Field Collections”
is defined in Section 2.02(c).

 

“Indenture”
is defined in the second recital.

 

“In-Store
Payments” is defined in Section 2.02(c).

 

“Issuer”
is defined in the preamble.

 

“Issuer Indemnified
Parties” is defined in Section 2.07.

 

“Mail Payments”
is defined in Section 2.02(c).

 

“Optional
Purchase” is defined in Section 6.04.

 

“Optional
Purchase Price” means an amount equal to the fair market value of the Receivables on the date on which the Optional Purchase
will occur, provided, however, that the Optional Purchase Price shall not be less than the accrued and unpaid interest, if applicable,
then due on the Series 2021-A Notes and the aggregate unpaid principal, if any, of all of the outstanding Series 2021-A Notes
plus an amount sufficient to pay (A) the Servicing Fee (including to any successor servicer) for such Payment Date and all unpaid
Servicing Fees with respect to prior Payment Dates and (B) the Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees
and Expenses for such Payment Date and all unpaid Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses with
respect to prior Payment Dates, after giving effect to the Available Funds for such Payment Date).

 

“Permitted
Modification” means any change to or modification (for the avoidance of doubt, any modification made solely as required by applicable
law shall be deemed to be a “Permitted Modification”) of the terms of a Receivable, including the timing or amount of payments
on the Receivable, so long as one of the following conditions has been satisfied:

 

		a.	any change or modification, individually and collectively with any other change or modification proposed
to be made with respect to the Receivable, is ministerial in nature;

 

		b.	any change or modification is (i) granted to an Obligor in accordance with the Servicer’s Credit
and Collection Policies and (ii) such change or modification (including when taken together with any other prior change or modification)
does not result in a Significant Modification;

 

    	 	2	 

     

    

 

		c.	any change or modification where (i) the Obligor is in payment default or (ii) in the judgment
of the Servicer, in accordance with the Servicer’s Credit and Collection Policies, it is reasonably foreseeable that the Obligor
will default (it being understood that the Servicer may proactively contact any Obligor whom the Servicer believes may be at higher risk
of a payment default under the related Receivable); or

 

		d.	any extension, deferral, amendment, modification, alteration or adjustment, including a “payment
holiday” or “skip-a-pay” extension granted to an Obligor that is made (I) in accordance with the Servicer’s
Credit and Collection Policies and (II) with respect to which the Servicer has delivered an Opinion of Counsel to the Issuer, the
Receivables Trust, the Trustee and the Receivables Trust Trustee to the effect that such extension, deferral, amendment, modification,
alteration or adjustment, including a “payment holiday” or “skip-a-pay” extension will not result in or not cause
the Receivables Trust (or any part thereof) to be classified, for U.S. federal income tax purposes, as an association (or a publicly traded
partnership) taxable as a corporation or as other than a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that
is treated as a grantor trust under subpart E, Part I of subchapter J of the Code.

 

“Post Office
Box” means post office box 815867, in Dallas, Texas, 75234, and, upon notice to Trustee, each other post office box opened and
maintained by the Receivables Trust or the Servicer for the receipt of Collections from Obligors and governed by a Post Office Box Agreement
reflecting that such post office box is in the name of the Receivables Trust, as any such post office boxes may be closed from time to
time by the Servicer with prior written notice to the Trustee (provided that (i) there shall at all times be at least one post office
box open to receive Collections, (ii) the Servicer takes customary and prudent procedures to notify Obligors to make payments to
such post office box and (iii) the closing or opening of any post office box is consistent with the servicing standard set forth
in Section 2.02(b)(ii)).

 

“Post Office
Box Agreement” means an agreement by and among the Servicer and the United States Postal Service, which is a standard post office
box agreement, specifying the rights of the parties in the Post Office Box.

 

“Purchase
Amount” shall have the meaning assigned to such term in Section 2.03.

 

“Purchase
Event” has the meaning assigned to that term in Section 2.03.

 

“Purchase
Payment” has the meaning assigned to that term in Section 2.03.

 

“Refinanced
Receivable” has the meaning assigned to that term in Section 2.04.

 

    	 	3	 

     

    

 

“Returned/Refinanced
Receivables” has the meaning assigned to that term in Section 2.04.

 

“Returned
Receivable” has the meaning assigned to that term in Section 2.04.

 

“Servicer”
is defined in Section 2.01(a).

 

“Servicer
Default” is defined in Section 2.06.

 

“Servicer
Indemnified Parties” is defined in Section 2.07.

 

“Servicing
Fee” is defined in Section 2.09.

 

“Significant
Modification” means any of the following changes (taking changes that occurred prior to acquisition of the Receivables by the
Receivables Trust into account) to a Receivable:

 

		a.	lowering the principal amount of a Receivable if the reduction lowers the yield of the Receivable by more
than the greater of (x) 25 basis points or (y) 5 percent of the annual yield of the unmodified Receivable;

 

		b.	making any change in interest rate of a Receivable or other payments which results in the change in the
annual yield of more than the greater of (x) 25 basis points or (y) 5 percent of the annual yield of the unmodified Receivable;
and

 

		c.	deferral of any payment on the Receivable beyond the due date for that payment that would result in a
deferral of payments for a period of more than the lesser of 5 years or 50% of the original term of the Receivable taking into account,
in the aggregate, all deferments and deferrals.

 

“Specified
Servicer Default” means any Servicer Default of the type specified in paragraph (d) of Section 2.06.

 

“SST”
means Systems & Services Technologies, Inc.

 

“Successor
Servicer” is defined in Section 2.01(b)(i).

 

“Trustee”
is defined in the preamble.

 

Section 1.02         Definitions.
Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Indenture and, to the extent
applicable, the Series Supplement.

 

    	 	4	 

     

    

 

Section 1.03         Other
Definitional Provisions.

 

(a)         All
terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

(b)         Where
the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting computation
is required to be made, for the purpose of this Agreement, such determination or calculation shall be made in accordance with GAAP. When
used herein, the term “financial statement” shall include the notes and schedules thereto. All accounting determinations and
computations hereunder or under any other Transaction Documents shall be made without duplication.

 

(c)         [Reserved.]

 

(d)         The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; and Section, subsection, Schedule and Exhibit references
contained in this Agreement are references to Sections, subsections, Schedules and Exhibits in or to this Agreement unless otherwise specified.

 

ARTICLE II

 

ADMINISTRATION
AND SERVICING

OF RECEIVABLES AND RELATED SECURITY

 

Section 2.01         Appointment
of Servicer.

 

(a)         The
servicing, administering and collection of the Receivables shall be conducted by such Person (the “Servicer”) so designated
from time to time in accordance with this Section 2.01. Until the Trustee gives notice to Conn Appliances of the designation
of a new Servicer pursuant to this Section 2.01, Conn Appliances is hereby designated as, and hereby agrees to perform the
duties and obligations of, the Servicer pursuant to the terms hereof. The Servicer may not delegate any of its rights, duties or obligations
hereunder, or designate a substitute Servicer, without the prior written consent of the Trustee and the Receivables Trust; provided,
however, that the Servicer shall be permitted to delegate its duties hereunder to any of its Affiliates and may use subservicers,
contractors or agents but will remain obligated and liable for the performance of any such delegated duties as if it were performing such
duties itself.

 

(b)         (i) After
the occurrence of a Servicer Default, the Trustee may, and upon the direction of the Required Noteholders or in the case of a Specified
Servicer Default shall, in accordance with the provisions set forth in clause (ii) below, appoint the Back-Up Servicer pursuant
to the Back-Up Servicing Agreement dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the
 “Back-Up Servicing Agreement”), among the Back-Up Servicer and the various other parties thereto or any other successor
servicer (SST, or any other successor servicer so appointed in accordance with the terms of Section 2.01(b)(ii) below, in such
capacity, the “Successor Servicer”) to succeed to Conn Appliances as Servicer hereunder.

 

    	 	5	 

     

    

 

(ii)         If
(x) the Back-Up Servicer, on the date of its appointment as Successor Servicer or at any time following such appointment, fails or
is unable to perform the duties of the Servicer hereunder or has previously resigned or otherwise been terminated as Back-Up Servicer,
or (y) any other Person designated Successor Servicer in accordance with this Section 2.01 resigns, fails or
is unable to perform the duties of the Servicer hereunder following its appointment as Successor Servicer, the Trustee may with the
consent of the Required Noteholders, and upon the direction of the Required Noteholders shall, appoint as Servicer any Person to succeed
the then-current Servicer on the condition in each case that any such Person so appointed shall agree to perform the duties and obligations
of the Servicer pursuant to the terms hereof. Until such time as the Person so appointed becomes obligated to begin acting as Servicer
hereunder, the then current Servicer will continue to perform all servicing functions under this Agreement and the other Servicer Transaction
Documents. If the Trustee is not able to appoint a new Servicer to succeed Conn Appliances, the Back-Up Servicer or any other Person then
acting as Servicer, within a reasonable time following the date upon which it is required to so appoint a successor to the Servicer pursuant
to this Section 2.01 (but in any event not later than 30 days following such date), the Trustee shall at the expense of the
Issuer (as Certificateholder of the Receivables Trust) petition a court of competent jurisdiction to appoint as the Servicer hereunder
any established financial institution having, a net worth of not less than $25,000,000 and whose regular business includes the servicing
of receivables comparable to the Receivables which are the subject of this Agreement. Following any appointment of a Successor Servicer
pursuant to this Section 2.01, the Trustee will provide notice thereof to the Issuer, the Receivables Trust, the Depository,
the Depositor and the Noteholders.

 

(c)         The
Trustee shall not be responsible for any differential between the Servicing Fee and any compensation paid to a Successor Servicer hereunder.

 

    	 	6	 

     

    

 

Section 2.02         Duties
of Servicer.

 

(a)         (i) The
Servicer shall take or cause to be taken all such action as may be reasonably necessary or advisable to collect each Receivable from time
to time, all in accordance with applicable Laws, with reasonable care and diligence, and in accordance with the Credit and Collection
Policies and otherwise in accordance with the Servicer Transaction Documents. Each of the Receivables Trust, Issuer (as Certificateholder
of the Receivables Trust), each Noteholder by its acceptance of the related Notes and each of the other Secured Parties, hereby appoints
as its agent the Servicer, from time to time designated pursuant to Section 2.01 hereof, to enforce its respective rights
and interests in and under the Contracts, Receivables and Related Security, Collections and proceeds with respect thereto. To the extent
permitted by applicable law, each of the Receivables Trust and Conn Appliances (to the extent not then acting as Servicer hereunder) hereby
grants to any Servicer appointed hereunder all rights and powers of the Receivables Trust and/or Conn Appliances, as the case may be,
under the Contracts and with respect to the Related Security, and hereby grants an irrevocable power of attorney to take in the Receivables
Trust’s and/or Conn Appliances’ name and on behalf of the Receivables Trust or Conn Appliances any and all steps necessary
or desirable, in the reasonable determination of the Servicer, to collect all amounts due under any and all Receivables, including, without
limitation, to cancel any policy of insurance, make demands for unearned premiums, commence enforcement proceedings, exercise other powers
under a Contract, execute and deliver instruments of satisfaction or cancellation, or full or partial discharge, with respect to Receivables,
endorse the Receivables Trust’s, the Issuer’s and/or Conn Appliances’ name on checks and other instruments representing
Collections and enforce such Receivables and the related Contracts. The Servicer shall, as soon as practicable following receipt thereof,
turn over to Conn Appliances any collections of any Indebtedness of any Person which is not on account of a Receivable. The Servicer shall
not voluntarily make the Receivables Trust, the Receivables Trust Trustee, the Issuer, the Trustee, any Noteholder or any of their respective
agents a party to any litigation without the prior written consent of such Person other than any litigation adverse to such person. Without
limiting the generality of the foregoing and subject to Section 2.04, the Servicer is hereby authorized and empowered unless
such power and authority is revoked in writing by the Trustee (as designee of the Receivables Trust) pursuant to the terms of the Servicer
Transaction Documents (A) to make deposits into the Collection Account as set forth in this Agreement and the Indenture; provided,
however, that with respect to any Successor Servicer, nothing contained in any Servicer Transaction Document shall impose an obligation
on such Successor Servicer to make any withdrawals or payments from the Collection Account or any other Trust Account, (B) to instruct
the Trustee in writing, substantially in the form of the Monthly Servicer Report, to make deposits or withdrawals and payments from the
Collection Account, the Payment Account and any Series Account, in accordance with such instructions as set forth in the Indenture,
(C) to instruct or notify the Trustee in writing as set forth in this Agreement and, the Indenture, (D) to make all calculations,
allocations and determinations required of the Servicer under the Indenture and as required herein or to establish Series Accounts,
(E) to execute and deliver, on behalf of the Receivables Trust for the benefit of the Issuer and the Noteholders, any and all instruments
of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the
Receivables and the other Contracts and Related Security and, after any delinquency in payment relating to any Receivable, to the extent
permitted under and in compliance with applicable law and regulations, to commence enforcement proceedings with respect thereto (including
cancellation of the related insurance policy) and (F) in the case of the initial Servicer only, to make any filings, reports, notices,
applications, registrations with, and to seek any consents or authorizations from, the Securities and Exchange Commission and any state
securities authority on behalf of the Issuer as may be necessary or advisable to comply with any federal or state securities or reporting
requirements.

 

    	 	7	 

     

    

 

 

(ii)         Subject
to the terms and conditions of this Section 2.02(a)(ii), the Servicer shall maintain custody and possession of the Receivable
Files on behalf of, and as bailee for, the Receivables Trust (for the benefit of the Trustee, the Issuer, the Noteholders and the other
Secured Parties) (in such capacity, together with its successors and assigns, the “Custodian”).

 

(iii)         To
the extent the Servicer has any duty or obligation to title or re-title the Receivables, the Servicer shall ensure that title is properly
reflected in the name of the Receivables Trust Trustee on behalf of Conn’s Receivables 2021-A Trust, and shall be recorded in the
name of “Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Receivables Trust
Trustee of Conn’s Receivables 2021-A Trust”.

 

(A)         Custodian
agrees to maintain possession of the related Receivable Files at its offices where they are presently maintained, at the offices of the
related subcustodians or at such other offices of Custodian as shall from time to time be identified to Trustee by written notice. Custodian
shall segregate physical Receivable Files from other files maintained by Custodian and shall, to the extent a Receivable File is stored
in electronic format, maintain an authoritative electronic copy of each Receivable File on a data tape or other electronic media in a
fire-resistant safe or room. The Receivables Trust hereby appoints Conn Appliances, and Conn Appliances hereby agrees to act, as initial
Custodian hereunder. Custodian may, at the Servicer’s request, temporarily deliver individual Receivable Files or any portion thereof
to Servicer without notice as necessary to conduct collection and other servicing activities in accordance with the Credit and Collection
Policies.

