Document:

EXHIBIT 10.7

 Exhibit 10.7 
  
 FOURTH AMENDED AND RESTATED INTERCREDITOR AND LOCKBOX 
 ADMINISTRATION AGREEMENT 
  
 Dated as of August 10, 2004 
  
 THIS FOURTH AMENDED AND RESTATED INTERCREDITOR AND LOCKBOX ADMINISTRATION AGREEMENT, dated as of August 10, 2004 (as amended, modified, supplemented or restated from time to time, the “Agreement”), is by and
among: 
  
 (1) WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association (as successor-by-merger to Wells Fargo Bank Minnesota, National Association, together with its successors and assigns, “Wells Fargo”) as the indenture trustee under the 2000-1
Transaction Documents, 2002-1 Transaction Documents, the 2002-2 Transaction Documents, the 2003-1 Transaction Documents and the 2003-2 Transaction Documents (each as defined below) (together with its successors and assigns in such capacity, the
“Indenture Trustee”) and as the collateral custodian for the secured parties under the Conduit Documents (as defined below); 
  
 (2) WACHOVIA CAPITAL MARKETS, LLC, a Delaware limited liability company, as the deal agent and agent for the secured parties under
the Conduit Documents (as defined below) together with its successors and assigns in such capacity, the “Conduit Agent”); 
  
 (3) BRANCH BANKING AND TRUST COMPANY, a North Carolina corporation (together with its successors and assigns,
“BB&T”), as the administrative agent for the secured parties under the Syndicated Loan Documents (as defined below) (together with its successors and assigns in such capacity, the “Syndication
Agent”); 
  
 (4) HARRIS NESBITT
CORP., a Delaware corporation, as the agent for Fairway Finance Company, LLC and/or administrative agent under the Fairway Documents (as defined below) together with its successors and assigns in such capacity, the “Fairway
Agent”); 
  
 (5) Each of the parties
that from time to time executes a joinder agreement in the form of Schedule A as securitization agent under the Securitization Documents (as defined below) (each, together with its respective successors and assigns in such capacity, a
“Securitization Agent”); and 
  
 (6) AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (“ACS”), as borrower under the Syndicated Loan Documents (“Borrower”), as the originator under the 2000-1 Transaction
Documents, the 2002-1 Transaction Documents, the 2002-2 Transaction Documents, the 2003-1 Transaction Documents, the 2003-2 Transaction Documents, the Conduit Documents and Securitization Documents (collectively, the “Credit
Documents”) (together with its successors and assigns in such capacity, the “Originator”) and as the original servicer under the Credit Documents and the Syndicated Loan Documents (the “Original
Servicer”). 
  

 RECITALS 
  
 WHEREAS, the Originator and ACS Funding Trust I (“ACS Funding”) have entered into a Second
Amended and Restated Purchase and Sale Agreement, dated as of August 10, 2004 (such agreement as amended, supplemented, modified or restated from time to time, the “Purchase and Sale Agreement”), pursuant to which the
Originator has sold certain receivables and related security to ACS Funding; 
  
 WHEREAS, ACS Funding, as the borrower, the Original Servicer, each of the conduit lenders and institutional lenders from time to time party thereto, each of the lender agents from time to time party thereto,
JPMorgan Chase Bank, as swingline lender, the Conduit Agent, and Wells Fargo, as the backup servicer and as the collateral custodian, have entered into a Second Amended and Restated Loan Funding and Servicing Agreement, dated as of August 10, 2004
(such agreement as amended, supplemented, modified, or restated from time to time, the “Loan Funding Agreement”; the Loan Funding Agreement, the Purchase and Sale Agreement and all other agreements, instruments, or documents
executed in connection therewith, as any of the same may be amended, supplemented, modified or restated from time to time are referred to collectively herein as the “Conduit Documents”), pursuant to which ACS Funding has
granted a security interest to the Conduit Agent, for the benefit of the lenders thereunder (the “Conduit Lenders”) and the other secured parties as specified therein, in certain receivables and related security transferred
by the Originator to ACS Funding pursuant to the Purchase and Sale Agreement (the specified receivables and related security in which the Conduit Agent has been granted a security interest under the Conduit Documents are referred to herein as the
“Conduit Assets”); 
  
 WHEREAS, the
Originator and ACAS Business Loan LLC, 2000-1 (the “2000-1 Trust Depositor”) have entered into a Transfer Agreement, dated as of December 20, 2000, pursuant to which the Originator has sold certain receivables and related
security to the 2000-1 Trust Depositor (such agreement, as amended, supplemented, modified, or restated from time to time, the “2000-1 Transfer Agreement”); 
  
 WHEREAS, ACAS Business Loan Trust 2000-1 (the “2000-1 Issuer”), the 2000-1 Trust Depositor,
the Originator and Wells Fargo have entered into a Transfer and Servicing Agreement, dated as of December 20, 2000, pursuant to which the 2000-1 Trust Depositor has sold certain loans and related security to the 2000-1 Issuer (such agreement as
amended, supplemented, modified, or restated from time to time, the “2000-1 Transfer and Servicing Agreement”); 
  
 WHEREAS, the 2000-1 Issuer and Wells Fargo have entered into an Indenture, dated as of December 20, 2000 (as amended, supplemented, modified, or
restated from time to time, the “2000-1 Indenture”; the 2000-1 Indenture, the 2000-1 Transfer Agreement, the 2000-1 Transfer and Servicing Agreement and all other agreements, instruments or documents executed in connection
therewith, as any of the same may be amended, supplemented, modified or restated from time to time are referred to collectively herein as the “2000-1 Transaction Documents”), granting a security interest to the Indenture
Trustee, for the benefit of the 2000-1 noteholders thereunder (the “2000-1 Noteholders”), in the loans and related security sold by the Originator to the 2000-1 Trust Depositor under the 2000-1 Transfer Agreement and by the
2000-1 Trust 

  

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Depositor to the 2000-1 Issuer under the 2000-1 Transfer and Servicing Agreement (the specified loans and related security in which the Indenture Trustee has
been granted a security interest under the 2000-1 Transaction Documents are referred to herein as the “2000-1 Assets”); 
  
 WHEREAS, the Originator and ACAS Business Loan LLC, 2002-1 (the “2002-1 Trust Depositor”) have entered into a Transfer
Agreement, dated as of March 15, 2002, pursuant to which the Originator has sold certain receivables and related security to the 2002-1 Trust Depositor (such agreement as amended, supplemented, modified, or restated from time to time, the
“2002-1 Transfer Agreement”); 
  
 WHEREAS, ACAS Business Loan Trust 2002-1 (the “2002-1 Issuer”), the 2002-1 Trust Depositor, the Originator and Wells Fargo have entered into a Transfer and Servicing Agreement, dated as of March 15, 2002,
pursuant to which the 2002-1 Trust Depositor has sold certain loans and related security to the 2002-1 Issuer (as amended, supplemented, modified, or restated from time to time, the “2002-1 Transfer and Servicing Agreement”);

  
 WHEREAS, the 2002-1 Issuer and Wells Fargo have entered
into an Indenture, dated as of March 15, 2002 (such agreement as amended, supplemented, modified, or restated from time to time, the “2002-1 Indenture”, the 2002-1 Indenture, the 2002-1 Transfer Agreement, the 2002-1 Transfer
and Servicing Agreement and all other agreements, instruments or documents executed in connection therewith, as any of the same may be amended, supplemented, modified or restated from time to time are referred to collectively herein as the
“2002-1 Transaction Documents”), granting a security interest to the Indenture Trustee, for the benefit of the 2002-1 noteholders thereunder (the “2002-1 Noteholders”), in the loans and related
security sold by the Originator to the 2002-1 Trust Depositor under the 2002-1 Transfer Agreement and by the 2002-1 Trust Depositor to the 2002-1 Issuer under the 2002-1 Transfer and Servicing Agreement (the specified loans and related security in
which the Indenture Trustee has been granted a security interest under the 2002-1 Transaction Documents are referred to herein as the “2002-1 Assets”); 
  
 WHEREAS, the Originator and ACAS Business Loan LLC, 2002-2 (the “2002-2 Trust Depositor”)
have entered into a Transfer Agreement, dated as of August 8, 2002, pursuant to which the Originator has sold certain receivables and related security to the 2002-2 Trust Depositor (such agreement as amended, supplemented, modified, or restated from
time to time, the “2002-2 Transfer Agreement”); 
  
 WHEREAS, ACAS Business Loan Trust 2002-2 (the “2002-2 Issuer”), the 2002-2 Trust Depositor, the Originator and Wells Fargo have entered into a Transfer and Servicing Agreement, dated as of August 8, 2002,
pursuant to which the 2002-2 Trust Depositor has sold certain loan and related security to the 2002-2 Issuer (as amended, supplemented, modified, or restated from time to time, the “2002-2 Transfer and Servicing Agreement”);