 

(B)         As
custodian and bailee, Custodian shall hold the Receivable Files (by itself and/or through subcustodians) on behalf of the Receivables
Trust (for the benefit of the Trustee, the Issuer, the Noteholders and the other Secured Parties) and, by agreeing to act as Custodian,
is deemed to have received notice of the security interests of the Secured Parties in the Contracts and related Receivables. As custodian
and bailee, Custodian shall maintain accurate records pertaining to each Receivable to enable it to comply with the terms and conditions
of this Agreement, maintain a current inventory thereof and conduct periodic physical inspections of Receivable Files held by it under
this Agreement and attend to all other details in connection with maintaining custody of the Receivable Files.

 

    	 	8	 

     

    

 

(C)         In
performing its duties under this Section 2.02(a)(ii), Custodian agrees to act with reasonable care, using that degree of skill
and care that it exercises with respect to similar contracts owned and/or serviced by it. Custodian shall promptly report to the Receivables
Trust and the Trustee any material failure by it to hold the Receivable Files as herein provided and shall promptly take appropriate action
to remedy such failure. In acting as custodian of the Receivable Files, Custodian agrees further not to assert, and shall cause each related
subcustodian not to assert any beneficial ownership interests in the Receivables. Custodian agrees to indemnify the Receivables Trust,
Trustee, the Secured Parties and Issuer, and their respective officers, directors, employees, partners and agents for any and all liabilities,
obligations, losses, damages, payments, costs, or expenses of any kind whatsoever which may be imposed on or incurred by any such Person
arising from the negligence or willful misconduct of Custodian in maintaining custody of the Receivable Files pursuant to this Section 2.02(a)(ii);
provided, however, that Custodian will not be liable to the extent that any such amount resulted from the negligence or
willful misconduct of such Person.

 

(D)         The
appointment of Custodian shall terminate upon acceptance of the appointment of a Successor Servicer in accordance with this Agreement.
The Successor Servicer, by acceptance of its appointment, shall become the successor Custodian. Promptly following the appointment of
a successor Custodian, and in any event within five days of such appointment, the then-existing Custodian shall (at such Custodian’s
sole cost and expense if a Servicer Default shall have occurred or if such Custodian shall have been removed for cause) deliver all of
the Receivable Files in its possession, and all records maintained by it with respect thereto, to such successor Custodian.

 

(b)         (i) Servicer
shall service and administer the Receivables on behalf of the Receivables Trust (for the benefit of the Issuer, the Trustee and the other
Secured Parties) and shall have full power and authority, acting alone and/or through subservicers, contractors or agents as provided
in Section 2.02(b)(iii), to do any and all things which it may deem reasonably necessary or desirable in connection with such
servicing and administration and which are consistent with this Agreement and the other Servicer Transaction Documents. Consistent with
the terms of this Agreement and the other Servicer Transaction Documents, Servicer (or any agent on Servicer’s behalf) may waive,
modify or vary any term of any Receivable or consent to the postponement of strict compliance with any such term or in any manner, grant
indulgence to any Obligor if, in Servicer’s sole discretion, such waiver, modification, postponement or indulgence will maximize
collections on such Receivable; provided, however, that Servicer (or any agent on Servicer’s behalf) may not permit
any modification with respect to any Receivable unless such modification is a Permitted Modification, is in accordance with the Credit
and Collection Policies and, in the case of any extension of the final maturity date of a Receivable, such extension does not extend beyond
the Legal Final Payment Date and the total amount of extensions of such Receivables is not in excess of twenty-four months unless such
extension is as a result of or required by applicable law or judicial order. Without limiting the generality of the foregoing, Servicer
in its own name or in the name of the Receivables Trust is hereby authorized and empowered by the Receivables Trust when Servicer believes
it appropriate in its reasonable judgment to execute and deliver, on behalf of the Receivables Trust, any and all instruments of satisfaction
or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Receivable.

 

    	 	9	 

     

    

 

(ii)         Servicer
shall service and administer the Receivables by employing such procedures (including collection procedures) and degree of care, in each
case consistent with industry standards, as are customarily employed by Servicer in servicing and administering contracts and notes owned
or serviced by Servicer comparable to the Receivables.

 

(iii)         Servicer
may perform any of its duties pursuant to this Agreement, including those delegated to it pursuant to this Agreement, through subservicers,
contractors or agents appointed by Servicer. Such subservicers may include Affiliates of Servicer. Notwithstanding any such delegation
of a duty, Servicer shall remain obligated and liable for the performance of such duty as if Servicer were performing such duty.

 

(iv)         Servicer
may take such actions as are necessary to discharge its duties as Servicer in accordance with this Agreement, including the power to execute
and deliver on behalf of Issuer such instruments and documents as may be customary, necessary or desirable in connection with the performance
of Servicer’s duties under this Agreement (including consents, waivers and discharges relating to the Receivable).

 

(v)         Servicer
shall keep separate records covering the transactions contemplated by this Agreement including the identity and collection status of each
Receivable.

 

(c)         Collections.
(i) On or prior to the Closing Date, initial Servicer shall have established and shall maintain thereafter the following system of
collecting and processing Collections of Receivables.  Servicer shall direct the Obligors to make payments of Receivables only (A) by
check mailed to the Post Office Box (such payments, upon receipt in such Post Office Box being referred to herein as “Mail Payments”),
(B) by cash, credit card or check delivered in person or by phone at retail stores or other business locations of initial Servicer
(such payments, upon receipt by such stores, being referred to herein as “In-Store Payments”), (C) by third party
money wire transfer, ACH or other bill pay service that provides for the electronic deposit of funds into an account of the Servicer on
behalf of Obligors, (D) by utilizing the Servicer’s Webpay portal; or (E) by cash, credit card or check delivered in person
or by phone or by an agent of Conn Appliances at a service center of Conn Appliances or, in the case of certain delinquent accounts, to
employees of Conn Appliances operating out of a service center of Conn Appliances or Servicer (such payments, upon receipt by the service
center, being referred to herein as “Field Collections”).  Notwithstanding anything to the contrary in this Section 2.02(c),
any Successor Servicer shall collect and process Collections of Receivables in any manner that is in accordance with the servicing standard
set forth herein.

 

    	 	10	 

     

    

 

(ii)         Servicer’s
right of access to the Post Office Box and the Collection Account shall be revocable at the option of Trustee as designee of the Receivables
Trust (acting in its own discretion or at the direction of the Required Noteholders) upon the occurrence of any Default, Event of Default
or Servicer Default. In addition, after the occurrence of any Default, Event of Default or Servicer Default, Servicer agrees that it shall,
upon the written request of Trustee, notify all Obligors under Receivables to make payment thereof to (i) one or more bank accounts
and/or post-office boxes designated by Trustee and specified in such notice or (ii) any Successor Servicer appointed hereunder. The
Trustee may, and shall at the request of the Required Noteholders, if any Default, Event of Default or Servicer Default has occurred,
require the Servicer to establish a lockbox account pursuant to a lockbox agreement acceptable to the Trustee, and with notice to the
Notice Person, to direct all Obligors under Receivables to make payments to such lockbox account.

 

(iii)         Servicer
shall remove or cause all Mail Payments to be removed from the Post Office Box by the close of business on each Business Day. Servicer
shall process all such Mail Payments and all Field Collections on the date received by recording the amount of the payment received from
the Obligor and the applicable account number. Subject to Section 5.4(a) of the Indenture, no later than the close of business
on the second Business Day following the date on which Mail Payments are received in the Post Office Box or Field Collections are received
by Servicer, Servicer shall deposit or cause such Mail Payments and such Field Collections to be deposited in the Collection Account.
Subject to Section 5.4(a) of the Indenture, the Retailer and Servicer shall cause all In-Store Payments to be (A) processed
as soon as possible after such payments are received by the Retailer or Servicer but in no event later than the Business Day after such
receipt, and (B) deposited in the Collection Account no later than two Business Days following the date of such receipt. Subject
to Section 5.4(a) of the Indenture, Servicer shall deposit all Recoveries into the Collection Account within two Business Days
after the date of its receipt of such Recoveries.

 

(iv)         [Reserved.]

 

(v)         All
Collections received by Servicer in respect of Receivables will, pending remittance to the Collection Account as provided herein, be held
by Servicer in trust for the exclusive benefit of Trustee (on behalf of the Receivables Trust) and shall not, unless otherwise permitted
by the Servicer Transaction Documents, be commingled with any other funds or property of any Originator, Depositor or Servicer except
as otherwise permitted in accordance with Section 5.4 of the Indenture. Only Collections shall be deposited in the Collection Account.
The Servicer may cause to be withdrawn from the Collection Account such amounts that have been deposited into the Collection Account in
error not representing Collections or other proceeds of the Trust Estate and any amounts that are deposited by Servicer that relate to
checks rejected by the Obligor’s bank for insufficient funds.

 

    	 	11	 

     

    

 

(vi)         Each
of Depositor, the Receivables Trust, Issuer and Servicer hereby irrevocably waive any right to set off against, or otherwise deduct
from, any Collections.

 

(vii)         The
Receivables Trust, Issuer and initial Servicer hereby transfer, assign, pledge, set over and convey to Trustee all of their right,
title and interest in and to the Collection Account and the other Trust Accounts.

 

(viii)         All
payments or other amounts collected or received by Servicer in respect of a Receivable shall be applied to the Outstanding Receivables
Balance of such Receivable.

 

(d)         [Reserved.]

 

(e)         (i) (A) [Reserved.]

 

(B)         If
SST is then acting as Successor Servicer, it shall cause a firm of independent certified public accountants, which may also render other
services to SST or its affiliates, to deliver to the Issuer, the Receivables Trust, and the Trustee, within 120 days after the end of
each fiscal year thereafter, commencing in the year after SST becomes Successor Servicer, (i) an opinion by a firm of nationally
recognized independent certified public accountants on the financial position of SST at the end of the relevant fiscal year and the results
of operations and changes in financial position of SST for such year then ended on the basis of an examination conducted in accordance
with generally accepted auditing standards, and (ii) a report from such independent certified public accountants to the effect that
based on an examination of certain specified documents and records relating to the servicing of SST’s loan portfolio conducted substantially
in compliance with SSAE 16 (the “Applicable Accounting Standards”), such firm is of the opinion that such servicing
has been conducted in compliance with the Applicable Accounting Standards except for (a) such exceptions as such firm shall believe
to be immaterial and (b) such other exceptions as shall be set forth in such statement.

 

(ii)         The
Servicer will deliver to the Trustee and each Notice Person on or before the one year anniversary of the Closing Date and on each anniversary
thereof, a certificate in substantially the form of Exhibit B of an authorized officer of the Servicer stating that (a) a
review of the activities of the Servicer during the preceding year and of its performance under this Agreement was made under the supervision
of the officer signing such certificate and (b) to the best of such officer’s knowledge, based on such review, the Servicer
has fully performed in all material respects all of its obligations under this Agreement and each other applicable Servicer Transaction
Document to which it is a party throughout such period, or, if there has been a default in the performance of any such obligation, specifying
such default known to such officer and the nature and status thereof.

 

    	 	12	 

     

    

 

(f)         Notwithstanding
anything to the contrary contained in this Article II, the Servicer, if not Conn Appliances or any Affiliate of Conn Appliances,
shall have no obligation to collect, enforce or take any other action described in this Article II with respect to any Indebtedness
that is not included in the Trust Estate other than to deliver to the Issuer the collections and documents with respect to any such Indebtedness
as described in Section 2.02(a) hereof.

 

Section 2.03         Purchase
of Ineligible Receivables.

 

(a)         If
the representation and warranty of the initial Servicer contained in Section 2.10(d) was not true and correct with respect
to any Contract and related Receivable as of the Cut-Off Date in any material respect that materially and adversely impacts such Contract
and the related Receivable (any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request
of the Trustee, purchase such Ineligible Receivable within ten (10) Business Days after demand thereof (a “Purchase Event”)
from the Receivables Trust for an amount (the “Purchase Amount”) equal to the then Outstanding Receivables Balance
of such Ineligible Receivable at the time of such purchase (any such payment, a “Purchase Payment”).

 

(b)         The
initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount for an Ineligible Receivable as provided in
clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents.

 

(c)         Except
as expressly set forth herein, the initial Servicer shall not have any right under this Agreement, by implication or otherwise, to purchase
from the Receivables Trust any Receivables.

 

(d)         The
obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination
of this Agreement or the earlier resignation or removal of the initial Servicer.

 

Section 2.04         Purchase
of Returned and Refinanced Receivables

 

(a)         Notwithstanding
anything to the contrary herein, the initial Servicer shall purchase any Receivable from the Receivables Trust to the extent that (i) the
Merchandise related to such Receivable is returned by an Obligor (a “Returned Receivable”), or (ii) the Receivable
is fully refinanced in connection with the purchase after the Cut-Off Date by the related Obligor of additional Merchandise using the
initial Servicer’s in-house credit (a “Refinanced Receivable,” and, together with Returned Receivables, the “Returned/Refinanced
Receivables”).

 

    	 	13	 

     

    

 

(b)         The
initial Servicer shall purchase any Returned/Refinanced Receivables pursuant to clause (a) for an amount equal to the Purchase
Amount for the applicable Returned/Refinanced Receivable.

 

(c)         The
initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount for a Returned/Refinanced Receivables as provided
in clause (a) above, such Returned/Refinanced Receivable shall no longer constitute a Receivable for purposes of the Transaction
Documents.

 

(d)         No
more than ten (10) Business Days prior to a Receivable becoming “worthless” under the Code, the initial Servicer will,
in order to facilitate the recovery of state sales tax refunds, purchase such Receivable from the Receivables Trust in exchange for an
obligation on the part of the initial Servicer to remit any recoveries and sales tax refunds actually collected on such Receivable to
the Collection Account.

 

Section 2.05         Rights
After Designation of New Servicer. (a) At any time following the designation of a Successor Servicer (other than Conn Appliances
or an Affiliate thereof) pursuant to Section 2.01 hereof:

 

(i)         The
Trustee may, at its option, or shall, at the direction of the Required Noteholders, direct that payment of all amounts payable under any
Receivable be made directly to the Trustee or its designee.

 

(ii)         The
Receivables Trust shall, at the Trustee’s request, (A) assemble all of the records relating to the Receivables and other Related
Security, and shall make the same available to the Trustee or its designee at a place selected by the Trustee or its designee, and (B) segregate
all cash, checks and other instruments received by it from time to time constituting Collections of Receivables in a manner acceptable
to the Trustee and shall, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments
of transfer, to the Trustee or its designee.

 

(iii)         The
Receivables Trust hereby authorizes the Trustee and the Issuer (as Certificateholder of the Receivables Trust) to take any and all steps
in the Receivables Trust’s name and on behalf of the Receivables Trust necessary or desirable, in the reasonable determination of
the Trustee, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Receivables Trust’s
name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts.

 

    	 	14	 

     

    

 

(iv)         Upon
delivery of a Notice of Appointment (as defined in the Back-Up Servicing Agreement) to the Back-Up Servicer, Conn Appliances shall designate
one or more employees acceptable to the Successor Servicer to assist the Successor Servicer with respect to In-Store Payments so long
as Conn Appliances continues to accept, or the Successor Servicer permits, In-Store Payments to be made as described herein; provided,
however, such employee of Conn Appliances shall in no event be deemed an employee, agent, custodian or nominee of the Successor Servicer
and the Successor Servicer shall have no responsibility or liability for any negligence or willful misconduct of such employee or for
such employee’s failure to assist the Successor Servicer (including without limitation any acts or omissions unrelated to the transactions
contemplated hereby). Upon the request of the Successor Servicer to the Trustee, 100% of the Noteholders may direct the Successor Servicer
to designate an employee of Successor Servicer to be assigned to any or all Conn Appliances stores to oversee the collection of In-Store
Payments at such stores. Each such employee shall be placed at such store at the expense of the Issuer (as Certificateholder of the Receivables
Trust) at the monthly rate reflected in the SST Fee Schedule.

 

(b)         The
Successor Servicer may accept and reasonably rely on all accounting and servicing records and other documentation provided to the Successor
Servicer by or at the direction of the predecessor Servicer, including documents prepared or maintained by any Originator, or previous
servicer, or any party providing services related to the Contracts, the Receivables and other Related Security (collectively, “third
party”). The predecessor Servicer agrees to indemnify and hold harmless the related Successor Servicer, its respective officers,
employees and agents against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any
other costs, fees and expenses that the Successor Servicer may sustain in any way related to the negligence or willful misconduct of any
third party hired by or at the direction of such predecessor Servicer, any Affiliate of such predecessor Servicer or any of their respective
agents with respect to the Contracts, the Receivables and other Related Security. The Successor Servicer shall have no duty, responsibility,
obligation or liability (collectively, “liability”) for the acts or omissions of any such third party. If any error, inaccuracy
or omission (collectively, “error”) exists in any information provided to the Successor Servicer and such errors cause or
materially contribute to the Successor Servicer making or continuing any error (collectively, “continuing errors”), the Successor
Servicer shall have no liability for such continuing errors; provided, however, that this provision shall not protect the Successor Servicer
against any liability which would otherwise be imposed by reason of willful misconduct or negligence in discovering or correcting any
error or in the performance of its duties contemplated herein.

 

In the event the Successor
Servicer becomes aware of errors and/or continuing errors that, in the opinion of the Successor Servicer, impair its ability to perform
its obligations hereunder, the Successor Servicer shall promptly notify the other parties hereto of such errors and/or continuing errors.
The Successor Servicer may undertake to reconstruct any data or records appropriate to correct such errors and/or continuing errors and
to prevent future continuing errors. The Successor Servicer shall be entitled to recover its costs thereby expended from the predecessor
Servicer.

 

    	 	15	 

     

    

 

Neither the Successor Servicer
nor any of the directors or officers or employees or agents of the Successor Servicer shall be under any liability to the other parties
hereto except as provided in this Agreement for any action taken or for refraining from the taking of any action in good faith pursuant
to this Agreement; provided, however, that this provision shall not protect the Successor Servicer or any such Person against any
liability that would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties, by reason
of reckless disregard of obligations and duties under this Agreement or any violation of law by the Successor Servicer or such Person,
as the case may be. The Successor Servicer and any director, officer, employee or agent of the Successor Servicer may rely in good faith
on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement.

 

The Successor Servicer will
not be responsible for delays attributable to the predecessor Servicer’s failure to deliver information, defects in the information
supplied by such predecessor Servicer or other circumstances beyond the reasonable control of the Successor Servicer. In addition, the
Successor Servicer (and in the case of clauses (A) and (C) below, if a Servicing Officer of the Successor Servicer has actual
knowledge of errors, which in the reasonable opinion of the Successor Servicer impair its ability to perform its services hereunder, after
reasonable inquiry), shall have no responsibility and shall not be in default hereunder or incur any liability for any act or omission,
failure, error, malfunction or any delay in carrying out any of its duties under this Agreement for: (A) any such failure or delay
that results from the Successor Servicer acting in accordance with information prepared or supplied by a Person other than any Person
hired by the Successor Servicer, the Successor Servicer or the failure of any such other Person (including without limitation the predecessor
Servicer, but excluding any Person hired by the Successor Servicer) to prepare or provide such information or other circumstances beyond
the control of the Successor Servicer; (B) any act or failure to act by any third party (other than those hired by the Successor
Servicer), including without limitation the predecessor Servicer, the Receivables Trust, the Issuer and the Trustee; (C) any inaccuracy
or omission in a notice or communication received by the Successor Servicer from any third parties (other than those hired by the Successor
Servicer); (D) the invalidity or unenforceability of any Contracts, the Receivables and Related Security under applicable law; (E) the
breach or inaccuracy of any representation or warranty made with respect to the Contracts, the Receivables and Related Security; or (F) the
acts or omissions of any predecessor or successor Servicer.

 

The Servicer, the Issuer and
the Receivables Trust agree to reasonably cooperate with the Successor Servicer in effecting the assumption of its responsibilities and
rights under this Agreement. The Servicer shall provide to the Successor Servicer all necessary servicing files and records relating to
the Contracts, the Receivables and Related Security (as deemed necessary by the Successor Servicer at such time on a reasonable basis)
and the initial Servicer shall use all commercially reasonable efforts to provide to the Successor Servicer access to and transfer of
records and use by the Successor Servicer of all licenses, servicing system, software, hardware, equipment, telephony, personnel, employees,
facilities or other accommodations necessary or desirable to collect the Contracts, in all cases, subject to the terms of the Intercreditor
Agreement, if applicable. The departing Servicer (if SST, only upon termination for cause) shall be obligated to pay the costs associated
with the transfer of servicing files and records to the Successor Servicer. The Receivables Trust, the Issuer and the Trustee, and the
Successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

    	 	16	 

     

    

 

Indemnification by the Servicer
under this Article shall be paid solely by the Servicer and not from the Trust Estate, and shall include, without limitation, reasonable
fees and expenses of counsel and expenses of litigation. If the indemnifying party has made any indemnity payments pursuant to this Section 2.05(b) and
the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the indemnifying
party, without interest.

 

Section 2.06         Servicer
Default. The occurrence of any one or more of the following events shall constitute a Servicer default (each, a “Servicer
Default”):

 

(a)         failure
by the Servicer (or, for so long as Conn Appliances is the Servicer, Conn Appliances) to make any payment, transfer or deposit under this
Agreement or any other Servicer Transaction Document or to provide the Monthly Servicer Report to the Trustee to make such payment, transfer,
or deposit or any withdrawal on or before the date occurring five (5) days after the date such payment, transfer or deposit is required
to be made or given, as the case may be, under the terms of this Agreement or any other Servicer Transaction Document (or in the case
of a payment, transfer or deposit to be made or given with respect to any Interest Period, by the related Payment Date);

 

(b)         failure
on the part of the Servicer (or, for so long as the Servicer is Conn Appliances, Conn Appliances) to duly observe or perform any other
covenants or agreements of the Servicer set forth in this Agreement or any other Servicer Transaction Document, which failure continues
unremedied for a period of thirty (30) days after the earlier of discovery by the Servicer or the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Servicer by the Trustee, the Receivables Trust, the Receivables
Trust Trustee or the Issuer; or the Servicer shall assign its duties under this Agreement, except as permitted by Article II;

 

(c)         any
representation, warranty or certification made by the Servicer in this Agreement or any other Servicer Transaction Document or in any
certificate delivered pursuant to this Agreement or any other Servicer Transaction Document shall prove to have been incorrect when made
and which continues unremedied for a period of thirty (30) days after the date on which the Servicer has actual knowledge thereof or on
which written notice thereof, requiring the same to be remedied, shall have been given to the Servicer by the Trustee, the Issuer, the
Receivables Trust or the Receivables Trust Trustee;

 

(d)         the
Servicer shall become the subject of any Event of Bankruptcy or shall voluntarily suspend payment of its obligations;

 

(e)         for
so long as Conn Appliances is the Servicer, the failure of Consolidated Parent to maintain Consolidated Net Worth of at least the sum
of $250,000,000; or

 

(f)         at
any time that Conn Appliances is Servicer, a final judgment or judgments for the payment of money in excess of $7,500,000 in the aggregate
shall have been rendered against the Issuer or Conn Appliances and the same shall have remained unsatisfied and in effect, without stay
of execution, for a period of thirty (30) consecutive days after the period for appellate review shall have elapsed.

 

    	 	17	 

     

    

 

Section 2.07         Servicer
Indemnification of Indemnified Parties. (A) The Servicer (if other than SST as successor Servicer) will indemnify, defend and
hold harmless the Trustee, the Receivables Trust Trustee, the Issuer, the Receivables Trust, the Back-Up Servicer, the successor Servicer
and the Noteholders, and (B) SST as successor Servicer will indemnify and hold harmless the Trustee, on behalf of the Noteholders,
the Receivables Trust Trustee, on behalf of the holder of the Receivables Trust Certificate, the Issuer and the Receivables Trust (in
each case, together with their respective successors and permitted assigns) and each of their respective agents, officers, members and
employees (each, a “Servicer Indemnified Party” and, collectively, the “Servicer Indemnified Parties”),
from and against any claim, action, suit, loss, liability, expense, damage or injury suffered or sustained by reason of such Servicer’s
negligence in the performance of (or failure to perform) its duties or obligations under the Servicer Transaction Documents or Servicer’s
willful misconduct or breach by the Servicer of any of its representations or warranties contained in this Agreement, including any judgment,
award, settlement, reasonable attorneys’ fees and other costs or expenses reasonably incurred in connection with the defense of
any actual action, proceeding or claim and fees and expenses incurred in connection with the enforcement of indemnification rights; provided,
however, that the Servicer shall not indemnify any Servicer Indemnified Party for any such acts or omissions attributable to the
negligence or willful misconduct of such Servicer Indemnified Party. Any indemnification pursuant to this Section shall be had only
from the assets of the Servicer and shall not be payable from Collections except to the extent such Collections are released to the Servicer
in accordance with Section 5.15 of the Indenture in respect of the Servicing Fee. The provisions of such indemnity shall run
directly to and be enforceable by such Servicer Indemnified Parties.

 

The Issuer (as Certificateholder
of the Receivables Trust) will indemnify, defend and hold harmless the Servicer and its officers, directors, employees, representatives
and agents (each, an “Issuer Indemnified Party” and, collectively, the “Issuer Indemnified Parties”), from
and against and reimburse the Servicer for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person,
property, or natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including
reasonable attorney’s and agent’s fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted
or claimed against the Servicer directly or indirectly relating to, or arising from, claims against the Servicer by reason of its participation
in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages
to persons or property, and reasonable attorneys’ and consultants’ fees and expenses and court costs and fees and expenses
incurred in connection with the enforcement of indemnification rights; provided, however, that the Issuer shall not indemnify any Issuer
Indemnified Party for any such acts or omissions attributable directly or indirectly to the negligence or willful misconduct of such Issuer
Indemnified Party or, other than with respect to SST as successor Servicer, for any breach by the Servicer of any of the Servicer Transaction
Documents. The provisions of this section shall survive the termination of this Agreement or the earlier resignation or removal of the
Servicer.

 

    	 	18	 

     

    

 

Section 2.08         Grant
of License. For the purpose of enabling the Back-Up Servicer or any other Successor Servicer to perform the functions of servicing
and collecting the Receivables upon a Servicer Default, Conn Appliances hereby (i) assigns, to the extent not prohibited by law or
the terms of any agreement to which Conn Appliances is a party or by which it is deemed bound (by the terms thereof or by acceptance of
a license), to the Trustee for the benefit of the Secured Parties and shall be deemed to assign to the Trustee for the benefit of the
Secured Parties, the Back-Up Servicer or any other Successor Servicer all rights owned or hereinafter acquired by Conn Appliances (by
license, sublicense, lease, easement or otherwise) in and to any equipment used for servicing (or reasonable access thereto) together
with a copy of any software used in connection with the performance of its duties as Servicer and relating to the Servicing and collecting
of Receivables, (ii) agrees to use all reasonable efforts to assist the Trustee for the benefit of the Secured Parties, the Back-Up
Servicer or any other Successor Servicer to arrange licensing agreements with all software vendors and other applicable persons in a manner
and to the extent reasonably appropriate to effectuate the servicing of the Receivables, (iii) agrees to deliver to the Trustee,
the Back-Up Servicer or any Successor Servicer executed copies of any landlord waivers that may be necessary to grant to the Trustee,
the Back–Up Servicer or any other Successor Servicer access to any leased premises of Conn Appliances for which the Trustee, the
Back-Up Servicer or any other Successor Servicer may require access to perform the collection and administrative functions to be performed
by the Trustee, the Back-Up Servicer or any Successor Servicer under the Servicer Transaction Documents and (iv) agrees that it will
terminate its activities as Servicer hereunder in a manner which the Trustee the Back-Up Servicer or any Successor Servicer reasonably
believes will facilitate the transition of the performance of such activities to the Back-Up Servicer or any other designated Successor
Servicer, as applicable, and shall use commercially reasonable efforts to assist the Trustee, the Back-Up Servicer or any Successor Servicer
in such transition. The terms of this Section 2.08 shall all be subject to the limitations on the Servicer’s rights as set
forth in the Intercreditor Agreement.

 

Section 2.09         Servicing
Compensation. As compensation for its servicing and custodial activities hereunder and reimbursement for its expenses (in the case
of Conn Appliances only) as set forth in the immediately following paragraph, the Servicer shall be entitled to receive a servicing fee
(the “Servicing Fee”) as set forth in the Transaction Documents (including, with regards to SST as Successor Servicer,
as set forth on the SST Fee Schedule) prior to the Indenture Termination Date as described in Section 12.1 of the Indenture. The
Servicing Fee shall be payable, with respect to each Series, at the times and subject to the limitations set forth in the Indenture; provided,
that, amounts withdrawn from the Reserve Account may not be used to pay the Servicing Fee for so long as Conn Appliances is the Servicer.