  
 WHEREAS, the 2002-2 Issuer and Wells Fargo have entered
into an Indenture, dated as of August 8, 2002 (such agreement as amended, supplemented, modified, or restated from time to time, the “2002-2 Indenture”; the 2002-2 Indenture, the 2002-2 Transfer Agreement, the 2002-2 Transfer
and Servicing Agreement and all other agreements, instruments or documents executed in connection therewith, as any of the same may be amended, supplemented, modified or restated from time to time are referred to collectively herein as the
“2002-2 Transaction 

  

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Documents”), granting a security interest to the Indenture Trustee, for the benefit of the 2002-2 noteholders thereunder (the
“2002-2 Noteholders”), in the loans and related security sold by the Originator to the 2002-2 Trust Depositor under the 2002-2 Transfer Agreement and by the 2002-2 Trust Depositor to the 2002-2 Issuer under the 2002-2
Transfer and Servicing Agreement (the specified loans and related security in which the Indenture Trustee has been granted a security interest under the 2002-2 Transaction Documents are referred to herein as the “2002-2
Assets”); 
  
 WHEREAS, the Originator and ACAS
Business Loan LLC, 2003-1 (the “2003-1 Trust Depositor”) have entered into a Transfer Agreement, dated as of May 21, 2003, pursuant to which the Originator has sold certain receivables and related security to the 2003-1 Trust
Depositor (such agreement as amended, supplemented, modified, or restated from time to time, the “2003-1 Transfer Agreement”); 
  
 WHEREAS, ACAS Business Loan Trust 2003-1 (the “2003-1 Issuer”), the 2003-1 Trust Depositor, the Originator and Wells Fargo
have entered into a Transfer and Servicing Agreement, dated as of May 21, 2003, pursuant to which the 2003-1 Trust Depositor has sold certain loans and related security to the 2003-1 Issuer (as amended, supplemented, modified, or restated from time
to time, the “2003-1 Transfer and Servicing Agreement”); 
  
 WHEREAS, the 2003-1 Issuer and Wells Fargo have entered into an Indenture, dated as of May 21, 2003, (such agreement as amended, supplemented, modified, or restated from time to time, the “2003-1
Indenture”; the 2003-1 Indenture, the 2003-1 Transfer Agreement, the 2003-1 Transfer and Servicing Agreement and all other agreements, instruments or documents executed in connection therewith, as any of the same may be amended,
supplemented, modified or restated from time to time are referred to collectively herein as the “2003-1 Transaction Documents”), granting a security interest to the Indenture Trustee, for the benefit of the 2003-1 noteholders
thereunder (the “2003-1 Noteholders”), in the loans and related security sold by the Originator to the 2003-1 Trust Depositor under the 2003-1 Transfer Agreement and by the 2003-1 Trust Depositor to the 2003-1 Issuer under
the 2003-1 Transfer and Servicing Agreement (the specified loans and related security in which the Indenture Trustee has been granted a security interest under the 2003-1 Transaction Documents are referred to herein as the “2003-1
Assets”); 
  
 WHEREAS, the Originator and ACAS
Business Loan LLC, 2003-2 (the “2003-2 Trust Depositor” and together with the 2000-1 Trust Depositor, the 2002-1 Trust Depositor, the 2002-2 Trust Depositor and the 2003-1 Trust Depositor, the “Trust
Depositors”) have entered into a Transfer Agreement, dated as of December 19, 2003, pursuant to which the Originator has sold certain receivables and related security to the 2003-2 Trust Depositor (such agreement as amended,
supplemented, modified, or restated from time to time, the “2003-2 Transfer Agreement”); 
  
 WHEREAS, ACAS Business Loan Trust 2003-2 (the “2003-2 Issuer” and together with the 2000-1 Issuer, the 2002-1 Issuer, the
2002-2 Issuer and the 2003-1 Issuer, the “Issuers”), the 2003-2 Trust Depositor, the Originator and Wells Fargo have entered into a Transfer and Servicing Agreement, dated as of December 19, 2003, pursuant to which the 2003-2
Trust Depositor has sold certain loans and related security to the 2003-2 Issuer (as amended, supplemented, modified, or restated from time to time, the “2003-2 Transfer and Servicing Agreement”); 
  

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 WHEREAS, the 2003-2 Issuer and Wells Fargo have entered into an Indenture, dated as of December
19, 2003, (such agreement as amended, supplemented, modified, or restated from time to time, the “2003-2 Indenture”; the 2003-2 Indenture, the 2003-2 Transfer Agreement, the 2003-2 Transfer and Servicing Agreement and all
other agreements, instruments or documents executed in connection therewith, as any of the same may be amended, supplemented, modified or restated from time to time are referred to collectively herein as the “2003-2 Transaction
Documents”), granting a security interest to the Indenture Trustee, for the benefit of the 2003-2 noteholders thereunder (the “2003-2 Noteholders”), in the loans and related security sold by the Originator to the
2003-2 Trust Depositor under the 2003-2 Transfer Agreement and by the 2003-2 Trust Depositor to the 2003-2 Issuer under the 2003-2 Transfer and Servicing Agreement (the specified loans and related security in which the Indenture Trustee has been
granted a security interest under the 2003-2 Transaction Documents are referred to herein as the “2003-2 Assets”); 
  
 WHEREAS, Borrower, the Syndication Agent, the lenders party thereto, and Wells Fargo, as the backup servicer and as the collateral custodian, have
entered into a Credit Agreement, dated as of March 25, 2004 (such agreement, as amended, supplemented, modified or restated from time to time, the “Credit Agreement”; the Credit Agreement and all other agreements, instruments
or documents executed in connection therewith, as any of the same may be amended, supplemented, modified or restated from time to time, are referred to collectively herein as the “Syndicated Loan Documents”), pursuant to
which Borrower has granted a security interest to the Syndication Agent, for the benefit of the lenders thereunder (the “Syndicated Lenders”), in the Collateral (as defined in the Credit Agreement) (the specified assets in
which the Syndication Agent has been granted a security interest under the Syndicated Loan Documents are referred to herein as the “Syndicated Loan Assets”); 
  
 WHEREAS, the Originator and ACS Funding Trust II (“ACS Funding II”) have entered into a
Purchase and Sale Agreement, dated as of June 30, 2004 (such agreement as amended, supplemented, modified or restated from time to time, the “Funding II Purchase and Sale Agreement”), pursuant to which the Originator has sold
certain receivables and related security to ACS Funding II; 
  
 WHEREAS, ACS Funding II, as the borrower, the Original Servicer, Fairway Finance Company, LLC, as the conduit lender, the Fairway Agent, and Wells Fargo, as the backup servicer and as the collateral custodian, have entered into a
Loan Funding and Servicing Agreement, dated as of June 30, 2004 (such agreement as amended, supplemented, modified, or restated from time to time, the “Fairway Loan Funding Agreement”; the Fairway Loan Funding Agreement, the
Funding II Purchase and Sale Agreement and all other agreements, instruments, or documents executed in connection therewith, as any of the same may be amended, supplemented, modified or restated from time to time are referred to collectively herein
as the “Fairway Documents”), pursuant to which ACS Funding II has granted a security interest to the Fairway Agent, for the benefit of the lenders thereunder (the “Fairway Lenders”), in certain
receivables and related security transferred by the Originator to ACS Funding II pursuant to the Funding II Purchase and Sale Agreement (the specified receivables and related security in which the Fairway Agent has been granted a security interest
under the Fairway Documents are referred to herein as the “Fairway Assets”); 
  

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 WHEREAS, the Originator may from time to time, after the date of this Agreement, enter into one or
more additional securitization transactions (each a “Securitization”) pursuant to which the Originator or an assignee or affiliate will sell certain receivables and related security to a special purpose entity (the specified
receivables and related security sold to a special purpose entity as part of a Securitization are referred to herein collectively as “Securitization Assets” and the agreements, instruments or documents executed in connection
therewith, as any of the same may be amended, supplemented, modified or restated from time to time, are referred to collectively herein as the “Securitization Documents”); 
  
 WHEREAS, certain of the parties hereto have entered into a Five Party
Lockbox Agreement with Wells Fargo, as the lockbox bank (the “Lockbox Bank”) and Regulus West LLC, as the lockbox servicer (the “Lockbox Servicer”), dated as of August 8, 2002, a copy of which is
attached as Exhibit A hereto (such agreement as amended, modified, supplemented or restated from time to time, the “Lockbox Agreement”) providing for the processing and deposit by the Lockbox Servicer to an account of the
Lockbox Bank (the “Lockbox Account”) of customer payments in respect of receivables received from time to time at the Lockbox Account designated herein (the “Lockbox”) or otherwise deposited directly
into such Lockbox Account by wire transfer or otherwise (collectively, the “Remittances”), some of which Remittances may relate, as applicable, to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets,
the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets and the Securitization Assets and some of which may relate to none of the foregoing but constitute Remittances with respect to other receivables and related
security of ACS (including other receivables and related security in which other assignees of ACS may have an interest) (the “Other Assets”); and 
  
 WHEREAS, the parties hereto desire to amend, restate and supersede in its entirety the Amended and Restated
Intercreditor and Lockbox Administration Agreement, dated as of May 21, 2003, and all previous amendments and restatements thereto (the “Original Intercreditor and Lockbox Agreement”). 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 A G R E E M E N T 
  
 Section 1. Regarding Liens and Interests. 
  