 

The initial Servicer’s
expenses include expenses incurred by the initial Servicer in connection with its activities hereunder; provided, that the initial
Servicer in its capacity as such shall not be liable for any liabilities, costs or expenses of the Receivables Trust, the Issuer, the
Noteholders or the Note Owners arising under any tax law, including without limitation any federal, state or local income or franchise
taxes or any other tax imposed on or measured by income or gross receipts (or any interest or penalties with respect thereto or arising
from a failure to comply therewith) except to the extent that such liabilities, taxes or expenses arose as a result of the breach by the
initial Servicer of its obligations under Section 6.02 hereof. In such case, the initial Servicer shall be required to pay
such expenses for its own account and shall not be entitled to any payment therefor other than the Servicing Fee. The payment of the expenses
of SST, as Successor Servicer, which with respect to SST are set forth in the SST Fee Schedule attached to the Back-Up Servicing Agreement,
shall be distributed on each Payment Date to the extent of funds available therefor in accordance with Section 5.15 of the Indenture
and the SST Fee Schedule. The provisions of this Section 2.09 shall survive the termination of this Agreement and the earlier
resignation or removal of the Servicer.

 

    	 	19	 

     

    

 

 

Section 2.10           Representations
and Warranties of the Servicer. The Servicer hereby represents, warrants and covenants to and for the benefit of the Receivables Trust,
the Issuer, the Trustee, the Back-Up Servicer, the Successor Servicer and the Noteholders as of the date of this Agreement and, in the
case of the initial Servicer, as of the Closing Date and, in the case of any Successor Servicer, as of the date of its appointment as
Servicer:

 

(a)            Organization
and Good Standing, etc. Servicer has been duly organized and is validly existing and in good standing under the laws of its state
of organization, with power and authority to own its properties and to conduct its business as such properties are presently owned and
such business are presently conducted. Servicer is duly licensed or qualified to do business as a foreign entity in good standing in the
jurisdiction where its principal place of business and chief executive office are located and in each other jurisdiction in which the
failure to be so licensed or qualified would be reasonably likely to have a Material Adverse Effect.

 

(b)            Power
and Authority; Due Authorization. Servicer has (i) all necessary power, authority and legal right to execute, deliver and perform,
as applicable, its obligations under this Agreement and each of the other Servicer Transaction Documents, and (ii) duly authorized,
by all necessary action, the execution, delivery and performance, as applicable, of this Agreement and the other Servicer Transaction
Documents. Servicer has and in the case of the initial Servicer only, had at all relevant times, and now has, all necessary power, authority
and legal right to perform its duties as Servicer.

 

(c)            No
Violation. The consummation of the transactions contemplated by this Agreement and the other Servicer Transaction Documents and the
fulfillment of the terms hereof will 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 or both) a default under, (A) the organizational documents of Servicer, or (B) (in
the case of SST as successor Servicer, without investigation or inquiry) any material indenture, loan agreement, pooling and servicing
agreement, receivables purchase and sale agreement, mortgage, deed of trust, or other agreement or instrument to which Servicer is a party
or by which any of them or any of their respective properties is bound, (ii) in the case of the initial Servicer only, result in
or require the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, loan
agreement, pooling and servicing agreement, receivables purchase and sale agreement, mortgage, deed of trust, or other agreement or instrument,
other than pursuant to the terms of the Servicer Transaction Documents, or (iii) violate any law or any order, rule, or regulation
applicable to Servicer or of any court or of any federal, state or foreign regulatory body, administrative agency, or other governmental
instrumentality having jurisdiction over Servicer or any of its properties.

 

    20 

     

    

 

(d)            Eligible
Receivable. Solely in the case of the initial Servicer, all Receivables in the Trust Estate are Eligible Receivables as of the Cut-Off
Date.

 

(e)            Validity
and Binding Nature. This Agreement is, and the other Servicer Transaction Documents when duly executed and delivered, as applicable,
by Servicer and the other parties thereto will be, the legal, valid and binding obligation of Servicer enforceable in accordance with
their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
law affecting creditors’ rights generally and by general principles of equity.

 

(f)            Government
Approvals. No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory
body required for the due execution, delivery or performance by Servicer of any Servicer Transaction Document to which it is a party remains
unobtained or unfiled, except in the case of the initial Servicer for the filing of the financing statements referred to in Section 7.02(a).

 

(g)            Margin
Regulations. Initial Servicer is not engaged in the business of extending credit for the purpose of purchasing or carrying margin
stock, and no proceeds of any Class A Notes, directly or indirectly, will be used for a purpose that violates, or would be inconsistent
with, Regulations T, U and X promulgated by the Federal Reserve Board from time to time.

 

(h)            Compliance
with Applicable Laws. Servicer is in compliance with the requirements of all applicable laws, rules, regulations, and orders of all
governmental authorities, a breach of any of which, individually or in the aggregate, would be reasonably likely to have a Material Adverse
Effect.

 

(i)            No
Proceedings. Except as described in Schedule 2.10(i), provided that such schedule shall only apply to the initial Servicer,

 

(i)             there
is no order, judgment, decree, injunction, stipulation or consent order of or with any court or other government authority to which Servicer
is subject, and there is no action, suit, arbitration, regulatory proceeding or investigation pending, or, to the actual knowledge of
Servicer, threatened, before or by any court, regulatory body, administrative agency or other tribunal or governmental instrumentality,
against Servicer that, individually or in the aggregate, is reasonably likely to have a Material Adverse Effect; and

 

(ii)            there
is no action, suit, proceeding, arbitration, regulatory or governmental investigation, pending or, to the actual knowledge of Servicer,
threatened, before or by any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting
the invalidity of this Agreement or any other Servicer Transaction Document, or (B) seeking to prevent the consummation of any of
the other transactions contemplated by this Agreement or any other Servicer Transaction Document.

 

    21 

     

    

 

(j)             Accuracy
of Information. All information heretofore furnished by, or on behalf of, Servicer to the Receivables Trust, the Issuer, the Trustee
or any Noteholder in connection with any Servicer Transaction Document, or any transaction contemplated thereby, is true and accurate
in every material respect.

 

If SST is acting as Successor
Servicer, with respect to the representations set forth in Sections 2.10(a), 2.10(i) and 2.10(j), when determining whether any Material
Adverse Effect has occurred with respect to any matter described in such sections, clauses (ii) and (iii) of the definition
of “Material Adverse Effect” shall apply without reference to the effect of such matter on Depositor or on any Servicer (other
than SST as Successor Servicer).

 

Section 2.11           Reports
and Records for the Trustee. In addition to each of the reports required to be prepared and delivered by the Servicer pursuant to
Section 2.02(e) hereof, the Servicer shall prepare and deliver in accordance with this Section 2.11 each
of the following reports and notices:

 

(a)            Periodic
Reports. The Servicer shall prepare and forward to the Receivables Trust, the Issuer, the Back-Up Servicer and the Trustee (i) on
or prior to the Series Transfer Date with respect to each calendar month, a Monthly Servicer Report in substantially the form set
forth on Exhibit A-1 attached hereto as of the last day of the immediately preceding calendar month, and (ii) as soon
as reasonably practicable, from time to time, such other information in its possession as the Receivables Trust, the Trustee or the Back-Up
Servicer may reasonably request.

 

(b)            Monthly
Noteholders’ Statement. Unless otherwise stated in the Series Supplement, on each Determination Date the Servicer shall
forward to the Receivables Trust, the Trustee and the Back-Up Servicer a Monthly Noteholders’ Statement substantially in the form
set forth on Exhibit A-2 attached hereto prepared by the Servicer.

 

(c)            Issuer
Reports. The Servicer shall prepare and deliver the reports applicable to it and comply with all the provisions applicable to it under
Section 4.3 of the Indenture.

 

(d)            Series Reports.
The initial Servicer shall prepare and deliver any reports required to be prepared and delivered by the Servicer by the terms of any agreements
of the Issuer or the Servicer relating to the issuance or purchase of any of the Notes.

 

Section 2.12            Reports
to the Commission. The Issuer, the Receivables Trust and/or Conn Appliances, if the Issuer, the Receivables Trust and/or Conn Appliances
or any Affiliate of either of them is not acting as Servicer, shall, at the expense of the Issuer or Conn Appliances, as applicable, cooperate
in any reasonable request of the Trustee in connection with any filings required to be filed by the Trustee under the provisions of the
Securities Exchange Act of 1934 or pursuant to Section 4.3 of the Indenture.

 

    22 

     

    

 

Section 2.13            Affirmative
Covenants of the Servicer. At all times from the date hereof to the date on which the outstanding principal balance of all Notes shall
be equal to zero, unless the Required Noteholders shall otherwise consent in writing:

 

(a)            Credit
and Collection Policies. The Servicer will comply in all material respects with the Credit and Collection Policies in regard to each
Receivable and the related Contract.

 

(b)            Collections
Received. Subject to Section 5.4(a) of the Indenture, the Servicer shall set aside and deposit as soon as reasonably
practicable (but in any event no later than two (2) Business Days following its receipt thereof) into the Collection Account all
Collections received from time to time by the Servicer.

 

(c)            Notice
of Defaults, Events of Default, Potential Pay Out Event or Servicer Defaults. Within five (5) Business Days after the Servicer
obtains actual knowledge or receives written notice of the occurrence of each Default, Event of Default or Servicer Default, the Servicer
will furnish to the Trustee and each Rating Agency a statement of a Responsible Officer of the Servicer, setting forth to the extent actually
known by the Servicer, details of such Default, Event of Default or Servicer Default, and the action which the Servicer, the Issuer or
the Depositor proposes to take with respect thereto.

 

(d)            Conduct
of Business. The Servicer will do all things necessary to remain duly incorporated, validly existing and in good standing in its jurisdiction
of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted to
the extent that the failure to maintain such would have a Material Adverse Effect.

 

(e)            Compliance
with Laws. The Servicer will comply in all respects with all laws with respect to the Receivables to the extent that any non-compliance
would have a Material Adverse Effect.

 

(f)            Further
Information. The Servicer shall furnish or cause to be furnished to the Receivables Trust, the Trustee such other information relating
to the Receivables and readily available public information regarding the financial condition of the Servicer, as soon as reasonably practicable,
and in such form and detail, as the Trustee or the Receivables Trust may reasonably request.

 

(g)            Furnishing
of Information and Inspection of Records. The Servicer will furnish to the Receivables Trust, the Trustee and the Issuer from time
to time such information in its possession with respect to the Receivables as such Person may reasonably request, including, without limitation,
listings identifying the Outstanding Receivables Balance for each Receivable, together with an aging of Receivables. The Servicer will,
at any time and from time to time during regular business hours and, upon reasonable notice, permit the Trustee, the Issuer, or its agents
or representatives, (i) to examine and make copies of and abstracts from all Records relating to the Receivables and (ii) to
visit the offices and properties of the Servicer for the purpose of examining such Records, and to discuss matters relating to Receivables
or the Servicer’s performance hereunder and under the other Servicer Transaction Documents with any Servicing Officer of the Servicer
having knowledge of such matters. Upon a Default, Event of Default or Servicer Default, the Trustee and the Issuer may have, without notice,
reasonable access to all records and the offices and properties of the Servicer.

 

    23 

     

    

 

(h)            Risk
Retention. The Servicer, in its capacity as “sponsor” within the meaning of 17 C.F.R. Part 246 (“Regulation
RR”), shall cause the Depositor to retain the “eligible horizontal residual interest” (as defined by Regulation
RR (the “Retained Interest”)) on the Closing Date and the Servicer will cause the Depositor and each Affiliate of the
Servicer not to sell, transfer, finance or hedge the Retained Interest in violation of Regulation RR.  This Section 2.13(h) shall
survive the termination of this Agreement, and any resignation by, or termination of, the Servicer.

 

If SST is acting as Successor
Servicer, with respect to the covenants set forth in Sections 2.13(d), 2.13(e) and 2.14(c), when determining
whether any Material Adverse Effect has occurred with respect to any matter described in such sections, clauses (ii) and (iii) of
the definition of “Material Adverse Effect” shall apply without reference to the effect of such matter on Depositor or on
any Servicer (other than SST as Successor Servicer).

 

Section 2.14            Negative
Covenants of the Servicer. At all times from the date hereof to the date on which the outstanding principal balance of all Notes shall
be equal to zero, unless the Required Noteholders shall otherwise consent in writing:

 

(a)            Modifications
of Receivables or Contracts. The Servicer shall not extend, amend, forgive, discharge, compromise, waive, cancel or otherwise modify
the terms of any Receivable or amend, modify or waive any term or condition of any Contract related thereto; except in accordance with
Section 2.02(b).

 

(b)            Merger
or Consolidation of, or Assumption of the Obligations of, the Servicer. (I) The Servicer shall not consolidate with or merge
into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless:

 

(i)             the
entity formed by such consolidation or into which the Servicer is merged or the Person which acquires by conveyance or transfer the properties
and assets of the Servicer substantially as an entirety shall be an entity organized and existing under the laws of the United States
of America or any State or the District of Columbia and, if the Servicer is not the surviving entity, such corporation shall expressly
assume, by an agreement supplemental hereto executed and delivered to the Trustee, and with the satisfaction of the Rating Agency Condition,
the performance of every covenant and obligation of the Servicer under the Servicer Transaction Documents; and

 

    24 

     

    

 

(ii)            the
Servicer has delivered to the Trustee, each Notice Person and the Receivables Trust (if requested by such Person) an Opinion of Counsel
stating that such consolidation, merger, conveyance or transfer comply with this paragraph (b) and that all conditions precedent
herein provided for relating to such transaction have been complied with (and if an agreement supplemental hereto has been executed as
contemplated by clause (i) above, such opinion of counsel shall state that such supplemental agreement is a legal, valid and standing
obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles).

 

(II)  If SST is acting as Servicer,
any corporation or other entity into which SST 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 SST shall be a party, or any corporation or other entity
succeeding to the business of SST must be the successor of SST hereunder without the execution or filing of any paper with any party hereto
or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to
effect such succession, anything herein to the contrary notwithstanding, and SST will not merge, convert or consolidate if the resulting
entity would not be the successor of SST hereunder.

 

(c)            No
Change in Business or the Credit and Collection Policies. The Servicer will not make any change in the character of its business or
in the Credit and Collection Policies, which change would, in either case, impair the collectability of any Receivable or otherwise have
a Material Adverse Effect, except to the extent such change is required as a result of a change in applicable Requirements of Law.

 

Section 2.15           Sale
of Defaulted Receivables. The initial Servicer may sell, on behalf of the Receivables Trust, Defaulted Receivables that have been
Defaulted Receivables for no less than six months, as to which the initial Servicer shall have determined eventual payment in full is
unlikely, to an unaffiliated third party for the greatest market price available, if in its good faith judgment it determines that the
proceeds ultimately recoverable with respect to such Receivables would be increased by such sale. Notwithstanding the foregoing, in no
event may the aggregate sales of Defaulted Receivables (by Outstanding Receivables Balance of such Defaulted Receivable as of the Cut-Off
Date) pursuant to this Section 2.15 exceed 10% of the Outstanding Receivables Balance on the Cut-Off Date.

 

    25 

     

    

 

Section 2.16            Deemed
Collections. In the event that there is any breach of any of the representations, warranties or covenants of the initial Servicer
contained in Section 2.10(d), Section 2.13(a), Section 2.13(e), and Section 2.14(a) with
respect to any Receivable, and such Receivable becomes a Defaulted Receivable or the rights of the Secured Parties in, to or under such
Receivable or its proceeds are impaired or the proceeds of such Receivable are not available to the Trustee for the benefit of the Secured
Parties or the initial Servicer has released any Merchandise securing a Receivable from the lien created by such Receivable (except as
specifically provided in the Servicer Transaction Documents), then the initial Servicer shall be deemed to have received on such day a
collection of such Receivable in full, and the initial Servicer shall, on the Distribution Date, deposit into the Collection Account,
subject to Section 5.4(a) of the Indenture, an amount equal to the Outstanding Receivables Balance of such Receivable, and such
amount shall be allocated and applied by the initial Servicer as a Collection allocable to the Receivables or Related Security in accordance
with Section 5.11 (or the applicable section relating to allocation of Collections) of the Indenture. In the event that the initial
Servicer has paid to or for the benefit of the Noteholders or any other applicable Secured Party the full Outstanding Receivables Balance
of any Receivable pursuant to this paragraph, the Receivables Trust shall release and convey all of such Person’s right, title and
interest in and to the related Receivable to the initial Servicer, without representation or warranty, but free and clear of all liens
created by such Person, as applicable.

 

ARTICLE III

 

RIGHTS
OF NOTEHOLDERS AND ALLOCATION

AND APPLICATION OF COLLECTIONS

 

Section 3.01           Establishment
of Accounts.

 

(a)            The
Collection Account. The initial Servicer, for the benefit of the Secured Parties, shall establish and the Servicer shall maintain
the Collection Account in the state of New York or in the city in which the Corporate Trust Office is located, with a Qualified Institution
in the name of the Trustee, on behalf of the Secured Parties as designee of the Receivables Trust, a non-interest bearing segregated account
bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties. Pursuant
to authority granted to it pursuant to subsection 2.02(a), the Servicer shall have the revocable power to cause to be withdrawn
funds from the Collection Account for the purposes of carrying out its duties hereunder and under the Indenture.

 

(b)           Series Accounts.
If so provided in the Series Supplement, the initial Servicer shall cause to be established and the Servicer shall maintain in the
name of the Trustee for the benefit of the Noteholders and the other Secured Parties as designee of the Receivables Trust, one or more
Series Accounts. Each such Series Account shall bear a designation clearly indicating that the funds deposited therein are held
for the benefit of the Noteholders and the other Secured Parties, to the extent applicable. Each such Series Account will be a trust
account, if so provided in the Series Supplement, and will have the other features and be applied as set forth in the Series Supplement.

 

    26 

     

    

 

Section 3.02           Collections
and Allocations.

 

(a)            Collections.
Subject to subsection 5.4(a) of the Indenture, the Servicer shall deposit all Collections in the Collection Account as promptly
as possible after the date of receipt of such Collections, but in no event later than the second Business Day following such date of receipt.

 

The Servicer shall allocate
such amounts in accordance with this Article III and Article 5 of the Indenture and the initial Servicer shall cause to be withdrawn
the required amounts from the Collection Account or pay such amounts to the Noteholders or other Persons entitled thereto in accordance
with this Article III and Article 5 of the Indenture, in both cases as modified by the Series Supplement. The initial Servicer
shall make such deposits or payments on the date indicated therein by wire transfer or as otherwise provided in the Series Supplement.

 

ARTICLE IV

 

OTHER SERVICER
POWERS

 

Section 4.01           Appointment
of Paying Agent. Subject to Section 2.7 of the Indenture, the Servicer may, but shall not be obligated to, revoke the power
of the Paying Agent to withdraw funds from any account maintained for the benefit of the Secured Parties pursuant to the Indenture and
remove the Paying Agent, if the Servicer determines in its reasonable discretion that the Paying Agent shall have failed to perform its
obligations under the Indenture in any material respect or for other good cause. The Issuer shall promptly notify each Rating Agency of
the removal of any Paying Agent.

 

Section 4.02           [Reserved.]

 

ARTICLE V

 

OTHER MATTERS
RELATING

TO THE SERVICER

 

Section 5.01           Liability
of the Servicer. The Servicer hereby agrees to perform any and all duties and obligations set forth in the Indenture that are specifically
identified therein as duties of the Servicer. Subject to the foregoing, the Servicer shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by it or required to be taken by it in such capacity herein and in the other Servicer
Transaction Documents.

 

Section 5.02           Limitation
on Liability of the Servicer and Others. The directors, officers, employees or agents who are natural persons of the Servicer shall
not be under any liability to the Issuer, the Receivables Trust, the Trustee, the Noteholders or any other Person hereunder or pursuant
to any document delivered hereunder for any action taken or for refraining from the taking of any action, it being expressly understood
that all such liability is expressly waived and released as a condition of, and as consideration for, the execution of this Agreement
and any supplement hereto. Except as provided in this Section 5.02 with respect to the Issuer, the Receivables Trust, and
the Trustee, and their respective officers, directors, employees and agents, the Servicer shall not be under any liability to the Issuer,
the Receivables Trust, the Trustee, their respective officers, directors, employees and agents, the Noteholders or any other Person for
any action taken or for refraining from the taking of any action in its capacity as Servicer pursuant to this Agreement or any supplement
hereto; provided, however, that this provision shall not protect the Servicer against any liability which would otherwise
be imposed by reason of (x) willful misconduct, bad faith or negligence in the performance of duties or by reason of its reckless
disregard of its obligations and duties hereunder or under the Series Supplement or (y) breach of the express terms of any
Servicer Transaction Document. The Servicer may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder. The Servicer shall not be under any obligation to appear
in, prosecute or defend any legal action which is not incidental to its duties to service the Receivables or the other property in the
Trust Estate in accordance with this Agreement, the Indenture and the Series Supplement that in its reasonable opinion may involve
it in any expense or liability.

 

    27 

     

    

 

Section 5.03           Servicer
Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon determination that (i) the
performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which such
Servicer could take to make the performance of its duties hereunder permissible under applicable law. Any such determination permitting
the resignation of any Servicer shall be evidenced as to clause (i) above by an Opinion of Counsel and as to clause (ii) by
a Conn Officer’s Certificate of the Servicer (or, if the Servicer is not Conn Appliances or an Affiliate thereof, a certificate
of a responsible officer of such Servicer), each to such effect delivered, and satisfactory in form and substance, to the Trustee. No
such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of such Servicer
in accordance with Section 2.01 hereof and the Rating Agency Condition shall have been satisfied.

 

Section 5.04           Waiver
of Defaults. Any default by the Servicer in the performance of its obligations hereunder and its consequences may be waived pursuant
to Section 7.01. Upon any such waiver of a default, such default shall cease to exist, and any default arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereon except to the extent expressly so waived.

 

ARTICLE VI

 

ADDITIONAL
OBLIGATION OF THE

SERVICER WITH RESPECT TO THE TRUSTEE

 

Section 6.01           Successor
Trustee.

 

(a)            If
the Trustee resigns or is removed pursuant to the terms of the Indenture or if a vacancy exists in the office of the Trustee for any reason,
the Servicer (or, if Conn Appliances is not the Servicer, the Issuer) shall promptly appoint a successor Trustee meeting the requirements
of Section 11.9 of the Indenture, by written instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Trustee and one copy to the successor Trustee.

 

    28 

     

    

 

(b)           The
Servicer and the Issuer agree to 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 Trustee all rights, powers, duties and obligations under the Indenture and
hereunder.

 

Section 6.02           Tax
Returns. The initial Servicer, on behalf of Issuer, or the Issuer shall prepare or shall cause to be prepared all tax information
required by law to be distributed to Noteholders and shall deliver such information to the Trustee at least five days prior to the date
it is required by law to be distributed to Noteholders. Except to the extent the initial Servicer or the Issuer breaches its obligations
or covenants contained in this Section 6.02, in no event shall the initial Servicer or the Issuer be liable for any liabilities,
costs or expenses of the Noteholders or the Note Owners arising under any tax law, including without limitation federal, state, local
or foreign income or excise taxes or any other tax imposed on or measured by income or gross receipts (or any interest or penalty with
respect thereto or arising from a failure to comply therewith).

 

Section 6.03           Final
Payment with Respect to Any Series. The initial Servicer or the Issuer shall provide any notice of termination as specified for the
Issuer in Section 12.5(a) of the Indenture and in accordance with the procedures set forth therein.

 

Section 6.04           Optional
Purchase of Receivables Trust Estate.

 

(a)            The
initial Servicer will have the option to purchase (the “Optional Purchase”) the Receivables Trust Estate (other than
the Reserve Account) for an amount equal to the Optional Purchase Price from the Issuer on any Business Day if, as of the last day of
the previous Monthly Period, the Outstanding Receivables Balance has declined to 10% or less of the Outstanding Receivables Balance as
of the Cut-Off Date. The Optional Purchase Price will not be less than an amount sufficient to pay accrued and unpaid interest then due
on the Series 2021-A Notes and the aggregate unpaid Note Principal, if any, of all of the outstanding Series 2021-A Notes. The
fair market value of the Receivables Trust Estate will be calculated based upon a reasonable valuation or appraisal of the Receivables
Trust Estate delivered at least five (5) Business Days prior to any exercise of the Optional Purchase by the initial Servicer prepared
by a nationally recognized third-party appraisal services firm or independent accounting firm in form and substance satisfactory to the
Trustee, which appraisal or other valuation report states (with supporting data and calculations) the fair market value of the Receivables
Trust Estate. To exercise such option, the initial Servicer shall deposit the Optional Purchase Price into the Collection Account on the
Redemption Date. The initial Servicer shall furnish written notice of its election to exercise the Optional Purchase to the Trustee not
later than twenty (20) days prior to the Optional Purchase date. If the initial Servicer exercises the Optional Purchase, all Notes shall
be due and payable under the Indenture and the Notes shall be redeemed and in each case in whole but not in part on the Redemption Date
for the Redemption Price.

 

    29 

     

    

 

(b)            Upon
exercise of the Optional Purchase, the Class R Notes will receive a final distribution equal to any excess of the fair market value
of the Receivables on the date on which the Optional Purchase will occur over the accrued and unpaid interest then due on the Series 2021-A
Notes and the aggregate unpaid principal, if any, of all of the outstanding Series 2021-A Notes plus an amount sufficient to pay
(i) the Servicing Fee (including to any successor servicer) for such Payment Date and all unpaid Servicing Fees with respect to prior
Payment Dates (provided, that, any amounts withdrawn from the Reserve Account may not be used to pay the Servicing Fee for so long as
Conn Appliances is the Servicer) and (ii) the Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses for
such Payment Date and all unpaid Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses with respect to prior
Payment Dates, after giving effect to the Available Funds (other than any amounts on deposit in the Reserve Account) for such Payment
Date. After such Payment Date, the Class R Noteholders will not be entitled to any additional distributions. Any amount on deposit
in the Reserve Account on such Payment Date (after giving effect to the applicable priority of payments on such Payment Date) will be
distributed to the Depositor.

 

ARTICLE VII

 

MISCELLANEOUS
PROVISIONS

 

Section 7.01           Amendment.

 

(a)            This
Agreement may be amended in writing from time to time by the Issuer, the Receivables Trust, the Servicer and the Trustee, without
the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent
with any other provisions herein, or in the Offering Memorandum, or to add any other provisions with respect to matters or questions arising
under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided, that such action, as evidenced
to the Trustee by (i) an Opinion of Counsel, (ii) Conn’s Officer Certificate or (iii) satisfaction of the Rating
Agency Condition, shall not adversely affect in any material respect the interests of any Noteholder; provided, further such action shall
not adversely affect in any material respect the interests of the Back-Up Servicer (including as Successor Servicer) without its prior
written consent.

 

(b)            Any
provision of this Agreement may also be amended, supplemented, modified or waived in writing from time to time by the Issuer, the
Receivables Trust, the Servicer and the Trustee with the consent of the Required Noteholders for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of Noteholders
of any Series then issued and outstanding; provided, however, that no such amendment, supplement, modification or waiver
shall (i) reduce in any manner the amount of, or delay the timing of, distributions which are required to be made on any Notes without
the consent of each Holder of Notes so affected, (ii) change the definition of or the manner of calculating the Note Principal without
the consent of each Holder of Notes, (iii) reduce the aforesaid percentage required to consent to any such amendment, without the
consent of each Holder of Notes adversely affected, (iv) adversely affect in any material respect the interests of the Back-Up Servicer
(including as Successor Servicer) without its prior written consent. The Trustee may, but shall not be obligated to, enter into any such
amendment which adversely affects the Trustee’s rights, duties or immunities under this Agreement, the Indenture or otherwise.

 

    30 

     

    

 

(c)            Promptly
after the execution of any such amendment, the Issuer shall furnish notification of the substance of such amendment to each Rating Agency.

 

(d)            Notwithstanding
anything herein to the contrary, no amendment to this Agreement shall be effective that would result in or cause (i) the Receivables
Trust or the Issuer to be classified as an association or publicly traded partnership taxable as a corporation, or (ii) the Receivables
Trust to be classified, for United States federal income tax purposes, as other than a fixed investment trust described in Treasury Regulation
Section 301.7701-4(c) that is treated as a grantor trust under Subpart E, Part I of subchapter J, Chapter I of Subtitle
A of the Code.

 

(e)            It
shall not be necessary for the consent of Noteholders under this Section 7.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable requirements as the Trustee may prescribe.

 

(f)            In
connection with any amendment, the Trustee shall be entitled to receive an Opinion of Counsel (from an external law firm) from the Issuer
to the effect that the amendment complies with all requirements of this Agreement and the Indenture, except that such counsel shall not
be required to opine on factual matters.

 

(g)            Any
amendment which affects the rights, duties, immunities or liabilities of the Receivables Trust Trustee shall require the Receivable Trust
Trustee’s written consent.

 

Section 7.02           Protection
of Right, Title and Interest to Receivables and Related Security.