 (a) The Indenture Trustee, as agent for and on behalf of the 2000-1 Noteholders, shall not have or assert, and hereby
disclaims, any right, title or interest in or to the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets, the Syndicated Loan Assets, the Fairway Assets or Other Assets, including
Remittances relating thereto; provided, however, that the Indenture Trustee does not hereby disclaim its rights under Section 1(k) and 2(f) below, or any rights it may have as a beneficiary of the security
interest in the Lockbox and the Lockbox Account, referred to in Section 3 below. 
  

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 (b) The Indenture Trustee, as agent for and on behalf of the 2002-1 Noteholders, shall not have or
assert, and hereby disclaims, any right, title or interest in or to the 2000-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets, the Syndicated Loan Assets, the Fairway Assets or Other
Assets, including Remittances relating thereto; provided, however, that the Indenture Trustee does not hereby disclaim its rights under Section 1(k) and 2(f) below, or any rights it may have as a beneficiary
of the security interest in the Lockbox and the Lockbox Account, referred to in Section 3 below. 
  
 (c) The Indenture Trustee, as agent for and on behalf of the 2002-2 Noteholders, shall not have or assert, and hereby disclaims, any right, title or
interest in or to the 2000-1 Assets, the 2002-1 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets, the Syndicated Loan Assets, the Fairway Assets or Other Assets, including Remittances relating thereto;
provided, however, that the Indenture Trustee does not hereby disclaim its rights under Section 1(k) and 2(f) below, or any rights it may have as a beneficiary of the security interest in the Lockbox and the
Lockbox Account, referred to in Section 3 below. 
  
 (d)
The Indenture Trustee, as agent for and on behalf of the 2003-1 Noteholders, shall not have or assert, and hereby disclaims, any right, title or interest in or to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-2 Assets, the
Conduit Assets, the Securitization Assets, the Syndicated Loan Assets, the Fairway Assets or Other Assets, including Remittances relating thereto; provided, however, that the Indenture Trustee does not hereby disclaim its
rights under Section 1(k) and 2(f) below, or any rights it may have as a beneficiary of the security interest in the Lockbox and Lockbox Account, referred to in Section 3 below. 
  
 (e) The Indenture Trustee, as agent for and on behalf of the 2003-2
Noteholders, shall not have or assert, and hereby disclaims, any right, title or interest in or to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the Conduit Assets, the Securitization Assets, the Syndicated Loan Assets,
the Fairway Assets or Other Assets, including Remittances relating thereto; provided, however, that the Indenture Trustee does not hereby disclaim its rights under Section 1(k) and 2(f) below, or any rights
it may have as a beneficiary of the security interest in the Lockbox and Lockbox Account, referred to in Section 3 below. 
  
 (f) The Conduit Agent shall not have or assert, and hereby disclaims, any right, title or interest in or to the 2000-1 Assets, the 2002-1 Assets, the
2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Securitization Assets, the Syndicated Loan Assets, the Fairway Assets or Other Assets, including Remittances relating thereto; provided, however, that the Conduit
Agent does not hereby disclaim its rights under Section 1(k) and 2(h) below, or any rights it may have as a beneficiary of the security interest in the Lockbox and Lockbox Account, referred to in Section 3 below. 
  
 (g) The Syndication Agent shall not have or assert, and hereby disclaims, any
right, title or interest in or to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets, the Fairway Assets or Other Assets, including Remittances relating
thereto; provided, however, that the Syndication Agent does not hereby disclaim its rights under Section 1(k) and 2(h) below, or any rights it may have as a beneficiary of the security interest in the
Lockbox and Lockbox Account, referred to in Section 3 below. 
  

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 (h) The Fairway Agent shall not have or assert, and hereby disclaims, any right, title or interest in or
to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets, the Syndicated Loan Assets or Other Assets, including Remittances relating thereto;
provided, however, that the Fairway Agent does not hereby disclaim its rights under Section 1(k) and 2(h) below, or any rights it may have as a beneficiary of the security interest in the Lockbox and Lockbox
Account, referred to in Section 3 below. 
  
 (i) Each
Securitization Agent shall not have or assert, and hereby disclaims, any right, title or interest in or to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets a
security interest in which has not been granted to it pursuant to its applicable Securitization Documents, the Syndicated Loan Assets, the Fairway Assets or Other Assets, including Remittances relating thereto; provided,
however, that each such Securitization Agent does not hereby disclaim its rights under Section 1(k) and 2(h) below, or any rights it may have as a beneficiary of the security interest in the Lockbox and Lockbox Account,
referred to in Section 3 below. 
  
 (j) ACS shall not have
or assert, and hereby disclaims, any right, title or interest in or to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets, the Syndicated Loan Assets or the
Fairway Assets, including Remittances relating thereto; provided, however, that ACS does not hereby disclaim its rights under Section 2(h) below. 
  
 (k) Nothing herein shall be deemed to waive any rights of the Indenture Trustee, the Conduit Agent, the Syndication Agent,
the Fairway Agent or any Securitization Agent in the event of any transfer or other disposition of 2000-1 Assets, 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway
Assets or the Securitization Assets, as the case may be, in violation of the agreements relating thereto or to preclude the exercise by the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent or any Securitization Agent of
rights and remedies provided for under the applicable Credit Documents or Syndicated Loan Documents, including without limitation (and if and to the extent so provided therein or thereby) notification to customers directing payments be made to an
account or lockbox other than the Lockbox Account or Lockbox, it being understood that this Agreement addresses only Remittances which are contained in or on deposit in the Lockbox or Lockbox Account. 
  
 (l) In exercising any of its rights or remedies under the applicable Credit
Documents or Syndicated Loan Documents with respect to any right, title and interest of the Borrower or the Originator as lessee, licensee or otherwise, in and to any computer hardware and software or related intellectual property, each of the
Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and each Securitization Agent agrees that it shall not take any action that would materially impair the rights or ability of the other party to use such property in
connection with the transactions contemplated under the applicable Credit Documents or Syndicated Loan Documents. The parties acknowledge that such property may be necessary to or useful in the servicing, administration and collection of the 2000-1
Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets and the Securitization Assets and agree to cooperate in good 

  

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faith such that the respective interests of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and any Securitization Agent
therein and with respect thereto shall be protected and preserved. 
  
 Section 2. Separation of Collateral. 
  
 (a) The Indenture Trustee hereby agrees promptly to transfer and return to, or in accordance with the written direction of, the Conduit Agent, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent or ACS (as
applicable), at such account or other place as the Conduit Agent, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent or ACS (as applicable) may so instruct, any funds or other property that are received by the Indenture
Trustee and that are identified to the Indenture Trustee in writing as not constituting the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets or the 2003-2 Assets but instead constituting the Conduit Assets, the Syndicated Loan
Assets, the Fairway Assets, the Securitization Assets or Other Assets. For purposes of maintaining the perfection of the Conduit Agent’s, the Syndication Agent’s, the Fairway Agent’s, the applicable Securitization Agent’s and
ACS’ (as applicable) interest therein, the Conduit Agent, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent and ACS each hereby appoints the Indenture Trustee as its agent in respect of such funds or other property;
provided, that, the Indenture Trustee’s sole duty as such agent shall be to hold such funds and other property for the benefit of the Conduit Agent, the Syndication Agent, the Fairway Agent, the applicable
Securitization Agent and ACS (as applicable) and to transfer such funds or other property to or at the written direction of the Conduit Agent, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent and ACS (as applicable) as
aforesaid. 
  
 (b) The Conduit Agent hereby agrees promptly to
transfer and return to, or in accordance with the directions of, the Indenture Trustee, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent or ACS (as applicable), at such account or other place as the Indenture Trustee,
the Syndication Agent, the Fairway Agent, the applicable Securitization Agent or ACS (as applicable) may instruct, any funds or other property that are received by the Conduit Agent and that are identifiable by the Conduit Agent, using reasonable
efforts, as not constituting the Conduit Assets but instead constituting the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Syndicated Loan Assets, the Fairway Assets, the Securitization Assets or
Other Assets. For purposes of maintaining the perfection of the Indenture Trustee’s, the Syndication Agent’s, the Fairway Agent’s, the applicable Securitization Agent’s and ACS’ (as applicable) interest therein, the
Indenture Trustee, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent and ACS each hereby appoints the Conduit Agent as its agent in respect of such funds and other property; provided, that, the
Conduit Agent’s sole duty as such agent shall be to hold such funds or other property for the benefit of the Indenture Trustee, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent and ACS (as applicable) and to
transfer such funds or other property to or at the direction of the Indenture Trustee, the Syndication Agent, the Fairway Agent, the applicable Securitization Agent and ACS (as applicable) as aforesaid. 
  