 

(a)            Conn
Appliances or the Issuer (if Conn Appliances is not the Servicer) shall cause this Agreement, the Indenture and the Series Supplement,
all amendments hereto and/or all financing statements and any other necessary documents covering the Noteholders’ and the Trustee’s
right, title and interest to the Trust Estate and the Receivables Trust’s right, title and interest in the Receivables Trust Estate
to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such
places as may be required by law fully to preserve and protect the Trustee’s Lien (granted pursuant to the Indenture for the benefit
of the Secured Parties) on the property comprising the Trust Estate and the Receivables Trust’s interest in the Receivables Trust
Estate. Conn Appliances or the Issuer shall deliver to the Trustee file-stamped copies of, or filing receipts for, any document recorded,
registered or filed as provided above, as soon as available following such recording, registration or filing. The Depositor shall cooperate
fully with the Conn Appliances or the Issuer, as applicable, in connection with the obligations set forth above and will execute any and
all documents reasonably required to fulfill the intent of this subsection 7.02(a).

 

    31 

     

    

 

(b)           The
Servicer will give the Trustee prompt written notice of any relocation of any office from which it services the Receivables and Related
Security or keeps records concerning such items or of its principal executive office and, in the case of the initial Servicer, prompt
written notice of whether, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment
of any previously filed financing statement or of any new financing statement and shall file such financing statements or amendments as
may be necessary to continue the Trustee’s security interest in the Trust Estate and the proceeds thereof for the benefit of
the Secured Parties. The Servicer will at all times maintain each office from which it performs custody, collection and/or customer service
obligations with respect to the Receivables, Related Security and other property in its possession and part of the Trust Estate and its
principal executive office within the United States of America.

 

Section 7.03           Governing
Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES TO THIS SERVICING AGREEMENT HEREBY AGREES
TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING
JURISDICTION TO REVIEW THE JUDGMENT THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS
AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF
SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

 

Section 7.04           Notices.
All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered
at, sent by facsimile to, sent by courier (overnight or hand-delivered) at or mailed by registered mail, return receipt requested, to
(a) in the case of the Issuer, to 2445 Technology Forest Blvd., Suite 800, The Woodlands, TX, 77381, (b) in the case of
the initial Servicer or Conn Appliances, to 2445 Technology Forest Blvd., Suite 800, The Woodlands, TX, 77381, (c) in the case
of the Trustee, to the Corporate Trust Office, (d) in the case of the Receivables Trust, to c/o Wilmington Trust, National Association,
as Receivables Trust Trustee, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration
 – Conn’s Receivables 2021-A Trust and (e) in the case of each Rating Agency, the address specified in the Series Supplement;
or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. Unless otherwise
provided in the Series Supplement or otherwise expressly provided herein, any notice required or permitted to be mailed to a Noteholder
shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Any notice so mailed
or published, as the case may be, within the time prescribed in this Agreement shall be conclusively presumed to have been duly given,
whether or not the Noteholder receives such notice.

 

    32 

     

    

 

Section 7.05            Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever
be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

 

Section 7.06            Delegation.
Except as provided in Section 2.01, 2.02 or 2.14(b), the Servicer may not delegate any of its obligations under
this Agreement.

 

Section 7.07            Waiver
of Trial by Jury. To the extent permitted by applicable law, each of the parties hereto irrevocably waives all right of trial by jury
in any action, proceeding or counterclaim arising out of or in connection with this Agreement or the Transaction Documents or any matter
arising hereunder or thereunder.

 

Section 7.08            Further
Assurances. The Servicer agrees to do and perform, from time to time, any and all acts and to execute any and all further instruments
required or reasonably requested by the Trustee more fully to effect the purposes of this Agreement.

 

Section 7.09            No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trustee, the Issuer, the Receivables
Trust, the Servicer, or the Noteholders, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and
not exhaustive of any rights, remedies, powers and privileges provided by law.

 

Section 7.10            Counterparts.
This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be
an original, but all of which together shall constitute one and the same instrument. This Agreement shall be valid, binding and enforceable
against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic
signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
Transactions Act and/or any other relevant electronic signatures law, including the relevant provisions of the UCC; (ii) an original
manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied
manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.
Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied
manual signature, or other electronic signature, of any other party (whether such signature is with respect to this Agreement or any notice,
officer’s certificate or other ancillary document delivered pursuant to or in connection with this Agreement) and shall have no
duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

 

    33 

     

    

 

Section 7.11           Third-Party
Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the Secured Parties, the Receivables
Trust Trustee and their respective successors and permitted assigns. Except as provided in this Section 7.11, no other Person
will have any right or obligation hereunder; provided that the Issuer shall have the right to enforce all rights of the Receivables Trust.

 

Section 7.12           Actions
by Noteholders.

 

(a)            Wherever
in this Agreement a provision is made that an action may be taken or a notice, demand or instruction given by Noteholders, such action,
notice or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage of Noteholders
or unless otherwise provided in the Series Supplement, in each case, as certified by such Noteholder. Notwithstanding anything in
this Agreement to the contrary, neither the Servicer nor any Affiliate thereof shall have any right to vote with respect to any Note except
as specifically provided in the Indenture.

 

(b)            Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Noteholder shall bind such Noteholder and every subsequent
holder of such Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything
done or omitted to be done by the Trustee or the Servicer in reliance thereon, whether or not notation of such action is made upon such
Note.

 

Section 7.13            Rule 144A
Information. For so long as any of the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, the Issuer and the Trustee (if such information is in the Trustee’s possession) agree to provide to any Noteholders
and to any prospective purchaser of Notes designated by such a Noteholder upon the request of such Noteholder or prospective purchaser,
any information required to be provided to such holder or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4) under
the Securities Act, and the Servicer agrees to reasonably cooperate with the Issuer and the Trustee in connection with the foregoing.

 

Section 7.14            Merger
and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties
relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement.

 

Section 7.15            Headings.
The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

Section 7.16            Rights
of the Trustee. The Trustee shall be entitled to all rights, powers, protection, privileges and immunities conferred on it by the
terms of the Indenture as if specifically set forth herein, and shall not be liable for any loss arising in connection with the exercise
of any such rights, powers, protections, privileges and immunities.

 

    34 

     

    

 

Section 7.17            Sales
Tax Proceeds. For the avoidance of doubt, (1) the initial Servicer hereby notifies each of the parties hereto that the Receivables
Trust, the R Noteholders, the Depositor, the Seller and the Issuer are each “assignees” of the right to receive the Texas
bad debt deduction for all applicable defaults as per Section 151.426(c) of the Texas Tax Code and (2) each of the initial
Servicer, the Depositor, the Seller, the Receivables Trust, the Class R Noteholders, the Issuer, and the Retailer of the Merchandise
will cooperate to obtain the Texas bad deduction for the assignees.

 

Section 7.18            Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by
Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Receivables Trust Trustee
of the Receivables Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Receivables Trust is made and intended not as personal representations, undertakings
and agreements by WTNA but is made and intended for the purpose of binding only the Receivables Trust, (c) nothing herein contained
shall be construed as creating any liability on WTNA individually or personally, to perform any covenant either expressed or implied contained
herein of the Receivables Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by,
through or under the parties herein, (d) WTNA has made no investigation as to the accuracy or completeness of any representations
and warranties made by the Receivables Trust in this Agreement and (e) under no circumstances shall WTNA be personally liable for
the payment of any indebtedness or expenses of the Receivables Trust or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Receivables Trust under this Agreement or any other related documents.

 

    35 

     

    

 

IN WITNESS WHEREOF, the Issuer,
the Servicer and the Trustee have caused this Servicing Agreement to be duly executed by their respective officers as of the day and year
first above written.

 

	 	CONN’S RECEIVABLES FUNDING 2021-A,
                                            LLC,

                                            as Issuer

 

 

		By:	/s/ George Bchara

		Name:	George Bchara

		Title:	President
	 	 	 

 

	 	CONN’S RECEIVABLES 2021-A TRUST,

                                            as Receivables Trust
	 	 
	 	By: Wilmington Trust, National Association, not in its individual
capacity but solely as Receivables Trust Trustee

 

 

		By:	/s/ Clarice Wright

		Name:	Clarice Wright

		Title:	Vice President

 

	 	CONN
APPLIANCES, INC.,

as Servicer
	 	 

 

		By:	/s/ George Bchara

		Name:	George Bchara

		Title:	Chief Financial Officer
	 	 	 

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

                                            not in its individual capacity, but solely as Trustee
	 	 
	 	 
	 	By: COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact

 

 

		By:	/s/ G. Brad Martin

		Name:	G. Brad Martin

		Title:	Vice President

 

    		S-1	Servicing Agreement

     

    

 

Exhibit A-1

Form of Monthly Servicer Report

 

FORM OF MONTHLY SERVICER REPORT

 

[ATTACHED]

 

 

    		A-1-1	Servicing Agreement

     

    

 

 

Monthly Period Beginning:
Monthly Period Ending: Previous Payment Date/Close Date: Payment Date: 30/360 Days: I. OUTSTANDING RECEIVABLES BALANCE CALCULATION {1}
Beginning of period Outstanding Receivables Balance {1} Monthly principal amounts {2} Principal payments {2} {3}
Outstanding Receivables that became Defaulted Receivables {3} {4} Reversal of Earned Finance Charges for Cash Option &
EPNI Receivables {4} {5} Repurchased Receivables (Rep. and Warranty Breaches) {5} {6} Total Change in Outstanding Receivables
Balance {6} {7} End of period Outstanding Receivables Balance {7} {8} Pool Factor (End of period Outstanding Receivables
Balance/ Cut-off Date Outstanding Receivables Balance) {8} II. NOTE BALANCE CALCULATION $ Note Factor $ Note Factor $ Note Factor
{9} Original Note Balance {9} {10} Beginning of period Note Balance {10} {11} Principal Distribution Allocation
{11} {12} End of period Note Balance {12} {13} Total Distribution (Principal and Interest) for the Monthly Period {13}
III. RECONCILIATION OF COLLECTION ACCOUNT Available Funds {14} Total Principal Payments (including repurchased receivables + Reversal
of Earned Finance Charges for Cash Option & EPNI Receivables) {14} {15} Recoveries {15} {16} Finance Charges (less
reversal of Earned Financed Charges for Cash Option Receivables) {16} {17} Other amounts received {17} {18} Reserve Fund
and Collection Account Interest {18} {19} Total Available Funds {19} Recoveries {20} Principal recoveries received (net of recovery
expenses) {20} {21} RSA refunds received {21} {22} Sales tax refunds received {22} {23} Total Recoveries {23} Distributions
{24} (i) Trustee fees and expenses (cap of $50,000 per annum for expenses and indemnities, unless the Notes have been accelerated)
{24} {25} Receivables Trust Trustee fees and expenses (cap of $50,000 per annum for expenses and indemnities, unless the Notes
have been accelerated) {25} {26} Back-Up Servicer fees and expenses (cap of $50,000 per annum for expenses and indemnities, unless
the Notes have been accelerated) {26} {27} Servicer Transition Costs up to $115,000 {27} {28} Trustee, Receivable Trust
Trustee and Back-Up Servicer Fees and Expenses {28} {29} (ii) Servicing Fee {29} (iii) Class A Interest Class Beginning
Note Balance Interest Rate Days Days Basis Calculated Interest Deficiency Amount Additional Interest {30} A $0.00 0 30 / 360 $0.00
$0.00 $0.00 {30} {31} (iv) First Priority Principal Distribution Amount {31} (v) Class B Interest Class Beginning Note
Balance Interest Rate Days Days Basis Calculated Interest Deficiency Amount Additional Interest {32} B $0.00 0 30 / 360 $0.00 $0.00
$0.00 {32} {33} (vi) Second Priority Principal Distribution Amount {33} (vii) Class C Interest Class Beginning Note
Balance Interest Rate Days Days Basis Calculated Interest Deficiency Amount Additional Interest {34} C $0.00 0 30 / 360 $0.00 $0.00
$0.00 {34} {35} (viii) Third Priority Principal Distribution Amount {35} {36} (iv) Reserve Account, the amount needed (if
any) to bring to the Specified Reserve Account Balance {36} {37} (x) Regular Principal Distribution Amount {37} {38} (xi)
Additional fee and expenses to the Trustee, the Receivables Trust Trustee, the Back-Up Servicer, and any successor Servicer to the extent
not paid in (i) {38} {39} (xii) Remaining amounts to holders of Class R Notes {39} {40} Principal Distribution Allocation
(iv)+(vi)+(viii)+(x) {40} {41} Total Distribution Amount {41} IV. RECONCILIATION OF RESERVE FUND {42} Beginning of period Reserve
Fund balance {42} {43} Deposit to Reserve Fund (including interest) {43} {44} Release from Reserve Fund (including interest)
{44} {45} End of period Reserve Fund balance {45} Class A Class B Class C 7.10% 4.27% 1.71% CONN’S RECEIVABLES
FUNDING 2021-A, LLC Monthly Noteholders' Statement and Servicer Report

 

    		A-1-2	Servicing Agreement

     

    

 

Monthly
Period Beginning: Monthly Period Ending: Previous Payment Date/Close Date: Payment Date: 30/360 Days: {46} Reserve Fund Required
Amount (1.50% of the Pool Balance as of the Cut-Off Date, 1.25% once OC≥30%<35%,
1.00% once OC≥35%) {46} {47} Change in Reserve Fund balance from prior period {47} V. OVERCOLLATERALIZATION {48} End
of period Outstanding Receivables Balance {48} {49} End of period Note Balance {49} {50} Overcollateralization amount at
the end of the Monthly Period {50} {51} Overcollateralization % of Outstanding Receivables Balance at the end of the Monthly Period
{51} Overcollateralization Deficiency VI. STATISTICAL DATA At closing Previous Month Current Month {52} Outstanding Receivables
Balance {52} {53} Weighted average APR {53} {54} Weighted average Age {54} {55} Weighted average Remaining Term
{55} {56} Number of Receivables {56} Cash Option Receivables At closing Previous Month Current Month {57} Number of Cash
Option Receivable Accounts that exercised Cash Option during current Monthly Period {57} {58} Aggregate previous Earned Finance
Charges of exercised Cash Option Receivables {58} {59} Outstanding Receivables Balance of Cash Option Receivables {59} {60}
Number of Cash Option Receivables {60} {61} % of Eligible Receivables that are Cash Option Receivables as of End of current
Monthly Period {61} {62} Weighted average Age of Cash Option Receivables {62} {63} Weighted average Remaining Term of Cash
Option Receivables {63} VII. DELINQUENCY DATA Outstanding Receivables Balance % Total {64} Current {64} {65} 31-60 days
delinquent {65} {66} 61-90 days delinquent {66} {67} 91-120 days delinquent {67} {68} 121-150 days delinquent {68}
{69} 151-180 days delinquent {69} {70} 181-209 days delinquent {70} {71} Total Delinquencies {71} # of Accounts Balance
{72} Count and Balance of loans that have ever been Re-aged {72} {73} Count and Balance of loans that have ever been Re-aged - current
month {73} VIII. PERFORMANCE DATA {74} Total Outstanding Receivables Balance that became Defaulted Receivables during current Monthly
Period {74} {75} Total Recoveries received during current Monthly Period {75} {76} Aggregate Net Investor Loss Amount for
Current Monthly Period {76} % Cut-off Balance {77} Cumulative Outstanding Receivables Balance that became Defaulted Receivables
{77} Trigger Threshold Trigger Event {78} Cumulative Aggregate Net Investor Loss Amount {78} {79} 3mo Average Annualized
Net Loss {79} {80} Current Monthly Period {80} {81} Last Month {81} {82} Two Months Prior {82} Trigger Threshold
Trigger Event {83} Recovery Rate {83} Recovery Defaults {84} Current Monthly Period {84} {85} Last Month {85}
{86} Two Months Prior {86} CONN APPLIANCES, INC, as Servicer Name: Title: CONN’S
RECEIVABLES FUNDING 2021-A, LLC M onthly Noteholders' Statement and Servicer Report

  

    		A-1-3	Servicing Agreement

     

    

 

Exhibit A-2

Form of Monthly Noteholders’ Statement

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

 

[ATTACHED]

 

    		A-2-1	Servicing Agreement

     

    

 

 

Monthly Period Beginning:
Monthly Period Ending: Previous Payment Date/Close Date: Payment Date: 30/360 Days: I. OUTSTANDING RECEIVABLES BALANCE CALCULATION {1}
Beginning of period Outstanding Receivables Balance {1} Monthly principal amounts {2} Principal payments {2} {3}
Outstanding Receivables that became Defaulted Receivables {3} {4} Reversal of Earned Finance Charges for Cash Option &
EPNI Receivables {4} {5} Repurchased Receivables (Rep. and Warranty Breaches) {5} {6} Total Change in Outstanding Receivables
Balance {6} {7} End of period Outstanding Receivables Balance {7} {8} Pool Factor (End of period Outstanding Receivables
Balance/ Cut-off Date Outstanding Receivables Balance) {8} II. NOTE BALANCE CALCULATION $ Note Factor $ Note Factor $ Note Factor
{9} Original Note Balance {9} {10} Beginning of period Note Balance {10} {11} Principal Distribution Allocation
{11} {12} End of period Note Balance {12} {13} Total Distribution (Principal and Interest) for the Monthly Period {13}
III. RECONCILIATION OF COLLECTION ACCOUNT Available Funds {14} Total Principal Payments (including repurchased receivables + Reversal
of Earned Finance Charges for Cash Option & EPNI Receivables) {14} {15} Recoveries {15} {16} Finance Charges (less
reversal of Earned Financed Charges for Cash Option Receivables) {16} {17} Other amounts received {17} {18} Reserve Fund
and Collection Account Interest {18} {19} Total Available Funds {19} Recoveries {20} Principal recoveries received (net of recovery
expenses) {20} {21} RSA refunds received {21} {22} Sales tax refunds received {22} {23} Total Recoveries {23} Distributions
{24} (i) Trustee fees and expenses (cap of $50,000 per annum for expenses and indemnities, unless the Notes have been accelerated)
{24} {25} Receivables Trust Trustee fees and expenses (cap of $50,000 per annum for expenses and indemnities, unless the Notes
have been accelerated) {25} {26} Back-Up Servicer fees and expenses (cap of $50,000 per annum for expenses and indemnities, unless
the Notes have been accelerated) {26} {27} Servicer Transition Costs up to $115,000 {27} {28} Trustee, Receivable Trust
Trustee and Back-Up Servicer Fees and Expenses {28} {29} (ii) Servicing Fee {29} (iii) Class A Interest Class Beginning
Note Balance Interest Rate Days Days Basis Calculated Interest Deficiency Amount Additional Interest {30} A $0.00 0 30 / 360 $0.00
$0.00 $0.00 {30} {31} (iv) First Priority Principal Distribution Amount {31} (v) Class B Interest Class Beginning Note
Balance Interest Rate Days Days Basis Calculated Interest Deficiency Amount Additional Interest {32} B $0.00 0 30 / 360 $0.00 $0.00
$0.00 {32} {33} (vi) Second Priority Principal Distribution Amount {33} (vii) Class C Interest Class Beginning Note
Balance Interest Rate Days Days Basis Calculated Interest Deficiency Amount Additional Interest {34} C $0.00 0 30 / 360 $0.00 $0.00
$0.00 {34} {35} (viii) Third Priority Principal Distribution Amount {35} {36} (iv) Reserve Account, the amount needed (if
any) to bring to the Specified Reserve Account Balance {36} {37} (x) Regular Principal Distribution Amount {37} {38} (xi)
Additional fee and expenses to the Trustee, the Receivables Trust Trustee, the Back-Up Servicer, and any successor Servicer to the extent
not paid in (i) {38} {39} (xii) Remaining amounts to holders of Class R Notes {39} {40} Principal Distribution Allocation
(iv)+(vi)+(viii)+(x) {40} {41} Total Distribution Amount {41} IV. RECONCILIATION OF RESERVE FUND {42} Beginning of period Reserve
Fund balance {42} {43} Deposit to Reserve Fund (including interest) {43} {44} Release from Reserve Fund (including interest)
{44} {45} End of period Reserve Fund balance {45} Class A Class B Class C 7.10% 4.27% 1.71% CONN’S RECEIVABLES
FUNDING 2021-A, LLC Monthly Noteholders' Statement and Servicer Report

 

    		A-2-2	Servicing Agreement

     

    

 

Monthly
Period Beginning: Monthly Period Ending: Previous Payment Date/Close Date: Payment Date: 30/360 Days: {46} Reserve Fund Required
Amount (1.50% of the Pool Balance as of the Cut-Off Date, 1.25% once OC≥30%<35%,
1.00% once OC≥35%) {46} {47} Change in Reserve Fund balance from prior period {47} V. OVERCOLLATERALIZATION {48} End
of period Outstanding Receivables Balance {48} {49} End of period Note Balance {49} {50} Overcollateralization amount at
the end of the Monthly Period {50} {51} Overcollateralization % of Outstanding Receivables Balance at the end of the Monthly Period
{51} Overcollateralization Deficiency VI. STATISTICAL DATA At closing Previous Month Current Month {52} Outstanding Receivables
Balance {52} {53} Weighted average APR {53} {54} Weighted average Age {54} {55} Weighted average Remaining Term
{55} {56} Number of Receivables {56} Cash Option Receivables At closing Previous Month Current Month {57} Number of Cash
Option Receivable Accounts that exercised Cash Option during current Monthly Period {57} {58} Aggregate previous Earned Finance
Charges of exercised Cash Option Receivables {58} {59} Outstanding Receivables Balance of Cash Option Receivables {59} {60}
Number of Cash Option Receivables {60} {61} % of Eligible Receivables that are Cash Option Receivables as of End of current
Monthly Period {61} {62} Weighted average Age of Cash Option Receivables {62} {63} Weighted average Remaining Term of Cash
Option Receivables {63} VII. DELINQUENCY DATA Outstanding Receivables Balance % Total {64} Current {64} {65} 31-60 days
delinquent {65} {66} 61-90 days delinquent {66} {67} 91-120 days delinquent {67} {68} 121-150 days delinquent {68}
{69} 151-180 days delinquent {69} {70} 181-209 days delinquent {70} {71} Total Delinquencies {71} # of Accounts Balance
{72} Count and Balance of loans that have ever been Re-aged {72} {73} Count and Balance of loans that have ever been Re-aged - current
month {73} VIII. PERFORMANCE DATA {74} Total Outstanding Receivables Balance that became Defaulted Receivables during current Monthly
Period {74} {75} Total Recoveries received during current Monthly Period {75} {76} Aggregate Net Investor Loss Amount for
Current Monthly Period {76} % Cut-off Balance {77} Cumulative Outstanding Receivables Balance that became Defaulted Receivables
{77} Trigger Threshold Trigger Event {78} Cumulative Aggregate Net Investor Loss Amount {78} {79} 3mo Average Annualized
Net Loss {79} {80} Current Monthly Period {80} {81} Last Month {81} {82} Two Months Prior {82} Trigger Threshold
Trigger Event {83} Recovery Rate {83} Recovery Defaults {84} Current Monthly Period {84} {85} Last Month {85}
{86} Two Months Prior {86} CONN APPLIANCES, INC, as Servicer Name: Title: CONN’S
RECEIVABLES FUNDING 2021-A, LLC M onthly Noteholders' Statement and Servicer Report 

    		A-2-3	Servicing Agreement

     

    

 

Exhibit B

Form of Annual Servicer’s Certificate

 

FORM OF ANNUAL SERVICER’S CERTIFICATE

 

CONN APPLIANCES, INC.

 

The undersigned, a duly authorized
representative of Conn Appliances, Inc. (“Conn Appliances”), as Servicer pursuant to the Servicing Agreement,
dated as of November 23, 2021 (the “Servicing Agreement”) by and among Conn Appliances, Conn’s Receivables
Funding 2021-A, LLC, as issuer, Conn’s Receivables 2021-A Trust, Wells Fargo Bank, National Association, as trustee (the “Trustee”),
does hereby certify that:

 

1.            Conn
Appliances is a Servicer under the Servicing Agreement.

 

2.            The
undersigned is duly authorized pursuant to the Servicing Agreement to execute and deliver this certificate to the Trustee.

 

3.            This
certificate is delivered pursuant to Section 2.02(e)(ii) of the Servicing Agreement.

 

4.            A
review of the activities of the Servicer during (the period from the Closing Date until) (the twelve month period ended) _______, 20__
and of its performance under the Servicing Agreement was conducted under my supervision.

 

5.            Based
on such review, the Servicer has, to the best of my knowledge, fully performed in all material respects all of its obligations under the
Servicing Agreement and each other applicable Transaction Document to which it is a party throughout such period and no default in the
performance of such obligations has occurred or is continuing except as set forth in paragraph 6 below.

 

6.            The
following is a description of each default in the performance of the Servicer’s obligations under the provisions of the Servicing
Agreement and each other applicable Transaction Document to which it is a party, known to me to have been made during such period which
sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default:

 

[If applicable, insert “None.”]

 

7.            Capitalized
terms used but not defined herein shall have the respective meanings given to such terms in the Servicing Agreement.

 

[signature page follows]

 

    		B-1	Servicing Agreement

     

    

 

IN WITNESS WHEREOF, the undersigned has duly executed
this certificate this ___ day of _______, ____.

 

	 	CONN APPLIANCES, INC.,

 

		By:	 

		Name:	 
	 	Title:	 

 

    		B-2	Servicing Agreement

     

    

 

Schedule 2.10(i)

Litigation

 

LITIGATION

 

None

 

    		Schedule 2.10(i)-1Exhibit 4.1

 

Exhibit Q – Final Form

SCHEDULE TO MERGER
AGREEMENT

 

REGISTRATION RIGHTS

 

	1.	GENERAL

 

All capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Merger Agreement. As used in this Schedule, the following terms shall have
the following meanings:

 

(a)              
“Holders” means the Persons listed on the Exhibit A to this Schedule (individually, a “Holder”).

 

(b)              
“Initial Filing Deadline” means the date as soon as reasonably practicable following the Closing Date, which
in no event shall be later than 60 calendar days after the Closing Date; provided, however, that the Initial Filing Deadline shall be
extended as reasonably necessary until the time at which the Requisite Seller Financial Statements are available to the extent they are
not available 60 calendar days after the Closing Date.

 

(c)              
“Register,” “registered,” and “registration” refer to a registration effected
by preparing and filing one or more registration statements of the Parent in compliance with the Securities Act and pursuant to Rule 415
under the Securities Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the
declaration or ordering of effectiveness of such registration statement(s) by the SEC.

 

(d)               “Registrable
Securities” means the Restricted Shares. As to any particular Registrable Securities, such securities shall not be
Registrable Securities when (i) a Resale Registration Statement registering such Registrable Securities under the Securities Act has
been declared effective and such Registrable Securities have been sold, transferred or otherwise disposed of by the Holder thereof
pursuant to such effective Resale Registration Statement, (ii) such Registrable Securities are sold, transferred or otherwise
disposed of pursuant to Rule 144, (iii) such securities cease to be outstanding, or (iv) such securities have become eligible for
sale by the applicable Holder pursuant to Rule 144 without any restriction on the volume or manner of such sale.

 

(e)            
“Resale Registration Statement” means a registration statement of Parent filed under the Securities Act covering
the resale of Registrable Securities.

 

(f)               
“Requisite Seller Financial Statements” means the financial statements of Parent (including pro forma financial
information) that are required by the Securities Act to be included in the Resale Registration Statement.

 

(g)               “Transfer”
means, when used as a noun, any direct or indirect, voluntary or involuntary, sale, disposition, hypothecation, mortgage, gift,
pledge, assignment, attachment or other transfer (including the creation of any derivative or synthetic interest, including a
participation or other similar interest) and, when used as a verb, voluntarily to directly or indirectly sell, dispose, hypothecate,
mortgage, gift, pledge, assign, attach or otherwise transfer, in any case, whether by operation of law or otherwise.

 

(h)              
“underwritten offering” means a registered offering of securities conducted by one or more underwriters pursuant
to the terms of an underwriting agreement.

 

     

    2

    

 

	2.	REGISTRATION.

 

(a)              
Subject to any Permitted Delay, Parent shall prepare, and, as soon as practicable but in no event later than the Initial Filing
Deadline, file with or confidentially submit to the SEC a Resale Registration Statement on Form S-3 (or, if Parent is ineligible to file
the Resale Registration Statement on Form S-3 at such time, such other form of registration as Parent shall determine is available to
it for such purposes) covering the resale of all of the Registrable Securities. Each Holder who will include its shares in the Resale
Registration Statement shall sign and return to Parent a Selling Stockholder questionnaire in customary form as requested by Parent (the
 “Questionnaire”). Parent shall use its commercially reasonable efforts to (i) cause the Resale Registration Statement
to be declared effective by the SEC as soon as practicable after the filing thereof and (ii) keep such Resale Registration Statement continuously
effective and in compliance with the Securities Act and useable until such time as the remaining Registrable Securities represent less
than 500,000 shares of Parent Common Stock, including by filing successive replacement or renewal Registration Statements upon the expiration
of such Resale Registration Statement. If (i) there is material non-public information regarding Parent the disclosure of which Parent
determines would reasonably be expected to have a significant adverse effect on Parent and that Parent would not otherwise be required
to disclose at such time or (ii) Parent determines the Resale Registration Statement proposed to be delayed or suspended would reasonably
be expected to, if not delayed or suspended, have an adverse effect on any pending negotiation or plan of Parent to effect a merger, acquisition,
disposition, financing, reorganization, recapitalization or other similar transaction, in each case that, if consummated, would be material
to Parent, then Parent shall be entitled, by providing written notice (a “Notice of Suspension”) to the Holders, to
postpone or suspend filing or effectiveness of such Resale Registration Statement or use of the prospectus under the Resale Registration
Statement (a “Permitted Delay”); provided Parent shall be entitled to Permitted Delays not more than twice in any twelve
(12) month period and that do not exceed (x) sixty (60) consecutive days on any one occasion or (y) ninety (90) days in any twelve (12)
month period (a “Suspension Period”). Parent agrees that it will terminate any Suspension Period as promptly as reasonably
practicable and will promptly notify in writing any Holders that still hold Registrable Securities of such termination.