 (c) Each Securitization Agent hereby agrees promptly to transfer and return
to, or in accordance with the directions of, the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent, any other Securitization Agent or ACS (as applicable), at such 

  

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account or other place as the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent, such other Securitization Agent or ACS (as
applicable) may instruct, any funds or other property that are received by the Securitization Agent and that are identifiable by the Securitization Agent, using reasonable efforts, as not constituting its Securitization Assets but instead
constituting the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Securitization Assets in which it has not been granted in interest under its applicable Securitization Documents, the
Syndicated Loan Assets, the Fairway Assets or Other Assets. For purposes of maintaining the perfection of the Indenture Trustee’s, the Syndication Agent’s, the Fairway Agent’s, such other Securitization Agent’s, the Conduit
Agent’s and ACS’ (as applicable) interest therein, the Indenture Trustee, such other Securitization Agent, the Syndication Agent, the Fairway Agent, the Conduit Agent and ACS each hereby appoints the Securitization Agent as its agent in
respect of such funds and other property; provided, that, the Securitization Agent’s sole duty as such agent shall be to hold such funds or other property for the benefit of the Indenture Trustee, such other
Securitization Agent, the Syndication Agent, the Fairway Agent, the Conduit Agent and ACS (as applicable) and to transfer such funds or other property to or at the direction of the Indenture Trustee, such other Securitization Agent, the Syndication
Agent, the Fairway Agent, the Conduit Agent and ACS (as applicable) as aforesaid. 
  
 (d) The Syndication Agent hereby agrees promptly to transfer and return to, or in accordance with the directions of, the Indenture Trustee, the Conduit Agent, the Fairway Agent, the applicable Securitization Agent or
ACS (as applicable), at such account or other place as the Indenture Trustee, the Conduit Agent, the Fairway Agent, the applicable Securitization Agent or ACS (as applicable) may instruct, any funds or other property that are received by the
Syndication Agent and that are identifiable by the Syndication Agent, using reasonable efforts, as not constituting the Syndicated Loan Assets but instead constituting the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the
2003-2 Assets, the Securitization Assets, the Conduit Assets, the Fairway Assets or Other Assets. For purposes of maintaining the perfection of the Indenture Trustee’s, the Conduit Agent’s, the applicable Securitization Agent’s or
ACS’ (as applicable) interest therein, the Indenture Trustee, the Conduit Agent, the Fairway Agent, the applicable Securitization Agent and ACS each hereby appoints the Syndication Agent as its agent in respect of such funds and other property;
provided, that, the Syndication Agent’s sole duty as such agent shall be to hold such funds or other property for the benefit of the Indenture Trustee, the Conduit Agent, the Fairway Agent, such other Securitization Agent
and ACS (as applicable) and to transfer such funds or other property to or at the direction of the Indenture Trustee, the Conduit Agent, the Fairway Agent, such other applicable Securitization Agent and ACS (as applicable) as aforesaid. 

 
 (e) The Fairway Agent hereby agrees promptly to transfer and return to, or
in accordance with the directions of, the Indenture Trustee, the Syndication Agent, the Conduit Agent, the applicable Securitization Agent or ACS (as applicable), at such account or other place as the Indenture Trustee, the Syndication Agent, the
Conduit Agent, the applicable Securitization Agent or ACS (as applicable) may instruct, any funds or other property that are received by the Conduit Agent and that are identifiable by the Fairway Agent, using reasonable efforts, as not constituting
the Fairway Assets but instead constituting the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Syndicated Loan Assets, the Conduit Assets, the Securitization Assets or Other Assets. For purposes of
maintaining the perfection of 

  

 10 

 
the Indenture Trustee’s, the Syndication Agent’s, the Conduit Agent’s, the applicable Securitization Agent’s and ACS’ (as
applicable) interest therein, the Indenture Trustee, the Syndication Agent, the applicable Securitization Agent, the Conduit Agent and ACS each hereby appoints the Fairway Agent as its agent in respect of such funds and other property;
provided, that, the Fairway Agent’s sole duty as such agent shall be to hold such funds or other property for the benefit of the Indenture Trustee, the Syndication Agent, the Conduit Agent, the applicable
Securitization Agent and ACS (as applicable) and to transfer such funds or other property to or at the direction of the Indenture Trustee, the Syndication Agent, the Conduit Agent, the applicable Securitization Agent and ACS (as applicable) as
aforesaid. 
  
 (f) ACS hereby agrees promptly to transfer and
return to, or in accordance with the directions of, the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent, or the applicable Securitization Agent (as applicable), at such account or other place as the Indenture Trustee,
the Syndication Agent, the Fairway Agent, or the applicable Securitization Agent (as applicable) may instruct, any funds or other property that are received by ACS and that are identifiable by ACS, using reasonable efforts, as not constituting Other
Assets but instead constituting the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets or the Securitization Assets. For purposes of
maintaining the perfection of the Indenture Trustee’s, the Conduit Agent’s, the Syndication Agent’s, the Fairway Agent’s and the applicable Securitization Agent’s (as applicable) interest therein, the Indenture Trustee, the
Conduit Agent, the Syndication Agent, the Fairway Agent and the applicable Securitization Agent each hereby appoints ACS as its agent in respect of such funds and other property; provided, that, ACS’ sole duty as
such agent shall be to hold such funds or other property for the benefit of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and the applicable Securitization Agent (as applicable) and to transfer such funds or
other property to or at the direction of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and the applicable Securitization Agent (as applicable) as aforesaid. 
  
 (g) The Indenture Trustee, the Conduit Agent, the Syndication Agent, the
Fairway Agent, the applicable Securitization Agent and ACS each hereby acknowledges that certain related records and other files (including electronic files), documentation, software and similar assets may comprise a portion of the 2000-1 Assets,
the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets, the Securitization Assets and/or the Other Assets. Each of the parties hereto agrees to cooperate in good
faith such that the respective interests of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent, any Securitization Agent and ACS (or further assignees thereof) in such assets shall be protected and preserved, and,
without limiting the obligations of the Originator, the Borrower, ACS Funding, the Issuers and Trust Depositors under the Credit Documents and the Syndicated Loan Documents, the Indenture Trustee, the Conduit Agent, the Syndication Agent, the
Fairway Agent, each Securitization Agent and ACS agree to permit each other reasonable access to such assets (to the extent they shall be in the possession or control of such party) as shall be necessary or desirable to manage and realize on the
2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets, the Securitization Assets or the Other Assets, as the case may be. Except as otherwise
provided in the immediately preceding sentence, in the event that any of the 2000-1 Assets, the 2002-1 Assets, the 2002-2 

  

 11 

 
Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets, the Securitization Assets or the Other
Assets become commingled, then each of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and each Securitization Agent shall, in good faith, cooperate with each other to separate the 2000-1 Assets, the 2002-1 Assets,
the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Securitization Assets, the Fairway Assets or the Other Assets, as applicable. 
  
 (h) Out of pocket costs and expenses incurred by the parties hereto to effect any separation and/or sharing (including
without limitation reasonable fees and expenses of auditors and attorneys) required by this Section 2 shall be borne by ACS. The Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent, each Securitization Agent and ACS
shall not be required by this Section 2 to take any action that they or it believes, in good faith, may prejudice its ability to realize the value of, or to otherwise protect, its interests (and the interests of the parties for which it acts)
in the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets, the Securitization Assets or the Other Assets, respectively;
provided, that, nothing in this sentence shall relieve the Borrower, the Originator, ACS Funding, the Issuers and the Trust Depositors of their respective obligations hereunder or under the Credit Documents and the
Syndicated Loan Documents, as applicable, with respect to the 2000-1 Assets, the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets or the Securitization Assets
notwithstanding any effect thereof on the Other Assets or ACS’ rights or interests therein or thereto. 
  
 Section 3. Lockbox Issues. 
  
 (a) ACS confirms to each of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and each Securitization Agent that the
Lockbox and the Lockbox Account have been established by ACS with the Lockbox Bank, and that the Lockbox Agreement is in full force and effect pursuant to its terms. 
  
 (b) The Lockbox No. is xxxxx and the Lockbox Account is xxxxxxxxxx. The Borrower and the Originator agree that the Lockbox
and the Lockbox Account shall be maintained at all times in the name of ACS Funding. 
  
 (c) Pursuant to the Lockbox Agreement, the Lockbox Servicer’s authorized representatives will have sole access to the Lockbox. ACS, ACS Funding, the Issuers and the Trust Depositors shall not have any authority
to cancel or alter the name, address, location and other terms of the Lockbox without the written consent of all the parties hereto. Items will be endorsed, credited to the Lockbox Account and presented for payment through customary collection
procedures. 
  