 

(b)              
Parent shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated
under the Securities Act, a prospectus, including any amendments or prospectus supplements thereto, to be used in connection with sales
of the Registrable Securities under the Resale Registration Statement.

 

     

    3

    

 

	3.	PIGGYBACK REGISTRATIONS.

 

(a)               If
prior to the filing of a Resale Registration Statement, Parent proposes to register any equity securities under the Securities Act
(other than a registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an
offering or sale to employees or directors of Parent pursuant to any employee stock plan or other employee benefit arrangement),
(ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the
Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar
plan), whether for its own account or for the account of one or more stockholders of Parent (other than the Holders of Registrable
Securities) (a “Piggyback Registration”), Parent shall give prompt written notice to each Holder of Registrable
Securities of its intention to effect such a registration (but in no event less than ten (10) business days prior to the proposed
date of filing of the applicable Registration Statement) and, subject to Section 3(b), shall include in such Registration Statement
and in any offering of equity securities to be made pursuant to such Registration Statement that number of Registrable Securities
requested to be sold in such offering by such Holder for the account of such Holder, provided that Parent has received a written
request for inclusion therein from such Holder no later than five (5) calendar days after the date on which Parent has given notice
of the Piggyback Registration to Holder.

 

(b)              
If the managing underwriter for an offering under a Piggyback Registration advises Parent in writing that, in the managing underwriter’s
opinion, the number of equity securities proposed to be included in such offering, including all Registrable Securities and all other
equity securities requested to be included in such offering, exceeds the number of equity securities which can reasonably be expected
to be sold in such offering without adversely affecting the success of the offering (including the price, timing or distribution of the
securities to be sold in such offering), Parent shall include in such Piggyback Registration the securities as follows:

 

(i)               
if the registration involves an underwritten primary offering on behalf of Parent, (A) first, all securities proposed to be sold
by Parent for its own account; (B) second, all securities to be included in such registration pursuant to the terms of that certain Equity
Commitment and Investment Agreement dated as of the date hereof between Parent and such investor (the “PIPE RRA”);
(C) third, all Registrable Securities requested and required to be included in such registration pursuant to this Section 3, pro rata
among such Holders on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement
by all Holders that made such Piggyback Request; and (D) all other securities requested to be included in such registration by other holders
of securities entitled to include such securities in such registration pursuant to piggyback registration rights.

 

(ii)              if
the registration involves an underwritten offering that was initially requested by any Person(s) to whom Parent has granted
registration rights which are not inconsistent with the rights granted in, and do not otherwise conflict with the terms of, the PIPE
RRA or this Schedule, (A) first, the securities requested to be included in such underwritten offering by such other Person(s); (B)
second, all Registrable Securities requested and required to be included in such registration pursuant to the PIPE RRA; (C)
third, all Registrable Securities requested and required to be included in such registration pursuant to this Section 3, pro rata
among such Holders on the basis of the percentage of the Registrable Securities requested to be included in such registration by all
Holders that made such Piggyback Request; and (D) fourth, all securities requested to be included in such registration by Parent for
its own account.

 

     

    4

    

 

	4.	RELATED OBLIGATIONS.

 

With respect to the Resale Registration Statement and
whenever any Registrable Securities are to be registered pursuant to Section 2(a), Parent shall use its commercially reasonable efforts
to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto,
Parent shall have the following obligations:

 

(a)              
Parent shall prepare and file with the SEC such amendments (including post- effective amendments) and supplements to any Resale
Registration Statement and any prospectus used in connection with such Resale Registration Statement, as may be necessary to keep the
Resale Registration Statement effective, subject to Permitted Delays and Section 4(b) hereof and, during such period, comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities of Parent covered by the Resale Registration
Statement until such time as there are no remaining Registrable Securities. Should Parent file a post-effective amendment to the Resale
Registration Statement, Parent will use its commercially reasonable efforts to have such filing declared effective by the SEC within thirty
(30) consecutive Business Days following the date of filing, which such period shall be extended for an additional thirty (30) Business
Days if Parent receives a comment letter from the SEC in connection therewith.

 

(b)              
Subject to Permitted Delays, as promptly as reasonably practicable after becoming aware of such event or facts, Parent shall notify
Equityholders’ Representative in writing if Parent has determined that the prospectus included in any Resale Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and as promptly as
reasonably practical (taking into account Parent’s good faith assessment of any adverse consequences to Parent and its stockholders
of premature disclosure of such event or facts) prepare a prospectus supplement or amendment to such Resale Registration Statement to
correct such untrue statement or omission, and, upon the Equityholders’ Representative request, deliver a copy of such prospectus
supplement or amendment to the Equityholders’ Representative. In providing this notice to the Equityholders’ Representative,
Parent shall not include any other information about the facts underlying Parent’s determination and shall not in any way communicate
any material nonpublic information about Parent or the Common Stock to the Equityholders’ Representative or the Holders. In no event
shall the delivery of a notice under this Section 4(b), or the resulting unavailability of a Resale Registration Statement, without regard
to its duration, for disposition of securities by the Holders be considered a breach by Parent of its obligations under the Merger Agreement,
including this Schedule.

 

(c)               If
reasonably requested by the Equityholders’ Representative, Parent shall (i) promptly incorporate in a prospectus supplement or
post-effective amendment to the Resale Registration Statement such information as the Equityholders’ Representative believes
should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other
terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective
amendment as promptly as practicable once notified of the matters to be incorporated in such prospectus supplement or post-effective
amendment; and (iii) supplement or make amendments to any Resale Registration Statement (including by means of any document
incorporated therein by reference).

 

     

    5

    

 

(d)              
Parent shall use its commercially reasonable efforts to prepare and complete the Requisite Seller Financial Statements as promptly
as practicable following the Closing Date and to file with the SEC in a timely manner all reports and other documents required of Parent
under the Securities Act and the Exchange Act.

 

(e)              
Parent shall use its commercially reasonable efforts to register or qualify, and cooperate with the Holders of Registrable Securities
covered by the Resale Registration Statement in connection with the registration or qualification of such Registrable Securities for offer
and sale under the securities or “blue sky” laws of each state and other jurisdiction of the United States as any such Holder
reasonably requests in writing, and do any and all other things reasonably necessary or advisable to keep such registration or qualification
in effect; provided, however, that Parent shall not be required to qualify generally to do business in any jurisdiction where it is not
then so qualified or take any action which would subject it to taxation or general service of process in any such jurisdiction where it
is not then so subject.

 

	5.	OBLIGATIONS OF THE HOLDERS.

 

(a)              
Each Holder has furnished to Parent on the Questionnaire such information regarding itself and the Registrable Securities held
by it and as reasonably requested by Parent in order to effect the registration of such Registrable Securities. Parent shall notify the
Holders in writing of any other information Parent reasonably requires from the Holders in connection with any Registration Statement
hereunder. Each Holder will as promptly as practicable notify Parent of any material change in such information, other than changes in
its ownership of Common Stock.

 

(b)              
Each Holder agrees to cooperate with Parent as reasonably requested by Parent in connection with the preparation and filing of
any amendments and supplements to any Registration Statement hereunder.

 

	6.	EXPENSES OF REGISTRATION.

 

All reasonable expenses of Parent, other than sales
or brokerage commissions incurred by the Holders and, in an aggregate amount not exceeding $20,000, the fees and disbursements of a single
counsel for the Holders as selected by the Equityholders’ Representative in connection herewith, incurred in connection with registrations,
filings or qualifications pursuant to Sections 2 and 3 of this Schedule, including, without limitation, all registration, listing and
qualifications fees, printers and accounting fees, and fees and disbursements of counsel for Parent, shall be paid by Parent.

 

     

    6

    

 

	7.	INDEMNIFICATION.

 

(a)              
To the fullest extent permitted by law, Parent will, and hereby does, indemnify, hold harmless and defend each Holder, each Person,
if any, who controls a Holder, the members, the directors, officers, partners, employees, agents, representatives of each Holder and each
Person, if any, who controls a Holder within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts
paid in settlement (with the prior consent of Parent, such consent not to be unreasonably withheld, conditioned or delayed) or expenses,
joint or several (collectively, “Claims”), incurred in investigating, preparing or defending any action, claim, suit,
inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other
regulatory agency or body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto
(“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement
of a material fact in the Resale Registration Statement or any post-effective amendment thereto or in any filing made in connection with
the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities
are offered, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus to
the Resale Registration Statement or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in light of the circumstances under which the statements therein were made, not misleading or (iii) any violation or alleged
violation by Parent of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or
any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Resale Registration Statement
(the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 7(a): (A) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about a Holder furnished
in writing to Parent by such Holder or such Indemnified Person expressly for use in connection with the preparation of the Resale Registration
Statement, or any such prospectus, amendment thereof or supplement thereto, if such prospectus was timely made available by Parent; and
(B) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of Parent,
which consent shall not be unreasonably withheld, conditioned or delayed. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Indemnified Person.

 

     

    7

    

 

(b)               In
connection with the Resale Registration Statement or Prospectus, each Holder, severally and not jointly, agrees to indemnify, hold
harmless and defend, to the same extent and in the same manner as is set forth in Section 7(a), Parent, each of its directors, each
of its officers who signed the Resale Registration Statement and each Person, if any, who controls Parent within the meaning of the
Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the
Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case
to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about
such Holder set forth as required by the Questionnaire or updated from time to time in writing by such Holder and furnished to
Parent by such Holder expressly for inclusion in the Resale Registration Statement or prospectus or from the failure of such Holder
to deliver or to cause to be delivered the prospectus made available by Parent; and, subject to Section 7(d) of this Schedule, such
Holder will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
Claim; provided, however, that the indemnity agreement contained in this Section 7(b) and the agreement with respect to contribution
contained in Section 8 of this Schedule shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of such Holder, which consent shall not be unreasonably withheld, conditioned or delayed;
provided, further, however, that such Holder shall be liable under this Section 7(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net amount of proceeds actually received by such Holder as a result of the sale of Registrable
Securities pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Indemnified Party.

 

(c)               Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 7 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 7, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be, and upon such notice, the indemnifying party shall not be liable to the Indemnified Person or Indemnified Party for any
legal or other expenses subsequently incurred by the Indemnified Person or Indemnified Party in connection with the defense thereof;
provided, however, that an Indemnified Person or Indemnified Party (together with all other Indemnified Persons and Indemnified
Parties that may be represented without conflict by one counsel) shall have the right to retain its own counsel with the fees and
expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due
to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by
such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in
connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the
indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action
or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status
of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any
action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not
unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or
Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from
all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party
shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or
corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any
liability to the Indemnified Person or Indemnified Party under this Section 7, except to the extent that the indemnifying party is
prejudiced in its ability to defend such action.

  

(d)              
The indemnity agreements contained in this Schedule shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to
pursuant to the law.

 

     

    8

    

 

	8.	CONTRIBUTION.

 

To the extent any indemnification by an
indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to
any amounts for which it would otherwise be liable under Section 7 of this Schedule to the fullest extent permitted by law;
provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any party who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of
proceeds actually received by such seller from the sale of such Registrable Securities.

 

	9.	ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Holders may not assign their rights under this Schedule,
other than in connection with a transfer of Registrable Shares by a Holder to (i) an Affiliate of such Holder, (B) to a trust under which
the distribution of Registrable Shares may be made only to such Holder and/or any Affiliate thereof or (C) by will or intestacy to a Holder
that is a natural person’s estate, spouse, children, ancestors or any descendants of any ancestors, which such assignment shall
in each case require prior written notice to Parent; provided that (i) each such transferee receives in such transfer at least 100,000
shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations or the like), (ii)
the transferring Holder delivers to Parent prior to such transfer written notice of the name and address of the transferee, (iii) each
such transferee agrees in writing to be bound by the terms of this Schedule, and (iv) such assignment will be effective only if immediately
following the transfer the transferee's further disposition of the securities is restricted under the Securities Act.

 

     

    9

    

 

	10.	AMENDMENT OF REGISTRATION RIGHTS.

 

The provisions of this Schedule, including the provisions
of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not
be given, without the prior written consent of Parent and the Equityholders’ Representative.

 

	11.	MISCELLANEOUS.

 

(a)            Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered if delivered in accordance with Section 10.3 of the Merger Agreement.

 

(b)              No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

(c)              The
terms of this Schedule and the Merger Agreement constitute the entire understanding among the Parties, including the Persons named on
Exhibit A to this Schedule, with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This Schedule and the Merger Agreement supersede all other
prior oral or written agreements between the Holders, Parent, their affiliates and persons acting on their behalf with respect to the
subject matter hereof and thereof.

 

(d)             Subject
to the requirements of Section 9 of this Schedule, the terms of this Schedule shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the Parties hereto, including the Persons named on Exhibit A to this Schedule.

 

(e)              The
headings in this Schedule are for convenience of reference and shall not form part of, or affect the interpretation of, this Schedule.

 

(f)               Each
party to the Merger Agreement shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents as the other party may reasonably request in order to
carry out the intent and accomplish the purposes of this Schedule and the consummation of the transactions contemplated hereby.

 

(g)              The
language used in this Schedule will be deemed to be the language chosen by the Parties to express their mutual intent and no rules of
strict construction will be applied against any party.

 

(h)              The
terms of this Schedule are for the sole benefit of Parent and the Persons named on Exhibit A to this Schedule and their respective successors
and permitted assigns and transferees and nothing herein, express or implied, is intended to or shall confer upon any other Person any
legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Schedule; provided, however, that the
Persons set forth in Section 7 of this Schedule shall be express third-party beneficiaries of the obligations of the parties hereto set
forth in such Section 7.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]