 (d) The Original Servicer confirms to each of the
parties hereto that all actions of the Original Servicer taken hereunder and under the Lockbox Agreement with respect to Remittances received in the Lockbox or Lockbox Account shall be in its capacity as Original Servicer under the Credit Documents
or the Syndicated Loan Documents, as applicable and not in its individual capacity. The Original Servicer (or any Successor Servicer (as defined below)), 

  

 12 

 
shall (within two (2) business days of receipt of the associated remittance details) determine and identify which Remittances received in the Lockbox or
Lockbox Account represent proceeds of the 2000-1 Assets (“2000-1 Remittances”), proceeds of the 2002-1 Assets (“2002-1 Remittances”), proceeds of the 2002-2 Assets (“2002-2
Remittances”), proceeds of the 2003-1 Assets (“2003-1 Remittances”), proceeds of the 2003-2 Assets (“2003-2 Remittances”), proceeds of Conduit Assets
(“Conduit Remittances”), proceeds of the Syndicated Loan Assets (“Syndication Remittances”), proceeds of the Fairway Assets (“Fairway Remittances”), proceeds of Securitization
Assets (“Securitization Remittances”) or proceeds of Other Assets (“Other Remittances”) (2000-1 Remittances, 2002-1 Remittances, 2002-2 Remittances, 2003-1 Remittances, 2003-2
Remittances, Conduit Remittances, Syndication Remittances, Fairway Remittances, Securitization Remittances and Other Remittances each constituting, for purposes of this Agreement, a “Type” of Remittance, and the category of
receivable to which such Remittance relates constituting a “Type” of Receivable). In addition, the Original Servicer (or a Successor Servicer (as defined below), if applicable) shall determine whether any amounts in the
Lockbox Account do not constitute Remittances with respect to receivables of one of the three Types referred to above, but have nonetheless been paid or deposited thereto by a customer in error (“Misdirected Payments”).

  
 Each of the parties hereto hereby agrees that: 
  

	 	(1)	if the Original Servicer is terminated or has resigned its role as original servicer under any of the Credit Documents or the Syndicated Loan Documents, or 

 

	 	(2)	if the funds in the Lockbox or Lockbox Account become subject to any seizure, freeze application, or enforcement of any security interest adverse to the interests of the Indenture
Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and each Securitization Agent, 

  
 then in any such case this Agreement shall continue to remain in full force and effect and a successor servicer to Original Servicer hereunder shall be appointed by
delivery of joint written notice from the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and the applicable Securitization Agent to the Lockbox Bank identifying such successor servicer, together with such successor
servicer’s written acceptance of such appointment, and such successor servicer (being referred to herein as the “Successor Servicer”) shall thereupon succeed to all rights, benefits, duties and obligations of the
Original Servicer hereunder, to the extent the same relate to the giving of disbursement instructions above. Unless otherwise agreed to in writing by the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and the
applicable Securitization Agent the parties hereto agree that Wells Fargo shall be the Successor Servicer. 
  
 In the event a customer with respect to a receivable of one Type is also a customer with respect to any other Type, and such customer makes one or more
payments in any payment period, the Original Servicer (or a Successor Servicer, if applicable) shall determine which Remittances relate to which Type, and shall also determine how such payment or payments are to be allocated, in accordance with the
allocation rules described below (unless (a) otherwise specified in writing by the customer in respect to that customer’s payment, in which case the payment shall be allocated in accordance with such customer specification or (b) if not
specified 

  

 13 

 
by the customer, as determined in writing and delivered to each of the parties hereto by a servicer or party acting as administrator of the 2000-1 Assets,
the 2002-1 Assets, the 2002-2 Assets, the 2003-1 Assets, the 2003-2 Assets, the Conduit Assets, the Syndicated Loan Assets, the Fairway Assets, the Securitization Assets, and Other Assets, as applicable, to the extent that none of the parties hereto
object to such specification): 
  
 (i)
First, to all past due payments, if any, with respect to each receivable of such customer, without regard to Type (but subject to the proviso below); 
  
 (ii) Second, to the minimum payment due in the current payment period with respect to each
receivable of such customer, without regard to Type (but subject to the proviso below); and 
  
 (iii) Third, to the remaining outstanding balance of each receivable of such customer, without regard to Type (but subject
to the proviso below); 
  
 provided, that, if in
allocating Remittances in accordance with the above, 
  

	 	(x)	the Remittances to be allocated are in respect of more than one Type, and 

  

	 	(y)	the Remittances to be allocated are insufficient to satisfy for all Types of receivables the past due payments, minimum current payments due or remaining outstanding balances, as
applicable, 

  
 then the Remittances shall be allocated to the past
due payments, minimum current payments due or remaining outstanding balances, as applicable, for each Type of receivable pro rata based on the proportion that the past due payment, minimum current payment due or remaining outstanding balance, as
applicable, for each such Type bears to the past due payments, minimum current payments due or remaining outstanding balances, as applicable, for all Types. 
  
 (e) Only the Original Servicer (or a Successor Servicer, if applicable) designated to the Lockbox Servicer in accordance with Section 3(d) shall
have authority to deliver the written disbursement instructions to the Lockbox Servicer identifying Remittances held in the Lockbox Account as 2000-1 Remittances, 2002-1 Remittances, 2002-2 Remittances, 2003-1 Remittances, 2003-2 Remittances,
Conduit Remittances, Syndication Remittances, Fairway Remittances, Securitization Remittances or Other Remittances and directing that transfers be made by the Lockbox Servicer from the Lockbox Account to (i) the collection account specified in the
written instructions received from the Indenture Trustee with respect to the 2000-1 Remittances (the “2000-1 CollectionAccount”), (ii) the collection account specified in the written instructions received from the
Indenture Trustee with respect to the 2002-1 Remittances (the “2002-1 Collection Account”), (ii) the collection account specified in the written instructions received from the Indenture Trustee with respect to the 2002-2
Remittances (the “2002-2 Collection Account”), (iv) the collection account specified in the written instructions received from the Indenture Trustee with respect to the 2003-1 Remittances (the “2003-1 Collection
Account”), (v) the collection account specified in the written instructions received from the Indenture Trustee with respect to the 2003-2 Remittances (the “2003-2 Collection Account”), (vi) the conduit
collection account(s) specified in the written instructions received from the Conduit Agent with respect to the Conduit Remittances (the “Conduit Collection Account”), (vii) the 

  

 14 

 
syndication collection account(s) specified in the written instructions received from the Syndication Agent with respect to the Syndication Remittances (the
“Syndication Collection Account”), (viii) the collection account(s) specified in the written instructions received from the Fairway Agent with respect to the Fairway Remittances (the “Fairway Collection
Account”), (ix) the securitization collection account(s) specified in the written instructions received from the applicable Securitization Agent with respect to the Securitization Remittances (the “Securitization Collection
Account”), or (x) the account specified in the written instructions received from ACS with respect to the Other Remittances, as applicable, or to make the allocation determinations described in Section 3(d). The Lockbox Servicer
shall have no obligation or responsibility to make inquiry or in any way attest to, determine or verify the accuracy of any such written instructions or allocations, nor shall the Lockbox Servicer have any duty or obligation in this regard other
than to comply with such instructions by effecting funds transfers in accordance with such instructions. 
  
 Section 4. Security Interest in Lockbox and Lockbox Account. The parties hereto acknowledge that the Borrower, the Originator, ACS
Funding, the Issuers and the Trust Depositors or their assignees or affiliates, as applicable, have granted a present right of control and a security interest in all of their right, title and interest in the Lockbox and Lockbox Account, and the
proceeds thereof, in favor of the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent and each Securitization Agent (as applicable) but only to the extent of their interests under the respective Credit Documents or
Syndicated Loan Documents. 
  
 Section 5. Notice
Matters. All notices and other communications hereunder or in connection herewith shall be in writing (including facsimile communication) and shall be personally delivered or sent by certified mail, postage prepaid, by facsimile or by
overnight delivery service, to the intended party at the address or facsimile number of such party set forth on Exhibit B hereto or at such other address or facsimile number as shall be designated by such party in a written notice to the other
parties hereto given in accordance with this paragraph. All notices and communications hereunder or in connection herewith shall be effective only upon receipt. Facsimile transmissions shall be deemed received upon receipt of verbal confirmation of
the receipt of such facsimile. 
  
 Section 6.
Authorization; Binding Effect; Survival. The parties hereto confirm that they are able to execute, deliver and perform this Agreement. This Agreement shall be binding on and inure to the benefit of the Indenture Trustee, the
Conduit Agent, the Syndication Agent, the Fairway Agent, each Securitization Agent and ACS and their respective successors and assigns. Except as provided in the preceding sentence, the provisions of this Agreement may not be relied upon by any
third party for any purpose. 
  
 Section 7.
Integration: Other Agreements. This Agreement contains a final and complete integration of all prior expressions by the parties hereto with respect to the intercreditor matters and lockbox matters set forth herein and shall
together constitute the entire agreement between the parties hereto with respect to such matters, superseding all prior oral or written understandings, including without limitation the Original Intercreditor and Lockbox Agreement. Each of the
parties hereto intends that in the event of a conflict between this Agreement and the Lockbox Agreement that this Agreement shall control. 
  

 15 

 Section 8. Amendments. No amendment or supplement to or modification of this
Agreement and no waiver of or consent to departure from any of the provisions of this Agreement shall be effective unless such amendment, modification, waiver or consent is in writing and signed by the parties hereto (in the case of an amendment) or
by the party against which enforcement of such waiver or consent is sought (in the case of any waiver or consent) and any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Prior to
the execution of any such amendment or consent, the Indenture Trustee shall furnish written notification of the substance of such amendment or consent, together with a copy thereof, to each Rating Agency. 
  
 Section 9. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK. 
  
 Section 10. Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR
OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH PARTY FURTHER (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH OTHER PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVER AND CERTIFICATIONS CONTAINED IN THIS SECTION 10.

  
 Section 11. Headings. Captions and
section headings are used in this Agreement for convenience of reference only and shall not affect the meaning or interpretation of any provision hereof. 
  
 Section 12. Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile) and by the different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
  
 Section 13. Termination. In the event that all obligations secured by the 2000-1 Assets, the 2002-1
Assets, the 2002-2 Assets, the 2003-1 Assets and the 2003-2 Assets shall have been paid in full and liens created with respect thereto shall have been terminated or released, then the Indenture Trustee shall promptly notify the other parties hereto
and the Lockbox Servicer, and the Indenture Trustee thereafter shall no longer have any rights or obligations hereunder with respect thereto. In the event that all obligations secured by the Conduit Assets shall have been paid in full and the
Conduit Documents and liens created thereunder shall have been terminated or released, then the Conduit Agent shall promptly notify the other parties hereto and the Lockbox Servicer, and the Conduit Agent shall no longer have any rights or
obligations hereunder with respect thereto. In the event that all obligations secured by the Syndicated Loan Assets shall have been paid in full and the Syndicated Loan Documents and liens created thereunder shall have been terminated or released,
then the Syndication Agent shall 

  

 16 

 
promptly notify the other parties hereto and the Lockbox Servicer, and the Syndication Agent shall no longer have any rights or obligations hereunder with
respect thereto. In the event that all obligations secured by the Fairway Assets shall have been paid in full and the Fairway Documents and liens created thereunder shall have been terminated or released, then the Fairway Agent shall promptly notify
the other parties hereto and the Lockbox Servicer, and the Fairway Agent shall no longer have any rights or obligations hereunder with respect thereto. In the event that all obligations secured by the Securitization Assets with respect to a
Securitization Agent shall have been paid in full and the Securitization Documents and liens created thereunder shall have been terminated or released, then the applicable Securitization Agent shall promptly notify the other parties hereto and the
Lockbox Servicer, and such Securitization Agent shall no longer have any rights or obligations hereunder with respect thereto. The foregoing shall not release ACS of any obligations it may have to the Lockbox Servicer, and the Indenture Trustee
under the first sentence of Section 2(h). 
  
 Section
14. Effectiveness of Provisions Relating to Securitization. Notwithstanding anything to the contrary contained herein, the provisions of this Agreement relating to Securitizations, the Securitization Assets, and Securitization
Agents shall not become operative until a Securitization Agent shall have executed and delivered to each of the parties hereto an executed counterpart of the joinder agreement attached hereto as Schedule A agreeing to be bound by all the
applicable terms and conditions hereof. 
  
 Section 15.
Indemnification. The Originator hereby agrees to indemnify and hold harmless the Indenture Trustee, the Conduit Agent, the Syndication Agent, the Fairway Agent or any Securitization Agent, and the Borrower hereby agrees to
indemnify and hold harmless the Syndicated Agent, and in each case, each director, officer, employee, agent an affiliate thereof (collectively, the “Indemnified Parties”) from and against any and all losses, liabilities
(including liabilities for penalties), claims, demands, actions, suits, judgments, out-of-pocket costs and expenses (including legal fees and expenses) (“Indemnified Amounts”) arising out of or resulting from the execution,
performance and enforcement of this Agreement, except for Indemnified Amounts arising out of or resulting from the gross negligence, willful misconduct or bad faith of the applicable Indemnified Party. The obligations of the Originator and the
Borrower under this Section 15 shall survive the termination of this Agreement and/or the earlier termination or resignation of an Indemnified Party. 
  

 17 

 [EXECUTION COPY] 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION (as successor-by-merger to Wells Fargo Bank Minnesota, National Association), not in its individual capacity but solely as the Indenture
Trustee
		
	By:	 	 /s/ Edna Barber

	 Name:
	 	 Edna Barber

	 Title:
	 	 Assistant Vice President

	
	 WACHOVIA CAPITAL MARKETS, LLC
 as the Conduit Agent

		
	By:	 	 /s/ Paul A. Burkhart

	 Name:
	 	 Paul A. Burkhart

	 Title:
	 	 Vice President

	
	 AMERICAN CAPITAL STRATEGIES, LTD.,
 As
the Borrower, the Originator and as the Original Servicer

		
	By:	 	 /s/ John R. Erickson

	 Name:
	 	 John R. Erickson

	 Title:
	 	 Executive Vice President, CFO and Secretary

  
 [SIGNATURES
CONTINUED ON THE FOLLOWING PAGE] 
  

			
	 	  	4th Amended and Restate Intercreditor and
Lockbox
	 	  	Administration Agreement

  

			
	 Acknowledged and Agreed to:

	
	ACAS BUSINESS LOAN TRUST 2000-1
		
	 By:
	 	WACHOVIA TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity But solely as Owner Trustee
		
	 By:
	 	 /s/ Steve A. Finklea

	 Name:
	 	 Steve A. Finklea

	 Title:
	 	 Vice President

	
	ACAS BUSINESS LOAN LLC, 2000-1
		
	 By:
	 	 /s/ John R. Erickson

	 Name:
	 	 John R. Erickson

	 Title:
	 	 Executive Vice President, CFO and Secretary

	
	ACAS BUSINESS LOAN TRUST 2002-1
		
	 By:
	 	WACHOVIA TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity But solely as Owner Trustee
		
	 By:
	 	 /s/ Steve A. Finklea

	 Name:
	 	 Steve A. Finklea

	 Title:
	 	 Vice President

	
	ACAS BUSINESS LOAN LLC, 2002-1
		
	 By:
	 	 /s/ John R. Erickson

	 Name:
	 	 John R. Erickson

	 Title:
	 	 Executive Vice President, CFO and Secretary

  
 4th Amended and Restate Intercreditor and Lockbox 
 Administration Agreement 
  

			
	
	ACAS BUSINESS LOAN TRUST 2002-2
		
	 By:
	 	WACHOVIA TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	 /s/ Steve A. Finklea

	 Name:
	 	 Steve A. Finklea

	 Title:
	 	 Vice President

	
	ACAS BUSINESS LOAN LLC, 2002-2
		
	 By:
	 	 /s/ John R. Erickson

	 Name:
	 	 John R. Erickson

	 Title:
	 	 Executive Vice President, CFO and Secretary

	
	ACAS BUSINESS LOAN TRUST 2003-1
		
	 By:
	 	WACHOVIA TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	 /s/ Steve A. Finklea

	 Name:
	 	 Steve A. Finklea

	 Title:
	 	 Vice President

	
	ACAS BUSINESS LOAN LLC, 2003-1
		
	 By:
	 	 /s/ John R. Erickson

	 Name:
	 	 John R. Erickson

	 Title:
	 	 Executive Vice President, CFO and Secretary

  
 4th Amended and Restate Intercreditor and Lockbox 
 Administration Agreement 
  

			
	ACS FUNDING TRUST I
		
	By:	 	 /s/ Malon Wilkus

	 Name:
 Title:
	 	 Malon Wilkus
 Beneficiary Trustee

  

			
	ACS FUNDING TRUST II
		
	By:	 	 /s/ Malon Wilkus

	 Name:
 Title:
	 	 Malon Wilkus
 Beneficiary Trustee

  
 4th Amended and Restate Intercreditor and Lockbox 
 Administration Agreement 
  

			
	ACAS BUSINESS LOAN TRUST 2003-2
		
	By:	 	WACHOVIA TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

  

			
		
	By:	 	 /s/ Steve A. Finklea

	 Name:
 Title:
	 	 Steve A. Finklea
 Vice President

  

			
	ACAS BUSINESS LOAN LLC, 2003-2
		
	By:	 	 /s/ John R. Erickson

	 Name:
 Title:
	 	 John R. Erickson
 Executive Vice President, CFO and Secretary

  

			
	 HARRIS NESBITT CORP.,
 as the Fairway Agent

		
	By:	 	 /s/ Kevin P. Gibbons

	 Name:
 Title:
	 	 Kevin P. Gibbons
 Managing Director

  
 ACKNOWLEDGED AND AGREED TO:

  

			
	 BRANCH BANKING AND TRUST COMPANY,
 a
North Carolina corporation, not in its individual capacity but solely as Administrative Agent of the Syndicated Agent

		
	By:	 	 /s/ Cory Boyte

	 Name:
 Title:
	 	 Cory Boyte
 Senior Vice President

  
 4th Amended and Restate Intercreditor and Lockbox 
 Administration Agreement 
  

 EXHIBIT A 
  
 LOCKBOX AGREEMENT 
  
 Exhibit A-1 
  
 [intentionally omitted] 
  

 EXHIBIT B 
  
 NOTICE ADDRESSES 
  
 If to the Indenture Trustee: 
  

			
	 Wells Fargo Bank, National Association
 Sixth
and Marquette Avenue
 MAC N9311-161
 Minneapolis, Minnesota
55479

	 Attention:
	  	Corporate Trust Services
	 	  	Asset-Backed Administration
	 Telephone:
	  	(612) 667-3539
	 Facsimile:
	  	(612) 667-8058

  
 with a copy to:

  
 Wachovia Capital Markets, LLC 
 One Wachovia Center, Mail Code: NC0600 
 Charlotte, North Carolina 28208 

			
	 Attention:
	  	Raj Shah
	 Telephone:
	  	(704) 374-6230
	 Facsimile:
	  	(704) 383-7979

  
 If to the Conduit Agent: 

 
 Wachovia Capital Markets, LLC 
 One Wachovia Center, Mail Code: NC0600 
 Charlotte, North Carolina 28208 

			
	 Attention:
	  	Raj Shah
	 Telephone:
	  	(704) 374-6230
	 Facsimile:
	  	(704) 383-7979

  
 If to a Securitization Agent:

  
 To the Notice Address Specified in the Applicable Joinder
Agreement 
  

 Exhibit B-1 

 
If to the Lockbox Bank: 
  
 Wells Fargo Bank, National Association 
 Sixth
and Marquette Avenue 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 

			
	 Attention:
	  	Corporate Trust Services
	 	  	Asset-Backed Administration
	 Telephone:
	  	(612) 667-3539
	 Facsimile:
	  	(612) 667-8058

  
 If to ACS Funding: 
  
 ACS Funding Trust I 
 c/o American Capital Strategies, Ltd. 
 2
Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 951-6122
	 Facsimile:
	  	(301) 654-6714

  
 If to ACS Funding II: 
  
 ACS Funding Trust II 
 c/o American Capital Strategies, Ltd. 
 2
Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 951-6122
	 Facsimile:
	  	(301) 654-6714

  
 If to the Originator and Original
Servicer: 
  
 American Capital Strategies, Ltd. 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 951-6122
	 Facsimile:
	  	(301) 654-6714

  
 If to the 2000-1 Issuer: 

 
 ACAS Business Loan Trust 2000-1 
 c/o Wachovia Trust Company, National Association 
 One Rodney Square, 1st Floor 
 920 King Street 
 Wilmington, Delaware 19801 

			
	 Telephone:
	  	(302) 888-7532

  

 Exhibit B-2 

 If to the 2002-1 Issuer: 
  
 ACAS Business Loan Trust 2002-1 
 c/o Wachovia
Trust Company, National Association 
 One Rodney Square, 1st Floor 
 920 King Street 
 Wilmington, Delaware 19801 

			
	 Telephone:
	  	(302) 888-7532

  
 If to the 2002-2 Issuer: 

 
 ACAS Business Loan Trust 2002-2 
 c/o Wachovia Trust Company, National Association 
 One Rodney Square, 1st Floor 
 920 King Street 
 Wilmington, Delaware 19801 

			
	 Telephone:
	  	(302) 888-7532

  
 If to the 2003-1 Issuer: 

 
 ACAS Business Loan Trust 2003-1 
 c/o Wachovia Trust Company, National Association 
 One Rodney Square, 1st Floor 
 920 King Street 
 Wilmington, Delaware 19801 

			
	 Telephone:
	  	(302) 888-7532

  
 If to the 2003-2 Issuer: 

 
 ACAS Business Loan Trust 2003-2 
 c/o Wachovia Trust Company, National Association 
 One Rodney Square, 1st Floor 
 920 King Street 
 Wilmington, Delaware 19801 

			
	 Telephone:
	  	(302) 888-7532

  
 If to the 2000-1 Trust Depositor:

  
 ACAS Business Loan LLC, 2000-1 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 841-1393
	 Facsimile:
	  	(301) 654-6714

  

 Exhibit B-3 

 If to the 2002-1 Trust Depositor: 
  
 ACAS Business Loan LLC, 2002-1 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 841-1393
	 Facsimile:
	  	(301) 654-6714

  
 If to the 2002-2 Trust Depositor:

  
 ACAS Business Loan LLC, 2002-2 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 841-1393
	 Facsimile:
	  	(301) 654-6714

  

 Exhibit B-4 

 If to the 2003-1 Trust Depositor: 
  
 ACAS Business Loan LLC, 2003-1 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 841-1393
	 Facsimile:
	  	(301) 654-6714

  

 Exhibit B-5 

 If to the 2003-2 Trust Depositor: 
  
 ACAS Business Loan LLC, 2003-2 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	 Attention:
	  	Compliance Officer
	 Telephone:
	  	(301) 841-1393
	 Facsimile:
	  	(301) 654-6714

  
 If to the Fairway Agent: 

 
 Harris Nesbitt Corp. 
 115 South LaSalle Street 
 13th Floor West 
 Chicago, Illinois 60603 

			
	 Attention:
	  	Kevin Gibbons
	 Telephone:
	  	(312) 461-5542
	 Facsimile:
	  	(312) 293-4908

  

 Exhibit B-6 

 SCHEDULE A 
  
 JOINDER IN FOURTH AMENDED AND RESTATED 
 INTERCREDITOR AND LOCKBOX ADMINISTRATION AGREEMENT 
  
 As required by Section 14 of the Fourth Amended and Restated Intercreditor and Lockbox Administration Agreement, dated as of August 10, 2004 (such
agreement as amended, modified, supplemented or restated from time to time, the “Agreement”), [Name of Securitization Agent], a [type of entity/jurisdiction of formation], hereby agrees to be bound by all the terms and
provisions of the Agreement. 
  
 IN WITNESS WHEREOF, the
undersigned has executed this joinder in the Agreement as of this [            ] day of [            ]. 

 

			
	[SECURITIZATION AGENT]
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 [Executed
counterpart to go to each of the parties to the Agreement – Agreement Section 14] 
  

 Schedule A-1 

 SCHEDULE A-1 
  
 NOTICE ADDRESS FOR SECURITIZATION AGENT 
  
 If to the Securitization Agent: 
  
 [Securitization Agent] 
  
 [                                      
                              ] 
  
 [                                      
                              ] 

			
	 Attention:
	  	[                                    
 ]
	 Telephone:
	  	[                                    
 ]
	 Facsimile:
	  	[                                    
 ]

  

 Schedule A-1-1EXHIBIT 10.8

 Exhibit 10.8 
  
 FIRST AMENDMENT TO LOAN FUNDING AND SERVICING AGREEMENT  
 (Fairway Finance Company Transaction with ACS Funding Trust II) 
  
 THIS FIRST AMENDMENT TO THE LOAN FUNDING AND SERVICING AGREEMENT, dated as of August 25, 2004 (this “First
Amendment”), is entered into by and among ACS FUNDING TRUST II, a Delaware statutory trust, as the borrower (together with its successors and assigns in such capacity, the “Borrower”), AMERICAN CAPITAL STRATEGIES,
LTD., a Delaware corporation, as the servicer (together with its successors and assigns in such capacity, the “Servicer”), FAIRWAY FINANCE COMPANY, LLC, a Delaware limited liability company, as the conduit lender
(together with its successors and assigns in such capacity, the “Conduit Lender”), HARRIS NESBITT CORP., a Delaware corporation (“Harris Nesbitt”), as the Agent (together with its successors and assigns in such
capacity, the “Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, but solely as the backup servicer (together with its successors and assigns in such capacity,
the “Backup Servicer”) and as the collateral custodian (together with its successors and assigns in such capacity, the “Collateral Custodian”). Capitalized terms used and not otherwise defined herein shall have the
meanings given to such terms in the Agreement (as defined below). 
  
 R E C I T A L S 
  
 WHEREAS, the parties
hereto entered into that certain Loan Funding and Servicing Agreement, dated as of June 30, 2004 (such agreement as amended, modified, supplemented, waived or restated from time to time, the “Agreement”); 
  
 WHEREAS, the parties hereto desire to amend the Agreement in certain
respects as provided herein; 
  
 NOW, THEREFORE, based upon
the above Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows: 
  
 SECTION 1. AMENDMENTS. 
  
 (a) The following definitions in Section 1.1 of the Agreement are hereby
amended as described below: 
  
 (1) Clause (m) of the definition
of “Concentration Limits” is hereby replaced in its entirety as follows: 
  
 “(m) the sum of the Outstanding Loan Balances of Eligible Loans which are Subordinated Loans and Junior Subordinated Loans (calculated without duplication) shall not exceed 85%;”; 

 (2) Clause (ii) of the definition of “Eligible Obligor” is hereby amended and restated
in its entirety as follows: 
  
 “(ii) such Obligor is not a
natural person and is a legal operating entity, duly organized and validly existing under the laws of its jurisdiction of organization and its principal office and any Related Property is located in (a) the United States or (b) subject to approval
by the Agent after receipt and review of satisfactory legal due diligence and receipt of a Ratings Confirmation with respect to the inclusion of the applicable Loan in the Collateral, any other country or any territory of the United States;”

  
 (3) Clause (ii) of the definition of “Hedge
Amount” is hereby amended by deleting the words “, unless otherwise consented to by the Agent”; 
  
 (4) The definition of “Liquidity Purchase Agreement” is hereby amended and restated in its entirety as follows: 
  
 “Liquidity Purchase Agreement: The Liquidity Asset Purchase
Agreement, dated as of August 25, 2004 by and among Fairway, as the issuer, the Liquidity Banks named therein, Bank of Montreal, as liquidity agent, and Harris Nesbitt, as the servicing agent, as such agreement may be amended, modified, waived,
supplement or restated from time to time, which shall have an initial term of 308 days from the First Amendment Effective Date.” 
  
 (5) The definition of “Payment Date” is hereby amended and restated in its entirety as follows: 
  
 “Payment Date: The 16th day of each calendar month or, if such
day is not a Business Day, the next succeeding Business Day, commencing July 16, 2004.”. 
  
 (6) Clause (c) of the definition of “Termination Date” is hereby amended and restated in its entirety as follows: 
  
 “(c) the date on which the Liquidity Purchase Agreement shall expire in accordance with its terms on June 29, 2005 and
fail to be renewed for an additional period of 364 days pursuant to subsection 2.1(d)”. 
  
 (b) A new definition of “First Amendment Effective Date” is hereby inserted in alphabetical sequence in Section 1.1 of the Agreement as follows:

  
 “First Amendment Effective Date: The
“Effective Date” under, and as defined in, the First Amendment to this Agreement, dated as of August 25, 2004, by and among the Borrower, the Servicer, the Conduit Lender, the Agent and the Collateral Custodian and Backup Servicer.”

  
 (c) Section 2.1(d) of the Agreement is hereby amended by
replacing, in clause (ii) of the first sentence thereof, the words “as provided in Section 3.1(e)” with the words “of the facility contemplated by this Agreement, as assigned on the Closing Date in the case of S&P and as
assigned within four days after the First Amendment Effective Date in the case of Moody’s,”. 
  

 - 2 - 

 (d) Section 9.1(d) of the Agreement is hereby amended by replacing the words “at least
“A2”“ with the words “at least “A3”“. 
  
 SECTION 2. AGREEMENT IN FULL FORCE AND EFFECT AS AMENDED. 
  
 Except as specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. After this First Amendment becomes
effective, all references to the Agreement, the “Loan Funding and Servicing Agreement,” “hereof,” “herein,” or words of similar effect referring to the Agreement shall be deemed to mean the Agreement as amended hereby.
This First Amendment shall not constitute a novation of the Agreement, but shall constitute an amendment thereof. This First Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than
as expressly set forth herein. 
  
 SECTION 3.
REPRESENTATIONS. 
  
 Each of the Borrower and Servicer
represent and warrant as of the date of this First Amendment as follows: 
  
 (i) it is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization; 
  
 (ii) the execution, delivery and performance by it of this First Amendment are within its powers, have been
duly authorized, and do not contravene (A) its charter, by- laws, or other organizational documents, or (B) any Applicable Law; 
  
 (iii) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental authority,
is required in connection with the execution, delivery, performance, validity or enforceability of this First Amendment by or against it; 
  
 (iv) this First Amendment has been duly executed and delivered by it; 
  
 (v) this First Amendment constitutes its legal, valid and binding obligation enforceable against it in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity;

  
 (vi) it is not in default under the
Agreement; and 
  
 (vii) there is no Termination
Event, Unmatured Termination Event, or Servicer Termination Event. 
  

 - 3 - 

 SECTION 4. CONDITIONS TO EFFECTIVENESS. 
  
 This First Amendment shall become effective on the date on which each party
hereto has delivered an executed signature page hereto to the Agent (such date, the “Effective Date”). 
  
 SECTION 5. MISCELLANEOUS. 
  
 (a) This First Amendment may be executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same or
separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. 
  
 (b) The descriptive headings of the various sections of this First Amendment are inserted for convenience of reference only and shall not be deemed to
affect the meaning or construction of any of the provisions hereof. 
  
 (c) This First Amendment may not be amended or otherwise modified except as provided in the Agreement. 
  
 (d) The failure or unenforceability of any provision hereof shall not affect the other provisions of this First Amendment. 
  
 (e) Whenever the context and construction so require, all words used in the
singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 
  
 (f) This First Amendment represents the final agreement between the parties
only with respect to the subject matter expressly covered hereby and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties.

  
 (g) THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS FIRST AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 - 4 - 

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

			
	 ACS FUNDING TRUST II, as the Borrower

		
	 By:
	 	 /s/ Malon Wilkus

	 Name:
	 	 Malon Wilkus

	 Title:
	 	 Beneficiary Trustee

  

			
	 ACS Funding Trust II

	 c/o American Capital Strategies, Ltd.

	 2 Bethesda Metro Center, 14th Floor

	 Bethesda, Maryland 20814

	 Attention:
	 	Compliance Officer
	 Facsimile No.:
	 	(301) 654-6714
	 Confirmation No.:
	 	(301) 951-6122

  

			
	AMERICAN CAPITAL STRATEGIES, LTD.,
	 as the Servicer

		
	 By:
	 	 /s/ John R. Erickson

	 Name:
	 	 John R. Erickson

	 Title:
	 	 Executive Vice President, CFO and Secretary

  

			
	 American Capital Strategies, Ltd.

	 2 Bethesda Metro Center, 14th Floor

	 Bethesda, Maryland 20814

	 Attention:
	 	Compliance Officer
	 Facsimile No.:
	 	(301) 654-6714
	 Confirmation No.:
	 	(301) 951-6122

  
 [SIGNATURES
CONTINUED ON FOLLOWING PAGE] 

  

			
	FAIRWAY FINANCE COMPANY, LLC,
	 as the Conduit Lender

		
	 By:
	 	 /s/ Jill A. Gordon

	 Name:
	 	 Jill A. Gordon

	 Title:
	 	 Vice President

  

			
	
	 Fairway Finance Company, LLC

	 c/o Lord Securities Corporation

	 48 Wall Street, 27th Floor

	 New York, New York 10005

	 Attention:
	 	 
	 Facsimile No.
	 	 (212) 346-9012

	 Telephone No.
	 	 (212) 346-9000

	
	 With a copy to:

	
	 c/o Harris Nesbitt Corp.

	 115 South LaSalle Street

	 13th Floor West

	 Chicago, Illinois 60603

	 Attention:
	 	 Kevin Gibbons

	 Facsimile No.
	 	 (312) 293-4908

	 Telephone No.
	 	 (312) 461-5542

  
 [SIGNATURES
CONTINUED ON FOLLOWING PAGE] 

			
	 HARRIS NESBITT CORP., as the Agent

		
	 By:
	 	 /s/ Kevin P. Gibbons

	 Name:
	 	 Kevin P. Gibbons

	 Title:
	 	 Managing Director

  

			
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Harris Nesbitt Corp.

	 115 South LaSalle Street

	 13th Floor West

	 Chicago, Illinois 60603

	 Attention:
	 	Kevin Gibbons
	 Facsimile No.
	 	(312) 293-4908
	 Telephone No.
	 	(312) 461-5542

  
 [SIGNATURES
CONTINUED ON FOLLOWING PAGE] 

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as the Backup Servicer and as the
 Collateral Custodian

		
	 By:
	 	 /s/ Edna Barber

	 Name:
	 	 Edna Barber

	 Title:
	 	 Assistant Vice President

  

			
	 Wells Fargo Bank, National Association

	 MAC N9311-161

	 Sixth Street and Marquette Avenue

	 Minneapolis, MN 55479

	 Attention:
	 	Corporate Trust Services
	 	 	Asset-Backed Administration
	 Facsimile No.:
	 	(612) 667-3539
	 Confirmation No.:
	 	(612) 667-8058

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